Document:

Exhibit 10.5

 

AMENDED AND RESTATED SPONSOR RESTRICTED STOCK
AGREEMENT

 

This AMENDED AND RESTATED
RESTRICTED STOCK AGREEMENT, dated as of February 11, 2022 (“Agreement”), by and among NOVUS CAPITAL CORPORATION II,
a Delaware corporation (“Novus”), the stockholders of Novus listed on Exhibit A hereto (the “Stockholders”)
and Energy Vault, Inc., a Delaware corporation (the “Company”).

 

WHEREAS, Novus was formed
for the purpose of completing a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar
business combination with one or more businesses or entities.

 

WHEREAS, 7,187,500 shares
of common stock of Novus, par value $0.0001 per share, (“Novus Common Stock”) are held by the Stockholders (the “Founders
Shares”).

 

WHEREAS, reference is made
to the Investment Management Agreement (“Investment Management Agreement”) between Novus and Continental Stock Transfer
 & Trust Company, a New York corporation, Novus’ transfer agent, as Trustee (“CST”) dated February 3, 2021
pursuant to which the Trustee holds the trust account consisting of $287,500,000 together with additional property as described in the
Investment Management Trust Agreement (the “Trust Account”) for the benefit of Novus and its public stockholders.

 

WHEREAS, Novus, NCCII Merger
Corp., a Delaware corporation and wholly owned subsidiary of Novus (“Merger Sub”), and the Company have entered into
a business combination agreement and plan of reorganization (the “BCA”; terms used but not defined in this Agreement
shall have the meanings ascribed to them in the BCA), which provides, among other things, that, upon the terms and subject to the conditions
thereof, Merger Sub will be merged with and into the Company (the “Merger”), with the Company surviving the Merger
as a wholly owned subsidiary of Novus.

 

WHEREAS, the Stockholders
are entering into this Agreement as a condition of, and as a material inducement for the Company to enter into and consummate the transactions
contemplated by the BCA, including the Closing of the Merger.

 

WHEREAS, upon the Closing
of the Merger, the Restricted Shares will be placed in escrow pursuant to an escrow agreement by and among Novus, the Stockholders and
CST, as escrow agent (the “Escrow Agreement”).

 

WHEREAS, as a condition of,
and as a material inducement for the Company to enter into and consummate the transactions contemplated by the BCA, Novus and the Stockholders
have entered into a Stockholder Support Agreement, dated as of September 8, 2021 (the “Support Agreement”) and are
entering into a Sponsor Lock-Up Agreement, dated on or about the date hereof (the “Lock-Up Agreement”).

 

WHEREAS, in exchange for accepting
an additional $50 million of PIPE Investment, the parties have agreed to amend the terms of this Agreement.

 

     

     

    

 

1.             Forfeiture
by of Founder Shares. Novus and each Stockholder agree that effective upon the Closing, the Stockholders shall irrevocably and automatically
forfeit and surrender to Novus for cancellation, for no additional consideration and without action on the part of any other person,
an aggregate of 718,750 Founder Shares (the “Forfeited Shares”). The number of shares of Common Stock each Stockholder shall
forfeit as Forfeiture Shares shall be determined on a pro rata basis, relative to the number of Founder Shares owned by each Stockholder
immediately prior to the Closing, such that a number of Founder Shares held by each Stockholder equal to (i) the product of the aggregate
number of Forfeited Shares and (ii) a fraction equal to the aggregate number of Founder Shares held by such Stockholder immediately prior
to the Closing, divided by 7,187,500 as set forth on Exhibit A hereto shall be subject to the restrictions set forth in this Agreement.

 

2.             Share
Restriction. The Company, Novus and the Stockholders hereby agree that concurrently with the Closing, the Founders Shares (other
than those Founders Shares forfeited pursuant to Section 2) shall be held in escrow pursuant to the Escrow Agreement and that Novus shall
instruct CST that the Restricted Shares (as defined below) shall be subject to potential forfeiture until vested in accordance with Section
4 and the further restrictions on transfer set forth in this Agreement the Sponsor Support Agreement and the Lock-Up Agreement.

 

3.             Restricted
Shares.

 

3.1              Novus
and each Stockholder agree that the Aggregate Number of Restricted Shares shall be subject to the restrictions set forth in this Agreement
(“Restricted Shares”). The number of Restricted Shares of each Stockholder shall be determined on a pro rata basis,
relative to the number of Founders Shares owned by each Stockholder immediately prior to the Closing, such that a number of Founder Shares
equal to (i) the product of the Aggregate Number of Restricted Shares and (ii) a fraction equal to the aggregate number of Founder Shares
held by such Stockholder immediately prior to the Closing, divided by 7,187,500 as set forth on Exhibit A hereto shall be subject
to the restrictions set forth in this Agreement. The Stockholders acknowledge that the Restricted Shares will be legended to reflect
the transfer restrictions applicable to the Restricted Shares under this Agreement.

 

3.2              The Aggregate Number of Restricted Shares shall be 4,851,562. The Founders Shares means the 7,187,500 shares of common stock of
Novus held by the Stockholders.

 

3.3             
Legends. The books and records of Novus evidencing the Restricted Shares shall be stamped or otherwise imprinted with a
legend (the “Legend”) in substantially the following form:

 

THE SECURITIES EVIDENCED
HEREIN ARE SUBJECT TO RESTRICTIONS ON TRANSFER, AND CERTAIN OTHER AGREEMENTS, SET FORTH IN THE SPONSOR RESTRICTED STOCK AGREEMENT, DATED
AS OF FEBRUARY 11, 2022, THE LOCK-UP AGREEMENT, DATED AS OF FEBRUARY 11, 2022 AND THE STOCKHOLDER SUPPORT AGREEMENT DATED AS OF SEPTEMBER
8, 2021, BY AND AMONG NOVUS CAPITAL CORPORATION II AND THE OTHER PARTIES THERETO.

 

    2

     

    

 

4.             Vesting and Forfeiture of Founder Shares.

 

4.1             
The Restricted Shares shall be subject to the transfer restrictions set forth herein until satisfaction of the following trigger
events (each, a “Triggering Event”):

 

(a)              
808,594 Founders Shares (approximately 11.25% of the Founders Shares) shall be released upon the date on which (x) the closing
price of the Novus Common Stock (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like)
exceeds $12.50 per share for any 20 trading days within a 30-trading day period occurring from the announcement of the PIPE (as defined
in the Business Combination Agreement) through the thirty-six (36) month anniversary of the closing of the Merger (the “Closing
Date”) or (y) Novus consummates a sale, merger, liquidation, exchange offer, transaction after the Merger (a “Subsequent
Transaction”) which results in the stockholders of Novus having the right to exchange their shares of Novus Common Stock for
cash, securities or other property having a value of at least $12.50 per share (for any noncash proceeds, determined based on the valuation
set forth in the definitive agreements for such transaction or, in the absence of such valuation in good faith by the board of directors
of Novus),

 

(b)               808,594
Founders Shares (approximately 11.25% the Founders Shares shall be released upon the date on which (x) the closing price of the Novus
Common Stock (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) equals or exceeds
$15.00 per share for any 20 trading days within a 30-trading day period occurring from the announcement of the PIPE through the thirty-six
(36) month anniversary of the Closing Date or (y) Novus consummates a Subsequent Transaction which results in the stockholders of Novus
having the right to exchange their shares of Novus Common Stock for cash, securities or other property having a value of at least $15.00
per share (for any noncash proceeds, determined based on the valuation set forth in the definitive agreements for such transaction or,
in the absence of such valuation, in good faith by the board of directors of Novus), and

 

(c)              
3,234,375 Founders Shares (approximately 66 2/3% of the 67.5% of the Founders Shares not subject to Section 2 or Section 4.1(a)
or (b) above, (or 45.0% of the Founders Shares)), shall be subject to forfeiture (the “Forfeiture Percentage”) proportionately
with redemptions of cash from the Trust Account held by the Trustee in excess of $25,000,000. The Forfeiture Percentage shall be calculated
by (1) dividing (A) the aggregate dollar amount of cash redeemed from the Trust Account in excess of $25,000,000 by (B) $287,500,000 and
then (2) multiplying the quotient obtained in subsection (c)(1) by 45.0%. The Forfeiture Percentage shall be multiplied by the total Founders
Shares held by each Stockholder as set forth on Exhibit A attached hereto to determine the number of Founders Shares forfeited
by such Stockholder. Notwithstanding the foregoing, in the event that more than 26,250,000 shares of Novus Common Stock are redeemed from
the Trust Account (resulting in $262,500,000 of cash redeemed from the Trust Account assuming a redemption price of $10.00 per share),
such 3,234,375 Founder Shares shall be forfeited in lieu of applying the Forfeiture Percentage.

 

    3

     

    

 

(d)              
For example, if holders of shares of Novus Common Stock redeem 9,687,500 which reduces the cash in the Trust Account by $96.875
million ($25,000,000 plus 25% of $287,500,000), the Founders Shares would be treated as follows:

 

$71,875,000 = 25%
the aggregate dollar amount of cash redeemed from the Trust Account in excess of $25,000,000 (based on $96,875,000 total redeemed from
the Trust Account)

 

$71,875,000/$287,500,000
= 25% (45.0% of 75% of the Founders Shares impacted negatively by 25%, which is the Forfeiture Percentage).

 

45.0% of the Founders
Shares would be reduced by the Forfeiture Percentage of 25% (i.e., 11.25% of the Founders Shares would be forfeited).

 

(e)              
The remaining 1,617,187 Founders Shares (approximately 22.5% of the Founders Shares) are not subject to the vesting restrictions
or forfeiture provisions set forth in Section 2 or Section 4.1, (a)-(c).

 

4.2             
Notwithstanding anything to the contrary, the Stockholders hereby agree that in the event that (i) the Trigger Event set forth
in Section 4.1 (a) does not occur prior to the third (3rd) anniversary of the Closing Date (such period of time during which
the Restricted Shares are subject to the transfer restrictions set forth herein, the “Restricted Period”), the number
of Restricted Shares subject to forfeiture pursuant to Section 4.1(a) shall be forfeited to Novus and canceled and no Stockholder shall
have any rights with respect thereto and (ii) the Trigger Event set forth in Section 4.1 (b) does not occur prior to the third (3rd)
anniversary of the Closing Date (such period of time during which the Restricted Shares are subject to the transfer restrictions set forth
herein, the “Restricted Period”), the number of Restricted Shares subject to forfeiture pursuant to Section 4.1(b)
shall be forfeited to Novus and canceled and no Stockholder shall have any rights with respect thereto.

 

4.3             
As soon as practicable, and in any event within two (2) business days after the occurrence of a Triggering Event with respect to
the applicable Restricted Shares as set forth in Section 3.1, Novus shall cause any legend reflecting the limitation of transferability,
the risk of forfeiture and other restrictions under this Agreement to be removed from such vested Restricted Shares. For the avoidance
of doubt, to the extent then-applicable, such shares will remain subject to the restrictions set forth in the Lock-Up Agreement.

 

5.             Rights of Stockholders in the Restricted Shares.

 

5.1             
Voting Rights as a Stockholder. Subject to the terms of the Support Agreement described in Section 4.1 hereof and except
as herein provided, the Stockholders shall retain all of their rights as stockholders of Novus as long as any shares are held in escrow
pursuant to this Agreement, including, without limitation, the right to vote such shares.

 

5.2              Dividends
and Other Distributions in Respect of the Restricted Shares. For as long as any shares are Restricted Shares, all dividends
payable in cash with respect to such Restricted Shares shall be paid to the Stockholders, but all dividends payable in stock or
other non-cash property (“Non-Cash Dividends”) (for the avoidance of doubt, excluding stock or other non-cash
property issued pursuant to share splits, share capitalizations, reorganizations, recapitalizations and similar transactions) shall
be set aside and not paid until the Restricted Shares have been vested and released to the Stockholder or, if the Restricted Shares
are not vested and released in accordance with this Agreement, then all such distributions declared on such Restricted Shares shall
be forfeited. As used herein, the term “Restricted Shares” shall be deemed to include the Non-Cash Dividends distributed
thereon, if any.

 

    4

     

    

 

5.3              Restrictions
on Transfer. During the Restricted Period, each Stockholder, severally and not jointly, agrees that it shall not sell, assign, transfer
(including by operation of law), pledge, dispose of, permit to exist any material lien with respect to, or otherwise encumber any of
the Restricted Shares or otherwise agree to do any of the foregoing, except to another stockholder of Novus that is a party to this Agreement
and bound by the terms and obligations hereof, deposit any Restricted Shares into a voting trust or enter into a voting agreement or
arrangement or grant any proxy or power of attorney with respect thereto that is inconsistent with this Agreement or enter into any contract,
option or other arrangement or undertaking with respect to the direct or indirect acquisition or sale, assignment, transfer (including
by operation of law) or other disposition of any Restricted Shares, except to such other stockholder of Novus that is a party to this
Agreement and bound by the terms and obligations hereof (including by executing a joinder agreeing to be bound by this Agreement); provided,
that the foregoing shall not prohibit the transfer of the Restricted Shares to (i) if Stockholder is an individual (A) to any affiliate
of such Stockholder, member of such Stockholder’s immediate family, or to a trust for the direct or indirect benefit of Stockholder
or any member of Stockholder’s immediate family, the sole trustees of which are such Stockholder or any member of such Stockholder’s
immediate family, (B) as a bona fide gift to any charitable organization or (C) by will, other testamentary document or under the laws
of intestacy upon the death of Stockholder; or (ii) if Stockholder is an entity, any equityholder, partner, member, or affiliate of Stockholder,
or any investment fund or other entity controlling, controlled by, managed by or under common control with the Stockholder or affiliates
of the Stockholder, but only if, in the case of clause (i) and (ii), such transferee shall execute this Agreement or a joinder agreeing
to become a party to this Agreement.

 

6.             Miscellaneous.

 

6.1              Expenses.
Except as otherwise provided herein, all costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions contemplated hereby are consummated.

 

6.2              Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts
executed in and to be performed in that State. All Actions arising out of or relating to this Agreement shall be heard and determined
exclusively in the Delaware Chancery Court. The parties hereto hereby (i) submit to the exclusive jurisdiction of the Delaware Chancery
Court for the purpose of any Action arising out of or relating to this Agreement brought by any party hereto, and (ii) irrevocably waive,
and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that it is not subject personally to the
jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought
in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereunder
may not be enforced in or by any of the above-named courts.

 

    5

     

    

 

6.3              Entire
Agreement. This Agreement, together with the BCA, the Stockholder Support Agreement and the Lock-Up Agreement, contains the
entire agreement of the parties hereto with respect to the subject matter hereof. Any term of this Agreement may be amended,
modified or terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance,
and either retroactively or prospectively) only with the written consent of (i) the Company, (ii) Novus and (iii) the holders of a
majority of the Founders Shares, or following the Closing, a majority of the Restricted Shares. No waivers of or exceptions to any
term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or
continuing waiver of any such term, condition, or provision.

 

6.4             
Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning
or interpretation thereof.

 

6.5              Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

 

6.6             
Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement
shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery, by email or by facsimile transmission:

 

If to Novus, prior to the Closing,
to:

Novus Capital Corporation II

8556 Oakmont Lane

Indianapolis, Indiana 46260

Attention: Larry M. Paulson, Chairman and Robert J. Laikin, CEO

Email: larrympaulson@gmail.com; robertjlaikin@gmail.com

 

with a copy to:

 

Blank Rome LLP

1271 Avenue of the Americas

New York, NY 10020

Attention: Robert J. Mittman and Kathleen A. Cunningham

Email: rmittman@blankrome.com; kcunningham@blankrome.com

 

If to the Company or to Novus, following
the Closing, to:

 

Energy Vault, Inc.

130 West Union Street

Pasadena, CA 91103

Attention: Robert Piconi, CEO

Email: rob@energyvault.com

 

with a copy to:

 

Gunderson Dettmer Stough
Villeneuve Franklin & Hachigian, LLP

One Bush Plaza, 12th Floor

San Francisco, CA 94104

Attention: Michael H. Irvine

Email: mirvine@gunder.com

 

    6

     

    

 

If to a Stockholder, to his/her/its
address set forth in Exhibit A.

 

The parties may change the persons and addresses
to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided herein
for giving notice.

 

6.7             
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any
rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to
any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a
mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest
extent possible.

 

6.8             
Counterparts. This Agreement may be executed in several counterparts, each one of which shall constitute an original and
may be delivered by facsimile transmission and together shall constitute one instrument.

 

6.9             
Parties in Interest. Except as set forth below, this Agreement shall be binding upon and inure solely to the benefit of
each party hereto (and Novus’ permitted assigns), and nothing in this Agreement, express or implied, is intended to or shall confer
upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. No Stockholder shall
be liable for the breach by any other Stockholder of this Agreement. The covenants and obligations of each Stockholder set forth in this
Agreement shall be construed as independent of any other contract between such Stockholder, on the one hand, and the Company or Novus,
on the other hand. The existence of any claim or cause of action by any such Stockholder against the Company or Novus shall not constitute
a defense to the enforcement of any of such covenants or obligations against such Stockholder. Except as otherwise provided herein, nothing
in this Agreement shall limit any of the rights or remedies of Novus or the Company under the BCA, or any of the rights or remedies of
Novus or the Company or any of the obligations such Stockholder under any agreement between such Stockholder and the Company or any certificate
or instrument executed by such Stockholder in favor of Novus or the Company; and nothing in the BCA or in any other such agreement, certificate
or instrument, shall limit any of the rights or remedies of the Company or any of the obligations of such Stockholder under this Agreement.

 

6.10            Enforcement.
The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in
accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to
any other remedy at law or in equity without the necessity of proving the inadequacy of money damages as a remedy and without bond
or other security being required, this being in addition to any other remedy to which they are entitled at law or in equity. Each of
the parties hereto hereby further acknowledges that the existence of any other remedy contemplated by this Agreement does not
diminish the availability of specific performance of the obligations hereunder or any other injunctive relief. Each party hereto
hereby further agrees that in the event of any action by any other party for specific performance or injunctive relief, it will not
assert that a remedy at law or other remedy would be adequate or that specific performance or injunctive relief in respect of such
breach or violation should not be available on the grounds that money damages are adequate or any other grounds.

 

    7

     

    

 

6.11           
Further Assurances. At the request of Novus or the Company, in the case of any Stockholder, at the request of Novus, in
the case of the Company, or at the request of the Company, in the case of Novus, and without further consideration, each party shall execute
and deliver or cause to be executed and delivered such additional documents and instruments and take such further action as may be reasonably
necessary to consummate the transactions contemplated by this Agreement.

 

6.12           
Effectiveness. This Agreement shall not be effective or binding upon any Stockholder until such time as the BCA is executed
and delivered by the Company, Novus and Merger Sub and, if there no Closing as defined in the BCA and the BCA is terminated, this Agreement
shall terminate.

 

6.13           
Waiver of Jury Trial. Each of the parties hereto hereby waives to the fullest extent permitted by applicable law any right
it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this
Agreement. Each of the parties hereto (a) certifies that no representative, agent or attorney of any other party has represented,
expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges
that it and the other parties hereto have been induced to enter into this Agreement and the transactions contemplated hereby, as applicable,
by, among other things, the mutual waivers and certifications in this Section 5.13.

 

6.14           
Stockholder Obligations. Each Stockholder signs this Agreement solely in Stockholder’s capacity as a holder of Shares
of Novus, and not in Stockholder’s capacity as a director, officer or employee of Novus or in Stockholder’s capacity as a
trustee or fiduciary of any employee benefit plan or trust.

 

6.15            Interpretation.
The words “hereof,” “herein,” “hereinafter,” “hereunder,” and “hereto”
and words of similar import refer to this Agreement as a whole and not to any particular section or subsection of this Agreement and
reference to a particular section of this Agreement will include all subsections thereof, unless, in each case, the context
otherwise requires. The definitions of the terms herein shall apply equally to the singular and plural forms of the terms defined.
Whenever the context shall require, any pronoun shall include the corresponding masculine, feminine and neuter forms. When a
reference is made in this Agreement to an Exhibit or Schedule, such reference shall be to an Exhibit or Schedule to this Agreement
unless otherwise indicated. When a reference is made in this Agreement to Sections or subsections, such reference shall be to a
Section or subsection of this Agreement. Unless otherwise indicated the words “include,” “includes” and
 “including” when used herein shall be deemed in each case to be followed by the words “without limitation.”
Reference to the subsidiaries of an entity shall be deemed to include all direct and indirect subsidiaries of such entity. The word
 “or” shall be disjunctive but not exclusive. References to a particular statute or regulation including all rules and
regulations thereunder and any predecessor or successor statute, rule, or regulation, in each case as amended or otherwise modified
from time to time. All references to currency amounts in this Agreement shall mean United States dollars.

 

[Signature Page Follows]

 

    8

     

    

 

 

WITNESS the execution of
this Agreement as of the date first above written.

 

	 	NOVUS CAPITAL CORPORATION II

	 	

	 	By:	/s/ Robert J. Laikin
	 	Name:	Robert J. Laikin
	 	Title:	Chief Executive Officer

 

[Signature Page to the
Amended and Restated Sponsor Restricted Stock Agreement]

 

    

    

    

 

	STOCKHOLDERS:	 

 

	/s/ Ronald J. Sznaider	 
	Ronald J. Sznaider	 
	 	 
	HEATHER GOODMAN AND DOUG RAETZ, TENANTS IN COMMON	 
	 	 
	/s/ Heather Goodman	 
	Heather Goodman	 
	 	 
	/s/ Doug Raetz	 
	Doug Raetz	 

 

	V DONARGO LLC	 

 

	By:	   /s/ Vincent Donargo	 

	Name:   	Vincent Donargo	 
	Title:	Chief Financial Officer	 

 

	NCCII CO-INVEST LLC	 

 

	By:	  /s/ Owen Littman	 

	Name:  	Owen Littman	 
	Title:	Authorized Person	 

 

	LARRY M PAULSON AND GRETCHEN V PAULSON FAMILY TRUST DATED SEPT 4, 2019, AND ANY AMENDMENTS THERETO	 

 

	By:	/s/ Larry Paulson	 

	Name:  	Larry Paulson	 
	Title:	Chairman	 

 

	NEW FRONTIER LLC	 

 

	By:	   /s/ Jeffrey Foster	 

	Name:   	Jeffrey Foster	 
	Title:	Trustee	 

 

	/s/ Robert J. Laikin	 
	Robert J. Laikin	 

 

[Signature Page to the
Amended and Restated Sponsor Restricted Stock Agreement]

 

    

    

    

 

	/s/ Cooper Laikin	 
	Cooper Laikin	 

 

	/s/ Hanna Laikin	 
	Hanna Laikin	 

 

	/s/ Zak Laikin	 
	Zak Laikin	 

 

	KNC I LLC	 

 

	By:	   /s/ Hersch Klaff	 

	Name:   	Hersch Klaff	 
	Title:	President of KRL Ltd, GP of Klaff Realty, LP	 

 

	KNC II LLC	 

 

	By:	   /s/ Hersch Klaff	 

	Name:   	Hersch Klaff	 
	Title:	President of KRL Ltd, GP of Klaff Realty, LP	 

 

	NOVUS CAPITAL ASSOCIATES, LLC	 

 

	By:	   /s/ Robert J. Laikin	 

	Name:   	Robert J. Laikin	 
	Title:	Manager	 

 

	CLIFF VENTURES LLC	 

 

	By:	    /s/ Ryan Levy	 

	Name:   	Ryan Levy	 
	Title:	Authorized Signatory	 

 

[Signature Page to the
Amended and Restated Sponsor Restricted Stock Agreement]

 

    

    

    

 

  

WITNESS the execution of this
Agreement as of the date first above written.

 

	 	
    ENERGY VAULT, INC.

	 	 
	 	By:	/s/ Robert Piconi
	 	Name:	Robert Piconi
	 	Title:	Chief Executive Officer

 

[Signature Page to the Amended and Restated
Sponsor Restricted Stock Agreement]

 

     

     

    

 

EXHIBIT A

 

	Name and Address of Stockholder	 	Number of Shares	 
	Robert J. Laikin

8556 Oakmont
Lane
 Indianapolis, IN 46260
	 	 	800,000	 
	 	 	 	 	 
	Zak Laikin

8556 Oakmont Lane
 Indianapolis,
IN 46260
	 	 	55,382	 
	 	 	 	 	 
	Hanna Laikin

8556 Oakmont Lane
 Indianapolis,
IN 46260
	 	 	55,382	 
	 	 	 	 	 
	Cooper Laikin

8556 Oakmont
Lane
 Indianapolis, IN 46260
	 	 	55,382	 
	 	 	 	 	 
	Larry M Paulson and Gretchen V Paulson Family 

                                                  Trust dated Sept 4 , 2019, and any amendments
thereto

PO Box 675133
 Rancho Santa Fe, CA 92067
	 	 	966,146	 
	 	 	 	 	 
	New Frontier LLC

C/o Jeff Foster
 517
Buckeye Trail
 West Lake Hills, TX 78746
	 	 	966,146	 
	 	 	 	 	 
	Cliff Ventures LLC

c/o Ryan Levy
 1340
S Michigan Ave #104
 Chicago, IL 60605
	 	 	432,942	 
	 	 	 	 	 
	V Donargo LLC

2002 Stanhope Street
 Carmel,
IN 46032
	 	 	364,583	 
	 	 	 	 	 
	KNC I LLC

35 E Wacker Dr, Suite 2900

Chicago, IL 60601
	 	 	1,082,357	 
	 	 	 	 	 
	KNC II LLC

35 E Wacker Dr, Suite 2900

Chicago, IL 60601
	 	 	216,471	 

 

     

     

    

 

	Name and Address of Stockholder	 	Number of Shares	 
	Ronald J. Sznaider 
216 Radio Road 
River Falls, WI 54022	 	 	182,292	 
	 	 	 	 	 
	NCCII Co-Invest LLC 
599 Lexington Ave,
    25th Floor   
New York, NY 10022	 	 	607,639	 
	 	 	 	 	 
	Novus Capital Associates, LLC 
8556 Oakmont Lane
 Indianapolis, IN 46260 	 	 	1,111,111	 
	 	 	 	 	 
	Heather Goodman and Doug Raetz, Tenants in Common 
3242 Divisadero Street 
 San Francisco, CA 94123	 	 	291,667	 
	Total:	 	 	7,187,500Exhibit 10.7

 

CONSULTING AGREEMENT

 

This Consulting Agreement
(“Agreement”) is made and entered into as of February 14, 2022 (the “Effective Date”), by Energy Vault, Inc.,
a Delaware corporation (the “Company”), and EVFY, Inc., a Delaware corporation (“Consultant”).

 

RECITALS

 

A.       The
Company is engaged in the business of designing, developing, and selling renewable energy storage products for utilities, independent
power producers, and large industrial energy users.

 

B.       The
Company is exploring opportunities to sell energy storage products and related software services into the residential consumer market
and the small to mid-level commercial energy consumer markets (the “Alternative Markets”).

 

C.       Consultant
has substantial expertise in designing and selling energy storage products for the Alternative Markets.

 

D.       Consultant
and the Company have agreed on the terms and conditions pursuant to which Consultant will be retained to provide consulting services to
the Company regarding the development of opportunities for the Company in the Alternative Markets.

 

NOW, THEREFORE, the Parties
agree as follows:

 

1.         
Retention of Consultant; Description of Services

 

Effective as of the date of
this Agreement, Company shall retain Consultant, and Consultant hereby accepts such consulting relationship, upon the terms and conditions
set forth in this Agreement. Consultant will perform consulting and advisory services on behalf of Company with respect to all matters
relating to or affecting the services described on the scope of work, attached hereto as Exhibit A (the “Services”). Consultant
shall perform and discharge well and faithfully for Company the Services during the term of this Agreement.

 

2.         
Compensation; Expenses

 

a.         
Consulting Fees

 

In full satisfaction for any
and all consulting services rendered by Consultant for Company under this Agreement, Company will pay Consultant the total sum of $30,000
per month, payable on or before the first day of each month on account of the prior month.

 

b.        
Expenses

 

In addition to the
consulting fees specified in Section 2.a, Consultant will be reimbursed for all documented out-of-pocket expenses incurred in
performing the Services, provided that Consultant shall obtain Company's prior written consent for any single expense in excess of
$500. Expenses shall be reimbursed monthly, at the same time the consulting fees are paid, so long as Consultant provides Company
with invoices for such expenses, and such supporting information or receipts as Company reasonably requests, prior to the date of
payment. Except as provided in this Section 2.b., Consultant shall be responsible for all of its overhead costs and expenses
associated with the Services including, without limitation, insurance and salaries and benefits of any employees of Consultant.

 

      

     

    

 

c.        
Withholding; Benefits

 

All fees payable to Consultant
under this Agreement shall be made in full, and without any withholding, deduction, or offset of any state or federal withholding taxes,
FICA, SDI, or income taxes, nor shall Company be obligated to pay any of Consultant's employees' taxes. Consultant hereby agrees that
it shall be solely responsible for all taxes, withholding, FICA, SDI, and other similar items (both employee and employer portions) with
respect to all fees paid by Company under this Agreement, and agrees to indemnify and hold Company harmless with respect to such taxes
and withholding.

 

3.         
Term and Termination

 

a.         
Term

 

The Parties contemplate
agree that this Agreement will run for 36 months from the date hereof, but, in the first instance, the Agreement shall be considered
as a firm commitment by the Parties for a period of one (I) year commencing on the Effective Date. At any time following the
one-year anniversary of the Effective Date, either Party may notify the other that the Agreement is to be terminated, effective on
thirty (30) days written notice. In the absence of any such notification, this Agreement will run from year to year up to the
maximum period of three (3) years.

 

b.        
Early Termination

 

Notwithstanding anything to
the contrary in Section 3.a., this Agreement may be terminated by written notice from Company that, in Company's sole determination:

 

(1) Consultant has refused, failed, or is unable
to render consulting services under this Agreement;

 

(2) Consultant has breached any of Consultant's
other obligations under this Agreement; or

 

(3) Consultant has engaged or is engaging in conduct
that in Company's sole determination is detrimental to Company.

 

If the Agreement is terminated for any of the
reasons set forth in the preceding sentence, the right of Consultant to compensation set forth in Section 2 of this Agreement shall cease
on the date of such termination, and Company shall have no further obligation to Consultant under any of the provisions of this Agreement.
Consultant's obligations under section 5 of the Agreement shall survive the termination of the Agreement.

 

      

     

    

 

4.         
 Status

 

Consultant is not an agent,
partner or joint venturer of Company. Company shall determine the work to be done by Consultant, but Consultant shall determine the legal
means by which it accomplishes the work specified by Company.

 

5.         
Confidential Information

 

a.       
Definition of Confidential Information.

 

As used in this Agreement,
the following words, terms, and phrases shall have the meanings set forth below:

 

(1)         
“Confidential Information” shall mean and include any and all Information (as defined in this Agreement) of the following
types: (a) business or financial information, financial statements, projections, business plans, or strategic or marketing plans, market
studies, or analyses; (b) cost and expense information, pricing and discount information, gross or net profit margins, or analyses; (c)
technical data, specifications, computer software (including both source code and object code or “executable” software), databases,
and database designs; (d) processes, transactions, and transaction procedures; (e) production data, shop drawings, engineering studies
or reports, feasibility studies or manufacturing studies, parts lists, product specifications, identity of suppliers or terms of supply
agreements or arrangements, production procedures, trade secrets, or secret or proprietary processes and formulae; (f) marketing and customer
data (including, but not limited to, identity or demographic analyses of customers), focus group reports, “shopping” reports,
and marketing or advertising studies; (g) terms, conditions, provisions, or obligations of any contracts or agreements to which Company
is a party or to which any of its assets are subject, or the identity of any Person who is a party to any contract or agreement with Company;
(h) procedural or operational manuals, employee manuals, training manuals, or programs; (i) site selections or review reports, site selection
criteria, demographic analyses of or regarding any locations of retail outlets of Company, the terms of any lease for any such retail
outlet, or any summary thereof; U) the identity of any employee of Company, and the compensation, benefits, or terms of employment of
any such employee; and (k) such other information of or regarding Company that Company actually maintains as confidential or proprietary;
provided, however, that such information shall be deemed confidential only to the extent that it (a) has not been previously disclosed
to the public, or (b) is not ascertainable from public or published information or trade sources, or (c) is not subsequently publicly
disclosed (other than by a violation of this Agreement). Any Information that is marked or otherwise identified as “Confidential
Information” at the time of Disclosure shall be presumed to be Confidential Information for the purposes of this Agreement.

 

(2)         
“Information” shall mean and include any data or information Disclosed (as defined in this Agreement) in the form of
(a) any written information, reports, documents, books, notebooks, memoranda, charts, or graphs; (b) computer tapes, disks, CD-ROM, files,
or other mechanical or electronic media; (c) oral statements, representations, or presentations; (d) audio, visual, or audio-visual materials
or presentations, including audiotapes, videocassettes, laser discs, or CDs; and (e) any other documentary, written, magnetic, or other
permanent or semi-permanent form.

 

      

     

    

 

(3)         
 “Disclose” or “Disclosure” shall mean and include any delivery, transmittal, presentation, or representation
of Information, by any Person to any other Person.

 

(4)         
“Person” shall mean and include any individual or natural
person, corporation, trust, proprietorship, partnership, limited partnership, joint venture, limited liability company, limited
liability partnership, or any other entity.

 

b.       
Restrictions on Use of Confidential Information

 

Consultant agrees to retain
and maintain in strict confidence, and to require its agents, employees, independent contractors, and advisors to retain in confidence,
any and all Confidential Information of Company. Consultant agrees that, without the prior express written consent of Company, Consultant
shall not, either directly or indirectly, individually or in concert with others: (I) Disclose any such Confidential Information to any
other Person; (2) use any such Confidential Information for the benefit of any Person other than Company; or (3) permit any Confidential
Information to be Disclosed to or used by any Person other than Company.

 

c.         
Continuing Obligation

 

Consultant expressly agrees
and acknowledges that the obligations of Consultant pursuant to this Section 5 shall continue, notwithstanding the expiration of this
Agreement, the completion of the services, and/or any termination of this Agreement by either Consultant or Company, so long as Consultant,
or any agent, employee, independent contractor, or advisor of Consultant, has any knowledge, possession, or control of, or access to,
any Confidential Information of Company. Upon the completion of the services, or any other termination or expiration of this Agreement,
for any reason, Consultant shall, if required to do so by Company, promptly return to Company (without retaining copies, in any medium)
any and all Confidential Information of Company in the possession or control of Consultant.

 

6.         
Assignment and Successors

 

Company may assign any or
all of its rights and duties under this Agreement at any time and from time to time without the consent of Consultant. Consultant may
not assign any of its rights or duties under this Agreement without the prior written consent of Company, which consent may be withheld
in Company's sole discretion. The parties agree that this Agreement shall be binding upon the successors of each party and shall insure
to the benefit of, and be enforceable by, such successors, and any officers or directors thereof.

 

7.         
MISCELLANEOUS

 

a.         
Notices.

 

All notices, consents,
waivers, and other communications under this Agreement must be in writing and will be deemed to have been given when: (a) delivered
by hand (with written confirmation of receipt); (b) sent by telecopier (with written confirmation of receipt), provided that a copy
is mailed by registered mail, return receipt requested; or (c) when received by the addressee, if sent by a nationally recognized
overnight delivery service (receipt requested), in each case to the appropriate addresses and telecopier numbers set forth on
Exhibit A to this Agreement. Any Member may change that Member's address for the purpose of receiving notices, demands and other
communications as provided in this Agreement by a written notice given in the above manner to the other Member to this
Agreement.

 

      

     

    

 

b.         
Equitable Relief

 

It is agreed that the rights
granted to the Members under this Agreement are of a special and unique kind and character and that, if there were a breach by any Member
of any material provision of this Agreement, the other Member would not have an adequate remedy at law. It is expressly agreed, therefore,
that the rights of the Members under this Agreement may be enforced by equitable relief as is provided under the laws of the State of
California.

 

c.         
Attorney's Fees.

 

Should any Party engage an
attorney or institute any action or proceeding at law or in equity, or in connection with an arbitration, to enforce any provision of
this Agreement, including an action for declaratory relief, or for damages by reason of an alleged breach of any provision of this Agreement,
or otherwise in connection with this Agreement, or any provision of this Agreement, the prevailing Member shall be entitled to recover
from the losing Member or Members reasonable attorney fees and costs for services rendered to the prevailing Member in that action or
proceeding.

 

d.         
Applicable Law.

 

This Agreement shall, in all
respects, be governed by the laws of the State of California.

 

e.         
Further Assurances.

 

Each of the parties to this
Agreement shall execute and deliver any and all additional papers, documents and other assurances, and shall do any and all acts and things
reasonably necessary in connection with the performance of their obligations under this Agreement to carry out the intent of the parties
to this Agreement.

 

f.          
Modifications or Amendments.

 

No amendment, change or modification
of this Agreement shall be valid, unless in writing and signed by all of the Parties.

 

g.         
Entire Agreement.

 

This Agreement constitutes
the entire understanding and agreement of the Parties with respect to its subject matter and any and all prior agreements, understandings
or representations with respect to its subject matter in this agreement are terminated and canceled in their entirety and are of no further
force or effect. Notwithstanding the foregoing, the Members acknowledge that they may enter into further written agreements, including
without limitation, an operating agreement for the Company.

 

      

     

    

 

h.         
Parties in Interest.

 

Nothing in this Agreement,
whether express or implied, is intended to confer any rights or remedies under or by reason of this Agreement on any persons other than
the Members and their respective successors and assigns, nor is anything in this Agreement intended to relieve or discharge the obligation
or liability of any third person to any party to this Agreement, nor shall any provision give any third person any right of subrogation
or action over or against any party to this Agreement.

 

i.          
Non-Waiver.

 

No waiver by any party to
any breach of this Agreement or any provision of this Agreement shall be deemed to constitute a waiver of any preceding or succeeding
breach of the same or any other provision of this Agreement.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement on the day and year first above written.

 

	Energy Vault, Inc. (“Company”)	 
	 	 
	By:  	 /s/ Robert Piconi	 
	 	Robert Piconi, CEO	 
	 	 
	EVFY, Inc. (“Company”)	 
	 	 
	By:	Marco Terruzzin	 
	 	Marco Terruzzin, CEO	 

 

      

     

    

 

EXHIBIT A

 

THE SERVICES

 

		·	Provide a monthly report summarizing ongoing efforts to identify key grant funding opportunities for Energy
Vault in thee-mobility, and energy storage space.

 

		·	Engage with potential property owners, property management firms, fleet operators, and industry trade
shows in order to identify large EVSE commercial and industrial infrastructure projects.

 

		·	Engage with automotive OEMs in order to create strategic alliances for electric vehicle second life batteries
opportunities for deployment in stationary energy storage projects.

 

		·	Identify strategic business opportunities which allow Energy Vault to leverage the EV Solutions software
platform to create new revenue streams and profit pools in thee-mobility space.

 

		·	Evaluate opportunities for Energy Vault to sell complete systems providing renewable energy, energy storage,
EVSE, and related software services (the “Company Products”)

 

		·	Prepare, on behalf of potential customers, feasibility studies and/or business plans evaluating and demonstrating
the benefits and value of the Company Products

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