On September 1, 2023, Rivian Automotive (RIVN) announced the appointment of Kjell Gruner as the Company’s Chief Commercial Officer and President, Business Growth, effective immediately. Dr. Gruner will report directly to Robert Joseph Scaringe, the Company’s Chief Executive Officer.
In connection with his appointment, the Company and Dr. Gruner entered into an employment agreement pursuant to which Dr. Gruner will receive an annual base salary of $450,000 and have a target annual incentive bonus opportunity equal to 50% of annual base salary, or $225,000. In addition, his employment agreement provides that Dr. Gruner will receive an option to purchase such number of shares of the Company’s Class A common stock for the option to have a value on the grant date of $3,000,000, determined in accordance with Company policy, and an exercise price equal to the closing price on the grant date (or the immediately preceding trading day if the grant date is not a trading day), and an award of such number of restricted stock units for the award to have a value of $10,000,000, determined in accordance with Company policy. Both the stock option grant and the restricted stock unit award will generally vest over a 4-year period, subject to continued service. Dr. Gruner will also receive a one-time cash signing bonus of $1,500,000, subject to certain repayment obligations in the event of his departure prior to the one-year anniversary of his commencement date, as well as relocation benefits, which are in line with relocation benefits generally available to other relocating executive officers of the Company, to assist Dr. Gruner with his relocation to Irvine, California. Dr. Gruner will also be entitled to certain severance and change in control benefits under his employment agreement, subject to substantially the same terms and conditions as the Company’s other executive officers, which are discussed in more detail in the “Executive Compensation – Elements of Executive Pay and 2022 Compensation - Other Compensation Information and Benefits” section of the Company’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on May 1, 2023.
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