Equity incentive plans. In February 2011, the Company’s stockholders approved the Gevo, Inc. 2010 Stock Incentive Plan (as amended and restated to date, the “2010 Plan”), and the Employee Stock Purchase Plan.

The 2010 Plan provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units and other equity awards to employees and directors of the Company. In May 2025, upon approval of stockholders at the 2025 Annual Meeting of Stockholders, the 2010 Plan was amended and restated to (1) increase the number of shares of common stock reserved for issuance under the 2010 Plan by 15,000,000 shares (providing for a total of 52,980,074 shares under the 2010 Plan), and (2) extend the term of the 2010 Plan to May 21, 2035. At June 30, 2026, 3,887,137 shares were available for future issuance under the 2010 Plan.

Stock-based compensation expense. The Company records stock-based compensation expense during the requisite service period for share-based payment awards granted to employees and non-employees.

The following table sets forth the Company’s equity classified stock-based compensation expense for the periods indicated (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of production	$	14	$	4	$	27	$	16
General and administrative	2,392		1,844		4,242		3,395
Other operating expenses	152		396		392		731
Total stock-based compensation	$	2,558	$	2,244	$	4,661	$	4,142

Stock option award activity. Stock option activity under the Company’s stock incentive plans and changes during the six months ended June 30, 2026, were as follows:


	Number of Options	Weighted- Average Exercise Price (1)		Weighted- Average Remaining Contractual Term (years)	Weighted- Average Grant-Date Fair Value		Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2025	19,342,292	$	1.93	8.2	$	1.66	$	6,516
Granted	2,832,781	1.64			1.42		—
Forfeited and expired	(1,548,861)	2.27			1.95		(480)
Exercised	(210,240)	1.20			1.08		(74)
Options outstanding at June 30, 2026	20,415,972	$	1.87	8.0	$	1.61	$	5,962
Options vested and expected to vest at June 30, 2026	20,415,972	$	1.87	8.0	$	1.61	$	5,962

As of June 30, 2026, 11.9 million stock options were exercisable. As of June 30, 2026, the total unrecognized compensation expense relating to stock options was $8.4 million, which is expected to be expensed over the remaining weighted-average recognition period of approximately 1.6 years.

Restricted stock. The Company periodically grants restricted stock awards to employees and directors. The vesting period for restricted stock awards granted may be based upon a service period or based upon the attainment of performance objectives. The Company recognizes stock-based compensation over the vesting period, which for awards that vest based on a service period is generally two to three years.


	Number of Shares	Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2025	6,262,580	$	1.02
Granted	4,477,084	$	1.73
Vested and issued	(2,739,699)	$	0.99
Forfeited and expired	(184,765)	$	1.09
Non-vested at June 30, 2026	7,815,200	$	1.43

As of June 30, 2026, the total unrecognized compensation expense, net of actual forfeitures and expirations, relating to restricted stock awards was $9.6 million, which is expected to be recognized over the remaining weighted-average period of approximately 1.6 years.