Tesla investors have been warned of the risk of Musk leaving without a record premium

The head of Tesla's board of directors has urged shareholders to vote in favor of Elon Musk's $1 trillion pay package. Otherwise, the businessman could leave the company, she warned. To receive the full payout, Musk needs to meet ambitious goals including delivering 1 million robots and increasing Tesla's market capitalization to $8.5 trillion by 2035. The giant payout has drawn criticism from proxy advisers and public organizations, which are urging investors to vote against it.

Tesla Chairman Robin Denholm, in a letter to shareholders ahead of its annual meeting on Nov. 6, urged them to support Musk's $1 trillion compensation package, CNBC reported. She warned that the businessman could leave the company if the package is not approved.

Denholm emphasized that Musk plays a key role in the future of the electric car maker as it evolves beyond just being a "car company" with a heavy focus on unmanned driving technology and Optimus' humanoid robots.

Musk's proposed performance-based compensation plan was designed to retain and motivate Musk to continue leading Tesla for at least another seven and a half years, Denholm noted. She emphasized that Musk's leadership is "critical" to Tesla's success and warned that without rewards that properly incentivize him, the company could lose his "time, talent and vision," Reuters wrote .

Shareholders will vote on Musk's compensation at Tesla's annual meeting on Nov. 6. The plan up for a vote was submitted in September after Musk's previous compensation package was rejected by a Delaware court. To receive the full payout, which could total up to $1 trillion over the next decade, the entrepreneur needs to meet a number of ambitious goals, including delivering 1 million Optimus robots and increasing Tesla's market capitalization to $8.5 trillion by 2035, Business Insider writes.

The compensation plan drew criticism, with leading proxy advisors ISS and Glass Lewis recommending that shareholders vote against the package, prompting Musk to call them "corporate terrorists." A coalition of labor unions and human rights NGOs launched a Take Back Tesla campaign website urging shareholders to vote against the award.

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