The head of Tesla's board of directors says her focus in helping develop a huge compensation package for CEO Elon Musk in 2018 was the results he could bring, not how many hours he devoted to the job.
challenging a 2018 compensation plan for CEO Elon Musk potentially worth more than $55 billion that she was less concerned about how much time Musk would commit to the company than in the results he could bring.
"I'm not concerned about time," added Denholm, who was a member of the compensation committee at the electric car and solar panel maker that developed the plan. "I know periods of time where he is sleeping on the factory floor." Attorneys for the defendants have noted that two institutional proxy advising firms that urged shareholders to reject the plan nevertheless noted that it would require "significant and perhaps historic achievements" and require growth that "appear stretching by any benchmark."SEE ALSO: Elon Musk pay package at Tesla challenged in Delaware court
To date, Tesla has achieved all 12 of the market capitalization milestones and 11 operational milestones, resulting in the vesting of 11 of the grant's 12 tranches and providing Musk over $52.4 billion in stock option gains, according to the lawsuit. Since the grant was awarded, Tesla's market capitalization has increased from $59 billion to more than $613 billion now, having briefly hit $1 trillion early this year.
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