On July 10, 2024, Universal Security Instruments, Inc. (NYSE: UUU) announced that it has entered into an Addendum to the Second Amended and Restated Employment Agreement with Harvey B. Grossblatt, the President and Chief Executive Officer of the company. The Addendum extends Mr. Grossblatt’s employment term by one year, from July 31, 2024, to July 31, 2025.
Additionally, the Addendum continues the bonus threshold for the CEO, allowing him to earn a bonus for the fiscal year beginning April 1, 2024, at 4% of shareholders’ equity as of April 1, 2024.
Investors and stakeholders of Universal Security Instruments will be keen on observing how this extension of the CEO’s employment agreement will impact the company’s operations and performance in the coming months.
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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Universal Security Instruments’s 8K filing here.
Universal Security Instruments Company Profile
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Universal Security Instruments, Inc, together with its subsidiary, engages in the marketing and distribution of safety and security products in the United States. The company offers a line of safety alarms units, including replaceable batteries, sealed batteries, and battery backup alarms; and smoke alarms, which include hearing impaired and heat alarms, as well as carbon monoxide alarms, door chimes, ventilation products, ground fault circuit interrupters, and other electrical devices under the UNIVERSAL and USI Electric trade names.
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