Company: NPWR-WT
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015450
Chunk: 30

Company: NET Power Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 30
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 related to the Net Power Platform (as defined in the BH License Agreement). The BH License Agreement is subject to customary covenants, representations and warranties. The term of the BH License Agreement continues until terminated (a) by written agreement of NPT and the Company, (b) by NPT at any time, upon 30 days’ prior written notice to the Company, and (c) by the Company in limited circumstances, including in the event of insolvency of NPT or valid termination of the Amended and Restated JDA, upon 60 days’ prior written notice to NPT. On February 3, 2022, in connection with the Original JDA and the BH License Agreement, 8 Rivers and Net Power entered into the Limited Excluded Field License Agreement, which was further amended and restated on December 13, 2022, pursuant to which 8 Rivers granted the Company a perpetual, royalty-free license for certain incidental uses of fuel sources that may be in the Excluded Field. Limited Notice to Proceed During 2024, Net Power paid approximately $22 million to BHES for the purchase of long-lead materials necessary for the procurement and manufacture of the turboexpander and related key process equipment and machinery (“KPEP”) for Net Power’s first utility-scale power plant, along with related fees and services, pursuant to a limited notice to proceed. Services Agreements On September 5, 2019, Old Net Power entered into a Master Services Agreement with OXY (a beneficial owner of more than five percent of each of the Class A Common Stock and Class B Common Stock), with an effective date of November 5, 2018, pursuant to which OXY provided the Company certain technical, administrative, marketing and other support services upon receipt of work orders (the “OXY Master Services Agreement”). On November 25, 2022, Old Net Power entered into another Master Services Agreement with OXY, which replaced the OXY Master Services Agreement (together, the “OXY MSAs”). Pursuant to the terms of OXY MSAs, Old Net Power incurred an aggregate expense of approximately $2.0 million to OXY through December 31, 2024. On January 1, 2020, Old Net Power entered into a Master Services Agreement with Constellation, effective as of January 1, 2021 (as amended, the “Constellation Master Services Agreement”), pursuant to which Constellation provided the Company certain technical, administrative, marketing and other