Although shareholders have backed chief executive’s remuneration deal, doubts remain over whether he will be able to access share-based package
after it had been struck down by a judge in the US state of Delaware. However, doubts remain over whether Musk will be able to access the share-based package.led to Musk’s pay package being nullified“We believe that the ratification vote that Elon demanded and coerced is deeply flawed as a matter of law, legally ineffective and does not impact our case.
Any decision by McCormick is likely to be appealed against by the losing side and will go to the Delaware supreme court, said Lipton. “At that point, the Delaware supreme court will have two issues before it: Was McCormick right to strike the package originally? And if so, does the new vote restore the package?”
“To the extent Tesla is going to use this vote as a reason to reverse the chancery court’s holding, I’d expect a big argument,” said Talley. “In particular, there is a plausible argument that today’s vote was the product of coercion … and thus not valid.” “This is an unprecedented situation, so it’s important to keep in mind the pleading burdens are all against the board … this isn’t done, yet,” he said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla shareholders approve CEO Elon Musk’s $45bn pay packageBillionaire fought to retain largest-ever compensation package granted to an executive at a US-listed company
Read more »
Tesco under fire over CEO’s £10m pay as Elon Musk celebrates $45bn deal approvalRolling coverage of the latest economic and financial news
Read more »
Elon Musk wins back his $44.9 billion Tesla pay package in shareholder voteTesla shareholders have approved his mega pay package, but there is a major hurdle for the billionaire founder to overcome.
Read more »
The $84 billion decision: Elon Musk’s moment of truth has arrivedElon Musk is confident Tesla shareholders will give the tick to his controversial pay package.
Read more »
The $84 billion decision: Elon Musk’s moment of truth has arrivedElon Musk is confident Tesla shareholders will give the tick to his controversial pay package.
Read more »
The $84 billion decision: Elon Musk’s D-Day has arrivedElon Musk is confident his controversial pay package will get the tick from Tesla shareholders.
Read more »