Tesla awards CEO Musk millions in shares valued at about USD 29 billion
Washington, Aug 4 (AP): Tesla is awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately USD 29 billion, just six months after a judge ordered the company to revoke his massive pay package.
The electric vehicle maker said in a regulatory filing on Monday that Musk must first pay Tesla USD 23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package that was awarded to the company's CEO.
In December Delaware Chancellor Kathaleen St Jude McCormick reaffirmed her earlier ruling that Tesla must revoke Musk's multibillion-dollar pay package. She found that Musk engineered the landmark pay package in sham negotiations with directors who were not independent.
At the time McCormick also rejected an equally unprecedented and massive fee request by plaintiff attorneys, who argued that they were entitled to legal fees in the form of Tesla stock valued at more than USD 5 billion. The judge said the attorneys were entitled to a fee award of USD 345 million.
The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk's 2018 compensation package.
That pay package carried a potential maximum value of about $56 billion, but that sum has fluctuated over the years based on Tesla's stock price.
Musk appealed the order in March. A month later Tesla said in a regulatory filing that it was creating a special committee to look at Musk's compensation as CEO.
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LS passes bill to open up nuclear sector for private participation
New Delhi (PTI): Lok Sabha on Wednesday passed the nuclear energy bill with Union minister Jitendra Singh asserting that it would help India achieve its target of 100 GW atomic energy generation by 2047.
The Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Bill, which seeks to open the tightly-controlled civil nuclear sector for private participation, was passed by voice vote amid a walkout by the opposition.
Singh termed the bill a "milestone legislation" that will give a new direction to the country's developmental journey.
"India's role in geopolitics is increasing. If we have to be a global player, we have to follow global benchmarks and global strategies. The world is moving towards clean energy. We too have set a target of 100 GW of nuclear energy capacity by 2047," he said.
The opposition contended that the bill diluted provisions of the Civil Liability for Nuclear Damage Act, 2010 that passed on the liability for a nuclear incident on to the suppliers of nuclear equipment.
