Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.21.1
Stock-Based Compensation
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation

Note 7 — Stock-Based Compensation

 

Equity Incentive Plan

 

In October 2020, in connection with the Business Combination, the Company’s stockholders approved the PARTS iD, Inc. 2020 Equity Incentive Plan (the “2020 EIP”). There are 4,904,596 shares of Class A common stock available for issuance under the 2020 EIP. The 2020 EIP became effective immediately upon the closing of the Business Combination. As of March 31, 2021, no awards had been made under the 2020 EIP except an aggregate of 49,994 restricted stock units (“RSUs”) awarded equally to all seven non-employee Directors of the Company. These RSUs will vest on November 20, 2021.

 

As of March 31, 2021, total unrecognized compensation expense related to unvested RSUs was $321,176 and is expected to be recognized over the rest of year spread on time basis.

 

Employee Stock Purchase Plan

 

In October 2020, in connection with the Business Combination, the Company’s stockholders approved the PARTS iD, Inc. 2020 Employee Stock Purchase Plan (the “2020 ESPP”). There are 2,043,582 shares of Class A common stock available for issuance under the 2020 ESPP. The 2020 ESPP became effective immediately upon the closing of the Business Combination. As of March 31, 2021, no shares had been issued under the 2020 ESPP.

 

Share-Based Compensation Expense

 

Share-based compensation expense amounting to $28,824 is included within selling, general and administrative expenses in the condensed consolidated statements of operations for the three months ended March 31, 2021.