Equity

3 Months Ended

Oct. 31, 2023

Equity:

Equity

Note 12—Equity

2024 Equity Incentive Plan

On October 26, 2023, the Company’s Board of Directors adopted the Company’s 2024 Equity Incentive Plan (the “2024 Plan”), which is intended to provide incentives to officers, employees, directors, and consultants of the Company, including stock options, stock appreciation rights, deferred stock units (“DSUs”), and restricted stock. The number of shares of the Company’s Class B common stock available for the grant of awards under the 2024 Plan will be 250,000 shares. The 2024 Plan is subject to approval by the Company’s stockholders at its annual meeting of stockholders on December 13, 2023. The Company’s current equity incentive plan, the 2015 Stock Option and Incentive Plan (the “2015 Plan”), is scheduled to expire on September 16, 2024.

2015 Stock Option and Incentive Plan

On October 11, 2023, the Company’s Board of Directors amended the Company’s 2015 Plan to increase the number of shares of the Company’s Class B common stock available for the grant of awards thereunder by an additional 250,000 shares. The amendment is subject to approval by the Company’s stockholders at its annual meeting of stockholders on December 13, 2023.

In the three months ended October 31, 2023, the Company received cash from the exercise of stock options of $0.2 million for which the Company issued 12,500 shares of its Class B common stock. There were no stock option exercises in the three months ended October 31, 2022.

Stock Repurchases

The Company has an existing stock repurchase program authorized by its Board of Directors for the repurchase of shares of the Company’s Class B common stock. The Board of Directors authorized the repurchase of up to 8.0 million shares in the aggregate. In the three months ended October 31, 2023, the Company repurchased 125,470 shares of its Class B common stock for an aggregate purchase price of $2.8 million. In the three months ended October 31, 2022, the Company repurchased 203,436 shares of its Class B common stock for an aggregate purchase price of $5.0 million. At October 31, 2023, 4.6 million shares remained available for repurchase under the stock repurchase program.

In the three months ended October 31, 2023 and 2022, the Company paid $15,000 and $0.3 million, respectively, to repurchase 654 and 13,403 shares, respectively, of the Company’s Class B common stock that were tendered by employees of the Company to satisfy the employees’ tax withholding obligations in connection with the vesting of DSUs, the lapsing of restrictions on restricted stock, and shares issued for bonus payments. Such shares were repurchased by the Company based on their fair market value as of the close of business on the trading day immediately prior to the vesting date.