Company: LGCY
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022296
Chunk: 85

Company: Legacy Education Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 85
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 and restricted stock awards. The
Black Scholes option pricing model was used to estimate the fair value of the options granted. This option pricing model requires a number
of assumptions, of which the most significant are: expected stock price volatility, the expected pre-vesting forfeiture rate, and 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.

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.

On
April 2, 2025, the Company granted stock options to purchase an aggregate of 479,648 shares of its common stock at an exercise price
of $7.25 per share to employees and directors 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