Business Context and Reporting Period
This Form 8-K was filed by Power Solutions International, Inc. on July 30, 2020. The report addresses the determination and payout of bonus awards under the Company's 2019 Key Performance Indicator (KPI) plan to named executive officers for the fiscal year ended December 31, 2019.
Key Financial Metrics
The filing does not provide company-wide revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on executive compensation adjustments.
| Executive Officer | Position | 2019 Bonus Award | Total 2019 Compensation |
|---|---|---|---|
| John P. Miller | CEO and President | $274,949 | $636,137 |
| Charles F. Avery, Jr. | CFO (Resigned July 20, 2020) | $155,980 | $474,354 |
| Kenneth J. Winemaster | Executive Vice President | $227,387 | $567,481 |
| Jason C. Lin | Chief Technical Officer | $91,395 | $582,053 |
Note: Bonuses for Messrs. Miller and Winemaster include final installments of Key Employee Retention Program (KERP) bonuses.
Material Changes
- Compensation Recalculation: The 2019 Summary Compensation Table previously filed in the Form 10-K/A (June 15, 2020) did not include these KPI payouts as they were not calculable at that time. This filing updates the total compensation figures for the named executives.
- Executive Departure: Charles F. Avery, Jr. resigned as Chief Financial Officer effective July 20, 2020.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, or discussion of general business risks. It is a disclosure of a specific compensatory arrangement event. The document notes that Donald P. Klein serves as the Interim Chief Financial Officer.
Investor Verification Checklist
- Verify the updated total compensation figures for 2019 in the Company's amended filings.
- Confirm the status of the CFO role following the resignation of Charles F. Avery, Jr.
- Review the specific terms of the 2019 KPI plan and KERP to understand the basis for the bonus calculations.