Universal Security Instruments (NYSE:UUU) Waives Change of Control Payments in Letter Agreement

Universal Security Instruments, Inc. (NYSE:UUU) recently entered into a letter agreement dated November 18, 2024, wherein Harvey B. Grossblatt, President and Chief Executive Officer of USI, waived specific “change of control” payments. This waiver by Mr. Grossblatt pertains to entitlements under the Second Amended and Restated Employment Agreement dated July 18, 2005, between Mr. Grossblatt and USI.

The Letter Agreement specifies that the waiver of the “change of control” payments is solely effective in the event of a change of control resulting from the transaction with Feit Electric Company, Inc., as outlined in the Asset Purchase Agreement dated October 29, 2024. This purchase agreement involved USI, a wholly owned subsidiary of USI, and Feit Electric Company, Inc., a California corporation.

As a part of the filing with the Securities and Exchange Commission, the following exhibit was submitted:

– Exhibit 10.1: Letter Agreement dated November 18, 2024, detailing the waiver of specific rights under the Second Amended and Restated Employment Agreement between Harvey B. Grossblatt and Universal Security Instruments, Inc.

This development underscores Universal Security Instruments, Inc.’s commitment to ensuring transparency and adherence to agreements amidst corporate transitions and regulatory requirements. ENDOFARTICLE

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

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.