Summary
This Form 8-K/A filing from Tesla Motors, Inc., dated October 7, 2011, serves as an amendment to a previous 8-K filed on June 3, 2011. The core purpose of this amendment is to officially disclose the outcome and Tesla's board's subsequent decision regarding the frequency of future stockholder advisory votes on executive compensation, commonly known as "say-on-pay" votes. At the company's Annual Meeting of Stockholders on June 1, 2011, shareholders voted on this matter. The results indicated a preference for holding these advisory votes every three years. Tesla's Board of Directors has now formally ratified this decision, confirming that future say-on-pay votes will occur triennially unless regulatory requirements change or the Board determines a different frequency is in the best interest of shareholders.
Key Highlights
- 1Tesla Motors, Inc. (TSLA) filed an amendment (8-K/A) to its previous 8-K filing.
- 2The amendment's sole purpose is to clarify the frequency of future stockholder advisory votes on executive compensation ('say-on-pay').
- 3Stockholders previously voted at the June 1, 2011 Annual Meeting to hold these advisory votes every three years.
- 4Tesla's Board of Directors has formally determined to conduct future say-on-pay votes every three years.
- 5This triennial voting frequency will remain in effect until new regulatory requirements arise or the Board revises its decision.
- 6The filing was made on October 6, 2011, with the event date being June 1, 2011.