Under the A&R 2019 Plan, the Company has regularly granted equity awards to certain employees and directors in the form of stock options, restricted stock, RSUs and certain market and performance-based stock awards. In addition, the A&R 2019 Plan allows the Company to grant shares of WEX common stock to employees in lieu of bonus or other compensation earned by such employees.

In lieu of cash compensation that would otherwise have been payable to certain employees under our 2025 short-term incentive plan (“STIP”), during the first quarter of 2026 the Company awarded shares of WEX stock in an amount equal to

the amount that would have been payable under the 2025 STIP to each respective employee, divided by the closing price of WEX common stock on the date of grant. The expense associated with such awards was accrued over the 2025 plan year and included within stock-based compensation expense. As of December 31, 2025, the stock-based compensation associated with these awards was recorded as liability-classified equity awards within current liabilities on the condensed consolidated balance sheet. During the first quarter of 2026, these awards were issued and the associated $14.5 million liability existing as of December 31, 2025 was reclassified from current liabilities to additional paid-in capital on the condensed consolidated balance sheet. The Company has not issued any additional liability-classified equity awards during 2026.

Stock-based compensation expense was $43.1 million and $107.0 million for the three and nine months ended September 30, 2026, respectively, and $33.5 million and $77.8 million for the three and nine months ended September 30, 2025, respectively.