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,
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.
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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.
Rivian also raised its production guidance for the year to 52,000 vehicles, from 50,000.
Shares of Rivian have gained 21% so far this year, compared with an advance of about 17% for the S&P 500 index
SPX.
