Power Solutions International, Inc. (NASDAQ:PSIX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Employment Agreement with John P. Miller
On June15, 2017, the Company entered into the Employment
Agreement with John P. Miller, the chief executive officer and
president of the Company, which finalized the terms of his
employment with the Company. The Employment Agreement provides
that Mr.Millers employment is at will and may be terminated at
any time by either party. The Employment Agreement provides for
(i)an annual base salary of $360,000, subject to increase from
time to time and (ii)eligibility to receive an annual bonus at a
target amount equal to 60% of his base salary based on the
attainment of certain performance goals and objectives in
connection with the Companys key performance indicator plan. In
connection with his employment, Mr.Miller was awarded 36,000
shares of restricted stock which vest in equal one-half
increments on the first and second anniversary of the May31, 2017
grant date established in the award agreement.
In the event that Mr.Millers employment is terminated by the
Company without Cause (as defined in the Employment Agreement)
during the employment term, he will be entitled to receive, among
other things, (i)severance equal to base salary for 12 months and
(ii)any unpaid previously awarded bonus related to the prior
fiscal year. The Employment Agreement restricts Mr.Miller from
competing with the Company during the term of the agreement and
for one year after termination of his employment with the
Company. The Employment Agreement also restricts Mr.Miller from
soliciting the Companys customers or employees during the term of
the agreement and for one year after termination of his
employment with the Company.
The foregoing description of the Employment Agreement is
qualified in its entirety by reference to the complete text of
the Employment Agreement, which is filed as Exhibit 10.1 to this
Current Report on Form 8-K/A and incorporated by reference
herein.
Item9.01 |
Financial Statements and Exhibits. |
(d) Exhibits.
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| 10.1 |
Employment Agreement, dated as of June15, 2017, by and between John P. Miller and Power Solutions International, Inc. |
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POWER SOLUTIONS INTERNATIONAL, INC. ExhibitEX-10.1 2 d409029dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 EXECUTION VERSION EMPLOYMENT AGREEMENT This Employment Agreement (Agreement) is dated this 15th day of June,…To view the full exhibit click here About Power Solutions International, Inc. (NASDAQ:PSIX)
Power Solutions International, Inc. is a producer and distributor of a range of low-emission power systems that run on non-diesel fuels, such as natural gas, propane and gasoline. The Company’s industrial power systems are used by original equipment manufacturers (OEMs) in a range of industries with a diversified set of applications, including stationary electricity generators, oil and gas equipment, forklifts, aerial work platforms, industrial sweepers, arbor equipment, agricultural and turf equipment, aircraft ground support equipment, construction and irrigation equipment, and other industrial equipment. The Company provides alternative fuel power systems for OEMs of off-highway industrial equipment and on-road medium trucks and busses. In addition to its emission-certified power systems, the Company produces and distributes non-emission-certified power systems for industrial OEMs for particular applications in markets without emission standards.