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TuSimple Holdings Inc., an organization accused in a lawsuit of suppressing security considerations about autonomous truck expertise forward of an preliminary public providing, is parting methods with high lawyer James Mullen.
Mullen on Aug. 31 revealed his intention to resign, the corporate disclosed in a Tuesday securities filing. Susan Marsch, a former legal chief at Flex Ltd., will probably be interim common counsel till TuSimple names a everlasting successor, the San Diego-based firm mentioned.
TuSimple and several other of its executives, together with Mullen, are listed as defendants in a civil complaint filed Aug. 31 by shareholder Austin Dicker in a federal district courtroom in San Diego. Dicker filed the case after a news report about TuSimple’s security tradition triggered its inventory value to slide.
“I can unequivocally state that my departure has no connection, correlation, or is any manner associated to the lawsuit introduced by Austin Dicker,” Mullen mentioned by way of e mail.
TuSimple didn’t reply to a request for remark. Outdoors counsel has not but entered an look for the corporate, in line with the docket in Dicker’s lawsuit.
TuSimple hired Mullen, former performing administrator and chief counsel for the Federal Motor Provider Security Administration, in late 2020 as chief administrative, threat, and authorized officer. The corporate raised roughly $1.4 billion in an IPO final 12 months.
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian suggested TuSimple on its IPO final 12 months, whereas Davis Polk & Wardwell took the lead for underwriters on the itemizing, which generated not less than $1.5 million in authorized charges and bills, in line with a securities filing.
Dicker’s lawsuit accuses TuSimple and underwriters for the corporate’s IPO of failing to disclose that the corporate “was speeding the testing of its autonomous driving expertise in an effort to ship driverless vehicles to the market forward of its extra safety-conscious rivals.”
Separation and Compensation
A separation agreement between TuSimple and Mullen filed Tuesday states that the corporate agreed to waive its proper to require the compensation of a $500,000 retention bonus paid earlier this 12 months to its now former high authorized government.
TuSimple has additionally agreed to provide Mullen a 12 months of base wage continuation, a 12 months of sponsored well being advantages, and an extra 12 months of vesting for his excellent fairness awards. Mullen will relinquish all claims in opposition to the corporate.
TuSimple’s most up-to-date annual proxy statement states that Mullen earned virtually $9.4 million in complete compensation throughout 2021, a considerable improve from the almost $1.5 million pay package deal he obtained the 12 months prior.
Mullen’s 2021 pay package deal contains $350,000 in base wage; $179,000 in non-equity incentive plan compensation; and greater than $8.8 million in inventory awards. He at the moment owns TuSimple inventory valued at $290,000, in line with Bloomberg information.
Securities filings present that Mullen has bought off about $334,500 in TuSimple inventory for the reason that firm went public final 12 months.
Mullen mentioned he’s “not able to announce” his subsequent profession transfer.
“I’m excited to start out the following chapter in my skilled profession,” Mullen mentioned in a statement posted to his LinkedIn profile late Tuesday. “It has been an important journey, and extra to return on what’s subsequent.”
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