Quarterly report pursuant to Section 13 or 15(d)

Stock Incentive Plan (Tables)

v3.21.2
Stock Incentive Plan (Tables)
9 Months Ended
Oct. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Status of Stock Options Under Stock Incentive Plan

Presented below is a summary of the status of the stock options under the Stock Incentive Plan:

 

 

 

Number of Shares

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Term (Years)

 

Intrinsic Value of outstanding options

 

Outstanding at February 1, 2021

 

 

2,181,668

 

 

 

0.53

 

 

 

5.9

 

 

5,572,988

 

Granted

 

-

 

 

-

 

 

-

 

-

 

Exercised

 

 

(591,157

)

 

 

0.52

 

 

 

5.2

 

 

7,287,806

 

Forfeited or expired

 

 

(115,671

)

 

 

0.57

 

 

 

5.5

 

-

 

Outstanding at October 31, 2021

 

 

1,474,840

 

 

 

0.53

 

 

 

5.1

 

 

18,173,257

 

Exercisable at October 31, 2021

 

 

1,462,370

 

 

 

0.52

 

 

 

5.1

 

 

18,024,597

 

Summary of Status of Outstanding RSU's

The RSUs granted under the 2014 Plan contain an additional vesting requirement that, in addition to the applicable time or performance vesting criteria noted above, also requires the occurrence of a liquidity event. On the date of the Merger, the Board of Directors resolved that the Merger constituted a liquidity event, triggering the liquidity event criteria for vesting. As detailed in Note 2, in connection with the close of the Merger with Legacy LGL, the Company recognized a non-cash expense in the fiscal third quarter 2022 in an amount of $160,094.

 

Presented below is a summary of the status of outstanding RSUs, including showing the vesting status other than the liquidity event condition:

 

 

 

Number of Shares

 

 

Weighted Average Grant Date Fair Value

 

Non-vested at February 1, 2021

 

 

9,712,169

 

 

$

11.75

 

Granted

 

 

2,181,077

 

 

12.85

 

Vested

 

 

(2,430,871

)

 

12.85

 

Forfeited or expired

 

 

(1,257,920

)

 

12.85

 

Non-vested at October 31, 2021

 

 

8,204,455

 

 

$

11.55