NOTE 10 – EQUITY-BASED COMPENSATION

2019 Common Unit Option Plan (the 2019 Plan)

Total unrecognized equity-based compensation expense related to stock options granted under the 2019 Plan was $53.1 million as of June 30, 2025, which is expected to be recognized over a weighted-average remaining service period of 2.3 years using the accelerated attribution method.

2024 Equity Incentive Plan (the 2024 Plan)

Total unrecognized equity-based compensation expense related to stock options granted under the 2024 Plan was $11.5 million as of June 30, 2025, which is expected to be recognized over a weighted-average remaining service period of 3.1 years using the accelerated attribution method.

Total unrecognized equity-based compensation expense related to the RSUs was $132.0 million as of June 30, 2025, which is expected to be recognized over a weighted-average remaining service period of 3.7 years using the straight-line method.

Employee Stock Purchase Plan (the ESPP)

In July 2024, in connection with the IPO, the Company’s board of directors adopted the ESPP with a total of 10,700,000 shares of Class A common stock reserved for issuance. The ESPP allows for the number of shares available for issuance under the plan to be automatically increased on the first day of each fiscal year following the fiscal year in which the first offering period under the ESPP commences, in an amount equal to the lesser of (i) 5,400,000 shares of Class A common stock, (ii) 1% of the outstanding shares of all series of the Company’s common stock on the last day of the immediately preceding fiscal year or (iii) such other number as determined by the Administrator (as defined in the ESPP).

The Company’s board of directors amended and restated the ESPP in January 2025 to provide for consecutive offering periods lasting approximately 24 months and consisting of four purchase periods of approximately six months. An offering period generally starts on the first trading day on or after May 15 and November 15 of each year and ends on the last trading day of the applicable 24-month period. The initial offering period under the ESPP commenced on February 17, 2025 and will extend through the first trading day on or after May 15, 2027.

Eligible employees were permitted to participate in the ESPP as of February 17, 2025. The ESPP allows eligible employees to purchase the Company’s Class A common stock at a price per share equal to 85% of the fair market value, determined as of the lower of (i) the first trading day of the offering period or (ii) the last trading day of the offering period. Participants may contribute up to 15% of their eligible compensation to the ESPP, and share purchases are limited to a maximum of 3,000 shares for each participant during any purchase period. The ESPP allows participants to decrease contributions (1) once within a purchase period or (2) at any time for a future purchase period. Participants cannot increase contributions within a purchase period and may only increase contributions for future purchase periods. Participation may be ended at any time during an offering period and automatically ends upon termination of employment. The ESPP also offers a rollover feature that provides for an offering period to be rolled over to a new, lower-priced offering if the stock price at the end of the purchase period is lower than on the first trading day of an offering period.

Equity-based compensation expense related to the ESPP was $0.6 million for the three and six months ended June 30, 2025. Total unrecognized equity-based compensation expense related to the ESPP was $3.9 million as of June 30, 2025, which is expected to be recognized over a weighted-average remaining service period of 1.9 years using the straight-line method. As of June 30, 2025, there have been no shares issued under the ESPP.

DataSense Holdings Awards

During the six months ended June 30, 2025, 302,791 LLC Units and corresponding shares of Class C common stock held by DataSense Holdings LLC (DataSense Holdings) vested. As of June 30, 2025, 706,511 LLC Units and corresponding shares of Class C common stock issued to DataSense Holdings remained unvested and total unrecognized equity-based compensation expense related to these awards was $6.6 million, which is expected to be recognized over a weighted-average remaining service period of 1.4 years using the accelerated attribution method. As of December 31, 2024, 1,009,302 LLC Units and corresponding shares of Class C common stock

issued to DataSense Holdings were unvested. The unvested LLC Units and corresponding shares of Class C common stock are classified as outstanding on the Company’s condensed consolidated balance sheets as they are legally outstanding.

Classification of Equity-Based Compensation Expense