By Abhirup Roy and Akash Sriram

(Reuters) -EV maker Rivian on Friday said it was giving its CEO a revised pay package worth as much as $4.6 billion over the next decade, a deal modeled on larger rival Tesla’s plan for paying CEO Elon Musk, and linked to new profit targets and reduced share price milestones.

The overhaul highlights Rivian’s push to retain its founder and keep him focused on growth and profitability as the automaker, known for its R1S SUVs and R1T pickups, gears up to launch next year its smaller, more affordable R2 SUV that will compete with Tesla’s best-selling Model Y crossover.

The move comes a day after Tesla shareholders approved a record $1 trillion pay package for CEO Elon Musk.

Under the new plan, Scaringe is receiving options to purchase up to 36.5 million shar

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