Form 4: EVgo CEO Badar Khan Exercises Stock Units

EVgo Inc. CEO Badar Khan acquired 340,258 shares of Class A Common Stock through RSU and PRSU vesting, while disposing of 86,257 shares for tax purposes.

Summary

• Badar Khan, Chief Executive Officer and Director of EVgo Inc., engaged in transactions involving the company's Class A Common Stock on November 13, 2025.
• A total of 340,258 shares of Class A Common Stock were acquired through the vesting of Restricted Stock Units (RSUs) and Performance-Based Restricted Stock Units (PRSUs) at an exercise price of $0.
• Following the vesting, 86,257 shares of Class A Common Stock were disposed of to cover tax withholding obligations at a price of $2.99 per share.
• The closing price of Class A Common Stock on November 13, 2025, was $2.99, which was used for calculating the shares withheld for taxes.
• After these transactions, Badar Khan directly beneficially owns 741,048 shares of Class A Common Stock.
• Remaining derivative securities beneficially owned include 547,731 Performance-Based Restricted Stock Units (PRSUs).

Sentiment

Score: 5

Explanation: The filing details routine vesting of equity awards and subsequent tax-related sales by the CEO, which is a standard compensation event and does not inherently indicate positive or negative operational performance or strategic shifts for the company.

Positives

• The CEO's direct beneficial ownership of Class A Common Stock increased by a net of 254,001 shares (340,258 acquired minus 86,257 disposed for tax), demonstrating continued alignment with shareholder interests.
• The vesting of RSUs and PRSUs indicates the achievement of certain time-based and performance-based conditions, reflecting progress in the company's compensation plan.

Negatives

• A portion of the vested shares (86,257 shares) was sold to cover tax liabilities, which represents a reduction in the CEO's direct equity holding, albeit for a routine purpose.

Risks

• Performance-based restricted stock units (PRSUs) are subject to specific performance goals, requiring the Class A Common Stock to achieve a specified per share price (based on a 20-day volume weighted average price) by November 13, 2028, for full vesting.
• Continued employment of the reporting person through applicable vesting dates is a condition for both RSU and PRSU vesting.

Future Outlook

Remaining Restricted Stock Units (RSUs) and Performance-Based Restricted Stock Units (PRSUs) are scheduled to vest in future installments on the anniversaries of November 13, 2023, subject to continued employment. PRSUs also require the achievement of specific stock price performance goals by November 13, 2028.

Industry Context

This filing is a routine insider transaction report and does not provide information directly related to broader industry trends or competitive landscape within the electric vehicle charging sector. It reflects standard executive compensation practices.

Stakeholder Impact

• Shareholders: The CEO's increased direct ownership aligns management incentives with shareholder value, while the tax-related sale is a routine event with minimal impact.
• Employees: The vesting of equity awards is part of the company's long-term incentive plan, which can be a positive for employee retention and motivation.

Next Steps

• Future vesting of remaining RSUs and PRSUs on the first three anniversaries of November 13, 2023, subject to continued employment.
• Monitoring the achievement of the specified Class A Common Stock price performance goal for the remaining PRSUs by November 13, 2028.

Key Dates

Keywords

EVgo, EVGO, Badar Khan, CEO, Restricted Stock Units, Performance-Based Restricted Stock Units, RSU, PRSU, Insider Transaction, Beneficial Ownership, Equity Compensation, Stock Vesting