DEF 14A of Braze, Inc., May 18, 2026

DEF 14A of Braze, Inc.

Filed May 18, 2026 · FY20260001140361-26-021908

Open on EDGAR

  1. ELECTION OF DIRECTORS

    ELECTION OF DIRECTORS Our board of directors currently consists of seven members and is divided into three classes. Each class consists, as nearly as possible, of one-third of the total number of directors, and each class has a three-year term. At each annual meeting of stockholders, the successors to directors whose terms then expire will be elected to serve from the time of election until the third annual meeting following the election. Our directors are divided into the three classes as follows:

  2. ELECTION OF DIRECTORS

    | • | Class I directors: Phillip Fernandez and Fernando Machado, whose terms will expire at the Annual Meeting of Stockholders to be held in 2028; |

  3. ELECTION OF DIRECTORS

    | • | Class II directors: Neeraj Agrawal and Yvonne Wassenaar, whose terms will expire at our upcoming Annual Meeting of Stockholders; and |

  4. ELECTION OF DIRECTORS

    | • | Class III directors: Tara Walpert Levy, William Magnuson, and David Obstler, whose terms will expire at the Annual Meeting of Stockholders to be held in 2027. |

  5. ELECTION OF DIRECTORS

    Any additional directorships resulting from an increase in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. Vacancies on the board of directors may be filled only by persons elected by a majority of the remaining directors. A director elected by the board of directors to fill a vacancy in a class, including vacancies created by an increase in the number of directors, shall serve for the remainder of the full term of that class and until the director’s successor is duly elected and qualified. The division of our board of directors into three classes with staggered three-year terms may delay or prevent a change of our management or a change in control of Braze. Each of Mr. Agrawal and Ms. Wassenaar is currently a member of our board of directors and has been nominated for reelection to serve as a Class II director. Each of these nominees has agreed to stand for reelection at the Annual Meeting. Our management has no reason to believe that any nominee will be unable to serve. If elected at the Annual Meeting, each of these nominees would serve until the annual meeting of stockholders to be held in 2029 and until his or her successor has been duly elected, or if sooner, until the director’s death, resignation or removal. If any nominee becomes unavailable for election as a result of an unexpected occurrence, shares that would have been voted for that nominee will instead be voted for the election of a substitute nominee proposed by our board of directors or the board of directors may reduce its size. Our nominating and corporate governance committee seeks to assemble a board that, as a whole, possesses the appropriate balance of professional and industry knowledge, financial expertise, diversity of background and high-level management experience necessary to oversee and direct our business. To that end, the committee has identified and evaluated nominees in the broader context of the board’s overall composition, with the goal of recruiting members who possess relevant expertise and experience upon which to be able to offer advice and guidance to management, have sufficient time to devote to the affairs of Braze, demonstrate excellence in his or her field, have the ability to exercise sound business judgment, have experience as a board member or executive officer of another publicly held company, and have the commitment to rigorously represent the long-term interests of our stockholders. To provide a mix of experience and perspective on the board, the committee also takes into account diversity of background, skills and such other factors that it deems appropriate to maintain a balance of knowledge, experience and capability on the board. The biographies below under “Information Regarding Director Nominees and Current Directors” include information, as of the date of this proxy statement, regarding the specific and particular experience, qualifications, attributes or skills of each director or director nominee that led the committee to believe that that nominee should continue to serve on the board. However, each of the members of the committee may have a variety of reasons why a particular person would be an appropriate nominee for the board, and these views may differ from the views of other members.

  6. OUR BOARD OF DIRECTORS RECOMMENDS A VOTE FOR

    OUR BOARD OF DIRECTORS RECOMMENDS A VOTE FOR

  7. EACH CLASS II DIRECTOR NOMINEE NAMED ABOVE

    EACH CLASS II DIRECTOR NOMINEE NAMED ABOVE

  8. INFORMATION REGARDING DIRECTOR NOMINEES AND CURRENT DIRECTORS

    INFORMATION REGARDING DIRECTOR NOMINEES AND CURRENT DIRECTORS Our board of directors currently consists of seven members and is divided into three classes. Each class consists, as nearly as possible, of one-third of the total number of directors, and each class has a three-year term. At each annual meeting of stockholders, the successors to directors whose terms then expire will be elected to serve from the time of election until the third annual meeting following the election. The following table sets forth, for the Class II nominees and our other directors who will continue in office after the Annual Meeting, their ages and positions or office held with us as of May 4, 2026:

  9. INFORMATION REGARDING DIRECTOR NOMINEES AND CURRENT DIRECTORS

    | Name | Age | Position | | Class I directors continuing in officer until the 2028 Annual Meeting of Stockholders | | | | Phillip Fernandez | 65 | Director | | Fernando Machado | 51 | Director | | Class II directors for election at the 2026 Annual Meeting of Stockholders | | | | Neeraj Agrawal | 53 | Director | | Yvonne Wassenaar | 57 | Director | | Class III directors continuing in office until the 2027 Annual Meeting of Stockholders | | | | Tara Walpert Levy | 52 | Director | | William Magnuson | 38 | Chief Executive Officer, President and Director | | David Obstler | 66 | Director |

  10. INFORMATION REGARDING DIRECTOR NOMINEES AND CURRENT DIRECTORS

    Set forth below is biographical information for the director nominees and each person whose term of office as a director will continue after the Annual Meeting. This includes information regarding each director’s experience, qualifications, attributes or skills that led our board of directors to recommend them for board service.

  11. Nominees for Election at the 2026 Annual Meeting of Stockholders

    Nominees for Election at the 2026 Annual Meeting of Stockholders Neeraj Agrawal has served as a member of our board of directors since April 2016. He is a General Partner of Battery Ventures, a venture capital firm, where he has worked since August 2000. Mr. Agrawal has served as a director of Sprinklr, Inc. since August 2011, and he was previously a member of the boards of directors of Amplitude, Inc., Bazaarvoice, Inc., Coupa Software Incorporated, Marketo, Inc., and Wayfair, Inc. Mr. Agrawal received his M.B.A. from the Harvard Business School and his B.S. in Computer Science from Cornell University. We believe Mr. Agrawal is qualified to serve as a member of our board of directors based on his extensive business experience in the software and web services industries, his experience in venture capital and his service as a director of various public and private companies. Yvonne Wassenaar has served as a member of our board of directors since June 2024. She served as chief executive officer of Puppet, Inc., an information technology automation software company, from January 2019 to May 2022. Ms. Wassenaar currently serves on the board of directors of Arista Networks, Inc., a public cloud networking company, JFrog Ltd., a public software supply chain platform provider, and Rubrik, Inc., a public zero trust data management company. Ms. Wassenaar previously served on the boards of directors of Anaplan, Inc., a public cloud-based business planning software company acquired by Thoma Bravo, LLC, Forrester Research, Inc., a public research and advisory company, and Mulesoft, Inc., a public enterprise software company acquired by Salesforce. Ms. Wassenaar holds a Bachelor of Arts in Economics with a specialization in computing from the University of California, Los Angeles and a Master of Business Administration from the UCLA Anderson School of Business. We believe that Ms. Wassenaar is qualified to serve as a member of our board of directors because of her extensive experience in the technology industry and her experience as a public company director.

  12. Directors Continuing in Office Until the 2027 Annual Meeting of Stockholders

    Directors Continuing in Office Until the 2027 Annual Meeting of Stockholders Tara Walpert Levy has served as a member of our board of directors since January 2020. Ms. Levy is the Vice President, Americas for YouTube, an entertainment technology company, a position she has held since November 2021. Prior to joining YouTube, Ms. Levy served as the Vice President of Agency and Brand Solutions for Google, Inc., a commercial and consumer technologies company, a position she held from April 2017 to November 2021. Ms. Levy also served as Vice President of Agency Solutions for Google from October 2014 to March 2017. Ms. Levy has served as a director of Bloomin’ Brands, Inc. since July 2013. She was previously the Chair of the Board of Directors of the American Advertising Federation and the Chair of the Board of Directors of the Ad Council. Ms. Levy received her M.B.A. and B.A. from Harvard University. We believe that Ms. Levy is qualified to serve as a member of our board of directors because of her extensive experience in the technology industry and her experience as a public company director. William Magnuson has served as our President since June 2025, as our Chief Executive Officer since January 2017 and as a member of our board of directors since August 2014. He previously served as our Chief Technology Officer from July 2011 to December 2016. Mr. Magnuson received his Masters of Engineering (MEng) and B.S. from the Massachusetts Institute of Technology. We believe that Mr. Magnuson is qualified to serve as a member of our board of directors based on his experience building and leading our business and his insight into corporate matters as our Chief Executive Officer. David Obstler has served as a member of our board of directors since May 2021. Mr. Obstler is the Chief Financial Officer of Datadog, Inc., a position he has held since November 2018. Prior to that, Mr. Obstler held Chief Financial Officer positions at a number of other companies, including TravelClick, Inc., a hospitality technology company, where he served from September 2014 to October 2018; OpenLink Financial LLC, a financial services software provider, where he served from November 2012 to July 2014; MSCI Inc., a financial index and investment management software company, where he served from June 2010 to September 2012; and Risk Metrics Group, Inc., a risk management and corporate governance service provider, where he served from January 2005 to June 2010. Earlier in his career, Mr. Obstler held various investment banking positions at J.P. Morgan, Lehman Brothers and Goldman Sachs. Mr. Obstler received his M.B.A. from Harvard Business School and his B.A. from Yale University. We believe that Mr. Obstler is qualified to serve as a member of our board of directors because of his financial expertise, management experience and extensive experience in the technology industry.

  13. Directors Continuing in Office Until the 2028 Annual Meeting of Stockholders

    Directors Continuing in Office Until the 2028 Annual Meeting of Stockholders Phillip Fernandez has served as a member of our board of directors since May 2019. In 2016, he retired from Marketo, Inc., a marketing software company, where he served as Chairman and Chief Executive Officer, since co-founding the company in 2006. Prior to founding Marketo, Mr. Fernandez was President and Chief Operating Officer of Epiphany, Inc., a marketing software company, and before that, was Chief Operating Officer of Red Brick Systems Inc., a relational database software company. Mr. Fernandez received his B.A. in History from Stanford University. We believe Mr. Fernandez is qualified to serve as a member of our board of directors because of his more than 40 years of experience in the technology field and his prior service as a public company director and executive. Fernando Machado has served as a member of our board of directors since April 2023. Mr. Machado is currently an operating partner at Garnett Station Partners, LLC, an investment firm, where he has served at since October 2023 Prior to that, Mr. Machado was the Chief Marketing Officer of The NotCompany, Inc., a food-tech company, from April 2023 to November 2023, where he now serves as an advisor to their board. Prior to that, Mr. Machado held Chief Marketing Officer positions at a number of other companies, including Activision Blizzard, Inc., a video game company, where he served from April 2021 to April 2023, Restaurant Brands International Inc., a fast food company, where he served from January 2020 to April 2021, and Burger King Corp., a fast food company, where he served as Global Chief Marketing Officer from October 2017 to January 2020. Mr. Machado holds an M.B.A. from INSEAD (France) and a B.A. in Mechanical Engineering from UNICAMP (Brazil). We believe that Mr. Machado is qualified to serve as a member of our board of directors because of his marketing expertise, management experience and extensive experience in the marketing industry.

  14. INFORMATION REGARDING THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

    INFORMATION REGARDING THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

  15. Compensation and Leadership Development Committee

    | • | reviewing and approving, or recommending that our board of directors approve, the compensation of our directors; |

  16. Compensation and Leadership Development Committee

    | • | assist in refining our compensation strategy and in developing and implementing an executive and director compensation program to execute that strategy; and |

  17. Compensation Highlights

    | • | Competitive Base Salaries and Target Annual Incentive Opportunities: After evaluating the competitive positioning of our named executive officers’ base salaries in the context of our overall compensation philosophy, our compensation committee approved base salary increases of 4% for our named executive officers to reflect current competitive compensation levels compared to identified peers and for similarly-situated public companies. |

  18. Compensation Highlights

    | • | Challenging Annual Incentive Goals: In fiscal 2026, our named executive officers were eligible to earn annual performance-based cash compensation based on our achievement of challenging annual corporate financial goals approved by our compensation committee. Based on final achievement of such goals, each of our named executive officers earned annual performance-based cash compensation equal to approximately 150% of their annual target amounts. |

  19. Compensation Highlights

    | • | Multi-Year Approach to Equity Incentives: We use long-term incentives in the form of time-based restricted stock units (“RSUs”) and, beginning in fiscal 2026, performance-based restricted stock units (“PSUs”) to align the interest of our executives with those of our stockholders and discourage risk-taking to achieve short-term gains at the expense of long-term stockholder value creation. In fiscal 2026, equity awarded to our named executive officers (other than Mr. McDonnell) reflected a mix of RSUs and PSUs. PSUs reflected 30% of the target value of equity awarded to our named executive officers and were eligible to be earned based on our level of achievement of revenue and Non-GAAP Operating Income goals for fiscal 2026. Earned PSUs will vest 33% following the end of a 1-year performance period with the remaining PSUs vesting in equal quarterly installments over the following 2-years. Our compensation committee considers PSUs an important tool for reinforcing our pay-for-performance objectives and aligning the interests of our named executive officers with those of our stockholders. |

  20. Fiscal 2027 Compensation Preview

    Fiscal 2027 Compensation Preview In March 2026, our compensation committee conducted its annual, comprehensive review of the compensation plans applicable to our named executive officers with support from Compensia, our compensation committee’s independent consultant. This review focused on continuing to further align our plans with our compensation and business objectives and to reflect best practices in our competitive market. Based on this review, our compensation committee approved our compensation programs for our 2027 fiscal year. The RSUs awarded to our named executive officers for our 2027 fiscal year include a two-year post-vesting holding obligation pursuant to which our named executive officers may not transfer vested shares of our Class A common stock for at least two years after such shares have vested, subject to limited exceptions, including in connection with tax withholding obligations. Our compensation committee considers this post-vesting holding period to be an important tool for aligning the interests of our executives with creating long-term value for our stockholders. Additionally, the committee transitioned the RSU vesting schedule for named executive officers from four years to three years (with corresponding reductions in grant size) to better align our equity program with the prevailing market practices of our peer group and to enhance our ability to attract and retain key executive talent. These equity awards serve our retention objectives by requiring continuous service to fully earn these awards and align executive officer compensation with long term stockholder value creation. Our compensation committee also continued to rely on PSUs to foster further alignment between our named executive officers and stockholders with 30% of the target equity allocation for named executive officers being PSU awards. We believe the use of PSUs motivates executive offers to achieve pre-established, company-wide performance targets set by the compensation committee and rewards them for the results and achievements in a given year. Our compensation committee will continue to review our executive compensation plans, procedures and approach annually to ensure ongoing alignment with our compensation philosophy and objectives over time.

  21. Objectives, Philosophy and Elements of Executive Compensation

    | • | Provide incentives that motivate and reward achievement of our key performance goals in order to establish and maintain a strong link between pay and performance; |

  22. Objectives, Philosophy and Elements of Executive Compensation

    | • | Align our executives’ interests with our corporate performance by linking their performance-based cash and PSU incentives to our annual company performance; |

  23. Objectives, Philosophy and Elements of Executive Compensation

    | • | Align our executives’ interests with those of our stockholders by using long-term equity incentives to link executive compensation to stockholder value creation; and |

  24. Objectives, Philosophy and Elements of Executive Compensation

    | • | Discourage excessive risk taking by using long-term equity incentives and cash incentives tied to company performance to align executive interests with sustainable company success. |

  25. Objectives, Philosophy and Elements of Executive Compensation

    | Element | Form | Purpose | Key Features | | Base Salary | • Cash (fixed) | • Provides stable income for performing job responsibilities. • Attracts and retains top talent. • Designed to ensure that our executive compensation program is competitive relative to companies in our industry and similar to our size and scale. | • Reviewed annually and determined by the compensation committee. • Based on a number of factors deemed appropriate by the compensation committee, including (i) individual performance, (ii) company performance, and (iii) reference to market data of and comparison to peer companies. | | Annual Performance Based Bonus | • Cash (variable) | • Rewards achievement on an annual basis of key corporate financial and strategic results that have been identified as drivers for our success. • Aligns short-term cash incentives of management with our stockholders’ | • Target amounts reviewed annually and determined by the compensation committee. • Target amounts based upon role and reference to market data of, and comparison to, peer companies. |

  26. Objectives, Philosophy and Elements of Executive Compensation

    | Element | Form | Purpose | Key Features | | | | interests by linking pay to company performance. | • Bonus outcomes depend upon the achievement of specific corporate performance goals determined and approved by our compensation committee at the beginning of our fiscal year. • Corporate performance goals are designed to align with long-term strategic goals and stockholder value creation. | | Long-Term Equity Incentives | • Equity (variable) | • Motivates and rewards for long-term company performance. • Aligns long-term incentives of management and stockholder interests by linking pay to stockholder value creation. • Attracts and retains top talent. • PSUs encourage achievement of key performance metrics and link incentives to stockholder value creation. | • Reviewed annually and determined by the compensation committee. • Individual awards are based on a number of factors deemed appropriate by the compensation committee, including (i) individual performance, (ii) company performance, (iii) reference to market data of and comparison to peer companies, and (iv) the long-term retentive and incentive value of outstanding awards. • Our executive compensation philosophy is to provide a market-competitive compensation package to our named executive officers that includes significant short- and long-term incentives designed to achieve measurable corporate objectives. We believe that this approach provides an appropriate blend of short-term and long-term incentives to maximize stockholder value. |

  27. Objectives, Philosophy and Elements of Executive Compensation

    In fiscal 2026, the long-term incentives for our named executive officers were awarded in the form of RSUs and PSUs. We believe that RSUs align the interests of employees with stockholders and provide a long-term focus through a multi-year vesting schedule, while managing dilution to existing investors and PSUs are an important tool for reinforcing our pay-for-performance objectives. To maintain a competitive compensation program, we also offer cash compensation in the form of base salaries and short-term incentives in the form of annual performance-based cash bonus payments, resulting in total cash compensation for our named executive officers that is aligned with market practices in our competitive markets. We do not have any formal policies for allocating compensation among salary, short-term cash incentives, equity grants or other forms of short-term or long-term incentive compensation. Instead, our compensation committee uses its judgment, with appropriate support from management and Compensia, to establish a total compensation mix for our named executive officers that is designed to achieve the goals of our executive compensation philosophy and to incentivize achievement of our corporate goals and objectives. Accordingly, we have historically structured our named executive officers’ total compensation towards annual performance-based cash bonus payments and long-term equity awards in order to align our management’s incentives with the interests of our stockholders and towards achievement of corporate goals and objectives. During our 2026 fiscal year, the compensation committee, with the assistance of Compensia, reviewed our executive compensation, including base salaries, performance-based cash bonuses and outstanding equity awards, to confirm the continued alignment of our compensation program with stockholder interests and to appropriately reward, retain and incentivize our named executive officers. The important features of our executive compensation program include the following:

  28. How We Determine Executive Compensation

    | • | compiling a group of peer companies to use as a reference in making executive compensation decisions; |

  29. How We Determine Executive Compensation

    | • | reviewing the competitiveness of current executive pay practices, including base salary, annual cash awards and long-term incentive awards, and considering different compensation programs to aid in making executive pay decisions for our 2026 fiscal year; |

  30. How We Determine Executive Compensation

    | • | assisting with the design of the short-term and long-term incentive compensation plans with appropriate performance goals and targets for our named executive officers and other executives; |

  31. How We Determine Executive Compensation

    | • | reviewing market and peer group equity usage metrics to assist with understanding of our equity award practices relative to market. |

  32. How We Determine Executive Compensation

    The compensation committee has analyzed whether the work of Compensia as our compensation consultant raises any conflict of interest, taking into account relevant factors in accordance with SEC guidelines. Based on its analysis, the compensation committee has determined that the work of Compensia, and the individual compensation advisors employed by Compensia do not create any conflict of interest pursuant to the SEC rules and the listing standards of Nasdaq. Use of Competitive Market Compensation Data The compensation committee believes that it is important when making its compensation decisions to be informed as to the current practices of comparable public companies with which we compete for top talent. To this end, the compensation committee approved a proposed peer group list of publicly traded companies, which was developed by Compensia to be used in connection with assessing our compensation practices. This peer group represents a group of public companies that are reasonably comparable to Braze in terms of maturity, industry, market capitalization and financial characteristics to provide the compensation committee and management with relevant compensation information to support compensation decision-making. The peer group was intended to reflect companies with executive positions of similar scope and complexity to Braze. In determining the peer group, Compensia considered the following factors: whether the company was (i) U.S.-headquartered; (ii) a data-focused software company, with a preference for customer-brand engagement/analytics platforms; (iii) a company with annual revenue within a range of $317 million to $1.1 billion; and (iv) a company with a market capitalization within a range of $1.4 billion to $9.1 billion. Additionally, Compensia considered whether the company had high revenue growth rates and reviewed initial public offering dates to avoid a concentration of newly public companies with limited disclosure of public company compensation practices. Our peer group with respect to our 2026 fiscal year was as follows:

  33. How We Determine Executive Compensation

    The compensation committee reviews our peer group with input from Compensia at least annually and adjusts its composition, if warranted, taking into account changes in both our business and the businesses of the companies in the peer group. For the 2026 fiscal year, we added AppFolio to our peer group and removed EngageSmart, HashiCorp and Fastly from our peer group. EngageSmart and HashiCorp were removed due to completed, or then pending, acquisitions, and Fastly was removed because it did not satisfy the criteria identified above. Using data compiled from the peer companies, Compensia completed an assessment of our executive compensation to inform the compensation committee’s determinations regarding executive compensation for our 2026 fiscal year. Compensia prepared, and the compensation committee reviewed, a range of market data reference points with respect to base salary, performance bonuses, vested and unvested equity compensation (valued based both on an approximation of grant date fair value as well as ownership percentage and for potential retentive value over time), total target cash compensation (base salary and the annual target performance cash bonus) and total direct compensation (total target cash compensation and equity compensation) with respect to each of the named executive officers. While the compensation committee does not have a formal policy for target pay to fall at any particular percentile of the market data, it reviewed market data comparisons as helpful reference points in making compensation decisions. Market data is only one of the factors that the compensation committee considers in making compensation decisions. The compensation committee also considers other factors as described below under “Factors Used in Determining Executive Compensation.”

  34. Factors Used in Determining Executive Compensation

    | • | The retentive value of unvested equity awards and alignment of executive stock-compensation with long term stockholder value |

  35. Factors Used in Determining Executive Compensation

    | • | Range of market data reference points, as described above under “Use of Competitive Market Compensation Data” |

  36. Annual Performance-Based Cash Bonus Program

    Annual Performance-Based Cash Bonus Program Our annual performance-based cash bonus program for our named executive officers provides incentive compensation that is specifically designed to motivate our named executive officers to achieve pre-established company-wide financial objectives set by the compensation committee and to reward them for results and achievements in a given fiscal year. The annual target bonus opportunities for our named executive officers are determined by the compensation committee in the first quarter of each fiscal year and are expressed as a percentage of their annual base salaries, with the potential bonus opportunity generally commensurate with each executive’s role and responsibilities and competitive pay practices among our peer group for similar executive roles. Earned bonus amounts, if any, are paid out in cash. The compensation committee established the amount of the named executive officers’ target bonus opportunities following a review of the factors described above under the heading “Factors Used in Determining Executive Compensation.” In March 2025, the compensation committee reviewed the performance-based cash bonus opportunities of our named executive officers, taking into consideration the competitive market analysis prepared by its compensation consultant and the recommendations of our Chief Executive Officer (for the compensation of named executive officers other than himself), as well as the other factors described under the heading “Factors Used in Determining Executive Compensation.” Following this review, the compensation committee determined that target bonus percentages from our 2025 fiscal year for certain of our named executive officers remained appropriate for our 2026 fiscal year. Mr. McDonnell’s target bonus opportunity reflects the annualized amount agreed to by the compensation committee in his offer letter, dated April 16, 2025. The target bonus opportunities approved for our named executive officers for our 2026 fiscal year were as follows:

  37. Annual Performance-Based Cash Bonus Program

    | Named Executive Officer | FY 2026 Target Bonus Opportunity (% of Base Salary) | FY 2026 Target Bonus Opportunity ($) | | William Magnuson | 100% | $580,000 | | Isabelle Winkles | 75% | $342,750 | | Jonathan Hyman | 65% | $276,900 | | Astha Malik | 75% | $342,750 | | Edward McDonnell | 100% | $500,000 |

  38. Annual Performance-Based Cash Bonus Program

    Bonus opportunities under our annual performance-based cash bonus program for our named executive officers may pay out at a level ranging from zero to 200% of the target level, with performance at the target level resulting in a payout of 100% of the target level. For our 2026 fiscal year, performance-based cash bonus payments were made once to our named executive officers, with the total amount of each named executive officer’s bonus determined and paid following the end of our fiscal year (as set forth in “2026 Fiscal Year Bonus Payouts” below).

  39. Executive Bonus Goal Setting

    Executive Bonus Goal Setting The compensation committee approved the initial performance metrics and their relative weighting for the performance based cash bonus awards for our 2026 fiscal year in the first quarter of that fiscal year. The targets against which performance is measured are generated through our annual budget and strategic planning process, which was reviewed with our board of directors and finalized in the first quarter. For our 2026 fiscal year, the compensation committee determined that the performance goals for our named executive officers would be comprised of the following three corporate performance goals:

  40. Executive Bonus Goal Setting

    | Net Contracted Annual Recurring Revenue (“Net CARR”) | Net CARR equals the contracted annual recurring revenue value of new commercial activity from both existing customers and new customers sold during the fiscal year reduced by the value of contracted annual recurring revenue lost due to downsell or customer termination, in each case, excluding the impact of any one-time implementation and onboarding fees, and the impact of any overage fees or passthrough revenue. | | Renewal rate percentage (“RR”) | RR equals the dollar value of recurring revenue that was renewed with Braze during the fiscal year divided by the total dollars available for renewal during that same period, excluding the impact of any one-time implementation and onboarding fees, and the impact of any overage fees or passthrough revenue. | | Non-GAAP operating income (loss) | Non-GAAP operating income (loss) is GAAP operating income (loss) adjusted for stock-based compensation expense, employer taxes related to stock-based compensation, charitable contribution expense, acquisition related expense, amortization of intangible assets and restructuring expense. |

  41. Executive Bonus Goal Setting

    The compensation committee weighted our 2026 financial performance metrics as follows: (i) Net CARR was provided 60% weight towards target achievement, and (ii) Non-GAAP Operating Income (loss) received 40% weight towards target achievement, with failure to achieve a specified target of Non-GAAP Operating Income (loss) as a percentage of our gross profit resulting in 0% achievement of this performance metric. Additionally, if RR was below a specified target level, then performance of Net CARR performance metric would be limited to 110%. The targets for Net CARR, RR, and Non-GAAP Operating Income were set to incentivize the achievement of our 2026 fiscal year operating plan, as established in the beginning of our 2026 fiscal year, as adjusted after giving effect to the financial impact of our acquisition of OfferFit, Inc. The compensation committee believes that these goals represent rigorous objectives for our named executive officers and align with stockholder interests. Specifically, the compensation committee believes that the use of Net CARR as the largest component incentivizes management to achieve the company’s business initiatives in support of near- and long-term revenue growth. This structure also positions RR as a cap to ensure that the pursuit of new Net CARR does not detract from the company’s commitment to maintaining its existing renewal base. The compensation committee also used the Non-GAAP Operating Income as a hurdle to support continued focus on cost efficiencies as management pursues the company’s growth initiatives. The compensation committee has the authority to exercise discretion to award bonus awards absent attainment of the relevant performance goals or to reduce or increase the size of any bonus amount, but the compensation committee did not exercise such discretion for our 2026 fiscal year. The named executive officers’ performance-based cash bonus awards for our 2026 fiscal year were calculated based on the achievement of these goals.

  42. 2026 Fiscal Year Bonus Payouts

    2026 Fiscal Year Bonus Payouts For our named executive officers in our 2026 fiscal year, the compensation committee approved actual performance-based cash bonus award payments in March 2026 as described in the table below. In March 2026, after reviewing the company’s financial results for the 2026 fiscal year, the compensation committee determined that the achievement of the corporate performance goals for our full 2026 fiscal year was approximately 150% of target. Accordingly, the compensation committee determined that the aggregate performance-based cash compensation for our named executive officers for our 2026 fiscal year would be approximately 150% of each named executive officer’s 2026 fiscal year target amount, with Mr. McDonnell’s payment amount prorated for the portion of our fiscal year that he served as our Chief Revenue Officer. The amount of the aggregate bonus was determined in accordance with the terms of the performance-based cash bonus program previously approved by the compensation committee, with no discretionary supplemental bonus paid to any named executive officer.

  43. 2026 Fiscal Year Bonus Payouts

    | Named Executive Officer | FY 2026 Actual Bonus Earned | | William Magnuson | $868,782 | | Isabelle Winkles | $513,780 | | Jonathan Hyman | $414,918 | | Astha Malik | $513,780 | | Edward McDonnell | $428,851 |

  44. Equity Awards

    Equity Awards We view long-term incentive compensation in the form of equity awards as a critical element of our executive compensation program. The realized value of these equity awards bears a direct relationship to our stock price, and, therefore, these awards are an incentive for our executive officers to create value for our stockholders. Equity awards also help us retain qualified executive officers in an increasingly competitive market. Long-term incentive compensation opportunities in the form of equity awards are granted to our Chief Executive Officer and our other named executive officers by the compensation committee. As with other elements of compensation, the compensation committee determines the amount of long-term incentive compensation for our named executive officers as part of its annual compensation review and after taking into consideration the individual officer’s responsibilities and performance and existing equity retention profiles, our total annual projected equity budget and the other factors described in “Factors Used in Determining Executive Compensation” above. For awards to named executive officers other than the Chief Executive Officer, the compensation committee also takes into account the recommendations of the Chief Executive Officer with respect to appropriate grants and any particular individual circumstances. The amounts of the equity awards are intended to provide competitively-sized awards and the resulting target total direct compensation opportunities that the compensation committee believes are reasonable and appropriate taking into consideration the factors described herein. For our 2026 fiscal year, the compensation committee determined to grant our named executive officers long-term incentive compensation reflecting a mix of RSUs and PSUs. We believe that RSUs align the interests of employees with stockholders and provide a long-term focus through a multi-year vesting schedule, while managing dilution to existing investors, and PSUs are an important tool for reinforcing our pay-for-performance objectives. Further, we believe that the introduction of PSUs as a part of long-term incentive compensation better aligns us with broader public technology company market practices, further incentivizes revenue growth, and maintains executive accountability for longer-term stock price performance. When designing the PSU awards, the compensation committee intended the performance goals for our named executive officers to be challenging to attain based on analysis of external market factors and internal forecasts and capped the number of PSUs that could be earned at 200% of the target number of PSUs. We believe the cap manages potential incentive compensation costs and avoids incentivizing undue risk in our executive compensation program, while still maintaining appropriate incentives for our named executive officers. Because they are subject to a multi-year vesting requirement, RSUs and PSUs serve our retention objectives since our named executive officers generally must remain continuously employed by us through the applicable vesting dates to fully earn these awards. Additionally, because of their “full value” nature, PSUs and RSUs deliver the desired grant date fair value using a lesser number of shares than an equivalent stock option, thereby enabling us to reduce the dilutive impact of our long-term incentive award mix and to use our equity compensation resources more efficiently. Together, RSUs and PSUs are important tools to motivate and retain our named executive officers, since the value of the awards is delivered to our executive officers over respective multi-year periods, subject to their continued service. Following the closing of our initial public offering in November 2021, we have granted any equity incentive awards under the terms of our 2021 Equity Incentive Plan (the “2021 Plan”). Generally, our compensation committee grants awards to our named executive officers and employees in the first quarter of each year. The compensation committee may also use its discretion to grant awards to our named executive officers and other employees outside of the first quarter in connection with new hires, in-year promotions or as performance awards deemed appropriate by our board of directors or the compensation committee.

  45. 2026 Fiscal Year Equity Awards

    2026 Fiscal Year Equity Awards For our 2026 fiscal year, the compensation committee determined to grant our named executive officers, other than Mr. McDonnell, long-term incentive compensation reflecting a mix of RSUs and PSUs. RSUs reflect 70% of the target value of equity awarded to our named executive officers and PSUs reflect 30% of the target value of equity awarded to our named executive officers. Such PSUs were earned based on our level of achievement of revenue and Non-GAAP Operating Income goals for fiscal 2026. Earned PSUs, if any, vest 33% following the end of the 1-year performance period with the remaining shares vesting in equal quarterly installments over the following 2-year time horizon. The shares underlying the RSUs granted for fiscal 2026, other than to Mr. McDonnell, vest in 16 equal quarterly installments beginning on May 15, 2025, subject to the named executive officer remaining in continuous service with us through each such vesting date. Since the value of RSUs increases with any increase in the value of the underlying shares, they serve as an incentive that aligns the interests of our named executive officers with the long-term interests of our stockholders. Our named executive officers, other than Mr. McDonnell, received RSU allocations in March 2025 as part of the compensation committee’s annual review of executive compensation. Each RSU allocation was based on our compensation committee’s review of the competitive market data for their respective positions, the size and vesting schedule of the equity awards previously granted to them, if any, each executive’s overall responsibility for our performance and success as well as the factors described in “Factors Used in Determining Executive Compensation” above. Mr. McDonnell received his RSU allocation in August 2025 pursuant to the terms of his offer letter following his appointment as our Chief Revenue Officer, with the terms, conditions and size of such new hire award negotiated to reflect market practice. The following table sets forth the equity awards granted to our named executive officers in fiscal 2026 pursuant to the annual and new hire compensation review, as applicable, described above:

  46. 2026 Fiscal Year Equity Awards

    | Named Executive Officer | Time-Based RSUs (#)(1) | Target PSUs at Grant (#)(2) | Total Fair Value at Grant Date(3) | | William Magnuson | 206,092 | 88,325 | $12,776,516 | | Isabelle Winkles | 98,566 | 42,242 | $6,110,489 | | Jonathan Hyman | 65,411 | 28,033 | $4,055,089 | | Astha Malik | 82,436 | 35,330 | $5,110,591 | | Edward McDonnell | 433,854 | — | $11,137,032 |

  47. 2026 Fiscal Year Equity Awards

    | (1) The RSUs are subject to service based vesting conditions. The shares underlying the RSUs for Mr. Magnuson, Ms. Winkles, Mr. Hyman and Ms. Malik vest in 16 equal quarterly installments beginning on May 15, 2025, and the shares underlying the RSUs for Mr. McDonnell vest over four years with 40% of the shares vesting on August 15, 2026, and the remainder of the shares vesting in equal quarterly installments thereafter, in each case, subject to the named executive officer remaining in continuous service with us through each such vesting date. |

  48. 2026 Fiscal Year Equity Awards

    | (2) Represents target number of PSUs at 100% achievement of the relevant performance criteria. Following certification of the relevant performance criteria by the compensation committee, earned PSUs for the named executive officers vest as to one-third of the underlying shares on May 15, 2026 and the remaining two-thirds will then vest in eight equal quarterly installments over the following two years, subject in each case to the named executive officer remaining in continuous service through such vesting date. Mr. McDonnell was not eligible for a PSU award in fiscal 2026, because he was not an executive officer of the company on the grant date. |

  49. 2026 Fiscal Year Equity Awards

    | (3) Amounts reported represent the aggregate grant date fair value of PSUs and RSUs granted to our named executive officers under the 2021 Plan computed in accordance with ASC Topic 718, excluding the effect of estimated forfeitures plus, in the case of the PSUs, incremental fair value as of the date of modification of the PSUs as further described in this footnote. The grant date fair value of PSUs was originally calculated based on the probable outcome of the performance metrics for fiscal 2026 as of the grant date (which was based on target-level performance). Those performance metrics were subsequently modified on May 28, 2025 in connection with the company’s acquisition of OfferFit, Inc. to reflect our updated full year financial plan. Prior to the modification date, the company had determined that performance at 200% of the target level had become probable. Accordingly, this modification resulted in the following fair value changes: Mr. Magnuson’s PSUs increased in fair value from $2,865,263 to $6,090,892, Ms. Winkles’ PSUs increased in fair value from $1,370,330 to $2,913,008, Mr. Hyman’s PSUs increased in fair value from $909,391 to $1,933,156, and Ms. Malik’s PSUs increased in fair value from $1,146,105 to $2,436,357. The assumptions used in calculating the grant date fair value of the RSUs and PSUs reported in this column are set forth in Note 12 to our audited consolidated financial statements included in the Annual Report. This amount does not reflect the actual economic value that may be realized by the named executive officer. See “—2026 Fiscal Year Executive Compensation Program—Grants of Plan-Based Awards” below. Mr. McDonnell was not eligible for a PSU award in fiscal 2026, because he was not an executive officer of the company on the grant date. |

  50. PSU Award Design

    PSU Award Design For fiscal 2026, our compensation committee approved the terms of the PSUs, including the applicable performance metrics, in March 2025. The PSUs may be earned based on a one-year performance period, with the earned shares subject to the satisfaction of a three-year service based vesting condition from the date of grant. The targets against which performance was measured were initially generated through our annual budget and strategic planning process, which was reviewed with our board of directors and finalized in the first quarter of fiscal 2026. The compensation committee determined that the performance goals for our named executive officers would be based on the growth of annual GAAP revenue and achievement of a Non-GAAP Operating Income margin targets. In connection with our acquisition of OfferFit, Inc., the compensation committee modified these performance goals by increasing the annual GAAP revenue goal to $732.0 million and reducing the Non-GAAP Operating Income margin target to a 1.0% margin. These adjustments were intended to account for the anticipated benefits and costs of the acquisition in our updated fiscal 2026 financial plan. This change was considered a modification of the PSUs under ASC Topic 718. The increase in the fair value of the PSUs associated with this modification is reported in the stock awards column of the Summary Compensation Table below. Our named executive officers would only earn their PSUs if our fiscal 2026 revenue was at least 98% of the pre-established performance target and the target Non-GAAP Operating Income margin was achieved. If our annual revenue exceeded the performance target, accelerators would be triggered in order to reward the higher than targeted performance. The compensation committee intended the performance goals for our named executives officers to be challenging to attain based on analysis of external market factors and internal forecasts. For example, our fiscal 2026 revenue target reflected a revenue growth rate of 21% year-over-year. In addition, the number of total PSUs that could be earned was subject to a cap of 200% of the target number of PSUs. This 200% achievement would occur only if GAAP revenue in fiscal 2026 was equal to or greater than $732.0 million, representing a revenue growth rate of at least 23% year-over-year. We believe the cap manages potential incentive compensation costs and avoids incentivizing undue risk in our executive compensation program, while still maintaining appropriate incentives for our named executive officers. We also believe that these performance criteria are appropriate, because they align management compensation to incentivize robust revenue growth while utilizing the Non-GAAP Operating Income margin as a hurdle to incentivize continued cost efficiencies with the business. For the 2026 fiscal year, our annual revenue was $738.2 million, an increase of 24% year-over-year. Based on our actual performance, the compensation committee determined that the Non-GAAP Operating Income margin of 4% in fiscal 2026 met the target and the revenue performance target was achieved at 103% of target, and as a result, 200% of each named executive officer’s target PSU award was earned.

  51. PSU Award Design

    | | Target | Actual | Achievement | FY25 | Achievement | PSUs Earned | | | (in thousands) | | (as a % of Target) | Revenue | (as a % of fiscal 2025 Revenue) | (as a % of Target) | | Revenue | $717,000 | $738,182 | 103% | $593,410 | 124% | 200% |

  52. PSU Award Design

    The following table sets forth the PSU awards earned by our named executive officers upon certification of the performance level achievement by the compensation committee in March 2026. The number of PSUs earned was determined in accordance with the terms of PSU award based on performance, with no exercise of discretion by the compensation committee.

  53. PSU Award Design

    | Named Executive Officer | PSU Target at Grant (#) | PSUs earned as a % of Target | PSUs Earned (#)(1) | | William Magnuson | 88,325 | 200% | 176,650 | | Isabelle Winkles | 42,242 | 200% | 84,484 | | Jonathan Hyman | 28,033 | 200% | 56,066 | | Astha Malik | 35,330 | 200% | 70,660 | | Edward McDonnell | — | — | — |

  54. PSU Award Design

    | (1) Earned PSUs for the named executive officers vest as to one-third of the underlying shares on May 15, 2026 and the remaining two-thirds will then vest in eight equal quarterly installments over the following two years, subject in each case to the named executive officer remaining in continuous service through such vesting date. Mr. McDonnell was not eligible for a PSU award in fiscal 2026, because he was not an executive officer of the company in March 2025. |

  55. Agreements with Our Named Executive Officers

    Agreements with Our Named Executive Officers In connection with our initial public offering in November 2021, we entered into confirmatory offer letters with Messrs. Magnuson and Hyman governing their positions as our Chief Executive Officer and Chief Technology Officer, respectively, and Ms. Winkles governing her position as our Chief Financial Officer. In April 2022, we entered into an offer letter with Ms. Malik governing her position as our Chief Marketing Officer (she was later promoted to the position of Chief Business Officer) and, in April 2025, entered into an offer letter with Mr. McDonnell governing his position as our Chief Revenue Officer. Each letter has no specific term and provides for at-will employment. Pursuant to these offer letters, each of Messrs. Magnuson, Hyman, and McDonnell and Mses. Malik and Winkles are eligible for discretionary performance-based compensation to be paid in conformity with our bonus practices in place from time to time and reviewed annually by our compensation committee, subject to corporate performance goals and any other performance metrics or factors otherwise determined to be appropriate by our board of directors or the compensation committee. In addition, each of our named executive officers will be entitled to benefits in accordance with our Amended and Restated Executive Severance Plan (the “Executive Severance Plan”) described below and has executed our standard employee covenants agreement governing the protection of confidential information, intellectual property and inventions.

  56. Executive Severance Plan

    Executive Severance Plan Our board of directors has adopted the Executive Severance Plan in which our named executive officers and certain other members of management and key employees participate. The severance plan was approved by our compensation committee after considering competitive market data. Our compensation committee determined that these benefits were both competitively reasonable and necessary to recruit and retain executives and other key employees. Enhanced severance benefits are provided for a qualifying termination that occurs in connection with a change in control in order to support ongoing retention and alignment of the interests of our executives and those of our stockholders in the event of a potential change in control transaction. Under the Executive Severance Plan, named executive officers terminated without “cause” or who resign for “good reason” are entitled to specific benefits, subject to a customary release of claims. If the termination occurs outside of a change in control period, named executive officers receive a lump sum equal to 0.5x their base salary (1.0x for Mr. Magnuson), any earned but unpaid prior-year bonuses, and 6 months of continued health premiums (12 months for Mr. Magnuson). If the termination occurs within the change in control determination period (three months prior to or twelve months following a change in control) and is (i) a termination effected by us without “cause” or (ii) a resignation for “good reason”, benefits increase to 1.0x base salary, 12 months of health premiums, any earned but unpaid prior-year bonuses and accelerated vesting of all outstanding equity awards. In this scenario, named executive officers also receive a prorated target bonus for the year of termination, while Mr. Magnuson is entitled to an additional payment equal to his full target annual bonus. To address potential tax implications under Sections 280G and 4999 of the Code, the Plan includes a “best pay” provision, where benefits will be reduced if such a reduction results in a more favorable after-tax outcome for the executive. A copy of our Executive Severance Plan has been filed with the SEC as Exhibit 10.11 to our Annual Report on Form 10-K for our 2026 fiscal year. Pursuant to Mr. McDonnell’s offer letter, we have also agreed to enhanced severance benefits for him for a specified period. If we involuntarily terminate Mr. McDonnell’s employment, without cause and not in connection with a change in control, on or before August 15, 2026, Mr. McDonnell will receive the following severance entitlements, in each case subject to, among other things, the execution, delivery and effectiveness of a customary release of claims in our favor,: (i) an additional lump sum cash payment equal to a prorated target annual bonus for the performance year of termination, and (ii) the acceleration and vesting of a prorated amount of Mr. McDonnell’s outstanding equity awards (including but not limited to awards that would otherwise vest only upon the satisfaction of performance criteria), with the number of shares equal to (1) the number of RSUs that would have vested on August 15, 2026, multiplied by a fraction, the numerator of which is the number of days worked from Mr. McDonnell’s start date through the date of termination, and the denominator of which is 365, and (2) a prorated number of PSUs earned based upon a target (100%) level of achievement.

  57. Timing of Grants and Equity Awards

    Timing of Grants and Equity Awards Neither our board of directors nor our compensation committee takes material non-public information into account when determining the timing of equity awards, and we do not time the release of material nonpublic information based on equity award grant dates. We did not grant awards of stock options, stock appreciation rights or similar option-like instruments in our 2026 fiscal year. Accordingly, we have nothing to report under Item 402(x) of Regulation S-K.

  58. Compensation and Risk Management

    | • | the mix of cash and equity compensation; |

  59. Compensation and Risk Management

    | • | a balance of short and long-term incentive plan designs with multiple performance measures that emphasize top and bottom-line performance; |

  60. Accounting Considerations

    Accounting Considerations Our compensation committee considers the accounting treatment of the various elements of our executive compensation program. For example, we record our executive officers’ base salaries, equity awards, and our cash incentive compensation in our consolidated financial statements. We follow the FASB ASC Topic 718 (“ASC Topic 718”) for our stock-based compensation awards. ASC Topic 718 requires us to measure the compensation expense for all stock-based payment awards made to our employees, including our named executive officers and non-employee directors, including stock options and other stock awards, based on the grant date “fair value” of these awards. This calculation is performed for accounting purposes and reported in the executive compensation tables in this proxy statement, even though the recipient of the awards may never realize any value from their awards.

  61. Summary Compensation Table

    Summary Compensation Table The following table shows for our 2026, 2025 and 2024 fiscal years, as applicable, compensation awarded to or paid to, or earned by, our named executive officers.

  62. Summary Compensation Table

    | Name and Principal Position | Fiscal Year | Salary ($)(1) | Stock Awards ($)(2) | Non-Equity Incentive Plan Compensation ($)(3) | All Other Compensation ($)(4) | Total ($) | | William Magnuson Chief Executive Officer | 2026 | 580,000 | 12,776,516 | 868,782 | 5,300 | 14,230,598 | | | 2025 | 560,000 | 9,980,025 | 501,480 | 5,372 | 11,046,877 | | | 2024 | 490,000 | 10,984,152 | 480,690 | 5,521 | 11,960,363 | | Isabelle Winkles Chief Financial Officer | 2026 | 457,000 | 6,110,489 | 513,780 | 5,300 | 7,086,569 | | | 2025 | 440,000 | 4,640,680 | 295,515 | 5,372 | 5,381,567 | | | 2024 | 425,000 | 5,020,661 | 250,155 | 5,437 | 5,701,253 | | Jonathan Hyman Chief Technology Officer | 2026 | 426,000 | 4,055,089 | 414,918 | 5,300 | 4,901,307 | | | 2025 | 410,000 | 3,143,690 | 239,099 | 5,372 | 3,798,161 | | | 2024 | 385,000 | 4,678,194 | 226,611 | 5,292 | 5,295,097 | | Astha Malik(5) Chief Business Officer | 2026 | 457,000 | 5,110,591 | 513,780 | 5,300 | 6,086,671 | | Edward McDonnell(6) Chief Revenue Officer | 2026 | 286,301 | 11,137,032 | 428,851 | 5,300 | 11,857,484 |

  63. Summary Compensation Table

    | (1) Salary amounts represent actual amounts paid during the relevant fiscal year. See “—2026 Fiscal Year Executive Compensation Program—Base Salary” above. |

  64. Summary Compensation Table

    | (2) Amounts reported represent the aggregate grant date fair value of PSUs and RSUs granted to our named executive officers under the 2021 Plan computed in accordance with ASC Topic 718, excluding the effect of estimated forfeitures plus, in the case of the PSUs, incremental fair value as of the date of modification of the PSUs as further described in this footnote. The grant date fair value of PSUs was originally calculated based on the probable outcome of the performance metrics for fiscal 2026 as of the grant date (which was based on target-level performance). Those performance metrics were subsequently modified on May 28, 2025 in connection with the company’s acquisition of OfferFit, Inc. to reflect our updated full year financial plan. Prior to the modification date, the company had determined that performance at 200% of the target level had become probable. Accordingly, this modification resulted in the following fair value changes: Mr. Magnuson’s PSUs increased in fair value from $2,865,263 to $6,090,892, Ms. Winkles’ PSUs increased in fair value from $1,370,330 to $2,913,008, Mr. Hyman’s PSUs increased in fair value from $909,391 to $1,933,156, and Ms. Malik’s PSUs increased in fair value from $1,146,105 to $2,436,357. The assumptions used in calculating the grant date fair value of the RSUs and PSUs reported in this column are set forth in Note 12 to our audited consolidated financial statements included in the Annual Report. This amount does not reflect the actual economic value that may be realized by the named executive officer. See “—2026 Fiscal Year Executive Compensation Program— Grants of Plan-Based Awards” below. Mr. McDonnell was not eligible for a PSU award in fiscal 2026, because he was not an executive officer of the company on the grant date. |

  65. Summary Compensation Table

    | (3) Amounts reported represent annual performance-based cash bonus awards earned by the named executive officer based on the achievement of certain company goals and the individual’s target bonus amount. 2026 fiscal year bonus awards were paid in March 2026, based on the achievement of objectives set in the first quarter of 2026 fiscal year. See “—2026 Fiscal Year Executive Compensation Program—Annual Performance-Based Cash Bonus Program” above. |

  66. Summary Compensation Table

    | (4) Amounts shown represent life insurance premiums and 401(k) contributions match paid by us on behalf of our named executive officers. |

  67. Summary Compensation Table

    | (5) Ms. Malik was not among our named executive officers in our 2025 or 2024 fiscal years. |

  68. Summary Compensation Table

    | (6) Mr. McDonnell joined the company as our Chief Revenue Officer in July 2025. |

  69. Grants of Plan-Based Awards

    Grants of Plan-Based Awards The following table sets forth information regarding each plan-based award granted to our named executive officers during the 2026 fiscal year.

  70. Grants of Plan-Based Awards

    | Name | Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | Grant Date Fair Value of Stock Awards ($)(4) | | | | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | | | | William Magnuson | 3/10/2025 | $580,000 | $1,160,000 | 22,081 | 88,325 | 176,650 | 206,092 | $9,550,887(4) | | | 5/28/2025 | | | | | | | $3,225,629(5) | | Isabelle Winkles | 3/10/2025 | $342,750 | $685,500 | 10,560 | 42,242 | 84,484 | 98,566 | $4,567,811 (4) | | | 5/28/2025 | | | | | | | $1,542,678(5) | | Jonathan Hyman | 3/10/2025 | $276,900 | $553,800 | 7,008 | 28,033 | 56,066 | 65,411 | $3,031,324(4) | | | 5/28/2025 | | | | | | | $1,023,765(5) | | Astha Malik | 3/10/2025 | $342,750 | $685,500 | 8,832 | 35,330 | 70,660 | 82,436 | $3,820,329(4) | | | 5/28/2025 | | | | | | | $1,290,252(5) | | Edward McDonnell | 04/16/2025 | $500,000 | $1,000,000 | — | — | — | — | — | | | 8/19/2025 | — | — | — | — | — | 433,854 | $11,137,032 |

  71. Grants of Plan-Based Awards

    | (1) The annual performance-based cash bonus program does not provide for threshold amounts (or equivalent items). |

  72. Grants of Plan-Based Awards

    | (2) Represents the number of Class A common shares subject to PSUs granted to our named executive officers, which are earned based on the company’s achievement of a specified amount of revenue and non-GAAP operating income. The amounts shown in the “Threshold” column represent the number of PSUs earned if the minimum revenue performance metric is achieved provided the target non-GAAP operating income performance is met, and reflects 25% of the amounts shown under the Target column. The amounts shown in the “Maximum” column represent the maximum number of PSUs earned if the highest tier of revenue performance under the terms of the PSU awards is achieved or exceeded provided the target non-GAAP operating income performance metric is met, and reflects a cap of 200% of the amounts shown under the Target column. In March 2026, the compensation committee certified the actual number of PSU awards earned by our named executive officers. |

  73. Grants of Plan-Based Awards

    | (3) The RSUs are subject to service-based vesting conditions. The shares underlying the RSUs granted to our named executive officers other than Mr. McDonnell vest in 16 equal quarterly installments beginning on May 15, 2025, and the shares underlying the RSUs for Mr. McDonnell vests over four years with 40% of the shares vesting on August 15, 2026, and the remainder of the shares vesting in equal quarterly installments thereafter. |

  74. Grants of Plan-Based Awards

    | (4) Amounts reported represent the aggregate grant date fair value of PSUs, assuming target performance, and RSUs granted to our named executive officers under the 2021 Plan computed in accordance with ASC Topic 718, excluding the effect of estimated forfeitures. For accounting purposes, the grant date fair value of PSUs was calculated based on the probable outcome of the performance metric for fiscal 2026 as of the grant date. The assumptions used in calculating the grant date fair value of the RSUs and PSUs reported in this column are set forth in Note 12 to our audited consolidated financial statements included in the Annual Report. This amount does not reflect the actual economic value that may be realized by the named executive officer. See “—2026 Fiscal Year Executive Compensation Program— Grants of Plan-Based Awards” below. Mr. McDonnell was not eligible for a PSU award in fiscal 2026, because he was not an executive officer of the company on the grant date. |

  75. Grants of Plan-Based Awards

    | (5) Amounts reported reflect the increase in the fair value of PSUs, calculated based on the probable outcome of the performance metric for fiscal 2026 achieving performance at 200% of target as of the modification date in May 2025 in accordance with ASC Topic 718. |

  76. Outstanding Equity Awards as of January 31, 2026

    Outstanding Equity Awards as of January 31, 2026 The following table sets forth certain information regarding outstanding equity awards granted to our named executive officers that remain outstanding as of January 31, 2026.

  77. Outstanding Equity Awards as of January 31, 2026

    | | Option Awards(1) | | | | | Stock Awards(2) | | | | | Name | Grant Date | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | | William Magnuson | 3/12/2019 | 51,658 | — | 3.46 | 3/11/2029 | | | | | | | 4/20/2021 | 450,000 | — | 35.01 | | | 4/19/2031 | | | | | 4/20/2021 | 734,375(3) | 15,625(3) | 35.01 | | | 4/19/2031 | | | | | 3/3/2023 | | | | | | | 102,527(6) | $2,134,612(7) | | | 2/1/2024 | | | | | | | 102,069(8) | $2,125,077(7) | | | 3/10/2025 | | | | | 176,650(9) | $3,677,853(7) | 167,450(10) | $3,486,309(7) | | Isabelle Winkles | 2/4/2020 | 36,281 | — | 4.88 | 2/3/2030 | | | | | | | 4/20/2021 | 40,000 | — | 35.01 | 4/19/2031 | | | | | | | 4/20/2021 | 102,500(4) | 17,500(4) | 35.01 | 4/19/2031 | | | | | | | 3/3/2023 | | | | | | | 46,863(6) | $975,688(7) | | | 2/1/2024 | | | | | | | 47,462(8) | $988,159(7) | | | 3/10/2025 | | | | | 84,484(9) | $1,758,957(7) | 80,085(10) | $1,667,370(7) | | Jonathan Hyman | 4/20/2021 | 145,213 | — | 35.01 | 4/19/2031 | | | | | | | 4/20/2021 | 176,250(3) | 3,750(3) | 35.01 | 4/19/2031 | | | | | | | 3/3/2023 | | | | | | | 43,666(6) | $909,126(7) | | | 2/1/2024 | | | | | | | 32,152(8) | $669,405(7) | | | 3/10/2025 | | | | | 56,066(9) | $1,167,294(7) | 53,147(10) | $1,106,521(7) | | Astha Malik | 8/16/2022 | | | | | | | 29,124(5) | $606,362(7) | | | 3/3/2023 | | | | | | | 34,225(6) | $712,565(7) | | | 2/1/2024 | | | | | | | 39,807(8) | $828,782(7) | | | 3/10/2025 | | | | | 70,660(9) | $1,471,141(7) | 66,980(10) | $1,394,524(7) | | Edward McDonnell | 8/19/2025 | | | | | | | 433,854(11) | $9,032,840(7) |

  78. Outstanding Equity Awards as of January 31, 2026

    | (1) All option awards listed in this table were granted pursuant to the 2011 Plan. See “Potential Payments Upon Termination or Change in Control” for a discussion of the potential acceleration of the vesting of these option awards if the named executive officer’s employment is terminated within three months prior to or 12 months following a change of control. |

  79. Outstanding Equity Awards as of January 31, 2026

    | (2) All stock awards listed in this table were granted pursuant to the 2021 Plan. See “Potential Payments Upon Termination or Change in Control” for a discussion of the potential acceleration of the vesting of these stock awards if the named executive officer’s employment is terminated within three months prior to or 12 months following a change of control. |

  80. Outstanding Equity Awards as of January 31, 2026

    | (3) The shares underlying these stock options became fully vested in February 2026. |

  81. Outstanding Equity Awards as of January 31, 2026

    | (4) 25% of the shares underlying these stock options vested on August 1, 2023. Thereafter, the remaining shares vest in equal monthly installments until August 2026, subject to the named executive officer’s continuous service through each such vesting date. |

  82. Outstanding Equity Awards as of January 31, 2026

    | (5) 25% of the shares underlying these RSUs vested on August 15, 2023 and the remaining RSUs vest in 12 equal quarterly installments, subject to the named executive officer’s continued service with us. |

  83. Outstanding Equity Awards as of January 31, 2026

    | (6) The shares underlying the RSUs vest in 16 equal quarterly installments beginning on May 15, 2023, subject to the named executive officer’s continued service with us. |

  84. Outstanding Equity Awards as of January 31, 2026

    | (7) Amounts reported are based on the $20.82, which was our closing stock price on January 30, 2026, as reported on Nasdaq, multiplied by the number of respective unvested RSUs or PSUs. |

  85. Outstanding Equity Awards as of January 31, 2026

    | (8) The shares underlying the RSUs vest in 16 equal quarterly installments beginning on May 15, 2024, subject to the named executive officer’s continued service with us. |

  86. Outstanding Equity Awards as of January 31, 2026

    | (9) Represents the number of shares that were deemed unearned as of January 31, 2026, and that were subsequently earned as a result of achievement of performance criteria in fiscal 2026 and certification by the compensation committee in March 2026. One-third of the shares underlying the PSU award will vest on May 15, 2026. The remaining two-thirds will then vest in eight equal quarterly installments over the following two years. The vesting of the PSUs are subject to the named executive officer’s continuous service through such vesting date. |

  87. Outstanding Equity Awards as of January 31, 2026

    | (10) The shares underlying the RSUs vest in 16 equal quarterly installments beginning on May 15, 2025, subject to the named executive officer’s continued service with us. |

  88. Outstanding Equity Awards as of January 31, 2026

    | (11) The shares underlying the RSUs vest over four years with 40% of shares vesting on August 15, 2026, and the remainder of the shares vesting in equal quarterly installments thereafter. The vesting of the RSUs are subject to the named executive officer’s continuous service through each vesting date. If the named executive officer’s employment is terminated prior to August 15, 2026 then RSUs equal to 40% of issued and unvested RSUs awarded to the named executive officer multiplied by the percent of the year that he worked at the company will be immediately accelerated and become vested. |

  89. Stock option exercises and stock vested

    Stock option exercises and stock vested The following table sets forth certain information regarding any stock option exercises and stock vested during our 2026 fiscal year with respect to our named executive officers.

  90. Stock option exercises and stock vested

    | | Option Awards | | Stock Awards | | | Name | Number of shares acquired on exercise (#) | Value realized on exercise ($)(1) | Number of shares acquired on vesting (#) | Value realized on vesting ($)(2) | | William Magnuson | 547,901 | $14,502,939 | 166,026 | $5,375,065 | | Isabelle Winkles | 8,532 | $235,995 | 77,066 | $2,493,471 | | Jonathan Hyman | 122,199 | $3,172,191 | 57,914 | $1,996,368 | | Astha Malik | — | — | 99,358 | $3,238,368 | | Edward McDonnell | — | — | — | — |

  91. Stock option exercises and stock vested

    | (1) The value realized on exercise is based on the closing price of our Class A common stock on the date of exercise minus the exercise price and does not reflect actual proceeds received. |

  92. Stock option exercises and stock vested

    | (2) The value realized on vesting is based on the closing price of our Class A common stock on the date of vesting and does not reflect actual proceeds received. |

  93. Potential Payments Upon Termination or Change in Control

    Potential Payments Upon Termination or Change in Control Each of our named executive officers is eligible to receive payments and benefits under the terms of our Executive Severance Plan. Our Executive Severance Plan provides for severance and/or change in control payments and benefits to our named executive officers upon (i) a termination without “cause” or resignation for “good reason” (as such terms are defined in our Executive Severance Plan) outside the period commencing three months prior to and ending twelve months following a change in control of Braze (which we refer to as the change in control determination period) or (ii) a termination without “cause” or resignation for “good reason” within the change in control determination period. No amounts are payable under our Executive Severance Plan or in respect of outstanding equity-based awards in the event of a named executive officer’s termination for cause, voluntary resignation without good reason or termination due to death or disability. The table below provides information with respect to potential payments and benefits to which our named executive officers would be entitled under our Executive Severance Plan, as described above under the section titled, “Executive Severance Plan,” assuming their employment was terminated as of January 31, 2026, including in connection with a change in control as of January 31, 2026. Our named executive officers are not entitled to any cash payments or the acceleration of the vesting of any outstanding equity awards solely in connection with a change in control.

  94. Potential Payments Upon Termination or Change in Control

    | Name | Benefit Description | Termination without cause or for good reason by executive not in connection with a change in control ($)(1) | Termination without cause or for good reason by executive in connection with a change in control ($)(2)(3) | In connection with a change in control ($) | | William Magnuson | Cash severance | $580,000 | $1,740,000 | — | | | Accelerated vesting of equity awards(4) | — | $11,719,536 | — | | | Continuation of health benefits | $27,125 | $27,125 | — | | Isabelle Winkles | Cash severance | $228,500 | $800,000 | — | | | Accelerated vesting of equity awards(4) | — | $4,510,695 | — | | | Continuation of health benefits | $19,530 | $39,059 | — | | Jonathan Hyman | Cash severance | $213,000 | $703,000 | — | | | Accelerated vesting of equity awards(4) | — | $3,268,698 | — | | | Continuation of health benefits | $19,530 | $39,059 | — | | Astha Malik | Cash severance | $228,500 | $800,000 | — | | | Accelerated vesting of equity awards(4) | — | $4,277,802 | — | | | Continuation of health benefits | $4,735 | $9,470 | — | | Edward McDonnell | Cash severance | $143,151 | $786,301 | — | | | Accelerated vesting of equity awards(4) | $2,058,993(5) | $9,032,840 | — | | | Continuation of health benefits | $19,530 | $39,059 | — |

  95. Potential Payments Upon Termination or Change in Control

    | (1) Represents severance benefits, which assumes the named executive officer is terminated without “cause” or resigns for “good reason” outside of the change in control determination period. |

  96. Potential Payments Upon Termination or Change in Control

    | (2) Represents change in control severance benefits based on a double-trigger arrangement, which assumes the named executive officer is terminated without “cause” or resigns for “good reason” within the change in control determination period. |

  97. Potential Payments Upon Termination or Change in Control

    | (3) Following a change in control, any payments received by our named executive officers may be reduced to an amount, the higher of either (i) the largest portion of the payments that would result in no portion of the payments being subject to an excise tax under Section 4999 of the Code or (ii) the largest portion, up to and including the total, of the payments, whichever amount, after taking into account all federal, state and local employment taxes, income taxes and such excise tax (all computed at the highest applicable marginal rate), resulting in the named executive officer’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the payments may be subject to the excise tax. If a reduction in payments or benefits constituting “parachute payments” within the meaning of Section 280G of the Code is necessary, so that the payments equal the higher amount described above, reduction will occur in the manner that results in the greatest economic benefit for the named executive officer. |

  98. Potential Payments Upon Termination or Change in Control

    | (4) All accelerated vesting of equity awards represents acceleration of vesting of unvested, unexercised stock options (without giving effect to any early exercise features of such stock options, if any) outstanding and unvested restricted stock units as of January 31, 2026. The value of accelerated vesting of unvested, unexercised stock options is based on the difference between $20.82, which was our closing stock price on January 30, 2026, as reported on Nasdaq, and the exercise price per stock option multiplied by the number of unvested stock options. The value of accelerated vesting of unvested RSUs is based on the $20.82, which was our closing stock price on January 30, 2026, as reported on Nasdaq, multiplied by the number of unvested RSUs. |

  99. Potential Payments Upon Termination or Change in Control

    | (5) Represents the value equal to 40% of Mr. McDonnell’s unvested RSUs as of January 31, 2026, prorated for the portion of our fiscal year that he was employed. If Mr. McDonnell’s employment is terminated prior to August 15, 2026 then RSUs equal to 40% of the issued and unvested RSUs awarded to him multiplied by the percent of the year that he worked at the company will be immediately accelerated and become vested. |

  100. Potential Payments Upon Termination or Change in Control

    Termination Without “Cause” or Resignation for “Good Reason” Outside of the Period Commencing Three Months Prior to and Ending Twelve Months Following a Change in Control Upon a termination without “cause” or resignation for “good reason” outside the change in control determination period, each of our named executive officers is entitled to a lump sum payment equal to, and subject to, among other things, the execution, delivery and effectiveness of a customary release of claims in our favor, (a) a lump sum cash payment equal to one-half times (0.5x) such named executive officer’s annual base salary then in effect (or one times (1.0x) his annual base salary then in effect for Mr. Magnuson); (b) an additional lump sum cash payment equal to any earned but unpaid annual bonus for any performance years completed as of the date of termination; and (c) continued payment of premiums for the named executive officer’s continued coverage under our health insurance plans for a six (6)-month period (or for a twelve (12)-month period for Mr. Magnuson). The unvested equity awards will be forfeited upon a termination without “cause” or resignation for “good reason” outside the change in control determination period. Pursuant to Mr. McDonnell’s offer letter, we have also agreed to enhanced severance benefits for him for a specified period. If we involuntarily terminate Mr. McDonnell’s employment, without cause and not in connection with a change in control, on or before August 15, 2026, Mr. McDonnell will receive the following severance entitlements, in each case conditioned on Mr. McDonnell signing (and not revoking) a release of claims for the benefit of the company: (i) an additional lump sum cash payment equal to a prorated target annual bonus for the performance year of termination, and (ii) the acceleration and vesting of a prorated amount of Mr. McDonnell’s outstanding equity awards (including but not limited to awards that would otherwise vest only upon the satisfaction of performance criteria), with the number of shares equal to (1) the number of RSUs that would have vested on August 15, 2026, multiplied by a fraction, the numerator of which is the number of days worked from Mr. McDonnell’s start date through the date of termination, and the denominator of which is 365, and (2) a prorated number of shares for PSUs based on a target (100%) level of performance. Termination Without “Cause” or Resignation for “Good Reason” Within the Period Commencing Three Months Prior to and Ending Twelve Months Following a Change in Control Upon a termination without “cause” or resignation for “good reason” within the change in control determination period, each of our named executive officers is entitled to, and subject to, among other things, the execution, delivery and effectiveness of a customary release of claims in our favor, (a) a lump sum cash payment equal to one times (1.0x) such named executive officer’s annual base salary then in effect; (b) an additional lump sum cash payment equal to the sum of (1) any earned but unpaid annual bonus for any performance years completed as of the date of termination; and (2) a prorated target annual bonus for the performance year of termination; (c) continued payment of premiums for the eligible participant’s continued coverage under our health insurance plans for a twelve (12)-month period; and (d) accelerated vesting of outstanding and unvested equity awards held by such participant. In addition, solely in the case of Mr. Magnuson, he will also be entitled to receive an additional lump such cash payment equal to his target annual bonus for the performance year of termination. No amounts are payable under our Executive Severance Plan or in respect of outstanding equity-based awards in the event of a named executive officer’s termination for “cause”, voluntary resignation without “good reason” or termination due to death or disability.

  101. PAY VERSUS PERFORMANCE

    PAY VERSUS PERFORMANCE The following table sets forth the compensation for our Chief Executive Officer (“CEO”) and the average compensation for our other named executive officers (“Other NEOs”) for the 2026, 2025, 2024, 2023 and 2022 fiscal years (each, a “Covered Year”), both as reported in the Summary Compensation Table (“SCT”) and with certain adjustments to reflect the “compensation actually paid” to such individuals, as calculated in accordance with rules adopted by the SEC in August 2022. “Compensation actually paid” does not reflect amounts actually realized by our CEO and Other NEOs and may be higher or lower than the amounts, if any, that are ultimately realized by such individuals. Our compensation committee did not consider “compensation actually paid”, as defined by the SEC, when making its executive compensation decisions for the Covered Years. Please see the Compensation Discussion and Analysis section in this proxy statement for a discussion of our compensation committee’s philosophy, objectives, and practices when making executive compensation decisions. The table below also provides information for each Covered Year on our cumulative total shareholder return (“TSR”) and the cumulative TSR of our peer group (with each such TSR determined for the period commencing on November 17, 2021, the date that our Class A common stock began trading on Nasdaq (the “IPO Date”)), our Net (loss) income and our Revenue. We selected Revenue as our “most important financial performance measure” used to link “compensation actually paid” to our CEO and Other NEOs to our performance for the 2026 fiscal year, for purposes of our performance-based cash bonus awards for the 2026 fiscal year, were derived from Revenue.

  102. PAY VERSUS PERFORMANCE

    | Fiscal Year | SCT Total CEO ($) | Compensation Actually Paid for to CEO ($)(1)(2) | SCT Average Total for Other NEOs ($)(3) | Average Compensation Actually Paid to Other NEOs ($)(2)(3)(4) | Value of Initial Fixed $100 Investment Based on: | | Net (loss) Income ($, in thousands)(6) | Revenue ($, in thousands)(7) | | | | | | | Braze Total Shareholder Return ($)(5) | Peer Group Total Shareholder Return ($)(5) | | | | 2026 Fiscal year | 14,230,598 | 653,536 | 7,483,008 | 2,971,592 | 22.29 | 191.09 | (130,786) | 738,182 | | 2025 Fiscal year | 11,046,877 | 1,231,743 | 4,156,257 | 1,597,347 | 49.23 | 147.24 | (104,047) | 593,410 | | 2024 Fiscal year | 11,960,363 | 27,793,381 | 5,548,473 | 10,642,809 | 57.88 | 112.14 | (130,429) | 471,800 | | 2023 Fiscal year | 666,824 | (22,632,921) | 491,642 | (4,926,253) | 34.26 | 72.40 | (140,746) | 355,426 | | 2022 Fiscal year | 29,342,548 | 45,747,857 | 8,502,896 | 13,019,701 | 53.56 | 93.37 | (78,167) | 238,035 |

  103. PAY VERSUS PERFORMANCE

    | (1) The following table shows for each Covered Year the adjustments made to the total compensation shown for our CEO, William Magnuson, on the SCT to arrive at “compensation actually paid” as reflected on the table above: |

  104. PAY VERSUS PERFORMANCE

    | Adjustments to Determine CEO Compensation Actually Paid | 2026 Fiscal year | 2025 Fiscal year | 2024 Fiscal year | 2023 Fiscal year | 2022 Fiscal year | | SCT total amount | $14,230,598 | $11,046,877 | $11,960,363 | $666,824 | $29,342,548 | | Less Amounts Reported under “Option Awards” and “Stock Awards” Columns in SCT for the Covered Year | $12,776,516 | $9,980,025 | $10,984,152 | — | $28,528,500 | | Plus Year-end Fair Value of Stock Options Awards and Stock Awards Granted during Covered Year that Remain Unvested as of Year-end | $7,164,162 | $6,778,969 | $14,407,946 | — | $35,634,819 | | Plus Fair Value on Vesting of Stock Option Awards and Stock Awards Granted during Covered Year that Vest during Covered Year-end | $1,167,240 | $1,352,825 | $2,485,381 | — | — | | Change (positive or negative) in Fair Value from Prior Year-end to Covered Year-end of Option Awards and Stock Awards Granted Prior to Covered Year that were Outstanding and Unvested as of Covered Year-end | $(5,425,487) | $(3,495,373) | $8,281,681 | $(15,931,157) | $3,620,163 | | Change (positive or negative) in Fair Value from Prior Year-end to Vesting Date of Stock Option Awards and Stock Awards Granted Prior to Covered Year that Vested during Covered Year | $(3,706,461) | $(4,471,531) | $1,642,162 | $(7,368,588) | $5,678,827 | | TOTAL ADJUSTMENTS: | $(13,577,063) | $(9,815,134) | $15,833,018 | $(23,299,745) | $16,405,309 | | TOTAL COMPENSATION ACTUALLY PAID: | $653,536 | $1,231,743 | $27,793,381 | $(22,632,921) | $45,747,857 |

  105. PAY VERSUS PERFORMANCE

    | (2) For purposes of the adjustments to determine “compensation actually paid”, we computed the fair value of stock option awards, PSUs and RSUs in accordance with ASC Topic 718 as of the end of the relevant fiscal year, other than the fair values of equity awards that vested in the Covered Year, which are valued as of the applicable vesting date. The valuation assumptions used in the calculation of such amounts (as updated for purposes of this disclosure to reflect the relevant dates for purposes of calculating fair value) are set forth in Note 12 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the 2026 fiscal year. |

  106. PAY VERSUS PERFORMANCE

    | (3) The Other NEOs for the 2026 fiscal year were Isabelle Winkles, Jonathan Hyman, Astha Malik, and Edward McDonnell. The other NEOs for 2025, 2024 and 2023 fiscal years were Isabelle Winkles, Jonathan Hyman, Myles Kleeger and Susan Wiseman. The Other NEOs for the 2022 fiscal year were Jonathan Hyman and Myles Kleeger. |

  107. PAY VERSUS PERFORMANCE

    | (4) The following table shows for each Covered Year presented the adjustments made to the average of the total compensation shown for the Other NEOs on the SCT to arrive at “compensation actually paid” as reflected on the table above: |

  108. PAY VERSUS PERFORMANCE

    | Adjustments to Determine Average Other NEO Compensation Actually Paid | 2026 Fiscal year | 2025 Fiscal year | 2024 Fiscal year | 2023 Fiscal year | 2022 Fiscal year | | SCT total amount | $7,483,008 | $4,156,257 | 5,548,473 | $491,642 | $8,502,896 | | Less Amounts Reported under “Option Awards” and “Stock Awards” Column in SCT for the Covered Year | $6,603,300 | $3,443,096 | 4,882,188 | — | $7,843,500 | | Plus Year-end Fair Value of Stock Options Awards and Stock Awards Granted during Covered Year that Remain Unvested as of Year-end | $4,399,662 | $2,338,738 | 6,403,993 | — | $9,773,402 | | Plus Fair Value on Vesting of Stock Option Awards and Stock Awards Granted during Covered Year that Vest during Covered Year | $348,894 | $466,720 | 1,104,687 | — | — | | Change (positive or negative) in Fair Value from Prior Year-end to Covered Year-end of Stock Option Awards and Stock Awards Granted Prior to Covered Year that were Outstanding and Unvested as of Covered Year-end | $(1,815,000) | $(1,010,408) | 1,727,978 | $(3,626,644) | $898,246 | | Change (positive or negative) in Fair Value from Prior Year-end to Vesting Date of Stock Option Awards and Stock Awards Granted Prior to Covered Year that Vested during Covered Year | $(841,671) | $(910,864) | 739,866 | $(1,791,251) | $1,688,657 | | TOTAL ADJUSTMENTS: | $(4,511,416) | $(2,558,910) | 5,094,336 | $(5,417,895) | $4,516,805 | | TOTAL AVERAGE COMPENSATION ACTUALLY PAID: | $2,971,592 | $1,597,347 | 10,642,809 | $(4,926,253) | $13,019,701 |

  109. PAY VERSUS PERFORMANCE

    | (5) Total Shareholder Return shown in this table utilizes the Nasdaq Computer Index, which is the index included in the stock performance graph required by Item 201(e) of Regulation S-K in this proxy statement. The comparison assumes $100.00 was invested in our Class A common stock and the Nasdaq Computer Index at their respective closing prices on the IPO Date and ending on January 31 of each Covered Year. All dollar values assume reinvestment of the pre-tax value of dividends paid by companies included in the Nasdaq Computer Index. The historical stock price performance of our Class A common stock shown is not necessarily indicative of future stock price performance. |

  110. PAY VERSUS PERFORMANCE

    | (6) Reflects “Net (loss) income” for each Covered Year as set forth in our Consolidated Statements of Operations included in our Annual Report on Form 10-K for each of the Covered Years. For the avoidance of doubt, “Net (loss) income” is a GAAP measure. |

  111. PAY VERSUS PERFORMANCE

    | (7) Reflects “Revenue” for each Covered Year as set forth in our Consolidated Statements of Operations included in our Annual Report on Form 10-K for each of the Covered Years. For the avoidance of doubt, “Revenue” is a GAAP measure. |

  112. Discussion of Compensation Actually Paid

    Discussion of Compensation Actually Paid As reflected in the tables above, changes in the market price of our Class A common stock following the date of grant of an award can have a significant impact on the amount of “compensation actually paid” to our CEO and Other NEOs, as calculated pursuant to the SEC rules. Further, the timing of equity grants may also unintentionally impact the “compensation actually paid” as calculated pursuant to the rule. To assist in understanding these changes in value, the following table shows the closing price for one share of our Class A common stock as of the IPO Date and on the last trading day of each Covered Year:

  113. Discussion of Compensation Actually Paid

    | | January 31, 2026 | January 31, 2025 | January 31, 2024 | January 31, 2023 | January 31, 2022 | IPO Date Closing Price | | Price of our Class A common stock | $20.82 | $45.98 | $54.05 | $32.00 | $50.02 | $93.39 |

  114. Discussion of Compensation Actually Paid

    See also the “Stock Performance Graph” discussion of this proxy statement for a graphical illustration of total shareholder return on a fixed $100 investment made as of IPO Date in shares of our Class A common stock and in the Nasdaq Computer Index. Set forth below are charts illustrating the relationship between (a) the compensation actually paid to our CEO and (b) the average compensation actually paid to our Other NEOs during each Covered Year and each of:

  115. Discussion of Compensation Actually Paid

    | • | Braze’s cumulative TSR for each Covered Year |

  116. Discussion of Compensation Actually Paid

    | • | Braze’s Net (loss) income for each Covered Year |

  117. Discussion of Compensation Actually Paid

    | • | Braze’s Revenue for each Covered Year |

  118. CEO PAY RATIO

    CEO PAY RATIO Pursuant to Item 402(u) of Regulation S-K presented below is the ratio of annual total compensation of our Chief Executive Officer to the annual total compensation of our median employee (except our Chief Executive Officer). We believe that the ratio presented below represents a reasonable estimate calculated in a manner consistent with Item 402(u). The SEC’s rules for identifying the median compensated employee and calculating the pay ratio based on that employee’s annual total compensation allow companies to adopt a variety of methodologies, to apply certain exclusions, and to make reasonable estimates and assumptions that reflect their employee populations and compensation practices. As a result, the pay ratio reported by other companies may not be comparable to the pay ratio reported below, as other companies have different employee populations and compensation practices and may utilize different methodologies, exclusions, estimates and assumptions in calculating their own pay ratios. We identified our median compensated employee from all of our full-time and part-time employees as of a determination date of January 31, 2026 (other than our Chief Executive Officer) (the “Determination Date”). We did not include any independent contractors in our employee population. We used a consistently applied compensation measure consisting of annual base salary, annual bonus or commission targets, and the target equity award value for each employee. We annualized base salary, target annual bonus and commission for any full-time and part-time employees who commenced work during the year to reflect a full year, and non-United States employees’ pay was converted to U.S. dollar equivalents using applicable budgeted currency exchange rates. Due to the fact that we had an even number of eligible employees as of the Determination Date, we identified two employees who could qualify as our median compensated employee. Of these two employees, we identified our median compensated employee as the employee who received a salary, annual bonus or commission compensation and equity awards during the relevant period, because we believe this most closely resembles the blend of compensation for our employee population on an annual basis. We did not make any cost-of-living adjustments for employees outside of the United States. We believe our methodology represents a consistently applied compensation measure for our worldwide workforce that captures a full year of the primary compensation components for our workforce. There was a significant increase in the size of our employee population between fiscal 2024 and fiscal 2026 that we believe results in a significant change to our pay ratio disclosure. Accordingly, we re-identified a median employee for fiscal 2026. The 2026 fiscal year annual total compensation as determined under Item 402 of Regulation S-K for our Chief Executive Officer was $14,230,598, as reported in the Summary Compensation Table. The annual total compensation as determined under Item 402 of Regulation S-K of our median employee for our 2026 fiscal year was $164,000. The ratio of our Chief Executive Officer’s annual total compensation to the median of the annual total compensation of all our employees for our 2026 fiscal year is 87 to 1. This information is being provided for compliance purposes. Neither the compensation committee nor management of the company used the foregoing pay ratio measure in making compensation decisions.

  119. NON-EMPLOYEE DIRECTOR COMPENSATION

    NON-EMPLOYEE DIRECTOR COMPENSATION The following table sets forth information regarding compensation earned by or paid to our non-employee directors for the fiscal year ended January 31, 2026:

  120. NON-EMPLOYEE DIRECTOR COMPENSATION

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1)(2) | Total ($) | | Neeraj Agrawal | $34,000 | $134,582 | $168,582 | | Phillip M. Fernandez | $69,000 | $134,582 | $203,582 | | Tara Walpert Levy | $45,000 | $134,582 | $179,582 | | Fernando Machado | $37,000 | $134,582 | $171,582 | | David Obstler | $50,000 | $134,582 | $184,582 | | Yvonne Wassenaar | $40,000 | $134,582 | $174,582 |

  121. NON-EMPLOYEE DIRECTOR COMPENSATION

    | (1) Amounts reported represent the aggregate grant date fair value of RSUs granted to our non-employee directors during our 2026 fiscal year under the 2021 Plan, computed in accordance with ASC Topic 718. The assumptions used in calculating the grant date fair value of the RSUs reported in this column are set forth in Note 12 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the 2026 fiscal year. This amount does not reflect the actual economic value that may be realized by the non-employee directors. |

  122. NON-EMPLOYEE DIRECTOR COMPENSATION

    | (2) As of January 31, 2026, the aggregate number of shares underlying outstanding stock options and unvested RSUs held by each of our non-employee directors was as follows: |

  123. NON-EMPLOYEE DIRECTOR COMPENSATION

    | Name | Number of Shares Underlying Options | Number of Restricted Stock Units | | Neeraj Agrawal | — | 5,033 | | Phillip M. Fernandez | 145,692 | 5,033 | | Tara Walpert Levy | — | 5,033 | | Fernando Machado | — | 5,033 | | David Obstler | — | 5,033 | | Yvonne Wassenaar | — | 8,659 |

  124. NON-EMPLOYEE DIRECTOR COMPENSATION

    Mr. Magnuson, our Chief Executive Officer, is a member of our board of directors but does not receive any additional compensation for his service as a director. See the section titled “2026 Fiscal Year Executive Compensation Program” and “Other Features of Our Executive Compensation Program” for more information regarding the compensation earned by Mr. Magnuson.

  125. Non-Employee Director Compensation Policy

    Non-Employee Director Compensation Policy Our board of directors has adopted a non-employee director compensation policy that is applicable to all of our non-employee directors and provides that each such non-employee director will receive the following compensation for service on our board of directors:

  126. Non-Employee Director Compensation Policy

    | • | an annual cash retainer of $30,000; |

  127. Non-Employee Director Compensation Policy

    | • | an additional annual cash retainer of $30,000 for service as non-executive Chairperson; |

  128. Non-Employee Director Compensation Policy

    | • | an additional annual cash retainer of $15,000 for service as Lead Independent Director; |

  129. Non-Employee Director Compensation Policy

    | • | an additional annual cash retainer of $10,000 for service as a member of the audit committee, $7,000 for service as a member of the compensation committee and $4,000 for service as a member of the nominating and corporate governance committee; |

  130. Non-Employee Director Compensation Policy

    | • | an additional annual cash retainer of $20,000 for service as Chairperson of the audit committee, $14,000 for service as Chairperson of the compensation committee and $8,000 for service as Chairperson of the nominating and corporate governance committee, each in lieu of the annual cash retainer for service as a member of such committee as described above; |

  131. Non-Employee Director Compensation Policy

    | • | an initial RSU award granted upon a non-employee director’s initial election or appointment to the board of directors, with a value equal to $225,000 as of the date of grant and vesting in three equal annual installments on the first three anniversaries of the date of grant; and |

  132. Non-Employee Director Compensation Policy

    | • | an additional RSU award, granted at each annual meeting of our stockholders, to each non-employee director serving on such date, with a value equal to $175,000 (subject to adjustment as set forth in the non-employee director compensation policy) as of the date of grant and vesting on the earlier of the first anniversary of the date of grant or the date immediately preceding the date of the following annual meeting of our stockholders. |

  133. Non-Employee Director Compensation Policy

    The vesting of each non-employee director’s RSU award is subject to such director’s continuous service with us as of the applicable vesting date. Any awards granted under the policy that are unvested as of the occurrence of a change in control (as defined in the 2021 Plan) will automatically vest immediately prior to such change in control. Pursuant to the non-employee director compensation policy, the compensation described above, shall be subject to the limits on non-employee director compensation set forth in the 2021 Plan.

  134. Equity Grants to Directors and Executive Officers

    Equity Grants to Directors and Executive Officers We have granted stock options and restricted stock awards to certain of our directors and executive officers. For more information regarding the stock options and stock awards granted to our directors and named executive officers, see the sections titled “Executive Compensation” and “Non-Employee Director Compensation.”