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Award Timing Disclosure
12 Months Ended
Jul. 31, 2025
Awards Close in Time to MNPI Disclosures [Table]  
Award Timing MNPI Disclosure

Narrative Disclosure on the Timing of Stock-Based Awards

 

The Company’s policy is to grant stock-based awards, including stock options, in a manner designed to align the interests of its executives, employees and consultants with those of our stockholders and to avoid the appearance or actuality of granting awards based on the possession of material nonpublic information.

 

Timing of Awards

 

Our Board of Directors has delegated authority to the Compensation Committee (the “Committee”) to approve all equity-based awards under our equity incentive plans. The Committee typically approves annual grants of stock options and other stock-based awards at the board meeting following the annual stockholder meeting. This schedule is intended to ensure that all material information about our performance has been publicly disclosed prior to the determination of award levels and grant dates.

 

In addition to the annual grants, the Committee may approve grants at other times during the year for new hires, promotions, consultants or other special incentive compensation. Such off-cycle grants are made upon Committee approval and grant dates are not coordinated with the release of earnings or other material announcements.

 

Consideration of Material Nonpublic Information

 

In determining the timing and terms of stock-based awards, the Committee ensures that any material nonpublic information regarding the Company’s financial condition, operating results, or prospective developments has been publicly disclosed prior to establishing award levels and grant dates. The Committee does not accelerate or delay the public release of material information in anticipation of, or following, the grant of stock-based awards.

 

Our insider trading policy prohibits directors, officers, employees, consultants and independent contractors from engaging in transactions involving our securities, including the grant, exercise, or sale of equity awards, while in possession of material nonpublic information. In addition, all stock-based awards are granted during open trading windows or on dates pre-approved by the Committee.

 

Disclosure Timing and Compensation Value

 

We do not time the release of material nonpublic information for the purpose of affecting the value of executive compensation or influencing the terms of stock-based awards The exercise price of all stock options, which is the date the Committee approves the grant, is determined based on the closing market price of our common stock on the grant date or above the market price based on contractual agreements. Accordingly, the Committee believes that the timing of stock-based awards does not advantage or disadvantage recipients relative to the disclosure of material nonpublic information.

 

The Board and Committee believe that these practices reflect sound governance and align with stockholder interests by ensuring that stock-based awards are granted transparently, and without regard to the timing of our disclosure of material nonpublic information.

 

Grants of Plan-Based Awards

 

No plan-based awards were granted to our officers during 2025.

Award Timing MNPI Considered true
Award Timing, How MNPI Considered In determining the timing and terms of stock-based awards, the Committee ensures that any material nonpublic information regarding the Company’s financial condition, operating results, or prospective developments has been publicly disclosed prior to establishing award levels and grant dates. The Committee does not accelerate or delay the public release of material information in anticipation of, or following, the grant of stock-based awards.