Company: NPWR-WT
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015450
Chunk: 19

Company: NET Power Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 19
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| (8) | Represents (i) reimbursement for relocation expenses paid to Mr. Allen in connection with his hiring, (ii) tax gross-ups, and (iii) payments made by Net 
 Power for enhanced life insurance benefits for Mr. Allen.                                                                                                |

| (9) | Effective as of April 15, 2025, Mr. Patel ceased to serve as Chief Financial Officer of Net Power. |

| (10) | Represents payments made by Net Power for enhanced life insurance benefits for Mr. Patel. |

Narrative Disclosure to Summary Compensation Table Base Salary Mr. Allen’s annualized base salary in 2024 initially was $380,000 and increased to $425,000 on April 1, 2024. Mr. Patel’s annualized base salary in 2024 initially was $400,000 and increased to $420,000 on April 1, 2024. Mr. Rice did not receive a base salary for 2024. 2024 Short-Term Incentive Plan Bonuses We maintain an annual short-term incentive plan pursuant to which Messrs. Allen and Patel were eligible to receive performance-based cash bonuses based on company-level and individual performance. For Messrs. Allen and Patel, 80% of their bonuses was determined based on the achievement of certain company-level goals and the remaining 20% of their bonuses was determined based on the individual performance rating of each executive as recommended by our Chief Executive Officer and determined by our Compensation Committee. The Compensation Committee determined that the company-level goals were achieved at 68.7% of target for the 2024 performance year and that individual performance for each of Messrs. Allen and Patel was achieved at 74% and 93% of target, respectively, resulting in the payment of the 2024 Cash Bonuses set forth in the “Non-Equity Incentive Plan Compensation” column of the Summary Compensation Table above. Service Provider Agreements Brian Allen On March 31, 2022, NET Power, LLC entered into a Service Provider Agreement with Brian Allen, and such agreement was amended on May 2, 2022 (as amended, the “Allen Employment Agreement”). Pursuant to the Allen Employment Agreement, Mr. Allen was entitled to an annual base salary of $380,000, which was subject to adjustment at the sole discretion of the board of managers. Mr. Allen was also eligible to receive an annual bonus based on a target of 56% of his then-effective base salary, with the amount