Stock Award Plan

9 Months Ended

Apr. 30, 2016

11.	Stock Award Plan

EEI adopted the 1998 Stock Award Plan effective March 16, 1998. This plan, together with supplemental plans that were adopted during fiscal years 2004, 2008 and 2012, is referred to as the “Award Plan”. The Award Plan permits grants of stock awards for a period of five (5) years from the date of adoption by the Board of Directors. The Award Plan is not a qualified plan under Section 401(a) of the Internal Revenue Code.

In October 2013, the Company awarded 16,387 Class A shares valued at $0.2 million from the Award Plan, which have a three year vesting period and will be fully vested in August 2016. The Company recorded non-cash compensation expense of less than $0.1 million during the nine months ended April 30, 2016 and May 2, 2015 in connection with outstanding stock compensation awards. Total unearned compensation costs related to outstanding stock awards were less than $0.1 million at April 30, 2016. The "pool" of excess tax benefits accumulated in Capital in Excess of Par Value was $0 at April 30, 2016 and $0.1 million at July 31, 2015.

In September 2015, the Company issued 4,533 Class A shares valued at less than $0.1 million to three directors as additional compensation for their roles as Chairman and members of the Company’s Audit Committee. These stock awards vested immediately upon issuance, subject to certain restrictions regarding transfer of the shares that will expire no later than August 1, 2016.