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Subsequent Events
6 Months Ended
Oct. 23, 2015
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
On November 14, 2015, the Company entered into an employment agreement with Saed Mohseni. Mr. Mohseni will serve as the Company’s President and Chief Executive Officer, with a start date effective January 1, 2016. Mr. Mohseni is also expected to be appointed to the Company’s Board of Directors effective January 1, 2016. The three year employment agreement with Mr. Mohseni will expire on December 31, 2018. The initial three-year term will be automatically extended unless either Mr. Mohseni or the Company gives notice of non-extension.
On November 19, 2015, the Board of Directors approved an additional $100,000 share repurchase program. The program authorizes the Company to repurchase its outstanding common stock pursuant to plans approved by the Board under SEC Rules 10b-18 and 10b5-1, and in the open market or through privately negotiated transactions. The share repurchase authorization expires on December 31, 2016.
On November 19, 2015, the Board of Directors approved a quarterly cash dividend of $0.34 per share, payable on December 14, 2015, to shareholders of record at the close of business on November 30, 2015.