Document:

Exhibit 10.35

 

 

Internal Offer Term Sheet 
 For
 President, Products Aftermarket & Integrated Solutions

 

Penny Sherrod-Campanizzi 
 Effective:  10/1/12

 

1.                                      Position — President, Products Aftermarket & Integrated Controls Solutions.  You will office from the KW-CC South Bend location.

 

2.                                      Base Salary — $302,000 annually (bi-weekly payroll).

 

3.                                      Incentive Opportunity — You will continue to participate 100% in the Global Power ICP plan at a target level of 55% through the end of 2012.  The split between Global Power and your Business Units financial performance will be determined in 1st quarterfor 2013, however, the 55% target level will remain unchanged.

 

4.                                      Equity Grants — You will continue to be eligible for equity grants as determined by the Board of Directors.

 

5.                                      Vacation and Benefits — You will continue accruing vacation at the four week level.  Standard Company benefits package as currently offered.

 

6.                                      Housing Reimbursement — You will be provided a monthly housing stipend of $1,500.  This will be considered as income and you will be accountable for the associated taxes.

 

7.                                      Severance — If your employment with the Company is terminated by the Company without cause and you execute a timely Release, the Company will pay you in accordance with the provisions stated below.

 

·                                          Continuation of Base Salary will occur at the salary rate in effect immediately before the Termination Date through the first anniversary of the Termination Date.  The salary continuation payments will be made at the same times as salary payments would have been made to you if your employment with the Company had continued through the first anniversary of the Termination Date.

 

 

·                                          If and only if the Termination Date is at least three full months after the beginning of the ICP Bonus Year within which the Termination Date falls, a lump sum amount (a “Pro Rata Annual Bonus”) equal to a pro rata portion of the full year annual bonus under the ICP that you would have been entitled to had your employment continued through the date on which bonuses for that Bonus Year are paid, based on actual financial results of the Company for the entire Bonus Year and individual performance by you during that part of the Bonus Year ending on the Termination Date (the “Full Year Pro Forma Bonus Amount”).  Any Pro Rata Bonus payable under will be equal to the Full Year Pro Forma Bonus Amount multiplied by a fraction, the numerator of which is the number of days between January 1 of the Bonus Year and the Termination Date and the denominator of which is 365.  The Company will pay any Pro Rata Annual Bonus that may be payable on the same date as other bonuses are paid with respect to the Bonus Year in which the Termination Date falls, but not later than March 15 of the immediately following year.

 

 

	
Presented   by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Luis Manuel Ramírez
    	
 
    	
October 1,   2012
    
	
Luis   Manuel Ramirez
    	
 
    	
Date
    
	
President   and CEO, Global Power Equipment Group
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
I   accept the terms of this offer:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Penny Sherrod-Campanizzi
    	
 
    	
September 30,   2012
    
	
Penny   Sherrod-Campanizzi — Signature
    	
 
    	
DateExhibit 10.36

 

 

October 18, 2012

 

Dear Melanie:

 

On behalf of Global Power Equipment Group (“Company”), I am pleased to offer you the position of Vice President of Human Resource.  We look forward to you working with us in achieving continued success for our Company.  In this position, you will report directly to me.

 

The details of our employment offer are outlined below:

 

	
Start   Date
    	
 
    	
November 12,   2012
    
	
 
    	
 
    	
 
    
	
Location:
    	
 
    	
Irving,   TX
    
	
 
    	
 
    	
 
    
	
Annual   Base Salary:
    	
 
    	
$305,500
    
	
 
    	
 
    	
 
    
	
Incentive   Comp Plan:
    	
 
    	
The   Incentive Compensation Plan (“ICP”) is measured by company profitability at   year-end based on Operating Income. The ICP is a percentage of your base pay   based on achieving the years ICP Plan measurements. Your level in this Plan   has a target percentage of 55% with a maximum payout percentage of 110%.   There is a percentage of the ICP pool that is based on personal goals. You   must be actively employed by the company at the time of payout to be eligible   for an ICP payment. Your payout for 2012 will be decided on an off-cycle   basis due to your hire date in the 4th quarter.
    
	
 
    	
 
    	
 
    
	
Long-term   incentive:
    	
 
    	
Your   long-term incentive award of Restricted Stock Units (“RSU’s) will be based on   providing you’re a value of $175,000. The determination of the number of   RSU’s granted will be based on this value divided by the prevailing stock   price at the time of issuance. The issuance of this award will be in   March 2013 as approved and authorized by the Board of Directors.
    
	
 
    	
 
    	
 
    
	
Signing   Bonus:
    	
 
    	
You   will receive a sing-on bonus of $50,000 to be paid on the first payroll   period. If you voluntarily leave the Company in the first year from hire   date, you will be responsible for reimbursing the company for a prorated 
    

 

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amount.
    
	
 
    	
 
    	
 
    
	
Vacation:
    	
 
    	
You   will be eligible to begin accruing four (4) weeks of vacation upon hire.
    
	
 
    	
 
    	
 
    
	
Benefits:
    	
 
    	
As   a fulltime employee, you are eligible upon date of hire to participate in   Global Power Equipment Group comprehensive benefit package. Attached is a   2012 Summary of Benefits. The Company has contracted with Blue Cross   BlueShield of OK for medical/dental/vision, Lincoln Life for guaranteed group   and employee voluntary life coverage as well as Short Term and Long Term   Disability, Conexis for our Health and Dependent Care Flexible Account   Administration, and Bank of Oklahoma for our 401K Plan.
    
	
 
    	
 
    	
 
    
	
Severance:
    	
 
    	
If   your employment with the Company is terminated by the Company without cause   and you execute a timely Release, the Company will pay you in accordance with   the provision stated below.
    
	
 
    	
 
    	
 
    
	
 
    	
·
    	
 
    	
Continuation   of Base Salary will occur at the salary rate in effect immediately before the   termination date through the six month anniversary of the termination date.   The salary continuation payments will be made at the same times as salary   payments would have been made to you if your employment with the Company had   continued through the six month anniversary of the termination date.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
·
    	
 
    	
If   and only if the termination date is at least three full months after the   beginning of the ICP bonus year within which the termination date falls, a   lump sum amount (a “Pro Rata Annual Bonus”) equal to a pro rate portion of   the full year annual bonus under the ICP that you would have been entitled to   had your employment continued through the date on which bonuses for that   bonus year are paid, based on actual financial results of the Company for the   entire bonus year and individual performance by you during that part of the   bonus year ending on the Termination Date (the “Full Year Pro Forma Bonus   Amount”). Any Pro Rata bonus payable under will be equal to the Full Year Pro   Forma Bonus Amount multiplied by a fraction, the numerator of which is the   number of days between January 1 of the bonus year and the termination   date and the denominator of which is 365. The Company will pay any Pro Rata   Annual Bonus that may be payable on the same date as other bonuses are paid   with respect to the bonus year in which the termination 
    

 

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date   falls, but not later than March 15 of the immediately following year.
    

 

Employment is contingent based on receipt of a favorable background check which includes criminal, credit and education.

 

Please be advised that neither this letter nor any other oral or written representations may be considered a contract for any specific period of time.

 

Once again, I am pleased to extend this offer of employment.  Should you have any questions regarding your employment with Global Power Equipment Group, please do not hesitate to contact me.

 

	
Sincerely,
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Luis Manuel Ramírez
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Luis   Manuel Ramirez
    	
 
    	
 
    
	
President   and CEO
    	
 
    	
 
    
	
Global   Power Equipment
    	
 
    	
 
    

 

I hereby accept the employment offer as set forth above and affirm the following:

 

(a)                                 I am not subject to a non-competition agreement that would preclude employment with the Company; and

 

(b)                                 I am not party to any confidentiality, proprietary information, non-solicitation or similar agreement or obligations with any third party that may conflict with my employment with the Company.

 

I further acknowledge and agree that in the course of employment with the Company I will have access to confidential and proprietary information of the Company and its affiliates, and I agree to keep such information confidential at all times, during and after employment with the Company, except as may be required by law.

 

	
/s/   Melanie Barth
    	
 
    	
October 19,   2012
    
	
Melanie   Barth
    	
 
    	
Date
    

 

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