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Tesla paid CEO Elon Musk $3 million to provide indemnity for directors and officers against legal claims – CNBC

The highly unusual arrangement had Musk offer up to $100 million from his personal funds in indemnity coverage for officers and directors for 90 days.

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Tesla paid CEO Elon Musk $3 million personally for 90 days worth of an important type of business insurance that indemnifies directors and officers of the company from certain legal expenses, a new filing revealed Wednesday. Tesla has also ended that controversial arrangement, and obtained a more traditional form of this insurance, the filing said.
In April this year, Tesla told shareholders that they would forego directors and officers liability insurance (also known as D&O) for a year. Instead,…

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