Concentrix CorpCNXC
Concentrix Corp Stock Compensation Disclosure
NOTE 3—SHARE-BASED COMPENSATION:
In November 2020, TD SYNNEX Corporation (“TD SYNNEX”), as the former sole stockholder of Concentrix, approved the Concentrix Corporation 2020 Stock Incentive Plan (the “Concentrix Stock Incentive Plan”) and the Concentrix Corporation 2020 Employee Stock Purchase Plan (the “Concentrix ESPP”), each to be effective upon completion of Concentrix’ spin-off from TD SYNNEX, which occurred on December 1, 2020. 4,000 shares of Concentrix common stock were reserved for issuance under the Concentrix Stock Incentive Plan, and 1,000 shares of Concentrix common stock were authorized for issuance under the Concentrix ESPP. In December 2021, 2022 and
2023, respectively, 523, 520, and 664 additional shares of Concentrix common stock were reserved for issuance under the Concentrix Stock Incentive Plan resulting from an automatic annual increase pursuant to the terms of the plan (the “Evergreen Provision”).
On October 28, 2024, the stockholders of Concentrix approved an amendment and restatement of the Concentrix Stock Incentive Plan (the “2020 Plan”) at a Special Meeting of Stockholders that (i) increased the number of authorized shares thereunder by 3,000 shares and (ii) removed the Evergreen Provision, among other amendments. The amendment and restatement of the Concentrix Stock Incentive Plan was previously approved by the Company’s board of directors.
The Company recorded share-based compensation expense of $97,875, $95,922, and $62,493 for the fiscal years ended November 30, 2025, 2024 and 2023, respectively. Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of operations.
Employee Stock Options
The Company uses the Black-Scholes valuation model to estimate the fair value of stock options. The Black-Scholes option-pricing model was developed for use in estimating the fair value of short-lived exchange traded options that have no vesting restrictions and are fully transferable. In addition, option-pricing models require the input of subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The stock options have ten-year terms and vesting terms of five years. The Company did not grant any stock options during the fiscal years 2025, 2024 and 2023.
A summary of the changes in the employee stock options during fiscal years 2023, 2024, and 2025 is presented below.
| Options Outstanding | |||||||||||
Number of shares (in thousands) | Weighted- average exercise price per share | ||||||||||
| Balance as of November 30, 2022 | 395 | $ | 52.60 | ||||||||
| Options granted | — | — | |||||||||
| Options exercised | (100) | 45.50 | |||||||||
Options cancelled | (1) | 30.70 | |||||||||
| Balance as of November 30, 2023 | 294 | 54.45 | |||||||||
| Options granted | — | — | |||||||||
| Options exercised | (56) | 42.60 | |||||||||
| Balance as of November 30, 2024 | 238 | 57.21 | |||||||||
| Options granted | — | — | |||||||||
| Options exercised | (18) | 44.58 | |||||||||
Options cancelled | (2) | 55.12 | |||||||||
| Balance as of November 30, 2025 | 218 | $ | 58.28 | ||||||||
As of November 30, 2025, 218 options were outstanding with a weighted-average life of 3.02 years and an aggregate pre-tax intrinsic value of $0. As of November 30, 2025, all of the options were fully vested and exercisable.
Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units
The fair value of restricted stock awards and restricted stock units granted under the Concentrix Stock Incentive Plan in fiscal years 2025, 2024 and 2023 were determined based on the trading price of Concentrix common stock on the date of grant. The awards are expensed on a straight-line basis over the vesting term, typically or four years. The holders of restricted stock awards are entitled to the same voting, dividend and other rights as holders of Concentrix common stock.
In fiscal years 2025, 2024, and 2023, the Company granted performance-based restricted stock units to the Company’s senior executive team. The performance-based restricted stock units will vest, if at all, upon the achievement of certain annual financial targets during the three-year periods ending November 30, 2027, November 30, 2026 and November 30, 2025, respectively. For the awards with a final performance period ending on November 30, 2025, approximately 12% of the awards vested.
In April 2024, the Company granted performance-based restricted stock units under the Concentrix Stock Incentive Plan. The performance-based restricted stock units will vest, if at all, upon the achievement of certain financial targets during the three-year period ending November 30, 2026.
A summary of the changes in the non-vested restricted stock awards, restricted stock units, and performance-based stock units (exclusive of performance-based awards with market conditions as described further below) during fiscal years 2023, 2024 and 2025 is presented below.
Number of shares (in thousands) | Weighted-average, grant-date fair value per share | ||||||||||
| Non-vested as of November 30, 2022 | 1,395 | $ | 124.69 | ||||||||
| Awards granted | 60 | 135.01 | |||||||||
Units granted (1) | 1,828 | 74.64 | |||||||||
Performance-based units vested in excess of target (2) | 17 | 159.97 | |||||||||
| Awards and units vested | (513) | 122.76 | |||||||||
| Awards and units cancelled/forfeited | (114) | 138.88 | |||||||||
| Non-vested as of November 30, 2023 | 2,673 | 92.80 | |||||||||
Units granted (1) | 2,824 | 52.94 | |||||||||
| Awards and units vested | (849) | 92.02 | |||||||||
| Awards and units cancelled/forfeited | (337) | 84.94 | |||||||||
| Non-vested as of November 30, 2024 | 4,311 | 68.35 | |||||||||
Units granted (1) | 1,817 | 47.81 | |||||||||
| Awards and units vested | (1,374) | 72.75 | |||||||||
| Awards and units cancelled/forfeited | (474) | 68.82 | |||||||||
| Non-vested as of November 30, 2025 | 4,280 | $ | 58.18 | ||||||||
(1)For performance-based restricted stock units, the target number of shares that can be awarded upon full vesting of the grants is included.
(2)Amounts represent performance-based awards that vested in excess of the target number of shares for the fiscal year 2021 performance-based grants.
In January 2025, the Company granted performance-based restricted stock units under the 2020 Plan that will vest, if at all, upon the achievement of certain total shareholder return goals during the three-year period ending January 25, 2028. These performance-based restricted stock units are market condition awards and had a grant date
weighted-average fair value of $41.28 per share, valued using a Monte-Carlo simulation model. Below is a summary of the changes in these awards during fiscal year 2025.
Number of shares (in thousands) | Weighted-average, grant-date fair value per share | ||||||||||
Non-vested as of November 30, 2024 | — | $ | — | ||||||||
Units granted | 326 | 41.28 | |||||||||
Units cancelled/forfeited | (21) | 41.28 | |||||||||
Non-vested as of November 30, 2025 | 305 | $ | 41.28 | ||||||||
In October 2025, the Company granted cash-settled restricted stock units under the Concentrix Stock Incentive Plan. These units will be settled in cash and are accounted for as liability-type awards. The expense is recognized over the requisite service period with remeasurement at the end of each reporting period at fair value until settlement. The requisite service period is based on the vesting provisions of the awards which generally occur in three equal annual installments beginning one year after the grant date. Below is a summary of the changes in these units during fiscal year 2025.
Number of shares (in thousands) | Weighted-average, grant-date fair value per share | ||||||||||
| Non-vested as of November 30, 2024 | — | $ | — | ||||||||
| Units granted | 622 | 46.93 | |||||||||
| Units cancelled/forfeited | (2) | 46.93 | |||||||||
Non-vested as of November 30, 2025 | 620 | $ | 46.93 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 28, 2026 | Showing above |
| 2024 | Jan 28, 2025 | |
| 2023 | Jan 29, 2024 | |
| 2022 | Jan 27, 2023 | |
| 2021 | Jan 28, 2022 | |
About Stock Compensation Disclosures
Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.
Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.