Company: CVLT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001169561-25-000069
Chunk: 15

Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 1
Chunk 15
---
67 years. We account for forfeitures as they occur. To the extent that awards are forfeited, stock-based compensation will be different from our current estimate.Restricted Stock UnitsRestricted stock unit activity for the three months ended June 30, 2025 was as follows:Non-vested Restricted Stock UnitsNumber ofAwardsWeighted Average GrantDate Fair ValueNon-vested as of March 31, 20251,806 $111.75 Awarded432 185.21 Vested(487)99.23 Forfeited(29)115.43 Non-vested as of June 30, 20251,722 $133.69 

14

Table of Contents      Commvault Systems, Inc.Notes to Consolidated Financial Statements - Unaudited (continued)(In thousands, except per share data)

The weighted average fair value of RSUs awarded was $185.21 and $115.60 per unit during the three months ended June 30, 2025 and 2024, respectively. The weighted average fair value of awards includes the awards with a market condition described below.Performance Based AwardsIn the three months ended June 30, 2025, we granted approximately 77 PSUs to certain executives. Vesting of these awards is contingent upon i) us meeting certain non-GAAP performance goals (performance-based) in fiscal 2026 and ii) our customary service periods. The awards vest over three years and have the potential to vest between 0% and 300% (231 shares) based on actual fiscal 2026 performance. The vesting quantity of these awards may vary based on actual fiscal 2026 performance. The related stock-based compensation expense is determined based on the value of the underlying shares on the date of grant and is recognized over the vesting term using the accelerated method. During the interim financial periods, management estimates the probable number of PSUs that would vest until the ultimate achievement of the performance goals is known. The awards are included in the restricted stock units table.Awards with a Market ConditionIn the three months ended June 30, 2025, we granted approximately 77 market PSUs to certain executives. The vesting of these awards is contingent upon us meeting certain total shareholder return ("TSR") levels as compared to the Russell 3000 market index over the succeeding three years from grant date. The awards vest in three annual tranches and have the potential to vest between 0%