Exhibit 10.4
November 3, 2022
Stephanie Lee
[home and email address redacted]
Dear Stephanie:
I am pleased to confirm our offer for the position of Senior Vice President, Accounting for EVgo Services LLC, a Delaware limited liability company (“EVgo”), reporting to Olga Shevorenkova, Chief Financial Officer. This position will be based primarily in EVgo’s Los Angeles office. The nature of the role will require periodic in-person meetings in our Los Angeles office and other travel as required. Your anticipated start date is December 5, 2022. The key elements of our offer are summarized below:
Base Salary – Your annual salary will be $300,000 and will be paid semi-monthly on EVgo’s regular dates ($12,500.00 per pay period). Your position is exempt and is not eligible for overtime. EVgo’s pay dates are the 15th and the last day of the month.
Annual Bonus Plan – You will be eligible for a discretionary annual cash bonus payment pursuant to EVgo’s cash bonus plan. Your annual target incentive will be 55% of your actual annual base earnings.
Sign-On Bonus – Subject to your continued employment with EVgo for one year, EVgo will advance a one-time sign-on bonus payment in the amount of $200,000.00 (“Sign-On Bonus”), subject to payroll taxes and withholding, on your first paycheck after your hire date. The Sign-On Bonus is not considered “earned” by you until the one-year anniversary of your employment start date with EVgo. If you voluntary terminate your employment with EVgo for any reason, or if EVgo terminates your employment for cause, in each case before the one-year anniversary of your employment start date with EVgo, the Sign-On Bonus will not be earned and you will be required to repay the Sign-On Bonus. If you fail to repay the Sign-On Bonus after voluntarily terminating your employment before your anniversary date, EVgo may pursue legal action and you agree that EVgo will be entitled to attorney’s fees related to any action to the extent permitted by applicable law.
EVgo Equity Program - Subject to board approval, upon hiring you are eligible to receive an award of restricted stock units, subject to the terms of the grant. Currently, such awards are subject to a three-year annual vesting schedule. The annual vesting date is expected to be the first day of the calendar quarter that begins immediately following your employment start date.
Sign On Equity Award: This offer of employment includes a grant of Restricted Stock Units (RSUs) with a grant date fair value of $750,000.00. This sign-on grant is expected to be awarded in the calendar quarter that begins immediately following your employment start date. The “new hire” award will be subject to the terms, definitions and provisions of EVgo’s 2021 Long Term Incentive Plan (the “Equity Plan”) and the restricted stock unit agreement, as applicable, by and between you and EVgo.
Annual Incentive Units: You will also be eligible for future annual awards under the Equity Plan, as
determined in the sole discretion of EVgo’s Board of Directors (the “Board”), the Board’s Compensation Committee, or their respective delegate(s), as applicable. Currently, such annual grants are anticipated to be made in the first quarter of each fiscal year. Your annual incentive equity award issued in 2023 will not be subject to proration.
Taxes – All forms of compensation referred to in this letter are subject to all applicable taxes, withholding, and any other deductions required by applicable law.
Paid Time Off/Holidays – Currently PTO is subject to prior approval from your immediate supervisor and is not time limited. Employees and their supervisors work together to utilize this policy responsibly. EVgo celebrates the 11 holidays outlined in our employee benefits handout.
