Tesla Motors offer for SolarCity wipes out stock awards given to Elon Musk’s cousins says Bloomberg Technology

Tesla Motors Inc.’s $2.6 billion offer for SolarCity Corp. is wiping out stock awards given to Elon Musk’s cousins says Bloomberg Technology

Lyndon and Peter Rive, who serve as the chief executive and chief technology officer of SolarCity, were granted combined stock options of about $128 million in the San Mateo, California-based solar company in September, placing them among the 15 highest-paid U.S. executives in 2015, according to the Bloomberg Pay Index. The options will be canceled for no consideration, according to a Monday regulatory filing.

The awards are nearly identical to those offered to Musk at Palo Alto, California-based Tesla in 2012. The billionaire is the chairman and largest shareholder of both companies. Under the awards’ terms, the Rives would have had 10 years to earn the options by achieving sets of goals, with half tied to SolarCity’s stock price and half tied to operational results such as increasing customers, and lowering the cost of generating solar wattage. Every time the company achieved a target in both categories, they would earn 1/10th of the options.

For the entire story on Bloomberg Technology

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The Green Living Guy, Seth Leitman is a green living expert, celebrity and Editor of the McGraw-Hill, TAB Green Guru Guides. Seth is also an Author, Radio Host, Reporter, Writer and a Environmental Consultant on green living. The Green Living Guy writes about green living, green lighting, the green guru guides and more. Seth's books range from: # Build Your Own Electric Vehicle by Bob Brant and Seth Leitman (2nd and 3rd editions) # Build Your Own Plug-in Hybrid Electric Vehicle by Seth Leitman # Build Your Own Electric Motorcycle by Carl Vogel # Green Lighting by Seth Leitman, Brian Clark Howard and Bill Brinsky # Solar Power For Your Home by David Findley # Renewable Energies For Your Home by Russel Gehrke # Do-it-Yourself Home Energy Audits by David Findley # Build Your Own Small Wind Power System by Brian Clark Howard and Kevin Shea # and more green living books to follow.