08:23 AM EDT, 05/15/2024 (MT Newswires) -- Tesla (TSLA) Chair Robyn Denholm is seeking the ratification of Chief Executive Elon Musk's 2018 performance award, including $46 billion worth of stock options, during a June 13 proxy vote.

In a video address to shareholders, posted on a website ahead of the vote, Denholm cited Musk's contribution to the company's performance as the reason for the award, which was struck down by a Delaware judge in January. Musk is required to hold any shares acquired through the award for five additional years after the option is exercised.

"The reward also aligns Elon's incentives with yours over the long term," she said. "Elon is incentivized to drive the same growth that we've seen over the past five years for many years to come."

Denholm also urged shareholders to vote in favor of a proposal to move the company's state of incorporation to Texas from Delaware.

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