Amendment to Second Amended and Restated Howard Pinsley Agreement between Espey Mfg. & Electronics Corp. and Howard Pinsley

Summary

This amendment, dated November 23, 2009, is between Espey Mfg. & Electronics Corp. and Howard Pinsley. It changes the term of their existing agreement, stating it will continue until February 26, 2010, when it will end. If Mr. Pinsley resigns or is terminated as CEO during this period, the agreement's provisions will remain in effect for 36 months after his departure, as detailed in Section 5. Both parties have signed to confirm these changes.

EX-10.2 2 ex10-2.txt EX-10.2 [LOGO SARATOGA INDUSTRIES TEL : 518 ###-###-#### SARATOGA ELECRO-FINISHING] FAX : 518 ###-###-#### www.espey.com - -------------------------------------------------------------------------------- Espey Mfg. & Electronics Corp. 233 Ballston Avenue, Saratoga Springs, NY 12866 USA AMENDMENT TO SECOND AMENDED AND RESTATED HOWARD PINSLEY AGREEMENT (Revised) AMENDMENT dated as of November 23, 2009, by and between Espey Mfg. & Electronics Corp., a New York corporation and Howard Pinsley, to that certain Agreement dated as of February 20, 2009. The parties hereby agree to amend and restate paragraph 4 of the Agreement so that it provides, in full, as follows: 4. TERM. This Agreement shall continue in effect until February 26, ---- 2010 at which time this Agreement shall terminate (the "Term"). If during the Term, the Employee resigns or is terminated as Chief Executive Officer of the Company, then the provisions of this Agreement shall continue in effect during the 36 month period following such resignation or termination and as provided in Section 5 below. IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and year first above written. ESPEY MFG. & ELECTRONICS CORP. By: /s/ Dave O'Neil -------------------------- Name: David O'Neil Title: Treasurer /s/Howard Pinsley ------------------------------ Howard Pinsley 3