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AstroNova, Inc. (NASDAQ:ALOT), a $86 million market cap technology company with annual revenues of $156 million, disclosed Monday that it has entered into a letter agreement with Darius G. Nevin, who was appointed interim president and chief executive officer on June 29. According to InvestingPro data, the company currently maintains a FAIR financial health score, though it faces profitability challenges. The agreement, signed July 23, outlines the terms of Nevin’s at-will employment with the company.
Under the agreement, Nevin will receive an annual base salary of $260,000. He has also been granted an option to purchase 30,000 shares of AstroNova’s common stock. The option will vest in increments of 5,000 shares each month from July through December 2025, provided Nevin remains employed or serves as a director on each vesting date. If Nevin’s employment ends for reasons other than cause, he will have up to one year to exercise any vested options.
The agreement includes reimbursement for reasonable travel-related expenses, including travel between Miami and Rhode Island. If any such reimbursements are treated as taxable income, AstroNova will provide a tax gross-up to ensure Nevin receives the same after-tax amount as if no such tax liability had arisen. Nevin is also eligible to participate in the company’s employee benefit plans.
The company stated that the description of the agreement is qualified in its entirety by reference to the full text of the letter agreement, which was included as an exhibit to the filing.
This information is based on a statement made in a press release and an 8-K filing with the Securities and Exchange Commission.
In other recent news, AstroNova Inc. reported a 14.4% increase in revenue for the first quarter of fiscal year 2026, totaling $37.7 million. Despite this revenue growth, the company posted a net loss of $400,000, equating to a loss of $0.05 per share. The company also finalized a separation agreement with former CEO Gregory Woods, who officially left his position on July 16. Under the agreement, Woods will receive half of his base salary and vehicle allowance for a year, with certain stock units continuing to vest.
AstroNova’s board of directors rejected a settlement proposal from activist investor Samir (CSE:SAM) Patel, who is seeking board control through a proxy contest. Additionally, the company amended its Senior Executive Short-Term Incentive Plan to correct errors in performance metric definitions. This includes adjustments to operating cash flow metrics and the granting of Stock-Settled Performance Awards under its 2018 Equity Incentive Plan. These developments reflect AstroNova’s ongoing strategic initiatives and corporate governance activities.
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