LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (“Energy Vault”) (NYSE: NRGV), a global energy storage company today announced that on May 10, 2023, the Compensation Committee of Energy Vault’s Board of Directors granted restricted stock unit awards covering an aggregate of 228,200 shares of its common stock to 18 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.