2021 Plan are detailed below. There were no options or other equity awards granted under the 2018 Plan during the three and nine months ended September 30, 2022.

The 2021 Plan became effective immediately upon closing of the Business Combination. Pursuant to the 2021 Plan, 4,502 shares of common stock were initially reserved for issuance. During the term of the 2021 Plan, the number of shares of common stock thereunder automatically increases on each January 1, commencing on January 1, 2023, and ending on (and including) January 1, 2031, by the lesser of (i) 10% of the fully diluted shares of common stock as of the last day of the preceding fiscal year and (ii) 4,502 shares (adjusted pursuant to the terms of the 2021 Plan).

In August 2022, the Company’s compensation committee of the board of directors or an authorized executive of the Company granted stock options to purchase an aggregate of approximately 101 shares of common stock at an exercise price of $1.98 per share and granted 1,228 restricted stock units. Prior to such grants, no grants had been made under the 2021 Plan. See Note 21 for awards subsequent to September 30, 2022.

The fair value of each stock option award to employees is estimated on the date of grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used as inputs to the pricing model for options granted during the three and nine months ended September 30, 2022:

Stock option activity under the 2021 Plan for the three months ended September 30, 2022 (there were no stock options granted previously under this plan) was as follows:


	Number of Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)




Outstanding at June 30, 2022	—	$	—	$	—	—
Granted	101	1.98
Exercised	—	—
Forfeited or expired	—	—
Outstanding at September 30, 2022	101	$	1.98	$	—	9.89

Vested and exercisable	—	$	—	$	—	—

As of September 30, 2022, there was $114 of total unrecognized compensation cost related to stock options granted under the 2021 Plan. That cost is expected to be recognized over a weighted-average period of 3.36 years. The weighted-average grant date fair value of options granted under the 2021 Plan for the three and nine months ended September 30, 2022 was $1.16 per share.

Restricted stock unit activity under the 2021 Plan for the three months ended September 30, 2022 (there were no restricted stock units granted previously under this plan) was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value		Total Fair Value
Unvested at June 30, 2022	—	$	—
Granted	1,228	1.98		$	2,432
Vested	(173)	1.98		$	325
Forfeited	(65)	1.98
Unvested at September 30, 2022	990	$	1.98

As of September 30, 2022, there was $1,825 of total unrecognized compensation cost related to unvested restricted stock units granted under the 2021 Plan. That cost is expected to be recognized over a weighted-average period of 3.34 years.

The 2018 Plan became effective on April 17, 2018. The 2018 Plan terminated upon closing of the Business Combination in 2022, but then outstanding options under the 2018 Plan remain outstanding pursuant to their terms, with adjustments to the number of shares and exercise prices to reflect the terms of the Business Combination.

In May 2021, the Company’s board of directors granted stock options under the 2018 Plan to purchase an aggregate of approximately 2,191 shares of common stock at an exercise price of $1.10 per share.


	Number of Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Term (in years)
Outstanding at January 1, 2022	3,851	$	1.77
Exercised	(114)	1.12
Forfeited or expired	(56)	1.08
Outstanding at March 31, 2022	3,681	$	1.78	$	23,918	8.62
Exercised	(29)	$	1.05
Forfeited or expired	(3)	$	2.30
Outstanding at June 30, 2022	3,649	$	1.78	$	11,307	8.35
Exercised	(5)	0.79
Forfeited or expired	(110)	7.75
Outstanding at September 30, 2022 1	3,534	$	1.60	$	84	8.29

Vested and exercisable	1,849	$	1.18	$	82	7.80

1 Includes 2,478, 0, and 1,056 of awards accounted for as service-based, performance-based, and market-based options, respectively, that are vested, that the Company currently deems probable of vesting, or in the case of market-based options, that the Company is expensing so long as the respective service conditions are met. The performance options vest only if gross revenue equals or exceeds certain thresholds for the years ending December 31, 2022 and 2023, while the market-based options will vest only if the price of the Company's common stock reaches a $1,000,000 market capitalization target for any 20 days during a 30-day period on or before the fourth anniversary of the closing of the Merger.

As of September 30, 2022, there was: (i) $1,219 of unrecognized compensation cost related to service-based awards, which is expected to be recognized over a weighted-average service period of approximately 2.13 years; and (ii) $1,687 of unrecognized compensation cost related to market-based awards, which is expected to be recognized over a weighted-average service period of approximately 1.55 years.


	Three Months Ended September 30, 2022				Nine Months Ended September 30,
	2022		2021		2022		2021
Sales and marketing	$	77	$	15	$	137	$	65
Product development	86		14		123		126
General and administrative	608		179		2,899		538
	$	771	$	208	$	3,159	$	729

The Earn Out Plan became effective immediately upon closing of the Business Combination. Pursuant to the Earn Out Plan, approximately 571 shares of common stock have been reserved for issuance to employees and certain other eligible parties in the form of restricted stock units (“RSUs”). These RSUs will vest if the Company achieves certain thresholds prior to the third anniversary of the Merger. No RSUs have been awarded under the Earn Out Plan as of September 30, 2022.

Concurrent with the closing of the Business Combination, the vesting provisions of certain stock options previously granted in 2021 to our Chief Executive Officer to purchase 2,917 shares of common stock were modified, and a corresponding charge of $1,366 was recorded for the three months ended March 31, 2022 to general and administrative expenses and additional paid-in capital. The original award included the following vesting provisions:

•Liquidity Event Option: A stock option to purchase 1,458 shares of common stock will vest upon the earlier of (a) the closing of the Initial Public Offering of the Company's common stock or (b) a change in control, provided the recipient remains in continuous service.

•Milestone Option: A stock option to purchase 1,458 shares of common stock will vest one-third each upon the achievement of the three annual revenue targets of $75,000, $150,000 and $300,000, provided the recipient remains in continuous service.

•Liquidity Event Option: A stock option to purchase 1,458 shares of common stock will vest as follows, provided the recipient remains in continuous service: 50% upon the closing of the Business Combination and 50% upon the earlier of (i) the Company's achievement of a $1,000,000 market capitalization for any 20 during a 30-day period on or before the fourth anniversary of the closing of the Business Combination (the "Market Cap Milestone") or (ii) a change in control.

•Milestone Option: A stock option to purchase 1,458 shares of common stock will vest upon the achievement of the following milestones, provided that the recipient remains in continuous service:

◦First Milestone: 50% of the total number of shares subject to the stock option will vest if the Company's gross revenue for the year ending December 31, 2022 equals or exceeds $65,000. A pro rata amount vests in the event that the Company's gross revenue equals or exceeds 90% of the revenue target.

◦Second Milestone: 50% of the total number of shares subject to the stock option will vest if the Company's gross revenue for the year ending December 31, 2023 equals or exceeds $101,000. A pro rata amount vests in the event that the Company's gross revenue equals or exceeds 90% of the revenue target.

◦The date of vesting for the Milestone Option will be the earlier of (i) the date following the Company's filing with the SEC of its Form 10-K for the applicable fiscal year in which the applicable revenue target was attained or, (ii) the date of the Market Cap Milestone is achieved.

◦The Milestone Option will remain outstanding unless and until the last possible time that the Second Milestone can be achieved, the Market Cap Milestone can be achieved, or a change in control may occur during the term of the Milestone Option award, subject to the recipient's continued service.