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CEO of Battery Startup Awarded ‘Staggering’ Elon Musk-Like Pay Package

  • Proxy advisers had opposed $2.3 billion compensation deal
  • Executive pay among topics considered at annual meeting
QuantumScape CEO Jagdeep Singh

QuantumScape CEO Jagdeep Singh

Source: QuantumScape Corp.

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Shareholders of QuantumScape Corp., the solid-state battery startup that went public through a blank-check deal last year, approved a multibillion-dollar pay package for its top executive that one proxy adviser called “staggering” in size.

Under the agreement, Chief Executive Officer Jagdeep Singh could receive stock options potentially valued at as much as $2.3 billion, if the company meets various milestones, according to estimates by proxy advisory firm Glass Lewis. On a webcast of QuantumScape’s annual shareholder meeting Wednesday, the package passed in a preliminary vote, and the company said a final tally would be available later.