Document:

a103executive_agreementx

EMPLOYMENT AGREEMENT  between  Energy Vault, Inc.  and  Marco Terruzzin  November 10, 2022, is made between Energy Vault,   and Marco Terruzzin  RECITALS  (A) The Company and Executive are parties to that certain Offer Letter, dated as of September 17, 2019, as (B) It is the desire of the Company to continue to assure itself of the services of Executive on the terms set forth in this Agreement effective as of November 11, 2022, and Executive wishes to render such services to the Company upon the terms and conditions hereinafter set forth. (C) By entering into this Agreement, the Company and Executive acknowledge and agree that the Prior Agreement will automatically terminate and shall have no further force and effect and shall be superseded in its entirety by this Agreement. AGREEMENT  NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth  below, the Parties hereto agree as follows:  1. Position and Duties.  You will continue in your position as Chief Commercial and Product Officer.  You will report to Robert A. Piconi, Chairman, Co-Founder & Chief Executive Officer. You shall perform duties consistent with your position in a professional and competent manner, and throughout your employment with the Company devote your time to such matters as the Company may reasonably require. You shall use in effect. 2. Compensation.  Your gross annual base salary will be $375,000 subject to standard withholdings and authorized deductions, and payable on a bi-weekly basis in accordance with the Compa practices. By virtue of your duties, responsibilities, and compensation, your role is an exempt position, meaning you are not eligible for overtime compensation. Your salary is subject to modification during your 3. Annual Performance Bonus.  You will be eligible for an annual discretionary performance bonus each fiscal year calendar year. Each year, your target bonus opportunity will be 50% of your Base Salary. Actual payments will be determined based o good faith discretion of the Company. You must be employed by the Company at the time of payment to be eligible Exhibit 10.3 

 

Marco Terruzzin  November 10, 2022  Page 2 of 23   to earn or receive an Annual Bonus. Annual Bonuses, if any, will be paid within 21⁄2 months after the close  of the fiscal year to which the Annual Bonus relates. The Annual Bonus is not earned until paid and no pro- rated amount will be paid if your employment with the Company ends due to resignation or termination  for Cause (as defined below) prior to the payment date.  include, but is not limited to: ith the Company  respect to carry out or comply with any lawful and reasonable directive of the CEO or Board; (b) dishonesty,  willful misconduct or fraud in connection with your employment by the Company; (c) commission of a  reportable violation of any applicable banking, securities or commodities laws, rules or regulations that  constitutes a serious offense that could or does result in a significant fine; (d) conviction or plea of nolo  contendere (or equivalent) to or commission of a felony or any crime involving moral turpitude; (e) engaging  in sexual, racial, or other forms of unlawful discrimination, harassment, or retaliation; or (f) a material  violation of .      4. Remote Work. If applicable, you will perform your work for the Company remotely  from any location  within the United States. By accepting the C the Company informed of your remote work location and will not relocate to a new remote work location  -mail).  Further,  you understand and agree that, when directed by the Company, you may be required to attend meetings   or Lugano, Switzerland, in addition to  any necessary work-   accessible, to check in with your manager to discuss status and open questions as needed, and to be  available to physically attend scheduled work meetings as requested or required by the Company. While  working remotely, you agree to maintain a safe, secure, and ergonomic work environment and to report  work-related injuries to your manager at the earliest reasonable opportunity. You also agree to protect  Company-owned equipment, records, and materials from unauthorized or accidental access, use,  modification, destruction, or disclosure. You understand that all equipment, records, and materials  provided by the Company shall remain the property of the Company.    5. Benefits.  In addition to your compensation, you will be eligible to receive the benefits that are generally  offered to all Company employees, subject to any eligibility requirements and terms set forth in any  applicable policies or plans (if any), effective the first of the month following your hire date (except as  otherwise provided in such policies or plans). include medical plans,  dental plans, and a vision plan. The Company reserves the right to change or rescind its benefit plans and  programs and alter employee contribution levels in its discretion. A full description of these benefits is  available upon request.     6. Sick Leave.   and in accordance with applicable federal, state, and/or local law.    7. Flexible Time Off.  You will be able to use Flexible Time Off (FTO) with pay during current and subsequent       8. Holidays.  You will be paid for designated holidays in , as  set forth in the Energy Vault Holdings, Inc. Employee Handbook. This schedule is subject to change at the  discretion of the Company.    9. Termination.     a. Definitions: For purposes of this Agreement:    

 

Marco Terruzzin  November 10, 2022  Page 3 of 23   i.   -3(i)(5).    ii.  Change in Control and ending 18 months following the consummation of such Change in  Control.    iii.  the following circumstances: (A) a material reduction or material expansion in the nature  or scope your duties, responsibilities, authority, powers or functions, or reporting line as  compared to your duties, responsibilities, authority, powers or functions, or reporting line  before such reduction or expansion, as applicable ; (B) a material reduction in your Base  Salary or target Annual Bonus percentage (except for across-the-board reductions based  ll senior  management employees); or (C) you are relocated more than 60 miles from your current  work location; provided, however, that any such condition or conditions, as applicable,  shall not constitute Good Reason unless both (x) you provide written notice to the  Company of the condition claimed to constitute Good Reason within 60 days of the initial  existence of such condition(s), and (y) the Company fails to remedy such condition(s)  within 30 days of receiving such written notice thereof; and provided, further, that in all  events the Termination shall not constitute a Termination for Good Reason unless such  Termination occurs not more than 90 days following the initial existence of the condition  claimed to constitute Good Reason.  For the avoidance of doubt, if you retain the same  or substantially similar position at the Company after a Change in Control, but the  Company becomes a division or subsidiary of the successor, it would result in a material  reduction in your role.    iv. ation of your employment by the Company with Cause;  your employment by you for Good Reason (as defined below); or (d) termination of your  employment by you without Good Reason or due to your death or disability.    b. Upon your Termination for any reason, you will be entitled to receive the sum of: (i) the portion of  your Base Salary earned through the date of Termination, but not yet paid to you; (ii) any expenses  owed to you; and (iii) any amount accrued and arising from your participation in, or benefits  accrued under any employee benefit plans, programs or arrangements, which amounts shall be  payable in accordance with the terms and conditions of such employee benefit plans, programs or  required by law or as specifically provided in a Company Arrangement or herein, all of your rights  to salary, severance, benefits, bonuses and other compensatory amounts hereunder (if any) shall  cease upon your Termination.    c. If your Termination is by the Company without Cause or by you for Good Reason, then, subject to  your delivery to the Company of an executed waiver and release of claims in a form approved by  15(c) below, and your continued compliance with any applicable restrictive covenants, you will  receive, in addition to payments and benefits set forth in Section 11(b) above, the following:    i. A lump sum cash payment equal to one year of your Base Salary payable on the first  regular payroll date following 60 days after the date of Termination.  If the triggering  

 

Marco Terruzzin  November 10, 2022  Page 4 of 23   termination is within the Change in Control Period, the lump sum cash payment will be  equal to the product of (A) 1.5 and (B) the sum of your Base Salary and your target Annual  Bonus.      ii. A pro rata portion of your target Annual Bonus for the fiscal year in which the date of  by multiplying (A) your target Annual Bonus by (B) a fraction, (1) the numerator of which  is the number of days in the fiscal year in which the date of Termination occurs through  and including the date of Termination, and (2) the denominator of which is three hundred  sixty-five (365), payable on the first regular payroll date following 60 days after the date  of Termination;     iii. If the triggering termination is within the Change in Control Period (to the extent  permitted by Section 409A (as defined below)), all of the then-unvested shares subject to  each of your then-outstanding equity awards, which were granted pursuant to the   Plan, 2020 Stock Plan, 2022 Equity Incentive Plan, or  other comparable Company equity plan, will immediately vest and except as otherwise  required by Section 409A, any restricted stock units or similar full value awards will be  settled on the 60th day following your Termination; and     iv. during the period commencing on the date of Termination and ending 18 months  thereafter or, if earlier, the date on which you become eligible for comparable   (in any case, the  Section 4980B of the Code (as defined below) and the regulations thereunder, the  Company shall, in its sole discretion, either (A) continue to provide to you and your  for coverage under its group health plan (if any), at the same levels and costs in effect on  the date of Termination (excluding, for purposes of calculating  to pay premiums with pre-tax dollars); provided, however, that if (1) any plan pursuant to  which such benefits are provided is not, or ceases prior to the expiration of the  continuation coverage period to be, exempt from the application of Section 409A under  Treasury Regulation Section 1.409A-1(a)(5), (2) the Company is otherwise unable to  continue to cover you or your dependents under its group health plans or (3) the  Company cannot provide the benefit without violating applicable law (including, without  limitation, Section 2716 of the Public Health Service Act), then, in any such case, an  amount equal to each remaining Company subsidy shall thereafter be paid to you in  substantially equal monthly installments over the COBRA Period (or remaining portion  thereof).    10. Employee Confidentiality, Non-Disclosure, and Inventions Assignment Agreement.  In connection with  your employment with the Company, you will receive and have access to Company confidential information  and trade secrets. Accordingly, enclosed with this Agreement as Attachment 1 (and incorporated herein by  reference) is an Employee Confidentiality, Non-Disclosure, and Inventions Assignment Agreement  , which contains restrictive covenants and prohibits unauthorized use or disclosure of the  r obligations. Please review the CNIAA  and only sign it after careful consideration of its terms. Your offer of employment is contingent on your  execution of the enclosed CNIAA, which is incorporated herein by reference.    11. Prior Agreements.  You represent that you have disclosed to the Company any and all agreements relating  to your prior employment that may affect your eligibility to be employed by the Company or limit the  

 

Marco Terruzzin  November 10, 2022  Page 5 of 23    that any such agreements will  not prevent you from performing the duties of your position and you represent that such is the case.     12. At-Will Employment.  - s you may  resign from the Company at any time for any lawful reason or no reason, the Company may terminate your  employment at any time, with or without Cause, and with or without notice. Notwithstanding that your  employment is at-will, the Company requests and appreciates that if you decide to leave the Company, you  provide as much advance notice as reasonably practicable.    13. Tax Matters.    a. Withholding.  All forms of compensation referred to in this Agreement are subject to  reduction to reflect applicable withholding and payroll taxes and other deductions required  by law. Regardless of the amount withheld or reported, you are solely responsible for all taxes  on compensation under this agreement (including imputed compensation) except the      b. Tax Advice.  You are encouraged to obtain your own tax advice regarding your compensation  from the Company. You agree that the Company does not have a duty to design its  compensation policies in a manner that minimizes your tax liabilities, and you will not make  any claim against the Company or its Board of Directors related to tax liabilities arising from  your compensation.    c. Section 409A of the Internal Revenue Code.  All payments and other compensation described  in this Agreement are intended to comply with or be exempt from the requirements of  interpreted consistently with that intent, provided that nothing in this agreement shall be  construed as a warranty of tax treatment or otherwise to transfer liability for any tax under  Section 409A from you to the Company or any of its affiliates. In no event whatsoever shall  the Company or any of its current or future affiliates or their respective advisors, agents,  attorneys, representations or successors be liable for any additional tax, interest or penalties  that may be imposed on you by Section 409A or any damages for failing to comply with Section  409A.  Each installment in a series of payments shall be treated as a separate payment.   Notwithstanding anything in this Agreement to the contrary, any compensation or benefits  payable under this Agreement that is considered nonqualified deferred compensation under  Section 409A and is designated under this Agreement as payable upon your Termination shall   in the meaning  of Section 409A.  Notwithstanding anything in this Agreement to the contrary, if you are  purposes of Section 409A, to the extent delayed commencement of any portion of the benefits  to which you are entitled under this Agreement is required in order to avoid a prohibited  distribution under Section 409A, such portion of your benefits shall not be provided to you  prior to the earlier of (1) the expiration of the six-month period measured from the date of  your Termination with the Company or (2) the date of your death.  Upon the first business day  following the expiration of the applicable Section 409A period, all payments deferred pursuant  to the preceding sentence shall be paid in a lump sum to you (or your estate or beneficiaries),  and any remaining payments due to you under this Agreement shall be paid as otherwise  provided herein.    

 

Marco Terruzzin  November 10, 2022  Page 6 of 23   Notwithstanding anything to the contrary in this Agreement, to the extent that any payments  due under this Agreement as a result of your Termination are subject to your execution and  delivery of a Release, (A) the Company will deliver the Release to you within seven business  days following your date of Termination, and the Compa to the expiration of such seven business day period shall constitute a waiver of any  requirement to execute a Release, (B) if you fail to execute the Release on or prior to the  Release Expiration Date (as defined below) or timely revoke your acceptance of the Release  thereafter, you will not be entitled to any payments or benefits otherwise conditioned on the  Release, and (C) in any case where your date of Termination and the Release Expiration Date  fall in two separate taxable years, any payments required to be made to your that are  conditioned on the Release and are treated as nonqualified deferred compensation for  purposes of Section 409A will be made on the first payroll period to occur in the subsequent  taxable ye 40 years old as of the date of Termination, the date that is  seven days following the date upon  which the Company timely delivers the Release to you, and (2) if you are 40 years or older as  of the date of Termination, the date that is 21 days following the date upon which the  Company timely delivers the Release to you, or, in the event that your termination of  loyment termination  the date that is 45 days following such delivery date.    d. Section 280G of the Internal Revenue Code.  Notwithstanding any other provisions of this  Agreement or any other company arrangement, in the event that any payment or benefit by  the Company or otherwise to or for your benefit, whether paid or payable or distributed or  distributable pursuant to the terms of this Agreement or otherwise (all such payments and  Payments shall be reduced (in the order provided below) to the minimum extent necessary to  avoid the imposition of the Excise Tax on the Total Payments, but only if (i) the net amount of  such Total Payments, as so reduced (and after subtracting the net amount of federal, state  and local income and employment taxes on such reduced Total Payments and after taking into  account the phase out of itemized deductions and personal exemptions attributable to such  reduced Total Payments), is greater than or equal to (ii) the net amount of such Total  Payments without such reduction (but after subtracting the net amount of federal, state and  local income and employment taxes on such Total Payments and the amount of the Excise Tax  to which you would be subject in respect of such unreduced Total Payments and after taking  into account the phase out of itemized deductions and personal exemptions attributable to  such unreduced Total Payments).      The Total Payments shall be reduced in the following order: (i) reduction on a pro-rata basis of any  cash severance payments that are exempt from Section 409A,  (ii) reduction on a pro-rata basis of  any non-cash severance payments or benefits that are exempt from Section 409A, (iii) reduction  on a pro-rata basis of any other payments or benefits that are exempt from Section 409A, and (iv)  reduction of any payments or benefits otherwise payable to you on a pro-rata basis or such other  manner that complies with Section 409A; provided, in case of subclauses (ii), (iii) and (iv), that  reduction of any payments attributable to the acceleration of vesting of Company equity awards  shall be first applied to Company equity awards that would otherwise vest last in time.    The Company will select an adviser with experience in performing calculations regarding the  applicability of Code Section 280G and the Excise Tax, provided   of Code Section 6662, (the  

 

Marco Terruzzin  November 10, 2022  Page 7 of 23   The Independent Adviser shall provide its determination, together with detailed supporting  calculations and documentation, to you and the Company within 15 business days following the  date on which your right to the Total Payments is triggered, if applicable, or such other time as  requested by you (provided, that you reasonably believe that any of the Total Payments may be  subject to the Excise Tax) or the Company.  The costs of obtaining such determination and all  related fees and expenses (including related fees and expenses incurred in any later audit) shall  be borne by the Company.  Any good faith determinations of the Independent Adviser made  hereunder shall be final, binding and conclusive upon the Company and you.    In the event it is later determined that to implement the objective and intent of this Section  15(d), (i) a greater reduction in the Total Payments should have been made, the excess amount  shall be returned promptly by you to the Company or (ii) a lesser reduction in the Total Payments  should have been made, the excess amount shall be paid or provided promptly by the Company  to you, except to the extent the Company reasonably determines would result in imposition of  an excise tax under Section 409A.    14. Mutual Arbitration Agreement.  To the maximum extent permitted by law, you and the Company agree  that all claims, disputes and controversies of any kind arising out of, relating to or in any way associated  with this Agreement and/or your employment by the Company or the termination of that employment,  including but not limited to all common, constitutional, contract and tort law theories and statutory claims  under federal, state and/or local law, shall be submitted to and resolved through final and binding  arbitration, before a single arbitrator licensed to practice law and experienced in employment law, and  administered by JAMS (http://www.jamsadr.com/) pursuant to its Employment Arbitration Rules &  https://www.jamsadr.com/rules-employment-arbitration/) in  effect at the inception of the arbitration, incorporated herein by reference, except as modified or  work location for the Company, unless the parties agree to a different location or as otherwise required by  law. This agreement to arbitrate applies to all claims that the Company may have against you, as well as all  subsidiaries, successors, assigns, owners, directors, officers, shareholders, employees, managers, members,  and agents.      compensation, disability benefits or unemployment compensation benefits; (ii) claims based on any  pension or welfare plan or collective bargaining agreement, the terms of which may contain arbitration or  other non-judicial dispute resolution procedure; (iii) any unfair labor practice charge which is to be brought  under the National Labor Relations Act; (iv) sexual assault or sexual harassment disputes arising under  federal, tribal, or state law which you elect not to pursue in arbitration; and/or (v) claims which may not be  arbitrated as a matter of law. Nothing in this agreement to arbitrate precludes you from filing an  administrative charge/complaint of discrimination with the U.S. Equal Employment Opportunity  rposes of exhausting  your administrative remedies, to the extent required by law; however, any claims, action or lawsuit seeking  damages, injunctive relief or other monetary or non-monetary relief by you based on such administrative  charges/complaints must be brought in arbitration, in accordance with this agreement to arbitrate, except  as to sexual assault or sexual harassment disputes which you elect to pursue in court. You acknowledge  that, should the EEOC, DFEH or any local government agency pursue claims on your behalf, you have waived  your right to recover any money from the Company, other than amounts recoverable through arbitration  pursuant to this agreement to arbitrate, if any.     

 

Marco Terruzzin  November 10, 2022  Page 8 of 23   tor shall: (a) have the authority to  compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise  and conclusions and a statement of the award; and (c) be authorized to award any or all remedies that you  or the Company would be entitled to seek in a court of law. However, the arbitrator shall have no authority  or power to award any remedy in excess of what a party would be able to obtain in a court of law. The  arbitrator may hear and determine any dispositive issue of law asserted by you or the Company to the same  extent a court could hear and determine a dispositive motion. In ruling on such motions and the  admissibility of evidence, the arbitrator shall apply the standards under the Federal Rules of Civil Procedure,  the Federal Rules of Evidence, and case law thereunder. The decision of the arbitrator will be final,  conclusive, and binding on the parties to  decision in any court having jurisdiction.       relief to a court of relevant jurisdiction, in furtherance of arbitration.     Except as to sexual assault or sexual harassment disputes, the arbitrator has exclusive authority to resolve  any dispute relating to the interpretation, applicability, or enforceability of this Agreement (including this  engaged in interstate commerce and that, except as provided in this Agreement, the FAA shall govern the  interpretation and enforcement of, and all proceedings pursuant to, this agreement to arbitrate. Except as  otherwise provided under the FAA or other applicable federal law, this Agreement shall be governed by the       Except as otherwise prohibited by law, neither you, the Company, nor the arbitrator may disclose the  existence, content, or results of any arbitration hereunder without the prior written consent of all parties  to the arbitration, except to your respective attorneys and tax advisors without any written consent of the  other, provided such persons/entities first agree to be bound by this confidentiality provision. Either party  may disclose the existence and results of any arbitration in a proceeding to enforce or appeal an arbitral  award, as provided under applicable law.     The fees of the arbitrator and all other costs that are unique to the arbitration process shall be paid by the  Company if and to the extent required by law. Otherwise, each party shall be solely responsible for paying  his/her/their/its own costs for the arbit ng party.       You understand and agree that claims must be brought by either you or the Company in your individual  capacity, not as plaintiffs or class members in any purported class or collective proceeding, and the  arbitrator shall not have the power to hear the arbitration as a class or collective action or otherwise  Class/Collective Action Waiver is found to be unenforceable, in whole or in part, any offending provisions  shall be severed from this Agreement.      To the greatest extent permitted by law, claims must be brought by either you or the Company in your  individual capacity, not as representatives in any representative proceeding, and the arbitrator shall not  Representative Action Waiver is found to be unenforceable, it shall be severed from this Agreement.  

 

Marco Terruzzin  November 10, 2022  Page 9 of 23      You and the Company agree and acknowledge that this agreement to arbitrate is supported by good and  at-will employment with the Company.   BY AGREEING TO SUBMIT THE CLAIMS TO ARBITRATION, YOU AND COMPANY ARE HEREBY WAIVING THE  RIGHT TO A TRIAL IN COURT, INCLUDING THE RIGHT TO A JURY TRIAL.    15. Reservation of Rights.  Nothing in this Agreement or the CNIAA shall prohibit you from: (a) discussing or  disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any  other conduct that you have reason to believe is unlawful or (b) speaking with or providing information to  law enforcement, the U.S. Securities and Exchange Commission, the United States Equal Employment  Opportunity Commission, and/or any other similar state or local fair employment practices agencies.    16. Indemnification.   will also execute the Indemnification Agreement applicable to officers.    17. Complete Agreement.  This Agreement, the CNIAA, and the attachments referenced herein, supersede and  replace any prior agreements, representations or understandings (whether written, oral, implied or  otherwise) between you and the Company including, but not limited to, any representations made during  your interviews, and constitute the complete agreement between you and the Company regarding the  subject matters set forth herein. This letter, including, but not limited to, its at-will employment provision,  may not be amended or modified, except by an express written agreement signed by both you and a duly  authorized officer of the Company.    18. Severability.  The invalidity, illegality, or unenforceability of any provision, subsections, or sentences  contained in of this Agreement, or any terms hereof, shall not affect the legality, validity or enforceability  of any other provision or term of this Agreement. This Agreement will be construed as if such invalid, illegal  or unenforceable provision had never been contained in this Agreement. If moreover, any one or more of  the provisions contained in this Agreement will for any reason be held to be excessively broad as to  duration, geographical scope, activity or subject, it will be construed by limiting and reducing it, so as to be  enforceable to the extent compatible with the applicable law as it will then appear.    For purposes of federal immigration law, you will be required to provide the Company documentary evidence of  your identity and eligibility for employment in the United States. Such documentation must be provided to us within  three (3) business days of your first day of employment with the Company, or our employment relationship with you  may be terminated. You should be aware that the Company participates in E-Verify, a federal government system  used to verify the employment authorization and social security number of each new employee.     By signing this Agreement, you acknowledge that the terms described in this Agreement, together with the CNIAA  and other attachments, set forth the entire understanding between you and the Company and supersedes any  prior representations or agreements, whether written or oral; there are no terms, conditions, representations,  warranties or covenants other than those contained herein. No term or provision of this letter may be amended  waived, released, discharged or modified except in writing, signed by you and an authorized officer of the  Company except that the Company may, in its sole discretion, adjust salaries, incentive compensation, benefits,  job titles, locations, duties, responsibilities, and reporting relationships.     We hope that you will accept our offer of employment set forth in this Agreement. After you have had an opportunity  to review this Agreement, kindly sign your name and the date at the end of this Agreement to signify your  understanding and acceptance of these terms.     

 

Marco Terruzzin  November 10, 2022  Page 10 of 23   To accept this offer, sign and return this Agreement within three (3) business days from the date of this letter. This  Agreement may be executed and delivered by facsimile signature, PDF or any electronic signature complying with  the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com)  DocuSign is preferred. If we do not receive a signed  copy of this Agreement, the offer reflected in this letter may be withdrawn.    Should you have any questions regarding this letter or the terms of your at-will employment with the Company,  please feel free to contact me.     Sincerely,         Gonca Icoren  Chief People Officer  Energy Vault Holdings, Inc.       Attachments  1. Employee Confidentiality, Non-Disclosure, and Inventions Assignment Agreement (with exhibits)    I have read and accept this employment offer.       {      SIGNATURE OF Marco Terruzzin    

 

Marco Terruzzin  November 10, 2022  Page 11 of 23   ATTACHMENT 1    ENERGY VAULT HOLDINGS, INC.    EMPLOYEE CONFIDENTIALITY, NON-DISCLOSURE, AND INVENTIONS ASSIGNMENT AGREEMENT    This Employee Confidential, Non-Disclosure, and Inventions Assignment Agreement  is  entered into as of the date of its execution Energy Vault Holdings, Inc. (the  Marco Terruzzin    In consideration of the promises and mutual covenants herein contained, and other good and valuable  consideration, the receipt and sufficiency of which is hereby acknowledged, it is mutually covenanted and agreed by  and between the parties as follows:  1. Confidential Information Protections.  a. Company Information; Nondisclosure.  Employee shall at all times during the term of  person, firm or corporation without written authorization of the Board, lecture upon, or publish any Confidential  Information (as defined herein) of the Company and its employees, except: (i) except as necessary in carrying out  ; (ii) to the extent a member of the Board of the Company expressly authorizes  such disclosure in writing; or (iii) as required by law, legal process, or as otherwise expressly permitted herein.  Information."  secrets or know-how, including, but not limited to, research, product plans, products, services, investors, business  partners, customer lists and customers (including, but not limited to, those of the Company on whom Employee has  developments, inventions, ideas, processes, formulas, technology, designs, drawings, engineering, hardware  configuration information, marketing, finances or other business information disclosed to Employee by the Company  or any of its employees, either directly or indirectly in writing, orally or by drawings or observation of parts or  equipment.  known and made generally available through no wrongful act of Employee or of others who were under  confidentiality obligations as to the item or items involved, or if Employee can prove such information was already   Further, pursuant to 18 U.S.C. §  1833(b), Employee shall not be held criminally or civilly liable under any Federal or State trade secret law for the  disclosure of a trade secret that: (1) is made in confidence to a Federal, State, or local government official, either  directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation  of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made  under seal. Further, Employee is hereby advised that an individual who files a lawsuit for retaliation by an employer  for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the  trade secret information in the court proceeding, if the individual: (a) files any document containing the trade secret  under seal; and (b) does not disclose the trade secret, except pursuant to court order.  b. Former Employer Information.   the Company, improperly use or disclose any confidential or proprietary information or trade secrets, if any, of any  former or concurrent employer or other person or entity to whom or to which Employee has an obligation of  confidentiality, and Employee shall not bring onto the premises of the Company any unpublished document,  property, or proprietary information belonging to any such employer, person or entity unless consented to in writing  by such employer, person or entity.  

 

Marco Terruzzin  November 10, 2022  Page 12 of 23   c. Third Party Information.  Employee shall hold all confidential or proprietary information  that the Company has received from any third party to whi confidentiality of such information  and to use it only for certain limited purposes in the  strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in    not disclose to anyone (other than Company personnel who need to know such information in connection with their  unless expressly authorized by the Chief Executive Officer of the Company in writing.    2. Inventions.  Employee hereby represents, warrants and covenants with respect to Prior Inventions or  Inventions (each, as defined below), as the case may be, as follows:    a. Inventions Retained and Licensed.  Attached hereto, as Exhibit A, is a list describing all  inventions, original works of authorship, developments, improvements, and trade secrets which were made by  which are not assigned to the Company hereunder; or, if no such list is attached, Employee hereby represents that  there are no such Prior Inventions.  uses or  incorporates into a product, process, service, or machine of Company or any of its wholly owned subsidiaries, a Prior  Invention owned by Employee or in which the Employee has an interest,  Inventions may block or interfere with, or may otherwise be required for, the Company is hereby granted and shall  have a nonexclusive, fully paid and royalty-free, irrevocable, perpetual, transferable, worldwide license, with rights  to sublicense through multiple levels of sublicensees, to make, reproduce, make derivative works of, distribute, use,  sell, import, have made, modify, use and sell such Prior Invention as part of or in connection with such product,  process or machine, to the fullest extent permitted by law. Employee represents and agrees that in the event of any  dispute regarding the creation or ownership of any invention, any such disputed invention that may relate to the  C conclusively demonstrate, beyond any question of doubt, that the invention in question was made by Employee or  assigned to, the Company. To the extent that any third parties have rights in any such Prior Inventions, Employee  hereby represents and warrants that such third party or parties have validly and irrevocably granted to Employee  the right to grant the license stated above.    b. Ownership.   Company, all inventions, discoveries and improvements, whether patentable or unpatentable, and all works of  authorship, whether copyrightable or uncopyrightable, made, developed, conceived, modified, acquired, devised,  equipment, supplies, facilities, trade secrets, Confidential Information or otherwise, and which relate to or pertain  in any way at the time of conception or reduction to practice of the invention or of creation of the work of authorship  to the business of the Company, or the actual or demonstrably anticipated research or development of the Company,  or which result from any work performed by Employee  promptly disclosed in writing by Employee to the Company, and whether disclosed or not, shall be the exclusive  property of the Company or its assignee(s).   c. Works for Hire.  Employee acknowledges that all Work Product shall be deemed and  g all rights of copyright, patent or otherwise,  in the United States and in all foreign countries, in any form or medium and in all fields of use now known or hereafter  

 

Marco Terruzzin  November 10, 2022  Page 13 of 23   existing, shall belong exclusively to the Company. Employee acknowledges that the Company is under no obligation  to Employee, monetary or otherwise, in connection with such Work for Hire.    d. Assignment.   ownership of any Work Product or Work for Hire described above in this Section 2, Employee hereby irrevocably  s that neither the  Company, nor its divisions or affiliates, are under further obligation, monetary or otherwise, to Employee for such  assignment. Employee agrees to assist the Company in every proper way to obtain, and from time to time enforce,  United States and foreign intellectual property rights and moral rights relating to Work Product or Works for Hire in  any and all countries. Employee agrees to execute, acknowledge and deliver to the Company, its successors and  assigns, all documentation, including, but not limited to, applications for patents and/or copyrights, as the Company  may deem necessary or desirable to obtain and perfect the interests of the Company, its successors and assigns, in  any and all countries, in such Work Product and/or Works for Hire, and to vest title thereto in the Company.  he Company with respect to intellectual  property rights relating to such Work Product and/or Works for Hire in any and all countries will continue beyond   In the event the Company is unable for any reason, after reasonable  Section, Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and  d file any such documents and to do all other lawfully permitted acts to  further the purposes of this Section with the same legal force and effect as if executed by Employee. Employee  hereby waives and quitclaims to the Company any and all claims, of any nature whatsoever, which Employee now  or may hereafter have for infringement of any intellectual property rights assigned under this Agreement to the  Company. Employee acknowledges that the Company is under no further obligation, monetary or otherwise, to  Employee in connection with any such assignment.  e. Excluded Inventions.  For employees who work for the Company in Delaware, Illinois,  Kansas, Minnesota, Nevada, North Carolina, Utah, and/or Washington, the assignment set forth in this Section 2  shall not apply to any invention that is covered by the provisions of any applicable specific inventions statute  the Inventions Assignment Notice attached hereto as Exhibit B.   f. Inventions Assigned to the United States.  Employee shall assign to the United States  required to be in the United States by a contract between the Company and the United States or any of its agencies.  g. Maintenance of Records.  Employee shall keep and maintain adequate and current  written records of all Confidential Information developed by the Employee and all Inventions made solely or jointly   The records will be in the form of notes,  sketches, drawings, and any other format that may be specified by the Company. The records will be available to  and remain the sole property of the Company at all times.    h. Obligation to Keep the Company Informed.  Any Employee who works for the Company  in Delaware, Illinois, Kansas, Minnesota, Nevada, North Carolina, Utah, and/or Washington agrees to advise the  Company promptly in writing of any inventions that Employee believes meet the criteria in any Specific Inventions  Law set forth in Exhibit B that Employee has not otherwise already disclosed on Exhibit A, during the period of  Employee will promptly disclose to the  within one (1) year after the termination of employment. The Company will keep in confidence and will not use for  any confidential information disclosed in writing  to the Company pursuant to this Agreement relating to inventions that qualify fully for protection under any  

 

Marco Terruzzin  November 10, 2022  Page 14 of 23   applicable Specific Inventions Law (if any). Employee will preserve the confidentiality of any invention that does not  fully qualify for protection under a Specific Inventions Law.    3. Duty of Loyalty During Employment.  To the fullest extent permitted by law, Employee agrees that  during the period of employment by the Company, Employee will not, withou consent, directly or indirectly engage in any employment or business activity which is directly or indirectly    4. No Conflicting Employment, Agreement, or Obligation.   performance of all the terms of this Agreement and as an employee of the Company does not and will not breach  any agreement to keep in confidence information acquired by Employee in confidence or in trust prior to  employment by the Company. Employee has not entered into, and Employee agrees not to enter into, any  and to the    engage in any other employment, occupation, consulting or other business activity directly related to the business  employment, nor will Employee engage in any other activities that conflict  Company.   5. Returning Company Documents.  At the time of leaving the employ of the Company, Employee  deliver to anyone else) any and all devices, records, data, notes, reports, proposals, lists, correspondence,  specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, social media  content, social media followers and social media access to password information, or reproductions of any  aforementioned  belonging to the Company, its successors or assigns, including, without limitation, those records maintained  pursuant to Section 2. Employee agrees not to copy, de Company computer or Company equipment before Employee returns it to the Company. In addition, if Employee  has used any personal computer, server, or e-mail system to receive, store, review, prepare or transmit any Company  information, including but not limited to, Confidential Information, Employee agrees to provide the Company with  a computer useable copy of all such Confidential Information and then permanently delete and expunge such  Confidential I system as reasonably requested to verify that the necessary copying and/or deletion is completed. Employee further  agrees that any property situated on the Compa with or without notice.   6. Notification of New Employer.  In the event that Employee leaves the employ of the Company,  rights and obligations under this Agreement.  7. Non-Solicitation of Employees.  Employee covenants that, for a period of twelve (12) months  yees  of any Company subsidiaries to leave their employment, or take away such employees, or attempt to solicit, induce,  recruit, encourage or take away their employees, either for Employee or for any other person or entity.  8. Conflict of Interest Guidelines.  Employee covenants that Employee shall diligently adhere to the  Conflict of Interest Guidelines attached as Exhibit C hereto.  

 

Marco Terruzzin  November 10, 2022  Page 15 of 23   9. Right to Advice of Counsel.  Employee acknowledges that Employee has had the right to consult    10. Successors and Assigns.   its successors, assigns, parent corporations, subsidiaries, affiliates, and purchasers, and will be binding upon    a.   Any successor to the Company (whether direct or indirect and  whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the  perform the obligations under this Agreement in the same manner and to the same extent as the Company would  be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the  the assumption agreement described in this subsection (a) or which becomes bound by the terms of this Agreement  by operation of law.  b.   Without the written consent of the Company, Employee shall  not assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity.  Notwithstanding the foregoing, the terms of this Agreement and all rights of Employee hereunder shall inure to the  benef successors, heirs, distributees, devisees and legatees.  11. Notice Clause.  a. Manner.  Any notice hereby required or permitted to be given shall be sufficiently given  if in writing and delivered in person or sent by facsimile, electronic mail, overnight courier or First Class mail, postage  prepaid, to either party at the address of such party or such other address as shall have been designated by written  notice by such party to the other party.   b. Effectiveness.  Any notice or other communication required or permitted to be given  under this Agreement will be deemed given (i) upon personal delivery to the party to be notified (ii) on the day when  delivered by electronic mail to the proper electronic mail address, (iii) when sent by confirmed facsimile if sent during  normal business hours of the recipient, if not, then on the next business day, (iv) the first business day after deposit  with a nationally recognized overnight courier, specifying next day delivery, or (v) the third business day after the  day on which such notice was mailed, as evidenced by the postmark, in accordance with this Section.  12. Legal and Equitable Remedies.   a. Employee agrees that it may be impossibl violation of this Agreement or any of its terms. Employee agrees that any threatened or actual violation of this  Agreement or any of its terms will constitute immediate and irreparable injury to the Company, and the Company  will have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other  equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have  for a breach or threatened breach of this Agreement.  b. To the extent Employee or the Company seek temporary or preliminary relief, Employee  agrees that if either the Company or Employee is successful in whole or in part in any such request, motion, or  application for legal or equitable relief to enforce this Agreement (including, but not limited to, a court or arbitrator  partially or fully granting any application, motion, or petition for injunctive relief, including, but not limited to, a  temporary restraining order, preliminary injunction, or permanent injunction), whether against or commenced by  Employee, the prevailing party will be entitled to recover from the other all costs, fees, or expenses it incurred at  s. A final resolution  

 

Marco Terruzzin  November 10, 2022  Page 16 of 23   of such dispute or a final judgment is not a prerequisite to the right to demand payment hereunder and such  amounts must be paid by the party against whom the legal or equitable relief has been obtained to the other party  within thirty (30) days after written notice of such demand. In the event the prevailing party demands only a portion  of such costs, fees, or expenses incurred, such demand shall be without prejudice to further demands for (i) the  remainder of any outstanding costs, fees, or expenses incurred, or (ii) costs, fees, or expenses incurred after the  prior demand.  13. Employment At-Will.  Employee agrees and understands that nothing in this Agreement will  -will employment status or confer any right with respect to continuation of employment by  employment at any time, with or without Cause or advance notice.  14. Waiver.  No waiver by the Company of any breach of this Agreement will be a waiver of any  preceding or succeeding breach. No waiver by the Company of any right under this Agreement will be construed as  a waiver of any other right. The Company will not be required to give notice to enforce strict adherence to all terms  of this Agreement.  15. Severability.  The invalidity, illegality, or unenforceability of any provision, subsections, or  sentences contained in this Agreement, or any terms hereof, shall not affect the legality, validity or enforceability of  any other provision or term of this Agreement. This Agreement will be construed as if such invalid, illegal or  unenforceable provision had never been contained in this Agreement. If moreover, any one or more of the provisions  contained in this Agreement will for any reason be held to be excessively broad as to duration, geographical scope,  activity or subject, it will be construed by limiting and reducing it, so as to be enforceable to the extent compatible  with the applicable law as it will then appear.  16. Integration.  This Agreement represents the entire agreement and understanding between the  parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written  or oral. No waiver, alteration, or modification of any of the provisions of this Agreement shall be binding unless in  writing and signed by duly authorized representatives of the parties hereto.  17. Governing Law.  This Agreement shall be governed by and construed in accordance with the  internal substantive laws, but not the choice of law rules, of the state where you are/were last employed by the  Company.  18. Survival.   the reason, and the assignment of this Agreement by the Company to any successor in interest or other assignee.  19. Entire Agreement.  This Agreement, together with any Exhibit(s) hereto (incorporated herein by  reference), is the final, complete and exclusive agreement between me and the Company with respect to the subject  matter of this Agreement and supersedes and merges all prior discussions between us; provided, however, prior to  the execution of this Agreement, if the Company and I were parties to any agreement regarding the subject matter  hereof, that agreement will be superseded by this Agreement prospectively only. No modification of or amendment  to this Agreement will be effective unless in writing and signed by the party to be charged. Any subsequent change  or changes in my duties, salary or compensation will not affect the validity or scope of this Agreement.  20. Protected Activity Not Prohibited.  Employee understands that nothing in this Agreement limits  or prohibits Employee from filing a charge or complaint with, or otherwise communicating or cooperating with or  participating in any investigation or proceeding that may be conducted by, any federal, state or local government  agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity  Commission,  the Occupational Safety and Health Administration, and the National Labor Relations Board  notice to, or receiving authorization from, the Company, discussing the terms and conditions of employment with  

 

Marco Terruzzin  November 10, 2022  Page 17 of 23   others to the extent expressly permitted by Section 7 of the National Labor Relations Act. Notwithstanding, in making  any such disclosures or communications, Employee agrees to take all reasonable precautions to prevent any  unauthorized use or disclosure of any information that may constitute Confidential Information to any parties other  than the Government Agencies. Further, Employee understand that nothing in this agreement prevents Employee  from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination  or any other conduct that Employee has reason to believe is unlawful. However, in the event of any subpoena or  by law, Employee agrees to provide the Company with notice (and a reasonable opportunity to object) before any  disclosure by Employee.  21. Counterparts.  This Agreement may be executed in any number of counterparts, each of which  shall be an original, and all of which together shall constitute one and the same instrument. This Agreement may  also be executed and delivered by facsimile signature, PDF or any electronic signature complying with the U.S.  federal ESIGN Act of 2000 (e.g., www.docusign.com).      IN WITNESS WHEREOF, Employee and the Company, hereby declare that they, and each of them, has read  the foregoing Employee Confidentiality, Non-Disclosure, and Inventions Assignment Agreement and understands  and acknowledges the significance and consequence of it, and has executed this Agreement, in the case of the  Company by their duly authorized officers, voluntarily and with full understanding of its consequences, as of the day  and year first above written.             ENERGY VAULT HOLDINGS, INC.      By:         Gonca Icoren  Chief People Officer              EMPLOYEE      Signature:          Marco Terruzzin  

 

Marco Terruzzin  November 10, 2022  Page 18 of 23   EXHIBIT A    LIST OF PRIOR INVENTIONS  AND ORIGINAL WORKS OF AUTHORSHIP    Title Date Identifying Number or Brief Description                                                                    _____ No inventions or improvements      _____ Additional Sheets Attached          Signature of Employee:  Marco Terruzzin    

 

Marco Terruzzin  November 10, 2022  Page 19 of 23   EXHIBIT B    INVENTIONS ASSIGNMENT NOTICE    If Employee is employed by the Company in the State of Delaware, the following provision applies:        Any provision in an employment agreement which provides that the employee shall assign or offer to assign any of  l not apply to an invention that the employee  ctual or demonstrably  anticipated research or development, or (ii) result from any work performed by the employee for the employer. To  the extent a provision in an employment agreement purports to apply to the type of invention described, it is against  the public policy of this State and is unenforceable. An employer may not require a provision of an employment  agreement made unenforceable under this section as a condition of employment or continued employment.    If Employee is employed by the Company in the State of Illinois, the following provision applies:    Illinois Compiled Statutes Chapter 765, Section 1060/2. Employee Patent Act.    Sec. 2.  Employee rights to inventions - conditions.  (1) A provision in an employment agreement which provides that  an empl apply to an invention for which no equipment, supplies, facilities, or trade secret information of the employer was  used and which was developed enti (b) the invention results from any work performed by the employee for the employer. Any provision which purports  to apply to such an invention is to that extent against the public policy of this State and is to that extent void and  unenforceable. The employee shall bear the burden of proof in establishing that his invention qualifies under this  subsection.    (2) An employer shall not require a provision made void and unenforceable by subsection (1) of this Section as a  condition of employment or continuing employment. This Act shall not preempt existing common law applicable to  any shop rights of employers with respect to employees who have not signed an employment agreement.    (3) If an employment agreement entered into after January 1, 1984, contains a provision requiring the employee to  rights in any invention to the employer, the employer must also, at the time the  agreement is made, provide a written notification to the employee that the agreement does not apply to an  invention for which no equipment, supplies, facility, or trade secret information of the employer was used and which  r (b) the invention  results from any work performed by the employee for the employer.    If Employee is employed by the Company in the State of Kansas, the following provision applies:    Chapter 44. LABOR AND INDUSTRIES      Article 1. Employment Agreements assigning employee rights in inventions to employer; restrictions; certain  provisions void; notice and disclosure - 44-130.       (a) Any provision in an employment agreement which provides that an employee shall assign or offer to assign any  

 

Marco Terruzzin  November 10, 2022  Page 20 of 23   of the employee supplies, facilities or trade secret information of the employer was used and which was developed entirely on the            (1)   T research or development; or           (2)   the invention results from any work performed by the employee for the employer.           (b)   Any provision in an employment agreement which purports to apply to an invention which it is prohibited  from applying to under subsection (a), is to that extent against the public policy of this state and is to that extent  void and unenforceable. No employer shall require a provision made void and unenforceable by this section as a  condition of employment or continuing employment.           (c)    rights in any invention to the employer, the employer shall provide, at the time the agreement is made, a written  notification to the employee that the agreement does not apply to an invention for which no equipment, supplies,  facility or trade secret information of the employe own time, unless:           (1)    anticipated research or development; or           (2)   the invention results from any work performed by the employee for the employer.           (d)   Even though the employee meets the burden of proving the conditions specified in this section, the employee  shall disclose, at the time of employment or thereafter, all inventions being developed by the employee, for the  purpose of determining employer and employee rights in an invention.       If Employee is employed by the Company in the State of Minnesota, the following provision applies:    Minnesota Statute Section 181.78. SUBDIVISION 1.     Inventions not related to employment. Any provision in an employment agreement which provides that an employee  invention for which no equipment, supplies, facility or trade secret information of the employer was used and which  nt, or (2) which does  not result from any work performed by the employee for the employer. Any provision which purports to apply to  such an invention is to that extent against the public policy of this State and is to that extent void and unenforceable.  Subdivision 3. If an employment agreement entered into after August 1, 1977 contains a provision requiring the  employee to assign or offer to assign any of the employee's rights in any invention to an employer, the employer  must also, at the time the agreement is made, provide a written notification to the employee that the agreement  does not apply to an invention for which no equipment, supplies, facility or trade secret information of the employer  was used and which was developed entirely on the employee's own time, and (1) which does not relate (a) directly  to the business of the employer or (b) to the employer's actual or demonstrably anticipated research or  development, or (2) which does not result from any work performed by the employee for the employer.    If Employee is employed by the Company in the State of Nevada, the following provision applies:    

 

Marco Terruzzin  November 10, 2022  Page 21 of 23   Nevada Revised Statutes Section 600.500. Employer is sole owner of patentable invention or trade secret  developed by employee.    Except as otherwise provided by express written agreement, an employer is the sole owner of any patentable  invention or trade secret developed by his or her employee during the course and scope of the employment that  relates directly to work performed during the course and scope of the employment.    If Employee is employed by the Company in the State of North Carolina, the following provision applies:    North Carolina General Statutes Section 66-      Any provision in an employment agreement which provides that the employees shall assign or offer to assign any of  his rights in an invention to his employer shall not apply to an invention that the employee developed entirely on   or trade secret information except for those  or (ii) result from any work performed by the employee for the employer. To the extent a provision in an employment  agreement purports to apply to the type of invention described, it is against the public policy of this State and in  unenforceable. The employee shall bear the burden of proof in establishing that his invention qualifies under this  section.      If Employee is employed by the Company in the State of Utah, the following provision applies:    Utah Code, §§ 34-39-2 (Employment Inventions Act) And 34-39-3 (Scope Of Act)    34-39-2.   Definitions. As used in this chapter:              (1)  or created by an employee which is:              (a) conceived, developed, reduced to practice, or created by the employee:              (i) within the scope of his or her employment;                             resources, or intellectual property;              (b) the result of any work, services, or duties performed by an employee for his or her employer;              (c) related to the industry or trade of the employer; or              (d) related to the current or demonstrably anticipated business, research, or development of the employer.              -how, technology, confidential  information, ideas, copyrights, trademarks, and service marks and any and all rights, applications, and registrations  relating to them.      34-39-3.   Scope of act -- When agreements between an employee and employer are enforceable or unenforceable  with respect to employment inventions -- Exceptions.              (1) An employment agreement between an employee and his or her employer is not enforceable against the  employee to the extent that the agreement requires the employee to assign or license, or to offer to assign or license,  to the employer any right or intellectual property in or to an invention that is:              (a) created by the employee entirely on his or her own time; and              (b) not an employment invention.              (2) An agreement between an employee and his employer may require the employee to assign or license, or  to offer to assign or license, to his or her employer any or all of his or her rights and intellectual property in or to an  employment invention.              (3) Subsection (1) does not apply to:  

 

Marco Terruzzin  November 10, 2022  Page 22 of 23               (a) any right, intellectual property or invention that is required by law or by contract between the employer  and the United States government or a state or local government to be assigned or licensed to the United States; or              (b) an agreement between an employee and his or her employer which is not an employment agreement.               and the employee receives a consideration under such agreement which is not compensation for employment.              (5) Employment of the employee or the continuation of his employment is sufficient consideration to support  the enforceability of an agreement under Subsection (2) whether or not the agreement recites such consideration.              (6) An employer may require his or her employees to agree to an agreement within the scope of Subsection  (2) as a condition of employment or the continuation of employment.              (7) An employer may not require his or her employees to agree to anything unenforceable under Subsection  (1) as a condition of employment or the continuation of employment.              (8) Nothing in this chapter invalidates or renders unenforceable any employment agreement or provisions of  an employment agreement unrelated to employment inventions.    If Employee is employed by the Company in the State of Washington, the following provision applies:    TITLE 49.  LABOR REGULATIONS - CHAPTER 49.44.  VIOLATIONS - PROHIBITED PRACTICES    (i) A provision in an employment agreement which provides that an employee shall assign or offer to  which no equipment, supplies, facilities, or trade secret information of the employer was used and  ly anticipated research  or development, or (b) the invention results from any work performed by the employee for the  employer. Any provision which purports to apply to such an invention is to that extent against the  public policy of this state and is to that extent void and unenforceable.     (ii) An employer shall not require a provision made void and unenforceable by subsection (1) of this section  as a condition of employment or continuing employment.    (iii) If an employment agreement entered into after September 1, 1979, contains a provision requiring the  also, at the time the agreement is made, provide a written notification to the employee that the  agreement does not apply to an invention for which no equipment, supplies, facility, or trade secret  unless (a) the invention relates (i) directly to the business of the employ actual or demonstrably anticipated research or development, or (b) the invention results from any  work performed by the employee for the employer.    

 

Marco Terruzzin  November 10, 2022  Page 23 of 23   EXHIBIT C    CONFLICT OF INTEREST GUIDELINES  It is the policy of Energy Vault Holdings, Inc.  the letter and spirit of the law and to adhere to the highest principles of business ethics. Accordingly, all officers,  employees and independent contractors must avoid activities which are in conflict, or give the appearance of being  in conflict, with these principles and with the interests of the Company. The following are potentially compromising  situations which must be avoided. Any exceptions must be reported to the President and written approval for  continuation must be obtained.       1. Revealing confidential information to outsiders or misusing confidential information.  Unauthorized divulging of information is a violation of this policy whether or not for personal gain  and whether or not harm to the Company is intended. (The Employee Confidentiality, Non- Disclosure, and Invention Assignment Agreement elaborates on this principle and is a binding  agreement.)  2. Accepting or offering substantial gifts, excessive entertainment, favors or payments which may be  deemed to constitute undue influence or otherwise be improper or embarrassing to the Company.  3. Participating in civic or professional organizations that might involve divulging confidential  information of the Company.  4. Initiating or approving personnel actions affecting reward or punishment of employees or  applicants where there is a family relationship or is or appears to be a personal or social  involvement.  5. Initiating or approving any form of personal or social harassment of employees.  6. Investing or holding outside directorship in suppliers, customers, or competing companies,  including financial speculations, where such investment or directorship might influence in any  manner a decision or course of action of the Company.  7. Borrowing from or lending to employees, customers or suppliers.  8. Acquiring real estate of interest to the Company.  9. Improperly using or disclosing to the Company any proprietary information or trade secrets of any  former or concurrent employer or other person or entity with whom obligations of confidentiality  exist.  10. Unlawfully discussing prices, costs, customers, sales or markets with competing companies or their  employees.  11. Making any unlawful agreement with distributors with respect to prices.  12. Improperly using or authorizing the use of any inventions which are the subject of patent claims  of any other person or entity.  13. Engaging in any conduct which is not in the best interest of the Company.    Each officer, employee and independent contractor must take every necessary action to ensure compliance  with these guidelines and to bring problem areas to the attention of higher management for review. Violations of  this conflict of interest policy may result in discharge without warning.a105energyvault-2022empl

Exhibit 10.5  US-DOCS\136942439.4  ENERGY VAULT HOLDINGS, INC.  2022 EMPLOYMENT INDUCEMENT AWARD PLAN  (AS ADOPTED ON NOVEMBER 14, 2022)  

 

    US-DOCS\136942439.4  ENERGY VAULT HOLDINGS, INC.  2022 EMPLOYMENT INDUCEMENT AWARD PLAN    ARTICLE 1.   INTRODUCTION.  The purpose of the Plan is to promote the long-term success of the Company and the  creation of stockholder value by (a) encouraging Eligible Individuals to focus on critical long- range corporate objectives, (b) encouraging the attraction and retention of Eligible Individuals  with exceptional qualifications and (c) linking Eligible Individuals directly to stockholder  interests through increased stock ownership.  The Plan seeks to achieve this purpose by  providing for Awards in the form of Options, SARs, Restricted Shares and Restricted Stock  Units.  Capitalized terms used in this Plan are defined in Article 14.  ARTICLE 2.   ADMINISTRATION.  2.1 General.  The Plan may be administered by the Board or one or more  Committees to which the Board (or an authorized Board committee) has delegated authority.  If  administration is delegated to a Committee, the Committee shall have the powers theretofore  possessed by the Board, including, to the extent permitted by applicable law, the power to  delegate to a subcommittee any of the administrative powers the Committee is authorized to  exercise (and references in this Plan to either the Board or the Administrator shall hereafter also  encompass the Committee or subcommittee, as applicable). The Board may abolish the  Committee’s delegation at any time and the Board shall at all times also retain the authority it  has delegated to the Committee.  The Administrator shall comply with rules and regulations  applicable to it, including under the rules of any exchange on which the Common Shares are  traded, and shall have the authority and be responsible for such functions as have been assigned  to it.  2.2 Section 16.  To the extent desirable to qualify transactions hereunder as exempt  under Exchange Act Rule 16b-3, the transactions contemplated hereunder will be approved by  the entire Board or a Committee of two or more “non-employee directors” within the meaning of  Exchange Act Rule 16b-3.  2.3 Powers of Administrator.  Subject to the terms of the Plan, and in the case of a  Committee, subject to the specific duties delegated to the Committee, the Administrator shall  have the authority to (a) select the Eligible Individuals who are to receive Awards under the  Plan, (b) determine the type, number, vesting requirements and other features and conditions of  such Awards, (c) interpret the Plan and Awards granted under the Plan, (d) determine whether,  when and to what extent an Award has become vested and/or exercisable and whether any  performance-based vesting conditions have been satisfied, (e) make, amend and rescind rules  relating to the Plan and Awards granted under the Plan, including rules relating to sub-plans  established for the purposes of satisfying applicable foreign laws or for qualifying for favorable  tax treatment under applicable foreign laws, (f) impose such restrictions, conditions or  limitations as it determines appropriate as to the timing and manner of any resales by a  Participant of any Common Shares issued pursuant to an Award, including restrictions under an  insider trading policy and restrictions as to the use of a specified brokerage firm for such resales,  and (g) make all other decisions relating to the operation of the Plan and Awards granted under  

 

    US-DOCS\136942439.4  the Plan.  The Administrator may adopt procedures from time to time that are intended to ensure  that an individual is an Eligible Individual prior to the granting of any Awards to such individual  (including without limitation a requirement that each such individuals certify to the Company  prior to the receipt of an Award that he or she is not currently employed by the Company or a  Subsidiary and, if previously so employed, has had a bona fide period of interruption of  employment, and that the grant of Awards is an inducement material to his or her agreement to  enter into employment with the Company or a Subsidiary.  In addition, with regard to the terms  and conditions of Awards granted to Eligible Individuals outside of the United States, the  Administrator may vary from the provisions of the Plan to the extent it determines it necessary  and appropriate to do so.  2.4 Effect of Administrator’s Decisions.  The Administrator’s decisions,  determinations and interpretations shall be final and binding on all interested parties.  2.5 Governing Law.  The Plan shall be governed by, and construed in accordance  with, the laws of the State of Delaware (except its choice-of-law provisions).    ARTICLE 3.   SHARES AVAILABLE FOR GRANTS.  3.1 Basic Limitation.  Common Shares issued pursuant to the Plan may be  authorized but unissued shares or treasury shares.  The aggregate number of Common Shares  issued under the Plan shall not exceed the sum of (a) 8,000,000 Common Shares, plus (b) the  additional Common Shares described in Article 3.2.  The Company shall reserve and keep  available such number of Common Shares as will be sufficient to satisfy the requirements of the  Plan.  The numerical limitations in this Article 3.1 shall be subject to adjustment pursuant to  Article 9.  3.2 Shares Returned to Reserve.  To the extent that Options, SARs, Restricted  Stock Units or other Awards are forfeited, cancelled or expire for any reason before being  exercised or settled in full, the Common Shares subject to such Awards shall again become  available for issuance under the Plan.  If SARs are exercised or Restricted Stock Units are  settled, then only the number of Common Shares (if any) actually issued to the Participant upon  exercise of such SARs or settlement of such Restricted Stock Units, as applicable, shall reduce  the number of Common Shares available under Article 3.1 and the balance shall again become  available for issuance under the Plan.  If Restricted Shares or Common Shares issued upon the  exercise of Options are reacquired by the Company pursuant to a forfeiture provision, repurchase  right or for any other reason, then such Common Shares shall again become available for  issuance under the Plan.  Common Shares applied to pay the Exercise Price of Options or to  satisfy tax withholding obligations related to any Award shall again become available for  issuance under the Plan.  To the extent that an Award is settled in cash rather than Common  Shares, the cash settlement shall not reduce the number of Common Shares available for  issuance under the Plan.    ARTICLE 4.   Employee Inducement Plan  4.1 Stockholder Approval Not Required.  It is expressly intended that approval of  the Company's stockholders not be required as a condition of the effectiveness of the Plan, and  the Plan's provisions shall be interpreted in a manner consistent with such intent for all purposes.  Specifically, NYSE Rule 303A.08 generally requires stockholder approval for equity  

 

    US-DOCS\136942439.4  compensation plans adopted by companies whose securities are listed on the New York Stock  Exchange that provide for the delivery of equity securities to any employees, directors or other  service providers of such companies as compensation for services. NYSE Rule 303A.08 provides  an exemption in certain circumstances for employment inducement awards. Notwithstanding  anything to the contrary herein, in accordance with NYSE Rule 303A.08, Awards may only be  granted as material inducements to Eligible Individuals being hired or rehired as Employees, as  applicable, and must be approved by (a) the Board, acting through a majority of the Company’s  Independent Directors or (b) the independent Compensation Committee of the Board.  Accordingly, pursuant to NYSE Rule 303A.08, the issuance of Awards and the Common Shares  issuable upon exercise or vesting of such Awards pursuant to the Plan is not subject to the  approval of the Company’s stockholders.  4.2 Action Required Upon Grant of Award. Promptly following the grant of an  Award, the Company shall, in accordance with NYSE Rule 303A.08, (a) issue a press release  disclosing the material terms of the Award, including the recipient(s) of the Award and the  number of Common Shares involved and (b) provide any required written notice to the New  York Stock Exchange of the grant.  ARTICLE 5.   OPTIONS.  5.1 Stock Option Agreement.  Each grant of an Option under the Plan shall be  evidenced by a Stock Option Agreement between the Optionee and the Company.  Such Option  shall be subject to all applicable terms of the Plan and may be subject to any other terms that are  not inconsistent with the Plan.  The provisions of the various Stock Option Agreements entered  into under the Plan need not be identical.    5.2 Number of Shares.  Each Stock Option Agreement shall specify the number of  Common Shares subject to the Option, which number shall adjust in accordance with Article 9.    5.3 Exercise Price.  Each Stock Option Agreement shall specify the Exercise Price,  which shall not be less than 100% of the Fair Market Value of a Common Share on the date of  grant.    5.4 Exercisability and Term.  Each Stock Option Agreement shall specify the date  or event when all or any installment of the Option is to become vested and/or exercisable.  The  vesting and exercisability conditions applicable to the Option may include service-based  conditions, performance-based conditions, such other conditions as the Administrator may  determine, or any combination of such conditions.  The Stock Option Agreement shall also  specify the term of the Option; provided that, except to the extent necessary to comply with  applicable foreign law, the term of an Option shall in no event exceed 10 years from the date of  grant.  A Stock Option Agreement may provide for accelerated vesting and/or exercisability  upon certain specified events and may provide for expiration prior to the end of its term in the  event of the termination of the Optionee’s service.    5.5 Death of Optionee.  After an Optionee’s death, any vested and exercisable  Options held by such Optionee may be exercised by his or her beneficiary or beneficiaries.  Each  Optionee may designate one or more beneficiaries for this purpose by filing the prescribed form  with the Company.  A beneficiary designation may be changed by filing the prescribed form with  the Company at any time before the Optionee’s death.  If no beneficiary was designated or if no  

 

    US-DOCS\136942439.4  designated beneficiary survives the Optionee, then any vested and exercisable Options held by  the Optionee may be exercised by his or her estate.  5.6 Modification or Assumption of Options.  Within the limitations of the Plan, the  Administrator may modify, reprice, extend or assume outstanding options or may accept the  cancellation of outstanding options (whether granted by the Company or by another issuer) in  return for the grant of new Options for the same or a different number of shares and at the same  or a different exercise price or in return for the grant of a different type of Award.  The foregoing  notwithstanding, no modification of an Option shall, without the consent of the Optionee,  materially impair his or her rights or obligations under such Option.  5.7 Buyout Provisions.  The Administrator may at any time (a) offer to buy out for a  payment in cash or cash equivalents an Option previously granted or (b) authorize an Optionee to  elect to cash out an Option previously granted, in either case at such time and based upon such  terms and conditions as the Administrator shall establish.  5.8 Payment for Option Shares.  The entire Exercise Price of Common Shares  issued upon exercise of Options shall be payable in cash or cash equivalents at the time when  such Common Shares are purchased.  In addition, the Administrator may, in its sole discretion  and to the extent permitted by applicable law, accept payment of all or a portion of the Exercise  Price through any one or a combination of the following forms or methods:  (a) Subject to any conditions or limitations established by the Administrator,  by surrendering, or attesting to the ownership of, Common Shares that are already owned by the  Optionee with a value on the date of surrender equal to the aggregate exercise price of the  Common Shares as to which such Option will be exercised;  (b) By delivering (on a form prescribed by the Company) an irrevocable  direction to a securities broker approved by the Company to sell all or part of the Common  Shares being purchased under the Plan and to deliver all or part of the sales proceeds to the  Company;    (c) Subject to such conditions and requirements as the Administrator may  impose from time to time, through a net exercise procedure; or  (d) Through any other form or method consistent with applicable laws,  regulations and rules.  ARTICLE 6.   STOCK APPRECIATION RIGHTS.  6.1 SAR Agreement.  Each grant of a SAR under the Plan shall be evidenced by a  SAR Agreement between the Optionee and the Company.  Such SAR shall be subject to all  applicable terms of the Plan and may be subject to any other terms that are not inconsistent with  the Plan.  The provisions of the various SAR Agreements entered into under the Plan need not be  identical.    6.2 Number of Shares.  Each SAR Agreement shall specify the number of Common  Shares to which the SAR pertains, which number shall adjust in accordance with Article 9.    

 

    US-DOCS\136942439.4  6.3 Exercise Price.  Each SAR Agreement shall specify the Exercise Price, which  shall in no event be less than 100% of the Fair Market Value of a Common Share on the date of  grant.  The preceding sentence shall not apply to a SAR that is a Substitute Award granted in a  manner that would satisfy the requirements of Code Section 409A.  6.4 Exercisability and Term.  Each SAR Agreement shall specify the date when all  or any installment of the SAR is to become vested and exercisable.  The vesting and  exercisability conditions applicable to the SAR may include service-based conditions,  performance-based conditions, such other conditions as the Administrator may determine, or any  combination thereof.  The SAR Agreement shall also specify the term of the SAR; provided that  except to the extent necessary to comply with applicable foreign law, the term of a SAR shall not  exceed 10 years from the date of grant.  A SAR Agreement may provide for accelerated vesting  and exercisability upon certain specified events and may provide for expiration prior to the end  of its term in the event of the termination of the Optionee’s service.    6.5 Exercise of SARs.  Upon exercise of a SAR, the Optionee (or any person having  the right to exercise the SAR after his or her death) shall receive from the Company (a) Common  Shares, (b) cash or (c) a combination of Common Shares and cash, as the Administrator shall  determine.  The amount of cash and/or the Fair Market Value of Common Shares received upon  exercise of SARs shall, in the aggregate, not exceed the amount by which the Fair Market Value  (on the date of surrender) of the Common Shares subject to the SARs exceeds the Exercise Price.   If, on the date when a SAR expires, the Exercise Price is less than the Fair Market Value on such  date but any portion of such SAR has not been exercised or surrendered, then such SAR shall  automatically be deemed to be exercised as of such date with respect to such portion.  A SAR  Agreement may also provide for an automatic exercise of the SAR on an earlier date.  6.6 Death of Optionee.  After an Optionee’s death, any vested and exercisable SARs  held by such Optionee may be exercised by his or her beneficiary or beneficiaries.  Each  Optionee may designate one or more beneficiaries for this purpose by filing the prescribed form  with the Company.  A beneficiary designation may be changed by filing the prescribed form with  the Company at any time before the Optionee’s death.  If no beneficiary was designated or if no  designated beneficiary survives the Optionee, then any vested and exercisable SARs held by the  Optionee at the time of his or her death may be exercised by his or her estate.  6.7 Modification or Assumption of SARs.  Within the limitations of the Plan, the  Administrator may modify, reprice, extend or assume outstanding stock appreciation rights or  may accept the cancellation of outstanding stock appreciation rights (whether granted by the  Company or by another issuer) in return for the grant of new SARs for the same or a different  number of shares and at the same or a different exercise price or in return for the grant of a  different type of Award.  The foregoing notwithstanding, no modification of a SAR shall,  without the consent of the Optionee, materially impair his or her rights or obligations under such  SAR.  ARTICLE 7.   RESTRICTED SHARES.  7.1 Restricted Stock Agreement.  Each grant of Restricted Shares under the Plan  shall be evidenced by a Restricted Stock Agreement between the recipient and the Company.   Such Restricted Shares shall be subject to all applicable terms of the Plan and may be subject to  

 

    US-DOCS\136942439.4  any other terms that are not inconsistent with the Plan.  The provisions of the various Restricted  Stock Agreements entered into under the Plan need not be identical.  7.2 Payment for Awards.  Restricted Shares may be sold or awarded under the Plan  for such consideration as the Administrator may determine, including (without limitation) cash,  cash equivalents, property, cancellation of other equity awards, promissory notes, past services  and future services, and such other methods of payment as are permitted by applicable law.    7.3 Vesting Conditions.  Each Award of Restricted Shares may or may not be subject  to vesting and/or other conditions as the Administrator may determine.  Vesting shall occur, in  full or in installments, upon satisfaction of the conditions specified in the Restricted Stock  Agreement.  Vesting conditions may include service-based conditions, performance-based  conditions, such other conditions as the Administrator may determine, or any combination  thereof.  A Restricted Stock Agreement may provide for accelerated vesting upon certain  specified events.  7.4 Voting and Dividend Rights.  The holders of Restricted Shares awarded under  the Plan shall have the same voting, dividend and other rights as the Company’s other  stockholders, unless the Administrator otherwise provides.  A Restricted Stock Agreement,  however, may require that any cash dividends paid on Restricted Shares (a) be accumulated and  paid when such Restricted Shares vest, or (b) be invested in additional Restricted Shares.  Such  additional Restricted Shares shall be subject to the same conditions and restrictions as the shares  subject to the Award with respect to which the dividends were paid.  In addition, unless the  Administrator provides otherwise, if any dividends or other distributions are paid in Common  Shares, such Common Shares shall be subject to the same restrictions on transferability and  forfeitability as the Restricted Shares with respect to which they were paid.  7.5 Modification or Assumption of Restricted Shares.  Within the limitations of the  Plan, the Administrator may modify or assume outstanding Restricted Shares or may accept the  cancellation of outstanding restricted shares (whether granted by the Company or by another  issuer) in return for the grant of new Restricted Shares for the same or a different number of  shares or in return for the grant of a different type of Award.  The foregoing notwithstanding, no  modification of Restricted Shares shall, without the consent of the Participant, materially impair  his or her rights or obligations under such Restricted Shares.  ARTICLE 8.   RESTRICTED STOCK UNITS.  8.1 Restricted Stock Unit Agreement.  Each grant of Restricted Stock Units under  the Plan shall be evidenced by a Restricted Stock Unit Agreement between the recipient and the  Company.  Such Restricted Stock Units shall be subject to all applicable terms of the Plan and  may be subject to any other terms that are not inconsistent with the Plan.  The provisions of the  various Restricted Stock Unit Agreements entered into under the Plan need not be identical.    8.2 Payment for Awards.  To the extent that an Award is granted in the form of  Restricted Stock Units, no cash consideration shall be required of the Award recipients.  8.3 Vesting Conditions.  Each Award of Restricted Stock Units may or may not be  subject to vesting, as determined by the Administrator.  Vesting shall occur, in full or in  installments, upon satisfaction of the conditions specified in the Restricted Stock Unit  Agreement.  Vesting conditions may include service-based conditions, performance-based  

 

    US-DOCS\136942439.4  conditions, such other conditions as the Administrator may determine, or any combination  thereof.  A Restricted Stock Unit Agreement may provide for accelerated vesting upon certain  specified events.    8.4 Voting and Dividend Rights.  The holders of Restricted Stock Units shall have  no voting rights.  Prior to settlement or forfeiture, Restricted Stock Units awarded under the Plan  may, at the Administrator’s discretion, provide for a right to dividend equivalents.  Such right  entitles the holder to be credited with an amount equal to all cash dividends paid on one  Common Share while the Restricted Stock Unit is outstanding.  Dividend equivalents may be  converted into additional Restricted Stock Units.  Settlement of dividend equivalents may be  made in the form of cash, in the form of Common Shares, or in a combination of both.  Prior to  distribution, any dividend equivalents shall be subject to the same conditions and restrictions as  the Restricted Stock Units to which they attach.  8.5 Form and Time of Settlement of Restricted Stock Units.  Settlement of vested  Restricted Stock Units may be made in the form of (a) cash, (b) Common Shares or (c) any  combination of both, as determined by the Administrator.  The actual number of Restricted Stock  Units eligible for settlement may be larger or smaller than the number included in the original  Award, based on predetermined performance factors.  Methods of converting Restricted Stock  Units into cash may include (without limitation) a method based on the average value of  Common Shares over a series of trading days.  Vested Restricted Stock Units shall be settled in  such manner and at such time(s) as specified in the Restricted Stock Unit Agreement.  Until an  Award of Restricted Stock Units is settled, the number of such Restricted Stock Units shall be  subject to adjustment pursuant to Article 9.  8.6 Death of Recipient.  Any Restricted Stock Units that become payable after the  recipient’s death shall be distributed to the recipient’s beneficiary or beneficiaries.  Each  recipient of Restricted Stock Units under the Plan may designate one or more beneficiaries for  this purpose by filing the prescribed form with the Company.  A beneficiary designation may be  changed by filing the prescribed form with the Company at any time before the Award  recipient’s death.  If no beneficiary was designated or if no designated beneficiary survives the  Award recipient, then any Restricted Stock Units that become payable after the recipient’s death  shall be distributed to the recipient’s estate.  8.7 Modification or Assumption of Restricted Stock Units.  Within the limitations  of the Plan, the Administrator may modify or assume outstanding restricted stock units or may  accept the cancellation of outstanding restricted stock units (whether granted by the Company or  by another issuer) in return for the grant of new Restricted Stock Units for the same or a different  number of shares or in return for the grant of a different type of Award.  The foregoing  notwithstanding, no modification of a Restricted Stock Unit shall, without the consent of the  Participant, materially impair his or her rights or obligations under such Restricted Stock Unit.  8.8 Creditors’ Rights.  A holder of Restricted Stock Units shall have no rights other  than those of a general creditor of the Company.  Restricted Stock Units represent an unfunded  and unsecured obligation of the Company, subject to the terms and conditions of the applicable  Restricted Stock Unit Agreement.  

 

    US-DOCS\136942439.4  ARTICLE 9.   ADJUSTMENTS; DISSOLUTIONS AND LIQUIDATIONS; CORPORATE  TRANSACTIONS.  9.1 Adjustments.  In the event of a subdivision of the outstanding Common Shares, a  declaration of a dividend payable in Common Shares, a combination or consolidation of the  outstanding Common Shares (by reclassification or otherwise) into a lesser number of Common  Shares or any other increase or decrease in the number of issued Common Shares effected  without receipt of consideration by the Company, proportionate adjustments shall be made to the  following:  (a) The number and kind of shares available for issuance under Article 3,  including the numerical share limits in Articles 3.1 and 3.5;  (b) The number and kind of shares covered by each outstanding Option, SAR  and Restricted Stock Unit; and/or  (c) The Exercise Price applicable to each outstanding Option and SAR, and  the repurchase price, if any, applicable to Restricted Shares.  In the event of a declaration of an extraordinary dividend payable in a form other than Common  Shares in an amount that has a material effect on the price of Common Shares, a recapitalization,  a spin-off or a similar occurrence, the Administrator may make such adjustments as it, in its sole  discretion, deems appropriate to the foregoing.  Any adjustment in the number of shares subject  to an Award under this Article 9.1 shall be rounded down to the nearest whole share, although  the Administrator in its sole discretion may make a cash payment in lieu of a fractional share.   Except as provided in this Article 9, a Participant shall have no rights by reason of any issuance  by the Company of stock of any class or securities convertible into stock of any class, any  subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or  any other increase or decrease in the number of shares of stock of any class.  9.2 Dissolution or Liquidation.  To the extent not previously exercised or settled,  Options, SARs and Restricted Stock Units shall terminate immediately prior to the dissolution or  liquidation of the Company.  9.3 Corporate Transactions.  In the event that the Company is a party to a merger,  consolidation, or a Change in Control (other than one described in Article 14.7(d)), all Common  Shares acquired under the Plan and all Awards outstanding on the effective date of the  transaction shall be treated in the manner described in the definitive transaction agreement (or, in  the event the transaction does not entail a definitive agreement to which the Company is party, in  the manner determined by the Administrator, with such determination having final and binding  effect on all parties), which agreement or determination need not treat all Awards (or portions  thereof) in an identical manner. Unless an Award Agreement provides otherwise, the treatment  specified in the transaction agreement or by the Administrator may include (without limitation)  one or more of the following with respect to each outstanding Award:  (a) The continuation of such outstanding Award by the Company (if  the Company is the surviving entity);  

 

    US-DOCS\136942439.4  (b) The assumption of such outstanding Award by the surviving entity  or its parent, provided that the assumption of an Option or a SAR shall comply  with applicable tax requirements;  (c) The substitution by the surviving entity or its parent of an  equivalent award for such outstanding Award (including, but not limited to, an  award to acquire the same consideration paid to the holders of Common Shares in  the transaction), provided that the substitution of an Option or a SAR shall  comply with applicable tax requirements;  (d) In the case of an Option or SAR, the cancellation of such Award  without payment of any consideration. An Optionee shall be able to exercise his  or her outstanding Option or SAR, to the extent such Option or SAR is then  vested or becomes vested as of the effective time of the transaction, during a  period of not less than five full business days preceding the closing date of the  transaction, unless (i) a shorter period is required to permit a timely closing of the  transaction and (ii) such shorter period still offers the Optionee a reasonable  opportunity to exercise such Option or SAR;   (e) The cancellation of such Award and a payment to the Participant  with respect to each share subject to the portion of the Award that is vested or  becomes vested as of the effective time of the transaction equal to the excess of  (A) the value, as determined by the Administrator in its absolute discretion, of the  property (including cash) received by the holder of a Common Share as a result of  the transaction, over (if applicable) (B) the per-share Exercise Price of such  Award (such excess, if any, the “Spread”).  Such payment shall be made in the  form of cash, cash equivalents, or securities of the surviving entity or its parent  having a value equal to the Spread.  In addition, any escrow, holdback, earn-out or  similar provisions in the transaction agreement may apply to such payment to the  same extent and in the same manner as such provisions apply to the holders of  Common Shares.  If the Spread applicable to an Award (whether or not vested)  is zero or a negative number, then the Award may be cancelled without making a  payment to the Participant. In the event that an Award is subject to Code Section  409A, the payment described in this clause (e) shall be made on the settlement  date specified in the applicable Award Agreement, provided that settlement may  be accelerated in accordance with Treasury Regulation Section 1.409A-3(j)(4); or  (f) The assignment of any reacquisition or repurchase rights held by  the Company in respect of an Award of Restricted Shares to the surviving entity  or its parent, with corresponding proportionate adjustments made to the price per  share to be paid upon exercise of any such reacquisition or repurchase rights.  Unless an Award Agreement provides otherwise, each outstanding Award held by a Participant  who remains a Service Provider as of the effective time of a merger, consolidation or Change in  Control (other than one described in Article 14.7(d)) (a “Current Participant”) shall become  fully vested and, if applicable, exercisable (with any performance-based vesting conditions  applicable to an Award deemed achieved at 100% of target levels) immediately prior to the  effective time of the transaction.  However, the prior sentence shall not apply, and an outstanding  Award shall not become vested and, if applicable, exercisable, if and to the extent the Award is  

 

    US-DOCS\136942439.4  continued, assumed or substituted as provided for in clauses (a), (b) or (c) above.   In addition,  the prior two sentences shall not apply to an Award held by a Participant who is not a Current  Participant, unless an Award Agreement provides otherwise or unless the Company and the  acquirer agree otherwise.  For avoidance of doubt, the Administrator shall have the discretion, exercisable either at the time  an Award is granted or at any time while the Award remains outstanding, to provide for the  acceleration of vesting upon the occurrence of a Change in Control, whether or not the Award is  to be assumed or replaced in the transaction, or in connection with a termination of the  Participant’s service following a transaction.    Any action taken under this Article 9.3 shall either preserve a Award’s status as exempt from  Code Section 409A or comply with Code Section 409A.  ARTICLE 10.   OTHER AWARDS.    Subject in all events to the limitations under Article 3 above as to the number of Common  Shares available for issuance under this Plan, the Company may grant other forms of Awards not  specifically described herein and may grant awards under other plans or programs, where such  awards are settled in the form of Common Shares issued under this Plan.  Such Common Shares  shall be treated for all purposes under the Plan like Common Shares issued in settlement of  Restricted Stock Units and shall, when issued, reduce the number of Common Shares available  under Article 3.  ARTICLE 11.   LIMITATION ON RIGHTS.  11.1 Retention Rights.  Neither the Plan nor any Award granted under the Plan shall  be deemed to give any individual a right to remain a Service Provider.  The Company and its  Parents, Subsidiaries and Affiliates reserve the right to terminate the service of any Service  Provider at any time, with or without cause, subject to applicable laws, the Company’s certificate  of incorporation and by-laws and a written employment agreement (if any).  11.2 Stockholders’ Rights.  Except as set forth in Article 7.4 or 8.4 above, a  Participant shall have no dividend rights, voting rights or other rights as a stockholder with  respect to any Common Shares covered by his or her Award prior to the time when a stock  certificate for such Common Shares is issued or, if applicable, the time when he or she becomes  entitled to receive such Common Shares by filing any required notice of exercise and paying any  required Exercise Price.  No adjustment shall be made for cash dividends or other rights for  which the record date is prior to such time, except as expressly provided in the Plan.  11.3 Regulatory Requirements.  Any other provision of the Plan notwithstanding, the  obligation of the Company to issue Common Shares under the Plan shall be subject to all  applicable laws, rules and regulations and such approval by any regulatory body as may be  required.  The Company reserves the right to restrict, in whole or in part, the delivery of  Common Shares pursuant to any Award prior to the satisfaction of all legal requirements relating  to the issuance of such Common Shares, to their registration, qualification or listing or to an  exemption from registration, qualification or listing.  The inability of the Company to obtain  authority from any regulatory body having jurisdiction, which authority is deemed necessary by  the Company’s counsel to be necessary to the lawful issuance and sale of any Common Shares  

 

    US-DOCS\136942439.4  hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such  Common Shares as to which such requisite authority will not have been obtained.  11.4 Transferability of Awards.  The Administrator may, in its sole discretion, permit  transfer of an Award in a manner consistent with applicable law.  Unless otherwise determined  by the Administrator, Awards shall be transferable by a Participant only by (a) beneficiary  designation, (b) a will or (c) the laws of descent and distribution.  11.5 Recoupment Policy.  All Awards granted under the Plan, all amounts paid under  the Plan and all Common Shares issued under the Plan shall be subject to recoupment, clawback  or recovery by the Company in accordance with applicable law and with Company policy  (whenever adopted) regarding same, whether or not such policy is intended to satisfy the  requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the  Sarbanes-Oxley Act, or other applicable law, as well as any implementing regulations and/or  listing standards thereunder.  11.6 Other Conditions and Restrictions on Common Shares.  Any Common Shares  issued under the Plan shall be subject to such forfeiture conditions, rights of repurchase, rights of  first refusal, other transfer restrictions and such other terms and conditions as the Administrator  may determine.  Such conditions and restrictions shall be set forth in the applicable Award  Agreement and shall apply in addition to any restrictions that may apply to holders of Common  Shares generally.  In addition, Common Shares issued under the Plan shall be subject to such  conditions and restrictions imposed either by applicable law or by Company policy, as adopted  from time to time, designed to ensure compliance with applicable law or laws with which the  Company determines in its sole discretion to comply including in order to maintain any statutory,  regulatory or tax advantage.   ARTICLE 12.   TAXES.  12.1 General.  It is a condition to each Award under the Plan that a Participant or his  or her successor shall make arrangements satisfactory to the Company for the satisfaction of any  federal, state, local or foreign withholding tax obligations that arise in connection with any  Award granted under the Plan.  The Company shall not be required to issue any Common Shares  or make any cash payment under the Plan unless such obligations are satisfied.  12.2 Share Withholding.  To the extent that applicable law subjects a Participant to  tax withholding obligations, the Administrator may permit such Participant to satisfy all or part  of such obligations by having the Company withhold all or a portion of any Common Shares that  otherwise would be issued to him or her or by surrendering all or a portion of any Common  Shares that he or she previously acquired.  Such Common Shares shall be valued on the date  when they are withheld or surrendered.  Any payment of taxes by assigning Common Shares to  the Company may be subject to restrictions including any restrictions required by the SEC,  accounting or other rules.  12.3 Section 409A Matters.  Except as otherwise expressly set forth in an Award  Agreement, it is intended that Awards granted under the Plan either be exempt from, or comply  with, the requirements of Code Section 409A.  To the extent an Award is subject to Code Section  409A (a “409A Award”), the terms of the Plan, the Award and any written agreement governing  the Award shall be interpreted to comply with the requirements of Code Section 409A so that the  

 

    US-DOCS\136942439.4  Award is not subject to additional tax or interest under Code Section 409A, unless the  Administrator expressly provides otherwise.  A 409A Award shall be subject to such additional  rules and requirements as specified by the Administrator from time to time in order for it to  comply with the requirements of Code Section 409A.  In this regard, if any amount under a 409A  Award is payable upon a “separation from service” to an individual who is considered a  “specified employee” (as each term is defined under Code Section 409A), then no such payment  shall be made prior to the date that is the earlier of (i) six months and one day after the  Participant’s separation from service or (ii) the Participant’s death, but only to the extent such  delay is necessary to prevent such payment from being subject to Code Section 409A(a)(1).    12.4 Limitation on Liability.  Neither the Company nor any person serving as  Administrator shall have any liability to a Participant in the event an Award held by the  Participant fails to achieve its intended characterization under applicable tax law.  ARTICLE 13.   FUTURE OF THE PLAN.  13.1 Term of the Plan.  The Plan, as set forth herein, shall become effective on the   date of its adoption by the Board.  The Plan shall terminate automatically 10 years after the date  when the Board adopted the Plan, but Awards previously granted may extend beyond that date in  accordance with the Plan.    13.2 Amendment or Termination.  The Board may, at any time and for any reason,  amend or terminate the Plan.  No Awards shall be granted under the Plan after the termination  thereof.  The termination of the Plan, or any amendment thereof, shall not affect any Award  previously granted under the Plan.  ARTICLE 14.   DEFINITIONS.  14.1 “Administrator” means the Board or any Committee administering the Plan in  accordance with Article 2.  14.2 “Affiliate” means any entity other than a Subsidiary, if the Company and/or one  or more Subsidiaries own not less than 50% of such entity.   14.3 “Award” means any award granted under the Plan, including as an Option, a  SAR, a Restricted Share award, a Restricted Stock Unit award or another form of equity-based  compensation award.   14.4 “Award Agreement” means a Stock Option Agreement, a SAR Agreement, a  Restricted Stock Agreement, a Restricted Stock Unit Agreement or such other agreement  evidencing an Award granted under the Plan.  14.5 “Board” means the Company’s Board of Directors, as constituted from time to  time and, where the context so requires, reference to the “Board” may refer to a Committee to  whom the Board has delegated authority to administer any aspect of this Plan.  14.6 “Change in Control” means:  (a) Any “person” (as such term is used in Sections 13(d) and 14(d) of the  Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act),  

 

    US-DOCS\136942439.4  directly or indirectly, of securities of the Company representing more than fifty percent (50%) of  the total voting power represented by the Company’s then-outstanding voting securities;   (b) The consummation of the sale or disposition by the Company of all or  substantially all of the Company’s assets;   (c) The consummation of a merger or consolidation of the Company with or  into any other entity, other than a merger or consolidation which would result in the voting  securities of the Company outstanding immediately prior thereto continuing to represent (either  by remaining outstanding or by being converted into voting securities of the surviving entity or  its parent) more than fifty percent (50%) of the total voting power represented by the voting  securities of the Company or such surviving entity or its parent outstanding immediately after  such merger or consolidation; or  (d) Individuals who are members of the Board (the “Incumbent Board”)  cease for any reason to constitute at least a majority of the members of the Board over a period  of 12 months; provided, however, that if the appointment or election (or nomination for election)  of any new Board member was approved or recommended by a majority vote of the members of  the Incumbent Board then still in office, such new member shall, for purposes of this Plan, be  considered as a member of the Incumbent Board.  A transaction shall not constitute a Change in Control if its sole purpose is to change the state of  the Company’s incorporation or to create a holding company that will be owned in substantially  the same proportions by the persons who held the Company’s securities immediately before such  transaction.  In addition, if a Change in Control constitutes a payment event with respect to any  Award which provides for a deferral of compensation and is subject to Code Section 409A, then  notwithstanding anything to the contrary in the Plan or applicable Award Agreement the  transaction with respect to such Award must also constitute a “change in control event” as  defined in Treasury Regulation Section 1.409A-3(i)(5) to the extent required by Code Section  409A.    14.7 “Code” means the Internal Revenue Code of 1986, as amended.  14.8 “Committee” means a committee of one or more members of the Board,  or of other individuals satisfying applicable laws, appointed by the Board to administer the Plan.    14.9 “Common Share” means one share of the Company’s Common Stock.  14.10 “Company” means Energy Vault Holdings, Inc., a Delaware corporation.  14.11 “Consultant” means a consultant or adviser who provides bona fide  services to the Company, a Parent, a Subsidiary or an Affiliate as an independent contractor and  who qualifies as a consultant or advisor under Instruction A.1.(a)(1) of Form S-8 under the  Securities Act.  14.12 “Director” means a Board member.  14.1 “Eligible Individual” means any individual hired as a new Employee or  rehired as an Employee following a bona fide period of interruption of employment if such  

 

    US-DOCS\136942439.4  person is granted an Award as a material inducement to his or her entering into employment with  the Company or a Subsidiary (within the meaning of NYSE Rule 303A.08).  14.2 “Employee” means a common-law employee of the Company, a Parent, a  Subsidiary or an Affiliate.  14.3 “Exchange Act” means the Securities Exchange Act of 1934, as amended.  14.4 “Exercise Price,” in the case of an Option, means the amount for which  one Common Share may be purchased upon exercise of such Option, as specified in the  applicable Stock Option Agreement.  “Exercise Price,” in the case of a SAR, means an amount,  as specified in the applicable SAR Agreement, which is subtracted from the Fair Market Value  of one Common Share in determining the amount payable upon exercise of such SAR.  14.5 “Fair Market Value” means the closing price of a Common Share on any  established stock exchange or a national market system on the applicable date or, if the  applicable date is not a trading day, on the last trading day prior to the applicable date, as  reported in a source that the Administrator deems reliable.  If Common Shares are not traded on  an established stock exchange or a national market system, the Fair Market Value shall be  determined by the Administrator in good faith on such basis as it deems appropriate.  The  Administrator’s determination shall be conclusive and binding on all persons.  Notwithstanding  the foregoing, the determination of Fair Market Value in all cases shall be in accordance with the  requirements set forth under Section 409A of the Code to the extent necessary for an Award to  comply with, or be exempt from, Section 409A of the Code.  14.6 “Independent Director” means a director who qualifies as “independent”  within the meaning of New York Stock Exchange Rule 303A.02, or any successor rule, as such  rule may be amended from time to time.  14.7 “NYSE Rule 303A.08” means New York Stock Exchange Rule 303A.08,  or any successor rule, and all guidance and other interpretative authority thereunder, as such rule,  guidance and other authority may be amended from time to time.  14.8 “NSO” means a stock option not described in Code Sections 422 or 423.  14.9 “Option” means a NSO granted under the Plan and entitling the holder to  purchase Common Shares.  14.10 “Optionee” means an individual or estate holding an Option or SAR.  14.11 “Outside Director” means a member of the Board who is not an  Employee.  14.12 “Parent” means any corporation (other than the Company) in an unbroken  chain of corporations ending with the Company, if each of the corporations other than the  Company owns stock possessing 50% or more of the total combined voting power of all classes  of stock in one of the other corporations in such chain.  A corporation that attains the status of a  Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of  such date.  

 

    US-DOCS\136942439.4  14.13 “Participant” means an Eligible Individual who has been granted an  Award.  14.14 “Plan” means this Energy Vault Holdings, Inc. 2022 Employment  Inducement Award Plan, as it may be amended and/or restated from time to time.  14.15 “Restricted Share” means a Common Share awarded under Article 7 of  the Plan.  14.16 “Restricted Stock Agreement” means the agreement consistent with the  terms of the Plan between the Company and the recipient of a Restricted Share that contains the  terms, conditions and restrictions pertaining to such Restricted Share.  14.17 “Restricted Stock Unit” means a bookkeeping entry representing the  equivalent of one Common Share, as awarded under the Plan.  14.18 “Restricted Stock Unit Agreement” means the agreement consistent with  the terms of the Plan between the Company and the recipient of a Restricted Stock Unit that  contains the terms, conditions and restrictions pertaining to such Restricted Stock Unit.  14.19 “SAR” means a stock appreciation right granted under the Plan.  14.20 “SAR Agreement” means the agreement consistent with the terms of the  Plan between the Company and an Optionee that contains the terms, conditions and restrictions  pertaining to his or her SAR.  14.21 “Securities Act” means the Securities Act of 1933, as amended.  14.22 “Service Provider” means any individual who is an Employee, Outside  Director or Consultant, including any prospective Employee, Outside Director or Consultant who  has accepted an offer of employment or service and will be an Employee, Outside Director or  Consultant after the commencement of their service.  14.23 “Stock Option Agreement” means the agreement consistent with the  terms of the Plan between the Company and an Optionee that contains the terms, conditions and  restrictions pertaining to his or her Option.  14.24 “Subsidiary” means any corporation (other than the Company) in an  unbroken chain of corporations beginning with the Company, if each of the corporations other  than the last corporation in the unbroken chain owns stock possessing 50% or more of the total  combined voting power of all classes of stock in one of the other corporations in such chain.  A  corporation that attains the status of a Subsidiary on a date after the adoption of the Plan shall be  considered a Subsidiary commencing as of such date.  ARTICLE 15.   LANGUAGE  15.1 The parties hereto acknowledge that they have requested and are satisfied  that this document and all related documents be drawn up in the English language.

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