Note 10. Stock-Based Awards

2021 Equity Incentive Plans

Incentive Award Plan

Pursuant to the terms of the Offerpad Solutions Inc. 2021 Incentive Award Plan (the “2021 Plan”), the number of shares of the Company’s Class A common stock available for issuance under the 2021 Plan increases annually on the first day of each calendar year through January 1, 2031. Pursuant to the annual increase, the overall share limit was automatically increased on January 1, 2025 by 741,127 shares of our Class A common stock.

On June 17, 2025, the Board adopted an amendment to the 2021 Plan which increases the aggregate number of shares reserved for issuance under the 2021 Plan by 2,721,500 shares (the “Amendment”). The Amendment became effective on June 17, 2025, and was approved by our stockholders on July 30, 2025 at a special meeting of stockholders. As of June 30, 2025, including the additional shares added to the 2021 Plan pursuant to the Amendment, 5,340,535 shares of Class A common stock were reserved for issuance under the 2021 Plan.

As of June 30, 2025, the Company has outstanding stock options, restricted stock units (“RSUs”) and other stock or cash-based awards that have been granted under the 2021 Plan.

Employee Stock Purchase Plan

Pursuant to the terms of the Offerpad Solutions Inc. 2021 Employee Stock Purchase Plan (“ESPP”), the number of shares of the Company’s Class A common stock available for issuance under the ESPP increases annually on the first day of each calendar year through January 1, 2031. As of June 30, 2025, there were 283,876 shares reserved for issuance under the ESPP, and no shares have been issued under the ESPP.

Restricted Stock Units

As of June 30, 2025, 0.3 million RSUs have vested, but have not yet been settled in shares of the Company’s Class A common stock, pursuant to elections made by certain non-employee members of our Board to defer settlement thereof under the Offerpad Solutions Inc. Deferred Compensation Plan for Directors.

As of June 30, 2025, the Company had $3.0 million of unrecognized stock-based compensation expense related to unvested RSUs. This expense is expected to be recognized over a weighted average period of 2.66 years. The fair value of RSUs that vested and settled during the six months ended June 30, 2025 and 2024 was $2.2 million and $1.8 million, respectively.

Other Cash or Stock-Based Awards

The Company did not grant any other cash or stock-based awards during the six months ended June 30, 2025.

As of June 30, 2025, the Company had $1.8 million of unrecognized stock-based compensation expense related to unvested other cash or stock-based awards granted in prior periods. This expense is expected to be recognized over a weighted average period of 2.45 years.

Stock Options

No stock options were exercised during six months ended June 30, 2025. The total intrinsic value of stock options exercised during the six months ended June 30, 2024 was less than $0.1 million.

As of June 30, 2025, the Company had unrecognized stock-based compensation expense related to unvested stock options of $0.1 million. This expense is expected to be recognized over a weighted average period of 0.68 years. The fair value of stock options that vested during the six months ended June 30, 2025 and 2024 was $0.7 million and $0.6 million, respectively.

Performance-Based Restricted Stock Units

The PSU performance period ended during the first quarter of 2025, with none of the pre-determined price per share goals being achieved. Accordingly, the PSUs were automatically forfeited and terminated without consideration.

Stock-based Compensation Expense