Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: Three martyrs, injured in Israeli drone strike on phone charging station west of Khan Younis, southern Gaza.
Al Mayadeen's correspondent: Four martyrs, dozens of injured as IOF open fire on civilians near GHF facility west of Rafah, southern Gaza.
Lebanese Army: This may push Army to freeze cooperation with committee regarding investigating facilities.
Lebanese Army: Enemy's continued violations of agreement and its refusal to respond with implementation committee weakens committee, Army's role.
Lebanese Army: A number of patrols also headed to locations under threat to investigate them, despite enemy's refusal of proposal.
Lebanese Army: As soon as enemy announced its threats, Army began coordination with ceasefire committee to stop attack.
Lebanese Army: Aggressions took place on eve of holidays, in clear atttempt by enemy to disrupt recovery of our nation and positive atmosphere.
Lebanese Army: Occupation's violations have turned into a daily aggression against Lebanese sovereignty, as it flouts ceasefire mechanism and efforts by implementation committee.
Lebanese Army: [Israeli] enemy has recently escalated its aggressions on Lebanon, targeting civilians, residential buildings, and facilities in different areas.
Berri: It is our fate every Eid al-Adha to offer sacrifices in defense of Lebanon and its sovereignty, and the aggression will not prevent us from celebrating our holidays

Tesla directors return $735m to settle claims they were overpaid

  • By Al Mayadeen English
  • Source: News websites
  • 18 Jul 2023 09:00
3 Min Read

In an act considered of 'good faith', Tesla directors agree to return money after being accused of overpaying themselves.

  • x
  • Unsold 2023 Model X sports-utility vehicle sits outside a Tesla dealership Sunday, June 18, 2023, in Littleton, Colo. (AP)
    Unsold 2023 Model X sports-utility vehicle sits outside a Tesla dealership Sunday, June 18, 2023, in Littleton, Colo. (AP)

Tesla Inc's directors agreed to return $735 million to the company in order to settle the accusation that they overpaid themselves in one of the largest shareholder settlements of its kind, a Monday filing stated in a Delaware court. 

The agreement ends a 2020 lawsuit filed by a retirement fund that owns Tesla stock, which challenged stock options issued to Tesla directors beginning in June 2017. However, the settlement has no bearing on Elon Musk's $56 billion remuneration package, which is being contested by shareholders in a separate action that went to trial last year. A decision in the Musk lawsuit is likely soon.

According to a court document, the directors, which included Oracle co-founder Larry Ellison, agreed to repay the equivalent value of 3.1 million Tesla stock options.

The directors were given credit for acting in good faith and in the best interests of Tesla stockholders but agreed to settle to eliminate the risk of litigation to themselves and to the company, the court filing said. 

Read next: Musk in court over $56 billion pay package from Tesla in 2018

Related News

Procter & Gamble to lay off 7,000 employees: WSJ

US imposes sanctions on ICC judges over Netanyahu arrest warrant

They were accused of providing themselves unfair and disproportionate compensation in the form of about 11 million stock options from 2017 to 2020, which reportedly far surpassed corporate board guidelines.

The Police and Fire Retirement System of the City of Detroit in 2020 introduced the case and the settlement was set to be paid to Tesla to benefit the company using a derivative lawsuit. That said, the settlement is one of the largest ever derivative cases in the court of chancery. a major venue for shareholder litigation. 

Tesla and Musk have a history of battling lawsuits. Musk has won defamation lawsuits, securities law violations, and shareholder lawsuits accusing him of coercing Tesla into buying SolarCity at trial. As part of the settlement, the directors gave up any compensation for 2021, 2022, and 2023, and the board decided to change the way compensation is determined.

On that note, Tesla has defended itself against the case by claiming that the firm saw nearly unparalleled growth, with its stock price increasing tenfold. Along with the increase in stock value, the value of stock options granted to the directors and Musk increased dramatically.

The company argued it used the stock options to ensure that the incentives of directors were aligned with the goals of investors.

Read next: Tesla mulls making investments in Spain

  • United States
  • Tesla
  • Elon Musk

Most Read

Lebanon's PM Nawaf Salam meets with US envoy Morgan Ortagus in Beirut on April 5, 2025 (Dalati Nohra via AP)AP)

Morgan Ortagus to exit US role in Lebanon amid policy shift

  • Politics
  • 1 Jun 2025
A Palestinian woman mourns as she embraces the body of her daughter Mayar Abu Odeh, 8, who was killed in an Israeli army strike on Gaza. at Al-Shifa Hospital in Gaza City, Wednesday, June 4, 2025. (AP)

French port workers block arms shipment to 'Israel' amid Gaza genocide

  • Politics
  • 4 Jun 2025
It may well be due to the longstanding relationship between MI6 and HTS, via Inter Mediate, that Britain was the first Western country to recognise their assumption of government in Syria. (Al Mayadeen English; Illustrated by Zeinab El-Hajj)

How MI6 helped HTS seize Syria

  • Opinion
  • 31 May 2025
Palestinians struggle to get donated food at a community kitchen in Khan Younis, southern Gaza Strip, Monday, June 2, 2025. (AP)

Boston Consulting Group withdraws from GHF

  • Palestine
  • 3 Jun 2025

Coverage

All
War on Gaza

Read Next

All
Poll
Palestine

Sharp decline in international perception of 'Israel', Netanyahu: Poll

Ukrainian soldiers with the anti-drone KVS G-6, manufactured by Kvertus Technology.Territorial Defense Forces of the Armed Forces of Ukraine/Facebook
US & Canada

Shift in US priorities: Drone fuzes reallocated from Kiev to CENTCOM

US Jews accuse Trump of antisemitism despite his pro-'Israel' stance
US & Canada

US Jews accuse Trump of antisemitism despite his pro-'Israel' stance

Former US President Joe Biden speaks from the Oval Office of the White House in Washington, Sept. 30, 2024 (AP/Mark Schiefelbein)
US & Canada

Trump orders investigation into Biden’s autopen use, cognitive fitness

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS