NET Power (NPWR) director-linked entity sells 200,000 shares, retains 2.9M

Rhea-AI Filing Summary

NET Power Inc. director reports an indirect share sale. An entity affiliated with director Damian R. Beauchamp, NPEH, LLC, sold 200,000 shares of NET Power Class A common stock on 11/28/2025 at a weighted average price of $2.9354 per share.

The shares were sold in multiple trades at prices ranging from $2.885 to $3.015. After these transactions, NPEH indirectly holds 2,900,000 NET Power shares. 8 Rivers Capital, LLC may be deemed a beneficial owner of the securities held by NPEH through its approximately 90.9% equity interest, and Mr. Beauchamp may be deemed an indirect beneficial owner through his approximately 68.5% interest in 8 Rivers, in each case only to the extent of respective pecuniary interests.

Insights

Equity Ownership and Governance Analyst

Director‑related entity sold 200,000 NPWR shares at a weighted average price near $2.94, modestly trimming but not exiting a large indirect position.

The filing shows that **NPEH, LLC**, an entity linked to NET Power director **Damian R. Beauchamp** through **8 Rivers Capital, LLC**, sold **200,000** shares of **Class A Common Stock** on 11/28/2025. The weighted average sale price was about $2.9354, with individual trades between $2.885 and $3.015. After this sale, NPEH still indirectly holds **2,900,000** shares, so this is a position reduction rather than an exit.

Control and beneficial ownership are layered: 8 Rivers manages NPEH and holds about 90.9% of its equity, and Mr. Beauchamp independently indirectly owns about 68.5% of 8 Rivers. Both 8 Rivers and Mr. Beauchamp expressly disclaim beneficial ownership beyond their pecuniary interests, which is standard language to limit legal inferences about control. The form does not indicate use of a Rule 10b5‑1 trading plan, so this appears as a discretionary sale by the NPEH vehicle.

This transaction modestly reduces the director‑linked indirect stake while leaving a substantial block of **2.9 million** shares still held via NPEH. Points to watch include any repetition or scaling up of similar sales in future Forms 4 and changes in the reported indirect holdings of NPEH, 8 Rivers, or Mr. Beauchamp over the coming quarters.

Insider Trade Summary

Net Seller: 200,000 shares ($587,080)

Net Sell 1 txn

Insider 8 Rivers Capital, LLC, BEAUCHAMP DAMIAN R.

Role 10% Owner | 10% Owner

Sold 200,000 shs ($587K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	200,000	$2.9354	$587K

Holdings After Transaction: Class A Common Stock — 2,900,000 shares (Indirect, By: NPEH, LLC)

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 $2.885 to $3.015. 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. As manager and holder of approximately 90.9% 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. Damian R. Beauchamp ("Mr. Beauchamp") independently indirectly owns approximately 68.5% of 8 Rivers. Accordingly, Mr. Beauchamp may be deemed the indirect beneficial owner of the securities owned by NPEH to the extent of his pecuniary interest therein. Mr. Beauchamp disclaims beneficial ownership of any such securities, except to the extent of his or her pecuniary interest therein, if any, and this report shall not be deemed an admission that Mr. Beauchamp is the beneficial owner of such securities for purposes of Section 16 or otherwise.

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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^*

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)
11/28/2025

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	11/28/2025		S		200,000	D	$2.9354(1)	2,900,000	I	By: NPEH, LLC(2)(3)

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

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)

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 $2.885 to $3.015. 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. As manager and holder of approximately 90.9% 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.

3. Damian R. Beauchamp ("Mr. Beauchamp") independently indirectly owns approximately 68.5% of 8 Rivers. Accordingly, Mr. Beauchamp may be deemed the indirect beneficial owner of the securities owned by NPEH to the extent of his pecuniary interest therein. Mr. Beauchamp disclaims beneficial ownership of any such securities, except to the extent of his or her pecuniary interest therein, if any, and this report shall not be deemed an admission that Mr. Beauchamp is the beneficial owner of such securities for purposes of Section 16 or otherwise.

	By: /s/ Min Lee, General Counsel of 8 Rivers Capital, LLC	12/02/2025
	By: /s/ Damian R. Beauchamp	12/02/2025
	** 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.