PIONEER POWER SOLUTIONS, INC. (NASDAQ:PPSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
On February 15, 2019, Jefferson Electric, Inc. (“Jefferson”), a wholly owned subsidiary of Pioneer Power Solutions, Inc. (the “Company”), and Thomas Klink, Jefferson’s president our chief financial officer and director, entered into a third amendment (the “Amendment”) to that certain Employment Agreement, dated as of April 30, 2010, as amended previously on April 30, 2013 and June 30, 2016 (collectively, the “Original Agreement”), in order to (i) extend the term of the Original Agreement from April 30, 2019, to April 30, 2020, unless earlier terminated in accordance with its terms, and (ii) adjust Mr. Klink’s annual base salary to $390,000 for the period beginning on May 1, 2019 and ending on April 30, 2020.
The foregoing summary of the Amendment is not complete, and is qualified in its entirety by reference to the full text of the Amendment that is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d)Exhibits
PIONEER POWER SOLUTIONS, INC. Exhibit
EX-10.1 2 ex10-1.htm THIRD AMENDMENT TO EMPLOYMENT AGREEMENT Pioneer Power Solutions Inc. 8-K Exhibit 10.1 THIRD AMENDMENT TO EMPLOYMENT AGREEMENT This THIRD Amendment to Employment Agreement (this “Amendment”) is made and entered as of this 15th day of February,…
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About PIONEER POWER SOLUTIONS, INC. (NASDAQ:PPSI)
Pioneer Power Solutions, Inc. manufactures, sells and services a range of specialty electrical transmission, distribution and on-site power generation equipment for applications in the utility, industrial, commercial and backup power markets. The Company operates through two segments: Transmission & Distribution Solutions (T&D Solutions) and Critical Power Solutions (Critical Power). The T&D Solutions segment consists of two primary product categories: electrical transformers and switchgear. These solutions are marketed principally through its Pioneer Transformers Ltd., Jefferson Electric, Inc. and Pioneer CEP brand names. Its Critical Power business provides customers with power generation equipment, paralleling switchgear, related electrical distribution infrastructure, and a data collection and monitoring platform. These solutions are marketed by its operations in Minneapolis, doing business under the Pioneer Critical Power Inc. and Titan Energy Systems Inc. brand names.