Repurchase Program

On October 14, 2024, the Board of Directors authorized an increase in the Company's stock repurchase program of up to $2,000,000 of its outstanding common stock. Purchases under the program may be made through the open market or privately negotiated transactions as determined by the Company’s management, and in accordance with the requirements of the Securities and Exchange Commission. The timing and actual number of shares repurchased will depend on variety of factors including price, corporate and regulatory requirements and other conditions.

The company did not repurchase any shares under the stock repurchase program during the three months ended May 31, 2026 and 2025.

Stock Options and Grants

Under the terms of the updated employment agreement with Mr. Matson effective as of August 13, 2025, Mr. Matson was given the right to purchase up to 50,000 shares of Company common stock for $14.50 per share within 90 days after the effective date of the new employment agreement.  In addition, during the initial term of the updated employment agreement, which has a three-year term through August 2028, Mr. Matson has the ability to purchase 5,000 shares within 30 days after the end of each quarter, as long as he fulfills the service requirement to work through the last day of each quarter, based on the weighted average share price during the quarter. These shares are issued from treasury shares and are not through the Company's 2019 Stock Incentive Plan. Mr. Matson did not elect to purchase the 5,000 shares available under his employment agreement for the quarter ending May 31, 2026.  

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