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Musk won pay package with shareholders' vote, Tesla argues in court filing [FOX Business Network]
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US:NASDAQ Investor Relations: ir.tesla.com
Tesla is arguing in a court filing that CEO Elon Musk won the legal battle over his $56 billion pay package because shareholders voted to reapprove the compensation after a Delaware judge voided the compensation plan earlier this year. The filing, which was made public Thursday, comes about two weeks after Tesla shareholders voted to approve Musk's compensation plan, which was originally approved in 2018. Chancellor Kathaleen McCormick of Delaware's Court of Chancery invalidated the pay plan in January after finding that Musk's close relationships with some board members influenced negotiations and that the company failed to adequately explain to shareholders that Tesla was on track to hit many of the plan's performance-based targets. Tesla's filing argues that the judge should issue a final order that finds for the defendants. The company has also sought to lower the amount of legal fees that the attorneys for the shareholder who brought the lawsuit will receive to as low as $
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