NET Power has expanded the post-employment exercise rights for certain time-vesting stock options, including an option held by President and Chief Operating Officer Marc Horstman. The change gives employees more time to exercise vested options after resigning and preserves options after a company-initiated termination that is not for cause.
For Horstman, the amendment took effect after the board approved it on November 4. It does not change his option’s share count, exercise price, vesting or expiration date.
- After a termination without cause: Options continue to vest on their existing schedule and, to the extent vested, can be exercised through their original expiration date.
- After resignation: The vested portion can be exercised for up to 90 days, rather than 30 days, but not beyond the option’s expiration date.
- After termination for cause: The option ends, whether or not it has vested.
- Death or disability: The existing treatment is unchanged; the option remains exercisable through its expiration date.
- Horstman’s option: It covers 240,000 shares of Class A common stock at an exercise price of $2.13 per share. Granted June 2, 2025, it became fully vested on June 2, 2026, and expires June 2, 2030. The amendment therefore does not add shares or extend the option’s term.
- Who else is covered: The change applies to time-vesting options granted under the company’s 2023 incentive plan on its standard option agreement, except for options held by people who resigned before the compensation committee adopted the amendment in October 2026.
In practical terms, Horstman’s fully vested option will not be forfeited if the company terminates his service for a reason other than cause, and he has a longer exercise window if he resigns. The amendment changes the options’ treatment when employment ends, not their underlying economic terms.