In June 2021, the Company’s Board of Directors adopted, and its stockholders approved, the 2021 Omnibus Incentive Plan (the “2021 Plan”) and the 2021 Employee Stock Purchase Plan (“ESPP”). The 2021 Plan provides for the grant of restricted shares, restricted share units (“RSUs”), performance shares, performance share units (“PSUs”), deferred share units, share options, and share appreciation rights. All employees, non-employee directors, and selected third-party service providers of the Company and its subsidiaries and affiliates are eligible to receive grants under the 2021 Plan. Eligible employees may purchase the Company’s common stock under the ESPP.

The Company has granted time-based and performance-based stock options, RSUs and PSUs, collectively referred to as “Stock Awards.” The Company accounts for stock-based compensation using the fair value method which requires the Company to measure stock-based compensation based on the grant-date fair value of the awards and recognize compensation expense over the requisite service or performance period. Awards that contain only service conditions, are generally earned over three and four years and expensed on a straight-line basis over those terms. Compensation expense for awards that contain performance conditions is calculated using the graded vesting method and the portion of expense recognized in any period may fluctuate depending on changing estimates of the achievement of the performance conditions.

Stock option activity under the Company’s equity incentive plans during the three months ended September 30, 2026 was as follows (in thousands, except per share data):


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (1)
Balance as of June 30, 2026	1,567	$	12.39	3.3	$	20,343
Exercised	(148)	10.72
Forfeited/Expired	(6)	26.00
Balance as of September 30, 2026	1,413	$	12.50	3.2	$	33,494
Vested and exercisable as of September 30, 2026	1,413	$	12.50	3.2	$	33,494
Vested and expected to vest as of September 30, 2026	1,413	$	12.50	3.2	$	33,494

(1)Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s common stock as of the end of the period, multiplied by the number of stock options outstanding.

There were no stock options granted during the three months ended September 30, 2026. The total intrinsic value of stock options exercised and the proceeds from option exercises during the three months ended September 30, 2026 were $4.0 million and $1.6 million, respectively.

During the three months ended September 30, 2026, the Company granted PSUs to certain of its employees with vesting terms based on meeting certain operating performance targets, including annual recurring revenue and profitability targets, and continued service conditions. The Company also granted RSUs to certain employees that vest based on continued service.


	Number of Shares	Weighted- Average Grant Date Fair Value
Balance as of June 30, 2026	1,917	$	42.69
Granted	1,043	30.98
Vested	(472)	42.96
Forfeited	(32)	39.02
Balance as of September 30, 2026	2,456	$	37.71


	Number of Shares	Weighted- Average Grant Date Fair Value
Balance as of June 30, 2026	4,588	$	35.97
Granted	2,164	37.29
Vested	(581)	34.48
Forfeited	(121)	40.28
Balance as of September 30, 2026	6,050	$	36.49


	Three Months Ended September 30,
	2026		2025
Cost of revenues
Cost of subscription	$	1,259	$	786
Cost of license	168		177
Cost of professional services	1,593		1,425
Research and development	9,191		7,987
Sales and marketing	10,996		7,893
General and administrative	9,873		9,019
Total stock-based compensation	$	33,080	$	27,287

As of September 30, 2026, there was approximately $248.4 million of unrecognized compensation cost related to unvested stock-based awards granted, which is expected to be recognized over the weighted-average period of approximately 2.3 years.

Under the ESPP, eligible employees may purchase the Company’s common stock at a price equal to 85% of the lower of the fair market value of the Company’s common stock on the offering date or the applicable purchase date. The ESPP provides an offering period that begins on June 1 and December 1 of each year and each offering period consists of one six-month purchase period. During the three months ended September 30, 2026, no shares were purchased under the ESPP.

As of September 30, 2026, total unrecognized compensation cost related to the ESPP was $0.3 million, which will be amortized over a weighted-average vesting term of 0.2 years.