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Subsequent Events
12 Months Ended
May. 31, 2015
Subsequent Events
Subsequent Events
On June 12, 2015, our Board of Directors declared a quarterly cash dividend of $0.125 per common share. The dividend was paid on July 10, 2015 to shareholders of record as of June 22, 2015.
On July 16, 2015, Craig Jones, our Chief Financial Officer, submitted his resignation to our Board of Directors effective on August 31, 2015. The Board of Directors determined at its meeting on July 16, 2015 that, notwithstanding Mr. Jones’ voluntary resignation, the company will pay Mr. Jones the severance benefits specified in his employment agreement in accordance with the terms and conditions of that agreement. The severance benefits include: a payment in the amount of Mr. Jones’ annual base salary of $251,825, which will be paid in one lump sum on the 60th day after Mr. Jones’ resignation is effective; a share of the current year bonus pool payable in a lump sum when we pay our other bonuses, which share will be calculated as (a) the total amount of the current year executive bonus pool, times (b) the percentage of last year’s total executive bonus pool that Mr. Jones received, times (c) the percentage of the current year that elapsed at the time the resignation is effective; and reimbursement for COBRA coverage for COBRA payments made by Mr. Jones during the 12 month period after the effective date of Mr. Jones’ resignation.