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Stock-Based Compensation
3 Months Ended
Mar. 31, 2023
Share Based Compensation [Abstract]  
Stock-Based Compensation

12. Stock-Based Compensation

2022 Long-Term Incentive Plan

In connection with the Business Combination, the Company's board of directors adopted, and its stockholders approved, the 2022 Long-Term Incentive Plan (the “2022 Plan”) under which 20,285,600 shares of Class A common stock were initially reserved for issuance. The 2022 Plan allows for the issuance of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, other stock-based awards and cash-based awards.

During the three months ended March 31, 2023 the Company issued 331,902 stock options, 25,000 performance based stock options, 4,500,588 restricted stock units, and 75,000 performance based restricted stock units. At March 31, 2023, 7,101,740 stock options, 2,556,550 performance stock options, 6,947,744 restricted stock units, and 75,000 performance based restricted stock units remain outstanding. As of March 31, 2023, the Company had 7,185,245 shares of Class A common stock available for issuance under the 2022 Plan.

The Company recognized $6,404 and $260 of stock-based compensation expense during the three months ended March 31, 2023 and 2022, respectively.

2022 Employee Stock Purchase Plan

In connection with the Business Combination, the Company’s board of directors adopted, and its stockholders approved, the 2022 Employee Stock Purchase Plan (the “ESPP”) whereby eligible employees may authorize payroll deductions of up to 15% of their regular base salary to purchase shares at the lower of 85% of the fair market value of the common stock on the date of commencement of the offering or on the last day of the six-month offering period. The plan is defined as compensatory, and accordingly, a stock-based compensation charge of $102 was recorded as the difference between the fair market value and the discounted purchase price of the Company's common stock. As of March 31, 2023, no shares have been issued under the ESPP and the Company had 4,499,015 shares of Class A common stock available for issuance under the ESPP.

Withholding Taxes on Equity Awards

In connection with the settlement of equity awards, the Company records a non-cash liability and corresponding APIC adjustment for the withholding taxes on net share settlement of stock-based compensation and option exercises until such time as those taxes have been remitted to the respective taxing authorities.