Rivian's Chief Executive RJ Scaringe just got a hefty pay raise, and a stock award to go with it.
Rivian Automotive Inc.’s Chief Executive RJ Scaringe just got a hefty pay raise, and a stock award and bonus to go with it.
Rivian RIVN, +8.67% said in a filing late Tuesday that its board has approved an increase in Scaringe’s annual base salary to $1 million, from $650,000, effective last Friday. Scaringe, who founded Rivian in 2009, also saw an increase in his target annual incentive bonus to 100% of his annual base salary, from 50%, effective Jan 1, and a stock award under Rivian’s 2021 incentive plan.The grant-date value on the stock award is about $15 million, split into stock options and restricted stock units, the EV maker said in the filing.
Both the stock options and the RSUs will vest over a four-year period, Rivian said, provided Scaringe remains at Rivian. The EV maker earlier this month reported better-than-expected second-quarter results, but those results failed to boost the EV maker’s stock then as some analysts described themselves as “torn” about the stock. Mostly, they praised Rivian’s upside potential, but tempered those expectations due to the company’s capital burden as it ramps production.Shares of Rivian have gained 21% so far this year, compared with an advance of about 17% for the S&P 500 index SPX.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Is This Whale Planning to Dispose $15 Million Worth of Ripple (XRP)?XRP's price has already been showing signs of weeknesses, erasing all the gains charted after the partial court victory against the SEC.
Read more »
Esteury Ruiz’s milestone stolen bases the lone highlight in Oakland A’s loss at White SoxEsteury Ruiz became the eighth A’s player to steal 50 bases in a single season.
Read more »
Munch, crunch, munch: Saskatoon Hilltops crush Calgary Colts, hit the 50-point mark once againSaskatoon Hilltops look to remain undefeated in the PFC this season when they host the Calgary Colts at SMF Field on Sunday.
Read more »