Form 4: Rivian CEO Robert Scaringe Reports Changes in Beneficial Ownership

Rivian CEO Robert Scaringe reports the withholding of 6,739 shares for tax obligations related to vesting restricted stock units.

Summary

• On May 15, 2024, Rivian CEO Robert J Scaringe reported changes in his beneficial ownership of Rivian Automotive, Inc. stock.
• The filing indicates that 6,739 shares of Class A Common Stock were withheld by the company to cover tax obligations related to the vesting of 18,886 Restricted Stock Units on May 15, 2024.
• The price per share used for tax withholding was $11.19, which was the closing price of Rivian's Class A Common Stock on May 14, 2024.
• Following the transaction, Scaringe directly owns 909,691 shares of Class A Common Stock.
• Additionally, he indirectly owns 4,595 shares through an LLC and 2,632,766 shares through a trust.

Sentiment

Score: 5

Explanation: This is a routine filing related to tax obligations and stock vesting, and doesn't inherently indicate positive or negative sentiment.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders, such as executives and directors. This allows investors to track changes in ownership and assess management's alignment with shareholder interests.

Comparison to Industry Standards

• Form 4 filings are standard practice for publicly traded companies and their insiders.
• The information disclosed is consistent with SEC regulations and provides a snapshot of insider transactions.
• Comparable companies like Tesla (TSLA) and Lucid (LCID) also have similar filings when their executives or directors trade company stock.

Stakeholder Impact

• The transaction has a minor impact on shareholders as it reflects insider activity related to compensation and tax obligations.
• Employees receiving restricted stock units are affected by the vesting and associated tax implications.

Key Dates