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TORNETTA v. MUSK

C.A. No. 2018-0408-JRS.

250 A.3d 793 (2019)

Richard J. TORNETTA, Individually and on Behalf of All Others Similarly Situated and Derivative on Behalf of Nominal Defendant Tesla, Inc., Plaintiff, v. Elon MUSK, Robyn M. Denholm, Antonio J. Gracias, James Murdoch, Linda Johnson Rice, Brad W. Buss, Ira Ehrenpreis, Steve Jurvetson, and Kimbal Musk, Defendants, and Tesla, Inc., a Delaware corporation, Nominal Defendant.

Court of Chancery of Delaware.

Date Decided: September 20, 2019.

Attorney(s) appearing for the Case

Peter B. Andrews, Esquire , Craig J. Springer, Esquire and David Sborz, Esquire of Andrews & Springer LLC, Wilmington, Delaware and Jeremy S. Friedman, Esquire , Spencer Oster, Esquire and David F.E. Tejtel, Esquire of Friedman Oster & Tejtel PLLC, New York, New York, Attorneys for Plaintiff Richard J. Tornetta.

David E. Ross, Esquire , Garrett B. Moritz, Esquire and Benjamin Z. Grossberg, Esquire of Ross Aronstam & Moritz LLP, Wilmington, Delaware and William Savitt, Esquire , Anitha Reddy, Esquire and Noah B. Yavitz, Esquire of Wachtell, Lipton, Rosen & Katz, New York, New York, Attorneys for Defendants Elon Musk, Robyn M. Denholm, Antonio J. Gracias, James Murdoch, Linda Johnson Rice, Brad W. Buss, Ira Ehrenpreis, Steve Jurvetson, Kimbal Musk and Nominal Defendant Tesla, Inc.

OPINION

In January 2018, Tesla, Inc.'s board of directors (the "Board") approved an incentive-based compensation plan for its chief executive officer, Elon Musk, called the 2018 Performance Award (the "Award"). The Board then submitted the Award to Tesla's stockholders for approval. The stockholders who voted...

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