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

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
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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On November28, 2017, the Company entered into an employment agreement with Kenneth Winemaster (the “Employment Agreement”), the executive vice president of the Company since 2007. The Employment Agreement provides that Mr.Winemaster’s 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 $325,000, subject to increase from time to time and (ii)eligibility to receive an annual bonus at a target amount equal to 50% of his base salary based on the attainment of certain performance goals and objectives in connection with the Company’s key performance indicator plan. In connection with his employment, Mr.Winemaster was awarded 45,223 shares of restricted stock which vest in equal one-half increments on March31, 2018 and March31, 2019, which was established in the award agreement.

In the event that Mr.Winemaster’s 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.Winemaster 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.Winemaster from soliciting the Company’s customers or executives 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 and incorporated by reference herein.

Item 5.02 Financial Statements and Exhibits.

(d) Exhibits.


POWER SOLUTIONS INTERNATIONAL, INC. Exhibit
EX-10.1 2 d503928dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 EXECUTIVE EMPLOYMENT AGREEMENT This Employment Agreement (“Agreement”) is dated this 28th day of November,…
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.

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