The Company’s stock plan consists of the 2013 Equity Incentive Plan, as amended and restated in July 2017 (the “2013 Plan”). On February 26, 2025, pursuant to the “evergreen” provisions of the 2013 Plan, the Board of Directors authorized an increase of approximately 3.6 million shares available for grant under the 2013 Plan.

On March 4, 2025, the Company’s Board of Directors approved the Company’s 2025 Long-Term Incentive Plan (the “2025 LTI Plan”), consisting of awards of performance units (“PSUs”), restricted stock units (“RSUs”) and stock options to purchase shares of the Company’s Common Stock under the terms of the Company’s 2013 Plan, as amended, effective March 4, 2025.

On May 3, 2024, the Company’s Board of Directors approved the Company’s 2024 Long-Term Incentive Plan (the “2024 LTI Plan”), consisting of awards of PSUs, RSUs and stock options to purchase shares of the Company’s Common Stock under the terms of the Company’s 2013 Plan, as amended, effective May 6, 2024.

For additional information about the 2013 Plan, please refer to Note 7 to the Company’s Consolidated Financial Statements for the year ended December 31, 2024, included in Part II, Item 8 of the 2024 Form 10-K. The information presented below provides an update for activity under the 2013 Plan for the three and six months ended June 30, 2025.

Under the 2025 LTI Plan, the Company granted PSUs which will be measured over a performance period beginning on January 1, 2025 and ending on December 31, 2025 (the “Performance Period”), but will remain subject to a continued service-based vesting requirement. Half of the PSUs awarded are eligible to vest based on the Company’s achievement against a target adjusted EBITDA goal for fiscal year 2025, and the remaining half of the PSUs awarded will be eligible to vest based on the Company’s achievement against a target total revenue goal for fiscal year 2025. The ultimate number of PSUs that may vest (as calculated, the “Earned PSUs”) range from zero to 200% of the granted PSUs. On March 4, 2025, the Company granted 0.6 million PSUs at a grant price of $3.48.

The Earned PSUs under the May 6, 2024 grant were earned at 28%. Under the terms of the 2024 LTI Plan, the Earned PSUs will vest in equal annual installments on the first, second and third anniversaries of the Date of Grant, generally subject to the awardee continuing to be a Service Provider through the applicable vesting date.

The Earned PSUs under the April 3, 2023 grant were earned at 151%. Under the terms of the 2023 LTI Plan, the Earned PSUs will vest in equal annual installments on the first, second and third anniversaries of the Date of Grant, generally subject to the awardee continuing to be a Service Provider through the applicable vesting date.

The Company recognized compensation expense related to PSUs of $0.4 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company recognized compensation expense related to PSUs of $0.8 million and $0.8 million, respectively. As of June 30, 2025, the unrecognized expense of $1.9 million net of forfeitures is expected to be charged to expense on a graded basis as the PSUs vest over a weighted-average period of approximately 2 years.

For the six months ended June 30, 2025, the Company granted RSUs under the 2013 Plan to employees and to non-employee members of the Company’s Board of Directors for an aggregate of approximately 1.1 million shares of Common Stock. RSU grants vest over periods generally ranging from 12 to 36 months from the respective grant dates and the awards are subject to forfeiture upon termination of employment or service on the Board of Directors, as applicable. Based on the weighted average fair market value of the Common Stock on the date of grant of $3.41 per share, the aggregate fair value for the shares underlying the RSUs amounted to $3.7 million as of the grant date that will be recognized as compensation cost over the vesting period.

For the three months ended June 30, 2025 and 2024, the Company recognized compensation expense related to RSUs of approximately $1.5 million and $1.4 million, respectively. For the six months ended June 30, 2025 and 2024, the Company recognized compensation expense related to RSUs of approximately $2.9 million and $2.6 million, respectively. As of June 30, 2025, the unrecognized expense of $9.8 million net of forfeitures is expected to be charged to expense on a straight-line basis as the RSUs vest over a weighted-average period of approximately 2.2 years.

For the six months ended June 30, 2025, the Company granted stock options for the purchase of an aggregate of approximately 0.9 million shares of Common Stock at exercise prices that were equal to the fair market value of the Common Stock on the date of grant. Options granted to employees generally vest as to one-third of the shares subject to the award on each anniversary of the designated vesting commencement date, which may precede the grant date of such award, and expire ten years after the grant date.

The following table sets forth a summary of stock option activity under the 2013 Plan for the six months ended June 30, 2025 (shares in thousands):


	Shares	Price (1)		Term (2)
Outstanding, December 31, 2024	9,563	$	4.68	6.9
Granted	867	3.44
Exercised	(3)	2.63
Forfeited	(92)	3.14
Expired	(671)	5.62
Outstanding, June 30, 2025 (3)(4)	9,664	4.52		7.1
Vested, June 30, 2025 (3)	5,046	5.91		5.2

(3)As of June 30, 2025, the aggregate intrinsic value of all stock options outstanding was $4.2 million. As of June 30, 2025, there was an aggregate intrinsic value of $0.4 million related to the vested stock options.

The aggregate fair value of approximately 0.9 million stock options granted for the six months ended June 30, 2025 amounted to $1.9 million, or $2.16 per stock option as of the grant date utilizing the Black-Scholes-Merton (“BSM”) method. The fair valued derived under the BSM method will result in the recognition of compensation cost over the vesting period of the stock options. For the six months ended June 30, 2025, the fair value of each stock option grant under the 2013 Plan was estimated on the date of grant using the BSM option-pricing model, with the following weighted-average assumptions:

As of June 30, 2025 and December 31, 2024, total unrecognized compensation costs related to unvested stock options, net of estimated forfeitures, was $6.0 million and $5.7 million, respectively. As of June 30, 2025, the unrecognized costs are expected to be charged to expense on a straight-line basis over a weighted-average vesting period of approximately 2.2 years.

The following table presents activity affecting the total number of shares available for grant under the 2013 Plan for the six months ended June 30, 2025 (in thousands):


Available, December 31, 2024			5,379
Newly authorized by Board of Directors			3,645
Stock options granted			(867)
RSUs and PSUs granted			(1,671)
Expired options			671
Forfeited options			92
Forfeited RSUs and PSUs			665
Available, June 30, 2025			7,914

Stock-based compensation expense attributable to PSUs, RSUs and stock options is classified as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cost of revenue	$	490	$	460	$	1,014	$	975
Sales and marketing	1,028		576		1,954		980
General and administrative	1,355		1,369		2,607		3,008
Total	$	2,873	$	2,405	$	5,575	$	4,963