Equity Incentive Plans
2021 Equity Incentive Plan
Our Board
adopted and our stockholders approved our 2021 Plan in February 2021. The 2021 Plan, which is the successor to our 2015 Plan, is described below.
Our 2021 Plan provides for the grant of stock options qualifying as incentive stock options (ISOs), nonstatutory stock options
(NSOs), restricted stock awards, RSU awards, stock appreciation rights, performance stock awards and other forms of stock compensation to our employees, consultants and directors. Our employees, officers, directors, consultants, and
advisors are eligible to receive awards under the 2021 Plan; however, incentive stock options may only be granted to our employees. As of April 3, 2023, there were options to purchase 4,319,863 shares of our Common Stock outstanding under the
2021 Plan, at a weighted average exercise price of $7.98 per share, and 200 options to purchase shares of our Common Stock have been exercised. As of April 3, 2023, we have granted 2,654,360 RSUs under the 2021 Plan.
As of April 3, 2023, the number of shares of our Common Stock reserved for issuance under our 2021 Plan is the sum of (i) 12,049,038 and
(ii) the number of shares of our Common Stock subject to outstanding awards under our 2015 Plan that expire or are forfeited, canceled, withheld to satisfy tax withholding or to purchase or exercise an award, repurchased by us or are otherwise
terminated. The number of shares of our Common Stock reserved for issuance under our 2021 Plan automatically increases on January 1 of each year, for a period of ten years, from January 1, 2022 continuing through January 1, 2031, by
4% of the total number of shares of our Common Stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by our Board. The maximum number of shares that may be issued pursuant to the
exercise of ISOs under the 2021 Plan is 23,742,528.
In 2022, our named executive officers received certain options and restricted stock
unit awards under the 2021 Plan, as described above under the heading Equity-Based Incentive Awards.
2015 Stock Incentive Plan
The 2015 Plan was adopted by our Board and approved by our stockholders in December 2015. The 2015 Plan provided for the grant of ISOs, NSOs,
restricted stock awards, restricted stock units, stock appreciation rights and other stock-based awards.
Since the effective date of the
2021 Plan, no additional awards have been granted under the 2015 Plan, which was terminated on that date, but any awards that were outstanding at that time remain outstanding, subject to the terms of the 2015 Plan and the applicable award
agreements, until such outstanding options are exercised or until any such options terminate or expire by their terms. As of April 3, 2023, there were 2,435,651 shares of Common Stock issuable upon the exercise of stock options outstanding
under the 2015 Plan at a weighted-average exercise price of $2.40 per share, and options to purchase 1,577,821 shares of our Common Stock had been exercised, including 573,128 restricted shares of Common Stock that were issued related to early
exercise of unvested options.
2021 Employee Stock Purchase Plan
Our Board adopted and our stockholders approved our 2021 Employee Stock Purchase Plan (the ESPP) in February 2021. The purpose of
the ESPP is to secure the services of new employees, to retain the services of existing employees and to provide incentives for such individuals to exert maximum efforts toward our success. The ESPP includes two components. One component is designed
to allow eligible U.S. employees to purchase Common Stock in a manner that may qualify for favorable tax treatment under Section 423 of the Code. In addition, purchase rights may be granted under a component that does not qualify for such
favorable tax
32