In connection with its initial public offering, the Company adopted the 2015 equity incentive plan (the “2015 Plan”) pursuant to which the Company’s Board of Directors may grant stock options, restricted shares or other awards to employees, directors, and consultants. The 2015 Plan allowed for the issuance of up to 5,250,000 shares. Awards were made pursuant to agreements and are subject to vesting and other restrictions as determined by the Board of Directors or the Compensation Committee of the Board. The Company uses authorized and unissued shares to satisfy share award exercises. After adoption of the 2025 Plan as described below, no additional equity grants were made under the 2015 Plan, although equity grants made under the 2015 Plan will continue to be governed by the 2015 Plan.

As of June 12, 2025, upon stockholder approval of the same at the Company’s annual meeting, the Company adopted a new 2025 Equity Incentive Plan (the “2025 Plan”). Pursuant to the 2025 Plan, the Company’s Board of Directors may grant stock options, restricted shares, restricted stock units, or other awards to officers, directors, key employees, and professional service providers, pursuant to agreements and subject to vesting and other restrictions as determined by the Board of Directors.

The exercise price for stock options is determined at the fair value of the underlying stock on the date of grant. The vesting period for awards granted is generally set at four years (25% ratably per year). Awards are subject to employment for vesting, expire 10 years from the date of grant, and are not transferable other than upon death.

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (years)
	(in thousands, except share and per share amounts)
Outstanding at January 31, 2026		594,421		$	68.42
Granted		132,083			93.23
Forfeited		(14,690	)		80.83
Exercised		(8,364	)		46.52
Outstanding at May 2, 2026		703,450			73.09		7.2
Exercisable at May 2, 2026		406,559		$	60.99		6.0

The weighted average grant date fair value per option for options granted during the thirteen weeks ended May 2, 2026 and May 3, 2025 was $40.88 and $53.80, respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that used the weighted average assumptions in the following table:

	Thirteen weeks ended
	May 2,			May 3,
	2026			2025
Risk-free interest rate		3.91	%		4.08	%
Expected dividend yield		—			—
Expected life	5.05 years			5.32 years
Expected volatility		44.31	%		48.20	%

To estimate the expected life of stock options, the Company uses its historical information to develop reasonable expectation about future exercise patterns and post-vesting employment termination behavior for its stock option grants. For expected volatility, the Company uses its historical information over the expected life of the option granted to calculate the fair value of option grants. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option.

Restricted stock units (“RSUs”) are issued at the closing price of the Company’s common stock on the date of grant. RSUs outstanding generally vest ratably over four years or cliff vest in one or four years. Awards are subject to employment for vesting and are not transferable other than upon death.

	Number of shares			Weighted average grant date fair value
Nonvested balance at January 31, 2026		338,483		$	80.56
Granted		155,408			91.98
Forfeited		(13,036	)		82.85
Vested		(142,565	)		71.59
Nonvested balance at May 2, 2026		338,290		$	89.50

The compensation cost for stock options and RSUs which have been recorded within selling, general, and administrative expenses related to the Company’s equity incentive plans was $3.4 million and $3.2 million for the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively.

As of May 2, 2026, there was $38.3 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 3.1 years. Compensation costs related to awards are recognized using the straight-line method.