"Rivian CEO RJ Scaringe is getting a salary bump and a performance-based stock options award that could be worth up to $4.6 billion, an SEC filing from Friday showed. The company said in the filing that its board decided on Thursday to cancel Scaringe's previous 2021 comp package for a new one in order to "retain and incentivize" Scaringe as he navigates the EV company through its "critical next phase.""
"According to the filing, Rivian is increasing Scaringe's salary from $1 million to $2 million, along with a grant piece that gives the CEO the option to buy up to 36.5 million shares of Rivian stock. The previous 2021 pay package gave Scaringe the option to buy about 20.4 million shares. Scaringe won't have access to the stock all at once."
Rivian granted CEO RJ Scaringe a new compensation package that doubles his salary from $1 million to $2 million and includes a performance-based stock-option award for up to 36.5 million shares. Up to 22 million shares are split into 11 tranches that vest upon meeting specified stock-price hurdles; the remaining shares depend on achieving profit and cash-flow targets as of December 31, 2032. The package could be worth as much as $4.6 billion if Rivian stock reaches $140 per share. Rivian's stock traded at $15.23, implying about an 820% increase would be needed to reach maximum value. The board concluded the prior 2021 package lacked sufficient retention incentives.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]