Didier Papadopoulos
About Didier Papadopoulos
Didier Papadopoulos is President of Aircraft OEM at Joby Aviation, overseeing certification, manufacturing readiness, and OEM economics. He joined Joby in May 2021 after 16 years at Garmin, where he served as VP for Aviation Programs, Systems and Business Development. He holds an M.S. in Mechanical Engineering from McGill University and a B.S. from the American University of Beirut; age 49 as of April 1, 2025; became President of Aircraft OEM in February 2024 . Company performance context: Joby’s cumulative TSR improved to 81.06 by 2024 (base of $100 on Aug-10-2021) while still pre-profit; 2024 net loss was $(608,034) thousand . In Q3 2025, revenue rose to $22.6M (primarily Blade), with a net loss of $(401.2)M; 9M 2025 revenue was $22.6M with a net loss of $(808.3)M .
Company performance snapshot (oldest → newest):
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Revenue ($000) | $28 | $22,574 |
| Net loss ($000) | $(143,878) | $(401,226) |
Pay-versus-performance indicators (cumulative since 8/10/2021):
| Year | Company TSR (Value of $100) | Peer Group TSR | Net Income ($000) |
|---|---|---|---|
| 2021 | 72.78 | 69.08 | (180,324) |
| 2022 | 33.40 | 31.78 | (258,043) |
| 2023 | 66.30 | 46.32 | (513,050) |
| 2024 | 81.06 | 60.24 | (608,034) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Joby Aviation | President, Aircraft OEM | Feb 2024–present | Leads certification/manufacturing readiness to first-passenger ops target; integrates OEM economics and long-term product roadmap . |
| Joby Aviation | Head of Program Management & Systems Eng → Head of Aircraft OEM | May 2021–Feb 2024 | Built program governance and systems engineering for type certification and industrialization . |
| Garmin Ltd. | VP, Aviation Programs, Systems & Business Dev. | Nov 2005–May 2021 | Scaled avionics programs; platform partnerships across OEMs; aviation regulatory engagement . |
External Roles
No public company directorships or committee roles disclosed for Papadopoulos .
Fixed Compensation
Summary compensation (NEO) – Didier Papadopoulos:
| Year | Salary ($) | Stock Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|
| 2022 | 495,192 | 2,549,999 | 586,473 | 3,681,664 |
| 2023 | 519,615 | 1,988,583 | 254,000 | 2,762,199 |
| 2024 | 535,000 | 2,923,990 | 254,000 | 3,712,990 |
Base salary schedule and adjustments:
- 2024 base salary set at $535,600 vs. 2023 base $520,000 (+3%) .
Cash and perquisites:
- Geographic Differential Compensation (relocation cash) received: $250,000 in 2024; 401(k) match $4,000 .
- Relocation program eligibility included Down Payment Assistance (up to $400,000) and geographic differential; repayment triggers apply to DPA if resignation/for-cause within 3 years; GDC reevaluated beginning in 2025 .
Governance guardrails:
- No cash bonuses; the company preserves cash and uses equity-based short-term and long-term incentives .
- Clawback policy compliant with SEC/NYSE; applies to current/former executive officers .
- No severance programs for executive officers; no single-trigger CoC acceleration .
- Hedging/pledging prohibited; no derivatives, no margin purchases, no pledging Company stock .
Performance Compensation
2024 performance architecture focused on certification, manufacturing, and commercialization goals, with equity-set “bonus” targets set as a % of base salary, paid in RSUs .
2024 PSU program metrics and payout:
| Metric (Primary Goals) | Weight (Target) | Actual Achievement | Payout Note |
|---|---|---|---|
| Certification Goal #1 | 30% | 18% | Partial attainment |
| Certification Goal #2 | 30% | 15% | Partial attainment |
| Manufacturing Goal #1 | 20% | —% | Not achieved |
| Commercialization Goal #1 | 10% | —% | Not achieved |
| Commercialization Goal #2 (2 public flight demos) | 10% | 10% | Achieved |
| Total Payout vs. Target | 100% | 43% | Below target |
Individual award mechanics for Papadopoulos:
- 2024 PSU target: 35,588 RSUs; max 44,485; vests in 4 equal installments Jan–Apr 2025 (service condition) .
- Service-based RSUs (annual “refresh”): 199,335 RSUs vesting quarterly over four years from Jan 1, 2024 .
- LTI Award (ties to PSU goal attainment): 199,335 RSUs granted; “earned” shares equal to PSU achievement; 85,714 earned (43%) vest in three equal annual installments on each Feb 12, 2025–2027 (service condition) .
2024 grant detail (counts and fair values):
| Grant Type (2/12/2024 unless noted) | RSUs (#) | Grant-Date Fair Value ($) |
|---|---|---|
| Service-Based RSUs | 199,335 | 1,257,804 |
| LTI PSU-Tied Award (earns at PSU %) | 199,335 | 1,313,147 |
| 2024 PSU Award (quarterly vest Jan–Apr 2025) | 35,588 | 234,441 |
| 2023 PSU Program (granted 1/4/2024; vest Jan–Apr 2024) | 19,603 | 118,598 |
2025 program evolution:
- Company adopted H1 2025 and H2 2025 PSU programs to better align near-term progress and pacing (first half and second half goals with time-weighted multipliers), without increasing general target amounts .
Equity Ownership & Alignment
Beneficial ownership and alignment indicators:
- Total beneficial ownership: 98,651 shares (<1%), including 33,844 RSUs scheduled to vest within 60 days of March 31, 2025 .
- Insider trading plan: Adopted a Rule 10b5‑1 plan on Sep 2, 2025 to sell up to 118,660 shares between Dec 22, 2025 and Jun 26, 2026 (includes up to 98,660 shares from RSU vesting; actual sales net of tax withholding) .
- Stock ownership guidelines: 2x base salary for “Other Executive Officers”; 5-year phase-in from the later of Dec 15, 2023 or hire date .
- Hedging/pledging: Prohibited across officers and directors .
Outstanding equity awards (12/31/2024, valued at $8.13/share):
| Award (footnote) | Unvested RSUs (#) | Value ($) |
|---|---|---|
| Performance-based RSUs vesting by 6/21/2026 if perf. conditions met (1) | 121,580 | 988,445 |
| 2024 PSU (quarterly vest in Jan–Apr 2025) (2) | 15,300 | 124,389 |
| 2024 LTI (3 annual vests starting 2/12/2025) (3) | 85,713 | 696,847 |
| Time‑based RSUs through 7/1/2027 (4) | 83,587 | 679,562 |
| Time‑based RSUs through 1/1/2028 (5) | 161,960 | 1,316,735 |
| Time‑based RSUs through 1/1/2026 (7) | 49,801 | 404,882 |
| Time‑based RSUs through 6/14/2027 (9) | 116,414 | 946,446 |
Notes: No stock options disclosed for Papadopoulos; option overhang largely relates to other NEOs (e.g., Simi) . Company prohibits hedging/pledging and derivatives transactions .
Employment Terms
- Start and role evolution: Offer letter April 2021; initial base $375,000; new-hire equity valued at $2.4M vesting over 6 years; signing bonus $100,000 split $50k at start and $50k at 1-year; relocation program added in July 2022 (GDC and DPA eligibility; DPA clawback if voluntary resignation/for-cause within 3 years) .
- Severance and CoC: No company-wide executive severance programs; no single-trigger acceleration. Under the 2021 Plan, if awards are not assumed in a CoC, vesting accelerates; if assumed, full acceleration occurs upon a qualifying termination within the window (3 months before to 12 months after CoC) .
- Clawback: SEC/NYSE-compliant policy effective Oct 2, 2023; applies to incentive-based compensation, including PSU/RSU awards .
- Insider/ownership policies: Hedging/pledging prohibited; meaningful ownership guidelines (2x salary for executive officers) .
Compensation Structure Analysis
- Cash vs equity mix: Emphasis on equity over cash to preserve liquidity pre-revenue; short‑term “bonus” delivered in PSUs (target set as % of salary), plus service-based RSUs and LTI awards .
- 2024 outcomes: Company achieved 43% of PSU targets (below 100% target), reducing realized near-term PSU payouts; LTI awards “earned” shares also set at 43%, with three-year vest tail, improving retention alignment .
- Program tightening for 2025: Splitting annual goals into H1 and H2 PSU programs improves pacing, line-of-sight, and reduces late-year bunching risk without increasing target grant values .
- Shareholder alignment: 98% Say‑on‑Pay approval in 2024; stock ownership guidelines and broad clawback policy in place .
- Peer benchmarking: Compensation Committee used a broad industrial/tech/EV peer group including companies such as Archer Aviation, Aurora Innovation, First Solar, Lucid, Plug Power, QuantumScape, Rocket Lab, Sunrun, Viasat, etc.; Radford tech/aerospace survey data supplemented .
Risk Indicators & Red Flags
- Insider selling pressure: Adopted a Rule 10b5‑1 plan to sell up to 118,660 shares from Dec 22, 2025 to Jun 26, 2026 (includes RSU vests). Expect supply over that window, net of tax withholdings .
- Under‑target operational execution in 2024: 43% PSU payout indicates partial progress vs. certification/manufacturing ramp objectives; manufacturing and one commercialization goal not achieved by year end .
- Governance mitigants: No hedging/pledging; no single‑trigger CoC; no executive severance guarantees; clawback in force .
Equity and Incentive Detail Tables (Papadopoulos)
2024 base salary and target equity-linked bonus:
| Component | 2024 Level |
|---|---|
| Base salary | $535,600 |
| PSU “bonus” target | 40% of base salary (converted to RSUs via 20‑day VWAP) |
| PSU target shares | 35,588; max 44,485 |
2024 grants (counts and fair value):
| Award | Count (#) | Fair Value ($) | Vesting |
|---|---|---|---|
| Service-Based RSUs (2/12/2024) | 199,335 | 1,257,804 | Quarterly over 4 years from 1/1/2024 |
| LTI Award (PSU-tied) (2/12/2024) | 199,335 | 1,313,147 | Earned at PSU% (43% realized), then 3 equal annual installments from 2/12/2025 |
| 2024 PSU Award (2/12/2024) | 35,588 | 234,441 | 4 equal installments on 1/14/2025, 2/10/2025, 3/4/2025, 4/7/2025 |
| 2023 PSU Award (1/4/2024) | 19,603 | 118,598 | 4 equal installments on 1/16/2024, 2/12/2024, 3/11/2024, 4/16/2024 |
Outstanding unvested awards (12/31/2024):
| Category | Unvested (#) | Value ($ @ $8.13) |
|---|---|---|
| Perf-vesting RSUs (LTI 2023 cohort) | 121,580 | 988,445 |
| 2024 PSU (quarterly 2025) | 15,300 | 124,389 |
| 2024 LTI (3 annual) | 85,713 | 696,847 |
| Time-based (through 7/1/2027) | 83,587 | 679,562 |
| Time-based (through 1/1/2028) | 161,960 | 1,316,735 |
| Time-based (through 1/1/2026) | 49,801 | 404,882 |
| Time-based (through 6/14/2027) | 116,414 | 946,446 |
Beneficial ownership summary:
| Item | Amount |
|---|---|
| Beneficially owned shares | 98,651 (<1%) |
| Includes RSUs vesting within 60 days (as of 3/31/2025) | 33,844 |
| Shares pledged | 0 (pledging prohibited by policy) |
| Rule 10b5‑1 plan sales window | Up to 118,660 shares (Dec 22, 2025–Jun 26, 2026) |
Say‑on‑Pay & Shareholder Feedback
- 2024 Say‑on‑Pay passed with roughly 98% approval, informing continuity of the equity‑heavy approach with PSU/LTI constructs .
Compensation Peer Group (Benchmarking)
- Updated in Nov 2023; includes aviation, EV, clean energy, and tech hardware names (e.g., AeroVironment, Archer, Aurora Innovation, Bloom, Enovix, Eve, First Solar, Fisker, LanzaTech, Lucid, Luminar, Lyft, Nikola, Novanta, Plug Power, QuantumScape, Rocket Lab, Sunrun, Viasat). Radford tech/aerospace surveys supplement role‑specific data .
Investment Implications
- Alignment: Equity-dominant pay, PSU payouts tied to certification/manufacturing milestones, and stringent hedging/pledging prohibition support investor alignment; ownership guidelines further anchor skin‑in‑the‑game .
- Execution watch‑items: 2024 PSU payout of 43% flags below‑target execution on manufacturing/commercialization; 2025 split‑program may improve cadence but still depends on certification progress .
- Supply risk: A Rule 10b5‑1 plan authorizes up to 118,660 shares in sales from late‑2025 through mid‑2026; anticipate periodic insider supply (net of tax withholdings) during that window .
- Downside protection: No single‑trigger acceleration, no executive severance, and a robust clawback reduce governance risk; but continued losses and capital needs remain macro valuation drivers beyond executive incentives .