NPEH, LLC - 14 Oct 2025 Form 4 Insider Report for NET Power Inc. (NPWR)

Role: 10%+ Owner
Signature: /s/ Min Lee, General Counsel of 8 Rivers Capital, LLC, its Manager
Issuer symbol: NPWR
Transactions as of: 14 Oct 2025
Transactions value $: -$1,147,219
Form type: 4
Filing time: 16 Oct 2025, 21:02:03 UTC
Previous filing: 26 Nov 2024
Next filing: 22 Oct 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
NPEH, LLC	10%+ Owner	406 BLACKWELL STREET, 4TH FLOOR, DURHAM	/s/ Min Lee, General Counsel of 8 Rivers Capital, LLC, its Manager	16 Oct 2025	0001981772

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NPWR	Class A Common Stock	Conversion of derivative security		+4,000,000			4,000,000	14 Oct 2025	Direct	F1
transaction	NPWR	Class B Common Stock	Other		-4,000,000	-15%		22,729,880	14 Oct 2025	Direct	F2
transaction	NPWR	Class A Common Stock	Sale	-$483,210	-100,000	-2.5%	$4.83	3,900,000	15 Oct 2025	Direct	F3
transaction	NPWR	Class A Common Stock	Sale	-$598,316	-122,641	-3.1%	$4.88	3,777,359	15 Oct 2025	Direct	F4
transaction	NPWR	Class A Common Stock	Sale	-$65,692	-13,959	-0.37%	$4.71	3,763,400	16 Oct 2025	Direct	F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NPWR	Class A Units of NET Power Operations LLC	Conversion of derivative security		-4,000,000	-15%		22,729,880	14 Oct 2025	Class A Common Stock	4,000,000		Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The Class A Units of NET Power Operations LLC are exchangeable into shares of the Issuer's Class A Common Stock or, at the Issuer's election, cash, on a one-for-one basis and have no expiration date. On October 14, 2025, NPEH, LLC ("NPEH") exchanged 4,000,000 Class A Units of NET Power Operations LLC for 4,000,000 shares of the Issuer's Class A Common Stock.
F2	For each Class A Unit of Net Power Operations LLC, NPEH owns a corresponding share of Class B Common Stock of the Issuer. Upon the exchange of 4,000,000 Class A Units of Net Power Operations LLC, an equal number of shares of Class B Common Stock of the Issuer held by NPEH, which have no economic value, were cancelled.
F3	The price reported reflects the weighted average sales price. The shares of Class A Common Stock were sold in multiple trades at prices ranging from $4.67 to $4.93. NPEH will provide upon request to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.
F4	The price reported reflects the weighted average sales price. The shares of Class A Common Stock were sold in multiple trades at prices ranging from $4.85 to $4.925. NPEH will provide upon request to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.
F5	The price reported reflects the weighted average sales price. The shares of Class A Common Stock were sold in multiple trades at prices ranging from $4.50 to $4.83. NPEH will provide upon request to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.