LONG-TERM INCENTIVE PLANS

12 Months Ended

May 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

LONG-TERM INCENTIVE PLANS

NOTE 8 – LONG-TERM INCENTIVE PLANS

The Company had a long-term incentive plan which, by its terms, expired on October 15, 2011 under which future stock option grants were previously issued.  This Plan was administered by the Stock Option Committee of the Board of Directors, which had sole discretion, subject to the terms of the Plan, to determine those employees, including executive officers, eligible to receive awards and the amount and type of such awards.  The Stock Option Committee also had the authority to interpret the Plan and make all other determinations required in the administration thereof.  No options were outstanding on June 1, 2012 and the Plan is no longer in effect.

The Plan provided for the granting of Incentive Stock Options as defined under the Internal Revenue Code.  Under the Plan, grants of incentive stock options were made to selected officers and employees, with a term not exceeding ten years from the issue date and at a price not less than the fair market value of the Company’s stock at the date of grant. The Plan is no longer in effect after October 15, 2011.

Five hundred thousand shares of the Company’s stock were initially reserved for issuance under this Plan.  The following is a summary of transactions:

	2013				2012
			Weighted				Weighted
			Average				Average
			Exercise				Exercise
	Shares		Price		Shares		Price
Outstanding - beginning of year		-	$	-		329,000	$	3.81
Granted		-		-		-		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Expired		-		-		329,000		3.81
Outstanding - end of year		-	$	-		-	$	-

All options granted under this plan expired on October 15, 2011.