Company: NEOG
Filing Date: 2025-07-30
Form Type: 10-K
Source: 0000950170-25-100064
Chunk: 57

Company: NEOGEN CORP
Filing Date: 2025-07-30
Form: 10-K
Item: Item 6
Chunk 57
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 31, 2025 and 2024. The Company intends to elect the purchase option within the lease agreement prior to the end of the lease term.  10.      Equity Compensation Plans and Other Incentive CompensationThe Company’s long-term incentive plans allow for the grant of various types of share-based awards to officers, directors and other key employees of the Company. Incentive and non-qualified options to purchase shares of common stock have been granted under the terms of the 2018 and 2023 Omnibus Incentive Plans. These options are granted at an exercise price equal to the closing price of the common stock on the date of grant. Options vest ratably over three and five year periods and the contractual terms are generally five, seven or ten years. The fair value of the options was estimated at the date of the grant using the Black-Scholes option pricing model. The Company granted restricted stock units (RSUs) under the terms of the 2018 and 2023 Omnibus Incentive Plans, which vest ratably over three and five year periods. The fair value of the RSUs is determined based on the closing price of the common stock on the date of grant.

79

Remaining shares available for grant under share-based compensation plans were 13,817,754 at May 31, 2025, 16,778,458 at May 31, 2024, and 2,871,000 at May 31, 2023. Compensation expense related to share-based awards was $17,291, $13,768, and 10,177 in fiscal years 2025, 2024 and 2023, respectively. Options 

         (option amounts in thousands)
          
         Options

         Weighted-Average Exercise Price

         Weighted-Average Grant Date Fair Value

         Outstanding at May 31, 2022 (1,191 exercisable)

         3,244

         $
         32.13

         $
         7.66

         Granted

         1,704

         14.68

         4.61

         Exercised

         (22
         )

         14.78

         4.23

         Forfeited

         (704
         )

         29.81

         7.26

         Outstanding at May 31, 2023 (1,401 exercisable)

         4,222