NOTE 18 – STOCK-BASED COMPENSATION

Stock Options

The following table summarizes the options to purchase shares of common stock activity under the Company’s equity incentive plans for the six months ended June 30, 2025:

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The weighted average exercise price of the options outstanding as of June 30, 2025 was $3.01 per share.

Restricted and Performance Stock Units

The following table summarizes the restricted stock unit (“RSU”) and performance stock unit (“PSU”) activity under the Company’s equity incentive plans as of June 30, 2025:

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In the six months ended June 30, 2025, the Company granted 6,903,168 RSUs under the Company's Omnibus Stock Incentive Plan, which are subject to time-vesting and continued service conditions.

In the same period, the Company granted 895,103 PSUs under the same Plan, which are subject to time-vesting, continued service conditions and achievement of specified company performance goals.

The Company withholds common stock shares associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock units under its employee equity incentive plans in the United States. During the three months ended June 30, 2025 and 2024, the Company withheld 492,509 and 343,249 shares for $3,373 and $2,117, respectively, and for the six months ended June 30, 2025 and 2024, the Company withheld 1,214,946 and 1,148,679 shares for $10,867 and $5,997, respectively. RSU vesting is shown net of this withholding on the condensed consolidated statements of shareholders’ equity and cash flows.

The Company collects cash from proceeds from certain international employees’ sales of common stock. The amount is held in a Company bank account until it is remitted to the employees. Due to the restrictions on the use of the funds in the bank account, we have classified the amount as short-term restricted cash, and a corresponding liability is included in Other payables in the condensed consolidated balance sheets. As of June 30, 2025, $242 of such funds were held.

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NOTE 18 – STOCK-BASED COMPENSATION (continued):

Employee Stock Purchase Plan

As of June 30, 2025, approximately 2,819,906 shares were reserved for future issuance under the Company’s Employee Stock Purchase Plan (“ESPP”). The fair value attributable to the ESPP was $1,587 as of May 31, 2025, the beginning of the current offering period, and was measured using the Black-Scholes pricing model. The current offering period is expected to close November 29, 2025.

The expense associated with the ESPP recognized during the three and six months ended June 30, 2025 was $693 and $1,486, respectively.

Impact on Results of Operations

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

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Note that $697 and $817 in stock-based compensation awards were capitalized as part of internal-use software during the three months ended June 30, 2025 and 2024, respectively, and $1,313 and $1,736 were capitalized during the six months ended June 30, 2025 and 2024, respectively.