Form 4: Energy Vault CEO Sells Shares for Tax Obligations

Energy Vault Holdings CEO Robert Piconi disposed of 2,642 common shares to cover tax liabilities related to restricted stock unit vesting.

Summary

• Robert Piconi, Chief Executive Officer, Director, and 10% owner of Energy Vault Holdings, Inc. (NRGV), reported a transaction.
• On September 4, 2025, Piconi disposed of 2,642 shares of common stock.
• The disposition was made to the issuer at a price of $1.135 per share to satisfy tax liabilities arising from the vesting of restricted stock units.
• This transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• Following this transaction, Piconi directly owns 20,107,384 shares of common stock.
• Piconi also indirectly owns 4,307,946 shares through the Piconi 2021 Delaware Trust and another 4,307,946 shares through the Piconi Family 2021 Delaware Trust, for which he serves as investment advisor.

Sentiment

Score: 5

Explanation: The transaction represents a routine disposition of shares to cover tax liabilities upon the vesting of restricted stock units, which is a common and expected event for executives receiving equity compensation. It does not reflect a discretionary sale or a change in the insider's confidence in the company, thus having a neutral impact on sentiment.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Disposition of 2,642 shares to Energy Vault Holdings, Inc. to satisfy tax liability on vesting of restricted stock units.

Stakeholder Impact

• Shareholders: Minimal impact as this is a routine, non-discretionary tax-related transaction, not indicative of a change in the CEO's confidence or the company's fundamentals. The CEO maintains significant direct and indirect ownership.

Key Dates

Recommendation

This Form 4 reports a routine, non-discretionary disposition of shares by the CEO to cover tax obligations related to restricted stock unit vesting. Such transactions are common for executives and do not typically signal a change in the company's fundamentals or the insider's long-term outlook. Therefore, it does not provide a basis for altering an existing investment thesis.

Keywords

Energy Vault Holdings, NRGV, Robert Piconi, Insider Transaction, Form 4, Stock Disposition, Tax Liability, Restricted Stock Units, CEO, Director, 10% Owner