[Form 4] NET Power Inc. Insider Trading Activity

Rhea-AI Filing Summary

NET Power (NPWR): Insider affiliate NPEH, LLC exchanged 4,000,000 Class A Units of NET Power Operations LLC for 4,000,000 shares of Class A Common Stock on 10/14/2025; an equal number of Class B Common shares (no economic value) were cancelled.

Subsequently, NPEH sold a total of 236,600 Class A shares on 10/15–10/16/2025 at weighted average prices of $4.8321, $4.8786, and $4.7061, respectively. Following these transactions, 3,763,400 Class A shares were beneficially owned indirectly by NPEH, and 22,729,880 Class A Units of NET Power Operations LLC remained beneficially owned.

Insights

Capital Markets Analyst

Large unit-to-share exchange and insider sales increased Class A float; selling activity disclosed and remaining holdings clarified.

**NPEH, LLC** exchanged 4,000,000 Class A units of NET Power Operations LLC for 4,000,000 shares of **NET Power Inc. (NPWR)** Class A Common on 10/14/2025. An equal number of Class B Common shares, which carry no economic value, were cancelled. This exchange increases outstanding Class A shares and public float by 4,000,000, while keeping the overall economic interests aligned via the unit-for-share mechanism.

Following the exchange, NPEH sold an aggregate 236,600 Class A shares on 10/15/2025–10/16/2025 at weighted average prices of $4.8321, $4.8786, and $4.7061 across specified ranges. After these transactions, NPEH reports indirect ownership of 3,763,400 Class A shares and 22,729,880 Class A units (paired with the same number of Class B shares). Beneficial ownership may be attributed to **8 Rivers Capital, LLC** and to Damian and Cynda Beauchamp only to the extent of pecuniary interest, as disclaimed.

The key mechanics: unit exchanges are one-for-one into Class A or cash at the issuer’s election, with no expiration. Items to watch include further unit exchanges or open market sales by NPEH/affiliates and changes to the 22,729,880 remaining units. The next meaningful data point would be any subsequent Forms 4 reporting additional exchanges or sales after 10/16/2025.

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^*

8 Rivers Capital, 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)
10/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	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	10/14/2025		C		4,000,000	A	(1)	4,000,000	I	By: NPEH, LLC(6)(7)
Class B Common Stock	10/14/2025		J		4,000,000	D	(2)	22,729,880	I	By: NPEH, LLC(6)(7)
Class A Common Stock	10/15/2025		S		100,000	D	$4.8321(3)	3,900,000	I	By: NPEH, LLC(6)(7)
Class A Common Stock	10/15/2025		S		122,641	D	$4.8786(4)	3,777,359	I	By: NPEH, LLC(6)(7)
Class A Common Stock	10/16/2025		S		13,959	D	$4.7061(5)	3,763,400	I	By: NPEH, LLC(6)(7)

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	(1)	10/14/2025		C			4,000,000	(1)	(1)	Class A Common Stock	4,000,000	(1)	22,729,880	I	By: NPEH, LLC(3)

1. Name and Address of Reporting Person^*

8 Rivers Capital, LLC

(Last) (First) (Middle)

406 BLACKWELL STREET, 4TH FLOOR

(Street)

DURHAM NC 27701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BEAUCHAMP DAMIAN R.

(Last) (First) (Middle)

406 BLACKWELL STREET, 4TH FLOOR

(Street)

DURHAM NC 27701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Beauchamp Cynda

(Last) (First) (Middle)

8 THE GREEN STE B

(Street)

DOVER DE 19901

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. As manager and holder of approximately 91.4% of the outstanding equity in NPEH, 8 Rivers Capital, LLC ("8 Rivers") may be deemed to be a beneficial owner of the securities directly owned by NPEH. 8 Rivers disclaims beneficial ownership of any such securities, except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that 8 Rivers is the beneficial owner of such securities for purposes of Section 16 or otherwise.

7. Damian Beauchamp ("Mr. Beauchamp") and Cynda Beauchamp ("Mrs. Beauchamp") are married and each independently indirectly owns approximately 34.2% of 8 Rivers. Accordingly, each may be deemed the indirect beneficial owner of the securities owned by NPEH to the extent of his or her pecuniary interest therein. Mr. and Mrs. Beauchamp disclaim beneficial ownership of these securities except to the extent of his or her pecuniary interest therein.

	By: /s/ Min Lee, General Counsel of 8 Rivers Capital, LLC	10/16/2025
	By: /s/ Damian R. Beauchamp	10/16/2025
	By: /s/ Cynda Beauchamp	10/16/2025
	** 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.

FAQ

What did NPEH, LLC report in the NPWR Form 4?

NPEH exchanged 4,000,000 Class A Units for 4,000,000 Class A Common on 10/14/2025, and cancelled an equal number of Class B shares.

How many NPWR shares did NPEH sell and at what prices?

NPEH sold 236,600 Class A shares on 10/15–10/16/2025 at weighted average prices of $4.8321, $4.8786, and $4.7061.

How many NPWR Class A shares does NPEH beneficially own after the transactions?

Following the reported transactions, NPEH indirectly beneficially owned 3,763,400 Class A shares.

What happened to the Class B shares linked to the exchanged units?

Upon exchanging 4,000,000 Class A Units, an equal number of Class B Common shares (no economic value) were cancelled.

How many Class A Units of NET Power Operations LLC remain held by NPEH?

NPEH reported 22,729,880 Class A Units remaining beneficially owned after the exchange.

What is the exchange ratio between Class A Units and Class A Common Stock?

The Class A Units are exchangeable into Class A Common Stock on a one-for-one basis or, at the issuer’s election, for cash.