Western Acquisition Ventures Enters Amendment to Employment Agreement with Executive

On October 30, 2024, Western Acquisition Ventures Corp. (NASDAQ: WAVSU), a Delaware incorporated company, announced an amendment to its employment agreement with James P. McCormick, the Executive of the company. The amendment, effective from December 27, 2023, outlined a total compensation of $200,000 for the Executive.

As part of the Amendment, the company agreed to pay the Executive $40,000 in cash upon the closing of the business combination with Cycurion, Inc. The remaining $160,000 will be paid from the proceeds received after the business combination, including funds from any subsequent capital raising transactions. The company is committed to paying up to 15% of the proceeds from each capital raise until the Executive’s compensation reaches the total amount of $200,000.

This amendment aims to modify the terms of the initial employment agreement, providing a structured compensation plan for the Executive. The details of the Amendment can be found in the Exhibit 10.1 filed by the company as part of its Current Report on Form 8-K.

In other news, Sturm, Ruger & Company, Inc. (NYSE-RGR) reported its third-quarter financial results. The company announced net sales of $122.3 million for the quarter, with diluted earnings of 28¢ per share. Chief Executive Officer Christopher J. Killoy highlighted the company’s product diversity and performance in various product families. Ruger also declared a dividend of 11¢ per share for the third quarter.

Investors and analysts are encouraged to refer to the full Quarterly Report on Form 10-Q for the third quarter of 2024 filed by Western Acquisition Ventures for comprehensive financial details. Further insights and details regarding the financial statements and operations can be accessed through the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Western Acquisition Ventures’s 8K filing here.

Western Acquisition Ventures Company Profile

Western Acquisition Ventures Corp. does not have significant operations. The company intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses or entities. It focuses on businesses operating in the infrastructure and environmental services; health, wellness, and food sustainability; financial technology and financial services; enterprise software and software as a service (SaaS); and leisure and hospitality industries.