Elastic N.V.

11. Equity Incentive Plans

2022 Employee Stock Purchase Plan

The Company reserved 6.0 million of its ordinary shares for purchase and issuance under the 2022 Employee Stock Purchase Plan (“2022 ESPP”). The 2022 ESPP allows eligible employees to acquire ordinary shares of the Company at a discount at periodic intervals through accumulated payroll deductions. Eligible employees purchase ordinary shares of the Company during a purchase period at 85% of the market value of the ordinary shares at either the beginning or end of an offering period, whichever is lower. Offering periods under the 2022 ESPP are approximatelysix months long and begin on each of March 16 or September 16 or the next trading day thereafter.

For the three and six months ended October 31, 2025, there were 154,567 ordinary shares purchased under the 2022 ESPP. Stock-based compensation expense recognized related to the 2022 ESPP was $2.3 million and $4.3 million for the three and six months ended October 31, 2025, respectively, and $2.3 million and $4.5 million for the three and six months ended October 31, 2024, respectively.

2012 Stock Option Plan

Under the Company’s 2012 Stock Option Plan (as amended and restated, the “2012 Plan”), the board of directors, the compensation committee, as administrator of the 2012 Plan, and any other duly authorized committee may grant stock options and other equity-based awards, such as restricted stock units (“RSUs”) (including those with performance or market conditions) to eligible employees, directors, and consultants to attract and retain talented personnel for positions of substantial responsibility, to provide additional incentive to employees, directors, and consultants, and to promote the success of the Company’s business.

The Company’s board of directors, compensation committee, or other duly authorized committee determines the vesting schedule for all equity-based awards. Stock options and RSUs granted to employees generally vest over four years, subject to the employees’ continued service to the Company. The Company’s compensation committee may explicitly deviate from the general vesting schedules in its approval of an equity-based award as it may deem appropriate. Stock options expire ten years after the date of grant. Shares subject to stock options and RSUs that are canceled under certain conditions become available for future grant of awards under the 2012 Plan unless the 2012 Plan is terminated. As of October 31, 2025, there were 28,391,137 shares available for grant under the 2012 Plan.

Stock Options

The following table summarizes stock option activity:

Aggregate intrinsic value represents the difference between the exercise price of the stock options to purchase the Company’s ordinary shares and the fair value of the Company’s ordinary shares. No stock options were granted during the three and six months ended October 31, 2025 and 2024.

As of October 31, 2025, the Company had unrecognized stock-based compensation expense of $1.4 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 0.50 years.

RSUs

The following table summarizes RSU activity under the 2012 Plan:

As of October 31, 2025, the Company had unrecognized stock-based compensation expense of $582.8 million related to RSUs that the Company expects to recognize over a weighted-average period of 2.45 years.

Stock-Based Compensation Expense

Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations was as follows (in thousands):