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. |
On November 12, 2024, the board of directors of Pioneer Power Solutions, Inc. (the “Company”) approved one-time discretionary bonuses to (i) Nathan Mazurek, its Chief Executive Officer, in an amount equal to $2,000,000, less all applicable withholdings and deductions and (ii) Walter Michalec, its Chief Financial Officer, in an amount equal to $125,000, less all applicable withholdings and deductions (collectively, the “Bonuses”), in recognition of their individual contributions and roles in the sale of the Company’s Electrical Infrastructure Equipment segment. The Bonuses are payable in cash and shall be paid in accordance with the Company’s payroll cycle.
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: November 15, 2024 | By: | /s/ Walter Michalec |
| Name: | Walter Michalec | |
| Title: | Chief Financial Officer | |