Grove Collaborative, Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of stock option activity under the Plan

Stock option activity under the 2016 Plan is as follows (in thousands, except share and per share amounts):


	Options Outstanding
	Number of Options			Weighted- Average Exercise Price			Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value

Balance – December 31, 2021		23,708,957		$	3.05			7.99	$	125,429
Recapitalization		4,173,563			(0.46	)
Balance – December 31, 2021		27,882,520			2.59			7.99		125,429
Exercised		(205,337	)		1.60
Cancelled/forfeited		(3,041,496	)		3.44

Balance – June 30, 2022		24,635,687			2.53			7.42		54,818

Options vested and exercisable – June 30, 2022		15,742,548		$	1.81			6.87	$	44,349

Stock option activity under the Plan is as follows (in thousands, except share and per share amounts):


	Options Outstanding
	Number of Options			Weighted– Average Exercise Price		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value
Balance – December 31, 2020		18,733,170		$	1.48		8.15	$	52,909
Granted		11,669,107			4.32
Exercised		(760,548	)		1.41
Forfeited and expired		(1,759,209	)		2.67

Balance – December 31, 2021		27,882,520			2.59		7.99	$	125,429

Options vested and exercisable – December 31, 2021		13,374,892		$	1.56		7.16	$	73,885

Schedule of nonvested performance-based units activity

Performance-based restricted stock units activity under the 2016 Plan is as follows (in thousands, except share and per share amounts):


	Number of shares			Weighted- Average Grant Date Fair Value Per Share
Unvested – December 31, 2021		1,511,191		$	8.62
Recapitalization		265,992			(1.29	)
Unvested – December 31, 2021		1,777,183			7.33
Granted		4,748,063			6.98
Vested		(593,971	)		6.93
Cancelled/forfeited		(823,880	)		6.71

Balance – June 30, 2022		5,107,395			6.71

Vested but unissued – June 30, 2022		593,971		$	6.93

Summary of the restricted common stock


	Number of Options			Weighted– Average Exercise Price
Outstanding and unvested as of December 31, 2020		1,233,707		$	1.64
Issued		11,025			0.76
Vested		(1,007,956	)		1.56
Repurchased		(155,025	)		1.91

Outstanding and unvested as of December 31, 2021		81,751		$	1.91

Schedule of share-based payment award, stock options, valuation assumptions

The fair value of stock option awards granted to employees was estimated at the date of grant using the Black-Scholes option-pricing model, with the following assumptions:


				Six Months Ended June 30,
				2021
Fair value of common stock				$5.06 – $6.45
Expected term (in years)				5.00 – 6.28
Volatility				62.33% – 75.19%
Risk-free interest rate				0.50% – 1.16%
Dividend yield				—

The fair value of stock option awards granted to employees was estimated at the date of grant using the Black-Scholes option-pricing model, with the following assumptions:


	Year Ended December 31,
	2019	2020	2021
Fair value of common stock	$2.90 – 3.27	$2.96 – 3.53	$5.06 – 7.28
Expected term (in years)	5.00 – 6.11	5.00 – 6.11	5.00 – 6.28
Volatility	58.49% – 59.39%	61.12% – 74.34%	62.33% – 75.19%
Risk-free interest rate	1.72% – 1.98%	0.21% – 1.66%	0.50% – 1.21%
Dividend yield	— %	— %	— %

Schedule of Restricted Common Stock

A summary of the restricted common stock is

follows:


	Number of Options			Weighted- Average Exercise Price
Outstanding and unvested as of December 31, 2021		69,513		$	2.25
Recapitalization		12,237			(0.33	)
Outstanding and unvested as of December 31, 2021		81,750			1.92
Vested		(65,211	)		1.92
Repurchase of early exercise		(16,539	)		1.92

Outstanding and unvested as of June 30, 2022		—		$	—