Re:Tesla's biggest retail shareholder is voting against Elon...
by refurb on Monday April 22, 2024 @02:03AM
(#40111752)
But it's odd, the end results of the "negotiation" are public. So regardless of how the negotiation (or not) happened, the end results (pay package) was in front of them in black and white to decide on.
https://www.sec.gov/Archives/edgar/data/1318605/000119312518...
It was pretty straightforward - if stock price hits X, Elon gets Y. It even says "Elon will own 12% of the company if all stock vests from hitting $650B in valuation".
It even has a nice bar chart showing how much Elon would make if he hit the highest tier - CEO Value Realized ($B) - $55.8
The deal was invalidated, in part, because the court found that the committee with whom it was “negotiated” were not, in fact, independent of Musk and that the shareholders were misled on this point.
Which makes the description of the act as a “negotiation” somewhat misleading.