Yesterday I got voting forms from brokerages again (for TSLA). I have already received the same mails twice in the past few weeks, and voted "For". This third batch worries me a bit. If the early votes indicate it will pass, they wouldn't need to send the forms again and again. The latest batch does include updated information - an article from Bloomberg explaining why major shareholders think the incentive package is well aligned with shareholders.
To me, voting "For" the package is a no brainer. "Will Elon use the big gain to benefit humanity and make the world a better place?" - Yes. I vote "For". Period.
Put that question aside, this package is well aligned with shareholders' long-term interest. Elon is likely to spend more time on Tesla, achieve the Master Plan Deux, and drive Tesla to become a trillion dollar company. Tesla without Elon wouldn't be the same company. This business has unique challenges. Other car companies, dealers, unions, shorts, all want to see Tesla fail. Elon is proven to be the right guy for the job. Without Elon, there is a decent chance Tesla will fail. I wouldn't feel comfortable to allocate so much on this company.
Elon probably would stay even without the package. However, the amount of effort he put in Tesla can vary a lot. He could spend more time on "The Boring Company", SpaceX, and a few others. That can make a big difference for Tesla shareholders.
The percentage that Elon will get is reasonable, compared to those high targets. Who else can lead Tesla and achieve those goals? If there is one who can achieve that, wouldn't that person demand huge pay too?