OSI Systems Expands Board of Directors and Appoints Ajay Mehra as Member

On December 12, OSI Systems, Inc. filed a Form 8-K with the Securities and Exchange Commission, announcing the expansion of its Board of Directors by one seat, effective January 1, 2025. This decision will increase the total number of directors on the Board to seven. To fill the newly created vacancy, the Board has appointed Ajay Mehra as a member, effective the same date.

Mr. Mehra’s background information can be found on page 28 of the Company’s definitive proxy statement filed on October 25, 2024. Notably, Mr. Mehra, the newly appointed Board member, does not have a direct or indirect material interest in any Company transaction requiring disclosure under Regulation S-K Item 404(a). It is important to mention that Ajay Mehra is the first cousin of Deepak Chopra, the current President and Chief Executive Officer of OSI Systems.

In conjunction with his appointment, OSI Systems and Ajay Mehra entered into an Amendment to his Amended and Restated Employment Agreement, effective January 1, 2025. As per the terms of the Amendment, Mr. Mehra will serve as President and Chief Executive Officer with an initial annual base salary of $750,000.

The Amendment also outlines the terms in case of the termination of Mr. Mehra’s employment without cause, non-renewal by the Company, or termination by Mr. Mehra for good reason. In such scenarios, Mr. Mehra is entitled to various benefits, including salary continuation, car usage or allowance payments, outplacement services allowance, and acceleration of vesting of stock options and other incentives.

At the Annual Meeting of Stockholders held on December 12, 2024, OSI Systems shareholders voted on several proposals. The results included the election of all nominated directors – Deepak Chopra, William F. Ballhaus, Kelli Bernard, Gerald Chizever, James B. Hawkins, and Meyer Luskin, who will serve until the next annual meeting or until their successors are elected.

Additionally, the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending June 30, 2025, was ratified, and an advisory vote on executive compensation for the fiscal year ended June 30, 2024, was conducted.

For further details regarding the Amendment to Mr. Mehra’s Employment Agreement and the outcomes of the Company’s Annual Meeting of Stockholders, interested parties are encouraged to refer to the full text of OSI Systems’ Form 8-K filing on 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 OSI Systems’s 8K filing here.

About OSI Systems

OSI Systems, Inc designs and manufactures electronic systems and components. It operates in three segments: Security, Healthcare, and Optoelectronics and Manufacturing. The Security segment offers baggage and parcel inspection, cargo and vehicle inspection, hold baggage and people screening, radiation monitoring, explosive and narcotics trace detection systems, and optical inspection systems under the Rapiscan name.