Rice Acquisition Sponsor II LLC - Jun 8, 2023 Form 4 Insider Report for NET Power Inc. (NPWR)

Role: Director, 10%+ Owner
Signature: /s/ James Wilmot Rogers as Attorney-in-Fact
Stock symbol: NPWR
Transactions as of: Jun 8, 2023
Transactions value $: $0
Form type: 4
Date filed: 6/12/2023, 06:48 PM
Previous filing: Jun 15, 2021
Next filing: Jun 30, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NPWR	Class A Ordinary Shares	Disposed to Issuer		-2.5K	-100%		0	Jun 8, 2023	Direct	F1, F2
transaction	NPWR	Class A Common Stock	Award		+2.5K			2.5K	Jun 8, 2023	Direct	F1, F2
transaction	NPWR	Class B Ordinary Shares	Disposed to Issuer		-8.54M	-100%		0	Jun 8, 2023	Direct	F1, F2
transaction	NPWR	Class B Common Stock	Award		+8.54M			8.54M	Jun 8, 2023	Direct	F1, F2
transaction	NPWR	Class B Common Stock	Disposed to Issuer		-1M	-11.72%		7.54M	Jun 8, 2023	Direct	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NPWR	Class A Units of Rice Acquisition Holdings II LLC	Disposed to Issuer		-100	-100%		0	Jun 8, 2023	Class A Ordinary Shares	100		Direct	F1, F2, F4
transaction	NPWR	Class A Units of NET Power Operations LLC	Award		+100			100	Jun 8, 2023	Class A Common Stock	100		Direct	F1, F2, F5
transaction	NPWR	Class B Units of Rice Acquisition Holdings II LLC	Disposed to Issuer		-8.53M	-100%		0	Jun 8, 2023	Class A Ordinary Shares	8.53M		Direct	F1, F2, F6
transaction	NPWR	Class B Units of NET Power Operations LLC	Award		+8.53M			8.53M	Jun 8, 2023	Class A Common Stock	8.53M		Direct	F1, F2, F7
transaction	NPWR	Class B Units of NET Power Operations LLC	Disposed to Issuer		-1M	-11.72%		7.53M	Jun 8, 2023	Class A Common Stock	1M		Direct	F3, F7
transaction	NPWR	Warrants	Disposed to Issuer		-10.9M	-100%		0	Jun 8, 2023	Class A Ordinary Shares	10.9M	$11.50	Direct	F1, F2
transaction	NPWR	Warrants	Award		+10.9M			10.9M	Jun 8, 2023	Class A Common Stock	10.9M	$11.50	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to that certain Business Combination Agreement, dated December 13, 2022, and subsequently amended on April 23, 2023, by and among Rice Acquisition Corp. II ("RONI"), Rice Acquisition Holdings II LLC ("RONI Opco"), NET Power, LLC and the other parties thereto, the parties effected a business combination transaction (the "Business Combination") on June 8, 2023. In connection with the Business Combination, on June 8, 2023, RONI domesticated as a Delaware corporation (the "RONI Domestication") and changed its name to "NET Power Inc." ("NET Power") and RONI Opco domesticated as a Delaware limited liability company (together with the RONI Domestication, the "Domestication") and changed its name to "NET Power Operations LLC" ("Opco").
F2	As a result of the Domestication on June 8, 2023, (a) each issued and outstanding Class A ordinary share, par value $0.0001 per share, of RONI ("Class A Ordinary Share") automatically converted on a one-for-one basis into a share of Class A common stock, par value $0.0001 per share, of NET Power ("Class A Common Stock"), (b) each issued and outstanding Class B ordinary shares, par value $0.0001 per share, of RONI ("Class B Ordinary Share") automatically converted on a one-for-one basis into a share of Class B common stock, par value $0.0001 per share, of NET Power ("Class B Common Stock"), (c) each issued and outstanding warrant of RONI (which were exercisable for a Class A Ordinary Share) automatically converted into a warrant to purchase one share of Class A Common Stock, and (d) each issued and outstanding Class A Unit and Class B Unit of RONI Opco automatically converted on a one-for-one basis into a Class A or Class B Unit of Opco, respectively.
F3	Immediately upon the consummation of the Business Combination, pursuant to the Sponsor Letter Agreement, dated as of December 13, 2022, by and among RONI, the reporting person, RONI Opco, NET Power, LLC and the other parties thereto, 1,000,000 shares of Class B Common Stock and 1,000,000 Class B Units of Opco held by the reporting person were forfeited to NET Power and Opco, respectively, for no consideration and automatically canceled.
F4	For each Class A Unit of RONI Opco, the reporting person owned a corresponding Class B Ordinary Share. The Class A Units of RONI Opco (together with the corresponding Class B Ordinary Shares) were exchangeable into Class A Ordinary Shares or cash, at RONI's election, after the time of RONI's initial business combination on a one-for-one basis and had no expiration date.
F5	For each Class A Unit of Opco, the reporting person owns a corresponding share of Class B Common Stock. The Class A Units of Opco (together with the corresponding share of Class B Common Stock) are exchangeable into shares of Class A Common Stock or cash, at NET Power's election, on a one-for-one basis and have no expiration date.
F6	For each Class B Unit of RONI Opco, the reporting person owned a corresponding Class B Ordinary Share. The Class B Units of RONI Opco were convertible into Class A Units of RONI Opco pursuant to the terms of the limited liability agreement of RONI Opco. The Class A Units of RONI Opco (together with the corresponding Class B Ordinary Shares) were exchangeable into Class A Ordinary Shares or cash, at RONI's election, after the time of RONI's initial business combination on a one-for-one basis and had no expiration date.
F7	For each Class B Unit of Opco, the reporting person owns a corresponding share of Class B Common Stock. The Class B Units of Opco are convertible into Class A Units of Opco pursuant to the terms of the limited liability agreement of Opco. The Class A Units of Opco (together with the corresponding shares of Class B Common Stock) are exchangeable into shares of Class A Common Stock or cash, at NET Power's election, on a one-for-one basis and have no expiration date.