Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plan

v3.5.0.2
Employee Benefit Plan
12 Months Ended
May 31, 2016
Employee Benefit Plan

Note 11—Employee Benefit Plan

The Company has an employee savings plan (the “Plan”) pursuant to Section 401(k) of the Internal Revenue Code (the “Code”), covering all of its employees. The Company makes a qualified non-elective contribution of 3%, which consequently vests immediately. In addition, participants in the Plan may contribute a percentage of their compensation, but not in excess of the maximum allowed under the Code. The Company incurred expenses for qualified non-elective contributions of approximately $25,400 and $22,000 for the years ended May 31, 2015 and 2016, respectively,