Filing: Musk's Tesla pay award won with 73% approval

|By:, SA News Editor

In an 8-K filing, Tesla (NASDAQ:TSLA) confirms that its proposal for a performance award for CEO Elon Musk was approved by a 73% majority of votes, excluding votes of shares owned by Musk or his brother Kimbal Musk, a director of the company.

That count was according to a "Disinterested Standard" set by the board to exclude the Musks' votes, which found 63.01M votes for the pay package and 23.41M voting against.

By a Nasdaq standard, the votes were 96.8M for the proposal (an 81% majority), and by a Bylaws standard, 80% were in favor (considering 173,167 abstentions).

The $2.6B stock-option award generated heavy discussion and controversy over its size, including recommendations to vote no from influential proxy advisers ISS and Glass Lewis.

Tesla shares finished the day up 1.9%; they're up 0.1% after hours.