0001845437-24-000011.txt : 20240404
0001845437-24-000011.hdr.sgml : 20240404
20240404161107
ACCESSION NUMBER: 0001845437-24-000011
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20240402
FILED AS OF DATE: 20240404
DATE AS OF CHANGE: 20240404
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: ALLEN BRIAN F.
CENTRAL INDEX KEY: 0001975816
ORGANIZATION NAME:
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-40503
FILM NUMBER: 24823252
MAIL ADDRESS:
STREET 1: C/O NET POWER, LLC
STREET 2: 404 HUNT STREET, STE 410
CITY: DURHAM
STATE: NC
ZIP: 27701
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: NET Power Inc.
CENTRAL INDEX KEY: 0001845437
STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL INDUSTRIAL APPARATUS [3620]
ORGANIZATION NAME: 04 Manufacturing
IRS NUMBER: 981580612
STATE OF INCORPORATION: NC
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 320 RONEY STREET, SUITE 200
CITY: DURHAM
STATE: NC
ZIP: 27701
BUSINESS PHONE: (919) 287-4750
MAIL ADDRESS:
STREET 1: 320 RONEY STREET, SUITE 200
CITY: DURHAM
STATE: NC
ZIP: 27701
FORMER COMPANY:
FORMER CONFORMED NAME: Rice Acquisition Corp. II
DATE OF NAME CHANGE: 20210210
4
1
wk-form4_1712261457.xml
FORM 4
X0508
4
2024-04-02
0
0001845437
NET Power Inc.
NPWR
0001975816
ALLEN BRIAN F.
320 RONEY STREET
SUITE 200
DURHAM
NC
27701
0
1
0
0
COO and President
0
Restricted Stock Units
2024-04-02
4
A
0
37610
0
A
37610
D
Restricted Stock Units
2024-04-02
4
A
0
411467
0
A
449077
D
Performance Stock Units
2024-04-02
4
A
0
37610
0
A
Class A Common Stock
37610
37610
D
Restricted stock units that vest in three equal installments on each anniversary of April 2, 2024, subject to continued employment.
Restricted stock units that vest upon the latest to occur 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" (the "License Agreement"); and (3) The date of documentation of a final investment decision by the licensee under the above-referenced License Agreement to proceed with constructing the second power plant utilizing the "NET Power Cycle."
The Reporting Person will receive a number of shares of Class A common stock equal to 50% of the number of PSUs upon attainment of a 10% compound annual growth rate ("CAGR") of the 30-day volume weighted average price ("VWAP") of a share of Class A common stock on April 2, 2027 as compared to the VWAP of a share of Class A common stock on April 2, 2024. The Reporting Person will receive a number of shares of Class A common stock equal to 100% of the number of PSUs upon attainment of a 12% CAGR of the VWAP of a share of Class A common stock on April 2, 2027 as compared to the VWAP of a share of Class A common stock on April 2, 2024. The Reporting Person will receive a number of shares of Class A common stock equal to 200% of the number of PSUs upon attainment of a 15% CAGR of the VWAP of a share of Class A common stock on April 2, 2027 as compared to the VWAP of a share of Class A common stock on April 2, 2024.
/s/ James Mahon, attorney-in-fact
2024-04-04