The 2021 Incentive Award Plan ("2021 Plan") was approved and adopted in order to facilitate the grant of equity incentive awards to our employees and directors. The 2021 Plan became effective on October 18, 2021 upon closing of the Merger Transaction.

On March 11, 2022, we granted 1.4 million RSUs to certain employees at a weighted average grant date fair value of $10.26 per share. RSUs granted to employees vest over three years, with one-third vesting upon the one-year anniversary of the grant date and the remaining portion vesting on a quarterly basis thereafter, subject to the employee’s continued employment through the applicable vesting date.

On May 12, 2022, we granted 0.1 million RSUs to certain employees at a weighted average grant date fair value of $7.71 per share. RSUs granted to employees vest over three years, with one-third vesting upon the one-year anniversary of the grant date and the remaining portion vesting on a quarterly basis thereafter, subject to the employee’s continued employment through the applicable vesting date.

On June 7, 2022, we granted 0.1 million RSUs to directors at a weighted average grant date fair value of $8.85 per share. RSUs granted to directors fully vest on the earlier of (i) the day immediately preceding the date of the first annual meeting of stockholders following the date of the grant and (ii) the one-year anniversary of the grant date, subject to the directors' continued service on the Board.

We account for forfeitures of outstanding, but unvested grants, in the period they occur. At June 30, 2022, there were approximately 2.8 million total RSUs outstanding, of which 1.4 million RSUs were outstanding at December 31, 2021.

On March 11, 2022, we granted 2.6 million stock options at an exercise price of $10.26 to certain employees. The grant date fair value is $3.99 per option. Stock options provide for the purchase of shares of our Class A Common Stock in the future at an exercise price set on the grant date. These stock options vest over three years, with one-third vesting upon the one-year anniversary of the grant date and the remaining portion vesting on a quarterly basis thereafter. The stock options have a contractual term of ten years from the date of the grant, subject to the employee’s continued employment through the applicable vesting date. The fair value of stock options granted is estimated on the grant date using the Black-Scholes model. The following assumptions were used to calculate the fair value of our stock awards on March 11, 2022:


Volatility	37.5	%
Expected term (years)	5.9
Interest rate	2.0	%
Dividend yield	0.0	%

At June 30, 2022, there were approximately 6.7 million total stock options outstanding, of which 4.1 million stock options were granted as of December 31, 2021. No stock options were exercised or forfeited during the three and six months ended June 30, 2022 or during the three months ended December 31, 2021.

For the three and six months ended June 30, 2022, equity-based compensation expense related to RSUs was $2.4 million and $3.7 million, respectively, compared to zero for the three and six months ended June 30, 2021. Unrecognized compensation expense relating to unvested RSUs as of June 30, 2022, was approximately $30 million.

For the three and six months ended June 30, 2022, equity-based compensation expense related to stock options was $1.8 million and $2.9 million, respectively, compared to zero for the three and six months ended June 30, 2021. Unrecognized compensation expense relating to unvested stock options as of June 30, 2022, was approximately $22 million.

For the three and six months ended June 30, 2022, equity-based compensation expense related to profit interests was $1.2 million and $2.3 million, respectively, compared to $1.2 million and $2.3 million for the three and six months ended June 30, 2021.