daveinmotion (25)in LeoFinance • 14 days agoRE: LeoThread 2025-12-20 19-10Stockholder approval: A June 2024 ratification vote showed a majority of disinterested stockholders supported the plandaveinmotion (25)in LeoFinance • 14 days agoRE: LeoThread 2025-12-20 19-10Performance: The plan required very large market-cap and revenue/profit milestones; by January 2023 it was undisputed that the vesting conditions had been satisfieddaveinmotion (25)in LeoFinance • 14 days agoRE: LeoThread 2025-12-20 19-10Burden of proof: The Supreme Court placed the burden on the plaintiff to demonstrate a specific alternative remedy, rather than on the directors to propose one Background on the 2018 grantdaveinmotion (25)in LeoFinance • 14 days agoRE: LeoThread 2025-12-20 19-10Existing wealth not a substitute: The Court held that the executive’s existing stock holdings did not constitute consideration for performance under the 2018 agreementdaveinmotion (25)in LeoFinance • 14 days agoRE: LeoThread 2025-12-20 19-10Status quo problem: Rescission could not return parties to their original positions because the executive had already expended six years of effort to achieve the plan’s milestonesdaveinmotion (25)in LeoFinance • 14 days agoRE: LeoThread 2025-12-20 19-10Revised attorney fees: The prior $345 million fee award was vacated; fees were recalculated based on the reasonable value of the work (hours worked multiplied by four) Why the decision was reverseddaveinmotion (25)in LeoFinance • 14 days agoRE: LeoThread 2025-12-20 19-10Nominal damages: The plaintiff stockholder received $1 in nominal damages because no alternative relief was appropriate once rescission was removeddaveinmotion (25)in LeoFinance • 14 days agoRE: LeoThread 2025-12-20 19-10Final outcome Plan reinstated: The Court of Chancery’s rescission order was overturned, restoring the 2018 grant and leaving the options intactdaveinmotion (25)in LeoFinance • 14 days agoRE: LeoThread 2025-12-20 19-10Summary of the decision The Supreme Court of Delaware reversed the lower court’s order canceling the 2018 equity award. Although justices differed on liability, they…daveinmotion (25)in LeoFinance • 14 days agoRE: LeoThread 2025-12-20 19-10
