Form 4: Energy Vault Director Ertel Receives RSU Award

Energy Vault Holdings, Inc. Director Thomas R. Ertel was awarded 161,132 restricted stock units, increasing his beneficial ownership to 360,338 shares.

Summary

• Thomas R. Ertel, a Director of Energy Vault Holdings, Inc. (NRGV), acquired 161,132 shares of common stock on September 16, 2025.
• This acquisition was an award of restricted stock units (RSUs) at a price of $0 per share.
• Each RSU represents a contingent right to receive one share of Common Stock.
• The RSUs will vest after the first anniversary of the Vesting Commencement Date, which is May 30, 2025, subject to Mr. Ertel's continued service on the Board.
• Following this transaction, Mr. Ertel's total beneficial ownership of Energy Vault common stock is 360,338 shares.

Sentiment

Score: 6

Explanation: Slightly positive as it indicates director commitment and aligns interests, which is generally viewed favorably, though it's a routine compensation event.

Positives

• The award of restricted stock units aligns Director Thomas R. Ertel's interests with those of shareholders, incentivizing long-term performance.
• Increased beneficial ownership by a director demonstrates continued commitment to the company.

Negatives

• The issuance of new restricted stock units, upon vesting, could lead to a minor dilutive effect on existing shareholders, though this is a standard component of equity compensation plans.

Risks

• The RSUs are subject to vesting conditions, specifically Mr. Ertel's continued service on the Board after the first anniversary of the Vesting Commencement Date (May 30, 2025). Failure to meet this condition would result in forfeiture.

Future Outlook

The awarded restricted stock units are scheduled to vest after the first anniversary of the Vesting Commencement Date of May 30, 2025, contingent upon the director's continued service.

Industry Context

Equity awards, such as restricted stock units, are a common form of compensation for directors and executives in publicly traded companies across various industries, including the energy storage sector. These awards are designed to align the interests of company leadership with long-term shareholder value creation.

Stakeholder Impact

• Shareholders: The award aligns the director's interests with shareholders, potentially fostering long-term value creation. Upon vesting, it will result in minor dilution.
• Management/Board: Reinforces the compensation structure for board members, linking their remuneration to company performance and tenure.

Next Steps

• Vesting of the 161,132 restricted stock units after May 30, 2026 (first anniversary of May 30, 2025), subject to continued service.

Key Dates

Recommendation

This Form 4 filing reports a routine equity compensation award to a director and does not contain information that would fundamentally alter the investment thesis for Energy Vault Holdings, Inc. While it signals continued director alignment, it is not a catalyst for a 'buy' or 'sell' recommendation based solely on this disclosure.

Keywords

Energy Vault Holdings, NRGV, Thomas R. Ertel, Director, Restricted Stock Units, RSU, Insider Transaction, Equity Compensation, Beneficial Ownership