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Espey Mfg & Electronics Corp. (NYSE American:ESP), a company specializing in electronic components, has entered into new employment agreements with two of its key executives, as disclosed in a recent SEC filing. On Monday, the company finalized contracts with Jennifer Pickering, the Chief Human Resources Officer and Corporate Secretary, and Kaitlyn O’Neil, the Principal Financial (NASDAQ:PFG) Officer and Treasurer.
The agreements, effective as of March 7, 2025, include provisions for automatic annual renewal, barring a notice of non-renewal from either party at least 60 days prior to the renewal date. The contracts outline the responsibilities, workplace location, and compensation for both executives. Additionally, the agreements contain clauses ensuring severance pay equivalent to nine months of their base salaries should they be terminated without cause or choose to leave for a "good reason."
The specifics of the compensation and benefits offered were not disclosed in the SEC filing. However, such agreements are standard for high-level corporate officers, aiming to secure stability within the company’s leadership team and provide mutual assurances between the executives and the corporation.
This contractual update follows standard corporate governance practices and reflects Espey Mfg & Electronics Corp.’s commitment to maintaining clear and structured leadership roles within the organization. The information is based on a press release statement.
In other recent news, Espey Mfg. & Electronics Corp. announced it has secured a $29.5 million contract with the U.S. Navy and General Dynamics (NYSE:GD) Electric Boat. The contract involves supplying electric power distribution panels for the Columbia class submarines, which are a new generation of ballistic missile submarines. This contract is part of a larger effort, with Espey’s deliveries expected to continue through 2030, covering four of the planned twelve submarines. The Columbia class submarines are notable for being the largest ever constructed by the United States and feature an innovative electric drive propulsion system. Espey’s involvement builds on its prior design work for these submarines, highlighting its ongoing relationship with General Dynamics Electric Boat and the Navy. The company emphasized that this contract aligns with its strategic focus on contributing to U.S. military capabilities. This development underscores Espey’s role in supporting critical defense technology. The information is based on a press release from Espey Mfg. & Electronics Corp.
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