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Equity Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of stock option awards
The following tables summarize the options issued, outstanding, and exercisable under the Company’s equity based compensation plans as of December 31, 2021 and 2020:

For the year ended December 31, 2021
Number of OptionsWeighted Average Exercise PriceIntrinsic ValueWeighted Average Remaining Life
Outstanding, beginning of year24,515,544 $1.34 $84,731,639 8.65
Granted1,922,480 6.29 — — 
Exercised(1,683,397)0.71 8,329,397 — 
Canceled(3,558,859)2.37 — — 
Outstanding, end of year21,195,768 1.74 23,079,520 7.76
Exercisable, end of year11,137,578 1.02 16,036,993 7.05
Expected to vest, end of year10,058,190 $2.55 $7,042,527 8.55

For the year ended December 31, 2020
Number of OptionsWeighted Average Exercise PriceIntrinsic ValueWeighted Average Remaining Life
Outstanding, beginning of year17,052,503 $0.62 $14,895,996 9.18
Granted10,105,163 0.83 — — 
Exercised(1,736,476)0.31 5,917,834 — 
Canceled(905,646)0.10 — — 
Outstanding, end of year24,515,544 1.34 84,731,639 8.65
Exercisable, end of year7,064,077 0.52 29,883,424 8.04
Expected to vest, end of year17,451,467 $1.68 $54,848,215 8.90
The following table summarizes the options issued, outstanding, and exercisable under the Sezzle Payments Employee Share Option Plan as of December 31, 2021:

For the year ended December 31, 2021
Number of OptionsWeighted Average Exercise PriceIntrinsic ValueWeighted Average Remaining Life
Outstanding, beginning of year— $— $— — 
Granted530,305 0.23 — — 
Exercised— — — — 
Canceled— — — — 
Outstanding, end of year530,305 0.23 723,750 9.97
Exercisable, end of year— — — — 
Expected to vest, end of year530,305 $0.23 $723,750 9.97
Schedule of weighted-average assumptions used in the black-scholes option pricing model
The following table represents the assumptions used for estimating the fair values of stock options granted to employees, contractors, and non-employees of the Company under the Black-Scholes method. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the grant date:

20212020
Risk-free interest rate
0.65%–1.07%
0.37%–0.56%
Expected volatility
87.39%–90.89%
91.30%–93.83%
Expected life (in years)6.006.00
Weighted average estimated fair value of options granted$4.95 $2.23 
The following table represents the assumptions used for estimating the fair values of stock options granted to executives under the Long Term Incentive Plan (LTIP) of the Company under the Monte Carlo Simulation valuation model. Refer to Note 15 for further information around the Company’s LTIP plan. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the grant date:

20212020
Risk-free interest rate1.62 %0.68 %
Expected volatility87.40 %93.00 %
Expected life (in years)5.816.10
Weighted average estimated fair value of options granted$3.06 $0.64 
The following table represents the assumptions used for estimating the fair values of stock options granted under the Sezzle Payments Employee Share Option Plan using the Black-Scholes method. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the grant date:

2021
Risk-free interest rate1.07 %
Expected volatility
96.90%–97.35%
Expected life (in years)6.00
Weighted average estimated fair value of options granted$1.47 
Summary of Restricted Stock Awards and Restricted Stock Units
Restricted stock award and restricted stock unit transactions during the years ended December 31, 2021 and 2020 are summarized as follows:

For the year ended December 31, 2021For the year ended December 31, 2020
Number of SharesWeighted Average
Grant Date
Fair Value		Number of SharesWeighted Average
Grant Date
Fair Value
Unvested shares, beginning of year2,833,743 $3.37 772,222 $1.12 
Granted4,733,804 4.64 2,659,094 3.48 
Vested(1,686,349)4.19 (581,402)1.02 
Forfeited or surrendered(58,059)6.25 (16,171)1.35 
Unvested shares, end of year5,823,139 $4.22 2,833,743 $3.37 
Summary of of Restricted Stock Awards and Restricted Stock Units
Restricted stock award and restricted stock unit transactions during the years ended December 31, 2021 and 2020 are summarized as follows:

For the year ended December 31, 2021For the year ended December 31, 2020
Number of SharesWeighted Average
Grant Date
Fair Value		Number of SharesWeighted Average
Grant Date
Fair Value
Unvested shares, beginning of year2,833,743 $3.37 772,222 $1.12 
Granted4,733,804 4.64 2,659,094 3.48 
Vested(1,686,349)4.19 (581,402)1.02 
Forfeited or surrendered(58,059)6.25 (16,171)1.35 
Unvested shares, end of year5,823,139 $4.22 2,833,743 $3.37