Faraday Future Intelligent Electric Inc. has announced significant changes to the compensation arrangements for two key executives, effective September 4, 2024. The Board of Directors, following the Compensation Committee's recommendations, has increased the annual base salary of Matthias Aydt, the Global Chief Executive Officer, to $700,000 and granted him additional compensation including a discretionary target bonus, recognition bonus, and stock units with a combined potential value of over $5 million. Similarly, YT Jia, Founder and Chief Product and User Ecosystem Officer, will receive an increased annual base salary of $680,000 with a total compensation package that mirrors Aydt's in structure and is also valued at over $5 million. Both executives have agreed to initially receive a reduced base salary with a significant portion being...Show More

Faraday Future Intelligent Electric Inc. has announced significant changes to the compensation arrangements for two key executives, effective September 4, 2024. The Board of Directors, following the Compensation Committee's recommendations, has increased the annual base salary of Matthias Aydt, the Global Chief Executive Officer, to $700,000 and granted him additional compensation including a discretionary target bonus, recognition bonus, and stock units with a combined potential value of over $5 million. Similarly, YT Jia, Founder and Chief Product and User Ecosystem Officer, will receive an increased annual base salary of $680,000 with a total compensation package that mirrors Aydt's in structure and is also valued at over $5 million. Both executives have agreed to initially receive a reduced base salary with a significant portion being used to purchase the company's Class A common stock, aligning their interests with those of shareholders. This arrangement will continue until the company fully restores the base salaries of all employees. The new compensation packages include provisions for salary purchases of stock, bonuses payable in stages, and vesting of restricted stock units (RSUs) and performance-based stock units (PSUs) over several years, contingent upon continued employment and achievement of performance metrics.