Form 4: Energy Vault CEO Robert Piconi Awarded 3.1 Million Restricted Stock Units

Energy Vault's CEO, Robert Piconi, received 3,100,000 restricted stock units (RSUs) on March 7, 2024, vesting over time.

Summary

• Robert Piconi, CEO of Energy Vault Holdings, Inc., was awarded 3,100,000 restricted stock units (RSUs) on March 7, 2024.
• These RSUs represent a contingent right to receive shares of Energy Vault's common stock.
• The RSUs will vest as to 33.2% of the underlying shares on March 31, 2025, with the remaining shares vesting in eight substantially similar quarterly installments thereafter.
• Following this transaction, Piconi directly owns 17,201,994 shares of common stock.
• Piconi also indirectly owns 4,307,946 shares through the Piconi 2021 Delaware Trust and another 4,307,946 shares through the Piconi Family 2021 Delaware Trust, for both of which he serves as investment advisor.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The RSU award aligns the CEO's interests with shareholders, which is generally viewed favorably. However, it's a standard practice and doesn't necessarily indicate a significant change in the company's outlook.

Positives

• The award of RSUs to the CEO aligns his interests with those of the shareholders, incentivizing him to improve the company's performance.
• The vesting schedule encourages long-term commitment from the CEO.

Future Outlook

The document does not contain specific forward-looking statements beyond the RSU vesting schedule.

Industry Context

This type of equity compensation is common for CEOs in publicly traded companies, particularly in growth-oriented sectors like renewable energy. It's designed to align management's interests with shareholder value creation.

Comparison to Industry Standards

• Equity compensation packages for CEOs in the renewable energy sector vary widely depending on company size, stage of development, and performance metrics.
• Comparing Piconi's RSU award to those of CEOs at similar companies like Fluence, Stem, or QuantumScape would provide a better understanding of its relative size and structure.
• Industry benchmarks often consider factors such as revenue growth, profitability, and stock price performance when determining executive compensation.

Stakeholder Impact

• Shareholders may view the RSU award positively as it incentivizes the CEO to increase shareholder value.
• Employees may see it as a sign of confidence in the company's future.

Key Dates