NPWR · NET Power Inc.

NET Power Inc. has appointed Ned Leland (Lee) Shuman, 56, as its new Chief Financial Officer, effective April 13, 2026. Mr. Shuman brings significant relevant experience to the role, having most recently served as Head of Power Finance at Javelin Global Commodities from April 2024 to April 2026. Prior to that, he was CFO of WattBridge Energy from 2020 to April 2024, where he led over $1.6 billion in senior secured financings and raised $425 million in mezzanine and HoldCo capital for a 2.4 GW ERCOT gas portfolio. His background also includes senior roles at GenOn Holdings, SolAmerica Energy, and Arthur Andersen. He holds a J.D. from the University of Georgia School of Law, an M.Tax and M.B.A. from Georgia State University, and a B.A. from Emory University. Mr. Shuman succeeds Daniel J. Rice IV, who served as interim CFO and will continue in his role as Chief Executive Officer. Mr. Rice will remain the principal financial officer through the filing of the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2026. In connection with the appointment, the Board approved a compensation package including a $420,000 annual base salary, a short-term incentive plan target of 60% of base salary, a long-term incentive plan target of 180% of base salary, a one-time $800,000 RSU grant, and a $100,000 cash bonus.