one year. Options granted under the 2018 Plan must be issued at an exercise price of not less than the fair market value of our common stock on the date of grant and expire after ten years. Under the 2018 Plan, there were 452,361 unvested RSUs; 103 unvested PSUs; and options to purchase an aggregate of 146,500 shares outstanding as of April 30, 2026.

In addition to the 2018 Plan, we previously granted equity awards under our 2015 Equity Incentive Plan (the “2015 Plan”) and our 2007 Equity Incentive Plan (the “2007 Plan”). No new awards may be issued under either the 2007 Plan or 2015 Plan, but outstanding awards will continue to be governed by those plans. As of April 30, 2026, options to purchase an aggregate of 65,349 shares were outstanding under the 2007 Plan and options to purchase an aggregate of 52,000 shares were outstanding under the 2015 Plan.

We also have a Non-Employee Director Annual Compensation Program (the “Program”) under which each non-employee director receives an automatic grant of RSAs on the date of the regular full meeting of the Board of Directors held each fiscal quarter. Under the Program, the number of whole shares to be granted each quarter is equal to 25% of the number calculated by dividing the director’s annual compensation amount by the fair market value of our stock on such day. The director’s annual compensation amount for RSAs is $72,800. Beginning in the second quarter of fiscal 2026, the Board of Directors elected to receive their annual cash compensation entirely in stock, issued as RSAs based on the closing stock price at each quarterly meeting. The amount of annual cash compensation varies by director based on the positions held on the Board. All RSAs granted under the Program vest immediately.

Stock Options

There were no stock options granted during the first three months of fiscal 2026 or 2027, and as of April 30, 2026, there was no unrecognized compensation expense related to stock options.

Restricted Stock Units (RSUs), Performance-Based Stock Units (PSUs) and Restricted Stock Awards (RSAs)

As of April 30, 2026, there was approximately $3.9 million of unrecognized compensation expense related to RSUs, PSUs and RSAs, which is expected to be recognized over a weighted average period of 2.3 years.

Long-Term Incentive Program

In June 2025 and February 2026, the Human Capital and Compensation Committee of our Board of Directors approved the 2026 and 2027 Senior Executive Long-Term Incentive Programs (the “2026 LTIP” and “2027 LTIP,” respectively, and collectively, the “2026 and 2027 LTIPs”). Each program provides for the grant of stock-settled performance awards (“SSPAs”) to senior executives with a fixed grant-date value. The SSPAs will be settled in a variable number of shares of common stock or in cash, at the Company's election, based on the achievement of specified Company performance goals for fiscal 2028 under the 2026 LTIP and fiscal 2029 under the 2027 LTIP, with settlement occurring subsequent to the respective performance periods. Any shares issued under these programs will be issued pursuant to the Company’s 2018 Equity Incentive Plan.

We record share-based compensation expense related to the 2026 and 2027 LTIPs over the service period of eligible employees based on forecasted performance relative to the Company metrics. To the extent that updated estimates differ from original estimates, the cumulative effect on current and prior periods of those changes is recorded in the period those estimates are revised.

At January 31, 2026, we recognized a $241,000 accrued liability for the 2026 LTIP. For the three months ended April 30, 2026, we recorded a $175,000 share-based compensation benefit under the 2026 and 2027 LTIPs, based on adjustments to expected performance relative to the Company’s target metrics. An accrued liability for the 2026 and 2027 LITPs of $66,000 is reported as other long-term liabilities in the accompanying condensed consolidated balance sheet for the period ended April 30, 2026.