In July 2021, the 2021 Equity Incentive Plan (the "2021 Plan") was adopted and approved by the Company's board of directors and stockholders.

Restricted Stock Units—The table below summarizes the restricted stock unit ("RSU") activity for the three months ended March 31, 2023:


				Weighted-
				Average
	Shares			Fair Value
Unvested RSUs—December 31, 2022		31,288,688		$	10.34
Granted		11,845,227			8.88
Vested		(3,458,937	)		10.27
Forfeited		(664,230	)		10.30
Unvested RSUs—March 31, 2023		39,010,748			9.90

During the three months ended March 31, 2023, the Company granted 11,845,227 RSUs, of which 10,256,794 have time-based vesting requirements, and 1,588,433 have performance-based vesting requirements.

During the three months ended March 31, 2023, 3,458,937 RSUs vested, of which 1,241,558 were withheld for employee tax obligations.

Stock Options—The table below summarizes the option activity for the three months ended March 31, 2023:


						Weighted-
						Average
				Weighted-		Remaining		Aggregate
				Average		Contractual		Intrinsic
				Exercise		Life		Value
	Shares			Price		(in years)		(in thousands)
Options outstanding—December 31, 2022		45,249,260		$	2.99		4.9	$	258,470
Exercised		(3,214,093	)		2.56
Forfeited and canceled		(454,982	)		7.22
Options outstanding—March 31, 2023		41,580,185		$	2.97		4.8	$	249,303
Options exercisable—March 31, 2023		38,959,492		$	2.81		4.6	$	239,876
Options vested and expected to vest—March 31, 2023		41,441,319		$	2.96		4.8	$	248,857

The fair value of the options which vested during the three months ended March 31, 2023 was $1.7 million.

Cayman Equity Incentive Plan—In December 2022, the Company adopted the CCCIS Cayman Holdings Employees Equity Incentive Plans (“Cayman Incentive Plans”), which provide for the issuance of stock option awards in CCC Cayman (“Cayman Awards”) to eligible employees of the Company's China subsidiaries.

Awards under the Cayman Incentive Plans are settled in cash and thus accounted for as liability awards. Awards granted under the Cayman Incentive Plans have time-based vesting and expire on the tenth anniversary of the grant date.

During the three months ended March 31, 2023, the Company granted 539,400 stock options under the Cayman Incentive Plans. The exercise price of the options granted is equal to the fair value of the underlying shares at the grant date. As of March 31, 2023 and December 31, 2022, 1,842,400 and 1,303,000, respectively, of stock options under the Cayman Incentive Plans are outstanding. As of March 31, 2023, none of the outstanding stock options are exercisable.

Employee Stock Purchase Plan—In July 2021, the Company adopted the CCC 2021 Employee Stock Purchase Plan ("ESPP").

During the three months ended March 31, 2023, 179,338 shares were sold under the ESPP.

Company Earnout Shares—Pursuant to the Business Combination Agreement, CCCIS shareholders and option holders, subject to continued employment, have the right to receive up to an additional 13.5 million and 1.5 million shares of common stock, respectively, (collectively, the "Company Earnout Shares") if before the tenth anniversary of the Closing, (a) the share price has been greater than or equal to $15.00 per share for any twenty trading days within any thirty consecutive trading day period

beginning after Closing, or (b) there is a change in control, as defined in the Business Combination Agreement. As of March 31, 2023, the Company Earnout Shares remain outstanding as neither condition has been satisfied.

Stock-Based Compensation—Stock-based compensation expense has been recorded in the accompanying condensed consolidated statements of operations and comprehensive income as follows for the three months ended March 31, 2023 and 2022 (in thousands):


	For the Three Months Ended
	March 31,
	2023		2022
Cost of revenues	$	1,901	$	849
Research and development		5,875		3,530
Sales and marketing		7,258		4,830
General and administrative		14,200		14,435
Total stock-based compensation expense	$	29,234	$	23,644

As of March 31, 2023, there was $234.6 million of unrecognized stock compensation expense related to unvested time-based awards which is expected to be recognized over a weighted-average period of 3.1 years. As of March 31, 2023, there was $71.3 million of unrecognized stock-based compensation expense related to unvested performance-based awards which is expected to be recognized over a weighted-average period of 1.5 years.