SEC Contract Filing

Filing Date: 2022-04-29

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<DESCRIPTION>FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="ppsi-8k_042522.htm">Pioneer Power Solutions, Inc. 8-K</A></P>

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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 10.1</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOURTH
AMENDMENT TO EMPLOYMENT AGREEMENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
FOURTH <FONT STYLE="text-transform: uppercase">Amendment to Employment Agreement</FONT> (this &ldquo;<B><I>Amendment</I></B>&rdquo;)
is made and entered as of this 25<SUP>th</SUP> day of April, 2022, (the &ldquo;<B><I>Amendment Effective Date</I></B>&rdquo;)
by and between Pioneer Power Solutions, Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and Nathan J.
Mazurek (the &ldquo;<B><I>Executive</I></B>&rdquo;) for purposes of amending that certain Employment Agreement, dated as of March
30, 2012, as amended on November 11, 2014, June 30, 2016 and March 30, 2020 by and between the Company and the Executive (the
&ldquo;<B><I>Agreement</I></B>&rdquo;). Terms used in this Amendment with initial capital letters that are not otherwise defined
herein shall have the meanings ascribed to such terms in the Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Term under the Agreement is scheduled to expire on March 31, 2023 and the Company and the Executive desire to extend the Term
to December 31, 2024, unless terminated earlier in accordance with Article II of the Agreement;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
in connection with such extension of the Term, the Company and the Executive desire to adjust the Executive&rsquo;s base salary
as set forth in this Amendment, with such adjustment to be retroactively effective as of January 1, 2022; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
Section 5.08 of the Agreement provides that the parties to the Agreement may amend the Agreement in a writing signed by the parties.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW
THEREFORE</B>, pursuant to Section 5.08 of the Agreement, and for good and valuable consideration, the sufficiency of which is
hereby acknowledged, the Company and the Executive agree as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
first sentence of Section 1.04 of the Agreement is hereby amended as of the Amendment Effective Date by deleting said sentence
in its entirety and substituting in lieu thereof the following sentence:</FONT></P>

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