NEWS: Rivian has announced that it is giving its CEO, RJ Scaringe, a revised pay package worth as much as $4.6 billion over the next decade, and the deal’s structure will be performance-based. Performance-Based Conditions Stock Price Hurdles: • 22 million shares (11 tranches of 2 million each) are tied to stock price targets. • Each tranche vests only if the company’s average stock price reaches a certain level for 120 consecutive trading days. • Targets range from $40 to $140, in $10 increments: $40, $50, $60, $70, $80, $90, $100, $110, $120, $130, $140 • If a stock price hurdle isn’t reached within 10 years from the Grant Date, that tranche is forfeited. Adjusted Operating Income Targets: • Up to 7.25 million shares can be earned if the company achieves certain full-year adjusted operating income levels. • The performance period runs through December 31, 2032. • There are three targets (specific dollar values not disclosed): - Target 1: up to 1.25 million shares - Target 2: up to 3.0 million shares - Target 3: up to 3.0 million shares Cash Flow From Operations Targets: • Up to 7.25 million shares can also be earned based on full-year cash flow from operations results. • Performance period also runs through December 31, 2032. • Three targets: - Target 1: up to 1.25 million shares - Target 2: up to 3.0 million shares - Target 3: up to 3.0 million shares