Document:

Exhibit 10.24
January 12, 2021
Richard Cooperstein
[***]
Dear Richard:
Please find your updated offer letter:
1.Effective Date: November 30, 2020
2.Title: Head of Corporate Development
3.Salary. Your salary will be $9,038.46 payable on a bi-weekly basis (annualized to $235,000 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.
4.Incentive Compensation. In addition to your salary, upon approval of the Company's Board of Directors, in lieu of and in substitution for any other option grants or restricted stock units ("RSUs") offered to you in your prior Offer Letter dated September 24, 2019, the Company will grant you an option to purchase 60,000 shares of the Company's common stock pursuant to the terms provided on Attachment I (Stock Option Summary Sheet) and subject to the terms of the Company's Stock Plan and an applicable stock option agreement between you and the Company. You understand that incentive compensation is not guaranteed.
5.Annual Performance Bonus. You will be eligible for an annual variable target bonus of up to 30% of your annual salary based on mutually established goals. You understand that this performance bonus is not guaranteed.
6.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.
7.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. These programs are subject to change at the discretion of the Company.
8.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 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
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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 Stock Option Summary Sheet
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. Richard, 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 Head of Corporate Development, Energy Vault, Inc., on the terms described within this letter.
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	/s/ Richard Cooperstein
	    
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	Richard Cooperstein – SIGNATURE
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Exhibit 10.25

July 30, 2021
Richard Cooperstein
[***]
Re:Separation Agreement and Release
Dear Richard:
This letter documents an agreement and release between you and Energy Vault, Inc. (the “Company”) concerning the termination of your employment with the Company as Head of Corporate Development.
Your employment with the Company will terminate effective July 30, 2021 (the “Separation Date”). Whether or not you sign this agreement, you are entitled to receive and will receive all your already earned compensation, up to and including July 30, 2021. You also shall retain any Energy Vault, Inc. RSUs which you have been granted and which vested on or before July 30, 2021, and which shall remain governed by the terms of the Energy Vault, Inc. 2020 Stock Plan and your RSU agreement.
Nothing in this agreement – including, without limitation, your general release and your nondisclosure, return of materials, confidentiality, cooperation and nondisparagement covenants contained herein and in the attached exhibits – is intended to or shall (a) prevent, impede or interfere with your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Securities and Exchange Commission or any other federal, state or local government agency or commission (“Government Agencies”), or (b) limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding conducted by any Government Agency, including providing documents or other information, without notice to or prior authorization from the Company.
Subject to your abiding by the terms and conditions of this agreement and the terms and conditions of your Employment, Confidentiality and Non-Disclosure Agreement (attached hereto as Exhibit A), including, but not limited to executing the Termination Certificate attached thereto as Exhibit C, entered into between you and the Company, the Company agrees to provide you with the following consideration provided that you (i) transition all work as requested in a timely, professional and complete manner as directed by the Company, (ii) return all company property and (iii) execute this agreement and return a signed copy to the Company within twenty-one (21) days from the date hereof:
Although the Company has no policy or procedure for providing separation pay benefits, the Company will pay you, as separation pay the gross amount of $117,499.98, less appropriate withholdings and deductions, which is the equivalent of your base salary for six (6) months.
You acknowledge and agree that the Company is not obligated to provide you with the above-referenced consideration and that no other monetary payments or benefits, including equity,
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and attorneys’ fees, shall be accrued or made to you in consideration for entering into this agreement, and that the Company does not owe you any wages, salary, compensation, bonus pay, vacation pay, equity, business or other expenses, attorneys’ fees, benefits of any nature, or any other monies in any amount whatsoever except as explicitly provided herein. By entering into this Agreement, none of the Company or its parent corporation or any of their respective subsidiaries, stockholders, directors, officers, trustees, past and present employees, successors, predecessors, assigns, agents, attorneys or representatives admit any liability whatsoever.
In exchange for the consideration set forth in this agreement and other valuable consideration, receipt of which is hereby acknowledged, you acknowledge complete satisfaction of, and do hereby forever release, waive and discharge the Company, including but not limited to its parent corporation and their respective subsidiaries, stockholders, directors, officers, trustees, past and present employees, successors, predecessors, assigns, agents, attorneys and representatives from any and all judgments, liens, indebtedness, damages, claims, liabilities, demands, and causes of action (hereinafter, the “Claims”) whether now known or unknown, arising on or before the Separation Date and/or arising out of or relating to your employment with the Company or its termination, including without limitation, any Claims connected to or arising out of your employee benefit plans (whether or not arising under the Employee Retirement Income Security Act of 1974, as amended); any discrimination, harassment, or retaliation claim whether or not arising under local, California or federal law or regulation or public policy, including but not limited to Title VII of the Civil Right Act, as amended, 42 U.S.C. § 2000e et seq.; the Americans with Disabilities Act, 42 U.S.C. § 12101 et seq.; the California Fair Employment and Housing Act, as amended, California Government Code § 12900 et seq.; the Orders of the California Industrial Welfare Commission regulating wages, hours, and working conditions; all provisions of the California Labor Code; or any local, state or federal statute, common law, public policy, contract or tort principle in any way governing your employment terms, compensation, or termination, including but not limited to any breach of contract, any breach of the covenant of good faith and fair dealing, fraud, intentional or negligent misrepresentation, intentional or negligent infliction of emotional distress, as well as any claim for severance pay, bonus or similar benefit, stock options, sick leave, retirement, life insurance, health or medical insurance, workers’ compensation or disability; provided, however, the foregoing release shall not include a release by you of any claims that you may have against the Company, its parent corporation, and their respective subsidiaries, stockholders, officers, trustees, past and present employees, successors, predecessors, assigns, agents, attorneys and representatives with respect to the enforcement of this agreement. This release agreement does not extend to those rights, which as a matter of law cannot be waived, including but not limited to unwaivable rights you may have under the California Labor Code.
You acknowledge that you are waiving and releasing any rights you may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and voluntary. You and the Company agree that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Agreement Date. You further acknowledge that you have been advised by this writing that (i) you should consult with an attorney prior to executing this Agreement; (ii) you have had at least twenty-one (21) days within which to consider this Agreement; (iii) you have at least seven (7) days following the execution of this Agreement by the parties to revoke the agreement; and (iv) this Agreement shall not be effective until the revocation period has expired.
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As part of this general release, and not by way of limitation, you hereby expressly waive and release any and all claims pursuant to Section 1542 of the California Civil Code or any analogous state, local or federal law, statute, rule or regulation. California Civil Code Section 1542 reads:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY..”
You agree that the Company and its parent corporation and their respective stockholders have a significant and valuable interest in the Company’s name, reputation, employees, products, and services and further agree that you will not engage in any conduct that may disparage, denigrate or otherwise cause harm to the name, reputation, employees, products or services of the Company, including but not limited to its parent corporation, and their respective stockholders, officers, trustees, past and present employees, successors, predecessors, assigns and agents.
You represent and confirm that you have no lawsuits, charges, administrative proceedings or claims currently on file or pending against the Company including but not limited to its parent corporation, stockholders, officers, trustees, past and present employees, successors, predecessors, assigns and agents, and if such lawsuits, charges, administrative proceedings or claims are outstanding, you agree to join in any request to such court or agency to withdraw, dismiss, or otherwise resolve the claim or matter. You further represent that you have not assigned any such lawsuits, charges, administrative proceedings or claims to any third party. In addition, while you understand that this Agreement does not affect your right to file a charge with or participate as a witness in an investigation or proceeding conducted by the EEOC or any similar state agency, by accepting the terms provided herein and the consideration provided to you as a result, you give up the right to receive any relief whatsoever, including but not limited to financial benefit or monetary recovery, from any lawsuit or settlement related to such rights and claims as you now give up, whether the lawsuit is filed or the settlement reached by the EEOC, another agency, or anyone else.
You acknowledge that you have read this agreement, fully understand it and its legal consequences, have had the opportunity to seek advice of counsel, and that you enter this agreement voluntarily. You agree that you have not, and will not, disclose the terms and conditions of this agreement, or the discussions between the Company’s and/or its parent corporation’s employees or agents and you concerning this agreement. This confidentiality representation does not apply to disclosures made to your spouse, your counsel (if any), tax advisors, or disclosures required by a court order or regulatory authority. You agree to take all reasonable steps necessary to ensure that the confidentiality of this Agreement is maintained by any of the individuals or entities referenced above to whom disclosure is authorized and you agree to accept responsibility for any breach of confidentiality by said individuals or entities to whom disclosure of the agreement is made.
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The parties acknowledge and expressly agree that the obligations in this agreement are the sole and only consideration for it, and that no representations or inducements have been made by either party or that party’s officers, employees, managers, directors or agents, except as specifically set forth in this agreement. This agreement supersedes any previous oral agreement or understanding between the parties regarding any matter contained herein and represents the entire agreement between the two parties. The parties further agree that that the terms of this agreement are contractual and that both parties, their heirs, successors, and assigns are bound by it.
This agreement shall be governed by the internal substantive laws of the State of California, without any regard to its principles of conflict of laws. If any of the provisions of this agreement are determined to be invalid or unenforceable by a court or administrative agency of competent jurisdiction, the parties agree that such determination shall not affect the enforceability of the other provision contained herein.
If you understand and agree to the terms set forth herein, please indicate your acceptance of this agreement by signing and dating the two originals enclosed, and returning one signed copy to my office no later than August 20, 2021.
We wish you the best in your future endeavors.
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	Very truly yours,

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	/s/ Robert Piconi

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	Robert Piconi

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	Chief Executive Officer

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This agreement contains a release of known and unknown claims. I have read and understand this agreement and consent to all of the terms and provisions contained herein voluntarily and without any reservation.
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	/s/ Richard Cooperstein

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	Richard Cooperstein

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	August 16, 2021

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	Date

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