Form 4: Energy Vault Director William Gross Reports Changes in Beneficial Ownership

Director William Gross reports acquisition and disposal of Energy Vault Holdings, Inc. stock, including restricted stock units and shares held indirectly through various entities.

Summary

• William Gross, a director of Energy Vault Holdings, Inc., filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
• On May 24, 2024, Gross acquired 68,989 shares of common stock through restricted stock units (RSUs) at $0.
• These RSUs vest on the earlier of the next Annual Meeting after the grant date or May 24, 2025, contingent upon continued service to the Board.
• Gross also disposed of 154,740 shares of common stock.
• He indirectly holds shares through the Gross Goodstein Living Trust (4,511,086 shares), Idealab Studio, LLC (1,590,997 shares), Idealab Holdings, LLC (1,406,355 shares), and as UTMA custodian for a child (100,000 shares).
• Gross disclaims beneficial ownership of shares held by the Gross Trust, Idealab Holdings, LLC and as UTMA custodian, except to the extent of his pecuniary interest.
• He also disclaims sole voting or dispositive authority over shares held by Idealab Studio, LLC.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing, so the sentiment is neutral. The acquisition of RSUs is mildly positive, while the disposal of shares is mildly negative, balancing each other out.

Positives

• The acquisition of 68,989 shares through RSUs indicates a potential alignment of interests between the director and the company's future performance.

Negatives

• The disposal of 154,740 shares could be interpreted negatively, although the reason for disposal is not specified.

Risks

• The complex ownership structure involving multiple entities could make it difficult to assess the true extent of Gross's influence and control over the company's shares.
• The vesting of RSUs is contingent upon continued service, which introduces a risk if Gross were to leave the Board before May 24, 2025.

Future Outlook

The vesting of the RSUs on or before May 24, 2025, is contingent on the director's continued service to the Board.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Comparison to Industry Standards

• Form 4 filings are a standard regulatory requirement for publicly traded companies in the United States, ensuring transparency regarding insider transactions.
• Similar filings are common across various industries and companies, such as Tesla (TSLA) and Apple (AAPL), where executives and directors routinely report changes in their stock ownership.
• The level of detail provided in this Form 4 is consistent with industry norms, including information on direct and indirect ownership, transaction dates, and explanations of ownership structures.

Stakeholder Impact

• Shareholders may be interested in the director's transactions as an indicator of confidence in the company's future prospects.
• The vesting of RSUs could incentivize the director to work towards the company's success.

Key Dates