SEC Form 8-K filed by Power Solutions International Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 April 30, 2025, Randall D. Lehner, the General Counsel of Power Solutions International, Inc. (the “Company” or “PSI”), and the Company have mutually agreed that it is in the best interest of the parties to terminate the employment agreement, effective March 4, 2024, pursuant to which Mr. Lehner served as General Counsel of the Company (the “Employment Agreement”).
In connection with the mutually agreed termination of the Employment Agreement, on April 30, 2025 Mr. Lehner and the Company entered into a Separation Agreement and Release (the “Separation Agreement”), effective April 24, 2025. Pursuant to the Separation Agreement, Mr. Lehner is entitled to receive (a) $350,000, which is equal to 12 months of pay at Mr. Lehner’s current annual salary, (b) $19,200, which is equal to 24 months of Mr. Lehner’s current car allowance, (c) $38,125.82 in additional consideration, and (d) subject to his election to receive continued group health plan coverage under COBRA, continued coverage at active-employee rates for up to 12 months after the Effective Date. Under the Separation Agreement, Mr. Lehner has provided customary broad form releases and agreed to confidentiality obligations and other covenants to the Company.
The foregoing description of the Separation Agreement is qualified in its entirety by reference to the complete text of the Separation Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description | |
| 10.1 | Separation Agreement and Release, effective as of April 24, 2025, between the Company and Randall D. Lehner. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURE
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.
| Power Solutions International, Inc. | ||||||
| Dated: April 30, 2025 | By: | /s/ Xun Li | ||||
| Xun Li | ||||||
| Chief Financial Officer | ||||||