Note 16—Defined Contribution Plan

In September 2016, the Company adopted a 401(k) Plan, effective August 1, 2016, available to all employees based in the United States meeting certain eligibility criteria. The 401(k) Plan permits participants to elect pre-tax or after-tax salary deferrals that will be contributed to the 401(k) Plan, not to exceed the limits established by the Internal Revenue Code. The 401(k) Plan provides for enhanced safe harbor employer matching contributions. All contributions made by participants and safe harbor matching contributions by the Company will be fully vested. The Company’s Class B common stock is not an investment option for elective deferrals by the 401(k) Plan’s participants. However, matching contributions may be made in shares of Class B common stock of the Company.

The Company’s cost for matching contributions to the 401(k) Plan were $53,000 and $52,000 for the fiscal years ended July 31, 2026 and 2025, respectively. In lieu of making cash contributions, the Company opted to contribute 14,268 shares and 20,225 shares of the Company’s Class B common stock to the 401(k) Plan for fiscal 2026 and fiscal 2025, respectively.