Faraday Future is doling out huge raises and bonuses to its CEO and its founder, regardless of having delivered simply 13 automobiles in its 10-year historical past and lately shedding or furloughing the vast majority of its workforce.

The corporate introduced in a regulatory filing Wednesday that CEO Matthias Aydt’s wage is getting bumped from $400,000 as much as $700,000. He can even obtain a “one-time recognition bonus” of $500,000, an “annual discretionary goal bonus” of $700,000, and two annual inventory grants price greater than $4 million.

Founder Jia Yueting’s $450,000 wage is growing to $680,000. He’s additionally receiving a $500,000 recognition bonus, an annual discretionary goal bonus of $816,000, and two annual inventory grants price greater than $4 million.

This all comes at a time when the corporate has been scrounging for cash. It finished the second quarter of 2022 with simply $793,000 of unrestricted money. Earlier this week, it introduced $22.5 million in new financing commitments within the type of convertible notes and warrants.

Faraday Future has barely offered any EVs so far and has been accused of faking some of the sales it did in a pair of whistleblower lawsuits. (Faraday Future has disputed these claims but additionally admitted in regulatory filings {that a} third worker has come forward.) In the meantime, the corporate laid off or furloughed lots of of staff, and those who do stay are on drastically decreased salaries. It was nearly evicted from its Los Angeles headquarters in February 2024. The corporate was in a position to attain an settlement with the property proprietor.

Faraday Future additionally continues to be below lively investigation by the Securities and Trade Fee, which sent the corporate two extra subpoenas within the first half of this yr.

There are some circumstances to the raises and bonuses. Within the quick future, Aydt and Jia will really be paid at a prorated base wage of $550,000 and $612,000, respectively, they usually must comply with spend a minimum of $340,000 of that cash on shopping for firm shares. They are going to solely obtain the remainder of their raises if, and when, the corporate restores the complete salaries of all different staff. (Each Aydt and Jia had been working at decreased salaries as effectively.)

The one-time bonuses might be paid out in chunks, with every of them receiving 25% of the cash on September 30, one other 25% on October 31, and the rest on the sooner of September 30, 2025, or the completion of a funding spherical larger than $30 million.

The corporate didn’t instantly reply to a request for remark.