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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Couple, son 'hacked' to death over witchcraft suspicion in Jharkhand's Palamu
Medininagar (PTI): A couple and their 18-year-old son were allegedly hacked to death over suspicion of practising witchcraft in Jharkhand's Palamu, police said on Sunday.
Their minor daughter was also injured in the attack late on Saturday, a police officer said.
The bodies were recovered from their house on Sunday in Panki police station area, he said.
“Initial investigation suggests that the case is related to witchcraft suspicion,” Manoj Kumar Jha, Sub-Divisional Police Officer (SDPO) of Lesliganj told PTI.
A manhunt is on to nab the culprits, Jha said.
The girl suffered severe injuries and has been admitted to a government hospital, he said.
The deceased have been identified as Vijay Bhuiyan (45), his wife Kalia Devi (40), and their son Chotu Bhuiyan.
The bodies have been sent to Medinirai Medical College and Hospital (MMCH) for post-mortem examination.
