Interim CFO Letter Agreement, dated June 9, 2022, between the Company and Matthew Thomas
Exhibit 10.1
June 7, 2022
Matthew Thomas
XXXXX
XXXXX
Re: | Interim CFO Letter Agreement |
Dear Matt:
This letter agreement (Agreement) sets forth the terms and conditions of your appointment as Interim Chief Financial Officer (CFO) of Power Solutions International, Inc. (PSI or the Company) reporting to the Chief Executive Officer (CEO) of PSI. The terms of this Agreement are in addition to the terms and conditions of your employment with PSI as Controller which shall remain in full force and effect and continue to govern your employment with the Company. The terms of this Agreement for your appointment to Interim CFO are stated below and once accepted by both parties shall be binding on you and the Company.
| Start date and term: You assumed the role of Interim CFO on April 3, 2022 (Effective Date) and will act as Interim CFO until such time as a successor CFO is appointed by the Board of Directors (hereinafter the Term). Notwithstanding the foregoing, your role as Interim CFO is an at will position, which can be terminated at any time by the Board of Directors. |
| Duties: During the Term, you will serve as the Companys Interim CFO, with overall responsibility for the day-to-day operations, business and affairs of the financial department and internal controls and such other duties as are normally commensurate with executives position in the industry of the Company or as otherwise directed by the CEO. |
| Compensation: During the Term, you will be paid as a bonus, in addition to your normal salary, $8,333.00 per month calculated at the end of the Term (the Bonus Payment). |
| Subject to the approval of the Compensation Committee of the Board of Directors and approval by the Companys stockholders of the 2012 Incentive Compensation Plan, as amended and restated (the Stock Plan), you shall be eligible to receive an award of 2,000 Stock Appreciation Rights (SARs) with a vesting period of one year from the grant date after the end of the Term, subject to your continued service with the Company through the vesting date (the SARs Award). The terms and conditions of the SARs Award will be detailed in a separately entered stock award agreement. The SARs Award shall be subject to the terms and conditions of the Stock Plan, when in effect, and legend restrictions as agreed by the Compensation Committee. |
201 Mittel Drive, Wood Dale, IL 60191
1 ###-###-#### (Main) 1 ###-###-#### (Fax) - www.psiengines.com
By signing in the places designated below, both parties agree to be bound by the terms and conditions of this Agreement.
Sincerely,
Signature: | /s/ Fabrizio Mozzi | |
Fabrizio Mozzi, Chairman of the Board |
Accepted: | /s/ Matthew Thomas | Dated: | 6/9/2022 | |||||
Matthew Thomas | ||||||||
Accepted: | /s/ Fabrizio Mozzi | Dated: | 6/9/2022 | |||||
Fabrizio Mozzi, Chairman of the Board |
201 Mittel Drive, Wood Dale, IL 60191
1 ###-###-#### (Main) 1 ###-###-#### (Fax) - www.psiengines.com