In November 2021, the Company’s Board of Directors and stockholders approved the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) as a successor to the 2018 Equity Incentive Plan (the “2018 Plan”), with the purpose of granting stock-based awards to employees, directors, officers, and consultants, including stock options, restricted stock awards, and restricted stock units (“RSUs”).

The Company initially reserved for issuance under the 2021 Plan (a) 46,008,885 shares of Class A common stock, plus (b) shares that are subject to issuance upon exercise of options granted under the 2018 Plan prior to the Closing but which, after the Closing, cease to be subject to the option for any reason other than exercise of the option, (c) shares that are subject to awards granted under the 2018 Plan prior to the Closing that, after the Closing, are forfeited or are repurchased by the Company at the original issue price, (d) shares that are subject to awards granted under the 2018 Plan prior to the Closing that, after the Closing, otherwise terminate without such shares being issued, and (e) shares that, after the Closing, are used to pay the exercise price of a stock option issued under the 2018 Plan prior to the Closing or are withheld to satisfy the tax withholding obligations related to any award issued under the 2018 Plan prior to the Closing. The number of shares available for grant and issuance under the 2021 Plan will increase automatically on January 1 of each of 2022 through 2031 by the number of shares equal to the lesser of (i) five percent (5%) of the number of shares (rounded down to the nearest whole share) of Class A common stock and Class B common stock issued and outstanding on each December 31 immediately prior to the date of increase, or (ii) such number of shares determined by the Company’s Board of Directors.

In November 2021, the Company’s Board of Directors and stockholders approved the Company’s 2021 Employee Stock Purchase Plan (the “2021 ESPP”). Over a series of offering periods, each of which may consist of one or more purchase periods, eligible employees will be offered the option to purchase shares of Class A common stock at 85% of the lesser of the fair market value of Class A common stock on (i) the first business day of the applicable offering period and (ii) the date of purchase. Under the 2021 ESPP, the Company initially reserved 8,901,159 shares of Class A common stock for issuance, and the aggregate number of shares reserved will increase automatically on January 1 of each of 2022 through 2031 by the number of shares equal to the lesser of (i) one percent (1%) of the total number of outstanding shares of Class A common stock and Class B common stock as of the immediately preceding December 31, or (ii) a number of shares as may be determined by the Company’s Board of Directors. The aggregate number of shares issued over the term of the 2021 ESPP, subject to adjustments for stock-splits, recapitalizations, or similar events, may not exceed 89,011,590 shares. In February 2022, the Company commenced its first offering period under the 2021 ESPP. During the six months ended June 30, 2026 and 2025, 307,511 and 408,404 shares of Class A common stock were purchased under the 2021 ESPP, respectively.

In May 2022, the Company’s Board of Directors authorized and approved a share repurchase program to repurchase up to $100.0 million in aggregate of the Company’s Class A common stock, with the authorization to expire on June 30, 2024. The timing of any repurchases depended on market conditions and other investment opportunities, and repurchases were made at the Company’s discretion. The share repurchase program did not obligate the Company to repurchase any dollar amount or number of shares, and the program could be extended, modified, suspended, or discontinued at any time. In February 2024, the Company’s Board of Directors authorized and approved an increase of $150.0 million to the share repurchase program and extended the expiration date to March 31, 2026. In April 2026, the Company’s Board of Directors authorized and approved a new share repurchase program to repurchase up to $100.0 million in aggregate of the Company’s Class A common stock, with the authorization to expire on June 30, 2028.

During the three months ended June 30, 2026, the Company did not repurchase or retire any shares of Class A common stock. During the six months ended June 30, 2026, the Company repurchased and retired 16,992,982 shares of Class A common stock at an average purchase price of $1.69 per share for an aggregate repurchase price of $28.7 million. During the three and six months ended June 30, 2025, the Company repurchased and retired 3,688,863 and 8,409,278 shares of Class A common stock at an average purchase price of $1.46 and $1.72 per share for an aggregate repurchase price of $5.4 million and $14.5 million, respectively. As of June 30, 2026, the Company had $100.0 million available for future share repurchases under the share repurchase program.

The Company may grant options to acquire shares of Class A common stock to employees, directors, officers, and consultants at a price not less than the fair market value of the shares at the date of grant. Options granted to a person who, at the time of the grant, owns more than 10% of the voting power of all classes of stock shall be at no less than 110% of the fair market value and expire five years from the date of grant. All other options generally have a contractual term of ten years. Options granted generally vest on a monthly basis over two to three years. RSUs granted for Class A common stock generally vest on a quarterly basis over two to three years.


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at December 31, 2025	12,914	$	2.73	4.4	$	1,461
Options granted	—	$	—
Options exercised	(969)	$	1.64
Options forfeited or expired	(1,722)	$	3.57
Outstanding at June 30, 2026	10,223	$	2.69	4.3	$	1,389
Exercisable at June 30, 2026	10,223	$	2.69	4.3	$	1,389
Vested or expected to vest at June 30, 2026	10,223	$	2.69	4.3	$	1,389

The intrinsic value is calculated as the difference between the exercise price of the underlying common stock option award and the fair value of the Company’s common stock as of the respective balance sheet date. The intrinsic value of the options exercised was $0.3 million and $0.3 million for the six months ended June 30, 2026 and 2025, respectively. No options were granted during the six months ended June 30, 2026 and 2025.

A summary of the Company’s RSU activity for the six months ended June 30, 2026 and related information is as follows (in thousands, except per share data):


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	47,101	$	1.95
RSUs granted	37,510	$	1.75
RSUs vested	(13,012)	$	2.05
RSUs forfeited	(3,927)	$	1.74
Unvested at June 30, 2026	67,672	$	1.83

In March 2026, the Company granted its executive officers market-based performance stock unit (“PSU”) awards with a target of 5,857,778 shares (“Target Award”) of the Company’s Class A common stock. The number of shares earned will be based on the achievement of stock price targets calculated based on predetermined compound annual growth rate thresholds at any point over a four-year performance period. Grantees may earn from 0% to 200% of the Target Award. Any portion of the PSUs that remains unvested at the end of the applicable performance period will be forfeited. Vesting is subject to the grantee’s continuous employment with the Company through the later of the vesting date and the date achievement is certified, as well as other customary provisions pursuant to the Company’s 2021 Plan.

In March 2025, the Company granted its Chief Executive Officer a market-based PSU award of 722,005 shares of the Company’s Class A common stock. In August 2025, the Company granted another market-based PSU award of 947,867 shares to an executive officer with the same performance metrics and vesting conditions as the March 2025 PSU. For all awards, the PSUs will vest based on stock price targets achieved over a four-year period, and any PSUs that have not vested at the end of the applicable performance period will be forfeited. Vesting is subject to the grantees’ continuous employment with the Company, as well as other customary provisions pursuant to the Company’s 2021 Plan.

The aggregate grant date fair value of the 2026 and 2025 PSUs was $14.9 million and $2.6 million, respectively, calculated using a Monte Carlo simulation model and recognized over the respective requisite service periods using the graded-vesting method. Compensation cost is not adjusted in future periods for subsequent changes in the expected outcome of market-related conditions. For the three and six months ended June 30, 2026, the Company recognized $1.9 million and $3.3 million of stock-based compensation expense related to PSUs, respectively. For the three and six months ended June 30, 2025, the Company recognized $0.8 million and $2.0 million of stock-based compensation expense related to PSUs, respectively.