Stockholders' Equity (Deficit)

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

13. Stockholders’ Equity (Deficit)

Preferred Stock

—The Company is authorized to issue 100 million shares of convertible preferred stock with a par value of $0.0001 per share.

Common Stock

—The Company’s amended and restated certificate of incorporation authorizes the issuance of Class A common stock and Class B common stock. As of March 31, 2021, the Company is authorized to issue 4,935.0 million shares of Class A common stock and 65.0 million shares of Class B common stock. Holders of Class A common stock and Class B common stock are entitled to dividends on a pro rata basis, when, as, and if declared by the Company’s board of directors, subject to the rights of the holders of the Company’s convertible preferred stock. Holders of Class A common stock are entitled to one vote per share, and holders of Class B common stock are entitled to 20 votes per share. Each share of our Class B common stock is convertible into one share of our Class A common stock at any time and will convert automatically upon certain transfers and upon the earliest of (i) the date that is specified by the affirmative vote of the holders of

two-thirds

of the then-outstanding shares of Class B common stock, (ii) the date on which less than 30% of the Class B common stock that was outstanding on the date of this offering continues to remain outstanding, (iii) the date that is 15 years from the first day of trading shares of capital stock of the Company on the NYSE, (iv) nine months after the death or permanent disability of Mr. Baszucki, or (v) nine months after the date that Mr. Baszucki no longer serves as our C

or as a member of our board of directors. Class A common stock and Class B common stock

are

not redeemable at the option of the holder.

3.7 million shares of

lass B common stock held by entities affiliated with David Baszucki, Founder, President, CEO and Chair of our board of directors were converted to Class A common stock during the three months ended March 31, 2021.

Class A and Class B common stock are referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted.

The Company had reserved shares of common stock for future issuance as follows (in thousands):


	As of
	March 31, 2021		December 31, 2020
Stock options outstanding		79,616		98,502
RSUs outstanding		8,559		3,061
PSUs outstanding		11,500		—
Shares available for issuance under Equity Incentive Plan		58,893		15,448
2020 ESPP		6,000		—
Stock Warrants outstanding		324		324
Unregistered restricted stock awards outstanding		356		388
Convertible Preferred Stock outstanding		—		337,235

Total		165,248		454,958