With shares down 61% since inception, Rivian Automotive (RIVN), an EV pickup maker, granted 10 million new restricted stock units (RSUs) to existing employees. Technology companies that rely heavily on stock based compensation have been topping off employee equity awards— and offering more cash— following the recent tech selloff in a bid to retain workers.

It seems Rivian has changed its mind since the equity grant.

The $355 million dollar grant was awarded in April 2022, four months before reports the company is laying off at least 350 people, or approximately, or 3.4% of its workforce as of December 31, 2021. .

Rivian’s stock based compensation (SBC) in the six months ended June 30, 2022 was 124.2% of revenue.