Asia Tech Wire (Sep 13) -- California-based electric car maker Faraday Future will give CEO Matthias Aydt and Chinese founder YT Jia a pay hike, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday.

Aydt's annual base salary will rise from $400,000 to $700,000 and Jia's from $450,000 to $680,000, according to the filing.

In addition to their base salaries, the two will also receive a number of incentives, including a one-time recognition bonus of $500,000.

However, the two will only receive a certain amount of salary initially and will need to use some of it to buy the company's Class A common stock.

They will only receive the remainder of their paychecks when Faraday Future restores full pay to all other employees.

And according to another person familiar with the matter, regular Faraday Future employees did not receive a raise this time around.

Earlier this month Faraday Future announced that it had secured $30 million in financing commitments from investors in the Middle East, the U.S. and Asia.