Rivian has given its founder and CEO RJ Scaringe a new performance-based stock award that could ultimately be worth around $5 billion if all the underlying goals are met, according to a new filing.
Scaringe’s salary is also being doubled to $2 million per year, and he was given a 10% stake in Rivian’s newest spinout Mind Robotics, the filing shows.
The announcement comes just one day after Tesla shareholders voted to approve a compensation package for its CEO Elon Musk that could be worth $1 trillion — the largest in corporate history.
Unlike Musk’s pay package, Scaringe’s isn’t subject to a shareholder vote. The compensation committee on Rivian’s board of directors has canceled a similar-sized performance award given to Scaringe in 2021 as part of a company-wide equity incentive plan adopted that year. The new award is being issued under the same, already-approved 2021 equity incentive plan.