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

Rhea-AI Filing Summary

Energy Vault Holdings, Inc. (NRGV) insider Robert Piconi reported a transaction on 09/04/2025 showing a disposition of 2,642 common shares at a price of $1.135 per share. After the reported sale, Mr. Piconi beneficially owned 20,107,384 common shares directly. Additionally, two Delaware family trusts for which he serves as investment advisor each hold 4,307,946 shares, as noted in the footnotes. The filing was signed by the company’s CFO on 09/05/2025.

Positive

• Substantial retained ownership: Reporting person beneficially owns 20,107,384 common shares after the transaction
• Transparency of trust holdings: Two Delaware trusts are disclosed, each holding 4,307,946 shares, with the reporting person serving as investment advisor

Negative

• None.

Insights

Financial Analyst

TL;DR: Large retained ownership with a minor reported share disposition; transaction likely routine rather than material.

The Form 4 shows a small disposition of 2,642 shares at $1.135, while the reporting person continues to hold a substantial stake of 20.1 million shares directly. The filing also discloses two trusts of 4,307,946 shares each for which the reporting person is investment advisor, indicating concentrated ownership influence. There are no derivative transactions reported and no additional context about purpose of the sale. From a financial perspective, the single small sale does not materially change the ownership profile disclosed in this filing.

Corporate Governance Expert

TL;DR: Disclosure reflects compliance with Section 16 reporting; ownership structure includes direct holdings and advisory roles for trusts.

The Form 4 is properly completed to show the 09/04/2025 transaction and post-transaction beneficial ownership. The reporting person is identified as Director, 10% owner, and CEO, and the filing clarifies his advisory role over two Delaware trusts holding 4,307,946 shares each. The signature by the CFO on 09/05/2025 indicates timely filing. There are no indications of previously undisclosed arrangements or derivative positions in this report.

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^*

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)
09/04/2025

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	09/04/2025		F		2,642(1)	D	$1.135	20,107,384	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. Represents shares withhheld by the Issuer to satisfy the reporting person's tax liability on vesting of restricted stock units.

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/ Michael Beer, Chief Financial Officer	09/05/2025
	** 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 transaction did Robert Piconi report on Form 4 for NRGV?

The Form 4 reports a disposition of 2,642 common shares on 09/04/2025 at a price of $1.135 per share.

How many NRGV shares does Robert Piconi beneficially own after the reported transaction?

After the transaction Mr. Piconi beneficially owned 20,107,384 common shares.

Are there any trusts disclosed in the Form 4 and how many shares do they hold?

Yes. The filing discloses two Delaware trusts for which Mr. Piconi is investment advisor, each holding 4,307,946 shares.

Was any derivative security reported on this Form 4 for NRGV?

No. The Form 4 contains no reported derivative securities; only non-derivative common stock transactions are shown.

Who signed the Form 4 filing for this transaction?

The filing bears the signature of Michael Beer, Chief Financial Officer dated 09/05/2025.