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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.

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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.



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