EMPLOYMENT AGREEMENT
Exhibit 10.23
Between
Energy Vault SA, with offices at Xxx Xxxxxxx 00, Xxxxxx, 0000 CH, hereinafter referred as “the Company”;
And
Xx. Xxxxxx Xxxxxxxx, Swiss Citizen, residing at [***], hereinafter referred to as “the Employee”;
****
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: | Xxxxxx Xxxxxx, 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 Xxx Xxxxxxx 00, Xxxxxx, 0000 XX. 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 |
| 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: | 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: | 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: | 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 |
| 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, ________________ |
/s/ Xxxxxx Xxxxxx |
| /s/ Xxxxxx Xxxxxxxx |
Energy Vault SA | | Xx. Xxxxxx Xxxxxxxx |
| | |
Xxxxxx Xxxxxx | | |
Chief Executive Officer | | |
