STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2022

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 10 – STOCK-BASED COMPENSATION

Stock Options and RSUs

The following table summarizes the options to purchase shares of common stock activity under our equity incentive plans for the six months ended June 30, 2022:

	Options
Outstanding at December 31, 2021	44,940,169
Granted	—
Exercised	(5,543,336)
Expired	—
Forfeited	(1,559,308)
Outstanding at June 30, 2022	37,837,525
Exercisable at June 30, 2022	28,931,045

The weighted average exercise price of the options outstanding as of June 30, 2022 was $4.36 per share.

The following table summarizes the RSUs activity under our equity incentive plans as of June 30, 2022:

	Units
Outstanding December 31, 2021	9,725,027
Awarded	13,229,187
Vested	(500,874)
Forfeited	(1,357,293)
Outstanding June 30, 2022	21,096,047

In the six months ended June 30, 2022, the Company granted options and RSUs that vest over a three and a half to four-year period from the grant date.

Employee Stock Purchase Plan

The Company initiated, on May 16, 2022, the first offering period under the Company’s Employee Stock Purchase Plan (the “ESPP”), the purpose of which is to provide employees of the Company and its designated subsidiaries with an opportunity to purchase Company Common Stock at a discount through payroll deductions and to help eligible employees provide for their future security and to encourage them to remain in the employment of the Company.

Each eligible employee enrolling for any offering period under the ESPP is required to designate a whole percentage of their monthly payroll to be withheld by the Company or the designated subsidiary employing such eligible employee on each payday during the applicable offering period. The designated deduction percentage may not be less than 1% and may not be more than 15% of the employee’s salary, unless otherwise determined by the Company for any specific offering period. Any offering period is comprised of one or more 6 months’ purchase periods, at the last day of each (a “Purchase Date”), the Company will use the total amount deducted from each participant to issue such participant with such number of Company shares based on a purchase price which shall not be less than 85% of the closing sales price for a Company share on the first trading day of the applicable offering period or on the relevant Purchase Date, whichever is lower. The fair value attributable to the plan was $1,646 as of June 30, 2022 and was measured using the Monte Carlo model. The expense associated with the ESPP recognized during the three and six months ended June 30, 2022 was $411.

NOTE 10 – STOCK-BASED COMPENSATION (continued)

The impact on our results of operations of recording stock-based compensation expense under the Company’s equity incentive plans, including the ESPP, were as follows:

	Three Months Ended				Six months ended
	June 30,				June 30,
	2022		2021		2022		2021
Other operating expenses	$	2,606	$	2,427	$	5,663	$	3,626
Research and development expenses		2,387		1,153		4,600		2,052
Sales and marketing expenses		3,642		3,539		7,407		4,579
General and administrative expenses		3,255		3,552		7,128		4,711
Total stock-based compensation	$	11,890	$	10,671	$	24,798	$	14,968