Faraday Future Appoints New CTO, Elects Directors

TL;DR

FFIE swapped some execs and board members, including a new CTO. Big changes underway.

AI Summary

Faraday Future Intelligent Electric Inc. announced on September 4, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Daniel Herbert and Dr. Jianfeng Li, and appointed Dr. Li as the new Chief Technology Officer. The filing also details compensatory arrangements for certain officers.

Why It Matters

These leadership changes and executive compensation adjustments could signal a strategic shift or a response to performance issues, impacting the company's future direction and investor confidence.

Risk Assessment

Risk Level: medium — Leadership changes and executive compensation adjustments can indicate internal challenges or strategic pivots, introducing uncertainty.

Key Players & Entities

• Faraday Future Intelligent Electric Inc. (company) — Registrant
• Daniel Herbert (person) — Newly elected director
• Dr. Jianfeng Li (person) — Newly elected director and appointed Chief Technology Officer
• Property Solutions Acquisition Corp. (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 per share FFIE The Nasdaq Stock Mar
• $110,400.00 — A common stock at an exercise price of $110,400.00 per share FFIEW The Nasdaq Stock Ma
• $400,000 — eiving 44% of his annual base salary of $400,000 and Mr. Jia receiving 37% of his annual
• $450,000 — eiving 37% of his annual base salary of $450,000, in each case in the aggregate for the
• $700,000 — to Mr. Aydt: An annual base salary of $700,000 An annual discretionary target bonus
• $500,000 — 0,000 A one-time recognition bonus of $500,000 An annual grant of time-based restric
• $2.1 million — having a grant date fair value equal to $2.1 million An annual grant of performance-based
• $680,000 — t to Mr. Jia: An annual base salary of $680,000 An annual discretionary target bonus
• $816,000 — An annual discretionary target bonus of $816,000 A one-time recognition bonus of $500,
• $2.04 million — having a grant date fair value equal to $2.04 million An annual grant of PSUs having a targ
• $550,000 — paid a pro-rated annual base salary of $550,000 (for so long as $350,000 (pro-rated) of
• $350,000 — base salary of $550,000 (for so long as $350,000 (pro-rated) of such amount is used to p
• $612,000 — paid a pro-rated annual base salary of $612,000 (for so long as $340,000 (pro-rated) of
• $340,000 — base salary of $612,000 (for so long as $340,000 (pro-rated) of such amount is used to p
• $550,000 b — roximately 64% of his initial pro-rated $550,000 base salary for Mr. Aydt and approximatel

Filing Documents

• ea0214175-8k_faraday.htm (8-K) — 41KB
• 0001213900-24-077424.txt ( ) — 257KB
• ffie-20240904.xsd (EX-101.SCH) — 4KB
• ffie-20240904_def.xml (EX-101.DEF) — 26KB
• ffie-20240904_lab.xml (EX-101.LAB) — 36KB
• ffie-20240904_pre.xml (EX-101.PRE) — 25KB
• ea0214175-8k_faraday_htm.xml (XML) — 6KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 4, 2024 Faraday Future Intelligent Electric Inc. (Exact name of registrant as specified in its charter) Delaware 001-39395 84-4720320 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 18455 S. Figueroa Street Gardena , CA 90248 (Address of principal executive offices) (Zip Code) ( 424 ) 276-7616 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock, par value $0.0001 per share FFIE The Nasdaq Stock Market LLC Redeemable warrants, exercisable for shares of Class A common stock at an exercise price of $110,400.00 per share FFIEW The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously disclosed, (i) effective February 26, 2023, the Board of Directors (the "Board") of Faraday Future Intelligent Electric Inc. (the "Company") approved certain changes to the responsibilities of Mr. Yueting (YT) Jia, Founder and Chief Product and User Ecosystem Officer of the Company, including Mr. Jia reporting directly to the Board, and determined that Mr. Jia is an "officer" of the Company within the meaning of Section 16 of the Exchange Act, and an "executive officer" of the Company under Rule 3b-7 under the Exchange Act, and (ii) effective September 29, 2023, the Board appointed Matthias Aydt as Global Chief Executive Officer of the Company and as a member of the Board. In light of the Company's then-current financial position, (i) the Board deferred making any potential changes to Mr. Jia's or Mr. Aydt's compensation arrangements at the respective time of the changes to Mr. Jia's responsibilities within the Company and his executive officer designation and Mr. Aydt's appointment as Global CEO, and (ii) since October 2023, as part of the Company's cost cutting initiatives, the Company has paid reduced base salaries to its executive officers and other employees, resulting in Mr. Aydt receiving 44% of his annual base salary of $400,000 and Mr. Jia receiving 37% of his annual base salary of $450,000, in each case in the aggregate for the period from October 2023 through August 2024. On September 4, 2024, the Board, upon the recommendation of the Compensation Committee of the Board, approved the following changes to the compensatory arrangements of Mr. Aydt and Mr. Jia. With respect to Mr. Aydt: An annual base salary of $700,000 An annual discretionary target bonus of $700,000 A one-time recognition bonus of $500,000 An annual grant of time-based restricted stock units ("RSUs") having a grant date fair value equal to $2.1 million An annual grant of performance-based restricted stock units ("PSUs") having a target grant date fair value equal to $2.1 million With respect to Mr. Jia: An annual base salary of $680,000 An annual discretionary target bonus of $816,000 A one-time recognition bonus of $500,000 An annual grant of time-based RSUs having a grant date fair value equal to $2.04 million An annual grant of PSUs having a target grant date fair value equal to $2.04 million With respect to both Mr. Aydt and Mr. Jia: Annual Base Salary : Beginning September 2024, (i) Mr. Aydt will initially be paid a pro-rated annual base salary of $550,000 (for so long as $350,000 (pro-rated) of such amount is used to purchase shares of th

View Full Filing

View this 8-K filing on SEC EDGAR