Volta Inc. (Form: 8-K, Received: 02/24/2022 06:09:43)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 23, 2022 ( February 18, 2022)

VOLTA INC.




(Exact name of registrant as specified in its charter)

Delaware

001-39508

35-2728007

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

155 De Haro Street
San Francisco, CA 94103

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (888) 264-2208

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock, par value of $0.0001 per share

VLTA

New York Stock Exchange

Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share

VLTA WS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 18, 2022, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Volta Inc. (the “Company”) awarded 2021 annual cash bonuses and approved 2022 annual base salaries for the Company’s named executive officers (“NEOs”). The Compensation Committee decision to adjust annual salaries and award bonuses was based in part on recommendations from a compensation consultant engaged by the Compensation Committee.

The Compensation Committee awarded bonuses for performance for the twelve-month period ended December 31, 2021, in the amounts set forth opposite the names of the NEOs listed below.


Name	Position	2021 Cash Bonus
Scott Mercer	Chief Executive Officer, Director and Chairperson	$500,000
Christopher Wendel	President, Director	$450,000
Francois Chadwick	Chief Financial Officer	$400,000
James DeGraw	General Counsel, Chief Administrative Officer	$200,000

The Compensation Committee approved 2022 annual base salaries in the amounts set forth opposite the names of the NEOs listed below.


Name	Position	2022 Base Salary
Scott Mercer	Chief Executive Officer, Director and Chairperson	$500,000
Christopher Wendel	President, Director	$450,000
Francois Chadwick	Chief Financial Officer	$425,000
James DeGraw	General Counsel, Chief Administrative Officer	$375,000

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.

VOLTA INC.

By:

/s/ Francois P. Chadwick

Name: Francois P. Chadwick

Title: Chief Financial Officer

Date: February 23, 2022