The 2025 Stock Incentive Plan (the “2025 Plan”) was adopted by the Board of Directors on February 12, 2025 and approved by the Company’s stockholders on February 12, 2025. The 2025 Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, restricted stock units, performance-based awards, other stock-based awards, or any combination thereof. Employees, directors or consultants of the Company or any of its subsidiaries or affiliates are eligible to receive an award under the 2025 Plan, to the extent that an offer of such award is permitted by applicable law, stock market or exchange rules, and regulations or accounting or tax rules and regulations. Each award will be set forth in a separate grant notice or agreement and will indicate the type and terms and conditions of the award.

The following tables present the Company’s stock-based compensation and related expense for equity-settled awards by type (i.e., restricted stock units (“RSUs”), restricted stock unit awards with performance conditions or market conditions (“PSUs”)) and by financial statement line, as well as the related tax benefit included in the Company’s condensed consolidated statements of operations and comprehensive income:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	(in thousands)
RSUs and PSUs		1,907		—		3,351		—
P Units and Phantom Units		—		—		—		8,084
Total	$	1,907	$	—	$	3,351	$	8,084


	Three months ended September 30,					Nine months ended September 30,
	2026			2025		2026			2025
	(in thousands)
General and administrative expense	$	1,907		$	—	$	3,351		$	8,084
Tax benefit		(246	)		—		(415	)		—
Total	$	1,661		$	—	$	2,936		$	8,084

Compensation expense related to RSUs and PSUs will generally be amortized on a straight-line basis over the remaining average service period. The following table presents the unamortized compensation expense and weighted average service period of all unvested outstanding awards as of September 30, 2026:


	Unamortized Compensation Costs		Weighted Average Service Period
	(in thousands)		(years)
RSUs and PSUs(1)		19,240		2.30
Total unamortized compensation expense	$	19,240

(1) Weighted average service period assumes the performance metrics are met for the PSUs.

The following table summarizes RSU and PSU activity under the Company’s incentive plans:


	Number of Shares			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value as of September 30, 2026
	(in thousands)					(in thousands)
RSUs and PSUs outstanding at January 1, 2026		—		$	—
Granted		339			65.2
Vested		(9	)		65.3
Forfeited		(35	)		65.4
RSUs and PSUs outstanding at September 30, 2026		295		$	65.2	$	9,571

RSUs and PSUs are generally settled in an equal number of shares of the Company’s common stock at the time of vesting of the units.

The Company historically, through Spaceco Management Equity LLC (the “Management Company”) under the Spaceco Management Equity LLC Equity Incentive Plan (the “Equity Incentive Plan”) and the Transaction Bonuses plan (the “Phantom Plan”), granted P Units and Phantom Units to certain employees of the Company and its subsidiaries in exchange for their services to the Company. These Units were fully vested in connection with the completion of the Company’s IPO in February 2025. During the nine months ended September 30, 2025, $8.1 million in stock-based compensation was recognized in general and administrative expenses in the condensed consolidated statements of operations and comprehensive income related to the P Units and Phantom Units.