Company: VGASW
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001628280-25-040155
Chunk: 36

Company: Verde Clean Fuels, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 optionsWeighted average exercise  price per  shareWeighted average remaining contractual  life (years)Outstanding as of December 31, 20243,387,638$7.82 5.7Granted2,726,306$4.76 7.0Exercised-- -Forfeited / expired(163,445)$5.99 -Outstanding as of June 30, 20255,950,499$6.47 6.1Unvested as of June 30, 20254,497,650$5.93 6.4Exercisable as of June 30, 202528,843$5.99 -

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As of June 30, 2025, there were 4,956,240 options granted to employees and officers outstanding, of which 3,943,953 were unvested, and 994,259 options granted to non-employee directors outstanding, of which 553,697 were unvested.See Note 2 for further information.RSUsIn April 2023, the Company granted 141,656 RSUs to non-employee directors. In April 2024, all of the previously granted RSUs vested. In May 2024, the Company settled 120,824 of the vested RSUs through issuance of 120,824 shares of Class A common stock. As of June 30, 2025, the Company has not yet settled 20,832 of the vested RSUs, as the awardee elected to defer receipt. The Company includes the vested and deferred RSUs within weighted-average shares outstanding for the computation of basic and diluted loss per share.See Note 2 for further information.Incentive UnitsPrior to Closing, certain subsidiaries of the Company, including Intermediate, were wholly owned subsidiaries of Holdings. Holdings, which was outside of the Business Combination perimeter, had entered into several compensation-related arrangements with certain of Intermediate's management and employees. Compensation costs associated with those arrangements were allocated by Holdings to Intermediate as the employees were rendering services to Intermediate. However, the ultimate contractual obligation related to these awards, including any future settlement, rested and continues to rest with Holdings. The Holdings equity compensation instruments consist of 1,000 Series A Incentive Units and 1,000 Founder Incentive Units. The Series A Incentive Unit holders are entitled to participate in the earnings of and distributions by Holdings after a