Musk: 'That is more than intended' - cuts award to 20.915M shares

From:: Elon Musk
Date:: December 1, 2017
To:: Todd Maron

Partial text. Only these passages were published; [...] marks a gap.

That is more than intended. Let's go with 10% of the current FDS number, so 20.915M.

About this email

After Maron sent share calculations on November 29, Musk replies that the figure is more than he intended and sets the award at 10% of the then-current fully diluted share count. At trial he called this 'me negotiating against myself'.

Notes

Known only through the passages quoted in Chancellor McCormick's post-trial opinion (factual background); the full email is not public. FDS = fully diluted shares. Also quoted at para. 120 of the amended complaint.

Where it came from

Court record; attribution confirmed.

Tornetta v. Musk, C.A. No. 2018-0408-KSJM (Del. Ch. Jan. 30, 2024), post-trial opinion
Harvard Law School Forum on Corporate Governance (reproduces the opinion text)
Amended derivative complaint (Bernstein Litowitz)

Tesla, executive & internal. Tags: pay-package, compensation, todd-maron

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