Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Executive Officer Equity Awards
On January 7, 2022, the Compensation Committee (the "Committee") of the Board of
Directors (the "Board") of Joby Aviation, Inc. (the "Company") approved the
grant of 265,604 restricted stock units ("RSUs") under the Company's 2021
Incentive Award Plan to Matthew Field, the Company's Chief Financial Officer.
On January 10, 2022, the Board approved the grant of 996,016 RSUs to JoeBen
Bevirt, the Company's Chief Executive Officer.
The RSUs will vest over four years, beginning on January 1, 2022, with an
aggregate of 40% of the RSUs vesting quarterly during the first year and an
aggregate of 20% of the RSUs vesting quarterly during each subsequent year,
subject to the holder's continued employment with the Company through such
vesting date.
Amendment of Performance Equity Award Program Target
As previously disclosed, on December 16, 2021, the Board adopted a performance
equity award program for calendar year 2022 (the "Program"). All employees of
the Company, including the Company's named executive officers, are eligible to
participate in the Program. Under the Program, upon and subject to the Company's
achievement of certain operational, manufacturing and business goals in 2022,
each employee of the Company will be granted one or more awards of RSUs under
the Company's 2021 Incentive Award Plan having a value equal to a percentage of
the employee's annual salary. Any RSUs that are granted under the Program in
calendar year 2022 will vest in full on January 1, 2023, subject to the holder's
continued employment with the Company through such date.
On January 7, 2022, the Committee adjusted the target value of the RSU award to
be made under the Program to Justin Lang, the Company's Head of Partnerships and
Corporate Strategy, from $200,000 to $400,000. Maximum achievement of all goals
under the Program would result in an RSU award that is one-third greater than
the target value.
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