I will admit — based on the various headlines and articles I read about Elon Musk’s canceled compensation packet, I thought it was a pretty simple case: Elon Musk received, by far, the biggest CEO comp package in history, some people and a judge thought that it was far too big and the Tesla board was too close to Elon for the package to be legit, it got canceled by said judge, and Musk and company decided they would move the corporate headquarters to Texas and re-approve essentially the same...
“Delaware law allows defendants to shift the burden of proof under the entire fairness standard where the transaction was approved by a fully informed vote of the majority of the minority stockholders. And here, Tesla conditioned the compensation plan on a majority-of-the-minority vote.
“The defendants insisted that the plan worked in that it delivered to stockholders all that was promised, but they made no effort to prove causation. They also made no effort to explain the rationale behind giving Musk 1% per tranche, as opposed to some lesser portion of the increased value. None of these arguments add up to a fair price.”
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