Global Clean Energy Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS AND WARRANTS (Tables)

3 Months Ended

Mar. 31, 2021

A summary of the option award activity in 2021 and awards outstanding at March 31, 2021 is as follows:

						Weighted
				Weighted		Average
	Shares			Average		Remaining		Aggregate
	Under			Exercise		Contractual		Intrinsic
	Option			Price		Life (Years)		Value

Outstanding at December 31, 2020		19,230,214			0.16		3.9	$	30,044,649

Granted		140,500			5.92
Exercised		—			—
Forfeited		(100,000	)		0.41				—
Expired		—			—				—

Outstanding at March 31, 2021		19,270,714			2.56		2.8	$	116,514,943

Vested and exercisable at March 31, 2021		18,123,095			1.97		2.7	$	110,605,999

The following table illustrates the assumptions used in estimating the fair value of options granted during the periods presented:

	Three months ended March 31, 2021
Expected Term (in Years)		2 to 5
Volatility		85	%
Risk Free Rate		1.4	%
Dividend Yield		0	%
Suboptimal Exercise Factor (1)		1.3
Exit Rate Pre-vesting (2)		0	%
Exit Rate Post-vesting (3)		0	%
Aggregate Grant Date Fair Value	$	470,630

(1)	The suboptimal exercise factor estimates the value realized by the holder upon exercise of the option and the estimated point at which an option holder would exercise an in-the-money option. The Company estimated the suboptimal factor based on the holder realizing a pre-tax profit of $500,000.

(2)	Assumed forfeiture rate for market condition option awards prior to vesting.

(3)	Assumed expiration or forfeiture rate for market condition option awards after vesting.