Form 4: Energy Vault CEO Sells Shares to Cover Tax Obligations

Energy Vault's CEO, Robert Piconi, sold 2,859 shares of common stock to cover tax liabilities related to vesting restricted stock units.

Summary

• Energy Vault CEO, Robert Piconi, sold 2,859 shares of common stock on November 11, 2024, at a price of $2.087 per share.
• The sale was executed to cover the tax obligations arising from the vesting of restricted stock units.
• Following the transaction, Piconi directly owns 17,473,361 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 document reflects a routine transaction for tax purposes and does not indicate any positive or negative sentiment about the company's performance.

Industry Context

This is a routine transaction for executives who receive stock-based compensation. It is common for executives to sell shares to cover tax obligations when restricted stock units vest.

Comparison to Industry Standards

• Executive stock sales to cover tax obligations are a common practice across various industries.
• The sale of 2,859 shares is relatively small compared to the total holdings of the CEO, which is 17,473,361 shares directly and 8,615,892 shares indirectly.
• Similar transactions are regularly reported by executives in other publicly traded companies.

Stakeholder Impact

• The sale of shares by the CEO may have a minor impact on the stock price, but it is unlikely to be significant given the small volume of shares sold compared to the total shares outstanding.

Key Dates

Keywords

Energy Vault, Robert Piconi, stock sale, insider trading, Form 4, restricted stock units, tax liability