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STOCK-BASED COMPENSTION PLANS | 3 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSTION PLANS | STOCK-BASED COMPENSATION PLANS Equity Incentive Plans The Barkbox, Inc. 2011 Stock Incentive Plan (as amended from time to time, the “2011 Plan”) provides for the award of stock options and other equity interests in the Company to directors, officers, employees, advisors or consultants of the Company. On June 1, 2021, in connection with the Merger, the 2021 Equity Incentive Plan (the “2021 Plan”) became effective and 16,929,505 authorized shares of common stock were reserved for issuance thereunder. In addition, pursuant to the terms of the Merger Agreement, on the Closing Date of the Merger, options to purchase shares of Legacy BARK’s common stock previously issued under the 2011 Plan were converted into options to purchase an aggregate of 29,390,344 shares of BARK common stock. As of June 30, 2022, 13,119,424 shares of common stock were available for the Company to grant under the 2021 Stock Plan; there were no more shares available for grant under the 2011 Plan. Beginning on April 1, 2022 and ending on (and including) March 31, 2031, the aggregate number of shares of common stock that may be issued under the 2021 Plan shall increase by a number, determined by the Company's Board of Directors on or before May 1st of such fiscal year, not to exceed 5% of the total number of shares of common stock issued and outstanding on the last day of the preceding fiscal year. The 2011 and 2021 Plans (together, the “Plans”) are administered by the Company’s Compensation Committee of its Board of Directors (the “Compensation Committee”). The exercise prices, vesting and other restrictions are determined by the Board of Directors (the “Board”), except that the exercise price per share of a stock option may not be less than 100% of the fair value of the common share on the date of grant. Stock options awarded under the Plans typically expire 10 years after the date of the grant and generally have vesting conditions of 25% on the first anniversary of the date of grant and 75% on a monthly basis at a rate of 1/36th unless otherwise determined by the Compensation Committee. The Plans provide that the Compensation Committee shall determine the vesting conditions of awards granted under the Plans, and the Compensation Committee has from time to time approved vesting schedules for certain awards that deviate from the vesting conditions contained in the previous sentence. Employee Stock Purchase Plan In June 2021, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”) became effective. The 2021 ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. A total of 3,385,901 shares of common stock have been reserved for future issuance under the 2021 ESPP. On the first day of each fiscal year commencing on April 1, 2022 and ending on (and including) March 31, 2041, the aggregate number of shares of common stock that may be issued under the ESPP shall increase by a number, determined by the Company's board of directors on or before May 1st of such fiscal year, not to exceed the lesser of (i) one percent (1%) of the total number of shares of common stock issued and outstanding on the last day of the preceding fiscal year or (ii) 1,500,000 shares of common stock. If the board of directors does not determine to increase the aggregate number of shares of common stock in the ESPP by May 1st of such fiscal year, such increase shall be zero. As of June 30, 2022, no shares have been issued under the 2021 ESPP. Stock Option Activity During the three months ended June 30, 2022 the Company granted to its employees equity awards to purchase an aggregate of 1,039,544 shares of common stock with a weighted average exercise price of $3.45 vesting over a four-year period. Restricted Stock Unit (“RSU”) Activity During the three months ended June 30, 2022 the Company granted to its employees 4,877,500 RSUs for the purchase of common stock. Each RSU will vest based on continued service which is generally four years. The grant date fair value of the award will be recognized as compensation expense over the requisite service period. The fair value of the RSUs was estimated on the date of grant based on the fair value of the Company’s common stock. Market-based Award On April 15, 2022, pursuant to the 2021 Equity Incentive Plan, the Company granted its CEO a market condition performance option awards for the purchase of up to 600,000 shares of the Company’s common stock. The award had a grant date fair value of approximately $0.7 million using a Monte Carlo simulation model. Options under this market-based award will vest based on achievement of stock price targets of the Company's common stock. The right to purchase 200,000 shares of common stock under the option vest when the stock price meets or exceeds $8.00 per share for 30 consecutive days, the right to purchase 200,000 shares of common stock under the option vest when the stock price meets or exceeds $12.00 per share for 30 consecutive days, and the right to purchase 200,000 shares of common stock under the option when vest the stock price meets or exceeds $16.00 per share for 30 consecutive days. These market-based conditions must be met in order for this option award to vest, and it is therefore possible that no awards would ultimately vest. The Company will recognize compensation expense for this award regardless of whether such conditions are met. The fair value is expensed over the requisite service period. Stock-based Compensation The following table summarizes the total stock-based compensation expense by function for the three months ended June 30, 2022 and 2021, which includes expense related to options and restricted stock units (in thousands):
| Three months ended |  |
| June 30, |  |
| 2022 |  | 2021 |  |  |  |
General and administrative | $ | 4,038 |  |  | $ | 3,070 |  |  |  |  |
Advertising and marketing | 305 |  |  | 28 |  |  |  |  |
Total stock-based compensation expense | $ | 4,343 |  |  | $ | 3,098 |  |  |  |  |

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