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Get filing alertsNET Power names Ned Shuman as CFO, ending interim arrangement with CEO Daniel Rice
Filed April 13, 2026 · Period ending April 10, 2026 · ~1 min read
Key Changes
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NET Power appointed Ned Leland Shuman as CFO effective April 13, 2026, replacing CEO Daniel J. Rice IV who had been serving in both roles on an interim basis. Rice continues as CEO.
Item 5.02 verify on EDGAR → -
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Shuman brings 25+ years of power-sector finance experience, most recently as Head of Power Finance at Javelin Global Commodities. Previously led $1.6B+ in financings as CFO of WattBridge Energy.
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Compensation package includes $420K base salary, 60% annual bonus target, 180% equity award target, $800K RSU grant vesting over three years, and $100K signing bonus.
Item 5.02 verify on EDGAR →
Summary
NET Power has ended its interim CFO arrangement by appointing Ned Shuman to the role, allowing CEO Daniel Rice to focus solely on leading the company. The move brings dedicated financial leadership as NET Power continues developing its natural gas power generation technology. Shuman's background is well-suited to the role: he spent recent years financing power projects and previously raised over $2 billion for a Texas gas generation portfolio at WattBridge Energy.
For retail investors, this signals NET Power is maturing its executive team and preparing for the financial complexity of commercializing its technology. The company is moving from startup mode toward operational execution.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On April 10, 2026, Ned Leland (Lee) Shuman was appointed as Chief Financial Officer of Net Power Inc. (the “Company”), effective as of April 13, 2026, replacing the Company’s interim Chief Financial Officer, Daniel J. Rice IV.
NET Power appointed Ned Leland Shuman as Chief Financial Officer effective April 13, 2026. He replaces Daniel J. Rice IV, who had been serving as interim CFO while also holding the CEO role. Rice will continue as CEO and remain principal financial officer until the company files its Q1 2026 10-Q, after which Shuman assumes the principal financial officer role.
Added in current filing · verify on EDGAR →
Mr. Shuman, age 56, is a power-sector finance and strategy executive with more than 25 years of experience in acquisitions, divestitures, restructurings, project development, and financings. Mr. Shuman most recently served as Head of Power Finance at Javelin Global Commodities from April 2024 to April 2026, where he led underwriting and diligence for strategic power investments and originated and evaluated thermal and renewable opportunities. From 2020 to April 2024, Mr. Shuman served as Chief Financial Officer of WattBridge Energy, where he led more than $1.6 billion of senior secured financings and raised $425 million of mezzanine and HoldCo capital for a 2.4 GW ERCOT gas portfolio.
The new CFO brings 25 years of power-sector finance experience. Most recently he was Head of Power Finance at Javelin Global Commodities (2024-2026). Previously as CFO of WattBridge Energy (2020-2024), he led over $1.6 billion in senior secured financings and raised $425 million in mezzanine and holding company capital for a 2.4 GW natural gas portfolio in the Texas electricity market.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 8, 2026 · How we verify