Company: ASAN
Filing Date: 2025-06-03
Form Type: 10-Q
Source: 0001477720-25-000107
Chunk: 254

Company: Asana, Inc.
Filing Date: 2025-06-03
Form: 10-Q
Item: Part I, Item 8
Chunk 254
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 1, 2022, to 7,640,712 on February 1, 2023, to 9,887,991 on February 1, 2024, and to 12,216,871 on February 1, 2025, all pursuant to the evergreen provisions of the ESPP.Subject to any limitations contained therein, the ESPP allows eligible participants to contribute, through payroll deductions, up to 15% of their eligible compensation to purchase shares of the Company’s Class A common stock at a purchase price equal to 85% of the fair market value of the Class A common stock on either the first day of the offering period or the purchase date, whichever fair market value is lower. The ESPP generally provides for consecutive 24-month offering periods, each consisting of four separate consecutive purchase periods of approximately six months in length. The ESPP also includes a two year look back in purchase price, including a reset feature. The reset feature is triggered if the price on the date of purchase is less than the price on the first day of the offering period. The Company recognized stock-based compensation expense related to the ESPP of $2.2 million and $2.9 million during the three months ended April 30, 2025 and 2024, respectively. As of April 30, 2025 and January 31, 2025, $2.2 million and $6.6 million, respectively, have been withheld in contributions from employees. As of April 30, 2025, total unrecognized stock-based compensation expense related to the ESPP was $7.4 million, which will be amortized over a weighted-average vesting term of 1.0 years.

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ASANA, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

Stock Repurchase ProgramIn June 2024, the Company’s board of directors authorized a stock repurchase program of up to $150.0 million of its outstanding Class A common stock (the “Repurchase Program”). Under the Repurchase Program, which is designed to return value to the Company’s stockholders and reduce share count over time, the Company may repurchase shares in the open market, through privately negotiated transactions, by entering into structured repurchase agreements with third parties, by making block purchases, and/or pursuant to Rule 10b5-1 trading plans. The timing, manner, price, and amount of any repurchases under