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Defined Contribution Plan
9 Months Ended
Apr. 30, 2020
Retirement Benefits [Abstract]  
Defined Contribution Plan

Note 17—Defined Contribution Plan

 

The Company maintains a 401(k) Plan available to all employees meeting certain eligibility criteria. The Plan permits participants to contribute up to 20% of their salary, not to exceed the limits established by the Internal Revenue Code. The Plan provides for discretionary matching contributions of 50%, up to the first 6% of compensation. The discretionary matching contributions vest over the first five years of employment. The Plan permits the discretionary matching contributions to be granted as of December 31 of each year. All contributions made by participants vest immediately into the participant's account. On April 23, 2020, the Company paid cash of $1.0 million for calendar year 2019 matching contributions.