[Form 4] Energy Vault Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider purchase reported: Energy Vault Holdings director Larry Paulson purchased 20,000 shares of common stock on 08/28/2025 at a price of $1.7799 per share. After the transaction, Mr. Paulson directly beneficially owns 315,636 shares. An additional 609,256 shares are owned indirectly by the Larry M and Gretchen V Paulson Family Trust dated September 4, 2019; Mr. Paulson is a trustee and disclaims beneficial ownership of the Trust shares except to the extent of any pecuniary interest. The Form 4 was filed individually by the reporting person and is limited to non-derivative common stock activity.

Positive

• Director purchase of 20,000 shares at a disclosed price of $1.7799, indicating insider buying
• Increased direct ownership to 315,636 shares and substantial aligned economic interest via a family trust holding 609,256 shares

Negative

• None.

Insights

Financial Analyst

TL;DR Insider purchase of 20,000 shares at $1.7799 signals director-level buying, modestly positive for investor sentiment.

The <$b>20,000 share acquisition represents a direct purchase by a director at a sub-$2 price point, increasing his direct stake to 315,636 shares. Insider purchases can indicate confidence in near-term prospects or view of undervaluation; however, the absolute size is small relative to typical public float sizes and thus unlikely to drive market-moving valuation changes alone. The indirect holding of 609,256 shares in a family trust increases his aligned economic interest but is disclaimed for legal purposes. Overall, this is a modestly positive signal but not materially transformative.

Corporate Governance Expert

TL;DR Transaction complies with Section 16 reporting and includes trustee disclosure, reflecting standard governance transparency.

The Form 4 shows timely reporting of a director purchase and properly discloses indirect Trust holdings with a disclaimer, consistent with disclosure best practices. The filing is by one reporting person and lists the relationship as Director. There are no derivatives, option grants, or unusual encumbrances disclosed. The trust ownership disclosure clarifies voting/beneficial lines but is routine; it does not indicate governance changes or related-party transactions requiring further scrutiny.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Paulson Larry

(Last) (First) (Middle)

4165 EAST THOUSAND OAKS BLVD, SUITE 100

(Street)

WESTLAKE VILLAGE CA 91362

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Energy Vault Holdings, Inc. [ NRGV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/28/2025		P		20,000	A(1)	$1.7799	315,636	D
Common Stock								609,256	I	See Footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares are purchased in one transaction at a price given in Column 4.

2. The shares are owned directly by the Larry M and Gretchen V Paulson Family Trust dated September 4, 2019 and any amendments thereto (the "Trust"). Mr. Paulson is a trustee of the Trust. Mr. Paulson disclaims beneficial ownership of the securities held by the Trust except to the extent of his pecuniary interest therein.

Remarks:

	/s/ Michael Beer, Chief Financial Officer	08/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Larry Paulson report on the Form 4 for NRGV?

The Form 4 reports a direct purchase of 20,000 common shares on 08/28/2025 at $1.7799 per share.

How many NRGV shares does Larry Paulson own after the transaction?

Following the reported purchase Mr. Paulson directly beneficially owns 315,636 shares; an additional 609,256 shares are held indirectly by the family trust.

Does the filing indicate any derivative or option transactions for NRGV?

No. Table II shows no derivative securities; the filing covers only non-derivative common stock activity.

What is the nature of the indirect ownership disclosed?

The 609,256 shares are owned by the Larry M and Gretchen V Paulson Family Trust (dated September 4, 2019); Mr. Paulson is a trustee and disclaims beneficial ownership except to the extent of pecuniary interest.

Was the Form 4 filed individually or jointly?

The form was filed by one reporting person (individual filing).