Company: NPWR-WT
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015450
Chunk: 35

Company: NET Power Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 35
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 Company) the right to cause the Company to cause OpCo to redeem all or a portion of such member’s OpCo Units in exchange for an equal number of shares of Class A Common Stock or, at the Company’s election under certain circumstances set forth therein, cash, in each case, subject to certain restrictions set forth therein. Upon redemption of any OpCo Units, an equal number of shares of Class B Common Stock held by the redeeming member of OpCo shall be canceled. Under the OpCo LLC Agreement, prior to January 17, 2025, OpCo was required, when certain conditions are met, to make tax-related distributions to the Class A OpCo Unit holders. These conditions were met in 2024 and, as a result, during the fourth quarter of 2024, OpCo made a tax-related partnership distribution of $4.8 million. The Third Amended and Restated Limited Liability Company Agreement of OpCo was effective January 17, 2025. Under the amended agreement, future partnership distributions will not be required unless OpCo is in a taxable income position. 31 Support Agreement Concurrently with the execution of the Business Combination Agreement, RONI, Sponsor, Net Power and the Principal Legacy Net Power Holders and BHES (collectively, the “Support Agreement Unitholders”) entered into a Support Agreement (as amended pursuant to its terms, the “Support Agreement”), pursuant to which each Support Agreement Unitholder agreed to, among other things, (i) retain their respective equity interests, (ii) vote in favor of the Business Combination Agreement and the transactions contemplated thereby and (iii) be bound by certain other covenants and agreements related to the Business Combination. Indemnification Agreements Our Bylaws provide that Net Power will indemnify its directors and officers to the fullest extent permitted by the Delaware General Corporation Law (the “DGCL”), subject to certain exceptions contained in our Bylaws. In addition, our Certificate of Incorporation provides that Net Power’s directors and executive officers will not be liable for monetary damages for breach of fiduciary duty. Net Power has also entered into indemnification agreements with each of its executive officers and directors. The indemnification agreements provide the indemnitees with contractual rights to indemnification, and expense advancement and reimbursement, to the fullest extent permitted under the DGCL, subject to certain exceptions contained in those agreements. Tax Receivable Agreement On the Closing Date, as contemplated by the Business Combination Agreement, Net Power and OpCo entered into the Tax