Akshay Ladwa
About Akshay Ladwa
Akshay Ladwa is Energy Vault’s Chief Development and Operations Officer (since July 2024), previously Chief Engineering Officer (October 2021–June 2024). He is 41 and holds a B.E. in Mechanical Engineering (Visvesvaraya Technological University) and an M.S. in Mechanical Engineering (Lawrence Technological University). His remit spans technology innovation and customer-centric solutions; 2024 corporate objectives were assessed at 20.5% achievement, and the Board determined his annual cash bonus payout at 130% of target for 2024, paid in March 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BrightNight | VP, Energy Storage & Integration | Nov 2019–Oct 2021 | Led storage and integration initiatives prior to joining Energy Vault . |
| Wärtsilä | VP of Engineering | Jul 2017–Nov 2019 | Senior engineering leadership in energy storage . |
| Greensmith Energy Management Systems | Engineering Program Manager; Director of Engineering; VP of Engineering | Jun 2013–Jul 2017 | Progressive engineering leadership in battery energy storage . |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash Annual Base Salary ($) | $420,000 | $441,000 | $458,640 |
| Target Bonus (% of base) | 75% | 75% | — |
| Discretionary/Retention Bonuses ($) | $88,000 (discretionary for NV Energy project) | $150,000 retention (three installments in Apr, Jul, Oct 2024) | — |
| Annual Incentive Payouts ($) | $92,586 (paid Mar 2024) | $89,547 (paid Mar 2025) | — |
| Stock Awards Fair Value ($) | — | $951,500 | — |
| Option Awards Fair Value ($) | $822,000 | — | — |
Performance Compensation
2024 Corporate Objectives Assessment
| Corporate Objective | Weighting | Assessed Performance | Weighted Performance |
|---|---|---|---|
| Contract Bookings | 30% | 35% | 10.5% |
| Recognized Revenue | 20% | 0% | 0% |
| Gross Margin | 20% | 0% | 0% |
| End-of-Year Unrestricted Cash | 20% | 0% | 0% |
| Safety | 10% | 100% | 10% |
| Total | 100% | — | 20.5% |
Annual Bonus Determination (2024)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus | N/A | 75% of base salary | Board-determined at 130% of target for Mr. Ladwa | Paid $89,547 in Mar 2025 (Company NEIPC) | Cash (no vesting) |
Note: The Board set Mr. Ladwa’s bonus at 130% of target; the 2024 NEIPC reported for him was $89,547, paid in March 2025 .
Equity Awards Structure and Vesting
- 2024 grants to Mr. Ladwa were RSUs vesting over three years (time-based) .
- Company-wide clawback policy adopted in 2023 applies to current and former executive officers, requiring recoupment of erroneously awarded compensation in the event of a restatement .
Equity Ownership & Alignment
Beneficial Ownership (as of March 31, 2025)
| Item | Amount |
|---|---|
| Total Beneficial Ownership (shares) | 1,009,746; <1% of outstanding |
| RSUs vesting within 60 days | 308,509 shares |
| Options exercisable within 60 days | 399,960 shares |
Outstanding Equity Awards at 2024 Year-End (unvested)
| Grant Date | RSUs Unvested (#) | Market Value ($) | Vesting Schedule |
|---|---|---|---|
| 10/28/2021 | 105,836 | $241,306 | 22 equal monthly installments; first 1/31/2025 |
| 07/03/2022 | 167,188 | $381,189 | Five equal quarterly installments; first 2/28/2025 |
| 12/16/2022 | 66,800 | $152,304 | Four equal quarterly installments; first 1/31/2025 |
| 03/06/2024 | 550,000 | $1,254,000 | 33.2% on 3/31/2025; remainder in eight equal quarterly installments |
| Option Grant Date | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration | Vesting |
|---|---|---|---|---|---|
| 05/19/2023 | 199,980 | 400,020 | $1.86 | 05/19/2030 | Three equal annual installments; first 5/4/2024 |
- Hedging and pledging of company stock are prohibited; pledging only allowed with compliance officer approval .
- Historical tax-withholding disposals: 94,953 shares disposed to cover taxes upon RSU vesting as of May 25, 2023 .
Employment Terms
| Term | Details |
|---|---|
| Employment Agreement | Effective Oct 6, 2023; superseded prior offer letter |
| Initial Base Salary (Agreement) | $420,000; target annual bonus 75% of base |
| Severance (no CIC) | 1x base salary; pro‑rated target bonus; up to 18 months COBRA |
| Severance (within 18 months post‑CIC) | 1.5x (base + target bonus); pro‑rated target bonus; accelerated vesting of all unvested equity awards; up to 18 months COBRA |
| Restrictive Covenants | CNIAA (confidentiality, inventions); 12‑month employee non‑solicit post‑termination |
| Retention Bonus (2024) | $150,000 in three installments (Apr, Jul, Oct 2024); recoverable advances; clawback if termination for cause or voluntary resignation within 12 months of payment; earning dates in 2025 |
| Remote Work Terms | Remote work permitted within U.S.; company consent required for relocation; periodic travel to company offices; equipment and information protections |
| Clawback Policy | Exchange Act Rule 10D‑1 compliant; recoupment on restatements; administered by Compensation Committee |
Performance & Track Record
- Led and commented on the commissioning of Jupiter Power’s 100 MW/200 MWh St. Gall BESS; Energy Vault served as EPC and system integrator; project entered full commercial operations in ERCOT .
- Received a discretionary $88,000 bonus for substantial completion of NV Energy’s 440 MWh battery energy storage system in 2023 .
Compensation Structure Analysis
- Shift from options to RSUs: Option award value in 2023 was $822,000; 2024 equity was RSU-only at $951,500, indicating a pivot toward time-based equity with lower risk versus options .
- Increase in guaranteed compensation: 2024 included a $150,000 retention bonus with earn-back/clawback terms, highlighting retention focus .
- Discretionary annual bonus mechanics: Despite corporate objectives achieved at 20.5% of target in 2024, the Board set Mr. Ladwa’s bonus at 130% of target, showing significant discretionary adjustment relative to corporate metric attainment .
Equity Ownership & Pledging
- Beneficial ownership is <1% and includes sizeable unvested RSUs and options; hedging/pledging prohibited without compliance approval, reducing alignment risk from collateralization or hedging .
Related Party Transactions
- No Ladwa‑specific related party transactions disclosed; company disclosed a patent license option with Continuum Renewables (affiliate of former director Bill Gross) in 2023 .
Say-on-Pay & Shareholder Feedback
- Not specifically disclosed for Mr. Ladwa; executive compensation program narrative and 2024 NEO compensation provided in proxy .
Expertise & Qualifications
- Mechanical engineering expertise; senior engineering leadership across Greensmith, Wärtsilä, and BrightNight; responsible for technology innovation and customer-centric solutions at Energy Vault .
Investment Implications
- Alignment: Significant unvested RSUs and vesting over 2025–2026 align retention with long-term value creation; hedging/pledging restrictions support alignment with shareholders .
- Retention: 2024 retention bonus with recoverable advance structure plus severance protections (1x base; 1.5x base+bonus and accelerated vesting post‑CIC) mitigate near-term departure risk .
- Pay-for-performance: Board discretion drove a 130% of target bonus amidst low corporate objective attainment (20.5%), suggesting elevated reliance on individual performance judgments; monitor for consistency of bonus outcomes versus disclosed corporate metrics .
- Trading signals: RSU vesting cadence and historical tax-withholding share disposals indicate potential periodic selling around vesting dates to satisfy obligations; watch Form 4s for timing and size .