Legacy Education Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Amendment to Rohmann Employment Agreement
On March 28, 2025, Legacy Education Inc. (the “Company”) entered into an amendment (the “Rohmann Amendment”) to the employment agreement by and between the Company and the Company’s Chief Executive Officer, LeeAnn Rohmann dated July 1, 2023 (the “Rohmann Employment Agreement”). Pursuant to the Rohmann Amendment, Ms. Rohmann’s base salary will be increased to $415,000. Ms. Rohmann shall be eligible to receive a target potential payout equal to her base salary, and a maximum potential payout of up to 300% of her base salary, if the Company meets or exceeds criteria adopted by the Company’s Compensation Committee.
Pope Employment Agreement
On March 28, 2025, the Company entered into an employment agreement (the “Pope Employment Agreement”) with Brandon Pope, the Chief Financial Officer of the Company. Pursuant to the Pope Employment Agreement, Mr. Pope will (i) receive a base salary at an annual rate of $300,000 (the “Base Salary”), paid in regular installments consistent with the Company’s policies and (ii) be eligible for an annual bonus of up to $300,000 (the “Annual Bonus”), contingent upon achieving Company and individual performance targets as determined by the Company’s Compensation Committee. The Annual Bonus is payable only if Mr. Pope remains employed and in good standing on the last day of the fiscal year, without having given resignation notice prior to the bonus payment date.
The initial term of Mr. Pope’s engagement under the Pope Employment Agreement commences on the Effective Date (as defined in the Pope Employment Agreement) for a period of two years. The Pope Employment Agreement is autonomically renewed for successive one-year periods until non-renewal notice is given by Mr. Pope of the Company.
Under the Pope Employment Agreement, termination of Mr. Pope by the Company for “Cause” (as such term is defined in the Pope Employment Agreement), or resignation by Mr. Pope without “Good Reason” (as defined in the Pope Employment Agreement), will not require the Company to pay severance to Mr. Pope. If however, termination of Mr. Pope by the Company without “Cause”, non-renewal by the Company at the end of Mr. Pope’s initial term or resignation by Mr. Pope for “Good Reason”), then the Pope Employment Agreement will require the Company pay severance to Mr. Pope. Upon any such termination, Mr. Pope will be entitled to (i) a lump sum amount equal to twenty four months of his Base Salary, (ii) provide reimbursement to Mr. Pope’s medical insurance premiums for a period of twenty four months following the date of termination; and (iii) notwithstanding any provision of any stock incentive plan, stock option agreement, realization bonus, restricted stock agreement or other agreement relating to capital stock of the Company, cause any equity awards granted prior to that termination that are then outstanding and unvested to immediately vest and, with respect to all options and stock appreciation rights, to become fully exercisable.
The foregoing descriptions of the Rohmann Amendment and the Pope Employment Agreement do not purport to be complete and are subject to, and qualified in their entirety by reference to the full text of the Rohmann Amendment and the Pope Employment Agreement, copies of which are attached hereto as Exhibits 10.1 and 10.2 respectively, and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Amendment to Employment Agreement by and between the Company and LeeAnn Rohmann dated March 28, 2025 | |
| 10.2 | Employment Agreement by and between the Company and Brandon Pope dated March 28, 2025s | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 28, 2025 | Legacy Education Inc. |
| /s/ LeeAnn Rohmann | |
| LeeAnn Rohmann | |
| Chief Executive Officer |