Elon Musk has made good on about half of his 2022 goals as CEO of Tesla Motors (TSLA)—and in short order.
In just five years, Musk has achieved 12 of his 20 combined milestones laid out in a 2012 stock plan. The accomplishments entitle the chief executive to $1.6 billion worth of stock options, well beyond the $40,000 annual salary that he makes yet has never accepted.
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Musk’s executive pay scheme pairs operational goals, such as completing certain car prototypes, or producing some multiple of hundreds of thousands of vehicles, with market cap goals—continuously adding $4 billion to the company’s stock market value. Whenever Musk achieves one of each type of milestone, then a tenth of the total 5.27 million stock reserved for him at a price of $31.17 per share vests.
As a recent filing with the Securities and Exchange Commission lays out, Musk has made quick progress. The PayPal (PYPL) and SpaceX founder has realized seven of Tesla’s market cap goals as the company’s stock market value has ballooned to $34 billion from $4 billion when the goals were set. (He has three market cap goals left, extending to $43.2 billion.) Musk has also landed five of the 10 operational goals.
Per the SEC filing (bold indicates completed):
• Successful completion of the Model X Alpha Prototype;
• Successful completion of the Model X Beta Prototype;
• Completion of the first Model X Production Vehicle;
• Successful completion of the Model 3 Alpha Prototype;
• Successful completion of the Model 3 Beta Prototype;
• Completion of the first Model 3 Production Vehicle;
• Gross margin of 30% or more for four consecutive quarters;
• Aggregate vehicle production of 100,000 vehicles;
• Aggregate vehicle production of 200,000 vehicles; and
• Aggregate vehicle production of 300,000 vehicles.
“Many of the requisite milestones were viewed as very difficult to achieve when the 2012 CEO Grant was made,” the company wrote in its April 15 filing.
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Although Tesla did not immediately respond to Fortune’s request for comment, spokesperson Khobi Brooklyn told Bloomberg that Tesla considers the filing to be its official comment.
