The Company has two equity incentive plans, the Sprinklr, Inc. 2021 Equity Incentive Plan (the “2021 Plan”) and the Sprinklr, Inc. 2011 Equity Incentive Plan (the “2011 Plan”). The 2011 Plan was terminated as to future awards in June 2021 upon the adoption of the 2021 Plan, although it continues to govern the terms of any equity grants that remain outstanding under the 2011 Plan.

The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), performance-based stock units (“PSUs”), and other forms of awards to employees, directors and consultants, including employees and consultants of the Company's affiliates, as permitted by law.

In June 2021, the Company also adopted its ESPP under which employees can common stock through payroll deductions at a price equal to 85% of the lower of the fair market value of the Class A common stock on (i) the first trading day of each offering period and (ii) the last trading day of each related offering period.

A summary of the Company’s stock option activity for the three months ended April 30, 2023 is as follows:


	Number of stock options	Weighted average exercise price		Weighted average remaining contractual life
	(in thousands)			(in years)
Outstanding as of January 31, 2023	33,049	$	6.11	6.6
Granted	1,512	12.85
Exercised	(2,308)	5.49
Cancelled/forfeited	(565)	8.27
Outstanding as of April 30, 2023	31,688	$	6.44	6.4
Exercisable as of April 30, 2023	22,510	$	5.58	6.0
Vested and expected to vest as of April 30, 2023	28,045	$	6.47	6.4

In addition, included in the Company’s stock options outstanding as of April 30, 2023 are 2,318,632 of options tied to market conditions. As these market conditions were not met by May 1, 2023, such options were subsequently cancelled.

A summary of the Company’s RSU activity for the three months ended April 30, 2023 is as follows:


	Number of restricted shares	Weighted Average Grant Date Fair Value
	(in thousands)
Outstanding as of January 31, 2023	9,400	$	12.23
Granted	5,101	12.90
Released	(1,482)	13.15
Cancelled/forfeited	(613)	11.67
Outstanding as of April 30, 2023	12,406	$	12.43

As of April 30, 2023, the Company had 1,450,000 PSUs outstanding. These awards vest over a five-year period if certain performance and market conditions are met. The performance condition was met in June 2021 and the market conditions have not yet been met as of April 30, 2023. If the market conditions are not met on or prior to January 28, 2026, the associated awards will not vest and be subsequently cancelled.

Stock-based compensation expense included in operating results was allocated as follows:


	Three Months Ended April 30,
(in thousands)	2023		2022
Costs of subscription	$	300	$	408
Costs of professional services	403		623
Research and development	3,067		2,348
Sales and marketing	5,955		5,856
General and administrative	3,585		3,279
Stock-based compensation, net of amounts capitalized	13,310		12,514
Capitalized stock-based compensation	670		198
Total stock-based compensation	$	13,980	$	12,712


	Three Months Ended April 30,
(in thousands)	2023		2022
Equity classified awards	$	13,730	$	12,462
Other awards (1)	250		250
Total stock-based compensation	$	13,980	$	12,712

(1) Nonemployee grant recorded over five years, representing the same period and in the same manner as if the grantor had paid cash for the services instead of paying with or using the share-based payment award.


	Three Months Ended April 30,
(in thousands)	2023		2022
Stock options	$	4,060	$	7,042
PSUs	(169)		38
RSUs	8,806		2,781
ESPP	1,033		2,601
Total stock-based compensation - equity-classified awards	$	13,730	$	12,462

As of April 30, 2023, total unrecognized compensation cost related to unvested awards not yet recognized under all equity compensation plans, adjusted for estimated forfeitures, was as follows:


	April 30, 2023
	Unrecognized expense		Weighted average expense recognition period
	(in thousands)		(in years)
Stock options	$	33,830	2.52
PSUs	$	821	2.75
RSUs	$	124,680	3.30
ESPP	$	2,491	0.75