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Rivian awarded CEO RJ Scaringe a new performance-based stock grant worth around $5 billion if targets are met, while doubling his salary to $2 million and giving him a 10% stake in spinout Mind Robotics, a filing shows. The board canceled Scaringe’s hard-to-reach 2021 award and replaced it under the existing 2021 plan. The new package covers 36.5 million options vesting over 10 years through stock price, operating income, and cash flow milestones, starting at $40 per share, with a $15.22 strike on some options. Rivian says he must add $32 billion in value; full goals imply $153 billion.

Prepared by Christopher Adams and reviewed by editorial team.