Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is dated this 16th day of September 2022, by and between Sidong Shao (“Shao”) and
Power Solutions International, Inc. (“Company”). 
 PREAMBLE 

WHEREAS, the Company desires to hire Shao to the position of Executive Vice President (“EVP”) of Product Management, Purchasing and
Supply Chain of the Company, effective September 16, 2022; 
 WHEREAS, Shao desires to be employed by the Company as its EVP and to
perform services on behalf of the Company; and 
 WHEREAS, Shao and the Company desire to enter into this Agreement to, among other things,
set forth (i) the terms and conditions of Shao’s employment with the Company; and (ii) the obligation of Shao to comply with certain other covenants under certain circumstances as provided below. 

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, which the parties agree constitute good and sufficient
consideration, the Company and Shao agree as follows: 
 AGREEMENT 

1. Incorporation of Preamble. The preambles to this Agreement are hereby incorporated into this Agreement and made an integral part of
this Agreement by this reference. 
 2. Employment. The Company shall employ Shao, and Shao hereby accepts such employment, upon the
terms and conditions set forth in this Agreement for the period beginning on the Effective Date and ending as provided in Section 5 (the “Employment Period”). Shao’s employment is “at-will” and may be terminated by either party at any time, subject to the provisions of Section 5. 

3. Position and Duties. 

(a) Shao shall serve as the Company’s EVP of Product Management, Purchasing and Supply Chain, reporting to the Chief
Executive Officer (CEO) or his designee. As EVP Shao shall have overall responsibility for the oversight and management of the Strategic Collaboration and Integration strategy and implementation between Weichai and PSI. In this role, Operations,
Purchasing and Supply Chain, as well as designated program mangers shall report to Shao and Shao shall be responsible for the oversight and day-to-day operations of
these groups. 

  
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 (b) Shao shall perform Shao’s duties in a conscientious, reasonable and
competent manner and shall strive to promote the success and best interests of Company. If the material duties of Shao’s position change, the Company agrees to negotiate in good faith with Shao concerning possible changes to the compensation,
benefits and other terms and conditions of employment described in this Agreement. 
 (c) During the Employment Period, Shao
shall devote Shao’s full business time, attention, skill and energy to the business and affairs of the Company and the Company Affiliates and shall use Shao’s reasonable best efforts to faithfully perform Shao’s responsibilities in a
diligent, trustworthy, efficient and businesslike manner to promote the success and best interests of the Company. 
 4. Compensation and
Benefits. 
 (a) Base Salary. Shao’s base salary shall be $260,000 per annum. (the “Base Salary”),
provided that no decreases in Base Salary may be made without the written consent of Shao unless the decrease affects all similarly situated senior management team members in the same relative proportion. Base Salary will be payable by the Company
in regular bi-weekly installments in accordance with the Company’s general payroll practices. 

(b) KPI Bonus. For each of the Company’s fiscal year during the Employment Period, Shao shall be eligible to
participate in any Company Key Performance Indicator (“KPI”) plan in accordance with the terms and conditions of such plan, if any, with a target KPI equal to 50% of his Base Salary or as generally determined by the Company for the overall
KPI plan 
 (c) LTI Bonus. For each of the Company’s fiscal year during the Employment Period, Shao shall be
eligible to participate in any Long-Term Incentive (LTI) plan in accordance with the terms and conditions of such plan, if any, with a target LTI bonus as generally determined by the Company for the overall LTI plan. 

(d) Business Expenses. During the Employment Period, the Company will reimburse Shao for all reasonable expenses
incurred by him in the course of performing his duties and responsibilities under this Agreement to the extent consistent with the Company policies in effect from time to time with respect to travel, entertainment and other business expenses for the
Company employees, subject to the Company reasonable requirements, including submission of an expense report on a monthly basis, with respect to reporting and documentation of such expenses. 

(e) Benefits. During the Employment Period, Shao shall be entitled to participate in all Company employee benefit
programs for which employees of the Company are generally eligible. 
 (f) Vacation. Shao shall be eligible to take
vacation as approved by the CEO. 
 (g) Payroll Withholding. All amounts payable to Shao by the Company as
compensation will be subject to withholding by the Company as required under applicable law. 

  
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 5. Term; Termination; Severance. The Employment Period will commence on the Effective
Date and will continue until the first to occur of (i) Shao’s death; (ii) a termination by the Company at any time; (iii) or a termination by Shao at any time. Any termination of Shao’s employment with the Company shall be a
“Termination.” The date of any termination of Shao’s employment with the Company shall be the “Termination Date.” 

(a) The Company may terminate Shao’s employment at any time with Cause (as defined in
Section 9(b) of this Agreement) or without cause, by giving written notice of such termination to Shao designating an immediate or future date, as outlined below. 

(b) Shao may terminate Shao’s employment by giving the Company ninety (90) days’ prior written Notice of
Termination (as defined in Section 5(c) of this Agreement). Upon such notice, the Company may, at its option, (i) make Shao’s termination effective immediately, (ii) require Shao to continue to perform
Shao’s duties hereunder during such ninety (90) day period, with or without restrictions on Shao’s activities, and/or (iii) accept Shao’s Notice of Termination as Shao’s resignation from the Company at any time during
such ninety (90) day period; provided, that the Company shall (x) pay Shao’s Base Salary under Section 4(a) and benefits under Section 4(e) through the date on which Shao ceases to
perform services for the Company and (y) pay to Shao any KPI or LTI related to the fiscal year prior to the fiscal year in which the Termination Date falls if the amount of such KPI or LTI has been determined but not yet paid to Shao as of the
Termination Date. 
 (c) Any termination by the Company for Cause or without Cause, or by Shao, shall be communicated by
Notice of Termination to the other party hereto given in accordance with this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Shao’s employment under the provision so indicated, if for Cause, and (iii) if the Termination Date
is other than the date of receipt of such notice, specifies the termination date. 
 (d) Shao’s employment will
terminate immediately without any notice upon Shao’s death. 
 (e) If Shao is determined to be Disabled or Incapacitated
during the Employment Period, the Company may give Shao written notice of its intention to terminate Shao’s employment. In such event, Shao’s employment with the Company shall terminate effective on the 30th day after receipt of such
notice by Shao (the “Disability Effective Date”) unless within the 30-day period after such receipt, Shao shall have returned to full time performance of Shao’s duties. Whether Shao is Disabled
or Incapacitated shall be determined by a physician selected by the CEO of the Company or the Company’s insurers, which physician is reasonably acceptable to Shao. Upon request, Shao shall provide the Board with documentation from Shao’s
health care provider sufficient for the CEO to determine the nature and extent of any physical or mental impairment that may interfere with Shao’s performance of Shao’s job duties, as well as any accommodations that could be made. 

  
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 (f) If Shao’s employment is terminated as a result of Shao’s death
or a determination that Shao is Disabled or Incapacitated, then prior to the 30th day following the Termination Date, the Company shall pay to Shao (or his legal representatives) in a lump sum, to the extent not previously paid, the Base Salary
through the Termination Date, less applicable withholdings. 
 (g) If the Company terminates Shao’s employment without
Cause, then the Company will provide Shao with the following severance payments and/or benefits: 
 (i) Prior to the 30th day
following the Termination Date, the Company shall pay to Shao, in the regular bi-weekly installments the Base Salary through the Termination Date, and any KPI or LTI award related to the fiscal year prior to
the fiscal year in which the Termination Date falls if the amount of such Incentive Compensation Award has been determined but not yet paid to Shao as of the Termination Date and any KPI or LTI award related to the current year on a pro rata basis
to the Termination Date once determined by the Company. 
 (ii) Starting as of the next applicable Company payroll date after
the Termination Date (provided Employee has executed and delivered a Release Agreement pursuant to Section 5(h) below, and such Release Agreement has become effective and irrevocable), the Company will pay Employee
severance as follows: 
  

	 	A.	 If the Employment Period is less than 48 months from the Effective Date, the Company will pay Employee 6 months
of severance pay at Employee’s Base Salary in 13 bi-weekly installments as part of the Company’s normal payroll, less applicable withholdings following the date on which the conditions in
Section 5 (g) are met. 

  

	 	B.	 If the Employment Period is 48 months or greater from the Effective Date, the Company will pay Employee 12
months of severance pay at Employee’s Base Salary in 26 bi-weekly installments as part of the Company’s normal payroll, less applicable withholdings following the date on which the conditions in
Section 5(g) are met. 

 (iii) If Shao has entered into a Release Agreement and timely elects COBRA
health insurance continuation coverage, the Company will pay a proportional share of the premiums owed by Shao as if Shao were still employed by the Company for a period of 12 months. Shao will be responsible for submitting all notices and forms
required to elect COBRA. 

  
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 (h) If Shao’s employment with the Company is separated for cause, then
following the Termination Date, the Company shall pay to Shao, less applicable withholdings, to the extent not previously paid, (a) the Base Salary through the Termination Date, at the time required by applicable law, and (b) Shao shall
automatically forfeit: 
  

	 	1.	 Any bonus to which Shao might otherwise have been entitled pursuant to the Company’s KPI or LTI Plan
(i) related to the fiscal year prior to the fiscal year in which the Termination Date falls if the amount of such KPI or LTI Bonus has been determined by the Board but not yet paid; and (ii) for the fiscal year in which the separation
takes place; and 

  

	 	2.	 Any SARS, Restricted Stock Units and unexercised options (whether vested or unvested) awarded pursuant to the
Company’s Incentive Compensation Plan. 

 (i) The obligations of the Company to make payments under
Section 5(g) are conditioned on Shao executing and returning to the Company a general release agreement (“Release Agreement”) releasing the Company, the Company Affiliates, and each of their respective officers,
directors, members, managers, partners and shareholders with respect to Shao’s employment in the form acceptable to Company, and such Release Agreement becoming effective and irrevocable no later than fifty-five (55) days following
Shao’s Termination Date. To the extent such fifty-five (55) day period may cover two taxable years, payments will be made in the later of the two such years. Shao acknowledges that until a Release Agreement is timely executed and delivered
to the Company and the applicable revocation period (if any) expires, the Company will not be obligated to pay any Cash Severance due to Shao under this Agreement. If Shao has breached in any material respect any of Shao’s obligations in
Section 6 below, then, without precluding its right to take any other actions available pursuant to this Agreement or applicable law, the CEO may elect to immediately terminate Shao’s right to receive, and
Company’s obligation to pay, any additional Cash Severance, and Shao shall have no further rights to Cash Severance. In the event that Shao prevails on a legal action or claim challenging the Company’s rights to terminate such payments,
the Company shall be required to pay to Shao in a lump sum within thirty (30) days of such adjudication any Cash Severance the payment of which was delayed due to such termination, plus interest at the prime rate (as published in the Wall
Street Journal on the date of such termination), for any period during which the payment of the Cash Severance did not occur, and to commence payment of future installments of Cash Severance in accordance with Section 5(g),
plus any legal fees of Shao incurred in connection with such legal action or claim. 

  
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 6. Shao Covenants. Shao agrees and acknowledges that to ensure that the Company
retains its value and goodwill, he has a continuing obligation to not use any Confidential Information (as defined below), special knowledge of the Business, or the relationships of the Company or the Company Affiliates with their respective
customers and employees, all of which Shao will continue to gain access to through Shao’s employment with the Company, other than in the furtherance of Shao’s legitimate job duties. Accordingly, Shao agrees to the following restrictive
covenants. 
 (a) Confidential Information. Shao acknowledges that by reason of his employment by the the Company, or while
being associated with the Company Affiliates, Shao has had and will continue to have access to and become informed of Confidential Information (defined below) that is a competitive asset of the Company or the Company Affiliates, and agrees that the
Company and the Company Affiliates have a protectable interest in such Confidential Information. Therefore, Shao agrees that during the Employment Period and after his termination for any reason he shall not, directly or indirectly, disclose to any
unauthorized person or use for his own purposes any such Confidential Information without the prior written consent of the Company unless and to the extent that such Confidential Information (i) becomes or is generally known to the public and
available for use by the public and industry other than as a result of Shao’s unauthorized acts or omissions in breach of this Agreement, or (ii) is required to be disclosed by judicial process, law or securities exchange on which the
securities of the Company or any of the Company Affiliates are listed; provided, however, that Shao, to the extent not prohibited by such process, law or exchange, shall give the Company written notice of the Confidential Information to be so
disclosed pursuant to clause (ii) of this sentence as far in advance of its disclosure as is reasonably practicable, shall cooperate with the Company in any efforts to protect the Confidential Information from disclosure (including efforts to
secure a judicial order to such effect), and shall limit his disclosure of such Confidential Information to the minimum disclosure required by such process, law or exchange. Shao acknowledges that all documents and other property including or
reflecting Confidential Information furnished to Shao by the Company or any Company Affiliate or otherwise acquired or developed by the Company or any Company Affiliate or acquired, developed or known by Shao by reason of the performance of his
duties for, or his association with, the Company or any Company Affiliate shall at all times be the property of the Company. Shao shall take all reasonable steps to safeguard Confidential Information and protect it against disclosure, misuse, loss
or theft. “Confidential Information” means (x) any and all trade secrets concerning the business and affairs of the Company or any Company Affiliate, any product specifications, data, know-how,
formulae, compositions, processes, designs, sketches, photographs, graphs, drawings, samples, inventions and ideas, past, current and planned research and development, current and planned manufacturing and distribution methods and processes,
customer lists, current and anticipated customer requirements, price lists, market studies, business plans, computer software and programs (including object code and source code), database technologies, systems, structures, architectures processes,
improvements, devices, discoveries, concepts, methods, and information of the Company or any Company Affiliate; (y) any and all information concerning the business and affairs of the Company or any Company Affiliate (which includes financial
statements, financial projections and budgets, historical and projected sales, capital spending budgets and plans, the names and backgrounds of key personnel, contractors, agents, suppliers and potential suppliers, personnel training and techniques
and materials, and purchasing methods and techniques), however documented; and (z) any and all notes, analysis, compilations, studies, summaries and other material prepared by or for the Company or Company Affiliate containing or based, in
whole or in part, upon any information included in the foregoing. 

  
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 (b) Non-Compete. Shao agrees that
Shao has had and will continue to have access to Confidential Information concerning the Company and the Company Affiliates and that Shao’s services are of special, unique and extraordinary value to the Company and the Company Affiliates.
Therefore, Shao agrees that during his employment with the Company and until 12 months after the Termination Date (regardless of the reason for termination), Shao shall not, other than in the legitimate exercise of his duties for the Company during
his employment with the Company, directly or indirectly own, manage, operate, control, be employed or engaged by, lend to, or otherwise serve as a director, officer, stockholder, partner, member, manager, agent, consultant or contractor of or to,
any entity that engages in, or otherwise engage or participate in, whether or not for compensation, the Business (as defined in Section 9(a) of this Agreement), or in any other business in which the Company or any Company Affiliate
engages as of the date on which Shao’s employment with the Company ends and in which Shao has been actively involved (“Competitive Activity”). The provisions in this Section 6(b) shall operate in the market areas of the United
States and any other market areas of any other countries anywhere in the world in which the Company or any Company Affiliate conducts its business as of Shao’s separation from the Company. The foregoing shall not restrict Shao from directly or
indirectly owning stock of the Company or up to an aggregate of one percent of the outstanding stock of any publicly held company engaged in Competitive Activity. 

(c) Non-Solicitation. Shao agrees that during his employment with the Company and until
the first anniversary of the Termination Date (regardless of the reason for termination), he shall not, directly or indirectly, whether individually, as a director, stockholder, partner, member, manager, owner, officer, employee, agent, consultant
or contractor of or to any business or entity, or in any other capacity: (i) induce or attempt to induce any employee of the Company or any Company Affiliate to leave his or her employ or in any way interfere with the relationship between the
Company or any Company Affiliate and any Shao thereof; (ii) solicit to hire or hire any person who was an employee of the Company or any Company Affiliate at any time during the one-year period prior to
the date of such solicitation; or (iii) solicit any customer, developer, client, supplier, vendor, licensee, licensor, franchisee or other business relation of the Company or any Company Affiliate for sale thereto of any products or services
related to any Competitive Activity, induce or attempt to induce any such customer, developer, client, supplier, vendor, licensee, licensor, franchisee or other business relation of the Company or any Company Affiliate to cease doing business with
the Company or any Company Affiliate, or in any way interfere with the relationship between any such customer, developer, client, supplier, vendor, licensee, licensor, franchisee or business relation of the Company or any Company Affiliate
(including making any negative statements or communications about the Company or any Company Affiliate or any of their respective officers, directors, products or services). 

  
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 (d) Ownership of Inventions. Shao hereby agrees that any and all inventions
(whether or not an application for protection has been filed under patent laws), works of authorship, information fixed in any tangible medium of expression (whether or not protected under copyright laws), Moral Rights, mask works, trademarks, trade
names, trade dress, trade secrets, publicity rights, know-how, ideas (whether or not protected under trade secret laws), and all other subject matter protected under patent, copyright, Moral Right (defined as
any right to claim authorship of a work, any right to object to any distortion or other modification of a work, and any similar right, existing under the law of any country, or under any treaty), mask work, trademark, trade secret, or other laws,
that have been, are or will be developed, generated or produced by Shao, solely or jointly with others, at any time while employed by the Company, including during the Employment Period, are and shall be the exclusive property of the Company,
subject to the obligations of this Section 6 with respect to Confidential Information, and Shao hereby forever waives and agrees never to assert against the Company, its successors or licensees any and all ownership,
interest, Moral Rights or similar rights with respect thereto. Shao hereby assigns to the Company all right, title and interest to the foregoing inventions, concepts, ideas and materials. This Section 6(d) does not apply to
any invention or other work of Shao for which no equipment, supplies, facility or Confidential Information of the Company was used and that was developed entirely on Shao’s own time, unless the invention (A) relates to (x) the
Business or (y) the Company’s actual or demonstrably anticipated research or development, or (B) results from any work performed by Shao for or on behalf of the Company. Shao shall keep and maintain adequate and current written
records of all inventions, concepts, ideas and materials made by Shao (jointly or with others) during the term of Shao’s association or employment with the Company. Such records shall remain the property of the Company at all times. Shao shall
promptly and fully disclose to the Company the nature and particulars of any Inventions or research project undertaken on the Company’s behalf. 

7. Enforcement and Remedies. 

(a) If, at the time of enforcement of any of Sections 6(a),(b), (c) or (d), a court of competent jurisdiction
shall hold that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the court shall be allowed to substitute the maximum legally-permissible restrictions for the restrictions contained in
this Agreement. 
 (b) Shao acknowledges that the provisions of Section 6 are in consideration of
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. Shao expressly agrees and acknowledges that the restrictions contained in Section 6 do not preclude Shao from earning a
livelihood, nor do they unreasonably impose limitations on Shao’s ability to earn a living. In addition, Shao agrees and acknowledges that the Company and the Company Affiliates are engaged in the Business, the Business is highly competitive
and the services to be performed by Shao for the Company are unique and national in nature, and the potential harm to the Company and the Company Affiliates of the non-enforcement of the provisions of this
Section 7 outweighs any harm to Shao of the enforcement of such provisions by injunction or otherwise. Shao acknowledges that Shao has carefully read this Agreement and has given careful consideration to the restraints
imposed upon Shao by this Agreement and is in full 

  
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accord as to their necessity. Shao expressly acknowledges and agrees that the restrictions contained herein are reasonable in terms of duration, scope and area restrictions and are necessary to
protect the Confidential Information and the goodwill of the businesses of the Company and the Company Affiliates, and Shao agrees not to challenge the validity or enforceability of the restrictions contained herein. The parties hereto expressly
agree that money damages would not be an adequate remedy for breaching any provision of Section 6, and that the Company would be irreparably damaged if Shao were to disclose the Confidential Information, solicit or hire
employees, solicit customers or provide services to any person or entity in violation of the provisions of this Agreement. Therefore, in the event of a breach or threatened breach of any such provision, the Company and/or any Company Affiliate or
their respective successors or assigns shall be entitled to, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to
enforce or prevent any violations of the provisions hereof (without the necessity of posting a bond or other security, or proving economic harm). 

8. Post Termination Obligations. 

(a) Return of Company Materials. Immediately upon Notice of Termination of Shao’s employment for any reason, Shao shall
return to the Company, and shall not retain in any form or media of expression, all Company and Company Affiliate property that is then in Shao’s possession, custody or control, including, without limitation, all keys, access cards, credit
cards, computer hardware and software, documents, records, policies, marketing information, design information, specifications and plans, data base information and lists, and any other property or information that Shao has or had relating to the
Company or any Company Affiliate (whether those materials are in paper or computer-stored form), and including but not limited to any documents containing, summarizing, or describing any Confidential Information. Upon the Company’s request,
Shao will certify in writing, in a form acceptable to the Company, that Shao has returned all Company and Company Affiliate property, including any Confidential Information and copies thereof. 

(b) Shao Assistance. During the Employment Period and for twelve (12) months thereafter, Shao shall, upon reasonable
notice, reasonably assist the Company and the Company Affiliates (the “Affiliated Group”) in the defense of any claims, or potential claims that may be made or threatened to be made against any member of the Affiliated Group in any action,
suit or proceeding, whether civil, criminal, administrative, investigative or otherwise (a “Proceeding”), and will reasonably assist the Affiliated Group in the prosecution of any claims that may be made by any member of the Affiliated
Group in any Proceeding, to the extent that such claims may relate to Shao’s employment or the period of Shao’s employment by the Company. The Company shall reimburse Shao for all of the Shao’s reasonable out-of-pocket expenses associated with such assistance, including travel expenses and any attorneys’ fees and shall pay a reasonable per diem fee for Shao’s service
under this Section. 

  
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 9. Definitions. The following terms shall have the meanings set forth below: 

(a) “Business” means the engineering, design, manufacture and distribution of cleantech engines and power systems for
the industrial and on-road sectors. 
 (b) “Cause” means that the Company
makes a good faith determination that Shao has: (1) violated any Company policy or procedure that causes material harm or risk to the Company including but not limited to sexual harassment, misappropriation, or fraud; (2) been convicted of
a crime which is injurious to the Company’s operation or reputation; (3) engaged in a material breach of Shao’s employment agreement; (4) engaged in willful failure or willful inability to perform Shao’s duties under
Shao’s employment agreement; (5) engaged in any act or omission, which in any material way impairs the reputation, goodwill or business position of the Company; or (6) Shao is prohibited by order of a government agency or court from
being employed by the Company or any Company Affiliate in the role set forth in Shao’s employment agreement. 
 A termination will not
be for “Cause” to the extent such conduct is curable, unless Company shall have notified Shao in writing describing such conduct and prescribing conduct required to cure such conduct and Shao shall have failed to cure such conduct within
ten (10) business days after his receipt of such written notice. For purposes of this definition of Cause, no act or failure to act on the part of Shao shall be considered willful if it is done, or omitted to be done, by Shao in good faith and
with a good faith belief that Shao’s act or omission was in the best interests of Company. 
 (c) “COBRA
Continuation Coverage” means any medical, dental and vision care benefits that Shao and his “qualifying family members” (defined below) elect and are eligible to receive upon the Termination Date pursuant to Code Section 4980B
and Section 601 et seq. of the Employee Retirement Income Security Act of 1974, as amended. For this purpose, Shao’s “qualifying family members” are his spouse and dependent children to the extent they are eligible for, and elect
to receive, continuation coverage under such Section 4980B and Section 601 et seq. COBRA Continuation Coverage under this Agreement shall terminate for any individual when it terminates under the terms of the applicable benefit plan of the
Company in accordance with such Section 4980B and Section 601 et seq. 
 (d) “Code” means the Internal
Revenue Code of 1986, as amended, and the regulations promulgated and in effect thereunder. 
 (e) “Company
Affiliate” means PSI and each corporation, limited liability company, partnership, association or business entity of which a majority of the ownership interest thereof is at the time owned or controlled, directly or indirectly, by PSI or one or
more Subsidiaries of PSI or a combination thereof. 
 (f) “Disabled or Incapacitated” means Shao’s inability
or failure, due to a medically determinable physical or mental impairment, to substantially perform the essential functions of Shao’s job, with or without a reasonable accommodation, for thirty (30) consecutive calendar days or for ninety
(90) calendar days during any twelve (12) month period irrespective of whether such days are consecutive. 

  
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 (g) “Termination Date” means (i) if Shao’s employment is
terminated by Company for Cause or by Shao, the date of receipt of the Notice of Termination or any later date specified therein pursuant to Section 5, as the case may be, (ii) if Shao’s employment is terminated
by the Company without Cause, the date on which Shao ceases to perform services for the Company, (iii) if Shao’s employment is terminated by reason of Disability, the Disability Effective Date, and (iv) if Shao’s employment is
terminated by reason of death, the date of death. 
 10. Notices. Any notice provided for in this Agreement must be in writing and
sent to the recipients at the address indicated below: 
  

			
	 If to Shao:
	  	Sidong Shao
		  	At the address on file by Company
		
	 If to the Company:
	  	Power Solutions International, Inc.
		  	201 Mittel Drive
		  	Wood Dale, IL 60191
		  	Attn: Legal Department
		  	PSILegal@psiengines.com

 or such other address or to the attention of such other person as the recipient party shall have specified by prior written
notice to the sending party. Any notice under this Agreement shall be deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the United States, return receipt requested, upon actual receipt;
(b) if sent by reputable overnight air courier (such as DHL or Federal Express), two business days after being so sent; or (c) if by electronic mail or otherwise actually personally delivered, when so delivered. 

11. Code Section 409A. The intent of the parties is that payments and benefits under this Agreement comply with or
are exempt from Code Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance with or exempt from Code Section 409A; provided, however, that in no event shall the Company be
liable for any additional tax, interest or penalty that may be imposed on Shao by Code Section 409A. 
 12. Shao
Representations. In connection with entering into this Agreement, Shao represents and warrants to the Company that: 

(a) This Agreement constitutes the legal, valid and binding obligation of Shao, enforceable in accordance with its terms, and
the execution, delivery of this Agreement by Shao does not and shall not conflict with, violate or cause a breach of any agreement, contract or instrument to which Shao is a party or any judgment, order or decree to which Shao is subject. 

  
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 (b) Shao has consulted with independent legal counsel regarding his rights
and obligations under this Agreement and fully understands the terms and conditions contained herein. Shao has obtained advice from persons other than the Company and its counsel regarding the tax effects of the transaction contemplated hereby. 

(c) In signing this Agreement, Shao gives the Company assurance that Shao has carefully read and considered all of the terms
and conditions of this Agreement, including the restraints imposed under Section 6 and the remedies provided under Section 7. 

13. General Provisions. 

(a) Severability. If any provision hereof is invalid or unenforceable, the invalidity or unenforceability shall not affect any
other provision hereof and this Agreement shall be construed in all respects as if the invalid or unenforceable provision had been omitted. 

(b) Complete Agreement. This Agreement embodies the complete agreement and understanding among the parties and supersedes and
preempts any prior understandings, representations or other agreements by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 

(c) Successors and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by Shao, the Company and
their respective successors and assigns; provided, that the rights and obligations of Shao under this Agreement shall not be assignable. 

(d) Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of Illinois (regardless of its conflict of laws principles). Each party hereto irrevocably submits itself to the exclusive jurisdiction of the courts of the State of Illinois located in Cook County, Illinois and to the jurisdiction of the United
States District Court for the Northern District of Illinois, for the purpose of bringing any action that may be brought in connection with the provisions hereof. Each party hereto individually agrees not to assert any claim that such party is not
subject to the jurisdiction of such courts, that the venue is improper, that the forum is inconvenient or any similar objection, claim or argument. 

(e) Survival. The provisions set forth in Sections 5 through 13 shall survive and continue in full force and effect in
accordance with their terms notwithstanding any termination or expiration of this Agreement and/or the end of the Employment Period and the termination of Shao’s employment for any reason. 

(f) Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of the
Company and Shao. 

  
 12 

 [Signature page to follow] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement on the
date first written above. 
  

			
	POWER SOLUTIONS INTERNATIONAL, INC.
		
	By:	 	/s/ Dino Xykis
	Printed Name: Dino Xykis
	Title: CTO, Interim CEO

 
	
	
	Sidong Shao
	
	/s/ Sidong Shao
	Dated: 09/21/2022

  
 14EX-10.1

 Exhibit 10.1 

September 16, 2022 
 Epiphany Technology Acquisition Corp.

 630 Ramona Street 
 Palo Alto, CA 94301 

 

			
	Re:	 	Initial Public Offering

 Ladies and Gentlemen: 
 This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into
by and among Epiphany Technology Acquisition Corp., a Delaware corporation (the “Company”), and Cantor Fitzgerald & Co. as representative (the “Representative”) of the several underwriters
(each, an “Underwriter” and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”), of 40,250,000 of
the Company’s units (including up to 5,250,000 units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised of one share of the Company’s Class A common stock, par value $0.0001
per share (the “Common Stock”), and one-third of one redeemable warrant. Each whole warrant (each, a “Warrant”) entitles the holder thereof to
purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment. The Units were sold in the Public Offering pursuant to a registration statement on Form S-1 (File No. 333-251357) and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”). Certain capitalized
terms used herein are defined in paragraph 6 hereof. 
 For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
each of the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team or an advisor of the Company (each, an “Insider” and collectively, the
“Insiders”), hereby agrees with the Company as follows: 
 1. Each Insider hereby agrees that in the event that the
Company fails to consummate a Business Combination within the timeframe set forth in the Company’s second amended and restated certificate of incorporation, as it may be amended from time to time (the “Charter”), each
Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, subject to lawfully
available funds therefor, redeem 100% of the Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the Trust Account (as defined below), including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of
interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights as stockholders (including the right to receive further liquidation
distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve
and liquidate, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law. Each Insider agrees not to propose any amendment to
the Charter to modify (i) the substance or timing of the ability of holders of Offering Shares to seek redemption in connection with a Business Combination or amendments to the Charter prior thereto or (ii) (A) the Company’s
obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within such time set forth in the Charter or (B) any other provisions relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company provides its public stockholders with the opportunity to redeem their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to
pay its taxes, divided by the number of then outstanding Offering Shares. 
 Each Insider acknowledges that he or she has no right, title,
interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares or Private Placement Shares held by him or her. Each
Insider hereby further waives, with respect to any shares of Common Stock held by him or her, if any, whether acquired now or hereafter, any redemption rights 

 
he or she may have in connection with the consummation of a Business Combination or amendments to the Charter prior thereto, including, without limitation, any such rights available in the
context of a stockholder vote to approve such Business Combination or a stockholder vote to approve an amendment to the Charter to modify (i) (A) the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if
the Company has not consummated a Business Combination within the time period set forth in the Charter or (B) any other provisions relating to stockholders’ rights or pre-initial Business Combination
activity or (ii) in the context of a tender offer made by the Company to purchase shares of Common Stock (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption and liquidation rights with respect to
any Offering Shares it or they hold if the Company fails to consummate a Business Combination within the time period set forth in the Charter). 

2. Each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the event of a
breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1 and 4, as applicable, of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach. 

3. Each Insider represents and warrants that he or she has never been suspended or expelled from membership in any securities or commodities
exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information furnished to the Company (including any such information included in the Prospectus or
Current Report on Form 8-K filed by the Company in connection with the appointment of the undersigned (the “Form 8-K”)) is true and accurate in all respects
and does not omit any material information with respect to the Insider’s background. Each Insider’s questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents and warrants that: he or she is not
subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating
to the offering of securities in any jurisdiction; he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or
(iii) pertaining to any dealings in any securities and he or she is not currently a defendant in any such criminal proceeding. 
 4.
Except as disclosed in the Prospectus or the Form 8-K, neither any officer, director, advisor nor any affiliate of the Insiders, shall receive any reimbursement, consulting fee, monies in respect of any
repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate, the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is). 

5. Each Insider has full right and power, without violating any agreement to which he or she is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as an officer and/or
director on the board of directors or an advisor of the Company and hereby consents to being named in the Prospectus or the Form 8-K as an officer and/or director of the Company. 

6. As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Founder Shares” shall mean (a) the 10,062,500 shares of the
Company’s Class B common stock, par value $0.0001 per share, initially issued to the Sponsor (up to 1,312,500 Shares of which are subject to complete or partial forfeiture by the Sponsor if the over-allotment option is not exercised by the
Underwriters) for an aggregate purchase price of $25,000, or approximately $0.003 per share, prior to the consummation of the Public Offering; (iii) “Private Placement Shares” shall mean
the 450,000 shares of Common Stock comprising the Private Placement Units; (iv) “Private Placement Units” shall mean the 450,000 units, each comprised of one share of Common Stock and one-third of one warrant to purchase one share of Common Stock, that the Sponsor has agreed to purchase for an aggregate purchase price of $4,500,000 in the aggregate, or purchase price of $10.00 per Private
Placement Unit, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (v) “Public Stockholders” shall mean the holders of securities issued in the Public
Offering; (vi) “Sponsor” shall mean Epiphany Technology Sponsor LLC, a Delaware limited liability company and (vii) “Trust Account” shall mean the trust fund into which a portion of
the net proceeds of the Public Offering shall be deposited. 

 7. The Company will maintain an insurance policy or policies providing directors’ and
officers’ liability insurance, and each Director shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers. 

8. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and
supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may
not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto. 

9. No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written
consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on the undersigned and his or her respective successors, heirs and assigns and permitted transferees. 
 10. Nothing in this Letter
Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement
hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and
permitted transferees. 
 11. This Letter Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

12. This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

13. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way
to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any
objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 
 14. Any notice, consent or
request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or facsimile transmission. 
 15. This Letter Agreement shall terminate on the liquidation of the Company. 

16. The Company, the Sponsor and each Insider hereby acknowledges and agrees that the Representative on behalf of the Underwriters is a third
party beneficiary of this Letter Agreement. 
 [Signature Page Follows] 

  

			
	Sincerely,
		
	By:	 	/s/ Ross Haghighat
	 	 	Name: Ross Haghighat

  

			
	By:	 	/s/ Stephen Sherwin
	 	 	Name: Stephen Sherwin

  

			
	By:	 	/s/ Ronald Eastman
	 	 	Name: Ronald Eastman

  

			
	By:	 	/s/ Lou Lange
		 	Name: Lou Lange

  

			
	Acknowledged and Agreed:
	
	EPIPHANY TECHNOLOGY ACQUISITION CORP.
		
	By:	 	/s/ Peter Bell
	 	 	Name: Peter Bell
	 	 	Title: Chief Executive Officer and Chief
Financial Officer

 [Signature Page to Letter Agreement]

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