David Buzby
About David Buzby
Independent director of SVII since the IPO (2022), age 63. MBA (Harvard Business School) and BA (Middlebury College); 30+ years building and leading sustainability, renewable energy, and technology companies including multiple public listings and exits. Currently Chair of Stem, Inc. (NYSE: STEM) and director at Climate Transition Capital (AEX: CTAI) and Leading Edge Equipment Technologies. Core credentials: grid-scale energy storage, solar development, capital markets, and public company governance .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Stem, Inc. (NYSE: STEM) | Chair of the Board | Since 2010 | Oversight of leading North American energy storage/grid services platform |
| Climate Transition Capital (AEX: CTAI) | Director | Since IPO in June 2021 | SPAC governance in climate transition focus |
| Leading Edge Equipment Technologies | Director | Ongoing | Solar wafer technology oversight |
| Sunrun (NASDAQ: RUN) | Early investor and Director | 2008–2012 | Helped scale to leading U.S. residential solar market share; later IPO in 2015 |
| SunEdison (NASDAQ: SUNE) | Founding investor, Chairman & CEO | Pre-2009 (sold in 2009) | Built leading solar developer; sold to MEMC for ~$323M incl. earn-out |
| ValueClick (NASDAQ: VCLK) | Director; Audit Committee Chair | 2000–2014 (sold 2014) | IPO; sale to Alliance Data for ~$2.3B |
External Roles
- Strategic board leadership at public and private clean energy/tech companies (as above) .
Board Governance
- Independence: Board determined Buzby is an independent director (NASDAQ standards) .
- Committee memberships: Audit, Compensation, and Nominating committees .
- Chair roles: Chair of Nominating; Compensation chaired by Dr. Youngblood; Audit chaired by Richard Thompson .
- Independent director sessions: Independent directors convene regularly scheduled meetings .
Fixed Compensation
| Component | Structure | Amount/Status |
|---|---|---|
| Annual cash retainer | None disclosed; SPAC policy states no compensation for services prior to business combination | $0 |
| Meeting fees | None disclosed | $0 |
| Administrative/support fees | Paid to Sponsor affiliate (office/admin) – $10,000/month; terminated Nov 2024 (for sponsor, not directors personally) | Terminated Nov 2024 |
Performance Compensation
| Award Type | Grant/Action | Quantity/Value | Vesting/Conditions | Status |
|---|---|---|---|---|
| Founder Shares (Class B → Class A) | Sponsor transferred to each independent director (Feb 2021) | 40,000 shares to Buzby (part of 120,000 total valued at $452,000; $3.77/share → Buzby’s portion ~$150,800) | Performance condition: consummation of a business combination; market condition considered in FV | Converted to Class A on Jan 25, 2024; expense recognized only if de-SPAC becomes probable/consummated |
| Equity vesting metrics | Performance (de-SPAC completion) and market (share price modeling in ASC 718) | As above | No disclosed TSR/ESG metrics for directors; SPAC structure aligns with de-SPAC outcome | No expense recognized as of Q2 2025 (business combination not yet probable) |
Other Directorships & Interlocks
- Current public boards: Stem, Inc. (Chair); Climate Transition Capital (Director) .
- Private/tech boards: Leading Edge Equipment Technologies (Director) .
- Compensation committee interlocks: None involving SVII executive officers in past year (company disclosure) .
Expertise & Qualifications
- Education: MBA (Harvard); BA (Middlebury) .
- Technical/industry: Energy storage, solar development, sustainability sector investing and operations .
- Governance: Extensive public company board experience; audit committee leadership history .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| David Buzby | 40,000 | Less than 1% | Originally Founder Shares; converted to Class A on Jan 25, 2024; subject to transfer restrictions and performance condition for compensation accounting |
- Vested vs unvested: Accounting expense contingent on de-SPAC probability; not recognized as of Q2 2025 .
- Options/warrants: None disclosed for directors .
- Pledging/hedging: Not disclosed; no pledging noted .
- Ownership guidelines: Not disclosed for SPAC directors .
Governance Assessment
- Strengths: Independent status; chairs Nominating; deep sector expertise; equity-based alignment through founder shares (skin-in-the-game tied to de-SPAC success) .
- Neutral/Context: SPAC governance often relies on equity rather than cash retainers; audit and comp committees composed entirely of independent directors per NASDAQ rules .
- Potential conflicts (watch items): Directors owe fiduciary/contractual duties to other entities and must present opportunities to those entities first, which may constrain SVII deal flow; typical SPAC sponsor/director share structures could create perceived incentives around de-SPAC timing and terms .
- Red flags for investor vigilance:
- SPAC delisting risk due to NASDAQ’s 36‑month business combination rule; SVII noted expected suspension/delisting if not completed by Oct 12, 2025, pushing trading to OTC and complicating de-SPAC completion and liquidity .
- Non‑redemption side agreements (sponsor transferring founder shares to NRA investors) reflect dilution dynamics typical of high‑redemption SPACs; governance oversight should scrutinize fairness and conflicts, though directors receive no cash compensation pre‑de-SPAC .