Business Context and Reporting Period
This Form 8-K Current Report was filed by NET Power Inc. on April 10, 2026. The filing reports the appointment of a new Chief Financial Officer (CFO) effective April 13, 2026. The Company is an emerging growth company incorporated in Delaware.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. This report focuses exclusively on executive compensation and personnel changes.
Material Changes
The primary material change is the appointment of Ned Leland (Lee) Shuman as Chief Financial Officer, replacing interim CFO Daniel J. Rice IV. Mr. Rice will continue to serve as CEO and principal financial officer until the filing of the Form 10-Q for the quarter ended March 31, 2026, at which point Mr. Shuman will assume the principal financial officer role.
Management Commentary and Compensation Details
The Board approved the following compensatory arrangements for Mr. Shuman:
- Base Salary: $420,000 annually.
- Short-Term Incentive Plan (STIP): Target value of 60% of annual base salary.
- Long-Term Incentive Plan (LTIP): Target value of 180% of annual base salary.
- Restricted Stock Units (RSUs): Grant date fair value of $800,000, vesting over three years.
- Signing Bonus: $100,000 cash bonus.
- Benefits: Participation in standard executive benefit plans, the Executive Severance Plan, and a standard indemnification agreement.
Mr. Shuman brings over 25 years of experience in the power sector, including roles as Head of Power Finance at Javelin Global Commodities and CFO of WattBridge Energy.
Investor Verification Checklist
- Verify the exact transition date for Mr. Shuman assuming the role of principal financial officer (post-March 31, 2026 10-Q filing).
- Review the terms of the 2023 Omnibus Incentive Plan (LTIP) and Short-Term Incentive Plan (STIP) referenced in the filing.
- Examine the Second Amended and Restated Executive Severance Plan filed as Exhibit 10.1 to the 2025 Form 10-K.
- Confirm the vesting schedule and performance conditions attached to the $800,000 RSU grant.