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

Rhea-AI Filing Summary

Akshay Ladwa, Chief Operations Officer and Director of Energy Vault Holdings, Inc. (NRGV), reported a transaction on 09/22/2025 in which 13,250 shares of Common Stock were disposed at a price of $2.02 per share. After the reported disposition the filing shows the reporting person beneficially owns 2,159,582 shares on a direct basis. The Form 4 explains the 13,250-share disposition represents shares withheld by the issuer to satisfy the reporting person’s tax liability upon vesting of restricted stock units. The report was signed by the company’s Chief Legal Officer on 09/24/2025.

Positive

• Reporting person retains a substantial direct stake of 2,159,582 shares after the transaction
• Disposition is explicitly for tax withholding on RSU vesting, indicating a routine administrative action rather than an active sell-off

Negative

• 13,250 shares were disposed, though the filing states this was for tax withholding rather than a market sale

Insights

Securities Analyst

TL;DR: Small, routine tax-withholding sale relative to a large retained stake; likely neutral for valuation.

The filing shows a disposition of 13,250 shares at $2.02, explicitly described as shares withheld to cover tax on RSU vesting rather than an open-market cash sale for diversification. Given the post-transaction beneficial ownership of 2,159,582 shares, the sale is immaterial in size relative to the overall holding and does not indicate a change in control or a broad insider exit. This type of transaction is common when equity awards vest and does not in itself imply new information about company fundamentals.

Corporate Governance Expert

TL;DR: Transaction aligns with standard tax-withholding practice for RSU vesting; governance signal is neutral.

The Form 4 identifies the disposition as issuer-withheld shares to satisfy tax obligations on vesting restricted stock units, which is a routine administrative action. The reporting person remains a named officer and director with a substantial direct holding of 2,159,582 shares. From a governance perspective, there is no disclosed unusual pattern such as repeated discretionary sales or departures; the filing is procedural and consistent with equity compensation mechanics.

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

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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^*

Ladwa Akshay

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operations Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

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	09/22/2025		F		13,250(1)	D	$2.02	2,159,582	D

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 withheld by the Issuer to satisfy the reporting person's tax liability on vesting of restricted stock units.

Remarks:

	/s/ Brad Eastman, Chief Legal Officer	09/24/2025
	** 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 Akshay Ladwa report on Form 4 for NRGV?

The Form 4 reports a disposition of 13,250 shares on 09/22/2025 at $2.02 per share, described as shares withheld to satisfy tax on RSU vesting.

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

After the reported transaction the filing shows 2,159,582 shares beneficially owned (direct).

What is the reporting person's role at Energy Vault (NRGV)?

The reporting person is listed as Chief Operations Officer and a Director of the issuer.

Was the disposition an open-market sale?

No. The filing states the shares were withheld by the issuer to satisfy tax liability on vested RSUs, not a voluntary market sale.

When was the Form 4 signed and by whom?

The filing bears a signature block executed by the company's Chief Legal Officer on 09/24/2025.