Company: NPWR-WT
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015450
Chunk: 22

Company: NET Power Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 22
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37,611 RSUs, respectively, which RSUs vest in three equal installments on each anniversary of April 2, 2024, subject to continued employment (the “Time-Based RSUs”). Also, on April 2, 2024, Net Power granted to Messrs. Patel and Allen 317,733 RSUs and 411,467 RSUs, respectively, which RSUs 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 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 (the “Operations-Based RSUs”). Lastly, on April 2, 2024, Net Power granted to Messrs. Patel and Allen 33,451 PSUs and 37,611 PSUs, respectively. Messrs. Patel and Allen will receive a number of shares of Class A Common Stock equal to 50% of the respective 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. Messrs. Patel and Allen will receive a number of shares of Class A Common Stock equal to 100% of the respective 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. Messrs. Patel and Allen will receive a number of shares of Class A Common Stock equal to 200% of the respective 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. Messrs. Patel and Allen will be ineligible to receive any shares of Class A Common Stock if the CAGR of the 30-day VWAP of a share of Class