In connection with the closing of the Business Combination, the 2021 Equity Incentive Plan (the "2021 Plan") was adopted and approved by the Company's board of directors.

Prior to the Business Combination, the Company maintained its 2017 Stock Option Plan (the “2017 Plan”).

Upon the adoption and approval of the 2021 Plan, the 2017 Plan was terminated and each outstanding vested or unvested option, as required under the 2017 Plan, was converted to the 2021 Plan, multiplied by the Exchange Ratio, with the same key terms and vesting requirements.

Awards granted under the 2017 Plan had time-based vesting or performance-based with a market condition vesting requirement. Options expire on the tenth anniversary of the grant date.

Additionally, the Company maintained a Phantom Stock Plan (the “Phantom Plan”), which provided for the issuance of phantom shares of CCCIS’s common stock (“Phantom Shares”) to eligible employees under the 2017 Plan. Awards under the Phantom Plan were settled in cash and thus accounted for as liability awards.

Phantom shares vested under the same time-based or performance-based with a market condition as the stock options granted under the 2017 Plan. Upon consummation of the Business Combination, the outstanding Phantom Shares were settled in cash in November 2021.

Stock Options—The table below summarizes the option activity for the three months ended March 31, 2022:


						Weighted-
						Average
				Weighted-		Remaining		Aggregate
				Average		Contractual		Intrinsic
				Exercise		Life		Value
	Shares			Price		(in years)		(in thousands)
Options outstanding—December 31, 2021		55,644,495		$	2.95		6.0	$	469,591
Exercised		(3,968,080	)		2.69
Forfeited and canceled		(104,631	)		3.69
Options outstanding—March 31, 2022		51,571,784		$	2.97		5.8	$	416,210
Options exercisable—March 31, 2022		42,596,197		$	2.75		5.6	$	353,208
Options vested and expected to vest—March 31, 2022		51,198,336		$	2.95		5.8	$	414,180

The fair value of the options vested during the three months ended March 31, 2022 was $1.7 million.

Restricted Stock Units—Restricted Stock Units (“RSUs”) are convertible into shares of the Company’s common stock upon vesting.

During the three months ended March 31, 2022, the Company granted 14,315,680 RSUs, of which 12,966,746 have time-based vesting requirements, 674,491 have performance-based vesting requirements and 674,443 have performance-based with a market condition vesting requirements.

The table below summarizes the RSU activity for the three months ended March 31, 2022:


				Weighted-
				Average
	Shares			Fair Value
Non-vested RSUs—December 31, 2021		18,558,211		$	10.74
Granted		14,315,680			10.20
Vested		(38,884	)		10.25
Forfeited		(153,849	)		11.25
Non-vested RSUs—March 31, 2022		32,681,158			10.50

Employee Stock Purchase Plan—As of March 31, 2022, 6,031,714 shares of common stock are reserved for sale under the ESPP. The aggregate number of shares reserved for sale under the ESPP increases on January 1 by the lesser of 1% of the total numbers of shares outstanding or a lesser amount as determined by the board of directors.

Stock-Based Compensation—Stock-based compensation expense has been recorded in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows for the three months ended March 31, 2022 and 2021 (in thousands):


	For the Three Months Ended
	March 31,
	2022		2021
Cost of revenues	$	849	$	219
Research and development		3,530		575
Sales and marketing		4,830		555
General and administrative		14,435		11,305
Total stock-based compensation expense	$	23,644	$	12,654

As of March 31, 2022, there was $214.7 million of unrecognized stock compensation expense related to non-vested time-based awards which is expected to be recognized over a weighted-average period of 3.6 years. As of March 31, 2022, there was $105.6 million of unrecognized stock-based compensation expense related to non-vested performance-based awards.