LONG-TERM INCENTIVE PLANS

12 Months Ended

May. 29, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

NOTE 9 – LONG-TERM INCENTIVE PLANS

The Company has a long-term incentive plan currently in effect under which stock option grants may be issued. A total of 310,000 stock options were granted to key employees on April 9, 2015. This Plan (the 2014 Plan) is administered by the Stock Option Committee of the Board of Directors, which has 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 has the authority to interpret the Plan and make all other determinations required in the administration thereof. All options outstanding at the end of 2015 are not exercisable until April 9, 2016.

The 2014 Plan provides, for, among other things, the granting of Incentive Stock Options as defined under the Internal Revenue Code. Under the Plan, grants of incentive stock options may be 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. 310,000 stock option awards were granted under the 2015 Plan for the year ended May 29, 2015.

Seven hundred fifty thousand shares of the Company’s stock were authorized for issuance under this Plan. The following is a summary of transactions:

	2015				2014
			Weighted				Weighted
			Average				Average
			Exercise				Exercise
	Shares		Price		Shares		Price
Outstanding - beginning of year		-	$	-		-	$	-
Granted		310,000		3.84		-		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Cancelled		-		-		-		-

Outstanding - end of year		310,000	$	3.84		-	$	-

440,000 shares remain under this plan for future issuance.