Overview
- An SEC filing shows Scaringe received options for up to 36.5 million Class A shares at a $15.22 exercise price, with vesting tied to stock milestones from $40 to $140 over ten years and to operating income and cash flow targets.
- If all conditions are met, the award could be worth up to $4.6 billion to Scaringe and corresponds to an estimated $153 billion in shareholder value.
- The board replaced a 2021 package that required Rivian’s share price to reach $110 to $295, targets it said were unlikely to be achieved.
- The revised compensation was approved by the board without a shareholder vote, drawing comparisons in coverage to Tesla’s recently approved CEO pay deal.
- The change comes as Rivian navigates cost reductions and the loss of federal EV tax credits while preparing for the planned 2026 launch of the R2.