Company: NPWR-WT
Filing Date: 2025-04-15
Form Type: 8-K
Source: 0001845437-25-000022
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Company: NET Power Inc.
Filing Date: 2025-04-15
Form: 8-K
Item: Item 5.02
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On April 14, 2025, it was determined that Brian Allen and Akash Patel will no longer serve as President and Chief Operating Officer and Chief Financial Officer, respectively, of Net Power Inc. (the “ Company”), effective as of April 15, 2025. Further, Mr. Allen and Mr. Patel will cease to be employed by Net Power Management, LLC, a subsidiary of the Company, effective as of May 1, 2025 (the “ Effective Date”). In accordance with the terms and conditions of the Company’s First Amended & Restated Executive Severance Plan (the “ Severance Plan”) and outstanding equity award agreements, (a) Mr. Allen and Mr. Patel will each be entitled to receive a cash severance payment equal to the sum of 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 and (b) 56,670 and 50,403 outstanding restricted stock units (“ RSUs”) subject to time-based vesting conditions held by Mr. Allen and Mr. Patel, respectively, will vest as of the Effective Date, and (c) a pro-rated portion of the outstanding performance share units and RSUs subject to operations-based vesting conditions held by Mr. Allen and Mr. Patel will remain outstanding and eligible to vest if the applicable performance criteria or milestone events are achieved, in each case subject to Mr. Allen and Mr. Patel entering into a release of claims in favor of the Company and their continued compliance with the terms of the Severance Plan, including the restrictive covenant obligations thereunder. The foregoing description of the severance benefits is not complete and is qualified in its entirety by reference to the copy of the Separation and Release Agreements to be entered into by each of Mr. Allen and Mr. Patel, which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended