P Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 5, 2019, P & F Industries, Inc. (the “Company”) and Joseph A. Molino, Jr. (“Mr. Molino”), the Company’s Vice President, Chief Operating Officer and Chief Financial Officer, entered into Amendment No. 1 (the “Amendment”) to Executive Employment Agreement, dated as of January 1, 2018 (the “Employment Agreement”).
The Amendment amends Sections 8(a)(ii)(A) and 8(a)(ii)(D) of the Employment Agreement by replacing all references therein to “12 months” with “eighteen (18) months”. Such Sections relate to certain payments to be made to Mr. Molino if he is terminated by the Company or he resigns with Good Reason (as defined in the Employment Agreement”) within two years following a Change of Control (as defined in the Employment Agreement”).
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K which is incorporated by reference herein.
|Item 9.01.||Financial Statements and Exhibits.|
P&F INDUSTRIES INC Exhibit
EX-10.1 2 tv515772_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 AMENDMENT NO. 1 TO EXECUTIVE EMPLOYMENT AGREEMENT This AMENDMENT (this “Amendment”) to the executive employment agreement between P&F INDUSTRIES,…
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About P & F INDUSTRIES, INC. (NASDAQ:PFIN)
P&F Industries, Inc. conducts business through its subsidiaries. The Company operates through two segments: tools and other products (Tools), and hardware and accessories (Hardware). It conducts Tools business through a subsidiary, Continental Tool Group, Inc. (Continental), which in turn operates through its subsidiaries, Florida Pneumatic Manufacturing Corporation (Florida Pneumatic) and Hy-Tech Machine, Inc. (Hy-Tech). Florida Pneumatic imports and sells pneumatic hand tools, most of which are of its own design, primarily to the retail, industrial and automotive markets. It conducts the Hardware business through its subsidiary, Countrywide Hardware, Inc. (Countrywide). Countrywide conducts its business operations through its subsidiary, Nationwide Industries, Inc. (Nationwide). Nationwide develops, imports and manufactures fencing hardware, patio products, and door and window accessories, such as rollers, hinges, window operators, sash locks, custom zinc castings and door closers.