NPEH, LLC 4

What Happened
NPEH, LLC, a reported 10% owner of NET Power Inc. (NPWR), converted 3,000,000 Class A Units of NET Power Operations LLC into 3,000,000 shares of NET Power Class A Common Stock on March 6, 2026. The Form 4 reports the conversion (derivative conversion) as an acquisition of 3,000,000 shares and a corresponding disposition/cancellation of 3,000,000 Class B Common shares that NPEH held (the cancelled Class B shares were stated to have no economic value). No price or cash value is reported for the exchanged units (listed as N/A).

Key Details

• Transaction date: 2026-03-06; Filing date: 2026-03-10 (four days after the transaction).
• Transaction types on the Form 4: conversion of derivative security (code C — acquisition) and other acquisition/disposition (code J — disposition/cancellation).
• Shares involved: 3,000,000 Class A Units exchanged for 3,000,000 Class A Common shares.
• Price/value: N/A — the units convert one-for-one and no cash price was reported.
• Shares owned after transaction: not specified in the filing.
• Footnotes: (1) Class A Units are exchangeable one-for-one into Class A Common Stock (or cash at the issuer’s election) with no expiration date; (2) NPEH held corresponding Class B Common shares that were cancelled upon exchange and were characterized as having no economic value.
• Insider status: NPEH is a 10% owner (institutional stake), not an individual executive; this is a structural ownership conversion rather than a market buy or sell.

Context
This was a conversion of exchangeable units into common shares rather than an open-market purchase or sale, so it doesn't necessarily signal a buy/sell sentiment by management. For retail investors, conversions like this are typically administrative/structural — they increase the number of publicly held Class A shares without reported cash changing hands. Check subsequent filings for updated ownership totals or any issuer election to settle in cash.