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

Rhea-AI Filing Summary

Stephanie Unwin, a director of Energy Vault Holdings, Inc. (NRGV), was awarded 140,114 restricted stock units (RSUs) on 09/16/2025 at no cash price. Each RSU is a contingent right to one share of common stock and the award vests subject to Ms. Unwin's continued board service after the first anniversary of the Vesting Commencement Date of May 30, 2025. Following the reported grant, the filing shows Ms. Unwin beneficially owns 278,092 shares. The Form 4 was signed by the company’s Chief Legal Officer on 09/18/2025.

Insights

Corporate Governance Expert

TL;DR: A routine equity grant to a director aligns incentives with shareholders but is contingent on continued service and not immediately dilutive.

The 140,114 RSU award is described as a contingent right to receive common stock upon vesting, with vesting tied to continued service after the first anniversary of the May 30, 2025 Vesting Commencement Date. From a governance perspective, equity-based compensation for directors is a common practice to align interests with shareholders. The filing shows total beneficial ownership of 278,092 shares for Ms. Unwin after the grant, which provides transparency on insider holdings. The disclosure is straightforward and contains no indication of acceleration, atypical vesting conditions, or cash consideration.

Securities Analyst

TL;DR: This is a standard non-cash RSU grant to a director; it is informational rather than material to valuation.

The Form 4 documents a non-derivative award (RSUs) granted at $0 price on 09/16/2025. Because RSUs are contingent and subject to continued service, they do not represent immediate issued shares until vesting and settlement, limiting near-term dilution. The filing does not disclose acceleration triggers or settlement timing beyond the vesting condition, so quantifying potential future dilution requires additional company equity capitalization details not contained in this filing.

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

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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).

1. Name and Address of Reporting Person^*

Unwin Stephanie

(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)
09/16/2025

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	09/16/2025		A		140,114(1)	A	$0	278,092	D

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. Reflects an award of restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of Common Stock. The RSUs vest (subject to the reporting person's continued service on the Board) after the first anniversary of the Vesting Commencement Date - May 30, 2025.

Remarks:

	/s/ Brad Eastman, Chief Legal Officer	09/18/2025
	** 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 Stephanie Unwin report in the Form 4 for NRGV?

The Form 4 reports a grant of 140,114 restricted stock units (RSUs) received on 09/16/2025 and shows 278,092 shares beneficially owned following the grant.

When do the RSUs awarded to the director vest?

The RSUs vest subject to the reporting person's continued service on the Board after the first anniversary of the Vesting Commencement Date, May 30, 2025.

Did the director pay any cash for the award?

No. The transaction is reported with a $0 price, indicating a non-cash RSU grant.

Does this Form 4 show immediate dilution to NRGV shareholders?

No. The award is contingent RSUs that only convert to shares upon vesting, so the Form 4 does not by itself indicate immediate dilution.

Who signed the Form 4 and when?

The filing shows it was signed by Brad Eastman, Chief Legal Officer on 09/18/2025.