Faraday Future Intelligent Electric Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed by Faraday Future Intelligent Electric Inc., a Delaware corporation (the “Company”) in its Current Report on Form 8 K filed with the Securities and Exchange Commission (the “SEC”) on April 17, 2026, Matthias Aydt resigned from the Board of Directors of the Company (the “Board”) effective April 14, 2026, and at that time informed the Board of his intention to resign as Co Global Chief Executive Officer at such time as the Board deemed appropriate. On May 5, 2026, the Board accepted Mr. Aydt’s resignation from his position as Co Global Chief Executive Officer, effective as of that date. Mr. Aydt remains employed by the Company as an advisor during an interim period and may further serve the Company in a different capacity to be determined between the Company and Mr. Aydt. There were no disagreements between the Company and Mr. Aydt that led to his decision to resign. Following Mr. Aydt’s resignation as Co Global Chief Executive Officer, the Board acknowledged and appointed Yueting Jia as the Company’s sole Chief Executive Officer.
Furthermore, on May 5, 2026, the Board promoted Jiawei Wang, previously the Company’s Global President, to the position of Global Executive Chairman. In this new role, Mr. Wang will assume certain responsibilities previously held by Mr. Aydt, including oversight of the Company’s finance, legal, and related governance and risk management functions, while coordinating closely with Mr. Jia.
Separately, on May 5, 2026, upon the recommendation of the Board’s Compensation Committee, the Board approved the following changes to the compensatory arrangements for each of Mr. Jia and Mr. Wang, effective immediately:
With respect to Mr. Jia:
| ● | A retention bonus of $800,000 the (“Retention Bonus”), subject to the satisfaction of certain conditions, including a prorated claw back right if Mr. Jia fails to remain employed with the Company for at least forty-eight months beginning on May 5, 2026. The Retention Bonus shall be payable in two equal installments on (i) May 15, 2026 and (ii) May 15, 2027. |
| ● | An annual grant of time-based restricted stock units (“RSUs”) having a grant date fair value equal to $5.94 million, vesting in four equal annual installments beginning on May 5, 2027, subject to Mr. Jia’s continued employment with the Company on each such vesting date. |
| ● | An annual grant of performance-based restricted stock units (“PSUs”) having a target grant date fair value equal to $5.94 million, vesting in equal installments on each of the first three anniversaries of the achievement of one or more applicable performance metrics to be approved by the Board, subject to Mr. Jia’s continued employment with the Company on each such vesting date. |
| ● | A monthly housing allowance of $8,000 (net of any taxes payable). |
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With respect to Mr. Wang:
| ● | An annual base salary of $600,000 per year. |
| ● | An annual cash bonus target of $400,000, subject to the achievement of certain performance objectives established by the Board. |
| ● | A promotion bonus of $200,000 the (“Promotion Bonus”), subject to the satisfaction of certain conditions, including a prorated claw back right if Mr. Wang fails to remain employed with the Company for at least forty-eight months beginning on May 5, 2026. The Promotion Bonus shall be payable in two equal installments on (i) May 15, 2026 and (ii) May 15, 2027. |
| ● | An annual grant of time-based RSUs having a grant date fair value equal to $1.5 million, vesting in four equal annual installments beginning on May 5, 2027, subject to Mr. Wang’s continued employment with the Company on each such vesting date. |
| ● | An annual grant of PSUs having a target grant date fair value equal to $1.5 million, vesting in equal installments on each of the first three anniversaries of the achievement of one or more applicable performance metrics to be approved by the Board, subject to Mr. Wang’s continued employment with the Company on each such vesting date. | |
| ● | A monthly housing allowance of $6,000 (net of any taxes payable). |
Each of Mr. Jia and Mr. Wang will continue to defer a portion of his annual base salary until May 31, 2026, as previously described by the Company in its Current Report on Form 8-K filed with the SEC on March 18, 2026
Except as described above, all other material terms of the compensation of each of Mr. Jia and Mr. Wang remain as previously disclosed by the Company with the SEC.
Additionally, on May 5, 2026, the Board appointed Chad Chen, currently a member of the Board and each of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee of the Board, as the Lead Independent Director of the Company.
On May 10, 2026, the Company issued a press release with respect to foregoing. A copy of such press release is furnished hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press release dated May 10, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FARADAY FUTURE INTELLIGENT ELECTRIC INC. | ||
| Date: May 11, 2026 | By: | /s/ Koti Meka |
| Name: | Koti Meka | |
| Title: | Chief Financial Officer | |
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