iMessages on majority equity and board control

4 sept. 2017 → 4 sept. 2017 · Shivon Zilis ,Greg Brockman

Shivon Zilis · 4 sept. 2017 — 20:19

Actually I’m still slightly confused on the proposed detail around the share % and board control

Given it sounds like proposal is that Elon always gets max(3 seats, 25% of seats) and all the power rests with the board

Greg Brockman · 4 sept. 2017 — 20:19

Yes. Though I am guessing he intended your overrule provision for first bit but I’m not sure

Shivon Zilis · 4 sept. 2017 — 20:25

So what power does having a certain % of shares have?

Sounds like intention is static board members, or at least board members coming statically from certain pools

But yeah would be curious to hear the specifics. Also I guess for even board sizes a 50% means no action?

Greg Brockman · 4 sept. 2017 — 20:30

I think it would grow to at least 7 pretty quick. The question is not that but when does it transition to traditional board if in fact transitions

And he sounded fairly non-negotiable on his equity being between 50-60 so moot point of having majority