Company: NPWR-WT
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001140361-25-015450
Chunk: 33

Company: NET Power Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 33
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i) Sponsor, together with its Permitted Transferees, fails to hold at least 5% of the issued and outstanding voting 
 interests of the Company and (ii) Sponsor’s Percentage Interest represents less than 50% of its Initial Percentage Interest, the right of Sponsor to designate a director shall cease, and the term of the then current Sponsor  
 Director shall thereupon automatically end;                                                                                                                                                                                      |

| • | the Board will nominate the person then serving as the Chief Executive Officer of the Company for appointment or election to the Board; and |

| • | the Board will nominate for appointment or election to the Board a minimum of three independent directors (the “Company Directors”), and prior to the Third OXY                                                                  
 Fall-Away Date, the 8 Rivers Fall-Away Date and the Constellation Fall-Away Date, as applicable, the Board will consult with OXY, 8 Rivers and Constellation, respectively, concerning the persons to be designated by the Board 
 as the Company Directors.                                                                                                                                                                                                        |

30 As of the date hereof, (i) Peter J. (Jeff) Bennett, Frederick A. Forthuber and Brad Pollack serve as the OXY Directors, (ii) Eunkyung Sung serves as the 8 Rivers Director, (iii) Carol Peterson serves as the Constellation Director, (iv) J. Kyle Derham serves as the Sponsor Director, (v) Daniel Joseph Rice, IV serves as the Company’s Chief Executive Officer and as a member of the Board, and (vi) Ralph Alexander, Joseph T. Kelliher and Alejandra Veltmann serve as the Company Directors. Also, subject to the terms and conditions and with exceptions as set forth in the Stockholders’ Agreement, each Principal Legacy Net Power Holder and BHES agreed to the following lock-up restrictions:

| • | 33⅓% of its Price-Based Lock-up Shares (as defined in the Stockholders’ Agreement) may not be transferred until after the three-year anniversary of the Closing                                                                 
 Date; provided, however, that if the last sale price of the Class A Common Stock on the principal exchange on which such securities are then listed or quoted, for any 20 trading days within any 30 consecutive                
 trading-day period commencing at least 15 days after the Closing, exceeds (i) $12.00 per share, then one-third of the Price-Based Lock-up Shares will no longer be subject to such lock-up restrictions, (ii) $14.00 per share,