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 OfficersItem 5.02
On February15, 2018, acting to delegated authority, the Nominating and Governance Committee of the Board of Directors (the “Board”) of Power Solutions International, Inc. (the “Company”), nominated Mr.Huisheng Liu as a director on the Board which was ratified by the full Board. Mr.Liu was appointed to the Investor Rights Agreement, dated as of March31, 2017, by and between the Company and Weichai America Corp. (“Weichai”), the terms of which were previously reported in the Company’s Form 8-K filed on March27, 2017.
Mr.Liu, age 52, has served as Chairman of Weichai since 2013. Weichai is a significant stockholder of the Company. Mr.Liu also serves as Vice President of Shandong Heavy Industry Group Co., Ltd., in charge of corporate management systems development and business operation control. Mr.Liu joined the Weichai Group in 1989 and in addition to the aforementioned, has held various positions, including President of Chongqing Weichai Diesel Engine Factory, President of Weichai Heavy Machinery Co., Ltd., a listed company on the Shenzhen Stock Exchange, and Executive Vice President of Weichai Holding Group Co., Ltd.
In connection with his appointment to the Board, Mr.Liu will receive an annual award of 5,000 shares of restricted stock, subject to the terms of an award agreement to be entered into by and between the Company and Mr.Liu. Mr.Liu will also be compensated with an annual retainer fee of $50,000 and $1,000 for each Board meeting. Mr.Liu is not a party to any transaction that would require disclosure under Item404(a) of Regulation S-K.
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.
