Company: NPWR-WT
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015450
Chunk: 28

Company: NET Power Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 28
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 of the aggregate number of shares of Class A Common Stock and Class B Common Stock, in each case, that are outstanding on December 31 of the immediately preceding calendar 
 year and (b) such smaller number of shares of Class A Common Stock as is determined by the Board.                                                                                                                                 |

27 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS Related Party Transactions Baker Hughes Agreements The Amended and Restated JDA On December 13, 2022, Net Power entered into the Amended and Restated JDA with RONI, RONI OpCo, NPI and NPT. The Amended and Restated JDA amends and restates the Original JDA, which was entered into in connection with a capital investment by BHES (a beneficial owner of more than five percent of Net Power Common Stock) into Net Power (described below), to allow for the joint development of a turbo expander prototype for use in Power Plants (as defined in the Amended and Restated JDA), including a combustor (the “Joint Development”). The development work to be undertaken by NPI and related milestones are described in statements of work. Subject to limited exceptions, the Company is required to reimburse NPI for all costs associated with the performance of its obligations under the applicable statement of work. A percentage of such reimbursement is paid in cash with the remaining amount being paid via issuance of additional OpCo Units and Class B Common Stock to NPI or its designee. Similarly, the Company is required to reimburse NPI for certain cost overruns through a combination of cash and issuance of securities, as provided in the Amended and Restated JDA. During 2024, we paid approximately $17.5 million to NPI and we issued a total of 3,316,520 OpCo Units and 3,316,520 shares of Class B Common Stock to BHES pursuant to the Amended and Restated JDA for services provided thereunder. Also, pursuant to the Amended and Restated JDA, NPI or its designee will receive additional OpCo Units and Class B Common Stock in an amount equal to the product of 64,799 and the Exchange Ratio (as defined in the Amended and Restated JDA) upon the achievement of certain milestones and the occurrence of certain other events. Immediately prior to the Closing of the Business Combination as a result of the Change of Control (as defined in the Amended and Restated JDA), NPI (or its designee