Akash Patel - Apr 2, 2024 Form 4 Insider Report for NET Power Inc. (NPWR)

Role: Chief Financial Officer
Signature: /s/ James Mahon, attorney-in-fact
Stock symbol: NPWR
Transactions as of: Apr 2, 2024
Transactions value $: $0
Form type: 4
Date filed: 4/4/2024, 04:11 PM
Previous filing: Jun 12, 2023
Next filing: Nov 26, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NPWR	Restricted Stock Units	Award	$0	+33.5K		$0.00	33.5K	Apr 2, 2024	Direct	F1
transaction	NPWR	Restricted Stock Units	Award	$0	+318K	+949.85%	$0.00	351K	Apr 2, 2024	Direct	F2

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	Performance Stock Units	Award	$0	+33.5K		$0.00	33.5K	Apr 2, 2024	Class A Common Stock	33.5K		Direct	F3

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

Explanation of Responses:

Id	Content
F1	Restricted stock units that vest in three equal installments on each anniversary of April 2, 2024, subject to continued employment.
F2	Restricted stock units that vest upon the latest to occur of the following three events: (1) The date that is 12 months after the date on which natural gas is first ignited at NET Power's first utility-scale plant; (2) The date of execution by all parties to an agreement related to the first sale by NET Power and its subsidiaries of a license to construct, operate, and maintain a second power plant utilizing the "NET Power Cycle" (the "License Agreement"); and (3) The date of documentation of a final investment decision by the licensee under the above-referenced License Agreement to proceed with constructing the second power plant utilizing the "NET Power Cycle."
F3	The Reporting Person will receive a number of shares of Class A common stock equal to 50% of the number of PSUs upon attainment of a 10% compound annual growth rate ("CAGR") of the 30-day volume weighted average price ("VWAP") of a share of Class A common stock on April 2, 2027 as compared to the VWAP of a share of Class A common stock on April 2, 2024. The Reporting Person will receive a number of shares of Class A common stock equal to 100% of the number of PSUs upon attainment of a 12% CAGR of the VWAP of a share of Class A common stock on April 2, 2027 as compared to the VWAP of a share of Class A common stock on April 2, 2024. The Reporting Person will receive a number of shares of Class A common stock equal to 200% of the number of PSUs upon attainment of a 15% CAGR of the VWAP of a share of Class A common stock on April 2, 2027 as compared to the VWAP of a share of Class A common stock on April 2, 2024.