Espey Mfg. signs new CEO contract with David O'Neil; base $400K, bonus up to $250K

ESPEY MFG & ELECTRONICS CORP

Employment agreement effective July 1, 2025 through June 30, 2028, replacing prior June 2024 agreement.
Base salary of $400,000 annually, subject to annual review but no decrease.
Performance-based cash bonus max of $250,000 (unchanged from prior agreement).
Severance: 9 months base salary if terminated without cause or for good reason; 18 months if tied to change of control.
Noncompete for 12 months post-termination; 9 months if without cause, 18 months if change of control.

item 5.02item 9.01

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