Massimo Group filed SEC Form 8-K: Entry into a Material Definitive Agreement, Leadership Update, Financial Statements and Exhibits
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Item 1.01. Entry Into a Material Definitive Agreement
The information set forth below in Item 5.02 is incorporated by reference in this Item 1.01.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Appointment of Quenton Petersen
On March 1, 2025, Massimo Group, a Nevada corporation (the “Company”) appointed Quenton Petersen to serve as an executive officer of the Company, holding the position of Vice President. In connection with this appointment, the Company entered into an employment agreement with Mr. Petersen (the “Petersen Agreement”). Pursuant to the Petersen Agreement, Mr. Petersen will serve as the Company’s Vice President on an at-will basis. The Petersen Agreement provides Mr. Petersen with the following compensation: (i) an annualized base salary of $150,000 USD, (ii) eligibility to receive equity grants under the Company’s equity plan, (iii) eligibility to receive commissions based on a schedule to be agreed between Mr. Petersen and the Company, (iv) eligibility to receive an annual bonus that the Company may award in its sole and absolute discretion, and (v) eligibility for any fringe benefits offered by the Company on the same terms and conditions as other employees. Mr. Petersen has no family relationship with any of the executive officers or directors of the Company. There are no arrangements or understandings between Mr. Petersen and any other person pursuant to which he was appointed as an officer of the Company.
The Petersen Agreement contains standard restrictive covenants, including confidentiality, non-disparagement, and for the duration of Mr. Petersen’s employment with the Company and for the 24-month period following such employment, non-compete and employee non-solicit covenants.
Mr. Petersen, 35, has been serving as the Sales and Marketing Manager and later as the Director of Sales at Massimo Motor Sports since 2018. From 2011 until 2016, Mr. Petersen worked as the sales manager at Flow Wall, - a garage storage solutions provider with its headquarters located in Salt Lake City, where he implemented and developed -partnerships with retail industry leaders, including but not limited to Home Depot, Costco, and Amazon. Prior to joining Flow Wall, from 2009 until 2011, Mr. Petersen worked as a Top Customer Care representative - at eBay Inc. Mr. Petersen studied accounting and business management at Dixie State University in St. George.
The foregoing descriptions of the Petersen Agreement is not complete and is qualified in its entirety by reference to the full text of the Petersen Agreement, as applicable, which is filed as Exhibits 10.1 to this Current Report.
Change in Duties of Michael Smith
Effective March 1, 2025, Michael Smith will no longer be a Section 16 officer of the Company. Mr. Smith will continue to be a resource for the Company and oversee the account of one of our major clients.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed as part of this report:
| Exhibit Number | Description | |
| 10.1 | Employment Agreement with Quenton Petersen, dated March 1, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| Dated: March 3, 2025 | MASSIMO GROUP | |
| By: | /s/ David Shan | |
| Name: | David Shan | |
| Title: | Chief Executive Officer | |