Paulson Increases Direct Stake in Energy Vault; Trust Holds 609,256 Shares

Rhea-AI Filing Summary

Energy Vault director Larry Paulson reported a purchase of 20,000 shares of common stock at $1.3799 per share on 08/13/2025, recorded on this Form 4. The purchase raised his direct holdings to 295,636 shares. The filing also reports 609,256 shares owned 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 securities except to the extent of any pecuniary interest. The transaction is shown as a P (purchase). No derivative transactions were reported.

Positive

• Director purchase reported: Larry Paulson acquired 20,000 shares at $1.3799, increasing his direct holdings to 295,636 shares

Negative

• None.

Insights

Financial Analyst

TL;DR: Director Larry Paulson bought 20,000 NRGV shares, raising direct holdings to 295,636; this is a routine insider purchase with limited disclosed context.

The Form 4 documents a straightforward non-derivative purchase of 20,000 common shares at $1.3799, increasing Mr. Paulson's reported direct position to 295,636 shares. The filing separately discloses 609,256 shares held by the family trust for which he is trustee. The document provides no information on total outstanding shares or relative stake size, so materiality to equity valuation cannot be assessed from this filing alone.

Corporate Governance Expert

TL;DR: The report shows a direct purchase and substantial trust holdings; Paulson disclaims beneficial ownership of the trust except for pecuniary interest.

The filing notes Mr. Paulson's role as a trustee of the Larry M and Gretchen V Paulson Family Trust and includes the standard disclaimer that he disclaims beneficial ownership of trust-held securities except to the extent of any pecuniary interest. The disclosure is consistent with common reporting practice for trustee-held shares and records no options, warrants, or other derivative instruments.

Insider Trade Summary

Net Buyer: 20,000 shares ($27,598)

Net Buy 2 txns

Insider Paulson Larry

Role Director

Bought 20,000 shs ($28K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	20,000	$1.3799	$28K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 295,636 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).

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)
08/13/2025

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	08/13/2025		P(1)		20,000	A	$1.3799	295,636	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	08/13/2025
	** 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 Form 4 for NRGV?

He reported a purchase of 20,000 common shares at $1.3799, raising his direct holdings to 295,636, with 609,256 indirect shares held by the family trust.

When was the transaction reported on the Form 4 for NRGV?

The transaction date shown in the filing is 08/13/2025.

What is Paulson's relationship to Energy Vault (NRGV)?

The form identifies Larry Paulson as a Director of Energy Vault Holdings, Inc.

Does the Form 4 report any derivative transactions for Paulson?

No. Table II lists no derivative securities; only a non-derivative purchase of common stock is reported.

Who holds the indirect shares disclosed in the filing?

The indirect shares are held 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 a pecuniary interest.