Eric Allison
About Eric Allison
Eric Allison is Joby Aviation’s Chief Product Officer (CPO), age 48, serving as CPO since February 2024 and previously Head of Product since January 2021; he holds a B.S. in mechanical engineering (Milwaukee School of Engineering) and an M.S./Ph.D. in Aeronautics & Astronautics (Stanford) . Prior roles include leading Uber Elevate (2018–2021) and serving as CEO of Zee.Aero (now Wisk, 2015–2018), providing deep eVTOL and urban air mobility expertise . Joby is not yet generating operating revenues, and 2024 net income was a loss of (608,034) (per SEC “Pay Versus Performance” disclosure) . Company TSR (value of $100 invested on 8/10/2021) was $81.06 at YE 2024, improving from $66.30 at YE 2023 but below par, reflecting execution risk tied to certification and commercialization .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Uber Technologies (Uber Elevate) | Head of Elevate | 2018–2021 | Led development of urban air mobility strategy and ecosystem for aerial ridesharing with eVTOLs . |
| Zee.Aero (Wisk Aero) | Chief Executive Officer | 2015–2018 | Advanced eVTOL program that evolved into Wisk under Boeing ownership . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No public company directorships or external board roles disclosed in Joby’s proxy biography . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 398,077 | 419,615 | 432,116 |
| Target Bonus % | n/a – Joby does not pay cash bonuses to executives | n/a – Joby does not pay cash bonuses to executives | n/a – Joby does not pay cash bonuses to executives |
| Actual Cash Bonus ($) | — (none disclosed) | — (none disclosed) | — (none disclosed) |
Performance Compensation
2024 PSU Program – Corporate Metrics and Outcome
| Metric | Weighting (Target) | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Certification Goal #1 | 30% | Internal certification milestones (confidential) | 18% | Partial | Four equal tranches on 1/14/25, 2/10/25, 3/4/25, 4/7/25 |
| Certification Goal #2 | 30% | Internal certification milestones (confidential) | 15% | Partial | Four equal tranches on 1/14/25, 2/10/25, 3/4/25, 4/7/25 |
| Manufacturing Goal #1 | 20% | Internal manufacturing milestones (confidential) | 0% | None | n/a |
| Commercialization Goal #1 | 10% | Internal commercialization milestones (confidential) | 0% | None | n/a |
| Commercialization Goal #2 | 10% | 2 public flight demonstrations | Achieved | Full for this goal | Four equal tranches on 1/14/25, 2/10/25, 3/4/25, 4/7/25 |
| Total Achievement | 100% | — | 43% | 43% of target | As above |
Eric Allison – 2024 Grants and Vesting Schedules
| Award Type | Grant Date | Target Shares | Max Shares | Earned Shares | Vesting Schedule |
|---|---|---|---|---|---|
| PSU Award (2024 Program) | 2/12/2024 | 28,744 | 35,930 | 12,356 (43% achievement) | Four equal tranches: 1/14/25, 2/10/25, 3/4/25, 4/7/25 |
| LTI Award (PSU-linked) | 2/12/2024 | 132,890 | n/a | 57,142 (43% earned) | 1/3 each on 2/12/25, 2/12/26, 2/12/27 (service) |
| Service-Based RSUs (Annual refresh) | 2/12/2024 | 132,890 | n/a | n/a | 16 equal quarterly installments on quarterly anniversaries of 1/1/2024 (through 2028, service) |
Key Plan Features and Policies
- Short-term incentives paid in equity (RSUs) rather than cash; PSU targets set at 40% of base salary converted via 20-day VWAP .
- Clawback policy compliant with SEC and NYSE, applies to current/former executive officers and covers PSU/RSU awards upon restatement .
- No single-trigger acceleration; change-of-control acceleration only if awards not assumed or upon qualifying termination around change in control (double trigger) .
- No cash severance provisions for executives; equity acceleration only per plan terms .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 657,977 shares; <1% of outstanding . |
| Outstanding Unvested RSUs (12/31/2024) | 75,987 (performance-vesting through 6/21/2026) ; 12,356 (2024 PSU Program, four tranches Jan–Apr 2025) ; 57,141 (LTI earned, three annual tranches 2025–2027) ; 52,242 (quarterly through 7/1/2027) ; 107,974 (quarterly through 1/1/2028) ; 481,941 (quarterly through 1/12/2027) . |
| Options | None disclosed for Eric; RSUs replaced original option concept at hire . |
| Pledging/Hedging | Prohibited for employees and directors, including derivatives and pledges; margin purchases/pledges banned . |
| Ownership Guidelines | Executives must hold shares equal to 2x base salary; 5-year phase-in from later of 12/15/2023 or hire date . |
| Say-on-Pay | 2024 advisory vote approval approximately 98%; no major program changes thereafter . |
Employment Terms
| Term | Detail |
|---|---|
| Employment Start | Offer letter dated December 2020; Head of Product since January 2021; CPO since February 2024 . |
| Initial Compensation | Initial base salary $400,000 and time/performance options contemplated; replaced in Jan 2021 with 1,285,070 RSUs (time-based) and a $500,000 target under 2022 performance award program . |
| Severance | No guaranteed cash severance; equity subject to acceleration only per plan (no single-trigger) . |
| Change-of-Control | If awards not assumed/substituted, vesting fully accelerates; if assumed, full acceleration upon qualifying termination within 3 months pre- to 12 months post-CoC (double trigger) . |
| Non-Compete/Non-Solicit | Not disclosed in proxy . |
| Clawback | SEC/NYSE-compliant clawback for erroneously awarded incentive compensation . |
| Tax Gross-Ups | No excise tax gross-ups under Section 4999 . |
Performance & Track Record
| Measure | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Company TSR – Value of $100 (Merger 8/10/2021 baseline) | 72.78 | 33.40 | 66.30 | 81.06 |
| Net Income (Loss) | (180,324) | (258,043) | (513,050) | (608,034) |
| Revenue Status | Not yet generating operating revenues | Not yet generating operating revenues | Not yet generating operating revenues | Not yet generating operating revenues |
- 2024 PSU achievement was 43%, reflecting partial progress on certification, while manufacturing and one commercialization goal were not met; 2 public flight demonstrations were achieved (10% tranche) .
- CFO resigned effective December 13, 2024 with transition through March 7, 2025; equity continued vesting through transition end .
Compensation Structure Analysis
- Equity-heavy design preserves cash; short-term incentives delivered as RSUs vs. cash, with PSU targets at 40% of base salary converted via 20-day VWAP .
- Shift from options to RSUs at hire (Jan 2021), lowering risk vs. options and tightening alignment to service/performance .
- No single-trigger acceleration; no cash severance; clawback adopted in 2023, and hedging/pledging prohibited—shareholder-friendly safeguards .
- Peer group updated for 2024 decisions; Joby was ~85th percentile by market cap vs. peers when data compiled—Compensia advised .
Insider Selling Pressure and Upcoming Supply
| Vesting Event | Shares | Dates | Notes |
|---|---|---|---|
| 2024 PSU Program RSUs (earned) | 12,356 | 1/14/25, 2/10/25, 3/4/25, 4/7/25 | Four equal tranches; potential incremental float . |
| LTI Award (earned) | 57,142 | 2/12/25, 2/12/26, 2/12/27 | Three annual service-based vest tranches . |
| Service-Based RSUs (2024 refresh) | 132,890 | Quarterly from 1/1/24 anniversaries (16 installments) | Regular quarterly vesting cadence through 2028 . |
| Previously granted RSUs (unvested) | 481,941; 107,974; 52,242; 75,987 | Through 1/12/27; 1/1/28; 7/1/27; 6/21/26 | Mix of service- and performance-vesting . |
- Hedging/pledging prohibited, reducing forced-sale/monetization risk signals .
- Form 4 transaction details not disclosed in the proxy; monitor SEC filings for any sales concurrent with these vest dates .
Investment Implications
- Alignment: Equity-heavy, PSU-linked awards and ownership guidelines (2x salary, 5-year phase-in) align incentives to certification/commercial milestones and long-term value creation; clawback and no single-trigger acceleration are governance positives .
- Execution risk: 2024 PSU outcome (43%) suggests materially challenging certification/manufacturing milestones; with no operating revenue and rising net losses, execution timing remains the key driver for TSR and future compensation realization .
- Supply overhang: Multiple scheduled RSU vestings in 2025–2027 (PSU/LTI/service awards) may create episodic selling pressure; track Form 4s around vest dates for signals .
- Governance and shareholder sentiment: 98% Say-on-Pay approval supports current structure; prohibition on hedging/pledging and absence of excise tax gross-ups reduce red flags .
- Compensation trend: Transition from options to RSUs at hire reduces volatility risk to the executive and indicates preference for time-/performance-based RSUs over leveraged option pay .