STOCK APPRECIATION RIGHTS (Tables)

12 Months Ended

Apr. 30, 2015

STOCK APPRECIATION RIGHTS

Schedule of SARS vesting

Number of Years the Grantee has remained	Shares represented
a Torotel director following the Date of	by a SAR in which
Grant	a Grantee is Vested
Under one	—	%
At least one but less than two	33	%
At least two but less than three	67	%
Three or more	100	%

Summary of SARS transactions for the period

	2014
		Weighted
	SARs	Average
	Under	Grant
	Option	Price
Outstanding at beginning of year	320,000	$	0.409
Granted	40,000	$	0.410
Exercised	(280,000)	$	0.410
Terminated	(80,000)	$	0.387
Outstanding at end of year	—	$	—
SARs exercisable at end of year	—	$	—
Weighted average fair value of SARs granted during the year		$	0.410