tinyfav.com April 20, 2018

Elon Musk wins approval for new pay deal with potential $55bn bonus

24 March 2018, 02:17 | Hattie Nash

Pic Getty Images

Pic Getty Images

"This raises even more questions given that Musk doesn't devote his full-time attention to Tesla, and serves as the CEO of multiple other high-profile companies", ISS had said. About 73% of votes were vast in favour of the plan, excluding shares owned by Mr Musk and his brother.

The shareholders meeting took place Wednesday morning near San Francisco.

Two firms that evaluate proxies for investors recommend that shareholders vote against the plan, which they say is unprecedented for a USA public company.

Under the proposed award, which involves stock options that vest in 12 tranches, Tesla's market value must increase to $100 billion for the first tranche to vest and rise in additional $50 billion increments for the remainder.

If that comes to pass, it would presumably add a nice boost to Musk's fortune, which Forbes estimates at $20.1 billion. ISS said its own valuation of the award was even higher, at US$3.7 billion. The current share price indicates that stock is -20.29% away from its one year high and is moving 24.10% ahead of its 52-week low.

Compensation for the CEOs of large United States companies is typically approved by around 95 per cent of votes cast in annual "say on pay" advisory votes.

The package for Musk, 46, features a 10-year grant of stock options which vest in 12 tranches. As a result, the award indicates that Musk has other ideas for the company, including transforming energy storage through utility-grade applications and the kinds of future-of-mobility plans outlined in his Master Plan, Part Deux.

Bolt impresses in Dortmund training: goals, nutmegs cheers
The 31-year-old has long expressed an interest in playing football after retiring from sprinting. Bolt left athletics having won 19 gold medals at the World Championships and Olympic Games.

Stranger Things stars get massive salary hike for season 3
After noticing the tweet, Brown replied , "What! (I have a feeling those kids are gonna be *begging* to go to his party next year.)", one user said.

U.S. approves proposed $1bn arms sale to Saudi Arabia
Almost 10,000 people have since been killed, triggering what the United Nations has called the world's worst humanitarian crisis. The report added the Houthis have killed or injured civilians by firing indiscriminately at residential areas.

If Musk were to leave, it would be a huge blow, the company has repeatedly told investors in regulatory filings.

"While we appreciate that the board of Tesla is trying to incentivize and further align Mr. Musk with that of shareholders, we can not support the 2018 performance award", Anne Sheehan, CalSTRS' director of corporate governance, said via email.

"We view the arrangement as a potential win-win for both shareholders and Musk, as the objectives are aligned to a shareholder-friendly combination of aggressive market capitalization objectives as well as a series of operational targets", Levy said.

Still, Calstrs is appreciative of Musk's "visionary leadership", Anne Sheehan, director of corporate governance at the fund, said in an emailed statement. Tesla is now value at ~$52.5 billion, so those percentages represent substantial amounts of money, it should be realized.

CalSTRS is one of the nation's largest public pension plans but only the 59th largest investor in Tesla, with a 0.13 percent stake. Its shares had fallen almost 12 percent since the pay plan was announced, but rose 2 percent on Wednesday to close at $316.53.

The company is worth around $55 billion now and is struggling to meet production goals for the Model 3 mass-market vehicle.

The windfall does not include a salary or cash bonus, so it relies on a rise in the company's market value over the next decade. The vesting will occur over a period of ten years.

Other News

Trending Now

Victims ID'd in Maryland high school shooting; suspect dead
The incident is the 17th school shooting in the United States since January 1, according to CNN research . MADDEN: Great Mills High School is now a crime scene. "But we don't have action", said the No. 2 U.S.

KB Toys plots a comeback as Toys R Us collapses
That's about how much in sales Toys R Us would leave on the table if it were to close all of its USA stores. We went to a Toys R Us store in Yonkers, New York, that was part of the initial round of store closings.

Engineer Working on FIU Bridge Reported Cracks Days Before Collapse
Neither in the telephone call nor during the Thursday morning meeting did the engineer raise life-safety concerns over the crack. As noted by Floridian Billy Corben, BDI deleted that tweet shortly after news of the bridge collapse was reported .

Trump Targets China With Tariffs
In 2017, the United States imported 34.6 million metric tons of steel from 85 countries. The EU has said that it would take retaliatory measures.

Trump Calls Putin To Congratulate Him On Election Win
Trump, who initiated the call, opened it with the congratulations for Putin, one person familiar with the conversation said. White House spokesman Hogan Gidley told reporters that Trump had not called Putin and had no plans to do so.

Trump touts 'great friendship' with Saudi Arabia
The conflict has led USA lawmakers to propose a cutoff in support for a Saudi-led bombing campaign that has killed thousands. King Salman is to visit the United States later this year.

'1 in 10 TB patients fail to complete course treatment'
It is also not true that TB patients shouldn't eat with the family during meals, and that patients can't return to work or school. Today, President and PM have also come out to address the issue of Tuberculosis in India., urging it to stop by 2050.

Is true about Donald Trump Jr. and Aubrey O'Day dating rumors
It's hard to think that it's just a coincidence that the song is titled, " DJT ", which, yes, correspond to Trump Jr.'s initials. Aubrey said around that time she's attracted to "powerful" men with "strong" personalities and "big egos".

Pop Stars to Tour North Korea
Washington watched closely for any reaction from Pyongyang to the announcement Tuesday that joint U.S. Past year the drills were conducted for two months through March to April.

Crude Firms on Geopolitical Tension, but Saudis See a "Stable" Market Ahead
Still, investors will be wary of USA supplies, which have threatened to undermine OPEC's efforts to eliminate a global glut. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up by 1% at $62.75 a barrel.