Company: VGASW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052351
Chunk: 35

Company: Verde Clean Fuels, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 The fair value of stock options granted during 2025 was $1.43 per option for options granted to both employees and officers and to non-employee directors. The fair value of stock options granted in 2025 was determined using the following assumptions as of the grant date:Risk-free interest rate4.5 %Expected term3.5 yearsVolatility40 %Dividend yieldzeroDiscount for lack of marketability zeroDuring the nine months ended September 30, 2025, the Company had changes in stock options as follows:Number of 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(192,288)$5.99 -Outstanding as of September 30, 20255,921,656$6.47 5.9Unvested as of September 30, 20254,483,397$5.93 6.1Exercisable as of September 30, 2025820,253$5.99 5.7

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As of September 30, 2025, there were 4,927,397 options granted to employees and officers outstanding, of which 3,929,700 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 September 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 Notes 2 and 10 for further information.Incentive UnitsPrior to Closing, certain subsidiaries of the Company, including Intermediate, were wholly owned subsidiaries of Holdings. Holdings, which was