Net Power Inc.: extends EPC FNTP and payment deadline to Mar 31, 2027

What happened

• The filing reported that on Oct 16, 2026 the Purchaser, Net Power, LLC (an indirect subsidiary of Net Power Inc.), and Saulsbury Industries, Inc. entered into an Agreement to Extend FNTP Date, effective as of Oct 15, 2026.
• The Extension Agreement extends the deadline to deliver the full notice to proceed (FNTP) and to make the Mobilization Payment under the Engineering, Procurement and Construction Agreement from Oct 15, 2026 to Mar 31, 2027.
• The filing also reported that the parties continue to negotiate a proposed Fourth Amendment to the EPC Agreement and a limited notice to proceed (LNTP).

Key details

• Net Power, LLC acquired the position of EMPower USA, LLC as Owner under the EPC Agreement on Aug 31, 2026; Saulsbury consented in a Consent to Assignment and Acknowledgment dated as of Aug 27, 2026.
• If the FNTP is not delivered and the Mobilization Payment is not made by the deadline, either party may terminate the EPC Agreement and the Purchaser must pay Saulsbury $3,500,000 (the Termination Payment).
• The Extension Agreement defers the Termination Payment on the condition that the Purchaser and Saulsbury execute the Fourth Amendment and the LNTP and the Purchaser makes the LNTP payments on or before Nov 15, 2026; if those actions do not occur by Nov 15, 2026, the Purchaser must pay the Termination Payment within 10 days after Saulsbury’s written demand.
• If the Fourth Amendment and the LNTP are executed and payments are made by Nov 15, 2026, the Termination Payment is further deferred until Mar 31, 2027 and becomes payable if the Purchaser does not deliver the FNTP and make the Mobilization Payment by that date.

Why it may matter

• The filing reports Item 1.01 (entry into a material definitive agreement) and covers amendments and deadline changes to the EPC Agreement with Saulsbury, including conditional payment obligations and timelines for the FNTP, the Mobilization Payment, the LNTP and a proposed Fourth Amendment. The filing does not show why the insider traded or why the company acted.