On August 25, 2023, the Board of Directors (the “Board”) of Rivian Automotive (NASDAQ: RIVN ), on the recommendation of the Compensation Committee of the Board (the “Compensation Committee”), approved (i) an increase in the annual base salary of Dr. Robert Joseph Scaringe, the Company’s Chief Executive Officer, from $650,000 to $1,000,000, effective as of August 25, 2023, (ii) an increase in his target annual incentive bonus opportunity from 50% to 100% of his annual base salary, effective as of January 1, 2024, and (iii) a grant of an equity award to Dr. Scaringe under the Company’s 2021 Incentive Award Plan, with an aggregate grant date value of approximately $15 million comprised of 50% restricted stock units (“RSUs”) and 50% stock options, effective as of August 25, 2023. Both the RSUs and stock options will generally vest over a 4-year period, subject to his continued service. The terms of the RSUs and stock option awards are qualified in their entirety by the forms of restricted stock unit and option agreements, respectively, included as exhibits to the Company’s 2021 Incentive Award Plan, which is filed as Exhibit 10.2 to the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2023.
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