Business Context and Reporting Period
This Form 8-K filing by Power Solutions International, Inc. (Delaware) reports a corporate governance event dated November 14, 2019. The company is headquartered in Wood Dale, Illinois.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel appointments and compensation arrangements.
Material Changes
The primary material change is the appointment of Hong "Simon" He to the Board of Directors and the Audit Committee, effective November 14, 2019. Mr. He brings extensive financial experience from roles at Blackthorn Therapeutics, GenapSys, Inc., SciClone Pharmaceuticals, Inc., Augmedix, Inc., and Baidu Leho.com.
Compensation and Governance Details
In connection with his appointment, Mr. He will receive the following compensation:
- Annual award of 5,000 shares of restricted stock.
- Annual retainer fee of $50,000.
- Meeting fees of $1,000 for each Board meeting and each committee meeting.
The filing states that Mr. He is not a party to any transaction requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the terms of the restricted stock award agreement to be entered into with Mr. He.
- Confirm the total number of authorized shares available for issuance under the company's equity incentive plans.
- Review the composition of the Audit Committee to ensure independence requirements are met following Mr. He's appointment.