Shareholders' vote in June makes clear they are adamant that Musk is entitled to an 11-figure pay package, defense attorneys argue.
Attorneys for Elon Musk and Tesla's corporate directors are asking a Delaware judge to vacate her ruling requiring the company to rescind a massive and unprecedented pay package for Musk.Friday's hearing follows a January ruling in which Chancellor Kathaleen St. Jude McCormick concluded that Musk engineered the landmark 2018 pay package in sham negotiations with directors who were not independent.
McCormick, however, seemed skeptical of the defense arguments, peppering attorneys with questions and noting that there is no precedent in Delaware law for allowing a post-trial shareholder vote to ratify adjudicated breaches of fiduciary duty by corporate directors.'This has never been done before,' she said.
Lawsuit Elon Musk Politics Delaware
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