A new filing revealed on Wednesday that Elon Musk personally received $3 million in payment from his company for 90 days worth of an important kind of business insurance that compensates company chiefs from specific legal costs. Tesla Inc, which Musk heads, ended that controversial arrangement and received a more conventional form of company insurance, according to the filing. As of June 2020, the Tesla CEO agreed to an arrangement to provide directors and officers liability insurance (D&O) “indemnity coverage,” up to $100 million, for a 90-day period. Overall, indemnity coverage safeguards the company, its executives, and board members from having to cover defense, settlements, or judgments made against them. According to the filing, Tesla “agreed to pay our CEO a total of $3 million”, which is based on a “market-based premium” as allocated for the 90 days then discounted by half. The company revealed earlier it would provide Musk with a payment of up to $1 million for the D&O coverage. That agreement has ceased and Tesla instead the company has “bound a customary directors’ and officers’ liability insurance policy with third-party carriers”. It has not been specified what carriers board members will be covered by and the rate of payment for the… Read full this story
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