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

Rhea-AI Filing Summary

Dylan Hixon, a director of Energy Vault Holdings, Inc. (NRGV), received an award of 98,449 restricted stock units (RSUs) on 09/16/2025. Each RSU converts to one share of common stock and vests subject to his continued Board service after the third anniversary of the Vesting Commencement Date of March 31, 2025. Following the reported transaction Mr. Hixon directly beneficially owns 98,449 shares and indirectly beneficially owns 900,065 shares through Arden Road Investments LLC, which is connected to the Dylan Trust under the JMH-ICH Lex Trust. The Form 4 was signed and filed on 09/18/2025.

Positive

• Director alignment: RSUs vesting over three years promote long-term alignment between the director and shareholders
• Substantial insider stake: Indirect holdings of 900,065 shares through Arden Road Investments LLC indicate meaningful insider exposure
• Transparent disclosure: Form 4 clearly states the trustee relationship and the reporting of both direct and indirect ownership

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director RSU award aligns long-term incentives with shareholders, vesting over three years; substantial indirect holdings strengthen alignment.

The 98,449 RSU grant is a standard director equity award that vests based on continued service, encouraging long-term alignment with shareholder interests. The combination of direct RSUs and a significant 900,065 indirect position through Arden Road Investments LLC indicates meaningful insider exposure to company equity. The disclosure includes the trustee relationship and disclaimer of beneficial ownership for the trust, which is appropriate for governance transparency.

Securities Analyst

TL;DR: This Form 4 reports routine compensation-driven equity issuance to a director; no cash consideration was paid for the RSUs.

The transaction shows an award value delivered as RSUs with a reported price of $0, consistent with grant-based compensation rather than an open-market purchase. The vesting schedule delays share issuance for three years from the stated commencement date, which phases potential dilution and aligns incentives over time. No derivative transactions or exercised options are reported.

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).

1. Name and Address of Reporting Person^*

Hixon Dylan

(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		98,449(1)	A	$0	98,449	D
Common Stock								900,065	I	Held by Arden Road Investments LLC(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. 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 third anniversary of the Vesting Commencement Date - March 31, 2025.

2. Mr. Hixon is the sole trustee of the "Dylan Trust under the JMH-ICH Lex Trust" which holds shares in Arden Road Investments LLC. Mr. Hixon may be deemed to have beneficial ownership of the securities held by the Dylan Trust. Mr. Hixon disclaims beneficial ownership of such securities 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 did Energy Vault (NRGV) director Dylan Hixon receive on 09/16/2025?

He received an award of 98,449 restricted stock units (RSUs), each representing a contingent right to one share of common stock.

When do Dylan Hixon's RSUs for NRGV vest?

The RSUs vest after the third anniversary of the Vesting Commencement Date, which is March 31, 2025, subject to continued Board service.

How many NRGV shares does Dylan Hixon beneficially own after the transaction?

He beneficially owns 98,449 shares directly and 900,065 shares indirectly through Arden Road Investments LLC.

Was there any cash purchase price for the RSUs reported on the Form 4?

No; the Form 4 reports a price of $0 for the RSU award, consistent with a compensation grant.

What is the relationship between Dylan Hixon and Arden Road Investments LLC?

The filing states Mr. Hixon is the sole trustee of the Dylan Trust under the JMH-ICH Lex Trust, which holds shares in Arden Road Investments LLC, and he may be deemed to beneficially own those securities.