Universal Security Instruments Extends CEO’s Employment Contract and Bonus Threshold

Universal Security Instruments, Inc., a company listed on the NYSE with the trading symbol UUU, made significant changes to its executive employment agreement on June 12, 2023. In an official filing with the Securities and Exchange Commission (SEC), the company announced the extension of the term of its President and Chief Executive Officer, Harvey B. Grossblatt.

The Addendum to the Second Amended and Restated Employment Agreement, originally dated July 18, 2005, outlined the terms of the extension. The agreement now extends Mr. Grossblatt’s term of employment by an additional year, from July 31, 2023, to July 31, 2024. Alongside the extension, Universal Security Instruments maintained the bonus threshold for the Executive for the fiscal year commencing on April 1, 2023, at 4% of shareholders’ equity as of the same date.

In accordance with SEC regulations, Universal Security Instruments reported the entry into this material definitive agreement in a Form 8-K filing. The company also filed the Addendum as an exhibit to the report, ensuring transparency regarding the contractual changes made with its top executive.

These adjustments to the employment agreement signify the company’s commitment to its leadership and maintaining alignment with the interests of its shareholders. The continuation of Mr. Grossblatt’s tenure coupled with the incentivized bonus structure reinforces the company’s strategy of retaining key leadership and driving performance.

Investors and stakeholders of Universal Security Instruments will be keen on monitoring the effects of these modifications on the company’s operations and future strategic initiatives. END

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.

About Universal Security Instruments

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.