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Tesla has launched a new website aimed at convincing shareholders to vote for reinstating Elon Musk’s $55 billion compensation plan.

Back in 2018, Tesla shareholders approved one of the biggest compensation plans of all-time: a $55 billion fully stock-based CEO compensation plan for Elon Musk.

In January, a judge sided with lawyers representing a Tesla shareholder alleging that Tesla’s board misrepresented the compensation package when presenting it to shareholders.

It’s a complicated issue, but in short, the judge found that Tesla’s board and Musk didn’t play by the rules of a public company when it presented the plan to shareholders.

The judge found that Tesla had governance issues when coming up with the compensation plan and those issues were not communicated to shareholders before voting on the plan.

Instead, Tesla claimed that the plan was negotiated by “independent board members” when it was found that some board directors had personal financial dealings with Musk outside of Tesla, amongst other things.

The Delaware court found that this invalidated the vote, and therefore, Tesla had to rescind the compensation plan.

Yesterday, Tesla told shareholders that it will ask them to vote on moving Tesla’s state of incorporation to Texas and then revote for Musk’s compensation plan without changing anything.

Now, Tesla has launched a new website called ‘SupportTeslaValue.com‘ to convince shareholders to vote for the package again.

The website opens up by claiming that giving the shares to Musk will “protect your investment and Tesla’s future”:

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Most of the website is dedicated to the fact that the compensation plan was aligned with shareholders’ interests, super ambitious, and actually achieved the goals in the plan despite being super ambitious.

Virtually everyone can agree with all of that, but it’s not really what led the package to be rescinded.

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The interests were aligned, but the judge did question the need for such a high compensation when Musk already owned more than 20% of Tesla at the time.

From the judge’s decision:

At a high level, the “6% for $600 billion” argument has a lot of appeal. But that appeal quickly fades when one remembers that Musk owned 21.9% of Tesla when the board approved his compensation plan. This ownership stake gave him every incentive to push Tesla to levels of transformative growth—Musk stood to gain over $10 billion for every $50 billion in market capitalization increase. Musk had no intention of leaving Tesla, and he made that clear at the outset of the process and throughout this litigation. Moreover, the compensation plan was not conditioned on Musk devoting any set amount of time to Tesla because the board never proposed such a term. Swept up by the rhetoric of “all upside,” or perhaps starry eyed by Musk’s superstar appeal, the board never asked the $55.8 billion question: Was the plan even necessary for Tesla to retain Musk and achieve its goals?

But the real issue is how the plan came about. The judge found that Musk was in control of Tesla and the board – leading to irregularities and how the plan was put together and negotiated.

That’s at the core of the judge decision and Tesla doesn’t really address it in its new SEC proxy statement and this new website.

This is the only section that sort of addresses it:

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However, the testimonies from the Tesla board members, Musk, and everyone involved, led the judge to believe the work from the board wasn’t really “robust”.

For example, Todd Maron, a lawyer who represented Musk and formerly was his divorce lawyer, became Tesla’s general counsel when this plan was being negotiated:

The process leading to the approval of Musk’s compensation plan was deeply flawed. Musk had extensive ties with the persons tasked with negotiating on Tesla’s behalf. He had a 15-year relationship with the compensation committee chair, Ira Ehrenpreis. The other compensation committee member placed on the working group, Antonio Gracias, had business relationships with Musk dating back over 20 years, as well as the sort of personal relationship that had him vacationing with Musk’s family on a regular basis. The working group included management members who were beholden to Musk, such as General Counsel Todd Maron who was Musk’s former divorce attorney and whose admiration for Musk moved him to tears during his deposition. In fact, Maron was a primary gobetween Musk and the committee, and it is unclear on whose side Maron viewed himself. Yet many of the documents cited by the defendants as proof of a fair process were drafted by Maron.

That alone is a weird thing: having your divorce lawyer become your auto company’s general counsel.

The judge also argued that the board didn’t really negotiate the deal proposed by Musk. They made a few changes to align it with Tesla’s internal goals, but the judge believed the change couldn’t be described as “concessions” by Musk:

In this litigation, the defendants touted as concessions certain features of the compensation plan—a five-year holding period, an M&A adjustment, and a 12- tranche structure that required Tesla to increase market capitalization by $100 billion more than Musk had initially proposed to maximize compensation under the plan. But the holding period was adopted in part to increase the discount on the publicly disclosed grant price, the M&A adjustment was industry standard, and the 12-tranche structure was reached in an effort to translate Musk’s fully-diluted-share proposal to the board’s preferred total-outstanding-shares metric. It is not accurate to refer to these terms as concessions.

Tesla shareholders are going to vote on the plan again in June, along with the move to Texas and the re-election of two board members, including Musk’s brother, Kimbal Musk.

Electrek’s Take

Before voting, Tesla shareholders should look at more than the proxy and Tesla’s new website.

You should really read the judge’s decision, which includes excerpts from testimonies from basically everyone involved. It does undoubtedly paint the most accurate picture of how the plan came about – certainly more than the board saying they met 15 times to discuss this plan.

That’s all I’m asking. Read the judge’s decision.

Here’s the judge’s decision in full:

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$39,199 Bobcat zero turn electric lawnmower is ready for summer

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,199 Bobcat zero turn electric lawnmower is ready for summer

Bobcat revealed a new, commercialized version of its battery-powered ZT6000e zero-turn electric lawnmower that promises up to eight hours of continuous runtime.

The company says its new machine can deliver up to eight hours of continuous runtime on a single charge, the ZT6000e produces zero “tailpipe” emissions while in use, and is significantly quieter than the ICE-powered competition. Perfect, in other words, for use in municipalities with strict noise regulations.

“The ZT6000e is designed for both lawn care professionals and other businesses that want to create their own professional-grade results in a more sustainable way,” said Daniel Stibral, s grounds maintenance product specialist at Bobcat. “It’s highly maneuverable, efficient, and takes on challenging mowing tasks with precision, ease and the perfect cut.”

The Bobcat ZT6000e packs a 58V, 20.4 kWh battery that can be fully recharged in about 6 hours with a 240-volt “Level 2” connection, or in about 12 hours with a “standard” 120-volt connection. Considering a full charge is enough to mow more than 23 acres, however, there should be very little “range anxiety” involved.

What’s more, Bobcat claims that, apart from routine recharge cycles, the lithium-ion battery requires no maintenance for the life of the machine.

The ZT6000e is built with a heavy-duty, dual-tubed steel frame and is powered by three electric motors to provide precise control over high and low blade speeds and make quick work of any lawn. Pricing starts at $39,199.

Electrek’s Take

Yes, the ZT6000e electric lawmower is more expensive than the 850cc gas-powered version. About 3x more expensive, in fact – but that doesn’t matter.

The fact is that more and more municipalities across the country are effectively banning internal combustion lawn equipment from lawnmowers to edgers to leaf blowers – and the ones that aren’t outright banning small engines are banning them indirectly with increasingly stringent noise regulations. Translation: if you plan on making a living in landscaping, you’re going to need to pony up for an electric mower rather sooner than later.

When you do, Bobcat’s seems like a solid choice.

SOURCES | IMAGES: For Construction Pros; Bobcat.

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Pedego Moto puts the ‘fun’ in functional transportation

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Pedego Moto puts the 'fun' in functional transportation

Pedego announced a slew of big new bikes this month, and we got to try out our favorite, the Pedego Moto. This brawny, two-person, class 2/3 beast leaves its competitors in the dust in so many ways. As Micah would say, “Let’s check it out…”

We’ve talked about Pedego a ton here at Electrek, but it bears repeating. No other bike company is doing more to get Americans onto e-bikes. With their excellent brick-and-mortar stores, many, if not most, Americans’ first e-bike experience is renting or trying an e-bike at a Pedego store. And because Pedego stores and e-bikes are top-notch, those experiences are almost entirely good first impressions.

I have a store in my local town, and it is the go-to place to pick up bike accessories, get a quick tuneup, or fix something (on any bike!) . It is also a great place to meet like-minded bike riders. They often sponsor local bike rides and encourage train tourists to visit our town and see it on an e-bike, which is better for everyone than driving a car.

Pedego Moto

The Pedego Moto, at first glance, will remind you of a Juiced Scorpion or the many other copycats that came along in the years since it was introduced. I’m here to say this thing is different in a number of important ways.

The most obvious is that it is much bigger, and its seat is long enough to carry a second passenger without modifications. The 2nd rider foot pegs come with the bike in its default configuration. That stretched seat also lets taller riders slide back for that sweet leg extension when actually pedaling, which on the Moto, I found quite easy. That tapered seat, while comfy for long rides, also tapers at the front to allow easy pedaling.

Also, components are almost universally better, including turn signals, larger 210mm hydraulic brakes, and huge 20-inch wheels that will go off-road much better than others in this class. SRAM gears are going to last a lot longer than the Shimano Altus setup that many of these bikes have. And just look at those burley tires.

The battery is 922Wh at 48V which will power the bike for up to 75 miles according to Pedego but more typically about 40 at near full power with little pedalling. I don’t like that it is a proprietary connector but it fast charges the battery at 5A. I was genuinely shocked how far I could ride with just small battery drops and it will last weeks in between charges if you want it to.

Pedego has revolutionized unboxing!

Like the taller boxes we saw at Upway, Pedego is now using a taller box that allows it only to require screwing in pedals and adjusting/tightening the handlebars. Including removing the tape and bubble wrap, you can be riding the Pedego Moto within 5 minutes of opening the box.

While most Pedegos will be purchased (and tuned up) at stores, this makes the process easier for Pedego technicians and direct-to-consumer customers as well.

There’s no heavy front wheel to put on, cables to plug in, or other stuff to install. Most e-bikes take me at least a half hour to assemble and often more than an hour. Pedogo Moto? I was riding within minutes of the box being delivered. The battery came more than half charged and that was good for a day of play.

Moto Experience

Pedego bikes, though they come in all shapes and sizes generally follow a standard Class 2 system that allows the bike to go up to 20 miles/hour on throttle or pedal assist. Some of their bikes, including the Moto, can be enabled to go class 3, which is up to 28 miles per hour. However, this is only pedal assist, the throttle will stop applying power at 20mph.

This allows pedego bikes to be legal in the largest number of areas while also allowing a speedy 28mph option. In reality, the large size of the bike will put pedal-assist riding at about 25 mph, in my experience. Still quite fast for such a big bike with huge tires.

Other bike companies, including Pedego’s competitors, have various flavors of “off-road mode,” which allow the motors to spin at any speed but also make them illegal in many jurisdictions.

I found the Moto to be a great ride both on the road and on gravel. Those huge tires and soft suspension eat up those potholes like no one’s business. And, even with a passenger in the back, there’s no stopping the powerful 85nm torque motor in the back.

The Moto is best for cruising and riding around town. There it excels and turns some heads, especially in this blue variety.

Moto Safety

While this bike is large, it turns quite well with admirable wheel balance and a solid front fork.

The front light not only lets oncoming cars see the Moto well at night but it also illuminates the road well enough to ride without concern. Those big hydraulic brakes on 210mm discs are also great at stopping this big bike in its tracks.

The step-over nature of the bike makes it easy to get on and off, especially with packages or another rider on the back.

Maybe the most underrated safety item is the turn signals, which I think Pedego has done well, especially in the user interface department. But the backlight is hidden a little too far under the rear seat and is typically small for an e-bike. Still, drivers and riders will almost always see the bright light when at a medium-length distance away.

Pedego Moto Price

This is a Burley bike, and Pedego has to keep its brick-and-mortar stores going, so the price may surprise those used to fly-by-night dropship prices. It is $3995. Yes, it is a lot, but you get a lot, including white glove service and actual local people there to help out when things go wrong.

Electrek’s take

I like all 3 of Pedego’s new e-bikes and if you’ve got the cash, these e-bikes are built to last and a ton of fun. The Moto isn’t light but it rides like a much more svelt e-bike and is even great for carrying 2 people!

The Petego Moto in Black, thanks to Riley at the awesome local Croton Pedego store

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An off-grid solar tracker powers this EV charging station

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An off-grid solar tracker powers this EV charging station

Dartmouth College in Hanover, New Hampshire, has installed an off-grid solar tracker EV charging station for its employees.

“This solar electric vehicle charger is a part of the college’s efforts to make our [transportation systems] more sustainable”, said Marcus Welker, assistant director of sustainability at Dartmouth College [via Vermont Biz].

Solaflect Energy, based in Norwich, Vermont, designs and manufactures the Solar EV Charger. The four Level 2 charging points are powered by a 6.2-kilowatt solar array mounted on a dual-axis tracker that generates 40% more power than comparable fixed panel arrays.

The system’s 6-ton concrete foundation sits directly on parking lot lines, so it doesn’t take up any parking spaces and provides enough ground clearance for unimpeded traffic flow. Designed for climate resilience, it sheds snow quickly, stows flat in high winds, and sits high enough to avoid flooding.

Solar EV Charger operates even when the grid is down, and its transportable nature allows it to adapt as EV charging needs evolve. Here’s Dartmouth’s Solar EV Charger in action:

The off-grid solar tracker EV charger is quicker and less expensive to install than traditional grid-connected stations and avoids costly utility demand charges since there’s no need for infrastructure. Solaflect’s chargers scale easily, with one charger for every four EVs or plug-in hybrids. The company asserts that over its expected 25-year life, the system locks in 1 million miles of EV charging with minimal operating and maintenance costs.

Solaflect’s Solar EV charger is available for annual lease with no additional service costs or for purchase with a 30% federal investment tax credit. Its first installations will take place in New England, followed by a US-wide expansion.  

What do you think of Solaflect’s Solar EV Charger? Let us know in the comments below.

Read more: In a milestone, the US exceeds 5 million solar installations


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