STOCK-BASED COMPENSATION

9 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Note 4.STOCK-BASED COMPENSATION

 The Company has agreements with a number of employees to issue stock grants vesting over 3-10 year terms. The vested portions of these grants are to be paid on each anniversary of the grant dates.  Total shares under these agreements vesting and payable annually to employees are approximately 236,600.  The stock grant agreements were dated effective between July 1, 2008 and March 14, 2012.