Spire Global, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

10.	Stock-Based Compensation

In December 2012, the Company adopted the 2012 Stock Option and Grant Plan (the “Plan”) under which the Company may grant stock options to purchase shares of its common stock to certain employees and nonemployees of the Company. The 2012 Plan was terminated as of the Closing, and accordingly, no additional awards will be granted under the 2012 Plan thereafter.

In connection with the Closing, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) and the 2021 Employee Stock Purchase Plan (“2021 ESPP”). The number of shares available for issuance under the 2021 Plan will be increased on the first day of each fiscal year, beginning on January 1, 2022, in an amount equal to the lesser of (i)

23,951,000

shares of New Spire Class A Common Stock, (ii) a number of shares of New Spire Class A Common Stock equal to

of the total number of shares of all of New Spire Class A Common Stock outstanding as of the last day of the immediately preceding fiscal year, or (iii) such number of shares of New Spire Class A Common Stock as the Company’s board of directors or its designated committee may determine no later than the last day of the immediately preceding fiscal year.

The 2021 Plan permits the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, and performance awards to employees, directors, or consultants under the 2021 Plan. The 2021 ESPP, the Company can grant stock options to employees to purchase shares of Class A common stock at a purchase price which equals to 85% of the lower of (i) the fair market value of common stock on the first trading day of the offering period or (ii) the fair market value of common stock on the exercise date. As of September 30, 2021, 8,869,629 and 3,194,000 shares were available for grant under the 2021 Plan and 2021 ESPP, respectively.

The following table summarizes stock option activity under the Plan, there were no activities under the 2021 Plan for the period ending September 30, 2021:


	Number of Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)
Stock options outstanding at January 1, 2021		19,618,953		$	1.78		7.9
Granted		4,676,898			4.90
Exercised		(799,901	)		1.33
Forfeited, canceled, or expired		(1,325,349	)		2.50

Stock options outstanding at September 30, 2021		22,170,601			2.42		7.5

Vested and expected to vest at September 30, 2021		22,170,601			2.42		7.5
Exercisable at September 30, 2021		10,895,186			1.81		6.1

The Company’s option award quantities and prices prior to the Merger have been retroactively restated to reflect the exchange ratio of approximately

1.8282

established in the Merger as described in Note 3.

The weighted-average grant date fair value per share of stock options granted was $2.94 for the nine months ended September 30, 2021. The total grant date fair value of stock options vested was $

1,737

during the nine months ended September 30, 2021.

As of September 30, 2021, there was $17,903 of total unrecognized compensation expense expected to be recognized over a weighted average-period of 2.93 years.

The following table summarizes the components of total stock-based compensation expense based on roles and responsibilities of the employees within the Condensed Consolidated Statements of Operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cost of revenue	$	31	$	9	$	75	$	26
Research and development		590		225		1,843		668
Sales and marketing		550		74		1,278		219
General and administrative		928		223		3,404		538

	$	2,099	$	531	$	6,600	$	1,451