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

Rhea-AI Summary

Energy Vault Holdings, Inc. (NYSE: NRGV) granted 162,500 restricted stock units to 10 new employees under the 2022 Employment Inducement Award Plan. The units will vest over time based on the employees' continued service.

LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- Energy Vault Holdings, Inc. (“Energy Vault”) (NYSE: NRGV), a global energy storage company today announced that on March 27, 2024, the Compensation Committee of Energy Vault’s Board of Directors granted restricted stock unit awards covering an aggregate of 162,500 shares of its common stock to 10 new, non-executive employees under the Energy Vault Holdings, Inc. 2022 Employment Inducement Award Plan (as amended and/or restated, the “Inducement Award Plan”). The 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 vest with respect to the underlying shares as to 25% of the restricted stock units, on the first anniversary of the vesting commencement date and 6.25% of the restricted stock units, upon the employee’s completion of each three-month period of continuous service thereafter, subject to the employee’s continued employment with Energy Vault on such vesting dates. The restricted stock units are subject to the terms and conditions of the Inducement Award Plan and the terms of the restricted stock unit award agreement covering the grant.

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.

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Investors:

energyvaultIR@icrinc.com

Media:

media@energyvault.com

Source: Energy Vault Holdings, Inc.

FAQ

How many restricted stock units were granted by Energy Vault Holdings, Inc. (NRGV)?

Energy Vault granted 162,500 restricted stock units.

How many new employees received the restricted stock units from Energy Vault Holdings, Inc. (NRGV)?

10 new employees received the restricted stock units.

What is the vesting schedule for the restricted stock units granted by Energy Vault Holdings, Inc. (NRGV)?

The units will vest with respect to the underlying shares over time, with 25% vesting on the first anniversary of the vesting commencement date and 6.25% vesting upon completion of each three-month period of continuous service thereafter.

Under which plan were the restricted stock units granted by Energy Vault Holdings, Inc. (NRGV)?

The restricted stock units were granted under the 2022 Employment Inducement Award Plan.

What is the purpose of the Inducement Award Plan for Energy Vault Holdings, Inc. (NRGV)?

The Inducement Award Plan is used to grant equity awards to new employees or those re-entering employment as an inducement to join Energy Vault.