Energy Vault Holdings, Inc. Announces Inducement Grants Under NYSE Listing Rule 303A.08

Rhea-AI Summary

Energy Vault Holdings, Inc. (NYSE: NRGV) has announced the granting of equity awards to new employees under its 2022 Employment Inducement Award Plan. The Compensation Committee of Energy Vault's Board of Directors approved the following grants effective September 24, 2024:

- 100,000 restricted stock units to new, non-executive employees
- An option to purchase 250,000 shares of common stock at fair market value
- 500,000 restricted stock units and 500,000 performance-based restricted stock units to Greg Daily, Group Executive

These awards are intended as inducements for new employees joining Energy Vault. The restricted stock units will vest 25% on the first anniversary of the vesting commencement date, followed by 6.25% every three months thereafter, subject to continued employment.

Positive

• Granting of equity awards to attract and retain new talent
• Significant equity package for Greg Daily, potentially indicating a strategic hire

Negative

• Potential dilution of existing shareholders due to new equity issuances

LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- Energy Vault Holdings, Inc. (“Energy Vault”) (NYSE: NRGV), a global energy storage company today announced that, effective on September 24, 2024, the Compensation Committee of Energy Vault’s Board of Directors granted restricted stock unit awards covering aggregate of 100,000 to new, non-executive employee under the Energy Vault Holdings, Inc. 2022 Employment Inducement Award Plan (as amended and/or restated, the “Inducement Award Plan”). The Compensation Committee also granted an option to purchase 250,000 shares of the Company’s common stock at an exercise price per share of common stock equal to the fair market value (as defined in the Inducement Award Plan) on the grant date; and awards of 500,000 restricted stock units and an additional 500,000 performance based restricted stock units to Greg Daily, the Group Executive under the Inducement Award Plan. The option, restricted stock units and performance based restricted stock units were granted as inducements material to the employees entering into employment with Energy Vault in accordance with New York Stock Exchange Listing Rule 303A.08.

The Inducement Award Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Energy Vault, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Energy Vault, pursuant to New York Stock Exchange Listing Rule 303A.08.

The restricted stock units will each vest (subject to the employee’s continued service to Energy Vault) as to 25% of the shares of common stock subject to the award, on the first anniversary of the vesting commencement date, and as to 6.25% of the shares of common stock subject to the award, upon the employee’s completion of each three-month period of continuous service thereafter. The restricted stock unit awards are subject to the terms and conditions of the Inducement Award Plan and an award agreement thereunder.

About Energy Vault

Energy Vault develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s EVx™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240927932116/en/

Investors:

energyvaultIR@icrinc.com

Media:

media@energyvault.com

Source: Energy Vault Holdings, Inc.

FAQ

What equity awards did Energy Vault Holdings (NRGV) grant on September 24, 2024?

Energy Vault granted 100,000 restricted stock units to new non-executive employees, an option to purchase 250,000 shares, and 500,000 restricted stock units plus 500,000 performance-based restricted stock units to Greg Daily, the Group Executive.

How will the restricted stock units granted by Energy Vault (NRGV) vest?

The restricted stock units will vest 25% on the first anniversary of the vesting commencement date, and then 6.25% every three months thereafter, subject to the employee's continued service with Energy Vault.

Why did Energy Vault Holdings (NRGV) issue these equity awards?

The equity awards were granted as inducements material to new employees entering into employment with Energy Vault, in accordance with New York Stock Exchange Listing Rule 303A.08.

Who received the largest equity award from Energy Vault (NRGV) in this announcement?

Greg Daily, the Group Executive, received the largest equity award, consisting of 500,000 restricted stock units and an additional 500,000 performance-based restricted stock units.