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Trial over Tesla CEO Elon Musk’s pay package begins in Delaware
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Tesla founder Elon Musk attends Offshore Northern Seas 2022, in Stavanger, Norway, on Aug. 29.NTB/Reuters
A trial over shareholder allegations that Tesla Chief Executive Elon Musk’s $56-billion pay package was based on easy to achieve performance targets and that investors were duped into approving it began on Monday, with Musk slated to take the stand later this week.
A Tesla TSLA-Q shareholder hopes to prove during the five-day trial that Musk used his dominance over the electric vehicle maker’s board to dictate terms of the 2018 package, which did not require him to work at Tesla full-time.
Musk, the world’s richest person, will testify on Wednesday, Greg Varallo, an attorney for shareholder Richard Tornetta, told a court in Wilmington, Delaware, on Monday.
The trial began with Ira Ehrenpreis, a Tesla board member since 2007 and chair of the committee that oversaw the pay package, describing the thinking behind the record-breaking compensation deal.
“I wanted to make sure that Elon remained as the leader of Tesla over a longer period of time,” Ehrenpreis testified, adding that he had been leading other ventures from rocket company SpaceX to tunnelling firm The Boring Company.
The court was shown a brief video clip of Musk’s deposition in the case. He described how Ehrenpreis called him to discuss creating a pay package to replace his 2012 pay deal. Musk said he suggested to Ehrenpreis “a larger amount but with much harder milestones” than the 2012 deal.
Tornetta has asked the court to rescind the pay package, which is six times larger than the top 200 CEO salaries combined in 2021, according to Amit Batish of research firm Equilar.
Musk and Tesla’s directors, who are also defendants, have denied the allegations, arguing that the pay package ensured the entrepreneur would guide Tesla through a critical period, which helped drive the stock tenfold higher.
The lawsuit argues that the pay package should have required Musk to work full-time at Tesla.
The company’s shareholders have become concerned that Musk is distracted by Twitter, which he bought for $44-billion last month.
Musk told a business conference on the sidelines of the G20 summit in Bali, Indonesia, on Monday that he had too much on his plate at the moment.
The case will be decided by Chancellor Kathaleen McCormick of Delaware’s Court of Chancery, who also oversaw the legal dispute between Twitter Inc and Musk.
Legal experts said Musk is in a better legal position in the pay case than he was in Twitter’s lawsuit, which prevented him from walking away from the takeover.
Boards have wide latitude to set executive compensation, according to legal experts.
However, directors must meet more stringent legal tests if the pay involves a controlling shareholder. Part of this trial is likely to focus on whether that description fits Musk.
While he owned 21.9 per cent of Tesla in 2018, plaintiffs are likely to cite what is seen as his domineering personality and ties to directors.
“There is no case in which a 21.9 per cent shareholder who is also the chief executive has received a structured payout plan of this magnitude,” Lawrence Cunningham, a corporate law professor at George Washington University, said of the lack of precedent.
A pay battle between The Walt Disney Co and a shareholder shows how much deference Delaware courts give boards in setting compensation.
A Disney shareholder sued in 1997 over a $130-million severance payment to former president Michael Ovitz, who was with the company less than two years. The shareholder lost at trial in 2005, and the Delaware Supreme Court upheld the ruling in 2006.
The disputed Tesla package allows Musk to buy 1 per cent of Tesla’s stock at a deep discount each time escalating performance and financial targets are met. Otherwise, Musk gets nothing.
Tesla has hit 11 of the 12 targets as its value ballooned briefly to more than $1-trillion from $50-billion, according to court papers.
A decision will likely take around three months after the trial and could be appealed to the Delaware Supreme Court.
I recently watched “ the greatest film of all time ,” and the most boring one. In retrospect, the title alone should have been a sufficient warning: Jeanne Dielman, 23 Quai du Commerce, 1080 Bruxelles . Alas, I’m old enough to be a bit nostalgic about massive telephone address books. And massive it is. Clocking over 200 minutes, Chantal Akerman's 1975 dreary drama follows three days in the monotonous routine of Jeanne, a widow, a mother, and a prostitute. I watched Jeanne’s autopilot existence, until, staring at her back as she washes dishes, I decided to fast-forward a couple of minutes, only to discover she was still at it. And Jeanne is equally thorough when she’s busy baking, cleaning, folding laundry, or shining her son’s shoes. She speaks so scarcely and mechanically, that it’s impossible to detect any emotion or volition beyond her carefully controlled chores . Watching Jeanne Dielman is what the word “painstaking” was invented for. Chantal...
Stored procedures: like functions for your SQL. A stored procedure is a batch of SQL statements created and stored on a database. You can reuse a stored procedure over and over again. A stored procedure can accept parameters, run a query, and return results. Many users can call a stored procedure and different applications can call it with different parameter values. What Are the Benefits of Using Stored Procedures? Apart from allowing multiple users and applications to reuse it, a stored procedure has other benefits. It is easy to modify. You can change a stored procedure when necessary and these updates will be reflected for all users. Furthermore, you don’t need to redeploy your application when you modify the stored procedure. It reduces network traffic because the server only passes the procedure’s name over the network and not the entire query. It improves database security since users don’t have direct access to tables. To make...
Believe it or not, a Christmas tree won't stay upright on its own. Instead, you need a stable Christmas tree stand that can accommodate the type and size of tree you have. We researched dozens of the best Christmas tree stands to help you find the right one for your needs, whether you have a real tree, an artificial tree, a small tree, or a behemoth. The stands in our guide have a track record of durability, performance, and easy setup. We also outline the size and type of tree each stand is meant for. Check out our guide to the best Christmas tree skirts once you've chosen the right stand for your tree. The best Christmas tree stands in 2022 Best Christmas tree stand overall: Krinner Tree Genie Christmas Tree Stand, available at Amazon, $82.79 The German-engineered Krinner Tree Genie Christmas Tree Stand is easy to set up in a couple of minutes and keeps trees up to 12 f...
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