Espey Mfg. & Electronics Corp. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On September 8, 2025 the Company entered a new Employment Agreement with David A. O’Neil, its President and Chief Executive Officer. The Employment Agreement is effective as of July 1, 2025 and has a term through June 30, 2028.
The Agreement replaces Mr. O’Neil’s Employment Agreement dated June 6, 2024.
The new Employment Agreement provides for a base salary of $400,000 effective July 1, 2025, which is subject to annual review (but with no decrease) by the Board.
In addition, Mr. O’Neil is entitled to an annual performance-based cash bonus comprised of three components, with the maximum amount payable not to exceed $250,000. This is unchanged from the prior agreement. The first component is purely discretionary based upon an annual performance assessment and may not exceed 50% of the base salary. The second component is based on the increase in combined sales plus backlog over the average of the prior three fiscal years, times 0.5% (one half of one percent), and may not exceed $125,000. The third component is based on operating income as a percentage of net sales, and may not exceed $125,000.
If Mr. O’Neil is terminated without cause, or if he voluntarily terminates his employment for “good reason”, he is entitled to severance pay equal to nine months of his base salary. If he voluntarily terminates his employment incidental to a “change of control”, he is entitled to severance pay equal to 18 months of his base salary.
ITEM 9.01 Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
| Exhibit No. | Document | |
| 10.13 | Employment Agreement dated September 8, 2025 with David A. O’Neil |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: September 9, 2025 | ESPEY MFG. & ELECTRONICS CORP. | |
| By: | /s/ Kaitlyn O’Neil | |
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Kaitlyn O’Neil Principal Financial Officer
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