Company: NPWR-WT
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015450
Chunk: 21

Company: NET Power Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 21
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 number of shares of Class B Common Stock (the “Converted Awards”). The Converted Awards are subject to the time-based vesting conditions that applied to the original profits interest award. 2023 Omnibus Incentive Plan In connection with the Closing, the shareholders of RONI approved the NET Power Inc. 2023 Omnibus Incentive Plan (the “Omnibus Plan”), which became effective on June 8, 2023. Our Named Executive Officers, employees, consultants, and non-employee directors, and employees, consultants, and non-employee directors of our affiliates are eligible to participate in the Omnibus Plan. The Omnibus Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, other share-based awards, performance awards, dividend equivalents, cash awards and substitute awards. The awards made to our NEOs in 2024 under the Omnibus Plan are discussed below. Option Grant On April 2, 2024, Net Power granted to Mr. Rice 2,459,893 options to purchase shares of Class A common stock with an exercise price of $11.30 per share and an expiration date of April 2, 2034. The stock options vest and become exercisableupon (i) the occurrence 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 an agreement related to the first sale by Net Power and its subsidiaries of a license to construct, operate, and maintain a second power plant utilizing the Net Power Cycle (as defined in the stock option agreement) (the “License Agreement”); and (3) the date of documentation of a final investment decision by the licensee under the License Agreement to proceed with constructing the second power plant utilizing the “Net Power Cycle;” and (ii) the last date in a series of 60 consecutive trading days during which the closing price of a share of Class A Common Stock on the NYSE is equal to or above $30 per share (or the equivalent when adjusted for any stock splits, reverse stock splits, and cumulative dividends paid per share until the vesting date), which for the avoidance of doubt may not be achieved before September 2, 2026. 22 RSU and PSU Grants On April 2, 2024, Net Power granted to Messrs. Patel and Allen 33,451 RSUs and