NYC billionaire rages over Mamdani win: 'I don't give a s–t about grocery stores!' The offer shows how other companies are following the Tesla model for tying outsize CEO rewards to big potential market gains, she said, adding that some have reached out to her own firm looking for similar executive-pay designs. “It’s not to keep up with Musk, but inspired by Musk’s award.” Under the new plan, Scaringe is receiving options to purchase up to 36.5 million shares of Rivian’s Class A stock, about 16 million more than his previous grant, at an exercise price of $15.22 apiece, the company said in a filing with the Securities and Exchange Commission. Tesla shareholders on Thursday approved a record $1 trillion pay package for Musk based on a combination of operational and valuation milestones over 10 years. AFP via Getty Images The award will vest only if Rivian achieves reduced stock-price milestones ranging from $40 to $140 a share over 10 years, as well as new operating income and cash flow targets over the next seven years. The previous pay package, awarded in 2021, was linked to Rivian’s share price reaching $110 a share and went up to $295. Rivian canceled that saying the targets tied to that grant were unlikely to be met. Rivian shares closed at $15.22 on Thursday. The one-year median price target for the company stands at about $14, according to data compiled by LSEG. “The rigorous and challenging milestones associated with this option award are structured in such a way that ensures the options only vest should the company deliver significant value to our shareholders,” a Rivian spokesperson said in a statement.