Kyle Derham - Aug 16, 2023 Form 4 Insider Report for NET Power Inc. (NPWR)

Role
Director
Signature
/s/ Kyle Derham
Stock symbol
NPWR
Transactions as of
Aug 16, 2023
Transactions value $
$0
Form type
4
Date filed
8/18/2023, 04:30 PM
Previous filing
Jun 30, 2023
Next filing
Jun 10, 2024

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 B Units of NET Power Operations LLC Conversion of derivative security $0 -1.39M -100% $0.00* 0 Aug 16, 2023 Class A Common Stock 1.39M Direct F1, F2
transaction NPWR Class A Units of NET Power Operations LLC Conversion of derivative security $0 +1.39M $0.00 1.39M Aug 16, 2023 Class A Common Stock 1.39M Direct F2, F3
transaction NPWR Class B Units of NET Power Operations LLC Conversion of derivative security $0 -286K -100% $0.00* 0 Aug 16, 2023 Class A Common Stock 286K The Derham Children's Trust of 2020 F1, F2, F4
transaction NPWR Class A Units of NET Power Operations LLC Conversion of derivative security $0 +286K $0.00 286K Aug 16, 2023 Class A Common Stock 286K The Derham Children's Trust of 2020 F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The Class B Units of NET Power Operations LLC ("Opco") are convertible into Class A Units of Opco on a one-for-one basis pursuant to the terms of the limited liability company agreement of Opco (the "Opco LLCA"). The Class A Units of Opco (together with the corresponding shares of the issuer's Class B common stock) are then exchangeable into cash or shares of the issuer's Class A common stock on a one-for-one basis, at the issuer's election, and have no expiration date.
F2 On August 16, 2023, pursuant to the Opco LLCA, all Class B Units of Opco converted into Class A Units of Opco on a one-for-one basis due to the exercise on such date by a member of Opco of its Class B Conversion Right (as defined in the Opco LLCA).
F3 The Opco Class A Units (together with the corresponding shares of the issuer's Class B common stock) are exchangeable into cash or shares of the issuer's Class A common stock on a one-for-one basis, at the issuer's election, and have no expiration date.
F4 The reporting person is the trustee of The Derham Children's Trust of 2020 (the "Trust"). By virtue of the relationship, the reporting person may be deemed to have or share beneficial ownership of the securities held of record by the Trust, but the reporting person disclaims any beneficial ownership of the reported securities other than to the extent of any pecuniary interest he may have therein, directly or indirectly.