Written by Cláudio Afonso | LinkedIn | X
The troubled electric vehicle maker Faraday Future filed a new filing with the Securities and Exchange Commission (SEC) informing that the compensation packages from both its CEO Matthias Aydt and the founder YT Jia have been adjusted.
Faraday Future, as part of its cost-cutting measures due to financial constraints, had previously reduced the salaries of its executives and employees starting in October 2023.
During this period, CEO Matthias Aydt received 44 per cent of his annual base salary of $400,000 while YT Jia received 37 per cent of his annual base salary of $450,000.
In a new SEC filing signed late Tuesday by the company’s Interim Chief Financial Officer, Jonathan Maroko, Faraday announced that its CEO has now an annual base salary of $700,000.
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However, due to ongoing financial management efforts, he will initially be paid a pro-rated base salary of $550,000. From this amount, $350,000 (pro-rated) is designated to be used to purchase shares in the company, the EV maker clarified before adding that, once the company restores full salaries for all employees, Aydt’s full $700,000 salary will become effective.
Jia’s annual base salary has been set at $680,000. Similarly, he will initially receive a pro-rated salary of $612,000, with $340,000 (pro-rated) allocated for purchasing shares.
His annual salary will also take effect once the company restores the salaries company-wide.
Additionally, both Aydt and Jia will receive a one-time recognition bonus of $500,000, which will be paid in three installments.
However, Faraday clarifies that there are conditions attached that allow the company to claw back part or all of the bonus if either executive resigns or is terminated for cause within four years of their appointment.
Faraday Future announced recently that Tin Mok, its Vice President of FF and a member of the Board of Directors, has been appointed as the new lead of the UAE market. Earlier this year, the electric vehicle manufacturer established a Middle East sales entity in Dubai.
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Written by Cláudio Afonso | LinkedIn | X
