Ragheb Milad
About Ragheb Milad
Dr. Ragheb Milad (age 45) is Chief Academic Officer (CAO) of Legacy Education Inc. (LGCY), a role he has held since June 2021. He previously practiced medicine in Cairo and holds a Medical Degree from Ain Shams University; his operating track record at LGCY emphasizes program development and academic leadership rather than disclosed financial KPIs. The proxy does not disclose individual performance metrics (e.g., TSR, revenue or EBITDA growth) tied to his pay; annual bonuses were determined at the Board’s discretion for FY2025 based on a review of company performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Legacy Education (HDMC) | Director of Academics | 2014–2018 | Developed many of Legacy Education’s existing programs |
| Legacy Education | Corporate Director of Education; Campus President (Lancaster) | 2019–2021 | Led education strategy and campus operations |
| HDMC | Instructor (VN and Ultrasound programs) | 2011–2014 | Instructional delivery in core healthcare programs |
| 3D Diagnostix | Sales Director | 2008–2021 | Commercial leadership in digital dentistry (guided surgery) |
| Private practice (Cairo, Egypt) | Physician | 2008–2011 | Clinical practice; medical training and credentials |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| ITX PROS (digital dentistry) | Co‑founder; Board Member | Since Jul 2021 | Supports dental implant cases |
| St. Athanasius & St. Cyril Theological School | Board Member | Since 2015 | Coptic Orthodox theological school governance |
| Education | Medical Degree, Ain Shams University (Cairo) | — | Faculty of Medicine |
Fixed Compensation
| Metric | FY2024 | FY2025 |
|---|---|---|
| Base Salary ($) | $212,908 | $245,700 |
Notes: Perquisites are not a material component; executives generally do not receive personal reimbursements beyond standard employee policies .
Performance Compensation
Annual Cash Bonus
| Metric | FY2024 | FY2025 | Plan Mechanics |
|---|---|---|---|
| Annual Bonus ($) | $157,500 | $280,000 | Board/Comp Committee discretionary; no specific performance metrics disclosed. Board determined FY2025 bonuses “in its sole discretion” based on review of company performance . |
The proxy does not disclose weighting, targets, or actual performance vs. targets for Milad (e.g., revenue growth, EBITDA, TSR, ESG) .
Equity Awards (Grant and Vesting Details)
| Grant Type | Shares (exercisable / unexercisable) | Exercise Price | Expiration | Vesting Schedule |
|---|---|---|---|---|
| Stock Options | 153,553 / — | $3.74 | 04/01/2034 | Already exercisable as of 6/30/2025 |
| Stock Options | 7,267 / 79,942 | $7.25 | 04/02/2035 | Vest in monthly installments over 3 years beginning 04/02/2025 (service‑based) |
Clawback: The Compensation Committee administers the Company’s clawback policy; details not specified in the proxy .
Equity Ownership & Alignment
Beneficial Ownership (Record Date: Oct 17, 2025)
| Component | Amount | % of Outstanding |
|---|---|---|
| Common Shares (held) | 335 | — |
| Options (exercisable within 60 days) | 175,355 | — |
| Total Beneficial Ownership (SEC definition) | 175,690 | 1.38% |
Additional context:
- As of 6/30/2025, Milad held options that were fully exercisable (153,553 @ $3.74 exp. 4/1/2034) plus a 2025 grant vesting monthly through 4/2/2028 (7,267 exercisable; 79,942 unexercisable at 6/30/2025), creating a rolling vesting schedule that can introduce periodic selling pressure as tranches vest .
- Anti‑hedging: The Company does not currently prohibit hedging transactions by employees, officers, or directors—an alignment risk vs. best practices .
- Pledging: No pledging policy or disclosures identified in the proxy .
- Ownership guidelines: Not disclosed in the proxy .
Insider filings:
- Form 3 (initial beneficial ownership) filed Sept 25, 2024, reflecting an option for 153,553 shares at $3.74 expiring 4/1/2034 .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | No specific employment agreement for Dr. Milad is disclosed in the 2025 proxy or referenced 8‑Ks; CEO and CFO employment terms are summarized, but not Milad’s . |
| Bonus Framework | Board/Comp Committee has discretion to determine annual incentive amounts; no disclosed Milad‑specific targets/metrics or guaranteed minimums . |
| Equity Plan | Awards made under the Amended & Restated 2021 Equity Incentive Plan (options, RSUs, PSUs permitted) . |
| Severance / CIC | Not disclosed for Milad in reviewed filings (CEO/CFO provisions disclosed; Milad’s terms not provided) . |
| Non‑compete / Non‑solicit | Not disclosed for Milad in reviewed filings . |
| Clawback | Administered by Compensation Committee (policy exists; details not specified) . |
Compensation Committee and Governance Context
- Compensation Committee members: Zwade Marshall (Chair), Janis Paulson, Blaine Faulkner (per Board appointments effective Sept 10, 2025) .
- Anti‑hedging policy: None—no prohibition on hedging or offsetting positions by insiders .
Investment Implications
- Pay mix and incentives: Milad’s 2025 pay includes a sizable discretionary cash bonus and significant option grant value; however, the absence of disclosed performance metrics, weightings, and targets limits visibility into pay‑for‑performance rigor and alignment with shareholder returns .
- Potential selling pressure: The April 2025 option grant vests monthly for three years; coupled with the already‑exercisable 153,553 options (exp. 2034), this creates a steady cadence of newly‑vested shares that can add background selling pressure as liquidity windows open .
- Alignment risks: Lack of an anti‑hedging prohibition is a governance red flag that can weaken economic alignment; no pledging restrictions disclosed .
- Skin‑in‑the‑game: Milad beneficially owns ~1.38% (including in‑the‑money and near‑term exercisable options by SEC definition) which offers moderate exposure but relies heavily on options rather than large outright share holdings .
- Retention/transition visibility: No Milad‑specific severance, CIC, or restrictive covenant disclosure—contrast with CFO’s robust protections—creates uncertainty on retention economics and potential turnover costs for the academic function .
Data sources: 2025 DEF 14A (Executive Officers, Executive Compensation, Outstanding Equity Awards, Ownership, Governance), related 8‑Ks on director appointments and executive agreements, and Milad’s Form 3. All values and statements are cited accordingly.