Rivian cancels 20.4M share CEO option; grants new 36.5M share option with stock price and operating income hurdles

Rivian Automotive, Inc. / DE

Cancelled 2021 CEO Performance Award (20,355,946 shares) and granted 2025 CEO Award for up to 36,500,000 shares at $15.22 exercise price.
Stock price hurdles: 22M shares earned in 11 tranches at $40-$140 (163%-820% premium over exercise price).
Financial targets: up to 14.5M shares based on adjusted operating income and cash flow from operations targets through 2032.
Base salary doubled from $1M to $2M; award vests over 5-7 years with CEO service requirement.
Also issued 1M common units in subsidiary Mind Robotics to Scaringe, up to 10% economic interest.

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