Tesla asks shareholders to re-elect Musk, Denholm and Straubel at December annual meeting

Tesla

Mon 12:09

Oct 19 (Reuters) - Tesla TSLA.O filed its proxy statement with the US Securities and Exchange Commission on Monday asking shareholders to re-elect CEO Elon Musk, Chair Robyn Denholm and director JB Straubel to three-year terms at its December 3 annual meeting.
The filing comes nearly a year after the EV maker's board granted Musk a performance award that was billed as a $1 trillion pay package.
Musk's 2025 CEO Performance Award of about 423.7 million restricted shares is reported at a $158.4 billion total in the summary compensation table
None of the $1 trillion performance award's 12 tranches has been earned. Each needs a market-cap milestone from $2 trillion to $8.5 trillion plus operational targets, and the unearned shares vote in proportion to all other shares
Musk exercised all 303.96 million options from his 2018 award on June 16, leaving 286.4 million restricted shares that vest in January 2028 if he stays in a leadership role
Tesla revealed it spent months working directly with the SEC to pioneer a voluntary retail investor voting framework, ultimately obtaining a formal SEC no-action letter
Tesla's pledging policy caps borrowing secured by Musk's pledged shares at the lesser of $3.5 billion or 25% of the shares' value
Musk owns nearly 20% of Tesla, including 207.5 million pledged shares, while Vanguard Capital Management holds 5.3%

 (Reporting by Akash Sriram in Bengaluru; Editing by Leroy Leo)
 ((Akash.Sriram@thomsonreuters.com; On X as @HoodieOnVeshti; +91-99017-77617;))