Tesla filed an S-8 registration with the SEC to deliver CEO Elon Musk's 2018 compensation package. The filing registers more than 303 million shares. This move officially concludes a prolonged legal battle over the $56 billion plan.
The action follows a December decision by the Delaware Supreme Court to reinstate the award. Tesla's board signed an Implementation Agreement on April 21 to execute the plan. CFO Vaibhav Taneja signed the formal SEC filing on April 24.
Musk must remain in an executive role at Tesla until at least 2028. He is also required to hold the vested shares for five years. This resolution settles a major corporate governance issue within the consumer discretionary sector.