DETROIT (AP) — Tesla will ask shareholders to reinstate a $56 billion compensation package for CEO Elon Musk that was rejected by a judge in Delaware this year, and to move the electric car maker’s corporate home from Delaware to Texas.
In a filing with federal regulators early Wednesday, the company said it would ask shareholders to vote on both issues during its annual meeting on June 13.
In January, Chancellor Kathaleen St. Jude McCormick ruled that Musk is not entitled to a landmark compensation package awarded by Tesla’s board of directors that is potentially worth about $55.8 billion over 10 years starting in 2018.
Five years ago, a Tesla shareholder lawsuit alleged that the pay package should be voided because it was dictated by Musk and was the product of sham negotiations with directors who were not independent of him.
Mom shopping in Target stunned by small print on Clorox wipes
China launches new meteorological satellite
China's homemade subsea oil drilling equipment put into use in Zhanjiang
Twins bring closer Jhoan Duran back from injured list with strained oblique muscle
Surgeon performs simulated breast cancer surgery on a balloon
Xi's Article on Advancing Chinese Modernization to Be Published
More than 641 million parcels delivered over Spring Festival holiday
Royal Troon to feature the longest hole in British Open history
Over 5 bln USD of tentative deals inked at east China digital trade expo