Tesla is asking shareholders to restore a $56 billion pay package for CEO Elon Musk that was rejected by a Delaware judge this year, and to shift the company's ...
Stockholders will vote on the changes June 13, and they could be a tough sell, given the electric vehicle maker’s ongoing struggles.
In January, Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to the landmark stock compensation that was to be granted over 10 years.Ruling on a lawsuit from a shareholder, she voided the pay package, saying that Musk essentially controlled the board, making the process of enacting the compensation unfair to stakeholders. “Musk had extensive ties with the persons tasked with negotiating on Tesla’s behalf,” she wrote in her ruling.
In the 2018 plan, Musk would not get salary or cash bonuses. Instead he was to receive only stock options, and only if the company met certain thresholds. It would need to grow its total market value by certain amounts, while also hitting targets for revenue and pretax earnings, and other items. The board said it believed in 2018 that “many of Tesla’s prior successes were driven significantly by Mr. Musk’s leadership.” And it wanted to motivate Musk to “devote his time and energy” to the company when he also had interests in other companies.
The proxy statement filed with the Securities and Exchange Commission does not address Musk’s demand to own 25% of Tesla shares for him to pursue artificial intelligence and robotics at the company. At present he owns 20.5% of the company.
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