The package was set in 2018, voided in Jan by Delaware judge (Il Sole 24 Ore Radiocor) - New York, 17 Apr - Tesla has asked shareholders to back the 56 billion dollar pay package of CEO Elon Musk set in 2018 and voided earlier this year by a Delaware judge.

"We do not agree with what the Delaware Court decided, and we do not think that what the Delaware Court said is how corporate law should or does work," board chairperson Robyn Denholm wrote in a letter to stockholders included in a regulatory filing.

The Delaware judge rejected the pay package saying it was "deeply flawed".

"Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years... That strikes us-and the many stockholders from whom we already have heard-as fundamentally unfair," Denholm wrote.

Tesla also said it would ask shareholders to approve moving the company's incorporation from Delaware to Texas.

The shareholder meeting is scheduled for June 13.

AAA-Sje

(RADIOCOR) 17-04-24 15:55:08 (0518) 5 NNNN