Quarterly report pursuant to Section 13 or 15(d)

2017 STOCK INCENTIVE PLAN

2017 STOCK INCENTIVE PLAN

9 Months Ended

Jul. 31, 2023

2017 STOCK INCENTIVE PLAN

NOTE 13 – 2017 STOCK INCENTIVE PLAN

2017 Stock Incentive Plan

On December 6, 2017, the Board of Directors adopted the 2017 Stock Incentive Plan (the “2017 Plan”). The purpose of the Plan is to advance the interests of the Company and its stockholders by enabling the Company and its subsidiaries to attract and retain qualified individuals through opportunities for equity participation in the Company, and to reward those individuals who contribute to the Company’s achievement of its economic objectives. The Plan was adopted subject to stockholders’ approval and was approved by Stockholders at the Company’s Annual General Meeting held on July 24, 2018.

The maximum number of shares of Common Stock available for issuance under the 2017 Plan is 913,612 shares. The shares available for issuance under the 2017 Plan may, at the election of the Compensation Committee, be either treasury shares or shares authorized but unissued, and, if treasury shares are used, all references in the 2017 Plan to the issuance of shares will, for corporate law purposes, be deemed to mean the transfer of shares from treasury.

During the nine month period ended July 31, 2023, the following transactions were completed under the 2017 Plan:

Restricted Stock Awards		The Company granted 54,046 restricted stock awards to eligible individuals.
Options		146,168 options vested in accordance with the agreed vesting schedule.
Options Exercised		199,496 options were exercised on a cashless basis resulting in the Company issuing 92,275 shares.
Restricted Stock Awards		108,568 restricted stock grants vested in accordance with the agreed vesting schedule.
Options Forfeited		3,000 options were forfeited under the terms of the award.
Restricted Stock Awards Forfeited		11,506 restricted stock awards were forfeited under the terms of the award.

As of July 31, 2023, there were 370,682 shares available for issuance under the 2017 Plan.

The total stock compensation expense during the nine months ended July 31, 2023 was $488,764.

During the nine month period ended July 31, 2022, the following transactions were completed under the 2017 Plan:

Restricted Stock Awards		The Company granted 64,887 restricted stock awards to eligible individuals.
Options		177,333 options vested in accordance with the agreed vesting schedule.
Options Exercised		3,333 options were exercised on a cashless basis resulting in the Company issuing 1,107 shares.

The total stock compensation expense during the nine-months ended July 31, 2022 was $975,847.

2021 Stock Incentive Plan

On July 12, 2021, the Board of Directors adopted the 2021 Stock Incentive Plan (the “2021 Plan”). The 2021 Plan was approved by the Company’s stockholders at its Annual General Meeting held on September 14, 2021. The 2021 Plan is identical to the 2017 Plan in all material respects, except that the number of shares available for issuance thereunder is 1,000,000.

As of July 31, 2023, there were a total of 1,370,682 shares available for issuance under the 2017 Plan and 2021 Plan.