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Note 11: Employee Benefits: 2017 Omnibus Incentive Plan Policy (Policies) | 12 Months Ended
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Jun. 30, 2018
Policies |
2017 Omnibus Incentive Plan Policy | 2017 Omnibus Incentive Plan. The Company adopted an equity-based incentive plan in October 2017 (the 2017 Plan). Under the 2017 plan, the Company reserved for issuance 500,000 shares of common stock for awards to employees and directors, against which full value awards (stock-based awards other than stock options and stock appreciation rights) are to be counted on a 2.5-for-1 basis. The 2017 Plan authorized awards to be made to employees, officers, and directors by a committee of outside directors. The committee held the power to set vesting requirements for each award under the 2017 Plan. Under the 2017 Plan, stock awards and exercised options may be issued from either authorized but unissued shares, or treasury shares. Under the 2017 Plan, options to purchase 13,500 shares have been issued to employees, of which none have been exercised or forfeited, and 13,500 remain outstanding. Under the 2017 Plan, exercised options may be issued from either authorized but unissued shares, or treasury shares. As of June 30, 2018, there was $123,000 in remaining unrecognized compensation expense related to nonvested stock options under the 2017 Plan, which will be recognized over the remaining weighted average vesting period. The aggregate intrinsic value of stock options outstanding at June 30, 2018, was $23,000, and no stock options under the 2017 Plan were exercisable at June 30, 2018. During fiscal 2018 no options to purchase shares vested or were exercised. Full value awards totaling 22,000 shares were issued to employees and directors in fiscal 2018. All full value were in the form of either restricted stock vesting at the rate of 20% of such shares per year, or performance-based restricted stock vesting at up to of 20% of such shares per year, contingent on the achievement of specified profitability targets over a three-year period. No full value awards vested in fiscal 2018. Compensation expense, in the amount of the fair market value of the common stock at the date of grant, is recognized pro-rata over the five years during which the shares vest. Compensation expense for full value awards under the 2017 Plan for fiscal 2018 was $60,000. At June 30, 2018, unvested compensation expense related to full value awards under the 2017 Plan was approximately $713,000.

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