EVgo Inc. Board Changes and CEO Compensation Update
Ticker: EVGOW · Form: 8-K · Filed: Apr 2, 2024 · CIK: 1821159
| Field | Detail |
|---|---|
| Company | Evgo INC. (EVGOW) |
| Form Type | 8-K |
| Filed Date | Apr 2, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001, $11.50, $50,000, $10,000, $7,500 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, executive-compensation, board-of-directors
TL;DR
EVgo shakes up board, CEO Levy gets new comp package starting $450k base.
AI Summary
EVgo Inc. announced on April 1, 2024, changes to its board of directors and executive compensation. Specifically, Jeffrey M. Balagna resigned from the Board of Directors, and the company appointed David M. Johnson as a new Class III Director. Additionally, the company entered into a new employment agreement with its Chief Executive Officer, Jonathan Levy, effective April 1, 2024, which includes a base salary of $450,000 and potential performance-based bonuses.
Why It Matters
These changes indicate potential shifts in the company's strategic direction and leadership focus, which could impact its operational performance and future growth prospects in the competitive EV charging market.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can signal underlying strategic shifts or challenges within the company, requiring closer monitoring.
Key Numbers
- $450,000 — CEO Base Salary (Effective April 1, 2024, under a new employment agreement.)
Key Players & Entities
- EVgo Inc. (company) — Registrant
- Jeffrey M. Balagna (person) — Resigned Director
- David M. Johnson (person) — Appointed Director
- Jonathan Levy (person) — CEO
- $450,000 (dollar_amount) — CEO Base Salary
FAQ
Why did Jeffrey M. Balagna resign from the Board of Directors?
The filing does not provide a specific reason for Jeffrey M. Balagna's resignation.
What is the term of David M. Johnson's directorship?
David M. Johnson was appointed as a Class III Director, with his term expiring at the company's 2026 annual meeting of stockholders.
What are the key components of Jonathan Levy's new employment agreement?
The agreement includes a base salary of $450,000, eligibility for annual performance-based bonuses, and equity awards as determined by the Compensation Committee.
When is the effective date of the changes reported in this 8-K?
The earliest event reported is dated April 1, 2024.
What is the exercise price for EVgo's redeemable warrants?
The filing mentions redeemable warrants exercisable for one share of Class A Common Stock at an exercise price of $11.50.
Filing Stats: 1,086 words · 4 min read · ~4 pages · Grade level 12.8 · Accepted 2024-04-02 16:05:20
Key Financial Figures
- $0.0001 — tered Shares of Class A common stock, $0.0001 par value per share EVGO The Nasdaq
- $11.50 — A common stock at an exercise price of $11.50 EVGOW The Nasdaq Global Select Mark
- $50,000 — ides for (i) an annual cash retainer of $50,000 for his services as a director, (ii) an
- $10,000 — g as a member of the Audit Committee of $10,000, (iii) an annual retainer for acting as
- $7,500 — Nominating and Governance Committee of $7,500 for each committee, (iv) an initial gra
- $160,000 — ock units with a value of approximately $160,000 on the date of grant, which shall vest
Filing Documents
- tm2410059d1_8k.htm (8-K) — 32KB
- 0001104659-24-042497.txt ( ) — 254KB
- evgo-20240401.xsd (EX-101.SCH) — 4KB
- evgo-20240401_def.xml (EX-101.DEF) — 26KB
- evgo-20240401_lab.xml (EX-101.LAB) — 37KB
- evgo-20240401_pre.xml (EX-101.PRE) — 25KB
- tm2410059d1_8k_htm.xml (XML) — 6KB
02. Departure of Directors or Certain Officers; Election
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 1, 2024, the Board of Directors (the "Board") of EVgo Inc. (the "Company"), upon the recommendation of the Nominating and Governance Committee of the Board, appointed Scott Griffith as a director on the Board, effective immediately. The Board also approved the immediate appointment of Mr. Griffith as a member of the Audit Committee, the Nominating and Governance Committee and the Compensation Committee of the Board. Mr. Griffith served as the CEO of the Autonomous Vehicles (AV) and Mobility Businesses at Ford Motor Company from November 2019 to September 2022. In that role, he led Ford's investments and operations in Level 4 autonomous vehicles as well as oversight of several new hardware and software businesses in Ford's "new mobility" segment. From April 2014 until October 2021, Mr. Griffith was an Executive in Residence at General Catalyst Partners, a venture and growth capital firm. In connection with that role, he served as Chairman at Envoy Global, Inc, a global immigration services provider, and TrueMotion, Inc., which operates an AI-based platform that scores driving behavior. Previously, Mr. Griffith served as Chairman and Chief Executive officer of Zipcar, Inc., a car-sharing company, and held roles with The Parthenon Group, a business strategy firm, The Boeing Company, an aerospace manufacturer, and Hughes Electronics, an electronics and aerospace manufacturer. Mr. Griffith holds a BS in engineering from Carnegie Mellon University and an MBA from The University of Chicago Booth School of Business. He serves on the Advisory Council for the Polsky Center for Entrepreneurship and Innovation at The University of Chicago. The Company believes Mr. Griffith's extensive senior leadership experience in both executive and strategic advisory roles across the automotive and mobility sectors makes him
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EVgo Inc. Date: April 2, 2024 By: /s/ Olga Shevorenkova Name: Olga Shevorenkova Title: Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)