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

Rhea-AI Filing Summary

Energy Vault Holdings, Inc. (NRGV) reporting person Robert Piconi, identified as Director, Chief Executive Officer and a 10% owner, filed a Form 4 disclosing a purchase of company common stock on 09/17/2025. The filing reports an acquisition code P for 50,000 shares at a weighted-average price of $2.3024 (prices ranged $2.28–$2.33). After the purchase the reporting person directly beneficially owns 20,182,384 shares. The filing also discloses indirect holdings of 4,307,946 shares in each of two Delaware trusts for which he serves as investment advisor. The report is signed by the company’s Chief Legal Officer.

Positive

• Insider purchase disclosed: Reporting person acquired 50,000 shares on 09/17/2025 at a weighted-average price of $2.3024.
• Clear ownership disclosure: Direct beneficial ownership reported as 20,182,384 shares and indirect trust holdings of 4,307,946 shares each, with footnotes explaining trust roles.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider acquisition of 50,000 shares at a ~$2.30 weighted price; direct ownership now ~20.18M shares, plus trust holdings.

The Form 4 documents a straightforward open-market purchase by Robert Piconi on 09/17/2025 for 50,000 common shares at a reported weighted-average price of $2.3024, with disclosed price range $2.28–$2.33. The filing lists substantial direct beneficial ownership of 20,182,384 shares and indirect ownership of 4,307,946 shares in each of two Delaware trusts where he is investment advisor. This is a routine Section 16 disclosure that updates beneficial ownership totals.

Corporate Governance Expert

TL;DR: Filing shows CEO/Director ownership update via purchase and trust holdings; routine disclosure compliant with Section 16.

The document identifies Robert Piconi as Director, CEO and 10% owner and reports the acquisition code P for a 50,000-share purchase on 09/17/2025. It clarifies the weighted-average purchase price and discloses indirect holdings held in two named Delaware trusts for which he serves as investment advisor. The Form 4 appears properly signed and includes the required explanatory footnotes about the weighted-average price and trust ownership.

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^*

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)
09/17/2025

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	09/17/2025		P		50,000	A	$2.3024(1)	20,182,384	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 $2.28 to 2.33. 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	09/17/2025
	** 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 the Form 4 for NRGV?

The Form 4 reports an open-market purchase of 50,000 common shares on 09/17/2025 at a weighted-average price of $2.3024.

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

After the reported purchase the reporting person directly beneficially owns 20,182,384 shares.

Does the Form 4 disclose any indirect holdings for Robert Piconi?

Yes. The filing discloses indirect holdings of 4,307,946 shares held by the Piconi 2021 Delaware Trust and 4,307,946 shares held by the Piconi Family 2021 Delaware Trust, where he serves as investment advisor.

What price range reflects the purchase reported on the Form 4?

The footnote states the shares were purchased at prices ranging from $2.28 to $2.33, with a weighted-average price of $2.3024.

Who signed the Form 4 filing for Energy Vault (NRGV)?

The Form 4 is signed by /s/ Brad Eastman, Chief Legal Officer on 09/17/2025.