Luminar Technologies, Inc. LiDAR startup lure Tesla’s Legal Vice President Alan Prescott away from the Austin-based electric vehicle leader with a massive $30 million compensation package.
Prescott left Tesla last April after just under four years to join Luminar as the company’s chief legal officer. Prescott spent only one year with Ford as an engineer before leaving to pursue a law degree at Georgetown University. Prescott then returned to Ford for ten years, before leaving to join Tesla in 2017.
The $30 million compensation package has been set in A 10-k save files Luminar filed with the SEC on March 1. Bloomberg Law He says the bulk of Prescott’s compensation consists of more than $29.5 million in stock awards over six years, according to people familiar with the matter.
The report said Prescott joined Luminar on April 26, receiving a new initial equity grant with long-term equity incentives. The report, citing the inside source, said the combination of Prescott’s cash salary and stock compensation “almost identical to what he had at Tesla and was necessary to bring in a lawyer with experience in the auto industry.”
10-K states:
“On March 25, 2021, Mr. Prescott and I entered into an employment agreement, which was amended on November 11, 2021. Under this agreement, as amended, Mr. Prescott is entitled to a base salary of $300,000 per annum and is eligible for an annual bonus of $50,000 based on On achieving satisfactory performance targets and participating in our employee benefit plans Mr. Prescott worked “at will” and could be terminated by either party at any time. Among other equity-based incentives in his employment agreement, Mr. Prescott earned 353,000 units of RSUs, due to vest over a period of four years from its commencement date, subject to continued service on each vesting date, provided that Mr. for the remaining unvested shares of the RSU grant.”
Luminar will pay Prescott a base annual salary of $300,000 with bonuses of $50,000.
Several employees of Tesla’s legal department have left their positions in the past few years. Lynn Miller, Former Deputy General Counsel for TeslaShe left the company last year to join independent truck startup Plus. in addition to, Tesla Lost People’s Vice President Valerie Capers Workmanan HR professional, earlier this year.
LiDAR has long been criticized by Tesla CEO Elon Musk, who has called the technology a “foolish task.” “They’re all going to dump the lidar,” Musk said. Tesla Autonomy Day in 2019. “Anyone who relies on Lidar is doomed to fail.”
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