"Tesla confirmed in its quarterly filing with the Securities and Exchange Commission on Thursday morning that it spiked the interim award on April 21. Tesla said that the board voted without Musk or his brother (and fellow director) Kimbal Musk."
"These actions are consistent with the 'no double dip' principle, which precludes Mr. Musk from getting a windfall in the event that he may exercise the 2018 CEO Performance Award."
"Tesla waged a public affairs campaign while it appealed the judge's decision to the state's supreme court. That included 're-voting' on the package to ostensibly prove that shareholders weren't duped."
Tesla has revoked the $29 billion interim pay package given to Elon Musk after the Delaware Supreme Court reinstated his $56 billion compensation from 2018. The interim package was initially provided as a hedge against potential court rejection. Tesla confirmed the revocation in a quarterly filing, emphasizing the 'no double dip' principle. The original $56 billion package faced legal challenges from a shareholder, leading to a lengthy court battle. Despite the revocation, Musk's potential $1 trillion compensation package remains unaffected.
Read at TechCrunch
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