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Defined Contribution Plan
12 Months Ended
Jul. 31, 2017
Defined Contribution Plan [Abstract]  
Defined Contribution Plan

Note 14—Defined Contribution Plan

 

In September 2016, the Company adopted a 401(k) Plan, effective August 1, 2016, available to all employees meeting certain eligibility criteria. The Plan permits participants to elect pre-tax or after tax salary deferrals that will be contributed to the Plan, not to exceed the limits established by the Internal Revenue Code. The Plan provides for enhanced safe harbor employer matching contributions. All contributions made by participants and safe harbor matching contributions by the Company will be fully vested. The Company’s Class A common stock and Class B common stock are not investment options for elective deferrals by the Plan’s participants. However, matching contributions may be made in shares of the Company.

 

In fiscal 2017, the Company’s cost for contributions to the Plan was $19,000. In fiscal 2017, the Company contributed 5,500 shares of the Company’s Class B common stock to the Plan for matching contributions.