With layoffs of potentially hundreds of employees looming, autonomous trucking startup TuSimple agreed to pay CEO Cheng Lu $15 million in cash if it ousts him a second time.
The terms of the agreement are spelled out in an 8-K filing Friday with the Securities and Exchange Commission.
The optics of such a payment compared to whatever severance is paid to laid-off employees are ugly. But having been burned once, Lu assured that shortening his second stay would be expensive to the company.
“It is...
https://www.freightwaves.com/news/as-layoffs-loom-tusimple-ceo-protected-by-15m-in-severance-cash