Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 6, 2022, Francois Chadwick, Chief Financial Officer of Volta Inc., a
Delaware corporation (the "Company"), notified the Company of his intention to
leave his position of Chief Financial Officer of the Company to pursue another
professional opportunity. Mr. Chadwick's decision to resign is not the result of
any dispute or disagreement with the Company. Mr. Chadwick will remain with the
Company through August 22, 2022 to ensure a smooth transition. During this
transition period, Mr. Chadwick will remain the Company's principal financial
officer and principal accounting officer.
On June 10, 2022, the Company's board of directors (the "Board") approved the
appointment of Stephen Pilatzke to the position of Chief Accounting Officer of
the Company effective as of the commencement of his employment with the Company.
Mr. Pilatzke, age 43, most recently served as the Chief Accounting Officer of
Falcon Minerals Corporation from October 2018 to June 2022. From January 2010 to
September 2018, Mr. Pilatzke served in multiple positions, most recently as
Chief Accounting Officer, of Lightfoot Capital Partners GP, LLC, a private
equity company with a focus on the energy sector. From October 2013 until its
sale in December 2017, Mr. Pilatzke was also Chief Accounting Officer of Arc
Logistics GP, LLC, the general partner of Arc Logistics Partners LP, formerly a
publicly traded company and portfolio company of Lightfoot Capital Partners.
Prior to joining Lightfoot Capital Partners, Mr. Pilatzke served as Chief
Financial Officer and Controller of Paramount BioSciences LLC, a venture capital
firm specializing in the pharmaceutical and biotechnology sector and was
responsible for all of the accounting and reporting functions of Paramount
BioSciences LLC and related portfolio companies from 2005 to 2010. Prior to
that, Mr. Pilatzke worked as an auditor at EisnerAmper LLP, formerly Eisner LLP,
an accounting and advisory firm, from 2001 to 2005. Mr. Pilatzke is a Certified
Public Accountant and received his BS in Accounting from Binghamton University.
On June 10, 2022, the Company entered into an offer letter with Mr. Pilatzke.
Pursuant to such offer letter, Mr. Pilatzke will receive as compensation for his
services as Chief Accounting Officer (a) a salary of $325,000 per annum, (b) an
initial equity award in the form of 150,000 time-vesting restricted stock units
("RSUs"), (c) an additional equity award of 150,000 time-vesting RSUs to be
granted by the Board following December 31, 2022 provided that Mr. Pilatzke
remains employed by the Company in good standing at such time, and (d)
eligibility, subject to continued employment with the Company, to participate in
the executive benefit plans maintained by the Company. Mr. Pilatzke will also be
eligible for an annual bonus equal to 100% of his base salary. Mr. Pilatzke will
begin his duties with the Company on a full-time basis starting July 1, 2022.
Additionally, Mr. Pilatzke will enter into a standard indemnification agreement
with the Company in the form previously approved by Board, which is filed as
Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on
September 1, 2021.
There are no arrangements or understandings between Mr. Pilatzke and any other
person pursuant to which Mr. Pilatzke was appointed to serve as Chief Accounting
Officer of the Company. There are no family relationships between Mr. Pilatzke
and any director or executive officer of the Company, and Mr. Pilatzke has no
direct or indirect material interest in any transaction required to be disclosed
pursuant to Item 404(a) of Regulation S-K.
Item 8.01. Other Events.
The following executives have recently departed from the Company: Julie Rogers,
Chief People Officer of the Company, Praveen Mandal, Chief Technology Officer of
the Company, and James DeGraw, General Counsel, Secretary, and Chief
Administrative Officer of the Company, who has been succeeded by Steven
Schnitzer as Interim General Counsel and Corporate Secretary.
Steven Schnitzer has been appointed to serve as Interim General Counsel and
Corporate Secretary of the Company. Mr. Schnitzer brings to the Company over 30
years of experience in corporate law, including over eight years as general
counsels of publicly-listed companies. He began his career in 1988 in New York
City as a corporate finance attorney with Debevoise & Plimpton LLP and was a
partner in the Corporate Group of Katten Muchin Rosenman LLP for approximately
14 years before he joined the general partner entities of New York City-based
Lightfoot Capital Partners LP and Arc Logistics Partners LP, an NYSE-listed
company, in early 2014 as Senior Vice President, General Counsel and Secretary.
In addition to his role with the Company, Mr. Schnitzer currently serves as Vice
President, General Counsel and Secretary of TortoiseEcofin Acquisition Corp.
III, and as Managing Director, and General Counsel - Private Energy of Tortoise
Capital Advisors, L.L.C. Mr. Schnitzer is a member of the Bars of New York,
Connecticut and the District of Columbia and is based in Volta's New York City
office.
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