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

Rhea-AI Filing Summary

Robert Piconi, Chief Executive Officer, director and 10% owner of Energy Vault Holdings, Inc. (NRGV), purchased 25,000 shares of the issuer's common stock on 09/16/2025. The transaction was reported on Form 4 and executed at a weighted average price of $2.2114, with individual trade prices ranging from $2.18 to $2.225. After the purchase, the report shows 20,132,384 shares beneficially owned directly by the reporting person. The filer offers to provide transaction-level detail on request.

In addition to direct holdings, the filing discloses two indirect holdings of 4,307,946 shares each held by the Piconi 2021 Delaware Trust and the Piconi Family 2021 Delaware Trust, for which Mr. Piconi serves as investment advisor. The Form 4 is signed by the company’s Chief Legal Officer as authorized filer.

Positive

• Insider purchase recorded: CEO Robert Piconi acquired 25,000 shares at a weighted average price of $2.2114, indicating insider buying activity.
• Substantial insider ownership: Reporting person holds 20,132,384 shares directly plus two indirect trust holdings of 4,307,946 shares each, showing material alignment with shareholders.

Negative

• None.

Insights

Financial Analyst

TL;DR: CEO purchased 25,000 shares at ~$2.21, increasing direct stake to over 20.1 million shares, signalling internal buy interest.

The purchase size is modest relative to total reported direct holdings but represents an insider buy executed at a weighted average of $2.2114 on 09/16/2025. For investors this confirms continuing insider exposure and alignment with shareholder value, though the transaction does not materially change control or ownership percentages given the large existing stake. The filing includes customary disclosure that transaction prices span $2.18 to $2.225 and that further breakout is available on request.

Corporate Governance Expert

TL;DR: CEO and director reported a routine open-market purchase; holdings include significant indirect trust positions managed by the reporting person.

The Form 4 identifies Robert Piconi as CEO, director and 10% owner and documents both direct and indirect beneficial ownership through two Delaware trusts for which he is investment advisor. Reporting and signature comply with Section 16 reporting mechanics; the form was executed by the company’s Chief Legal Officer. No departures, option exercises, or plan-based trades are disclosed; the disclosure is straightforward and procedural.

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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hours per response:			0.5

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^*

Piconi Robert

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

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		P		25,000	A	$2.2114(1)	20,132,384	D
Common Stock								4,307,946	I	See Footnote(2)
Common Stock								4,307,946	I	See Footnote(3)

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 price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.18 to $2.225. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

2. Held by Piconi 2021 Delaware Trust for which the Reporting Person serves as investment advisor.

3. Held by Piconi Family 2021 Delaware Trust for which the Reporting Person serves as investment advisor.

Remarks:

	/s/ Brad Eastman, Chief Legal Officer	09/16/2025
	** 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 Robert Piconi purchase and when?

The Form 4 reports Robert Piconi purchased 25,000 shares of Energy Vault (NRGV) common stock on 09/16/2025.

At what price were the shares bought?

The shares were purchased at a weighted average price of $2.2114, with trade prices ranging from $2.18 to $2.225.

How many shares does the reporting person own after the transaction?

After the reported purchase the filing shows 20,132,384 shares beneficially owned directly by the reporting person.

Does the filing disclose any indirect holdings?

Yes. The filing lists two indirect holdings of 4,307,946 shares each held by the Piconi 2021 Delaware Trust and the Piconi Family 2021 Delaware Trust, for which he serves as investment advisor.

What is Robert Piconi’s relationship to the issuer?

The Form 4 identifies Robert Piconi as Chief Executive Officer, director, and a 10% owner of Energy Vault Holdings, Inc. (NRGV).

Who signed the Form 4 filing?

The Form 4 is signed on behalf of the reporting person by Brad Eastman, Chief Legal Officer, dated 09/16/2025.