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“I think the amount should be reduced to a…”

Elon Musk to Todd Maron, November 9, 2017

Block-quoted passage from Musk’s Nov. 9, 2017 message describing the size of the revised compensation proposal. The opinion places it later on the same morning as the first Nov. 9 message.

Exhibit

From: Elon Musk
Sent: Thursday, November 9, 2017
To: Todd Maron
Subject: Not shown in source

Only part of this email is public. The text below is the portion quoted in the source.

I think the amount should be reduced to a 10% increment in my Tesla ownership if I can get us to a $550B valuation, but that should be a fully diluted 10%, factoring in that it dilutes me too. So if it hypothetical [sic] was awarded to me now and I own (probably) ~20% fully diluted, then I would have ~30%. Of course there will be future dilution due to employee grants and equity raises, so probably this is more like 25% or so in 10 years when it has some chance of being fully awarded.

EMX-000089

“I think the amount should be reduced to a…”

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