NORMAL ( 25News Now and AP) - Rivian, which makes electric vehicles in Normal, is giving its founder and CEO RJ Scaringe a pay package worth almost $4.6 billion if the company achieves significant improvements in its stock price and financial performance.

Scaringe’s incentive plan is being released at the same time shareholders for rival Tesla voted to give its CEO Elon Musk stock worth $1 trillion if he hits certain performance standards over the next ten years.

In public documents filed with the U.S. Securities and Exchange Commission, Rivian said it cancelled a 2021 plan granting Scaringe the option of buying up to 20.4 million shares of company stock. Scaringe can now buy up to 36.5 million shares.

Scaringe would make between $904.5 million and $4.55 billion if Rivian’s stock pr

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