Document:

EX-10.32

 Exhibit 10.32 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is dated this 15th day of March 2021, by and between Constantine Xykis (“Xykis”)
and Power Solutions International, Inc. (“Company”). 
 PREAMBLE 

WHEREAS, Xykis has been employed by Company since December 1, 2010 as Vice President of Engineering the terms of which were subsequently
set forth in an Employment Agreement between the Parties on April 4, 2018 and then amended on November 6, 2020 to set forth Xykis automobile allowance (the Employment Agreement and First Amendment shall hereafter be referred to as the
“2018 Employment Agreement as amended”); 
 WHEREAS, the Company desires to promote Xykis to the position of Chief Technical
Officer (“CTO”) of the Company, a section 16 Officer, effective March 15, 2021 (the “Effective Date”); 
 WHEREAS,
Xykis desires to be employed by the Company as its CTO and to perform services on behalf of the Company; and 
 WHEREAS, Xykis and the
Company desire to enter into this Agreement to, among other things, set forth (i) the continued terms and conditions of Xykis’s employment with the Company which shall supersede and cancel any other or different terms or conditions of
employment, except as stated herein, including the 2018 Employment Agreement as amended; and (ii) the obligation of Xykis 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 Xykis 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 continue to employ Xykis, and Xykis hereby accepts such
continued 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”).
Xykis’s employment is “at-will” and may be terminated by either party at any time, subject to the provisions of Section 5. 

  
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 3. Position and Duties. 

(a) Xykis shall serve as the Company’s CTO, with overall responsibility for the day-to-day operations of the engineering functions of the Company and such other duties as are normally commensurate with executive’s position. In this role Xykis will lead the strategy for technology
platforms, partnerships and external relationships, identify, compare, select and implement technology solutions to meet current and future needs and represent the technological agenda in staff meetings when making hiring decisions. Xykis shall
report to the Chief Executive Officer of the Company (the “CEO”). 
 (b) Xykis shall perform Xykis’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 Xykis’s position change, the Company agrees to negotiate in good faith with Xykis concerning
possible changes to the compensation, benefits and other terms and conditions of employment described in this Agreement. 

(c) During the Employment Period, Xykis shall devote Xykis’s full business time, attention, skill and energy to the
business and affairs of the Company and the Company Affiliates and shall use Xykis’s reasonable best efforts to faithfully perform Xykis’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. Xykis’s base salary shall be $335,000.00 per annum. (the “Base Salary”). Xykis’s
Base Salary will be payable by the Company in regular semi-monthly 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, Xykis 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, Xykis 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 equal to 60% of his Base Salary or as generally determined by the Company for the overall LTI
plan. 
 (d) Equity. Subject to the approval of the Compensation Committee, Xykis shall be awarded a stock grant of
25,000 SARs with a strike price determined at the time of Compensation Committee approval. Vesting occurs pro rata over a three-year period with: 8,333 SARs awards vesting on March 15, 2022, 8,333 SARs awards vesting on March 15 2023, and
the remaining 8,334 SARs awards vesting on March 15, 2024, provided that Xykis has not quit or voluntarily terminated his employment as CTO or been terminated for cause or due to death or incapacity in which case any unvested SARs awards shall
be extinguished and forfeited by Xykis. The SARs awards shall be subject to the terms and conditions of the Power Solutions 2012 Incentive Compensation Plan. 

  
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 (e) Automobile allowance. The Company will pay Employee One Thousand
Nine Hundred Seventy-Five Dollars ($1,975.00) per month towards Employee’s automobile lease. Additionally, the Company will also pay Employee One Thousand Seven Hundred Fifty Dollars ($1,750.00) per month to cover the cost of gasoline to travel
on behalf of the Company for as long as Employee commutes from his current home to the Company headquarters in Wood Dale, Illinois. The Company will also pay employee for reasonable amounts spent on auto insurance for his leased vehicle within 30
days of Employee submitting such amounts to Company with documentation of such insurance costs. All amounts received by Employee will be subject to applicable withholdings as required by applicable law. 

(f) Business Expenses. During the Employment Period, the Company will reimburse Xykis 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. 

(g) Benefits. During the Employment Period, Xykis shall be entitled to participate in all Company employee benefit
programs for which senior employees of the Company are generally eligible. 
 (h) Vacation. Xykis shall be eligible to
take vacation as approved by the CEO. 
 (i) Payroll Withholding. All amounts payable to Xykis by the Company as
compensation will be subject to withholding by the Company as required under applicable law. 
 5. Term; Termination; Severance. The
Employment Period will commence on the Effective Date and will continue until the first to occur of (i) Xykis’s death; (ii) a termination by the Company at any time; (iii) or a termination by Xykis at any time. Any termination of
Xykis’s employment with the Company shall be a “Termination.” The date of any termination of Xykis’s employment with the Company shall be the “Termination Date.” 

(a) The Company may terminate Xykis’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 Xykis designating an immediate or future date, as outlined below. 

  
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 (b) Xykis may terminate Xykis’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 Xykis’s termination effective immediately,
(ii) require Xykis to continue to perform Xykis’s duties hereunder during such ninety (90) day period, with or without restrictions on Xykis’s activities, and/or (iii) accept Xykis’s notice of termination as
Xykis’s resignation from the Company at any time during such ninety (90) day period; provided, that the Company shall (x) pay Xykis’s Base Salary under Section 4(a) and benefits under
Section 4(g) through the date on which Xykis ceases to perform services for the Company and (y) pay to Xykis 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 Xykis as of the Termination Date. Any unvested SARs will be lost and forfeited as of the Termination Date. 

(c) Any termination by the Company for Cause or without Cause, or by Xykis, 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 Xykis’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) Xykis’s employment will terminate immediately without
any notice upon Xykis’s death. 
 (e) If Xykis is determined to be Disabled or Incapacitated during the Employment
Period, the Company may give Xykis written notice of its intention to terminate Xykis’s employment. In such event, Xykis’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by Xykis (the
“Disability Effective Date”) unless within the 30-day period after such receipt, Xykis shall have returned to full time performance of Xykis’s duties. Whether Xykis is Disabled or Incapacitated
shall be determined by a physician selected by the CEO of or the Company’s insurers, which physician is reasonably acceptable to Xykis. Upon request, Xykis shall provide the CEO with documentation from Xykis’s health care provider
sufficient for the CEO to determine the nature and extent of any physical or mental impairment that may interfere with Xykis’s performance of Xykis’s job duties, as well as any accommodations that could be made. 

(f) If Xykis’s employment is terminated as a result of Xykis’s death or a determination that Xykis is Disabled or
Incapacitated, then prior to the 30th day following the Termination Date, the Company shall pay to Xykis (or his legal representatives) in a lump sum, to the extent not previously paid, the Base Salary through the Termination Date, less applicable
withholdings plus accrued bonus and benefits to the extent applicable. 

  
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 (g) If the Company terminates Xykis’s employment without Cause, then
the Company will provide Xykis with the following severance payments and/or benefits: 
 (i) Prior to the 30th day following
the Termination Date, the Company shall pay to Xykis, in the regular semi-monthly 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 Xykis 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 Xykis 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 Xykis a monthly amount equal to the (x) Base Salary,
divided by (y) 12 (the “Cash Severance”), less applicable withholdings, for a period of twelve (12) months following the date on which the first monthly payment is made pursuant to this Section 5(g). For
purposes of this Agreement, the period of time from the Termination Date to the date the last monthly payment is made pursuant to this Section 5(g) is referred to as the “Severance Period.” 

(iii) If Xykis 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 Xykis as if Xykis were still employed by the Company for a period of 12 months. Xykis will be responsible for submitting all notices and forms required to elect COBRA. 

(h) If Xykis’s employment with the Company is separated for cause, then following the Termination Date, the Company shall
pay to Xykis, 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) Xykis shall automatically forfeit: 

 

	 	1.	 Any bonus to which Xykis 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 

  
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	 	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 Xykis 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 Xykis’s employment in the form acceptable to Company, and such Release Agreement becoming effective and irrevocable no later than fifty-five (55) days following
Xykis’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. Xykis 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 Xykis under this Agreement. If Xykis has breached in any material respect any of Xykis’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 Board may elect to immediately terminate Xykis’s right to
receive, and Company’s obligation to pay, any additional Cash Severance, and Xykis shall have no further rights to Cash Severance. In the event that Xykis prevails on a legal action or claim challenging the Company’s rights to terminate
such payments, the Company shall be required to pay to Xykis 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 Xykis incurred in connection with such legal action or claim. 
 6. Xykis
Covenants. Xykis 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 Xykis will continue to gain access to through Xykis’s employment with the Company, other than in the furtherance of Xykis’s
legitimate job duties. Accordingly, Xykis agrees that he has a continuing obligation from his 2018 Employment Agreement as amended to the following restrictive covenants. 

(a) Confidential Information. Xykis acknowledges that by reason of his employment by the Employer and the Company, or while
being associated with the Company Affiliates, Xykis 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 

  
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Affiliates have a protectable interest in such Confidential Information. Therefore, Xykis 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 Xykis’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 Xykis, 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. Xykis acknowledges that all documents and
other property including or reflecting Confidential Information furnished to Xykis 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 Xykis 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. Xykis 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. Xykis agrees that
Xykis has had and will continue to have access to Confidential Information concerning the Company and the Company Affiliates and that Xykis’s services are of special, unique and extraordinary value to the Company and the Company Affiliates.
Therefore, Xykis agrees that during his employment with the Company and until 12 months after the Termination Date (regardless of the reason for termination), Xykis 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 Xykis’s employment with the Company ends and in which Xykis 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 Xykis’s separation from the Company. The
foregoing shall not restrict the Xykis 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. Xykis 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 Xykis 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. Xykis 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 Xykis, 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 Xykis 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. Xykis 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 Xykis for which no equipment, supplies, facility or Confidential Information of the Company was used and that was developed entirely on Xykis’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 Xykis for or on behalf of the Company. Xykis shall keep and maintain adequate and current written
records of all inventions, concepts, ideas and materials made by Xykis (jointly or with others) during the term of Xykis’s association or employment with the Company. Such records shall remain the property of the Company at all times. Xykis
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) Xykis acknowledges that the provisions of Section 6 are in consideration of
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. Xykis expressly agrees and acknowledges that the restrictions contained in Section 6 do not preclude Xykis from earning a
livelihood, nor do they unreasonably impose limitations on Xykis’s ability to earn a living. In addition, Xykis 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 Xykis for the Company are unique and national in nature, and the potential harm to the 

  
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Company and the Company Affiliates of the non-enforcement of the provisions of this Section 7 outweighs any harm to Xykis of the
enforcement of such provisions by injunction or otherwise. Xykis acknowledges that Xykis has carefully read this Agreement and has given careful consideration to the restraints imposed upon Xykis by this Agreement and is in full accord as to their
necessity. Xykis 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 Xykis 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 Xykis 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 Xykis’s employment for any reason, Xykis 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 Xykis’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 Xykis 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,
Xykis will certify in writing, in a form acceptable to the Company, that Xykis has returned all Company and Company Affiliate property, including any Confidential Information and copies thereof. 

(b) Xykis Assistance. During the Employment Period and for twelve (12) months thereafter, Xykis 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 

  
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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 Xykis’s
employment or the period of Xykis’s employment by the Company. The Company shall reimburse Xykis for all of the Xykis’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 the Xykis’s service under this Section. 

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 Employee has:
(A) engaged in (1) a material act of dishonesty involving the Company or the Company Affiliates, (2) malfeasance or gross negligence which is injurious to the Company, or (3) a material breach of his fiduciary duties related to
employment; (B) committed an act of fraud or embezzlement, (C) committed any crime of moral turpitude or any felony; (D) repeatedly refused to perform specific reasonable directives from the CEO or any officer of the Company to whom
Employee reports that are reasonably consistent with the scope and nature of Employee’s responsibilities (other than such failure resulting from his Disability or Incapacity); (E) used or been under the influence of illegal drugs at the
workplace or while performing Company business, or refused to submit for a drug test upon the Company’s reasonable request; (F) breached any provision of Section 6 in any material respect; (G) willfully
breached Employee’s other duties and obligations in Sections 4 and/or 5 or any other written agreement between Employee and the Company in any material respect, or willfully took or failed to take any action in contravention of
the Board charters in any material respect; (H) willfully violated any conflict of interest policy of the Company or the Board in any material respect; or (I) demonstrated willful failure or inability to perform Employee’s duties
under this Agreement. A termination will not be for “Cause” to the extent such conduct is curable, unless Company shall have notified Employee in writing describing such conduct and prescribing conduct required to cure such conduct and
Employee shall have failed to cure such conduct within ten (10) business days after his receipt of such written notice. Employee’s refusal to relocate in order to retain his employment shall not constitute “Cause.” For purposes
of this definition of Cause, no act or failure to act on the part of Employee shall be considered willful if it is done, or omitted to be done, by Employee in good faith and with a good faith belief that Employee’s act or omission was in the
best interests of Company. 

  
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 (c) “COBRA Continuation Coverage” means any medical, dental and
vision care benefits that Xykis 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, Xykis’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 Xykis’s inability or failure, due to a medically
determinable physical or mental impairment, to substantially perform the essential functions of Xykis’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. 
 (g) “Termination Date”
means (i) if Xykis’s employment is terminated by Company for Cause or by Xykis, 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 Xykis’s employment is terminated by the Company without Cause, the date on which Xykis ceases to perform services for the Company, (iii) if Xykis’s employment is terminated by reason of Disability, the Disability
Effective Date, and (iv) if Xykis’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 Xykis:
	  	Constantine Xykis
		  	XXXXXXXXXXXXXX
		
	 If to the Company:
	  	Power Solutions International, Inc.
		  	201 Mittel Drive
		  	Wood Dale, IL 60191
		  	Attn: Legal Department
		  	PSILegal@psiengines.com

  
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 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 Xykis by Code Section 409A. 
 12. Xykis
Representations. In connection with entering into this Agreement, Xykis represents and warrants to the Company that: 

(a) This Agreement and each of the other agreements contemplated hereby constitutes the legal, valid and binding obligation of
Xykis, enforceable in accordance with its terms, and the execution, delivery of this Agreement and such other agreements by Xykis does not and shall not conflict with, violate or cause a breach of any agreement, contract or instrument to which Xykis
is a party or any judgment, order or decree to which Xykis is subject. 
 (b) Xykis has consulted with independent legal
counsel regarding his rights and obligations under this Agreement and fully understands the terms and conditions contained herein. Xykis 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, Xykis gives the Company assurance that Xykis 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. 

  
 13 

 (b) Complete Agreement. This Agreement fully amends and restates any
existing employment agreement between or among the Xykis and the Company or any Company Affiliate. Further, 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. Notwithstanding the foregoing, this Agreement shall not supersede, preempt, modify or amend Xykis’s
rights or obligations under any Stock Appreciation Rights or Restricted Stock Agreement entered into between Xykis and Company. 

(c) Successors and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by Xykis, the Company and
their respective successors and assigns; provided, that the rights and obligations of Xykis 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 Xykis’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 Xykis. 
 [Signature page to follow] 

  
 14 

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

			
	POWER SOLUTIONS INTERNATIONAL, INC.
		
	By:	 	/s/ Lance Arnett
	Printed Name: Lance Arnett
	Title: CEO

  

	
	Constantine Xykis
	
	/s/ Dino Xykis
	
	03-11-2021

  
 15Loncor Gold Inc.: Exhibit 4.1 - Filed by newsfilecorp.com

    

    EXHIBIT 4.1

    LONCOR GOLD INC.

    Stock Option Plan

     The board of directors of Loncor Gold Inc. (the "Corporation") wishes to establish a stock option plan (the "Plan") governing the issuance of stock options (the "Stock Options") to directors, officers and employees of the Corporation or subsidiaries of the Corporation and persons or corporations who provide services to the Corporation or its subsidiaries on an on-going basis, or have provided or are expected to provide a service or services of considerable value to the Corporation or its subsidiaries.  Capitalized terms, not otherwise defined herein, have the meanings ascribed thereto in the TSX Venture Exchange Corporate Finance Manual.

     The terms and conditions of the Plan for issuance of Stock Options are as follows:

    1. Purposes

     The principal purposes of the Plan are:

    (a) to retain and attract qualified directors, officers, employees and service providers which the Corporation and its subsidiaries require;

    (b) to promote a proprietary interest in the Corporation and its subsidiaries;

    (c) to provide an incentive element in compensation; and

    (d) to promote the profitability of the Corporation and its subsidiaries.

    2. Reservation of Shares

     The total number of common shares in the capital of the Corporation ("Common Shares") issuable upon the exercise of all outstanding Stock Options granted under this Plan shall not at any time exceed 10% of the total number of outstanding Common Shares, from time to time.  This Plan is considered an "evergreen" plan, since the Common Shares covered by Stock Options which have been exercised or terminated shall be available for subsequent grants under this Plan and the number of Stock Options available to grant increases as the number of outstanding Common Shares increases.   

    3. Eligibility

     Stock Options shall be granted only to persons, firms or corporations ("Eligible Optionees") who are Directors, Employees, Consultants or Management Company Employees of the Corporation or a subsidiary of the Corporation.  Where the Eligible Optionee is an Employee, Consultant or Management Company Employee, the board of directors of the Corporation (the "Board") shall confirm that the Eligible Optionee is a bona fide Employee, Consultant or Management Company Employee, as the case may be, of the Corporation or a subsidiary of the Corporation prior to any grant of Stock Options.

     Stock Options may also be granted to a corporation which is wholly-owned by an Eligible Optionee if the corporation agrees not to effect or permit any transfer of ownership or option of shares of the corporation, nor to issue further shares of any class in the corporation to any other individual or entity as long as any Stock Options granted to the corporation remain outstanding, without the prior written consent of the TSX Venture Exchange.  Unless the context otherwise requires, the term Eligible Optionee as used herein, shall include any such corporation.

    

    4. Granting of Stock Options

     The Board may from time to time grant Stock Options to Eligible Optionees.  At the time a Stock Option is granted, the Board shall determine the number of Common Shares of the Corporation available for purchase under the Stock Option, the date when the Stock Option is to become effective and, subject to the other provisions of this Plan, all other terms and conditions of the Stock Option. 

    5. Exercise Price

                  The exercise price (the "Exercise Price") of each Stock Option shall be determined in the discretion of the Board at the time of the granting of the Stock Option, provided that the exercise price shall not be lower than the "Market Price".  "Market Price" shall mean the last closing price of the Common Shares on the TSX Venture Exchange prior to the date the Stock Option is granted; provided that in the event the Common Shares are not listed on the TSX Venture Exchange but are listed on another stock exchange or stock exchanges, the foregoing reference to the TSX Venture Exchange shall be deemed to be a reference to such other stock exchange, or if more than one, to such one as shall be designated by the Board, and to the extent that the Common Shares are not listed on any exchange, the Market Price shall be such price as is determined by the Board in good faith.

    6. Term and Exercise Periods

    (a) All Stock Options shall be for a term determined in the discretion of the Board at the time of the granting of the Stock Options, provided that no Stock Option shall have a term exceeding five years and, unless the Board at any time makes a specific determination otherwise, a Stock Option and all rights to purchase Common Shares pursuant thereto shall expire and terminate immediately upon the Eligible Optionee who holds such Stock Option ceasing to be at least one of a Director, Employee, Management Company Employee or Consultant of the Corporation or a subsidiary of the Corporation. 

    (b) Unless otherwise determined by the Board at the time of the granting of the Stock Options pursuant to clause 6(c)(iii) below, 1/4 of the Stock Options granted pursuant hereto will vest on each of the 6 month, 12 month, 18 month and 24 month anniversaries of the date of the grant of the Stock Options (the "Grant Date").  For greater clarity, unless otherwise determined pursuant to the terms hereof, all Stock Options granted to an Eligible Optionee will be available to exercise and purchase Common Shares on the 24 month anniversary of the Grant Date.

    (c) By way of example, without limiting the generality of the foregoing or the discretion of the Board, the Board may, at the time of the granting of the Stock Option, determine:

    (i) that a Stock Option is exercisable only while the Eligible Optionee remains at least one of a Director, Employee, Management Company Employee or Consultant and for a limited period of time ("Additional Period") after the Eligible Optionee ceases to be at least one of a Director, Employee, Management Company Employee or Consultant (which Additional Period may not exceed 90 days or, in the case of an Eligible Optionee engaged in Investor Relations Activities, 30 days);

    
        2

    

    

    (ii) that a Stock Option can be exercisable for an Additional Period or for its remaining term (which Additional Period or remaining term may not exceed one year) after the death, disability or incapacity of an Eligible Optionee;

    (iii) that a Stock Option has a different vesting schedule than that specified in subsection 6(b) above; or

    (iv) that a Stock Option may provide for early exercise and/or termination or other adjustment in the event of a death of a person and in other circumstances, such as if the Corporation shall resolve to sell all or substantially all of its assets, to liquidate or dissolve, or to merge, amalgamate, consolidate or be absorbed with or into any other corporation, if a take-over bid is made for Common Shares of the Corporation, or if any change of control of the Corporation occurs.

    7. Non-Assignability

    Other than a limited right of assignment, subject to the terms upon which the Stock Option is granted, in the event of the death of an Eligible Optionee to allow the exercise of Stock Options by the Eligible Optionee's legal representative, Stock Options shall not be assignable or transferable by the Eligible Optionees.

    8. Payment of Exercise Price

    All shares issued pursuant to the exercise of a Stock Option shall be paid for in full in Canadian funds at the time of exercise of the Stock Option and prior to the issue of the shares.  All Common Shares issued in accordance with the foregoing shall be issued as fully paid and non-assessable Common Shares.

    9. Non-Exercise

     If any Stock Option granted pursuant to the Plan is not exercised for any reason whatsoever, upon the expiry of the Stock Options pursuant to the terms of its grant or the terms hereof, the shares reserved and authorized for issuance pursuant to such Stock Option shall revert to the Plan and shall be available for other Stock Options.  Notwithstanding the foregoing, at no time shall there be outstanding Stock Options exceeding, in the aggregate, the number of Common Shares reserved for issuance pursuant to Stock Options under this Plan.

    10. Adjustment in Certain Circumstances

     In the event:

    (a) of any change in the Common Shares through subdivision, consolidation, reclassification, amalgamation, merger or otherwise; or

    (b) of any stock dividend to holders of Common Shares (other than such stock dividends issued at the option of shareholders of the Corporation in lieu of substantially equivalent cash dividends); or

    (c) that any rights are granted to holders of Common Shares to purchase Common Shares at prices substantially below fair market value; or

    
        3

    

    

    (d) that as a result of any recapitalization, merger, consolidation or otherwise the Common Shares are converted into or exchangeable for any other shares;

    then in any such case the Board may make such adjustment in the Plan and in the Stock Options granted under the Plan as the Board may in its sole discretion deem appropriate to prevent substantial dilution or enlargement of the rights granted to, or available for, holders of Stock Options, and such adjustments may be included in the Stock Options.

    11. Expenses

     All expenses in connection with the Plan shall be borne by the Corporation.

    12. Compliance with Laws

     The Corporation shall not be obliged to issue any shares upon exercise of Stock Options if the issue would violate any law or regulation or any rule of any governmental authority or stock exchange. The Corporation shall not be required to issue, register or qualify for resale any shares issuable upon exercise of Stock Options pursuant to the provisions of a prospectus or similar document, provided that the Corporation shall notify the TSX Venture Exchange or any other stock exchange on which the shares of the Corporation are listed and any other appropriate regulatory bodies in Canada of the existence of the Plan and the issuance and exercise of Stock Options.

     In addition to any resale restrictions that may be applicable under applicable securities laws, all Stock Options and any shares issued on the exercise of Stock Options shall be legended with a four month hold period from the date the Stock Options are granted, as required by the rules of the TSX Venture Exchange.

    13. Disinterested Shareholder Approval

     Disinterested shareholder approval shall be obtained by the Corporation prior to any reduction in the Exercise Price if the Optionee is an Insider of the Corporation at the time of a proposed reduction of the Exercise Price.

    14. Form of Stock Option Agreement

     All Stock Options shall be issued by the Corporation in a form which meets the general requirements and conditions set forth in this Plan and the requirements of the TSX Venture Exchange or such other exchange on which the shares of the Corporation are listed from time to time.

    15. Amendments and Termination 

     The Corporation shall retain the right to (a) amend from time to time the terms of the Plan or to terminate the Plan by resolution of the Board, and (b) amend from time to time the terms of outstanding Stock Options by resolution of the Board.  Any such amendments or termination shall be subject to the consent of any applicable regulatory body, including any stock exchange on which the Corporation's shares are listed (to the extent such consent is required).  Any amendment to the terms of outstanding Stock Options shall be subject to the consent of the Eligible Optionee holding such Stock Options.  Any amendment to the terms of the Plan shall take effect only with respect to Stock Options granted thereafter, provided that such amendment may apply to any Stock Options previously granted with the consent of the Eligible Optionees holding such Stock Options.

    
        4

    

    

    16. Delegation of Administration of the Plan

     Subject to the Business Corporations Act (Ontario) or any other legislation governing the Corporation, the Board may delegate to one or more directors of the Corporation, on such terms as it considers appropriate, all or any part of the powers, duties and functions relating to the granting of Stock Options and the administration of the Plan.

    17. Applicable Law

                  This Plan shall be governed by and construed in accordance with the laws in force in the Province of Ontario.

    18. Stock Exchange

     To the extent applicable, the issuance of any shares of the Corporation pursuant to Stock Options issued pursuant to this Plan is subject to approval of the Plan and the issuance of the Stock Options by the TSX Venture Exchange or other stock exchange upon which the Common Shares are listed, and the Plan shall be subject to the ongoing requirements of such exchange.

    19. Administration

     This Plan shall be administered by the Board.  The Board shall have full and final discretion to interpret the provisions of this Plan and to prescribe, amend, rescind and waive rules and regulations to govern the administration and operation of this Plan.  All decisions and interpretations made by the Board shall be binding and conclusive upon the Corporation and on all persons eligible to participate in this Plan, subject to shareholder approval if required by any stock exchange on which the Corporation's shares are listed.

    20. Limitation on Shares Issuable to Insiders

    
        (a) The total number of Common Shares issued to "insiders" (as such term is defined in Part 1 of the TSX Company Manual) of the Corporation, within any one year period, under all "security based compensation arrangements" (within the meaning of the rules of the Toronto Stock Exchange) of the Corporation shall not exceed 10% of the total number of outstanding Common Shares. 

    

    (b) The total number of Common Shares issuable to "insiders" (as such term is defined in Part 1 of the TSX Company Manual) of the Corporation, at any time, under all "security based compensation arrangements" (within the meaning of the rules of the Toronto Stock Exchange) of the Corporation shall not exceed 10% of the total number of outstanding Common Shares. 

    
        5

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