| When | | | | | | | | How to Vote in Advance | | |
| Where | | | Virtually at www.virtualshareholdermeeting.com/ | | | By Mail | | | Complete, sign, date and return your proxy card or voting instruction form in the postage-paid envelope provided | |
| Proposal 1 | | | Election of | | | By Internet | | | You can vote your shares online at www.proxyvote.com | |
| Proposal 2 | | | Ratification of the appointment of BDO USA, LLP as the independent registered public accounting firm of the Company for the fiscal year ended December 31, | | | By Phone | | | You can vote your shares by calling 1-800-690-6903 | |
| Any other business which may properly come before the annual meeting or any adjournment or postponement. In addition to the business to be transacted as described above, management will speak on our developments of the past year and respond to questions of general interest to stockholders. | | | Your vote is important. Please vote as soon as possible by one of the methods shown above. Be sure to have your proxy card, voting instruction form | | ||||||
| Who Can Vote | | | Only owners of record of the Company’s issued and outstanding common stock as of the close of business on | | | IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON | | |||
| Date of Mailing | | | We intend to mail | |
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| Date and Time | | | | | Place | | | Virtually at www.virtualshareholdermeeting.com/ | | |
| Record Date | | | | | Who Can Vote | | | Only owners of record of the Company’s issued and outstanding Common Stock as of the close of business on | | |
| Number of Shares Outstanding as of Record Date | | | | | | | | | |
Item | | | Proposals | | | Board Vote Recommendations | | | Page # | | |||||||||
1 | | | Election of two directors | | | | | ✓ | | | | FOR each director nominee | | | | | 4 | | |
2 | | | Ratification of the appointment of BDO USA, LLP as the independent registered public accounting firm of the Company for 2022. | | | | | ✓ | | | | FOR | | | | | 15 | | |
| Item | | | Proposals | | | Board Vote Recommendations | | | Page # | | |||
| 1 | | | Election of three directors | | | ✓ | | | FOR each director nominee | | | 4 | |
| 2 | | | Ratification of the appointment of BDO USA, LLP as the independent registered public accounting firm of the Company for 2023. | | | ✓ | | | FOR | | | 15 | |
| Election of | | | ✓ | | | OUR BOARD RECOMMENDS YOU VOTE “FOR” EACH DIRECTOR NOMINEE | |
| | | | | | | | | | | | | | Committee Membership | | | | | | | | | Committee Membership | | ||||||||||||||||||||||||||||||||||||||
Name | | Age | | Director Since | | Primary Occupation | | Board of Directors | | Audit Committee | | Nominating and Corporate Governance | | Compensation | | | Age | | Director Since | | Primary Occupation | | Board of Directors | | Audit Committee | | Nominating and Corporate Governance | | Compensation | | ||||||||||||||||||||||||||||||||
Mary Beth Mandanas | | | | 56 | | | | | 2022 | | | Chief Executive Officer at Onyx Renewable Partners | | | | ✓ | | | | | ✓ | | | | | ✓ | | | | | | | | |||||||||||||||||||||||||||||
Larry M. Paulson | | | | 69 | | | | | 2021 | | | Chief Executive Officer of Novus Capital Corporation | | | | ✓ | | | | | | | | | | ✓ | | | | | ✓ | | | |||||||||||||||||||||||||||||
Zia Huque | | 55 | | 2022 | | General Partner for Prime Movers Lab LLC | | ✓ | | ✓ | | | | ✓ | | |||||||||||||||||||||||||||||||||||||||||||||||
Theresa Fariello | | 62 | | 2023 | | Senior Vice President of Government Affairs & Global Public Policy for United Airlines | | ✓ | | | | ✓ | | | | |||||||||||||||||||||||||||||||||||||||||||||||
Thomas Ertel | | 67 | | 2022 | | Senior Vice President and Chief Accounting Officer of Strada Education Network | | ✓ | | ✓ | | | | ✓ | |
| Ratification of Appointment of Independent Registered Public Accounting Firm | | | ✓ | | | OUR BOARD RECOMMENDS YOU VOTE “FOR” THE RATIFICATION OF THE APPOINTMENT OF BDO USA, LLP | |
Name | | Age | | Position | | Director Since | | | Age | | Position | | Director Since | | ||||||
Robert Piconi | | 52 | | Chief Executive Officer and Director | | 2017 | | | 52 | | Chief Executive Officer and Director | | 2022 | | ||||||
Larry M. Paulson | | 69 | | Director | | 2021 | | | 69 | | Director | | 2021 | | ||||||
Henry Elkus | | 27 | | Director | | 2022 | | |||||||||||||
Theresa Fariello | | 62 | | Director | | 2023 | | |||||||||||||
Bill Gross | | 64 | | Director | | 2017 | | | 64 | | Director | | 2022 | | ||||||
Zia Huque | | 54 | | Director | | 2021 | | | 55 | | Director | | 2022 | | ||||||
Thomas Ertel | | 67 | | Director | | 2022 | | | 67 | | Director | | 2022 | | ||||||
Mary Beth Mandanas | | 56 | | Director | | 2022 | | | 57 | | Director | | 2022 | |
Director | | | Compensation Committee | | | Audit Committee | | | Nominating and Corporate Governance Committee | | |||||||||
Robert Piconi* | | | | | | | | | | | | | | | | | | | |
Larry M. Paulson | | | | | C | | | | | | | | | | | | ✓ | | |
| | | | | | | | | | | | | | | | ✓ | | | |
Bill Gross | | | | | | | | | | | | | | | | | | | |
Zia Huque | | | | | ✓ | | | | | | ✓ | | | | | | | | |
Thomas Ertel | | | | | ✓ | | | | | | C | | | | | | | | |
Mary Beth Mandanas | | | | | | | | | | | ✓ | | | | | | C | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Audit Fees(1) | | | $ | 379,531 | | | | $ | 136,780 | | | | | $ | 674,959 | | | | $ | 713,749 | | | ||||
Audit Related Fees | | | | 295,041 | | | | | 3,516 | | | | | | — | | | | | — | | | ||||
Tax Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
All Other Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Total | | | $ | 674,572 | | | | $ | 140,295 | | | | | $ | 674,959 | | | | $ | 713,749 | | |
Name | | | Age | | | Position | |
Robert Piconi | | | 52 | | | Chief Executive Officer and Director | |
| | | | Chief Financial Officer | | ||
Andrea Pedretti | | | | | Chief Technology Officer | | |
Josh McMorrow | | | 49 | | | Chief Legal Officer | |
Christopher K. Wiese | | | | | Chief Operating Officer | | |
Marco Terruzzin | | | | | Chief Product Officer | | |
Goncagul İçören | | | 47 | | | Chief People Officer | |
John Jung | | | 55 | | | President of Energy Vault Solutions | |
Laurence Alexander | | | | | Chief Marketing Officer | | |
| | Year | | Salary ($)(1) | | Bonus ($)(2) | | Stock Awards ($)(3) | | All Other Compensation ($)(4) | | Total ($) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Robert Piconi, Chief Executive Officer | | | | 2020 | | | | | 340,312 | | | | | 43,600 | | | | | — | | | | | — | | | | | 383,912 | | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | | | 2021 | | | | | 514,824 | | | | | 430,550 | | | | | 3,586,359 | | | | | 105,651 | | | | | 4,637,384 | | | |||||||||||||||||||||||||||||||||||||||||||||||||
Andrea Pedretti, Chief Technology Officer | | | | 2020 | | | | | 272,231 | | | | | 15,000 | | | | | — | | | | | — | | | | | 287,231 | | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | | | 2021 | | | | | 285,000 | | | | | 125,000 | | | | | 1,712,537 | | | | | 19,064 | | | | | 2,141,601 | | | |||||||||||||||||||||||||||||||||||||||||||||||||
Marco Terruzzin, Chief Product Officer | | | | 2020 | | | | | 234,484 | | | | | 188,500(5) | | | | | — | | | | | — | | | | | 422,984 | | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | | | 2021 | | | | | 300,000 | | | | | 180,000 | | | | | 595,825 | | | | | — | | | | | 1,075,825 | | | |||||||||||||||||||||||||||||||||||||||||||||||||
Name and Principal Position | | Year | | Salary ($)(1) | | Bonus ($) | | Stock Awards ($)(2) | | Non-Equity Incentive Plan Compensation ($)(3) | | All Other Compensation ($) | | Total ($)(7) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Robert Piconi Chief Executive Officer | | | | | 2022 | | | | | 710,425 | | | | | — | | | | | 20,092,548 | | | | | 1,019,859 | | | | | 128,943(4) | | | | | 21,951,775 | | | |||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 514,824 | | | | | 430,550 | | | | | 3,586,359 | | | | | — | | | | | 105,651 | | | | | 4,637,384 | | | |||||||||||||||||||||||||||||||||||||||||||||
Marco Terruzzin Chief Product Officer | | | | | 2022 | | | | | 318,751 | | | | | — | | | | | 7,839,750 | | | | | 222,760 | | | | | — | | | | | 8,381,261 | | | |||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 300,000 | | | | | 180,000 | | | | | 595,825 | | | | | — | | | | | — | | | | | 1,075,825 | | | |||||||||||||||||||||||||||||||||||||||||||||
Josh McMorrow (5) Chief Legal Officer | | | | | 2022 | | | | | 197,242 | | | | | — | | | | | 7,170,688 | | | | | 111,841 | | | | | 6,820(6) | | | | | 7,486,591 | | | |||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
Name | | | 2022 Cash Annual Base Salary ($) | | | 2023 Cash Annual Base Salary ($) | | ||||||
Robert Piconi | | | | | 690,000(1) | | | | | | 690,000 | | |
Marco Terruzzin | | | | | 375,000(2) | | | | | | 401,250 | | |
Josh McMorrow | | | | | 314,910(3) | | | | | | 349,550(3) | | |
2022 Corporate Objective | | | Weighting | | | Assessed Performance | | ||||||
Contract Bookings | | | | | 50% | | | | | | 50% | | |
Total Revenue | | | | | 30% | | | | | | 30% | | |
Cash and Cash Equivalents | | | | | 20% | | | | | | 28% | | |
Total | | | | | 100% | | | | | | 108% | | |
Name | | | Type of Award | | | Number of shares or units of stock that have not vested (#) | | | Market value of shares or units of stock that have not vested ($)(4) | | | Purchase Price ($) | | |||||||||
Robert Piconi(1) | | | Restricted Stock | | | | | 4,909,995 | | | | | | 48,610,654 | | | | | | 0.0025 | | |
Andrea Pedretti(2) | | | RSU | | | | | 2,343,407 | | | | | | 23,200,547 | | | | | | — | | |
Marco Terruzzin(3) | | | Restricted Stock | | | | | 609,615 | | | | | | 6,035,400 | | | | | | 0.0025 | | |
| | | Stock Awards | | ||||||||||||||||||||||||
Name | | | Grant Date | | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | | ||||||||||||
Robert Piconi | | | 11/10/2022 | | | | | 2,600,000(3) | | | | | | 8,112,000 | | | | | | | | | | | | | | |
| 12/16/2022 | | | | | 597,144(4) | | | | | | 1,863,089 | | | | | | | | | | | | | | | ||
| 11/10/2022 | | | | | | | | | | | | | | | | | 1,300,000(6) | | | | | | 4,056,000 | | | ||
| 12/16/2022 | | | | | | | | | | | | | | | | | 199,048(7) | | | | | | 621,030 | | | ||
Marco Terruzzin | | | 7/29/2022 | | | | | 875,000(3) | | | | | | 2,730,000 | | | | | | | | | | | | | | |
| 12/16/2022 | | | | | 200,000(4) | | | | | | 624,000 | | | | | | | | | | | | | | | ||
Josh McMorrow | | | 5/16/2022 | | | | | 270,940(5) | | | | | | 845,333 | | | | | | | | | | | | | | |
| 7/3/2022 | | | | | 400,000(5) | | | | | | 1,248,000 | | | | | | | | | | | | | | | ||
| 12/16/2022 | | | | | 75,000(4) | | | | | | 234,000 | | | | | | | | | | | | | | |
Name | | | Fees Earned or Paid in Cash ($) | | | Stock Awards ($)(1) | | | Total ($) | | |||||||||
Larry M Paulson | | | | | 75,000 | | | | | | 136,292 | | | | | | 211,292 | | |
Bill Gross | | | | | 75,000 | | | | | | 126,785 | | | | | | 201,785 | | |
Zia Huque | | | | | 75,000 | | | | | | 126,785 | | | | | | 201,785 | | |
Thomas Ertel | | | | | 75,000 | | | | | | 136,292 | | | | | | 211,292 | | |
Mary Beth Mandanas | | | | | 75,000 | | | | | | 136,292 | | | | | | 211,292 | | |
Henry Elkus | | | | | 75,000 | | | | | | 126,785 | | | | | | 201,785 | | |
Name | | | Total Stock Awards Outstanding | | |||
Larry M Paulson | | | | | 46,516 | | |
Bill Gross | | | | | 43,271 | | |
Zia Huque | | | | | 43,271 | | |
Thomas Ertel | | | | | 46,516 | | |
Mary Beth Mandanas | | | | | 46,516 | | |
Henry Elkus | | | | | 43,271 | | |
Plan Category | | | Number of securities to be issued upon exercise of outstanding options, restricted stock units and rights (a) | | | Weighted Average exercise price of outstanding options (b) | | | Number of securities remaining available for future issuance under equity compensation plan (excluding securities referenced in column (a)) (c) | | |||||||||
Equity compensation plans approved by security holders: | | | | | 24,891,683(1) | | | | | $ | 0.79(2) | | | | | | 2,850,738(3) | | |
Equity compensation plans not approved by security holders: | | | | | | | | | | | — | | | | | | 8,000,000(4) | | |
Total | | | | | 24,891,683 | | | | | $ | 0.79 | | | | | | 10,850,738 | | |
Name and Address of Beneficial Owner(1) | | Number of Shares Beneficially Owned | | Percentage of Class | | | Number of Shares Beneficially Owned | | Percentage of Class | | ||||||||||||||||
Named Executive Officers and Directors: | | | | | | | | | | | | |||||||||||||||
Named Executive Officers and Directors: | | | | | | | | | | | | |||||||||||||||
Robert Piconi(1) | | | | 14,953,084 | | | | | 10.8% | | | | | | 15,709,084 | | | | | 11.4% | | | ||||
Andrea Pedretti(2) | | | | 1,956,431 | | | | | 1.4% | | | |||||||||||||||
Josh McMorrow | | | | — | | | | | * | | | |||||||||||||||
Marco Terruzzin | | | | 545,267 | | | | | *% | | | | | | 764,017 | | | | | * | | | ||||
Henry Elkus(4) | | | | 3,487,876 | | | | | 2.5% | | | |||||||||||||||
Theresa Fariello | | | | — | | | | | — | | | |||||||||||||||
Bill Gross | | | | 7,790,302 | | | | | 5.7% | | | | | | 7,578,438 | | | | | 5.5% | | | ||||
Zia Huque | | | | 7,552,864 | | | | | 5.5% | | | | | | — | | | | | * | | | ||||
Thomas Ertel | | | | — | | | | | — | | | | | | — | | | | | * | | | ||||
Mary Beth Mandanas | | | | — | | | | | — | | | | | | — | | | | | * | | | ||||
Larry M. Paulson | | | | 665,382 | | | | | * | | | | | | 1,157,382 | | | | | 1.1% | | | ||||
All Directors and Executives Officers of Energy Vault as a Group (15 individuals) (8) | | | | 36,951,206 | | | | | 26.8% | | | |||||||||||||||
Five Percent Holders: | | | | | | | | | | | | |||||||||||||||
NeoTribe Ventures I, L.P. for itself and as nominee for NeoTribe Associates I, L.P. (9) | | | | 9,276,423 | | | | | 6.7% | | | |||||||||||||||
Prime Movers Lab(10) | | | | 7,552,864 | | | | | 5.5% | | | |||||||||||||||
SoftBank Vision Fund (AIV M2) L.P. acting by its manager, SB Investment Advisers (UK) Limited (11) | | | | 18,535,631 | | | | | 13.4% | | | |||||||||||||||
All Directors and Executives Officers of Energy Vault as a Group (14 individuals) (5) | | | | 28,001,744 | | | | | 20.0% | | | |||||||||||||||
Five Percent Holders: | | | | | | | | | | | | |||||||||||||||
SoftBank Vision Fund (AIV M2) L.P.(6) | | | | 18,535,631 | | | | | 13.5% | | |