Espey Manufacturing & Electronics Corporation has entered into a new Employment Agreement with its President and CEO, David A. O'Neil, effective from July 1, 2025, through June 30, 2028. The agreement sets Mr. O'Neil's base salary at $400,000, subject to annual review without reductions. Additionally, he is eligible for an annual performance-based cash bonus, capped at $250,000. The bonus consists of three components: a discretionary portion up to 50% of his base salary, a sales and backlog growth-based component capped at $125,000, and an operating income-based component also capped at $125,000. In case of termination without cause or voluntary termination for "good reason," Mr. O'Neil will receive severance pay equal to nine months of his base salary, which extends to 18 months if his departure is linked to a "change of control."
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Espey Manufacturing & Electronics Corporation published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001174947-25-001188), on September 09, 2025, and is solely responsible for the information contained therein.
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