Tesla's (TSLA) board has formed a special committee to review Elon Musk's compensation and explore alternative ways to reward him for past performance if his contested $56 billion 2018 pay deal is not reinstated, the Financial Times reported Wednesday.
The committee comprised of Chair Robyn Denholm and Kathleen Wilson-Thompson, the report said.
The committee is still in early deliberation, and no decisions have been made, the report said. Any future package would likely include strict performance conditions and follow Texas laws, as Tesla recently changed its incorporation from Delaware, the report added.
The committee has hired a new law firm that specializes in Texan law, McDermott Will & Emery, to assist in the process, the report said.
Tesla did not immediately respond to MT Newswires' request for comment.
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