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  4. [Form 4] NET Power Inc. Insider Trading Activity

NET Power 10% owner logs 2,000,000-share exchange, $4.0527 avg sale

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

NET Power (NPWR): NPEH, LLC, a 10% owner, reported open‑market sales of 18,116 and 8,477 Class A shares at weighted average prices of $4.0527 and $4.0025.

On November 3, 2025, NPEH exchanged 2,000,000 Class A Units of NET Power Operations LLC for 2,000,000 Class A Common shares; an equal number of Class B shares were cancelled. Following the transactions, NPEH directly owned 3,838,653 Class A shares and 20,729,880 Class B shares.

Positive

  • None.

Negative

  • None.
Insider NPEH, LLC
Role 10% Owner
Sold 26,593 shs ($107K)
Type Security Shares Price Value
Conversion Class A Units of NET Power Operations LLC 2,000,000 $0.00 --
Sale Class A Common Stock 8,477 $4.0025 $34K
Conversion Class A Common Stock 2,000,000 $0.00 --
Other Class B Common Stock 2,000,000 $0.00 --
Sale Class A Common Stock 18,116 $4.0527 $73K
Holdings After Transaction: Class A Units of NET Power Operations LLC — 20,729,880 shares (Direct); Class A Common Stock — 1,838,653 shares (Direct); Class B Common Stock — 20,729,880 shares (Direct)
Footnotes (1)
  1. 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 $4.05 to $4.06. NPEH, LLC ("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. 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 $4.00 to $4.01. 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. 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 November 03, 2025, NPEH exchanged 2,000,000 Class A Units of NET Power Operations LLC for 2,000,000 shares of the Issuer's Class A Common Stock. 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 2,000,000 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.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
NPEH, LLC
(Last) (First) (Middle)
406 BLACKWELL STREET, 4TH FLOOR
(Street)
DURHAM NC 27701
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
NET Power Inc. [ NPWR ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
10/31/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 10/31/2025 S 18,116 D $4.0527(1) 1,847,130 D
Class A Common Stock 11/03/2025 S 8,477 D $4.0025(2) 1,838,653 D
Class A Common Stock 11/03/2025 C 2,000,000 A (3) 3,838,653 D
Class B Common Stock 11/03/2025 J 2,000,000 D (4) 20,729,880 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class A Units of NET Power Operations LLC (3) 11/03/2025 C 2,000,000 (3) (3) Class A Common Stock 2,000,000 (3) 20,729,880 D
Explanation of Responses:
1. 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 $4.05 to $4.06. NPEH, LLC ("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.
2. 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 $4.00 to $4.01. 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.
3. 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 November 03, 2025, NPEH exchanged 2,000,000 Class A Units of NET Power Operations LLC for 2,000,000 shares of the Issuer's Class A Common Stock.
4. 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 2,000,000 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.
By: /s/ Min Lee, General Counsel of 8 Rivers Capital, LLC, its Manager 11/04/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did NPWR disclose on Form 4?

NPEH, LLC reported selling 18,116 and 8,477 Class A shares at weighted averages of $4.0527 and $4.0025.

Did the NPWR insider complete a unit-for-share exchange?

Yes. On November 3, 2025, NPEH exchanged 2,000,000 Class A Units of NET Power Operations LLC for 2,000,000 Class A Common shares.

Were any NPWR Class B shares affected?

Yes. 2,000,000 Class B shares corresponding to exchanged units were cancelled.

How many NPWR Class A shares does the insider hold after these transactions?

Following the reported transactions, NPEH directly owned 3,838,653 Class A shares.

How many NPWR Class B shares does the insider hold after these transactions?

Following the reported transactions, NPEH held 20,729,880 Class B shares.

What were the reported sale price ranges for NPWR shares?

Sales were executed in multiple trades ranging from $4.05 to $4.06 and from $4.00 to $4.01 (weighted averages disclosed).