UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Amendment to CEO Employment Agreement
On December 26, 2023, Pioneer Power Solutions, Inc. (the “Company”) and Nathan J. Mazurek, the Company’s Chief Executive Officer, entered into a fifth amendment (the “Mazurek Amendment”) to that certain Employment Agreement, dated as of March 30, 2012, as amended on each of November 11, 2014, June 30, 2016, March 30, 2020, and April 25, 2022 (as amended, the “Mazurek Agreement”), in order to (i) extend the termination date of the Mazurek Agreement from December 31, 2024, to December 31, 2026, and (ii) adjust Mr. Mazurek’s annual base salary to be $650,500 for the period beginning on January 1, 2024, and ending on December 31, 2024, $675,500 for the period beginning on January 1, 2025, and ending on December 31, 2025, and $700,500, for the period beginning on January 1, 2026, and ending on December 31, 2026.
Amendment to CFO Employment Agreement
On December 26, 2023, the Company and Wojciech (Walter) Michalec, the Company’s Chief Financial Officer, entered into a first amendment (the “Michalec Amendment”) to that certain Employment Agreement, dated as of April 25, 2022 (as amended, the “Michalec Agreement”), in order to (i) extend the termination date of the Michalec Agreement from December 31, 2024, to December 31, 2026, and (ii) adjust Mr. Michalec’s annual base salary to be $300,000 for the period beginning on January 1, 2024, and ending on December 31, 2024, $325,000 for the period beginning on January 1, 2025, and ending on December 31, 2025, and $350,000 for the period beginning on January 1, 2026, and ending on December 31, 2026.
The foregoing summaries of each of the Mazurek Amendment and the Michalec Amendment contained in this Item 5.02 do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Mazurek Amendment and the Michalec Amendment, copies of which are attached hereto as Exhibits 10.1 and 10.2, respectively, and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits |
Exhibit No. | Description | |
10.1 | Fifth Amendment to Employment Agreement, dated December 26, 2023, by and between Pioneer Power Solutions, Inc. and Nathan J. Mazurek | |
10.2 | First Amendment to Employment Agreement, dated December 26, 2023, by and between Pioneer Power Solutions, Inc. and Wojciech (Walter) Michalec | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PIONEER POWER SOLUTIONS, inc. | ||
Date: January 2, 2024 | By: | /s/ Walter Michalec |
Name: | Walter Michalec | |
Title: | Chief Financial Officer |