7. Stock Based Compensation

The Company has established a 2009 Incentive Stock Plan. The Employee Plan provides for the granting of options to the Company’s executive officers and key employees to purchase shares of common stock at prices equal to the fair market value of the stock on the date of grant. Options to purchase up to 300,000 shares of common stock may be granted under the Employee Plan. Options generally become exercisable ratably over a four year period or one-fourth of the shares covered thereby on each anniversary of the date of grant, commencing on the first or second anniversary of the date granted. The right to exercise the options generally expires in ten years from the date of grant, or earlier if an option holder ceases to be employed by the Company.

In addition, the Company has established a 2005 Directors Non-Qualified Stock Option Plan and a 2013 Incentive Plan for Non-Employee Directors (collectively the “Directors Plans”). The Directors Plans provide for the granting of options to the Company’s directors who are not employees of the Company to purchase shares of common stock at prices equal to the fair market value of the stock on the date of grant. Options to purchase up to 75,000 shares of common stock may be granted under the Directors Plans. Options shall become exercisable with respect to one-fourth of the shares covered thereby on each anniversary of the date of grant, commencing on the second anniversary of the date granted, except for certain options which become exercisable with respect to all of the shares covered thereby one year after the grant date. The right to exercise the options expires in ten years from the date of grant, or earlier if an option holder ceases to be a director of the Company.

Upon stock-settled compensation exercises and awards, the Company issues new shares of common stock.

A summary of stock option transactions in fiscal 2018, 2019 and 2020, respectively, pursuant to the Employee Plans and the Directors Plans is as follows:


				Weighted
				Average
		Weighted		Remaining	Aggregate
		Average		Contractual	Intrinsic
	Shares	Exercise Price		Term (years)	Value

June 30, 2017	45,000	$	6.67
Options Granted	3,000	$	2.22
Options Exercised	0	$	0.00
Options Forfeited or Expired	(3,000)	$	13.46
June 30, 2018	45,000	$	5.92	4.3	$	—

Options Granted	3,000	$	2.13
Options Exercised	0	$	0.00
Options Forfeited or Expired	(3,000)	$	8.10
June 30, 2019	45,000	$	5.52	4.0	$	—

Options Granted	7,500	$	1.20
Options Exercised	0	$	0.00
Options Forfeited or Expired	(9,750)	$	6.00
June 30, 2020	42,750	$	4.65	4.1	$	304,768
Exercisable at June 30, 2020	35,250	$	5.38	3.0	$	225,443

The following table provides additional information for options outstanding and exercisable at June 30, 2020:

Options Outstanding


		Weighted Average	Weighted Average
Range of Exercise Prices	Number	Remaining Life	Exercise Price

$1.17 - 6.99	23,250	6.7 years	$	2.51
$7.00	15,000	1.2 years	$	7.00
$7.01 - 10.08	4,500	0.9 years	$	7.89

$1.17 - 10.08	42,750	4.1 years	$	4.65

Options Exercisable


		Weighted Average
Range of Exercise Prices	Number	Exercise Price

$1.17 - 6.99	15,750	$	3.13
$7.00	15,000	$	7.00
$7.01 -10.08	4,500	$	7.89

$1.17 - 10.08	35,250	$	5.38

See Note 2 for discussion of accounting for stock awards and related fair value disclosures.