Since Prescott was hired nearly a year ago, Luminar has made other legal additions, including landing former Tesla chief intellectual property counsel Christopher Lubeck in September as its head of IP. Musk, Tesla’s CEO and “ technoking,” according to the company’s most recent proxy statement, has been openly skeptical of lidar, despite a report by Bloomberg News last year about Tesla having a contract to test Luminar’s technology on its vehicles.
Luminar careers software#
Luminar specializes in perception software and lidar, short for light detection and ranging, a sensor technology used in self-driving vehicles. and Palo Alto, Calif., saw its stock price soar earlier this year after German auto giant Daimler AG’s Mercedes-Benz unveiled plans to buy a stake in the company and use its technology for its next generation of vehicles. Luminar, which has offices in Boston, Colorado Springs, Colo. Uber sold off its former self-driving unit last year. Uber hired Prescott in 2016 to lead its advanced technology group, a role that saw him oversee commercial, cybersecurity, litigation, privacy, and regulatory for the ridesharing company. Prescott spent a decade at Ford, where he handled product development and manufacturing legal work and served as special counsel to the auto giant’s general counsel, according to his biography in Luminar’s 10-K. Prescott currently owns more than $21.5 million in Luminar stock, according to Bloomberg data. His employment agreement with the company- amended in November-shows he’s entitled to a $300,000 annual base salary with a $50,000 bonus. Luminar paid nearly $205,700 in cash to Prescott last year. The source said Prescott’s mix of cash and stock compensation roughly matches what he had at Tesla and was necessary to bring on a lawyer with his automotive industry expertise. Prescott, whose first day at Luminar was April 26, was given a new hire initial equity grant in addition to long-term stock incentives, said the source, who added that most of Prescott’s pay is tied to company growth. The pay is on par with what some other law department leaders have received at newly public companies. A source familiar with the matter said that represents a target aggregate over six years, not Prescott’s compensation for a single year. The bulk of Prescott’s compensation is comprised of more than $29.5 million in stock awards. The company declined to discuss Prescott’s pay package, which was disclosed in a 10-K filed March 1. Luminar hired Prescott last year to be its chief legal officer and corporate secretary. Luminar is a laser sensor startup backed by billionaire Peter Thiel that went public in 2020 by merging with a special purpose acquisition company. Tesla is just one of several Musk-controlled entities that has cycled through law department leaders in recent years. He became acting general counsel and corporate secretary for Elon Musk’s electric automaker in late 2019. Prescott, a former safety engineer and in-house lawyer at Ford Motor Co., served as senior counsel for autonomous vehicles at Uber Technologies Inc.
gave its new chief legal officer Alan Prescott nearly $30 million in total compensation last year to lure him away from Tesla Inc. Ultimately, our service portfolio is built based on years of proven success, bringing safe, reliable and complex autonomous driving features to the real world, from idea to production.Luminar Technologies Inc. It is our understanding of these fundamental challenges our commitment to developing sophisticated self-driving software that is safe no matter what and our deep knowledge of OEMs’ needs that guides the development of our Zenseact Autonomy Services, the most comprehensive set of Autonomous Driving & Advanced-Driver-Assistance Systems & Services in the market. In addition to that, the features need to interact with humans, in the vehicle and outside of it, in an environment which can at times be very complex. The solution needs to be designed so that it does not cause harm even if vital technical components fail. Achieving that is more difficult than many expect. But what makes them so special? ADAS and AD features are intended to increase traffic safety. Our features have already been hardened across more than 11 car brand deployments, including Volvo Cars. Products and Services towards a future of ZERO collisions
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