FARADAY FUTURE INTELLIGENT ELECTRIC INC.
For the period ended Jul 31, 2024. Filed Jul 5, 2024.
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Jul 31, 2024 · Filed Jul 5, 2024
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Summary Compensation Table — Fiscal 2023
The following table sets forth certain information concerning compensation paid to the named executive officers for the fiscal year ended December 31, 2023 and, to the extent required by the SEC executive compensation disclosure rules, 2022. Due to an administrative error, the values previously reported in the Stock Awards and Option Awards columns, as well as the Total column, in the Summary Compensation Table included the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on May 28, 2024 were not correct. The Company filed a Form 10-K/A for the year ended December 31, 2023 on June 24, 2024 correcting this error. The table below reflects the corrected amounts. The Company has also determined that Jonathan Maroko is not a named executive officer for 2023 and, accordingly, his compensation information is not presented in the table.
| Name and Principal Position | Year | Salary ($)(1) | Bonus ($)(2) | Stock Awards ($)(3) | Option Awards ($)(3) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation ($)(4) | Total ($) |
|---|---|---|---|---|---|---|---|---|
| Matthias Aydt Global Chief Executive Officer | 2023 | 348,250 | 5,000 | — | — | — | — | 353,250 |
| Xuefeng Chen | 2023 | 725,207 | 50,000 | 900,202 | 99,110 | — | 80,272 | 1,854,791 |
| Former Global Chief Executive Officer | 2022 | 487,500 | 500,000 | — | — | — | — | 987,500 |
| Yun Han | 2023 | 390,000 | 325,000 | — | — | — | — | 715,000 |
| Former Chief Accounting Officer and Former Interim Chief Financial Officer | 2022 | 73,976 | 200,000 | 912,815 | — | — | — | 1,186,791 |
| Chui Tin Mok | 2023 | 433,250 | 5,000 | — | — | — | — | 438,250 |
| Global Executive Vice President and Global Head of User Ecosystem | 2022 | 500,000 | — | 20,904 | 76 | — | — | 520,904 |
| YT Jia Chief Product and User Ecosystem Officer | 2023 | 390,750 | 50,000 | — | — | — | — | 440,750 |
(1) The annualized base salaries for the named executive officers at the beginning of fiscal 2023 were as follows: Mr. Aydt $400,000; Mr. Chen, $900,000; Ms. Han, $400,000; Mr. Mok, $500,000; and Mr. Jia, $450,000. In connection with Mr. Chen’s resignation as Global Chief Executive Officer, Mr. Chen’s annual base salary was reduced to $750,000 effective September 29, 2023. In October 2023, Messrs. Chen, Mok, Aydt and Jia agreed to a temporary salary reduction through November 2023 to an annualized minimum wage of $66,000. In December 2023, as part of the Company’s cost cutting initiatives, the base salaries of all named executive officers, other than Mr. Chen, were reduced by 30%, and Mr. Chen’s salary was reduced by approximately 50%.
(2) The amounts reported in this column for each executive represent cash signing and retention bonuses.
(3) The amounts reported in these columns reflect the grant date fair value of time-based RSUs, time-based stock option awards and PSU awards, as applicable, granted to the named executive officers during 2023 and 2022 and are accounted for in accordance with FASB ASC Topic 718. For the assumptions used to value these awards, see Note 12 (Stock-Based Compensation) in the Notes to Consolidated Financial Statements in the 2023 Form 10-K (or the corresponding note in the annual report for prior years).
(4) The amount reported in this column for Mr. Chen includes a housing allowance of $64,000 and $16,272 for the payment of accrued paid time off and other benefits.
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