
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	7	$	36	$	25	$	68
General and administrative	49		6,865		1,323		10,870
Sales and marketing	65		87		226		657
Operations	77		191		308		767
Technology and development	42		100		147		467
Restructuring charges (Note 18)	—		4,395		—		4,395
Total equity-based compensation	$	240	$	11,674	$	2,029	$	17,224

Under the 2021 Equity Incentive Plan (the “2021 Plan”), the Company may grant options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”) and performance awards to employees, directors and consultants. The number of awards that may be issued is calculated yearly based on provisions of the 2021 Plan. Once granted, the RSUs typically vest ratably over a period of one to four years with a cliff vesting on the first anniversary and continue to vest quarterly thereafter.

On August 13, 2024, the 2024 Inducement Award Plan (the “Inducement Plan”) became effective. Pursuant to the Inducement Plan, the Company may grant up to 2,000,000 shares in the form of options, stock appreciation rights, restricted stock, RSUs and performance-based awards to new employees, directors and consultants, plus any additional shares that become may become available for issuance under the Inducement Plan upon forfeitures.

In 2021, the Board of Managers of Inspirato LLC maintained an equity-based compensation plan (the “Unit Option Plan”), which provided for the grant of options to purchase the Inspirato LLC’s common units by Inspirato LLC’s employees, directors and consultants. No issuances under the Unit Option Plan have been made since January 2021 and the Unit Option Plan was terminated in 2022.

Options under the Unit Option Plan were granted at a price per unit equal to the fair value of the underlying common units at the date of grant. Options under the Unit Option Plan generally had a 10-year contractual term and vested over a three-year to five-year period starting from the date specified in each applicable option agreement.


	Number of units	Weighted average grant date fair value
Outstanding as of December 31, 2023	727	$	41.42
Granted	975	$	3.62
Vested	(833)	$	29.50
Forfeited	(41)	$	33.20
Outstanding as of September 30, 2024	828	$	9.31

Outstanding as of December 31, 2024	959	$	6.83
Granted	245	$	4.68
Vested	(267)	$	9.14
Forfeited	(285)	$	7.92
Outstanding as of September 30, 2025	652	$	4.60

During the year ended December 31, 2024, the Company granted 500,000 performance-based units (“PBUs”) of Class A Common Stock (the "Share Price PBUs"), which vest in full on the trading day after the Company’s Class A Common Stock achieves the market condition of a closing price of $15.00 per share or more over a period of at least 30 consecutive trading days from August 14, 2024 through August 13, 2025 (the “Performance Period”). The performance stock price goal was not met during the Performance Period and the Share Price PBUs were forfeited on August 14, 2025. During the three and nine months ended September 30, 2025, $0.1 million and $0.3 million, respectively, of stock compensation expense was recognized to general and administrative within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income related to the Share Price PBUs. There is no unrecognized stock compensation expense remaining and there are no Share Price PBUs outstanding as of September 30, 2025.

Additionally, during the year ended December 31, 2024, the Company granted $1.3 million in PBUs which vest based on specified financial targets (the "Target PBUs") from the Company's year ended December 31, 2025 consolidated financial statements. The number of units to be granted is dependent on the 5 day average closing price of the Company's stock following the fourth quarter 2025 earnings call if the specified targets are met during the year. During the nine months ended September 30, 2025, the financial targets set for the Target PBUs were modified where partial achievement metrics would allow for partial vesting of the Target PBUs. During the three and nine months ended September 30, 2025, there were zero and $0.8 million, respectively, in compensation expense related to potential awards forfeited. As of September 30, 2025, the Company does not consider the targets set for the Target PBUs to be probable and, therefore, has not recognized any expense during the three and nine months ended September 30, 2025. The Company had $0.5 million in unrecognized compensation expense outstanding related to the Target PBUs as of September 30, 2025.

The Company had 72,000 and 123,000 stock options outstanding and exercisable as of September 30, 2025 and December 31, 2024, respectively. No stock options have been granted since January of 2021. There were no stock option exercises during the three and nine months ended September 30, 2025 and 2024.