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
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Date of Report (Date of earliest event reported): August 23, 2022 |
Quanergy Systems, Inc.
(Exact name of Registrant as Specified in Its Charter)
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Delaware | 001-39222 | 88-0535845 |
(State or Other Jurisdiction
of Incorporation) | (Commission File Number) | (IRS Employer
Identification No.) |
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433 LAKESIDE DRIVE | |
SUNNYVALE, California | | 94085 |
(Address of Principal Executive Offices) | | (Zip Code) |
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Registrant’s Telephone Number, Including Area Code: 408 245-9500 |
(Former Name or Former Address, if Changed Since Last Report)
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))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
| | Trading
Symbol(s) | |
Name of each exchange on which registered
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Common Stock, $0.0001 par value per share | | QNGY | | New York Stock Exchange |
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share | | QNGY 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. ☐
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Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Base Salary Increases
On August 23, 2022, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Quanergy Systems, Inc. (the “Company”) approved the following changes to the compensation of the Company’s named executive officers.
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Name and Position | Prior Annual Salary | Annual Salary Effective September 1, 2022 |
Kevin Kennedy Chief Executive Officer | $300,000 | $375,000 |
Tianyue Yu Chief Development Officer | $245,000 | $290,000 |
Enzo Signore Chief Marketing Officer | $245,000 | $270,000 |
Bradley Sherrard Chief Revenue Officer | $273,000 | $290,000 |
Named Executive Officer Equity Grants
In addition, on August 23, 2022 the Compensation Committee approved discretionary time-based restricted stock units (“RSUs”) to the Company’s named executive officers in the following amounts:
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Name and Position | Number of RSUs |
Kevin Kennedy Chief Executive Officer | 150,000 |
Tianyue Yu Chief Development Officer | 100,000 |
Enzo Signore Chief Marketing Officer | 100,000 |
Bradley Sherrard Chief Revenue Officer | 100,000 |
These RSUs were approved pursuant to the Company’s 2022 Equity Incentive Plan (the “2022 Plan”) and the grant date for such RSUs was August 23, 2022. Subject to each named executive officer’s continuous service with the Company, shares of the Company’s common stock issuable in respect of the RSUs will vest in two equal installments on each of November 15, 2023 and November 15, 2024, respectively.
The foregoing summary of the RSUs is not intended to be complete and is qualified in its entirety by reference to the full text of the RSU forms of grant agreement filed as an exhibit to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 14, 2022.
SIGNATURE
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 thereunto duly authorized.
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| | | QUANERGY SYSTEMS, INC. |
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Dated: | August 26, 2022 | By: | /s/ Patrick Archambault |
| | | Patrick Archambault
Chief Financial Officer |
