We have one equity incentive plan from which we are authorized to grant equity awards, the AstroNova, Inc. 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan provides for, among other things, the issuance of awards, including incentive stock

options, non-qualified stock options, stock appreciation rights, time-based restricted stock units (“RSUs”), or performance-based restricted stock units (“PSUs”) and restricted stock awards (“RSAs”). The 2018 Plan authorizes the issuance of up to 1,550,000 shares of common stock, plus an additional number of shares equal to the number of shares subject to awards granted under our prior 2015 Equity Incentive Plan that are forfeited, canceled, satisfied without the issuance of stock, otherwise terminated (other than by exercise), or, for shares of stock issued pursuant to any unvested award, that are reacquired by us at not more than the grantee’s purchase price (other than by exercise). Under the 2018 Plan, all awards to employees generally have a minimum vesting period of one year. Options granted under the 2018 Plan must be issued at an exercise price of not less than the fair market value of our common stock on the date of grant and expire after ten years. Under the 2018 Plan, there were 475,316 unvested RSUs; 16,474 unvested PSUs; and options to purchase an aggregate of 146,500 shares outstanding as of October 31, 2025.

In addition to the 2018 Plan, we previously granted equity awards under our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2007 Equity Incentive Plan (the “2007 Plan”). No new awards may be issued under either the 2007 Plan or 2015 Plan, but outstanding awards will continue to be governed by those plans. As of July 31, 2025, options to purchase an aggregate of 117,349 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 55,200 shares were outstanding under the 2015 Plan.

We also have a Non-Employee Director Annual Compensation Program (the “Program”) under which each non-employee director receives an automatic grant of RSAs on the date of the regular full meeting of the Board of Directors held each fiscal quarter. Under the Program, the number of whole shares to be granted each quarter is equal to 25% of the number calculated by dividing the director’s annual compensation amount by the fair market value of our stock on such day. The director’s annual compensation amount for RSAs is $72,800. Beginning in the second quarter of fiscal 2026, the Board of Directors elected to receive their annual cash compensation entirely in stock, issued as RSAs based on the closing stock price at each quarterly meeting. The amount of annual cash compensation varies by director based on the positions held on the Board. All RSAs granted under the Program vest immediately.

Share-based compensation expense was recognized as follows:


	Three Months Ended				Nine Months Ended
(In thousands)	October 31, 2025		November 2, 2024		October 31, 2025		November 2, 2024
Stock Options	$	92	$	—	$	127	$	—
Restricted Stock Awards and Restricted Stock Units		568		344		1,270		1,133
Stock-Settled Performance Awards		94		—		137		—
Employee Stock Purchase Plan		—		9		25		26
Total	$	754	$	353	$	1,559	$	1,159

The fair value of stock options granted during the nine months ended October 31, 2025 was estimated using the following assumptions:



Risk Free Rate	4.2	%
Expected Volatility	45.7	%
Expected Life (in years)	7.60

The weighted average fair value per share for options granted was $6.15 during the three and nine month periods ended October 31, 2025. There were no stock options granted in fiscal 2025.

Aggregated information regarding stock option activity for the nine months ended October 31, 2025, is summarized below:


	Number of Options			Weighted Average Exercise Price
Outstanding at January 31, 2025		421,699		$	15.52
Granted		30,000			11.10
Exercised		—			—
Forfeited		—			—
Canceled		(132,650	)		14.40
Outstanding at October 31, 2025		319,049		$	15.57

Below is a summary of options outstanding at October 31, 2025:


Outstanding							Exercisable
Range of Exercise prices	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life
$10.01-15.00		127,974	$	12.92		3.0		117,974	$	13.07		2.4
$15.01-20.00		191,075	$	17.35		1.3		191,075	$	17.35		1.3
		319,049	$	15.57		2.0		309,049	$	15.72		1.8

As of October 31, 2025, there was approximately $32,000 of unrecognized compensation expense related to stock options which is expected to be recognized over a weighted average period of approximately 0.1 years.

Restricted Stock Units (RSUs), Performance-Based Stock Units (PSUs) and Restricted Stock Awards (RSAs)

Aggregated information regarding RSU, PSU and RSA activity for the nine months ended October 31, 2025, is summarized below:


	RSUs, PSUs & RSAs			Weighted Average Grant Date Fair Value
Outstanding at January 31, 2025		253,777		$	14.07
Granted		494,773			10.47
Vested		(110,807	)		12.50
Forfeited		(145,953	)		13.76
Outstanding at October 31, 2025		491,790		$	11.19

As of October 31, 2025, there was approximately $4.4 million of unrecognized compensation expense related to RSUs, PSUs and RSAs, which is expected to be recognized over a weighted average period of 2.7 years.

In June 2025, the Human Capital and Compensation Committee of our Board of Directors approved the 2026 Senior Executive Long-Term Incentive Program (“2026 LTIP”). The 2026 LTIP provides for the issuance of Stock-Settled Performance Awards (“SSPA”) to senior executives. Each senior executive’s SSPA has a set dollar value at the grant date and will be settled in a variable number of shares of common stock subsequent to fiscal 2028 based on the achievement of certain fiscal 2028 Company performance goals. Shares issued under the 2026 LTIP will be issued from our 2018 Plan.

Awards issued under our 2026 LTIP are accounted for as liability-classified awards, because the obligations are based predominantly on fixed monetary amounts that are generally known at inception of the obligation, and are settled with a variable number of shares of our common stock.

We record share-based compensation expense related to the 2026 LTIP over the service period of eligible employees based on forecasted performance relative to the Company metrics. To the extent that updated estimates differ from original estimates, the cumulative effect on current and prior periods of those changes is recorded in the period those estimates are revised.

For the three and nine months ended October 31, 2025, we recorded $94,000 and $137,000 of share-based compensation expense under the 2026 LTIP, respectively, and the accrued liability for this program was $137,000 at October 31, 2025.

Our ESPP allowed eligible employees to purchase shares of common stock at a 15% discount from fair value on the first or last day of an offering period, whichever is less. A total of 40,000 shares were initially reserved for issuance under the ESPP. Effective April 22, 2025, the Board of Directors terminated the ESPP. There were 6,463 shares purchased in fiscal 2026 through the April 22, 2025, termination date.