Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 136

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part II, Item 8
Chunk 136
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 the
expected option term (the amount of time from the grant date until the options are exercised or expire). The Company estimated a volatility
factor utilizing a weighted average of comparable published volatilities of its peers. The Company applied the simplified method to determine
the expected term of stock-based compensation grants.

    F-18

Legacy
Education Inc.

Notes
to Consolidated Financial Statements

For
The Three and Six Months ended December 31, 2024 and 2023

(Unaudited)

In
prior years, the Company had granted time vested options to purchase shares of common stock with exercise prices ranging from $0.52 -
$1.80 on the date of grant by the Board. These options vest ratably over a period of three years and expire ten years from the date of
grant and the fair value of these options were calculated using the Black-Scholes Merton model.

On
April 1, 2024, the Company granted stock options to purchase an aggregate of 1,425,171 shares of its common stock at an exercise price
of $3.74 per share to employees, directors, consultants and non-employee service providers pursuant to its 2021 Equity Incentive Plan.

On
September 27, 2024, the Company granted stock options to purchase an aggregate of 250,000 shares of its common stock at an exercise price
of $4.00 per share to employees, directors, consultants and non-employee service providers pursuant to its 2021 Equity Incentive Plan.
These options vest ratably over a period of three years and expire ten years from the date of grant and the fair value of these options
were calculated using the Black-Scholes-Merton model.

A
summary of the activity related to stock option units granted is as follows:

 Summary of Stock Option
Units Granted

    Summary
    of Stock Options Outstanding 

    Total
    Options  
    Weighted
                                            Average Exercise Price per
                                            Option  
    Weighted
                                            Average Remaining
                                            Contractual Term
                                            (Years) 
  
    Outstanding
    as of June 30, 2024 
     1,825,171  
     3.26  
     8.30 
  
    Granted 
     250,000  
     4.00  
     10 
  
    Exercised 
     (86,044) 
     0.44