Tesla is looking for its investors to approve a proposed compensation package for CEO Elon Musk that could be worth almost $1 trillion and is based on the electric vehicle maker hitting certain milestones over the next decade

FILE - Elon Musk attends a news conference with President Donald Trump in the Oval Office of the White House, May 30, 2025, in Washington. (AP Photo/Evan Vucci, file)

Tesla CEO Elon Musk could be in line for a payout of $1 trillion if his electric car company meets a series of extremely aggressive targets over the next 10 years, according to documents released by the company.

Tesla, which is leaning heavily into robotics and AI, said in a regulatory filing on Friday that the package has a dozen share tranches that include awards for Musk if targets, ranging from car production to the total value of the company, are met over that time period.

Very early in the plan, Tesla would have to reach a market valuation of $2 trillion and achieve 20 million vehicles deliveries. Tesla delivered less than 2 million vehicles in 2024.

That milestone would also required a million robotaxis in commercial operation and the delivery of 1 million artificial intelligence bots.

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FILE - Elon Musk attends a news conference with President Donald Trump in the Oval Office of the White House, May 30, 2025, in Washington. (AP Photo/Evan Vucci, File)

Musk needs to remain with Tesla for at least seven and a half years to cash out on any stock, and 10 years to earn the full amount.

Musk would also receive more voting power over Tesla under the proposed plan. The EV company is set to hold its annual shareholders meeting on Nov. 6. Tesla’s last shareholders meeting was on June 13 of last year, where investors voted to restore Musk’s record $44.9 billion pay package that was thrown out by a Delaware judge earlier that year.

A condition of the 11th and 12th tranches of the plan includes Musk coming up with a framework for someone to succeed him as CEO.

Tesla's stock rose nearly 2% in premarket trading.