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Employee Benefit Plans
6 Months Ended
Jun. 30, 2022
Postemployment Benefits [Abstract]  
Employee Benefit Plans

9. Employee Benefit Plans

401(k) Plan

In 2007, the Company adopted a 401(k) plan for its employees whereby eligible employees may contribute up to the maximum amount permitted by the Internal Revenue Code. In June 2016, the Company adopted a policy to match a portion of employee contributions for all qualified employees participating in the 401(k) plan. The Company recorded an expense for matching contributions of $0.6 million and $2.9 million for the three and six months ended June 30, 2022, respectively, and $0.4 million and $2.6 million for the three months and six months ended June 30, 2021, respectively.

Employee Stock Purchase Plan

The Company’s 2014 Employee Stock Purchase Plan (ESPP) allows eligible employees to purchase shares of the Company’s Class A common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP generally provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s Class A common stock on the first trading day of the offering period or on the last trading day of the offering period.

There were 84,837 shares of common stock issued under the ESPP for each of the three and six months ended June 30, 2022 and 37,753 shares of common stock issued under the ESPP for the three and six months ended June 30, 2021. Shares available for future purchase under the ESPP were 1,482,677 at June 30, 2022.