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Equity-Based Compensation (Tables)

3 Months Ended

Dec. 31, 2025

Schedule of Stock-based Compensation Expense

The Company recognized stock-based compensation expense as follows (in thousands):


	Three Months Ended
		December 31, 2025		December 28, 2024
Subscriber related		$	48	$	—
Sales and marketing		3,014		—
Technology and development		1,986		—
General and administrative		7,647		—
Total stock-based compensation expense		$	12,695	$	—

Schedule of of Stock Option Activity

A summary of time-based stock option activity for the three months ended December 31, 2025 is as follows (in thousands, except share and per share amounts):


	Number of Shares	Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of September 27, 2025	—	$	—	$	—	N/A
Assumed from Fubo	7,861,967	$	7.55	$	2,755	3.9

Exercised	(28,004)	$	1.25
Forfeited or expired	(531,250)	$	10.44
Outstanding as of December 31, 2025	7,302,713	$	7.36	$	999	3.3

Options vested and exercisable as of December 31, 2025	6,984,568	$	7.62	$	840	4.2

A summary of activity under the 2020 Plan for market and service-based stock options for the three months ended December 31, 2025 is as follows (in thousands, except share and per share amounts):


	Number of Shares	Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of September 27, 2025	—	$	—	$	—	N/A
Assumed from Fubo	4,453,297	$	12.75	$	—	1.8

Outstanding as of December 31, 2025	4,453,297	$	12.75	$	—	1.7

Options vested and exercisable as of December 31, 2025	4,453,297	$	12.75	$	—	1.7

Schedule of Nonvested Restricted Stock Units Activity

A summary of the Company’s time-based restricted stock unit activity during the three months ended December 31, 2025 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at September 27, 2025	—	N/A
Assumed from Fubo	34,636,138	$	2.60
Granted	4,403,744	$	3.69
Vested	(9,168,762)	$	3.09
Forfeited or expired	(239,061)	$	1.84
Unvested at December 31, 2025	29,632,059	$	2.62

A summary of the Company’s performance-based restricted stock unit activity during the three months ended December 31, 2025 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at September 27, 2025	—	N/A
Assumed from Fubo	4,295,101	$	4.85
Granted	1,556,447	$	3.69


Unvested at December 31, 2025	5,851,548	$	4.54

A summary of the Company’s market and service-based restricted stock unit activity during the three months ended December 31, 2025 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at September 27, 2025	—	N/A
Assumed from Fubo	1,304,802	$	2.81



Unvested at December 31, 2025	1,304,802	$	2.81