Vittorio Savoia

About Vittorio Savoia

Vittorio Savoia is co-founder and managing partner of Alchemy Investment Management (affiliate of ALCY’s sponsor), a director since November 19, 2021, and co-CEO since November 2022; he was 35 years old at the time of ALCY’s S-1 filing in December 2022 . He holds a Master’s in Business Management, Finance and Control from Harvard University (2010), and bachelor’s degrees from Westminster Business School (2008) and Rennes School of Business (2007); he is a member of Harvard Alumni Entrepreneurs and the Harvard Real Estate Alumni Organization . ALCY is a blank-check company with no operations or revenue to date, so TSR and operating performance metrics (revenue/EBITDA growth) are not disclosed . Governance-wise, Savoia serves as a director while Steven M. Wasserman is Non‑Executive Chairman, and board committees are staffed by independent directors, underscoring Savoia’s non‑independent, dual officer-director role .

Past Roles

External Roles

Fixed Compensation

Performance Compensation

Equity Ownership & Alignment

• Individual officer/director ownership: ALCY’s tables show no Class A or Class B shares beneficially owned directly by Vittorio Savoia; sponsor is controlled by VAM Partners LLC via a four‑member board acting by majority, so no individual director has voting or dispositive control over sponsor securities (i.e., not deemed a beneficial owner) .
• Founder share/lock‑up: Initial shareholders agreed not to transfer insider shares until six months after the initial business combination or earlier upon a subsequent transaction, which can create post‑combination selling pressure once lock‑ups lapse .
• Voting/Redemption alignment: Sponsor agreed to vote its shares in favor of any proposed initial business combination and not redeem, aligning sponsor economics to deal completion .
• Pledging/Hedging: No disclosures indicating pledging or hedging of Savoia’s or sponsor’s shares were found in reviewed filings .

Employment Terms

• Employment agreements, severance, and change‑of‑control: No executive employment agreements, severance multiples, or change‑of‑control provisions are disclosed; ALCY states no compensation of any kind will be paid to existing shareholders, directors, or affiliates prior to consummation of a business combination (other than expense reimbursement) .
• Non‑compete/Non‑solicit: Not disclosed; filings emphasize fiduciary duties under Cayman Islands law and potential conflicts, but do not specify contractual non‑compete/non‑solicit terms .
• Insider trading policy: ALCY discloses it has not adopted an insider trading policy, which is atypical for U.S.-listed issuers .
• Expense reimbursement: Out‑of‑pocket expenses may be reimbursed without a limit, subject to board/audit committee oversight .

Board Governance

• Roles and tenure: Director since November 19, 2021; co‑CEO since November 2022; Non‑Executive Chairman is Steven M. Wasserman .
• Committees: Audit, Compensation, and Nominating Committees are composed entirely of independent directors (Debbie S. Zoldan, Carlo Tursi, Pablo Terpolilli; Zoldan chairs); Savoia is not listed as a member on these committees, consistent with his non‑independent status .
• Independence: ALCY identifies independent directors and operates with phase‑in to majority independence per Nasdaq rules; Savoia, as co‑CEO, is non‑independent .
• Control dynamics: Initial shareholders (sponsor) beneficially own a controlling percentage and have the right to elect all directors prior to the initial business combination, concentrating governance control ahead of de‑SPAC .

Director Compensation

Related Party Transactions

• Administrative Services Agreement: ALCY pays Alchemy Investment Management LLC (sponsor affiliate) up to $10,000/month for administrative support; the affiliate waives any claims on the trust account; executed by co‑CEO Mattia Tomba on behalf of ALCY .
• Warrant Agreement/Certificates: Co‑CEOs, including Savoia, signed the Warrant Agreement and form certificates; warrants initially exercisable at $11.50 per share, subject to standard adjustments/redemption conditions .
• Trustee/Notice arrangements: Trust and notice provisions list Savoia among contacts for ALCY .
• Audit committee oversight: Quarterly review of payments to sponsor/officers/directors/affiliates is specified .

Risk Indicators & Red Flags

• Absence of insider trading policy increases governance and trading‑practice risk relative to peers .
• Sponsor control and voting commitments may prioritize deal completion over post‑merger quality; initial shareholders can elect all directors pre‑combination .
• Lock‑up expiration six months post‑combination can catalyze insider selling pressure and volatility .
• Unlimited expense reimbursement and related party service fees require vigilant audit committee oversight to mitigate conflicts .
• Standard SPAC warrant/structure risks, including dilution dynamics, are present; co‑CEO signatures reflect executive alignment with instrument terms .

Compensation Committee Analysis

• Composition: Debbie S. Zoldan (Chair), Carlo Tursi, Pablo Terpolilli — all independent per Nasdaq/SEC; charter authorizes retention of independent advisors and sets responsibilities across goal‑setting, executive pay policies, and equity plan administration .
• Remit: Reviews/approves corporate goals and executive remuneration (if any), administers incentives, oversees disclosure; pre‑combination context results in no executive/director pay .
• Governance safeguards: Audit committee and nominating committee structures are fully independent; audit committee monitors IPO/quarterly compliance and related party payments .

Investment Implications

• Pay‑for‑performance: No executive/director pay pre‑combination; alignment is primarily via sponsor economics (founder/placement shares), not direct officer share ownership; lock‑ups and sponsor voting commitments align toward deal closure but may create post‑merger selling pressure once restrictions lift .
• Governance/independence: Dual role as co‑CEO and director with independent committees and a Non‑Executive Chairman mitigates CEO/Chair concentration but sponsor control pre‑combination concentrates decision rights; absence of insider trading policy is a notable governance gap vs. best practice .
• Trading signals: Monitor de‑SPAC timeline, lock‑up expiry (~6 months post‑combination), and any 8‑K updates to compensatory arrangements; ownership transitions from sponsor to public float can drive supply/demand dynamics and volatility .
• Related‑party economics: The $10,000/month admin fee to the sponsor affiliate is modest but emblematic of related‑party flows in SPAC structures; sustained audit committee oversight is critical .