Energy Vault (NRGV) Insider Purchase: Paulson Adds 20,000 Shares

Rhea-AI Filing Summary

Insider purchase reported by Energy Vault Holdings, Inc. (NRGV) — Director Larry Paulson purchased 20,000 shares of Energy Vault common stock on 09/18/2025 at a price of $2.3999 per share, increasing his direct holdings to 335,636 shares. In addition, 609,256 shares are held indirectly by the Larry M and Gretchen V Paulson Family Trust; Mr. Paulson is a trustee and disclaims beneficial ownership except to the extent of any pecuniary interest. The Form 4 was signed by the companys Chief Legal Officer.

Positive

• Director purchased shares (20,000 shares at $2.3999), indicating some insider buying activity
• Material indirect holdings disclosed: 609,256 shares held by the Larry M and Gretchen V Paulson Family Trust, providing transparency about insider exposure

Negative

• None.

Insights

Financial Analyst

TL;DR: A director made a small open-market purchase, modestly increasing direct exposure while significant holdings remain in a family trust.

The reported purchase of 20,000 shares at $2.3999 is a straightforward non-derivative acquisition that raises the reporting person's direct stake to 335,636 shares. The existence of 609,256 shares held in the family trust indicates larger indirect exposure to the issuer. Transaction size relative to total outstanding shares is not disclosed here, so the market impact cannot be determined from this filing alone.

Corporate Governance Expert

TL;DR: Routine Section 16 filing showing director acquisition and disclosure of trust holdings; no governance red flags disclosed.

The Form 4 discloses both direct acquisition and indirect ownership via a family trust, with the reporting person named as a trustee and properly disclaiming beneficial ownership except for pecuniary interest. Signature and transaction code details appear standard. The filing provides clear disclosure of relationships and transaction specifics required by Section 16.

Insider Trade Summary

Net Buyer: 20,000 shares ($47,998)

Net Buy 2 txns

Insider Paulson Larry

Role Director

Bought 20,000 shs ($48K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	20,000	$2.3999	$48K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 335,636 shares (Direct); Common Stock — 609,256 shares (Indirect, See Footnote)

Footnotes (1)

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

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
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).

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)
09/18/2025

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	09/18/2025		P		20,000(1)	A	$2.3999	335,636	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/ 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 transaction did Larry Paulson report on Form 4 for NRGV?

Mr. Paulson reported purchasing 20,000 shares of Energy Vault common stock on 09/18/2025 at $2.3999 per share.

How many shares does Larry Paulson directly and indirectly own after the reported transaction?

Following the purchase, Mr. Paulson directly beneficially owns 335,636 shares and indirectly holds 609,256 shares through the family trust.

What is the nature of the indirect ownership reported on this Form 4?

The indirect holdings 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.

Who signed the Form 4 on behalf of the reporting person?

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

Does the Form 4 report any derivative transactions or dispositions?

No. The filing lists a non-derivative purchase and does not report derivative transactions or securities dispositions.