Rewarding the Individual Tesla offers wages and benefits that meet or exceed those of other comparable manufacturing jobs in the regions where we have a presence, and we recently increased our base pay even further. In addition, unlike other manufacturers, the majority of employees have the opportunity to receive additional Tesla equity each year based on their performance, which can result in significantly higher compensation beyond our already industry-leading base compensation. The impact of stock-based compensation can be material for employees Our employees have benefited enormously from value appreciation seen through the years. While share prices will remain volatile and past performance is not indicative of future results, stock-based compensation brings shared ownership to the workforce, and our employees are encouraged to make a positive change for the benefit of all. Culturally, shared ownership of the company is one of the most essential attributes of working at Tesla. For example, assume that an employee received a grant of 320 Tesla shares in 2018 that vested 20 shares quarterly over four years. Based on the stock price at the time of the grant, the vest of 20 Tesla shares per quarter would equate to $1,331-worth of sellable shares at the end of 2018. However, the same vest two years later would equate to $14,113- worth of sellable shares per quarter based on the increase in the price per share of Tesla stock over that period. Employees are also eligible to buy additional stock at a discount through the Employee Stock Purchase Program. 64