SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Modification of Market Based RSUs

At the request of the Company's executive officers, in October 2020, the Company's board of directors approved a modification of the Market Based RSUs originally granted to certain executive officers of the Company after the completion of the Business Combination. The modification reset the start date to achieve the consecutive 20-day trading common stock price target from July 20, 2020 to September 21, 2020, in conjunction with the Company's board leadership transition. As a result, the first stock price milestone achieved prior to September 21, 2020 is no longer to be considered earned. The accounting impact of the modification will be reflected during the fourth quarter of 2020.

Grant of RSUs

In November 2020, the Company granted 1,068,808 RSUs to approximately 340 designated employees ("Eligible Employees") in accordance with the terms of the former Executive Chairman’s separation agreement. These RSUs will cliff vest on June 3, 2023, assuming continued service of the Eligible Employees through this date. Any RSUs that are forfeited by any such Eligible Employee will be reallocated pro rata to the other Eligible Employees who remain employed through June 3, 2023. The stock-based compensation expense for these RSUs will be recognized over the service period starting in the fourth quarter of 2020.