Company: NPWR-WT
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001845437-25-000027
Chunk: 14

Company: NET Power Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 and 2024, respectively. Restricted Stock UnitsAs of March 31, 2025, there have been 980,155 restricted stock units (“RSU”) awarded under the terms of the Net Power Inc. 2023 Omnibus Incentive Plan. As of March 31, 2025, there was $5.8 million of unrecognized share-based compensation expense related to unvested RSUs, which the Company expects to recognize over a weighted average period of three years. Generally, RSUs granted to employees and the majority of executives either cliff-vest on the three-year anniversary of the date of grant or vest ratably on each anniversary of the date of grant over a three-year period. Annual awards granted to independent directors cliff-vest on the first anniversary of each award’s grant date.Additionally, there were 1,257,467 RSUs awarded to certain legacy employees as permitted by the Business Combination agreement (the “Make-Whole Awards”). These RSUs vest upon occurrence of the following events, which are considered performance conditions: (i) commercial operations achieved by the Company’s first utility-scale power plant, and (ii) a fully-executed license agreement and final investment decision achieved for another utility-scale power plant. The Make-Whole Awards expire ten years from the grant date. The Company will record compensation expense related to the Make-Whole Awards from the date the performance conditions are considered probable through the expected vesting dates. As of March 31, 2025, the performance conditions are not considered probable, therefore, no compensation cost has been recognized related to the Make-Whole Awards.The following table presents a summary of RSU activity during the three months ended March 31, 2025:In thousands, except per share dataQuantityGrant Date Fair Value Per ShareUnvested, beginning of period2,132$11.54 Granted210.59 Forfeited(1)11.30 Vested(1)13.23 Unvested, end of period2,133$11.53 

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Refer to Note 13 — Related Party Transactions for information related to the BHES JDA.

NOTE 11 — Loss per ShareBasic loss per share attributable to shareholders is calculated by dividing net loss attributable to shareholders by the weighted-average number of shares outstanding during the period. Diluted loss per share attributable to shareholders includes the effect of potentially dilutive common shares outstanding.The following table sets forth the computation of the Company’s basic and diluted loss