Form 4: Energy Vault Holdings Executive Receives 375,000 Restricted Stock Units

Josh McMorrow, Chief Legal Officer of Energy Vault Holdings, was granted 375,000 restricted stock units (RSUs) on March 6, 2024.

Summary

• Josh McMorrow, the Chief Legal Officer of Energy Vault Holdings, Inc., received an award of 375,000 restricted stock units (RSUs) on March 6, 2024.
• These RSUs represent a contingent right to receive shares of Energy Vault Holdings' common stock.
• The RSUs will vest in installments, with 33.2% vesting on March 31, 2025, and the remaining portion vesting in eight substantially similar quarterly installments thereafter.
• Following this transaction, McMorrow beneficially owns 970,188 shares of common stock as of the date of the filing.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, which is generally viewed neutrally to positively as it aligns management interests with shareholders. The vesting schedule promotes long-term commitment.

Positives

• The granting of RSUs to a key executive like the Chief Legal Officer can be seen as an incentive to align their interests with the long-term success of the company.

Future Outlook

The vesting schedule of the RSUs suggests a multi-year commitment from the executive.

Industry Context

Equity compensation is a common practice in publicly traded companies to incentivize executives and align their interests with shareholders.

Comparison to Industry Standards

• Equity compensation packages for Chief Legal Officers at similar-sized publicly traded companies typically include a mix of stock options, restricted stock units, and performance-based awards.
• The vesting schedule of these RSUs, with a portion vesting after one year and the remainder over subsequent quarters, is a standard practice to encourage long-term retention.

Stakeholder Impact

• Shareholders may view the RSU grant as a positive sign, indicating the company's commitment to retaining key personnel.
• Employees may see this as a positive sign of the company's financial health and commitment to its leadership team.

Key Dates