BitAccess maintained a stock option plan for its employees under the Amended and Restated Stock Option Plan, (the “BitAccess Plan”). Pursuant to BitAccess Plan agreement, awards of stock options and restricted stock units (“BitAccess RSUs”) were permitted to be made to employees and shareholders of BitAccess. As of September 30, 2025, all awards under the BitAccess Plan had been issued.

The options under the BitAccess Plan generally vest over a two-year period following the one-year anniversary of the date of grant and expire not more than 10 years from the date of grant.

A summary of the BitAccess Plan’s stock option activity and related information is as follows:


	Amount or number of options		Weighted-average exercise price		Weighted-average remaining contractual term		Weighted-average grant-date fair value
Outstanding at January 1, 2025		43,780	$	2.86		7.60	$	3.09
Granted		—	$	—		—	$	—
Exercised		—	$	—		—	$	—
Outstanding at September 30, 2025		43,780	$	2.86		6.85	$	3.09
Vested and exercisable at September 30, 2025		30,153	$	2.86		6.78	$	3.05


	Amount or number of options		Weighted-average exercise price		Weighted-average remaining contractual term		Weighted-average grant-date fair value
Outstanding at January 1, 2024		43,780	$	2.86		8.60	$	1.21
Granted		—	$	—		—	$	—
Exercised		—	$	—		—	$	—
Outstanding at September 30, 2024		43,780	$	2.86		7.85	$	3.09
Vested and exercisable at September 30, 2024		20,208	$	2.86		—	$	3.10

Pursuant to the Incentive Plan the Board is authorized to grant awards of Class A common Stock, incentive stock options, non-statutory stock options, RSUs, performance-based RSUs ("PSUs"), and restricted stock in an aggregate amount up to 6,029,445 shares of Class A common stock to eligible recipients, as defined in the Incentive Plan. The Company recognized $2.2 million and $3.3 million of share-based compensation expense during the three and nine months ended September 30, 2025. respectively. The Company recognized $0.4 million and $3.0 million of share-based compensation expense during the three and nine months ended September 30, 2024, respectively. Share-based compensation expense is included within selling and administrative expenses in the Consolidated Statements of Income.

During the nine months ended September 30, 2025, the Company's Compensation Committee determined that the performance targets under the PSU awards granted in 2024 were not met, and therefore none of such PSUs vested. The Company had no unrecognized compensation expense associated with PSUs as of September 30, 2025.

During the three and nine months ended September 30, 2025, the Company granted 251,298 and 1,936,351 time-based RSUs, respectively. During the three and nine months ended September 30, 2024, the Company granted 218,400 and 1,255,686 time-based RSUs, respectively. These RSUs generally vest one-third on the first anniversary of the grant date and in equal quarterly installments over the next two years.

For these time-based RSUs, the Company recognized stock-based compensation in the Consolidated Statement of Stockholders' (Deficit) Equity as Additional Paid-In Capital and stock-based compensation expense on the Consolidated Statements of Income during the three and nine months ended September 30, 2025 of $0.7 million and $1.7 million, respectively, and $0.4 million and $1.9 million during the three and nine months ended September 30, 2024, respectively. The Company had unrecognized compensation expense associated with time-based RSUs of $4.0 million and $2.4 million as of September 30, 2025 and December 31, 2024, respectively. RSU and PSU award activity for the nine months ended September 30, 2025 and 2024 is as follows:


	Number of RSUs			RSU Weighted-average grant date fair value
Outstanding at January 1, 2025		1,624,687		$	2.40
Granted		1,936,351		$	1.87
Vested		(734,480	)	$	2.36
Forfeited		(280,687	)	$	1.90
Outstanding at September 30, 2025		2,545,871		$	2.06


	Number of RSUs			RSU Weighted-average grant date fair value
Outstanding at January 1, 2024		1,352,085		$	3.59
Granted		1,255,686		$	1.88
Vested		(704,391	)	$	3.60
Forfeited		(126,989	)	$	2.48
Outstanding at September 30, 2024		1,776,391		$	2.45