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Rivian mimics Tesla by launching a CEO compensation plan worth $4.6 billion
Jin10 Data, November 8th: After Elon Musk received shareholder approval for a $1 trillion compensation plan, his competitor, American electric vehicle manufacturer Rivian, announced on Friday a compensation package valued at up to $4.6 billion for CEO and founder RJ Scaringe. The plan ties rewards to the company’s future ten-year profitability and stock performance. Rivian stated that Scaringe will receive options to purchase up to 36.5 million Class A common shares, with an exercise price of $15.22 per share, which is approximately 16 million shares more than his previous award. The options will vest in phases over the next ten years, contingent upon the company’s stock price reaching various milestones between $40 and $140 per share, as well as achieving new metrics such as operational revenue and cash flow over the next seven years.