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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
The Company has two stock incentive plans, the Cognical Holdings, Inc. 2014 Stock Incentive Plan, (the “2014 Plan”) and the Katapult Holdings, Inc. 2021 Stock Incentive Plan, (the “2021 Plan”).

2014 Plan

In accordance with the 2014 Plan, the board of directors of Legacy Katapult could grant equity awards to officers, employees, directors and consultants for common stock. There were no stock options or other equity awards granted to non-employees during 2022 and 2021. The 2014 Plan has specific vesting for each stock option grant allowing vesting of the options over one to four years. Upon consummation of the Merger, no additional equity awards are being granted under the 2014 Plan. No awards have been granted under the 2014 Plan since October 2020.

Stock Options

A summary of the status of the stock options under the 2014 Plan as of March 31, 2022, and changes during the three months then ended is presented below:
Number of
Shares		Weighted- Average
 Exercise Price		Weighted-Average
 Remaining
 Contractual Term
 (In Years)		Aggregate
Intrinsic Value
Balance - December 31, 20218,371,097 $0.29 7.33$25,773 
Granted— — 
Exercised(275,435)0.22 
Forfeited— — 
Balance - March 31, 20228,095,662 0.30 7.08$16,930 
Exercisable - March 31, 20228,075,235 0.29 7.08$16,915 
Unvested - March 31, 202220,427 2.62 8.25$15 
The total intrinsic value of stock options exercised during the three months ended March 31, 2022 and 2021 was $602 and $1,875, respectively.
As of March 31, 2022, total compensation cost not yet recognized related to unvested stock options was $28, which is expected to be recognized over a period of 1.67 years.
2021 Plan

On June 9, 2021, the 2021 Plan, which was previously approved by the FinServ board of directors and FinServ stockholders in connection with the Merger, became effective.

In accordance with the 2021 Plan, directors may issue equity awards, including restricted stock awards, restricted stock unit awards and stock options to officers, employees, directors and consultants to purchase common stock. The awards granted are subject to service-based and/or performance-based vesting conditions.

Stock Options

A summary of the status of the stock options under the 2021 Plan as of March 31, 2022, and changes during the three months then ended is presented below:

Number of SharesWeighted- Average Exercise PriceWeighted-Average Remaining Contractual Term (In Years)Aggregate Intrinsic Value
Balance - December 31, 2021346,603 $10.45 9.50$— 
Granted - service conditions— — 
Granted - performance conditions— — 
Exercised— — 
Forfeited— — 
Balance - March 31, 2022346,603 10.45 9.25$— 
Exercisable - March 31, 2022115,534 10.45 9.25$— 
Unvested - March 31, 2022231,069 $10.45 9.25$— 
As of March 31, 2022, total compensation cost not yet recognized related to unvested stock options was $1,404, which is expected to be recognized over a period of 2.63 years.
No stock options were granted under the 2021 Plan during the three months ended March 31, 2022.

Restricted Stock Units
Restricted stock units (“RSUs”) are equity awards granted to employees that entitle the holder to shares of common stock when the awards vest. RSUs are measured based on the fair value of the Company’s common stock on the date of grant.

A summary of the status of the RSUs under the 2021 Plan as of March 31, 2022, and changes during the three months then ended is presented below:

Number of RSUsWeighted Average Grant Date Fair Value
Outstanding - December 31, 20212,115,162$6.10 
Granted4,618,3271.91 
Vested(378,425)6.27 
Forfeited(80,703)6.15 
Outstanding - March 31, 20226,274,361$3.01 

Stock-Based Compensation Expense— Stock-based compensation expense was $1,089 and $80 for three months ended March 31, 2022 and 2021, respectively. Stock-based compensation expense is included in compensation costs.