The Company’s Amended and Restated 2018 Equity Incentive Plan (the “2018 Plan”) provides for the issuance of stock options, restricted stock, restricted stock units (“RSUs”), preferred stock and other awards to employees, directors, consultants and other service providers.

In June 2026, the Company’s stockholders approved an amendment to the 2018 Plan that increased the number of shares authorized for issuance thereunder by 18,000,000 shares. As of June 30, 2026, the Company had an aggregate of 23,863,641 shares of common stock reserved for future issuance under the 2018 Plan.

The Company grants awards to employees under annual long-term incentive plans (“LTIP”) to align the incentive structure to the long-term goals of the Company, promote retention, and promote the achievement of targeted results. LTIP awards have included service-based RSUs and performance-based restricted stock units (“PSUs”). PSUs vest subject to the Company’s achievement of defined performance measures and continued employment.

The Company grants service-based RSUs to employees, directors, and consultants. RSUs granted to employees generally vest over a four-year period from the date of grant; however, in certain instances, all or a portion of a grant may vest immediately. RSUs granted to directors generally vest over a one-year period. The Company measures the

fair value of RSUs at the grant date and recognizes expenses on a straight-line basis over the requisite service period from the date of grant for each separately-vesting tranche under the graded-vesting attribution method.


	Number of RSUs	Weighted Average Grant Date Fair Value





Nonvested at December 31, 2025	7,644,581	$	15.50
Granted	7,085,220	8.13
Forfeited	(106,800)	15.67
Vested	(2,237,377)	14.46

Nonvested at June 30, 2026	12,385,624	$	11.47

As of June 30, 2026, there was approximately $68.0 million of aggregate unrecognized stock-based compensation related to unvested service-based RSUs that is expected to be recognized over the next 2.3 years.

The Company grants PSUs to certain employees as part of its long-term incentive plans. PSUs generally vest based on the achievement of predefined performance-based and market-based conditions over a specified performance period, typically over a three to four year period from the date of grant, and continued employment through the vesting date. The performance-based conditions are primarily based on financial and operational metrics aligned with the Company’s long-term strategic objectives. The number of PSUs that are subject to vest can range between 0% and 249% of the target award amount, based on the level of achievement of the applicable performance-based and market-based conditions.


	Number of PSUs	Weighted Average Grant Date Fair Value (1)





Nonvested at December 31, 2025	3,798,141	$	20.38
Granted	6,870,020	9.34
Forfeited	(39,541)	26.54
Vested	(1,767,550)	26.02

Nonvested at June 30, 2026	8,861,070	$	10.67

(1) Weighted average grant date fair value reflects the incremental impact of the Company’s modified 2024 LTIP awards, which resulted in a 200% achievement of the target level as of the December 2024 modification date.

As of June 30, 2026, there was approximately $76.6 million of aggregate unrecognized stock-based compensation related to unvested PSUs that is expected to be recognized over the next 1.8 years.

In connection with the Exaion acquisition, a management incentive plan (the “Exaion MIP”) was authorized to incentivize certain employees of Exaion and align their interests with the Company’s strategic objectives by providing for the grant of shares of Exaion up to a maximum of 10.2% of Exaion’s fully diluted share capital.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Performance-based restricted stock units	$	23,585	$	35,210	$	38,337	$	59,533
Restricted stock units	23,306		19,446		40,427		44,238
Total stock-based compensation expense	$	46,891	$	54,656	$	78,764	$	103,771

The following table presents information about stock-based compensation expense by financial statement line item on the Company’s Condensed Consolidated Statements of Operations:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Operating and maintenance costs	$	612	$	698	$	1,293	$	789

General and administrative	45,182		52,867		74,337		101,787
Research and development	889		1,091		1,559		1,195
Restructuring costs (1)	208		—		1,575		—
Total stock-based compensation expense	$	46,891	$	54,656	$	78,764	$	103,771

(1) Represents stock-based compensation expenses recognized in connection with the 2026 Restructuring Plan. Refer to Note 2 – Summary of Significant Accounting Policies, “Restructuring Costs,” for further information.