Brad Pollack
About Brad Pollack
Brad Pollack, age 43, has served as an independent director of NET Power Inc. since June 2023. He is Deputy General Counsel, Commercial Development and Operations at Occidental Petroleum, with prior roles in M&A and strategic transactions; he holds a B.S.E. in Systems Engineering from the University of Pennsylvania and a J.D. from Syracuse University College of Law . He is a Class III director with a term expiring at the 2026 annual meeting and is designated as an OXY Director under the Stockholders’ Agreement . The Board has determined he is independent under NYSE rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Occidental Petroleum | Deputy General Counsel, Commercial Development & Operations | Apr 2023–present | Leads legal support for domestic/international M&A, manages legal teams across U.S., Middle East, North Africa, South America, Gulf of Mexico; supports major projects |
| Occidental Petroleum | Vice President, Legal (Low Carbon Ventures) | Jul 2022–present (designation noted) | Legal support for CCUS and low carbon ventures |
| Occidental Petroleum | Associate General Counsel | Jan 2022–Apr 2023 | Oversight of legal matters prior to promotion |
| Occidental Petroleum | Assistant/Managing Counsel, M&A & Strategic Transactions | Apr 2018–Mar 2019 (Managing); Apr 2019–Jun 2022 (Assistant/then Managing) | M&A and strategic transaction leadership |
| Occidental Petroleum | Senior Counsel, M&A & Projects | Dec 2014–Mar 2018 | Deal execution and project legal support |
| Dechert LLP | Senior corporate/securities lawyer | Pre-2014 | Public/private company M&A, capital markets, governance across energy, tech, manufacturing, financial services |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Public company boards | None | — | NPWR proxy lists no other public company directorships |
Board Governance
- Committee assignments: Member, Nominating and Corporate Governance Committee; Joseph T. Kelliher is Chair; the committee met five times in 2024 .
- Board structure: Staggered board; Pollack is Class III (term ends at the 2026 annual meeting) .
- Independence: Board determined Pollack is independent under NYSE rules .
- Attendance: The Board held five meetings in 2024; each director attended at least 75% of Board and applicable committee meetings; committees (Audit, Compensation, Nominating & Corporate Governance) each met five times .
- Executive sessions: Directors regularly hold executive sessions without the CEO or management .
- Board leadership: Separated Chairman (Jeff Bennett) and CEO (Daniel J. Rice IV); Lead Director role designated if Chair is not independent .
Fixed Compensation
- Policy: Eligible non-employee directors receive cash retainers and annual RSU grants; however, non-employee directors designated by or on behalf of stockholders or their affiliates are not eligible for compensation under the policy .
- Pollack compensation (2024): Not eligible; received no cash fees and no stock awards .
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual director cash retainer | $0 | OXY-designated director; ineligible under policy |
| Committee member retainers | $0 | Ineligible |
| Committee chair retainers | $0 | Not a chair; ineligible |
| Annual director RSU grant | $0 | Ineligible; table shows no stock awards for Pollack |
Performance Compensation
- No performance-linked director compensation (e.g., PSUs tied to metrics) disclosed for Pollack; eligible director equity is time-based RSUs, but Pollack is ineligible as an OXY-designated director .
Other Directorships & Interlocks
| Company | Relationship to NPWR | Nature of interlock/transaction | Amount/Terms |
|---|---|---|---|
| Occidental Petroleum (OXY) | Significant holder; designates directors | Pollack serves as an OXY-designated director; three OXY Directors on NPWR’s Board (Bennett, Forthuber, Pollack) | OXY retains right to designate directors based on ownership thresholds; fall-away triggers at 25%, 20%, 10% |
| Occidental Petroleum (OXY) | Services | OXY MSAs for technical/administrative/support; aggregate expense ≈ $2.0 million through Dec 31, 2024 | Master Services Agreements (2019, 2022) |
| Occidental Petroleum (subsidiary) | Land lease | Lease for West Texas utility-scale plant site; effective Dec 1, 2024; initial term 60 months; extensions up to 3×10 years; option to purchase; rent ≈ $2,700 in 2024 | Lease terms and payments |
Expertise & Qualifications
- Skills matrix includes Pollack’s experience across operations/engineering, strategic planning/oversight, risk management, M&A, ESG, investor relations, and energy industry exposure in clean energy technology .
- Legal/M&A expertise from senior roles at Occidental and prior corporate/securities practice at Dechert; CCUS domain exposure through Occidental’s low carbon ventures .
Equity Ownership
| Holder | Class A Shares | Class B Shares | Total Common | Ownership % |
|---|---|---|---|---|
| Brad Pollack | — | — | — | — (less than 1%) |
Note: Beneficial ownership table lists Pollack with no reported holdings as of April 15, 2025; total shares outstanding were 77,643,669 Class A and 140,092,629 Class B .
Governance Assessment
- Committee work and independence: Pollack serves on the Nominating & Corporate Governance Committee—central to director selection, governance documents, and annual self-evaluations; he is classified as independent under NYSE rules .
- Attendance and engagement: The Board and committees met five times in 2024; the company reports each director met at least the 75% attendance threshold—consistent with baseline governance expectations .
- Alignment and pay structure: As an OXY-designated director, Pollack receives no NPWR director compensation or RSUs; while this mitigates pay-related conflicts, the absence of direct NPWR equity reduces personal “skin-in-the-game” alignment versus eligible independent directors who receive RSUs .
- Interlocks and related-party exposure: Multiple material relationships with Occidental (services agreements, land lease) coincide with Pollack’s employment at Occidental and his OXY designation—heightening conflict risk; NPWR’s Related-Person Transactions Policy assigns Audit Committee oversight and approval standards for arm’s-length terms .
- Board structure and controls: Staggered board reduces immediate accountability to shareholders; however, executive sessions, a majority-independent board, a separated Chair/CEO, anti-hedging/pledging policy, and committee independence provide offsetting governance controls .
Red flags and investor signals:
- OXY influence: OXY’s designation rights (three directors while ownership thresholds are met) and concurrent service agreements/lease create potential conflicts; continued Audit Committee oversight and transparent disclosure are critical .
- Low direct ownership: Pollack’s lack of beneficial NPWR share ownership may weaken direct financial alignment relative to peers who receive RSUs .
- Hedging/pledging: Company policy prohibits hedging and pledging for all directors/officers, reducing misalignment and collateral risks .
Overall, Pollack brings substantive legal and M&A expertise relevant to NPWR’s commercialization and CCUS partnerships, but his OXY linkage necessitates robust related-party governance and clear board oversight to sustain investor confidence .