Fast Technology reported on June 12 that Tesla’s annual shareholders ‘meeting will be held on June 13.
At that time, all Tesla shareholders, regardless of how many shares they hold, can vote on the 12 proposals at the shareholders’ meeting.
, Among them, the fourth proposal is related to whether Musk can restore approximately 300 million shares of options that were repealed due to a Delaware judge’s decision.
This is the reward Musk received for completing the 2018 CEO performance compensation plan.
, Today, Tesla’s vice president of external affairs Tao Lin canvassed votes for Musk’s sky-high salary judgment.
Tao Lin said that in the ten years since joining the company, I have personally experienced many important moments.
It is difficult to imagine whether we could achieve these goals without Elon’s wisdom, courage and determination.
Tesla still has many grand blueprints.
I believe that Elon’s leadership is crucial for us to achieve these goals.
I look forward to all shareholders casting their sacred votes.
, 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.
” If Musk’s sky-high salary plan is re-voted at this shareholders ‘meeting, it will be strong evidence for Elon and Tesla’s board of directors to appeal.
However, whether Musk can get this option incentive in the end still depends on the judge.
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