425 1 d277584d425.htm 425 Filed by Tesla Motors, Inc. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a­6 under the Securities Exchange Act of 1934 Filer: Tesla Motors, Inc. Subject Company: SolarCity Corporation Form S­4 File No.: 333­213390 Date: October 25, 2016 The following presentation was given by Tesla to Institutional Shareholder Services Inc. on October 25, 2016. * * * * TESLA TO ACQUIRE SOLARCITY TESLA Solarcity Presentation to Proxy Advisory Firms October 2016 IDnIcS. C(“LTAesIlMa”E) RaSndF tOhe R c oWm Abi nRe dD c—omLp OanOyK’s IfNut uGr eS f Tin aAn cTi aEl cMon Ed iNtio Tn ,S p ;e rAfo Drm Da nIc Te aI nOd Nop Aer aLt iIn gN rFes Oul tRs, Mstr Aat eTg yI Oan Nd pClaenrtsa ainre s t“aftoermweanrdts­ liono tkhiinsg d sotcautemmeennt,t si”n cwluitdhiinng t shtea tmemeaennitnsg r eolfa tihneg P troi vthatee p Sreocpuorsietide sc oLmitibgiantaitoino nR oeff oSromla ArCcitt yo fC 1o9r9p5o.r aTthioens e( “fSorowlaarrCdi­tlyo”o)k aingd sTteastelam Menottso arsre, SsuoblajerCcti tyo’ ns urempeorrotsu sf ialesdsu wmipthti othnes ,U r.iSsk. sS aencudr uitniecse ratnaidn Etiexsc hwahnigceh Cchoamnmgei sosvioenr t(itmhee .“ FSoErCw”a)r adn­ldo othkoinseg isdtaetnetmifieendt se lsspeewakh eorne liyn atsh iosf dtohceu dmateen th, ethye a froel lmowadien ga nfadc wtoer sa, sasmumoneg n ot hdeurtsy, tcoo upldd actaeu fsoer awcaturda­ll roeoskuilntsg tsot adtiefmfeer nmtsa. tIenr iadlldyi tfiroonm t of ofrawctaorrds­ lporoekvinogu ssltya tdeimscelnotsse dan idn hTiesstloar’isc alnd ipnetrefgorramtianngc teh: et hoep aebrailtitoyn sto o of bTteasinla r aengdu lSatoolrayrC aiptyp raonvda ltsh aen udl tmimeaette o athbeilri tcyl otosi rnega lciozne dsiytinoenrsg iteos tahned t roatnhsearc btieonne,f iintsc;l ubduisninge rsesq duiissriutep taipopnr foovlalol wbyin Tge tshlae atrnadn sSaocltaiorCn;i ttyh est aovcakihlaobldileirtys, aonnd a a tcicmeessly, ibna gsiesn oer aalt, aolfl ;f udnedlasy t oin m celoest idnegb tth oeb tlriagnastaiocntiso ann; dth teo uflutnimd aotne goouitncgo mopee arantdio rness ualntsd onfecessary rceavpiietawl eoxf pimenpdoitrutarnest ;f acntdo rtsh es haobuillidty n toot cboem copnlys twruiethd aalsl ecxohvaeunsatnivtse iann tdh es hinodueldn tbuer erse aadn din c creodnijtu fnacctiiloitnie ws iothf Tthees loat ahnedr cSaoultairoCniatryy, astnayte vmioelnattsio tnh aotf a wreh iincchl,u idf endo th ceureriend aind a etlismewelhye mrea, ninecrl,u cdoinugld t htrei gRgiesrk aF daecftoaursl ti nocf loutdheedr ionb lTiegsaltaio’sn as nudn dSeorl acrrCoistsy­’dse mfaouslt prercoevnist iroenpso.Trths eo fno Freogromin 1g0­K raenfde rFeonrcme h1e0r­eQin a anrde oqtuhaelri fdieodc uinm tehnetisr oefn tTireestlya banyd t hSeoslea rcCauittyio onna rfyil es twatietmh ethnets S, eacnudr itthierse a cnadn E bxec nhoan agses uCraonmcme tihssaito tnh.e T aecstluaa’sl raensdu lStso loarr Cdeitvye’slo SpEmCe nftisli nangtsi cairpea atevda iblayb ules pwuiblll ibcely r eoanl itzheed S oEr,C e’vse wn eibf ssiuteb satta wntwiawlly.s ereca.gliozve.d A, tnhya tf othrweya rwdi­lllo hoakvineg t hseta etexmpeecnttesd m caodnes eoqru iennccoersp otora, toerd e bffyects Aon N, u Ts oAr oDu rD b Iu Tsi nIe Oss No rA o pLe rIa Ntio Fn sO. ERx Mce pAt tTo tIh Oe eNx tAen Nt r Deq uWir eHd Eb yR a Epp Tli cOa bFl eI lNaw D, TI eTslTah aen tdr aSnoslaacrtCiointy w uinlld beret askueb mnoit toebdl itgoa thioen s to cukphdoaltdee prsu bolfi celayc ho ro rfe Svoislea raCniyty f oarnwd aTreds­lao ofokrin tgh esitra tceomnseindte, rwathioetnh. eIrn a cso an nreescutilot no fw niethw t hinef oprrmopaotisoend, mfuetrugrer d, eTveeslao phmase nfitlse do rw oitthhe trhwei sSeE.IC M a PO RT dReefginisitrivatei ojoni nStt aptreomxeyn st toatne mFoernmt/ pSr­o4s p(Recetguiss ttroa tsitoonc kShtaotledmeresn ot fN Soo.l a3r3C3i­t2y1 a3n3d9 0T)e csloan otani noirn agb ao ujot iOntc ptorobxery 1s3ta, t2e0m1e6n.t T/persolsap aencdtu Ss oolfa rSCoiltayr Calistoy panladn T teos flial.e T ohthe eRr ergeliestvraantito dno Sctuamteemnetsn ct ownacse rdneicnlga rtehde epfrfoepctoisveed b tyra tnhsea SctEioCn .o InN OVcEtoSbTeOr R12S, A20N1D6, SaEndC SUoRlaITrCYit Hy OanLdD TEeRslSa mOaFi lSeOd LthAeRCITY RAENFDE TRESNLCAE A INR ET HUER GDEEDFI TNOIT RIVEEA DJO TINHTE PDREOFIXNYIT SITVAET JEOMINETN TP/RPORXOYSP SETCATTUESM CEANRTE/ PFRUOLLSYPE ACNTDU SIN A TNHDE AIRN EYN OTTIRHETRY R BEELCEVAAUNSET TDHOECYU MCOENTAS IFNI LIMEDP OWRITTAHN TTH IEN FSOECR MINA TCIOONNN AEBCOTIUOTN T WHEIT PHR TOHPEO STERDA NTRSACNTSIAOCNT OIORN I.N YCoOu RmPaOy RobAtTaiEnD c oBpYies of all vdotceu more anptsp rfoilveadl wnoitrh s thhael lS tEheCr er ebgea ardniyn gsa tlhei so ft rsaencsuarcittiioens ,i nfr eaen yo fj ucrhisadrgicet,i oant tihne w ShEiCch’s s wucehb soiftfee, rw, swowlic.sietact.igoonv o.Nr sOal eO w Fo Fu lEd bRe O u nRla Sw Ofu lL p Ir iCor It oT rAeg Tis tIr aOti oNnT ohri sq duoalciufimcaetniot nd ouensd neor tt hceo nsestciuturittei easn l oawffes ro tfo a sneyll sourc thh jeu sroisldicicittaiotino.n N oof aonff eorfifnegr toof bsueycu arnityie sse schuarlilt ibese omr aad seo elxiccietaptti obny omf eaannys eomf ap lporyoesepse,c utunsd emr eSeEtiCng r uthles r emqauyir beem deenetsm oefd S teoc btieo np a1r0ti coifp athnets S ienc tuhreit iseosl iAcictat toiof n1 9o3f 3p,r aosx iaems efrnodmed S. oPl aArC Rit Ty aICnd I PT eAsl aN s TtoSc kIh No lTde Hrs Ein S c oOn nLe Ic tCio In Tw Aith T t hIe O p rNoSpolsaerdC tirtayn, sTaecstliao,n a. nIdn fcoerrmtaaitni oonf rthegeiarr dreinspge tchteiv ien tdeirreescttso orsf, tehxee pceurtsivoen so wffihcoe rms ayn,d u ontdheerr tmhee mrublesr so of ft hmea SnEagCe,m ben dte aenmded SpaorltaircCipiatyn’tss einx etchuet isvoel iociftfaictieorns oanf dS odliarerCctiotyrs a innd i tTse dselafi sntioticvkeh porlodxerys sitna tceomnennetc tfiiolend w witihth t hthee p SroEpCo soend A trparnisl a2c1t,i o2n0 1is6 s. eYt ofuo rctha ni nf itnhde mdeofrien idtievtea ijloedin itn pfroorxmya stitoante ambeonutt/ pTreosslpae’sc teuxse, cwuhtiivceh owffaisc efrilse adn wd idthir ethceto SrsE iCn oitns Odecftionbiteirv e1 2p,r o2x0y1 6s.t aYteomu ecnant ffiilned mwiotrhe t dhet SaiEleCd oinf oArpmrialt i1o5n, a2b0o1u6t. MT O D A Y ’ S P R E S E N T E R S R O B Y N D E N H O L MIndependent DirectorE L O N M U S KChairman and Chief Executive OfficerT O D D M A R O NGeneral Counsel and Corporate SecretaryJ A S O N W H E E L E RChief Financial Officer 3 ? TESLA . C O tEo wXa Erd Cs aU s oTl aIr V el Eec Str iUc eMco Mno mA yR• FYoCcOusMedB oINn AinTnIoOvNat iCveO iNntSeIgSrTatEioNnT o Wf eInTeHrg yT EgeSnLeAra t’i oSn M, sItSoSraIgOeN a nAdN cDon AsuCmCpEtiLoEn RtoA aTcEcSel LerOatNe Gtr—ansTiEtioRnM to G aR sOusWtaTinHab Sle T f uRtu Are TS TE RG AY •T T Ees Gla ’Is Clo Cng O­te Mrm B p uI rNp oAse T i sI tOo hNe lCp eRx Epe Adi tTe Eth eS mTo Hv eE f rWom O a R m Lin De­ a’ nSd ­Ob uNrn L h Yyd Ir oNc aTrb Eo nG e Rco Ano Tm Ey D eSx Upe Srt iTse A in I eNle Act rBic aLl Een Eg iNne Eer iRn gG a Ynd C m Oan Muf aPc tAur Nin gYH• AI Gcc Hel eLra Yte sC t hOe Mtra Pns Lit iEon M to E s uNs tTai nAa bRl eY e nOe rFg yF bEy R e nIh Nan Gci nSg• Ltheev vearaluge sp Troepsloas’ist idoens iogfn s oanladr m+ asntourfaagcetu• rDinrgiv eexsp perrotidsuec tto d dervievleo pdmeveenlot pamnde nint noofv baetiaounti fbuyl ,f udlilfyfe irnetnetgiaratetidn agn eda ctehc chonmolpoagnicya’sll yp rsoudpuecrti osru iptreo adnudc tlse•v Ceruasgtionmg eTrse solaf’s ntheetw tworok c •o Dmepvaenlioeps sh ianvneo svhaatirveed eidnearglsy asntodr bagene epfrito dfruocmts t(hPeo cwoemrwbianlel da nodf fPeroiwngesr poafc sko)lSa rU p Bro dSu Tct sA, eNn eTr gIy A s tLo rCag Oe aSn dT eEle Fc tFri cI Cve Ih iEc lNes TCE I SE LS A HN AD SR AE TV RE AN CU KE RS YE CN OE R DG OI E F S S D U R C I C V E E S I SM• EPV R mOa Vrk eEt Dle aCd eAr aSn dH h Fa sL b Oui lWt t h• e$ w15o0rmldm’s loafr gdeirset chti gcohs­st pseyende rEgVie sc hfraormging asallloews &s f omra SrkoelatirnCgi teyf’fsi cpireondcuiecsts a tnod b oevneerfhite fardo msa vTiensglsa ’esx lpoeycatle cdu tsot obme earc hfoiellvoewdi ning tahned f ilrasrtg feu rlle tyaeila rf oaofteprr icnlto, slienagd•i nAgp tpol yth Tee psolat ecnotsiat ld fioscr ispilgineif iacnadn tplyar itncereshasipe da prepvroenacuhe Tto E t hSe Lc oAm Bbi nOe dA c Rom Dp Oan Fy’ sD c Ia pRi tEal Cex Tp eOn dRit uSr Ce rOoa Ndm Da pU a Cnd T c Eos Dt s Atru Tc tHur eO• CRo Om Ubi nGin Hg TAe sNla D a nFd AS oIl Rar CPi Rty O mC oEs tS a Stt•r aOctvievre tahses ecto fuorrs eT eosfl ma iann yth me seoeltainr gesn, earngdy winidthu stthrey •a sTshiset adnecael wofa isn adpeppreonvdeedn tb yfi nthaen cTieasl laan Bd oleagrda la aftdevri csorms,p trheeh eTnessilvae B douaer dd iolifg Denirceec, tdoersli breevraietiwoend a tnhde asrtmraste­lgeincg athn de xfitneannsicviael niemgpoltiicaatitoionnssT o Ef tSh eL t rAa nHsa Act iSo nC a Ond N c oDn sUid Cer eTd E it Ds f Ein aXn cTi aEl aNd vSi sIo Vr’ sE v Sie wH tAh aRt SEo Hla rOC iLty D w Eas Rth Oe tUer Tm Rst rEa tAeg Cy4 H ?• TTEesSlLa Aha .s Cac Oti vMely engaged and had discussions with investors who hold a majority of Tesla unaffiliated shares• The vast majority of Tesla’s large institutional investors understand the strategic rationale of the combination and how it accelerates Tesla’s long­ AGENDA I .