Disclosed herein are a shaft assembly having a dry well and a gearbox incorporating the shaft assembly. The shaft assembly may include a housing having an opening and a lubricant reservoir. A tubular member may be fixed in the opening and extend above a surface of lubricant that collects in the lubricant reservoir during operation. At least one sealing member may be positioned between the tubular member and an inner wall defining the opening. A solid shaft may extend through the tubular member and have an outer diameter that is smaller than an inner diameter of the tubular member, thereby defining a dry well between the solid shaft and the tubular member. A bearing mount may be arranged about the tubular member and may be removably connected to a gear associated with the solid shaft. A method of assembling a gearbox incorporating the shaft assembly is also disclosed.