Company: NEOG
Filing Date: 2025-07-30
Form Type: 10-K
Source: 0000950170-25-100064
Chunk: 59

Company: NEOGEN CORP
Filing Date: 2025-07-30
Form: 10-K
Item: Item 6
Chunk 59
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 Restricted Stock UnitsThe remaining weighted-average period for the Company's outstanding RSUs is 1.8 years. On May 31, 2025, there was $11,187 in unamortized compensation cost related to non-vested RSUs. The fair value of restricted stock units vested during fiscal years 2025, 2024 and 2023 was $5,208, $3,835 and $820, respectively.  

         (RSU amounts in thousands)
          
         RSUs

         Weighted Average Grant Date Fair Value

         Outstanding at May 31, 2023

         766

         $
         19.30

         Granted

         574

         15.55

         Released

         (230
         )

         18.53

         Forfeited

         (149
         )

         19.98

         Outstanding at May 31, 2024

         961

         17.17

         Granted

         537

         15.49

         Released

         (374
         )

         16.89

         Forfeited

         (120
         )

         17.47

         Outstanding at May 31, 2025

         1,004

         $
         16.25

       The weighted average grant date fair value of the fiscal year 2023 awards was $13.83. Employee Stock Purchase PlanThe Company offers eligible employees the option to purchase common stock at a 5% discount to the lower of the market value of the stock at the beginning or end of each participation period under the terms of the 2021 Employee Stock Purchase Plan. The discount is recorded in general and administrative expense. Total individual purchases in any year are limited to 10% of compensation. Shares purchased by employees through this program were 157,648 in fiscal 2025, 134,810 in fiscal 2024, and 94,604 in fiscal 2023. As of May 31, 2025, common stock totaling 588,865 of the 1,000,000 authorized shares remained reserved for issuance under the plan. 

81

Defined Contribution Benefit Plan and Bonus CompensationThe Company maintains a defined contribution 401(k) benefit plan covering substantially all domestic employees. Employees are permitted to defer compensation up to IRS limits, with Neogen matching 100% of the first 3% of deferred compensation and 50% of the next