Company: NPWR-WT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001845437-25-000027
Chunk: 52

Company: NET Power Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part II, Item 3
Chunk 52
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Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Separation Agreements and Consulting Agreements with Former Executives

On May 7, 2025, our board of directors approved the Company’s entry into Separation and Release Agreements with Brian Allen, our former President and Chief Operating Officer, and Akash Patel, our former Chief Financial Officer.  Pursuant to these Separation and Release Agreements, Mr. Allen and Mr. Patel will each be paid a cash severance payment of $741,234 and $738,196, respectively, which amounts are equal to the sum of 

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the following amounts: (i) an amount equal to the sum of each of their (A) current base salary and (B) the average of the actual annual bonuses paid to Mr. Allen and Mr. Patel with respect to 2023 and 2024, (ii) a pro-rated portion of their respective target annual bonuses for 2025, and (iii) an amount equal to 12 months of the premiums for their respective group health plan coverages (including coverage for eligible dependents) under the Company’s group health plans. 

Pursuant to the Separation and Release Agreements, Mr. Allen and Mr. Patel are subject to certain non-disparagement, non-compete, non-solicitation, and confidentiality and intellectual property provisions.

Additionally, on May 7, 2025, our board of directors approved the Company’s entry into consulting agreements with each of Mr. Allen and Mr. Patel pursuant to which Mr. Allen and Mr. Patel will assist the Company in transitioning their former duties and advising on ongoing projects for periods of six months and three months, respectively.  Mr. Allen will be paid $10,000 per month as a retainer pursuant to his consulting agreement.  Mr. Patel will be paid $8,000 per month as a retainer pursuant to his consulting agreement.

Chief Operating Officer Compensation

In connection with his appointment as Chief Operating Officer, on May 7, 2025, our board of directors approved  the following compensation to be paid to Marc Horstman: (i) an annualized base salary of $400,000; (ii) a target annual bonus equal to 60% of his base salary pursuant to our short-term incentive plan; (iii) and an annual equity grant with a grant-date value equal to