Company: VGASW
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0001628280-25-020032
Chunk: 55

Company: Verde Clean Fuels, Inc.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 55
---
 1,000 authorized and issuable founder incentive units. An aggregate of 800 series A incentive units were issued by Holdings in August 2020 to certain members of management of Intermediate in compensation for their services. An aggregate of 1,000 founder incentive units were issued by Holdings in August 2020 to certain members of management of Intermediate in compensation for their services. Mr. Miller owns 336 series A incentive units and 500 founders incentive units, and Mr. Doyle owns 80 series A incentive units.

Both series A incentive unit holders and founder incentive unit holders are entitled to participate in distributions by Holdings after specified return thresholds to holders of series A preferred units have been achieved. The series A incentive units were deemed to be service-based awards under ASC 718 due to vesting conditions. The founder incentive units were deemed to be performance-based units as no vesting conditions existed.

In August 2022, certain amendments to the existing series A incentive units and founder incentive units were made whereby all outstanding unvested series A incentive units and founder incentive units would become fully vested upon completion of the Business Combination. This occurred in February 2023 upon the Closing of the Business Combination, and the holders of founder incentive units (which holders include Mr. Miller) are entitled to receive a certain aggregate distribution amount, if any, by Holdings after a specified return threshold to holders of the series A preferred units has been achieved, and the holders of the series A incentive units (which holders include Messrs. Miller and Doyle) are entitled to receive 10% of the distributions, if any, by Holdings after a specified return threshold to holders of series A preferred units has been achieved.

<div align='center'>35

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS, DIRECTORS AND MANAGEMENT</div>

The following table sets forth information known to the Company regarding the beneficial ownership of our common stock by:

each person who is the beneficial owner of more than 5% of the outstanding shares of either the Class A Common Stock or Class C Common Stock;

each of the Company’s named executive officers and directors; and

all of the Company’s executive officers and directors as a group.

Beneficial ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if they possess sole or shared voting or investment power over that security, including restricted stock units that vest within 60 days as well as options and warrants that are currently exercisable or exercisable within 60 days.

This table