Document:

Exhibit 10.22
October 12, 2020
Andrea Pedretti
[***]
Dear Andrea:
It gives me great pleasure to offer you employment as Chief Technology Officer for Energy Vault, Inc. (the “Company”). You will report to me, Robert Piconi, Chief Executive Officer, Energy Vault, Inc. As we discussed you will begin your employment on October 12, 2020 (the “Effective Date”) and the following terms and conditions will apply to your employment:
		1.
	Salary. Your salary will be $10,961.53 for 32 hours per week, payable on a bi-weekly basis (annualized to $285,000 per year) in accordance with the Company’s normal payroll practices. Your salary is subject to modification during your employment in accordance with the Company’s practices, policies, or procedures.

		2.
	Signing Bonus. The Company will pay you a signing bonus totaling $17,060.00 (less applicable withholding) payments will be made on a monthly basis ($5,686.66 per month).

		3.
	Annual Performance Bonus. You will be eligible for an annual variable target bonus of up to 40% of your annual salary based on mutually established goals. You understand that this performance bonus is not guaranteed.

		4.
	Flexible Time Off. You will be able to use Flexible Time Off (FTO) with pay during current and subsequent years of employment in accordance with the Company’s FTO policy.

		5.
	Benefits (Health and Welfare Plans). In addition to your compensation, you will be eligible to receive the benefits that are generally offered to all Company employees effective the first of the month following your hire date. The program includes medical plans, dental plans, a vision plan, flexible spending accounts, disability insurance, and life and accidental death and dismemberment insurance. These programs are subject to change at the discretion of the Company.

		6.
	Holidays. You will be paid for selected holidays in accordance with the Company’s holiday schedule. This schedule is subject to change at the discretion of the Company.

As a condition of your employment with the Company, you will furnish and will continue to furnish the Company all necessary documentation that will satisfy the requirements of the Immigration Reform and Control Act of 1986.
Your employment is expressly contingent upon the acceptable results of a background check. Any falsification of an applicant’s employment history or educational background will result in withdrawal of the offer and or termination of employment, if hired.
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Your employment with the Company is at will. This means that either you or the Company may terminate your employment at any time, with or without cause and with or without notice. We both agree that any dispute arising with respect to your employment and the termination of that employment shall be conclusively settled by final and binding arbitration in accordance with the arbitration procedures described in the Employee Confidentiality and Non-Disclosure Agreement.
By signing this letter, you acknowledge that the terms described in this letter, together with the Employee Confidentiality and Non-Disclosure Agreement, sets forth the entire understanding between us 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 Energy Vault, Inc. except that the Company may, in its sole discretion, adjust salaries, incentive compensation, benefits, job titles, locations, duties, responsibilities, and reporting relationships.
Enclosed is the Employee Confidentiality and Non-Disclosure Agreement
Our offer is contingent on your understanding and acceptance of the agreements and practices referred to in this letter. Please acknowledge your acceptance of this offer of employment on the terms indicated by signing the enclosed copy of this letter, completing the Employee Confidentiality and Non-Disclosure Agreement and returning them to me as soon as possible. Should you have any questions, please feel free to contact me. Andrea, I am personally pleased you have chosen to accept our offer and I look forward to working with you toward our mutual success.
Sincerely,
/s/ Robert Piconi
Robert Piconi
Chief Executive Officer
Energy Vault, Inc.
I accept the position of Chief Technology Officer, Energy Vault, Inc., on the terms described within this letter.
	/s/ Andrea Pedretti
	   
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	Andrea Pedretti- SIGNATURE
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	DATE

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2Exhibit 10.23
EMPLOYMENT AGREEMENT
Between
Energy Vault SA, with offices at Via Pessina 13, Lugano, 6900 CH, hereinafter referred as “the Company”;
And
Mr. Andrea Pedretti, Swiss Citizen, residing at [***], hereinafter referred to as “the Employee”;
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	Beginning of the activity:
	This contract begins on August 1, 2019

	Duration:
	Unlimited; however each party may resign the agreement according to the Swiss Code of Obligations at any time.

	Employee’s position:
	Chief Technical Officer (CTO)

	Reporting:
	Robert Piconi, Chief Executive Officer, Energy Vault SA

	Duration:
	Unlimited; however each party may resign the agreement according to the Swiss Code of Obligations at any time.

	Place of work:
	At Company’s premises, at present located at Via Pessina 13, Lugano, 6900 CH.  It is understood that Employee may be required to work in Bellinzona or other designated Company affiliate location to execute Company tasks.

	Annual gross salary:
	The Employee’s annual base gross salary is CHF 350’000 at 100% time, payable in 12 equal instalments. It is agreed that in August 2019, until differently specified in writing, the contractual working time is 70% and its related corresponded salary is CHF 245’000 annual gross. Applicable social costs and withholding taxes will apply.
The Company must comply and will pay all Social Contributions that are required under Swiss law (1st and 2nd Pillar).

	Reimbursable Expenses:
	The Company shall reimburse all the expenses incurred by the Employee which are directly related to the performance of his job. These expenses may be claimed while submitting the relevant receipts in line with the Company’s policy.

	Working hours:
	Contract at 70 % time. Monday to Friday, 28 hours per week.
Additional work at any time without extra salary may be required to meet business requirements or to ensure the satisfactory completion 

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	of the duties. Therefore, Employee will not be eligible for overtime compensation in any circumstance.

	Vacation:
	Total 20 days of paid vacation per year of service. 

	Leave entitlements:
	The Employee will be allowed these paid leaves:
Marriage of the employee 4 working days
Marriage of a close relative 1 working day
Removal1 working day
Death in family 3 working days
Death of a relative 1 working day
Medical visitthe time needed 

	Duties of service:
	During the working time the Employee must dedicate all his activity to the assigned duties, fulfilling them with diligence and correctness. In particular, the Employee shall:
Comply with all reasonable and lawful instructions provided to her by the Company; perform her duties with all reasonable skill and diligence; conduct her duties in the best interests of the Company; deal with the Company in good faith in all aspects of the employment relationship; comply with all policies and procedures (including any Codes of Conduct} implemented by the Company from time to time.

	Use of Internet and Email:
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	The Employee will have access to email and Internet in the course of his employment. The Employee shall ensure that at all times her use of the email and Internet facilities at work meets the ethical and social standards of the workplace. Whilst a reasonable level of personal use is acceptable to the Company, this must not interfere with the Employee’s employment duties or obligations, and must not be illegal or contrary to the interests of the Company. The Employee shall also comply with all email and Internet policies issued by the Company from time to time. It is hereby represented by the parties that the annual gross salary above mentioned includes a reasonable remuneration for this obligation

	Proprietary Information and Inventions agreement:
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	The Employee agrees that all inventions, trade secrets, and all other confidential business, technical, and financial information the Employee develops, learns, or obtains during the employment with the Company, that relate to the Company, or the business or demonstrably anticipated business of the Company, or that are received by or for the Company in confidence, constitute “Proprietary Information.” The Employee will hold in confidence and not disclose or, except within the scope of the employment with the Company, use any Proprietary Information. Upon termination of the employment with the Company, the Employee will promptly return to the Company all items containing or embodying Proprietary Information.

	Discretion - secrecy duties:
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	The Employee must keep the maximum discretion on all information, matters, facts, evidences, data she gets to know in connection with his employment at the Company. The Employee shall not, both during the currency of this agreement or after its termination for whatever reason, use, disclose or distribute to any person or entity, otherwise than as necessary for the proper performance of her duties and responsibilities under this agreement, or as required by law, any 
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	confidential information, matters, facts, evidences, data acquired by the Employee in the course of performing her services under this agreement.

	Applicable law:
	Swiss law. All disputes have to be submitted to the Court of Lugano, Switzerland. In addition, the term and conditions of the employment will be governed by the Company’s Employee Handbook, the terms of which the Employee will be required to acknowledge in writing within one month of the Employee Start date.

	Place and date:
	Lugano, ________________

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	/s/ Robert Piconi
	    
	/s/ Andrea Pedretti

	Energy Vault SA
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	Mr. Andrea Pedretti

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	Robert Piconi
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	Chief Executive Officer
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