17. Equity Plan; Share Repurchase Program

Equity Incentive Plan

During 2015, the Company’s board of directors and stockholders approved the Company’s 2015 Equity Incentive Plan (the “Plan”). During December 2020, the Company’s stockholders approved an amendment to the Plan to increase the number of shares of the Company’s common stock authorized for issuance pursuant to awards granted under the Plan from 1,500,000 shares to 3,000,000 shares. During December 2024, the Company’s stockholders approved an amendment to the Plan to, among other things, further increase the number of shares of the Company’s common stock authorized for issuance pursuant to awards granted under the Plan to 3,500,000 shares. Pursuant to the terms of the 2015 Plan, as of November 13, 2025, the tenth anniversary of the effective date of the 2015 Plan, no further awards may be granted under the 2015 Plan.

In December 2025, the Company’s stockholders approved the Company’s 2025 Equity Incentive Plan (the “2025 Plan” and, together with the 2015 Plan, the "Plans"). The terms of the 2025 Plan are substantially similar to the terms of the 2015 Plan, providing for a broad array of awards, including stock awards, restricted stock awards, restricted stock units, stock options, stock appreciation rights, performance awards, and other awards, including cash awards. A total of 3,000,000 shares of the Company's common stock are authorized for issuance pursuant to awards granted under the 2025 Plan.

The fair value of awards granted under the Plans is expensed on a straight-line basis over the vesting period of the awards. Share-based compensation expense is included in selling, general and administrative expenses in the Company’s consolidated statements of operations. Non-cash share-based compensation expense under the Plans totaled $5.3 million and $4.6 million for fiscal 2026 and fiscal 2025, respectively.

During fiscal 2026, restricted stock awards of a total of 182,493 shares and a total of 96,960 restricted stock units were granted under the Plans. A portion of the restricted stock awards granted during fiscal 2026 is scheduled to vest ratably over four years and the remainder is scheduled to vest in 10 years from the date of grant. The total grant date fair value, determined by using the closing stock price on the date of grant, of such restricted stock awards was $5.1 million. A portion of the restricted stock units granted during fiscal 2026 is scheduled to vest ratably over four years and the remainder is scheduled to vest in 4 to 29 years from the date of grant. The total grant date fair value of such restricted stock units was $2.8 million.

During fiscal 2025, restricted stock awards of a total of 263,974 shares and 139,122 restricted stock units were granted under the 2015 Plan. A portion of the restricted stock awards granted during fiscal 2025 is scheduled to vest ratably over four years and the remainder is scheduled to vest in 10 years from the date of grant. The total grant date fair value, determined by using the closing stock price on the date of grant, of such restricted stock awards was $4.2 million. A portion of the restricted stock units granted during fiscal 2025 is scheduled to vest ratably over four years and the remainder is scheduled to vest in 4 to 19 years from the date of grant. The total grant date fair value of such restricted stock units was $2.6 million.

During fiscal 2026, 112,299 shares of restricted stock awards and 45,372 restricted stock units vested and 54,208 shares of common stock with an aggregate fair market value of $1.5 million were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of such restricted stock.

During fiscal 2025, 73,277 shares of restricted stock awards and 35,009 restricted stock units vested and 37,207 shares of common stock with an aggregate fair market value of $0.7 million were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of such restricted stock.

As of June 30, 2026, the Company had $24.3 million and $11.8 million of total unrecognized compensation expense related to non-vested restricted stock awards and restricted stock units, respectively, which is expected to be recognized over the weighted-average period of 10.9 years and 9.0 years, respectively.

The following is a summary of non-vested restricted stock activity as of, and for the fiscal year ended, June 30, 2026:

Employee Stock Purchase Plan

During 2017, the Company’s stockholders approved the Company’s 2017 Employee Stock Purchase Plan (the “ESPP”). Subject to the terms and conditions thereof, the ESPP allows eligible employees the opportunity to purchase shares of the Company’s common stock at a 5% discount. The ESPP provides for six-month offering periods ending on December 31 and June 30 of each year. During fiscal 2026, 10,240 shares of common stock were purchased under the ESPP for which the Company received net proceeds of $177,000. During fiscal 2025, 6,927 shares of common stock were purchased under the ESPP for which the Company received net proceeds of $124,000.