A summary of the Company’s aggregate share-based compensation expense is shown below. Share-based compensation expense related to LBH Management Units (defined below) that is allocated to the Company is recognized as a deemed non-cash contribution to shareholders’ equity on the condensed consolidated balance sheets. Substantially all share-based compensation expense is included in general and administrative expense on the condensed consolidated statements of operations.

Prior to May 1, 2026, management incentive units consisted of time-based awards of profits interests in LandBridge Holdings (“LBH Incentive Units”). Effective May 1, 2026, LandBridge Holdings recapitalized all outstanding equity interests of LandBridge Holdings, including profits interests, into a single class of equity (the “Recapitalization”) consisting of common units representing equity interests in LandBridge Holdings (collectively with LBH Incentive Units, the “LBH Management Units”). The Recapitalization did not modify (i) any of the inputs used in determining the fair-value-based measurement of the awards, (ii) the vesting conditions, vesting schedules or other substantive terms of the awards, and (iii) the equity classification of the awards. Accordingly, the Company determined the Recapitalization did not constitute a modification under ASC 718-20-35 and no incremental compensation cost was recognized.

Any actual cash expense associated with LBH Management Units will be borne solely by LandBridge Holdings and not the Company. LBH Management Units are not dilutive of public ownership.

Subsequent to the Recapitalization discussed above, the LBH Incentive Units are no longer outstanding. However, the LandBridge Holdings common units will continue to vest under the existing terms, and therefore the Company will continue to recognize the associated share-based compensation expense. As of September 30, 2026, remaining unrecognized compensation expense for the LBH Management Units was $20.5 million, which the Company expects to recognize over a weighted average remaining period of approximately 0.9 years.

Restricted Share Units

Under the Company’s Long Term Incentive Plan, participants were granted restricted share units (“RSUs”) which are subject to graded vesting generally ranging from one to three years. The fair value of the awards is based on the Company’s Class A share price on the date of grant with compensation expense recognized on a straight-line basis over the applicable vesting period.

As of September 30, 2026, remaining unrecognized compensation expense for the RSUs was $17.2 million, which the Company expects to recognize over a weighted average remaining period of approximately 2.8 years.