Fast Technology reported on December 3.
It was reported that on December 2 local time, U.S. District Court Judge Katherine St.
John McCormick of the Delaware District Court decided to uphold her ruling in January this year, holding that Tesla’s board of directors was in 2018 when approving Musk’s salary plan, he was too influenced by Musk and rejected the salary plan again.
The stock option plan was initially valued at US$2.
6 billion, but rose to US$56 billion (approximately RMB 408.
1 billion) when the judge canceled it in January this year.
“Even if a shareholder vote could produce approval, it cannot be done here,” McCormick wrote in an opinion on Monday.
In addition to revoking Musk’s high salary plan, McCormick also approved Tesla’s successful lawsuit on behalf of shareholders to pay US$345 million (approximately RMB 2.
5 billion) in legal fees to lawyers who cancel Musk’s salary package.
The legal fee is also regarded as one of the highest records in the history of U.S. commercial litigation.
Musk and Tesla have always been resistant to the legal fee and refused to pay the fee.
It is reported that in 2018, Tesla’s board of directors formulated a “ten-year salary plan” for Musk.
At that time, Tesla’s market value was approximately US$50 billion.
The plan stipulated 12 progressive Tesla market value targets, corresponding to 12 stock options.
, For every US$50 billion increase in Tesla’s market value, Musk gets a stock option.
If he wants to get 12 option awards worth US$55.
8 billion, Musk will lead Tesla’s market value to US$650 billion.
Later, under Musk’s leadership, Tesla’s market value exceeded US$1 trillion, and Musk achieved all market value targets set by the board of directors.
But then, a Tesla shareholder sued that the board of directors had not informed shareholders at the time that Tesla would achieve its market value target “easier” than expected, and the claim that the compensation plan was invalid.
On January 30, the Delaware Justice issued a ruling to abolish the 2018 CEO performance award that had been awarded to Elon by shareholders ‘vote (73% in favor) that year.
The main reason was insufficient pre-vote information disclosure and the defendant “failed to prove that the award was completely fair.
” In June this year, Tesla passed a shareholder resolution, and 90% of retail investors supported Musk in receiving the sky-high salary.
but this time the judge insisted on rejecting the plan, which added to the uncertainty of whether Musk’s salary could be paid as scheduled.
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