- Luminar Technologies provided Alan Prescott nearly $30 million to depart Tesla, a SEC submitting discovered.
- The new chief legal officer at the LIDAR startup has above $29.5 million in inventory awards for Luminar.
- The startup develops laser sensors for self-driving cars and trucks and not too long ago partnered with Mercedes-Benz.
Luminar Technologies gave previous Tesla lawyer Alan Prescott a payment deal value just about $30 million to turn into the firm’s new chief legal officer past year.
Prescott still left Tesla last calendar year to join the startup that develops laser sensors for self-driving vehicles. The lawyer’s payment offer was uncovered in the firm’s 10-K submitting that was submitted in March to the Securities and Exchange Fee (SEC) and was initial noted by Bloomberg.
Prescott has above $29.5 million in inventory awards for Luminar, according to the filing. Very last 12 months, the enterprise paid him about $205,700 in hard cash, and his income was later lifted to $300,000, with a $50,000 bonus in November, the firm’s quarterly report shows.
A spokesperson from Luminar did not reply to a request for remark from Insider.
Prescott at the moment owns above $21.5 million in Luminar stock, per Bloomberg’s information. A supply common with the challenge explained to Bloomberg that Prescott’s payment offer is identical to the 1 he experienced at Tesla.
The previous Vice President of Lawful at Tesla is a veteran in the automotive marketplace and has labored on many jobs involving autonomous cars. Before his stint at Tesla, he invested a ten years at Ford and afterwards served as senior counsel for Uber’s autonomous-driving unit.
Luminar is an up-and-coming corporation in the self-driving earth. In January, Mercedes-Benz announced it was partnering with the startup and prepared to use its self-driving know-how for its following lineup of luxury vehicles.
The LIDAR corporation detailed on the Nasdaq stock market place by means of a reverse merger in 2020 and made its 27-yr-outdated CEO, Austin Russell, a billionaire just about overnight. Final yr, Forbes crowned Russell as its youngest self-made billionaire.
Prescott’s determination to go to Luminar may well look counterintuitive to some, as it goes versus Tesla CEO Elon Musk’s philosophies about self-driving tech. In 2019, Musk described Luminar’s technological innovation, utilized by most other self-driving-car companies, as “doomed.”
Rather of LIDAR, Tesla relies on a suite of exterior cameras and other sensors for its autonomous-driving efforts. In Oct, The New York Moments noted that Musk has consistently instructed the company’s Autopilot group, which operates on self-driving car tech, to ditch radar and use only cameras alternatively, as it most closely emulates the human eye.
Prescott is not the only attorney to sign up for Luminar about the previous yr. The firm’s 10-K filing unveiled that the business has employed two extra lawyers to sign up for the startup’s board and offered the attorneys, Katharine Martin and Alexander Phillips, payment offers as substantial as $636,000 in 2021.