Alico, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Common Stock and Options (Tables)

Common Stock and Options (Tables)

12 Months Ended

Sep. 30, 2022

Summary of status of nonvested shares and stock option activity

The following table represents a summary of the status of the Company’s non-vested shares:


Nonvested Shares	Shares			Weighted- Average Grant Date Fair Value
Nonvested Shares at September 30, 2019		5,666		$	44.26
Vested during fiscal year 2020		(5,666	)		44.26
Nonvested Shares at September 30, 2020		—			—
Granted during fiscal year 2021		5,885			31.20
Nonvested Shares at September 30, 2021		5,885			31.20
Granted during fiscal year 2022		30,227			37.82
Vested during fiscal year 2022		(6,740	)		31.75
Forfeited during fiscal year 2022		(826	)		36.86
Nonvested Shares at September 30, 2022		28,546		$	37.82

The following table represents a summary of the Company’s stock option activity:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Balance – September 30, 2020		293,000		$	32.09		1.79		—
Forfeitures/expired during fiscal year 2021		(75,000	)		27.15		—		—
Balance – September 30, 2021		218,000			33.78		0.79		—
Exercised during fiscal year 2022		(14,000	)		33.80
Forfeitures/expired during fiscal year 2022		(77,500	)		33.80		—		—
Balance – September 30, 2022		126,500		$	33.78		0.25		—

Schedule of stock options using valuation assumptions

The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding; the range given below results from different timeframes for the various market conditions being met.

2020 Option Grant


Expected Volatility	26.0	%
Expected Term (in years)	3.61
Risk Free Rate	1.60	%

The weighted-average grant-date fair value of the 2020 Option Grant was $3.20.

2019 Modified Option Grant


Expected Volatility		25.0	%
Expected Term (in years)	1.50
Risk Free Rate		2.52	%

The weighted-average grant-date fair value of the 2019 Modified Option Grant was $1.40.

2019 Option Grants


Expected Volatility		30.0	%
Expected Term (in years)	4.09
Risk Free Rate		2.95	%