Caleb Van Dolah
About Caleb Van Dolah
Caleb C. Van Dolah is NET Power’s Controller and Principal Accounting Officer, appointed effective June 15, 2025; he is 42 and has served as Controller since May 2024 . He holds a BBA in Accounting and an MS in Accounting from Oklahoma State University and is a Certified Public Accountant in Texas, California, and Oklahoma . He signs the company’s Form 10‑Q filings as Controller and Principal Accounting Officer, reflecting responsibility for financial reporting and internal accounting oversight . NET Power is an emerging growth company and uses scaled proxy disclosure; executive pay advisory votes (say‑on‑pay) are not required until it ceases EGC status .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Urban Grid Solar Projects, LLC (Brookfield Renewable portfolio) | Controller | Sep 2022–Mar 2024 | Led accounting and financial reporting functions |
| Grant Thornton LLP | Director, Accounting Advisory Services | Jan 2022–Aug 2022 | Assisted clients with technical accounting matters |
| Avelo Airlines, Inc. | Director of Accounting | Aug 2020–Nov 2021 | Responsible for all aspects of accounting and financial reporting |
| Moss Adams LLP | Audit practice (roles of increasing responsibility) | Nov 2015–Jul 2020 | Served startup to middle‑market clients across industries |
| Seventy Seven Energy, Inc. | Director of Financial Reporting | Jul 2014–Sep 2015 | Led financial reporting and technical accounting post spin‑off from Chesapeake Energy |
| Chesapeake Energy Corporation | Accounting/Financial Reporting roles | Apr 2010–Jun 2014 | Roles of increasing responsibility in accounting and reporting |
| Grant Thornton LLP | Audit practice (career start) | — | Began career in audit practice |
External Roles
No public company directorships or external board roles are disclosed in NET Power filings regarding Mr. Van Dolah .
Equity Ownership & Alignment
- Insider Trading Policy prohibits hedging, short sales, transactions in publicly traded options, and pledging or holding Company securities in margin accounts, supporting alignment and mitigating forced‑sale risk .
- Company adopted a Clawback Policy compliant with Exchange Act Section 10D and NYSE listing standards; incentive‑based compensation may be recouped upon an accounting restatement for covered executives .
- Award agreements (RSU/PSU/options) expressly subject grants to Company recoupment/clawback policies and SEC Rule 10D compliance .
- Beneficial ownership for Mr. Van Dolah is not reported in the 2025 proxy’s ownership table (record date April 21, 2025, before his PAO appointment); subsequent Forms 3/4 were searched but not retrievable from the document index returned here [11:— search/read attempted; retrieval failed].
Employment Terms
- Appointment: Principal Accounting Officer effective June 15, 2025; signs as Controller and Principal Accounting Officer on 10‑Q filings .
- Severance Architecture (if designated as an “Eligible Executive” under the Executive Severance Plan; not specifically disclosed for Mr. Van Dolah):
- Qualifying Termination outside change‑in‑control protection period: lump sum equal to base salary + average bonus (last two years), pro‑rated target bonus, and 12 months of healthcare premiums .
- During change‑in‑control protection period: 1.5× base+average bonus, pro‑rated target bonus, and 1.5× 12 months healthcare premiums .
- Definitions and Good Reason include >20% pay or bonus reduction (other than broad reductions), >50‑mile relocation, material breach, or material adverse change in duties; subject to release and restrictive covenants .
Investment Implications
- Alignment: Anti‑hedging/pledging and formal clawback increase pay‑for‑performance integrity and reduce misalignment/pledging red flags .
- Retention/Execution Risk: Accounting leadership transition occurred in June 2025 (CAO departure, PAO appointment), placing greater reliance on Van Dolah’s multi‑industry controllership and audit background to sustain reporting quality and internal controls .
- Disclosure Gap: As an EGC, NPWR provides scaled compensation disclosure; Mr. Van Dolah is not a 2024 NEO, so base salary/bonus, equity grants, and ownership details are not disclosed, limiting direct pay‑for‑performance analysis for him .