Lee Shuman to become Net Power (NYSE: NPWR) CFO on April 13
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Net Power Inc. appointed Ned Leland (Lee) Shuman as its new Chief Financial Officer, effective April 13, 2026, succeeding interim CFO Daniel J. Rice IV, who remains Chief Executive Officer and serves as principal financial officer until the company files its Form 10-Q for the quarter ended March 31, 2026.
Shuman, age 56, is a power-sector finance and strategy executive with more than 25 years of experience, including roles at Javelin Global Commodities and WattBridge Energy. His compensation includes a $420,000 annual base salary, target bonuses under short- and long-term incentive plans, an $800,000 RSU grant vesting after three years, and a $100,000 cash bonus, along with participation in the company’s executive severance and indemnification arrangements.
Positive
- None.
Negative
- None.
8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Annual base salary: $420,000
STIP target bonus: 60% of base salary
LTIP equity target: 180% of base salary
+5 more
8 metrics
Annual base salary
$420,000
CFO compensation approved effective April 13, 2026
STIP target bonus
60% of base salary
Annual cash bonus target under short-term incentive plan
LTIP equity target
180% of base salary
Annual equity award target under 2023 Omnibus Incentive Plan
Initial RSU grant
$800,000 grant date fair value
RSUs vest three years after grant, subject to continued employment
One-time cash bonus
$100,000
Cash bonus in connection with appointment as CFO
Professional experience
More than 25 years
Power-sector finance and strategy experience
Prior financings led
$1.6 billion senior secured; $425 million mezzanine/HoldCo
Financings at WattBridge Energy for 2.4 GW ERCOT gas portfolio
Age of new CFO
56
Age of Ned Leland (Lee) Shuman
Key Terms
short-term incentive plan, 2023 Omnibus Incentive Plan, restricted stock units, Second Amended and Restated Executive Severance Plan, +2 more
6 terms
short-term incentive plan financial
"annual cash bonus under the Company’s short-term incentive plan (the “STIP”)"
2023 Omnibus Incentive Plan financial
"annual equity award under the Company’s 2023 Omnibus Incentive Plan (the “LTIP”)"
restricted stock units financial
"the grant of restricted stock units (“RSUs”) pursuant to the LTIP with a grant date fair value of $800,000"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Second Amended and Restated Executive Severance Plan financial
"will participate in the Company’s Second Amended and Restated Executive Severance Plan (the “Severance Plan”)"
indemnification agreement regulatory
"enter into the standard form indemnification agreement that the Company has entered into with each of its executive officers and directors"
An indemnification agreement is a contract in which one party promises to cover losses, costs, or legal claims that another party might face, acting like a tailored safety net or private insurance policy. For investors, it matters because such agreements shift potential financial risk away from a company or its officers and onto the indemnifier, which can affect a company’s future liabilities, cash flow and how risky the investment appears during deal-making or litigation.
principal financial officer financial
"whereupon Mr. Shuman will assume the role of the Company’s principal financial officer"
The principal financial officer is the senior executive who runs a company's financial operations: preparing and certifying financial reports, managing accounting controls, budgets and cash flow, and advising on financial strategy. Investors care about this role because its competence affects how trustworthy the company’s numbers are, how well it manages risk and capital needs, and the credibility of forecasts—like the chief navigator steering a firm's financial course.
FAQ
What executive leadership change did NPWR announce in this 8-K?
Net Power Inc. announced that Ned Leland (Lee) Shuman was appointed Chief Financial Officer, effective April 13, 2026. He replaces interim CFO Daniel J. Rice IV, who continues as Chief Executive Officer and principal financial officer until the Form 10-Q for the quarter ended March 31, 2026 is filed.
What is Lee Shuman’s background before becoming NPWR’s CFO?
Lee Shuman is a power-sector finance and strategy executive with over 25 years of experience. He most recently served as Head of Power Finance at Javelin Global Commodities and previously was CFO of WattBridge Energy, leading major financings for a 2.4 GW ERCOT gas portfolio.
What is Lee Shuman’s base salary and bonus opportunity at NPWR?
As CFO, Lee Shuman receives a $420,000 annual base salary and is eligible for an annual cash bonus with a target of 60% of base salary under the company’s short-term incentive plan, providing performance-based upside each year he remains employed by Net Power Inc.
What equity incentives will NPWR grant to new CFO Lee Shuman?
Lee Shuman is eligible for an annual equity award under Net Power’s 2023 Omnibus Incentive Plan with a target value of 180% of his base salary. He will also receive restricted stock units with a grant date fair value of $800,000 that vest three years after grant, subject to continued employment.
Does NPWR’s new CFO receive any one-time cash awards?
Yes. In connection with his appointment as Chief Financial Officer, Lee Shuman will receive a $100,000 cash bonus. This payment complements his ongoing base salary, annual cash bonus opportunity, and equity incentives under the company’s short- and long-term incentive programs.
What severance and indemnification protections will NPWR’s CFO have?
As an executive officer, Lee Shuman will participate in Net Power’s Second Amended and Restated Executive Severance Plan. He will also enter the company’s standard indemnification agreement, providing contractual rights to indemnification, expense advancement, and reimbursement to the fullest extent permitted under Delaware law, subject to specified exceptions.