By MICHELLE CHAPMAN, Associated Press Business Writer
Tesla is awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion, just six months after a judge ordered the company to revoke his massive pay package.
The electric vehicle maker said in a regulatory filing on Monday that Musk must first pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package that was awarded to the company’s CEO.
In December Delaware Chancellor Kathaleen St. Jude McCormick reaffirmed her earlier ruling that Tesla must revoke Musk’s multibillion-dollar pay package. She found that Musk engineered the landmark pay package in sham negotiations with directors who were not independent.
At the time McCormick also rejected an equally unprecedented and massive fee request by plaintiff attorneys, who argued that they were entitled to legal fees in the form of Tesla stock valued at more than $5 billion. The judge said the attorneys were entitled to a fee award of $345 million.
The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk’s 2018 compensation package.
That pay package carried a potential maximum value of about $56 billion, but that sum has fluctuated over the years based on Tesla’s stock price.
Musk appealed the order in March. A month later Tesla said in a regulatory filing that it was creating a special committee to look at Musk’s compensation as CEO.
Related Posts:
- Tesla awards CEO Musk millions in shares valued at about $29 billion News By MICHELLE CHAPMAN, Associated Press Business Writer Tesla is awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion, just six months after a judge ordered the company to revoke his massive pay package. Related Articles Damaging, golf ball-size hail will fall more frequently because…
- ‘Play of Shadows,’ 13 other works win at the Colorado Book Awards News A follow-up to the much-lauded novel “The Story of Edgar Sawtelle” and a collection of essays, stories and poems by writers from Four Corners area are among the titles singled out at the Colorado Book Awards. The prizes, awarded last weekend at the Ellie Caulkins Opera House, were announced following…
- ‘Play of Shadows,’ 13 other works win at the Colorado Book Awards News A follow-up to the much-lauded novel “The Story of Edgar Sawtelle” and a collection of essays, stories and poems by writers from Four Corners area are among the titles singled out at the Colorado Book Awards. The prizes, awarded last weekend at the Ellie Caulkins Opera House, were announced following…
- West Side church awards $50K in scholarships to college students News Laila Guy wants to be there for those who are mourning their loved ones. She hopes to one day open her own funeral home to help people through the pain of losing a loved one. But to get there the 19-year-old needs to continue her studies at Malcolm X College,…
- Jury orders Tesla to pay $329M in Autopilot crash case, opening it up to other costly lawsuits News MIAMI (AP/By BERNARD CONDON and DAVID FISCHER) — A Miami jury ordered Elon Musk’s car company on Friday to pay $329 million to victims of a deadly crash involving its Autopilot driver assist technology, opening the door to other costly lawsuits and potentially striking a blow to Tesla’s reputation for…
(Visited 1 times, 1 visits today)