Rivian CEO RJ Scaringe Eligible for $5B Stock Windfall with Performance Goals

Rivian's CEO RJ Scaringe Receives Performance-Based Stock Award Worth Up to $5 Billion Rivian's founder and CEO RJ Scaringe was granted a new performance-based stock award that could be worth up to $5 billion if all the underlying goals are met, according to a recent filing. This significant compensation package comes just a day after Tesla shareholders voted to approve a record-breaking compensation package for CEO Elon Musk, worth up to $1 trillion. The new award, issued under Rivian's 2021 equity incentive plan, consists of a performance-based stock award that vests based on specific stock price increases and other performance metrics. In addition to the stock award, Scaringe's annual salary has been doubled to $2 million, and he has been granted a 10% stake in Rivian's newest spinout, Mind Robotics. The compensation committee on Rivian's board of directors canceled a similar-sized performance award granted to Scaringe in 2021 due to the unlikeliness of reaching the required goals. The 2021 award consisted of 20,355,946 stock options that vested in part based on stock price increases. Financial details and metrics reveal that the new award is a significant increase in Scaringe's compensation package. The $5 billion potential value of the award is a testament to Rivian's growth prospects and Scaringe's leadership role in the company. The doubling of Scaringe's annual salary to $2 million also reflects the company's confidence in his ability to drive growth and profitability. The market impact of this news is significant, as it highlights the growing trend of performance-based compensation packages in the tech industry. Rivian's decision to grant Scaringe a large performance-based award comes just a day after Tesla's shareholders approved a record-breaking compensation package for Elon Musk. This development underscores the importance of performance-based compensation in driving executive motivation and company growth. Rivian, a leading electric vehicle manufacturer, has been making significant strides in the industry. The company has developed a range of electric vehicles, including the R1T pickup truck and the R1S SUV. Rivian's focus on electric vehicles and autonomous technology has positioned the company for long-term growth and success. The future outlook for Rivian is promising, with the company's electric vehicles gaining popularity and its autonomous technology advancing rapidly. The new performance-based stock award for Scaringe reflects the company's confidence in its growth prospects and Scaringe's leadership role in driving that growth. As Rivian continues to expand its product lineup and invest in autonomous technology, investors will be watching closely to see if the company can deliver on its ambitious goals and reach the potential value of the new award.