Blade Air Mobility, 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

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Option Awards

Following is a summary of stock option activities for the six months ended June 30, 2023:


	Options	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Life (years)	Intrinsic Value
Outstanding – January 1, 2023	7,603,864	$	0.19	$	0.21	4.6	$	25,795
Granted	—	—		—
Exercised	(300,785)	0.18		0.24
Forfeited	—	—		—
Outstanding – June 30, 2023	7,303,079	$	0.19	$	0.21	4.1	$	27,402
Exercisable as of June 30, 2023	7,303,079	$	0.19	$	0.21	4.1	$	27,402

For the three months ended June 30, 2023 and 2022, the Company recorded no stock option expense. As of June 30, 2023, there are no remaining stock options subject to amortization.

Restricted Stock

During the three months ended June 30, 2023, the Company granted an aggregate of 97,846 of the Company's restricted stock units (“RSUs”) to various employees, officers, directors, consultants, and service providers under the Blade Air Mobility, Inc. 2021 Omnibus Incentive Plan. The RSUs have various vesting dates, ranging from vesting on the grant date to as late as four years from the date of grant. The Company's current default tax withholding method for the vesting of RSUs is the sell-to-cover method, under which shares with a market value equivalent to the estimated tax withholding obligation are withheld from the holder of the RSUs upon vesting and sold on behalf of such holder to cover their applicable tax withholding liability, and the cash proceeds from such sales are then remitted by the Company to the applicable tax authorities. This approach is used for the vesting of RSUs held by the majority of the Company’s employees, including all of the Company’s Section 16 “officers” as defined by Section 16 of the Securities and Exchange Act of 1934, as amended.


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Non-vested – January 1, 2023	7,466,636	$	5.52
Granted	275,235	3.11
Vested	(834,924)	6.61
Forfeited	(126,283)	5.77
Non-vested – June 30, 2023	6,780,664	$	5.29

As of June 30, 2023, unamortized stock-based compensation costs related to restricted share arrangements was $29,480 and will be recognized over a weighted average period of 3.1 years.

Stock-Based Compensation Expense

Stock-based compensation expense for stock options and restricted stock units in the unaudited interim condensed consolidated statements of operations is summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Software development	$	293	$	254	$	461	$	529
General and administrative(1)	2,376		1,495		5,012		3,218
Selling and marketing	128		95		206		195
Total stock-based compensation expense	$	2,797	$	1,844	$	5,679	$	3,942

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(1) For the six months ended June 30, 2023, the Company included a credit of $339 in connection with the settlement of the equity-based portion of contingent consideration related to the acquisition of Trinity Air Medical, Inc. that was paid in the first quarter of 2023 in respect of 2022 results.