<SEC-DOCUMENT>0001144204-16-075135.txt : 20160111
<SEC-HEADER>0001144204-16-075135.hdr.sgml : 20160111
<ACCEPTANCE-DATETIME>20160111163025
ACCESSION NUMBER:		0001144204-16-075135
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160107
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160111
DATE AS OF CHANGE:		20160111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIONEER POWER SOLUTIONS, INC.
		CENTRAL INDEX KEY:			0001449792
		STANDARD INDUSTRIAL CLASSIFICATION:	POWER, DISTRIBUTION & SPECIALTY TRANSFORMERS [3612]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35212
		FILM NUMBER:		161336715

	BUSINESS ADDRESS:	
		STREET 1:		400 KELBY STREET, 9TH FLOOR
		STREET 2:		ONE PARKER PLAZA
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024
		BUSINESS PHONE:		212-867-0700

	MAIL ADDRESS:	
		STREET 1:		400 KELBY STREET, 9TH FLOOR
		STREET 2:		ONE PARKER PLAZA
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIERRA CONCEPTS, INC.
		DATE OF NAME CHANGE:	20081112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIERRA CONCEPTS
		DATE OF NAME CHANGE:	20081112
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v428700_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C.
20549</B>&nbsp;</P>

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</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B>&nbsp;</P>

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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event reported):
January 7, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 19%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PIONEER POWER SOLUTIONS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top; width: 48%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 48%; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>27-1347616</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(State of incorporation)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>400 Kelby Street, 12th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Fort Lee, New Jersey 07024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(212) 867-0700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4
(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 5.02</B></TD><TD STYLE="text-align: justify"><B>Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 7, 2016, Andrew Minkow resigned
as a director and as chief financial officer of Pioneer Power Solutions, Inc. (the &ldquo;Company&rdquo;), effective immediately.
In connection with his resignation, Mr. Minkow entered into a General Release and Severance Agreement (the &ldquo;Severance Agreement&rdquo;)
with the Company, pursuant to which, among other things, (i) that certain employment agreement between Mr. Minkow and the Company,
dated March 30, 2012 (as amended, the &ldquo;Employment Agreement&rdquo;), was terminated, except with respect to the provisions
of the Employment Agreement relating to confidentiality and restrictive covenants that remain in effect, (ii) Mr. Minkow resigned
from all of his positions with the Company, (iii) the Company retained Mr. Minkow as a consultant for a period of three months
(the &ldquo;Consultancy Period&rdquo;) to perform such services as may be reasonably requested by the Company for $25,000 monthly
retainer payments, in exchange for Mr. Minkow making himself available for up to 40 hours per week, (iv) Mr. Minkow provided a
release of claims against the Company, and (v) the Company will provide Mr. Minkow with the following: (a) severance payments,
in an amount equal to his base salary for a period of three months after the 60<SUP>th</SUP> day following the expiration of the
Consultancy Period (with the initial payment including any amounts that would have been payable to Mr. Minkow during such 60 day
period, subject to Mr. Minkow&rsquo;s compliance with the Severance Agreement); and (b) a lump-sum equivalent to the Company&rsquo;s
portion of Mr. Minkow&rsquo;s premiums under the Consolidated Omnibus Budget Reconciliation Act of 1985 for 12 months on the first
payroll date after the 60<SUP>th</SUP> day following the date of the Severance Agreement. Any grants of equity-based incentive
compensation granted to Mr. Minkow will remain subject to the terms of the Pioneer Power Solutions, Inc. 2011 Long-Term Incentive
Plan and as set forth in the applicable grant documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, in exchange for Mr. Minkow&rsquo;s
execution of a supplemental release agreement following the Consultancy Period, and Mr. Minkow&rsquo;s compliance with the terms
thereunder and the Severance Agreement, the Company agreed to pay Mr. Minkow an amount equal to his base salary for 6 months, payable
in accordance with the Company&rsquo;s standard payroll practices, following cessation of the above described severance payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing summary of the Severance Agreement
is not complete, and is qualified in its entirety by reference to the full text of the Severance Agreement that is attached as
Exhibit 10.1 of this Current Report on Form 8-K. Readers should review the Severance Agreement for a more complete understanding
of its terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 83%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><B>Exhibit Number</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">General Release and Severance Agreement, dated January 7, 2016, by and between Pioneer Power Solutions, Inc. and Andrew Minkow.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; font-weight: bold; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>PIONEER POWER SOLUTIONS, inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 41%; padding-right: 5.75pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; text-align: justify">Date: January 11, 2016</TD>
    <TD STYLE="padding-right: 5.75pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.75pt; text-align: justify">/s/ Nathan Mazurek</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">Name:</TD>
    <TD STYLE="padding-right: 5.75pt; text-align: justify">Nathan Mazurek</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt">Title:</TD>
    <TD STYLE="padding-right: 5.75pt; text-align: justify">Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GENERAL RELEASE AND SEVERANCE AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This General Release and Severance Agreement
(the &ldquo;<B><U>Agreement</U></B>&rdquo;), dated as of January 7, 2016, is made and entered into by and between Andrew Minkow
(&ldquo;<B><U>Executive</U></B>&rdquo;) and Pioneer Power Solutions, Inc. (&ldquo;<B><U>Pioneer</U></B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For good and valuable consideration, receipt
of which is hereby acknowledged, in order to effect a mutually satisfactory and amicable separation of employment from Pioneer
and to resolve and settle finally, fully and completely all matters and disputes that now or may exist between them, as set forth
below, Andrew Minkow and Pioneer agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Separation from Employment</B>. Effective January 7, 2016 (the &ldquo;<B><U>Separation Date</U></B>&rdquo;),
Executive&rsquo;s employment with Pioneer shall cease based upon the mutual agreement of the parties hereto and he shall, as of
the Separation Date, relinquish all positions, offices, and authority with Pioneer. On the date Executive executes this Agreement,
he shall also execute the resignation letter attached hereto as Exhibit A confirming his resignation from Pioneer&rsquo;s Board
of Directors. Executive acknowledges and agrees, except for the payments described hereunder, Executive has no rights to any other
wages and other compensation or remuneration of any kind due or owed from Pioneer, including, but not limited, to all wages, reimbursements,
bonuses, advances, vacation pay, severance pay, vested or unvested equity or stock options, awards, and any other incentive-based
compensation or benefits to which Executive was or may become entitled or eligible, except that, upon the presentation by Executive
of an itemized accounting of such expenditures, with supporting receipts, Executive shall be paid all wages and expense reimbursement
due and owing him through and including the Separation Date and shall receive reimbursement for all reasonable and customary out-of-pocket
expenses incurred in connection with his provision of consulting services hereunder in compliance with Pioneer&rsquo;s expense
reimbursement policies.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Employment Agreement</B>. As of the Separation Date, the employment agreement between the parties dated March
30, 2012 and further amended on November 11, 2014 (the &ldquo;<B><U>Employment Agreement</U></B>&rdquo;) shall terminate forever
and no party shall have any further obligation or liability thereunder, except that Executive acknowledges and agrees that <B>ARTICLE
III</B> <B>CONFIDENTIAL INFORMATION</B> and <B>ARTICLE IV COVENANTS</B> of the Employment Agreement, and all sections and provisions
thereunder, shall remain in full force and effect in accordance with their terms. Pioneer agrees that it shall instruct its senior
managers to refrain from publishing any oral or written statements about Executive that (i) are slanderous, libelous or defamatory;
or (ii) place the Executive in a false light before the public. A violation or threatened violation of this prohibition may be
enjoined by the courts. The rights afforded Executive under this provision are in addition to any and all rights and remedies otherwise
afforded by law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Consideration</B>. In consideration of this Agreement and the release herein becoming effective, and his compliance
with his obligations hereunder, Pioneer shall provide Executive with the following: (i) an engagement to provide consulting services
on the terms set forth in Section 4 for a period of three (3) months following the Separation Date (the &ldquo;<B><U>Consultancy
Period</U></B>&rdquo;); (ii) severance payments, in an amount equal to his base salary for three (3) months, less taxes and other
withholdings (the &ldquo;<B><U>Severance Payments</U></B>&rdquo;), to be paid in accordance with Pioneer&rsquo;s standard payroll
practices beginning on the first payroll date occurring after the sixtieth (60th) day following the expiration of the Consultancy
Period, provided that the first payment shall include any amounts that would have otherwise been payable during such sixty (60)
day period, subject to Executive&rsquo;s continuing compliance with the terms and provisions of this Agreement; and (iii) an additional
lump sum cash payment sufficient, on an after tax basis, to provide the Executive with funds to pay the equivalent of the employer
portion of the premium (including any administrative fee) under Pioneer&rsquo;s health, dental and vision insurance plans for twelve
(12) months of COBRA coverage payable on the first payroll date occurring after the sixtieth (60<SUP>th</SUP>) day following the
Separation Date. Any grants of equity-based incentive compensation made by Pioneer to Executive under the Pioneer Power Solutions,
Inc. 2011 Long-Term Incentive Plan (the &ldquo;<B><U>Plan</U></B>&rdquo;) shall be subject to the terms of the Plan and as further
set forth in the applicable grant documents. For the avoidance of doubt, Executive will be on a pre-arranged vacation from March
23, 2016 through and including April 2, 2016, and will not be available to render consulting services during that period. The Parties
agree that the Consultancy Period shall be extended for a period of up to eight (8) business days from April 7, 2016, to the extent
necessary to allow Executive to make up any hours required pursuant to Paragraph 4 below.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Consulting Services</B>. During the Consultancy Period, Executive shall provide to Pioneer consulting services
concerning such matters and responsibilities as are reasonably requested by Pioneer through its President &amp; CEO or new Chief
Financial Officer. Executive shall make himself available to perform these services for up to forty (40) hours per week, as determined
by Pioneer. In exchange for such consulting services, Pioneer shall pay Executive at the rate of $25,000 per month, pro rated for
any partial months during the Consultancy Period, and payable in accordance with Pioneer&rsquo;s standard payroll practices and
agrees to indemnify Executive to the same extent he was indemnified during his employment with Pioneer to the extent permitted
by law, contract and statute. Executive&rsquo;s relationship with Pioneer in connection with the consulting services contemplated
in this Section 4 shall be that of independent contractor, and Executive shall not be an employee of Pioneer for any purpose whatsoever,
on and as of the Separation Date, such that Executive will not be entitled to the benefit of any employee plans, programs or benefits,
as a result of or in connection with such consulting services. Executive understands that he is responsible to pay, according to
the applicable law, his income taxes. The parties agree that any tax consequences or liability arising from Pioneer&rsquo;s payments
to Executive for consulting services shall be the sole responsibility of Executive. Should any state or federal taxing authority
determine that any of the payments hereunder constitute income subject to withholding under any federal or state law, then Executive
agrees to indemnify and hold Pioneer harmless for any and all tax liability, including, but not limited to, taxes, levies, assessments,
fines, interest, costs, expenses, penalties, and attorneys&rsquo; fees. <B> </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Supplemental Consideration</B>. In consideration of the Executive&rsquo;s execution on the date of the expiration
of the Consultancy Period or within five (5) business days thereafter, without revocation, of the supplemental release agreement
attached hereto as Exhibit B (the &ldquo;<B><U>Supplemental Release Agreement</U></B>&rdquo;), and his compliance with his obligations
both hereunder and thereunder, Pioneer shall provide Executive with additional payments, in an amount equal to his base salary
for six (6) months, less taxes and other withholdings, to be paid in accordance with Pioneer&rsquo;s standard payroll practices
commencing on the first payroll date occurring after the cessation of the Severance Payments.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Release of Claims</B>. For and in consideration of the right to receive the consideration described in Section
3 of this Agreement, Executive fully and irrevocably releases and discharges Pioneer, including all of its affiliates, parent companies,
subsidiary companies, employees, owners, directors, officers, principals, agents, insurers, and attorneys from any and all claims
arising or existing on, or at any time prior to, the date this Agreement is signed by Executive. Such released claims include,
without limitation, claims relating to or arising out of: (i) Executive&rsquo;s hiring, compensation, benefits and employment with
Pioneer, (ii) Executive&rsquo;s separation from employment with Pioneer, and (iii) all claims known or unknown or which could or
have been asserted by Executive against Pioneer, at law or in equity, or sounding in contract (express or implied) or tort, including
claims arising under any federal, state, or local laws of any jurisdiction that prohibit age, sex, race, national origin, color,
disability, religion, veteran, military status, pregnancy, sexual orientation, or any other form of discrimination, harassment,
or retaliation, including, without limitation, age discrimination claims under the Age Discrimination in Employment Act; the Americans
with Disabilities Act; claims under Title VII of the Civil Rights Act of 1964; the Rehabilitation Act; the Equal Pay Act; the Family
and Medical Leave Act, 42 U.S.C. &sect;1981; the Civil Rights Act of 1991; the Civil Rights Act of 1866 and/or 1871; the Sarbanes
Oxley Act; the Executive Polygraph Protection Act; the Uniform Services and Employment and Re-Employment Rights Act; the Worker
Adjustment Retraining Notification Act; the National Labor Relations Act and the Labor Management Relations Act; the New York State
and City Human Rights Laws and any other similar or equivalent state laws; the New Jersey Law Against Discrimination, the New Jersey
Conscientious Executive Protection Act, and any other similar or equivalent state laws; and any other federal, state, local, municipal
or common law whistleblower protection claim, discrimination or anti-retaliation statute or ordinance; claims arising under the
Executive Retirement Income Security Act; claims arising under the Fair Labor Standards Act; or any other statutory, contractual
or common law claims. Executive does not release Executive&rsquo;s right to enforce the terms of this Agreement or Executive&rsquo;s
common law, contractual, statutory or other rights to indemnification arising from, or in connection with, Executive&rsquo;s employment
with, or service as a director of, Pioneer or in connection with Executive&rsquo;s performance of consulting services hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Review and Consultation.</B> &nbsp;Executive acknowledges that: (a) this Agreement is written in terms and
sets forth conditions in a manner which he understands; (b) he has carefully read and understands all of the terms and conditions
of this Agreement; (c) he agrees with the terms and conditions of this Agreement; and (d) he enters into this Agreement knowingly
and voluntarily.&nbsp; Executive acknowledges that he does not waive rights or claims that may arise after the date this Agreement
is executed, that he has been given twenty-one (21) days from receipt of this Agreement in which to consider whether he wanted
to sign it, that any modifications, material or otherwise made to this Agreement do not restart or affect in any manner the original
twenty-one (21) day consideration period, and that Pioneer advises Executive to consult with an attorney before he signs this Agreement.
&nbsp;Pioneer agrees, and Executive represents that he understands, that he may revoke his acceptance of this Agreement at any
time for seven (7) days following his execution of the Agreement and must provide notice of such revocation by giving written notice
to Pioneer.&nbsp; If not revoked by written notice received on or before the eighth (8<SUP>th</SUP>) day following the date of
his execution of the Agreement, this Agreement shall be deemed to have become enforceable and on such eighth (8<SUP>th</SUP>) day.<B>
</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Confidentiality</B>. Executive agrees that he will keep both the fact of this Agreement and the terms of this
Agreement confidential, and will not disclose the fact of this Agreement or the terms of this Agreement to anyone other than the
Executive's spouse/registered domestic partner, attorney or accountant/tax advisor, unless (a) otherwise required to under applicable
law or regulation after providing reasonable notice in writing to Pioneer and a reasonable opportunity to challenge any such disclosure,
or (b) this Agreement becomes public other than through breach of this Agreement by Executive . For the avoidance of doubt, nothing
herein shall preclude Executive from stating in sum and substance to prospective employers that his decision to leave Pioneer was
mutual and amicable, that he served as a consultant to Pioneer for three months following his departure, and that he left Pioneer
to pursue other opportunities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Governing Law/Venue</B>. The parties agree that the Agreement shall be governed by and construed under the
laws of the State of New York. In the event of any dispute regarding this Agreement or Executive&rsquo;s employment, the parties
hereby irrevocably agree to submit to the federal and state courts situated in New York, New York, and Executive agrees that he
shall not challenge personal or subject matter jurisdiction in such courts.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Voluntary.</B> This Agreement is executed voluntarily and without any duress or undue influence on the part
or behalf of the parties hereto. The parties acknowledge that they have had ample opportunity to have this Agreement reviewed by
the counsel of their choice.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Acknowledgment</B>. Executive acknowledges and agrees that the severance payments and other consideration
provided herein are consideration to which Executive is not otherwise entitled except pursuant to the terms of this Agreement,
and are being provided in exchange for Executive&rsquo;s compliance with his obligations set forth hereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>No Admission of Liability</B>. This Agreement shall not in any way be construed as an admission by Pioneer
or Executive of any acts of wrongdoing or violation of any statute, law or legal right.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Sole Agreement and Severability</B>. Except as set forth herein, this Agreement is the sole, entire and complete
agreement of the parties relating in any way to the subject matter hereof. No statements, promises or representations have been
made by any party to any other party, or relied upon, and no consideration has been offered, promised, expected or held out other
than as expressly set forth herein, provided only that the release of claims in any prior agreement or release shall remain in
full force and effect. The covenants contained in this Agreement are intended by the parties hereto as separate and divisible provisions,
and in the event that any or all of the covenants expressed herein shall be determined by a court of competent jurisdiction to
be invalid or unenforceable, the remaining parts, terms or provisions of this Agreement shall not be affected and such provisions
shall remain in full force and effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE PAGE FOLLOWS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PLEASE READ CAREFULLY. THIS GENERAL RELEASE AND SEVERANCE AGREEMENT
INCLUDES A RELEASE OF ANY AND ALL CLAIMS, KNOWN OR UNKNOWN, AGAINST PIONEER POWER SOLUTIONS, INC.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PIONEER
    POWER SOLUTIONS, INC. </FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANDREW MINKOW</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    /s/     Nathan Mazurek</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Andrew Minkow</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    <U>President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: <U>January 7, 2016</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    <U>January 7, 2016</U></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT A</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">January 7, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nathan Mazurek</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President &amp; CEO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pioneer Power Solutions, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Kelby Street, 12th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fort Lee, NJ 07024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Re: Resignation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Mazurek:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please be advised that I resign from the
Pioneer Power Solutions, Inc. Board of Directors effective January 7, 2016.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 2.25in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 2.25in">/s/ Andrew Minkow</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 2.25in">Andrew Minkow</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT B</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUPPLEMENTAL RELEASE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In consideration of the consideration set
forth in the General Release and Severance Agreement (the &ldquo;<B><U>Agreement</U></B>&rdquo;), dated as of January 7, 2016,
between Andrew Minkow (&ldquo;<B><U>Executive</U></B>&rdquo;) and Pioneer Power Solutions, Inc. (&ldquo;<B><U>Pioneer</U></B>&rdquo;),
the parties agree to this supplemental release agreement (the &ldquo;<B><U>Supplemental Release Agreement</U></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Release of Claims</B>. For and in consideration of the right to receive the consideration described in the
Agreement, Executive fully and irrevocably releases and discharges Pioneer, including all of its affiliates, parent companies,
subsidiary companies, employees, owners, directors, officers, principals, agents, insurers, and attorneys from any and all claims
arising or existing on, or at any time prior to, the date this Supplemental Release Agreement is signed by Executive. Such released
claims include, without limitation, claims relating to or arising out of: (i) Executive&rsquo;s hiring, compensation, benefits
and employment with Pioneer, (ii) Executive&rsquo;s separation from employment with Pioneer; (iii) Executive&rsquo;s consulting
relationship with Pioneer; and (iv) all claims known or unknown or which could or have been asserted by Executive against Pioneer,
at law or in equity, or sounding in contract (express or implied) or tort, including claims arising under any federal, state, or
local laws of any jurisdiction that prohibit age, sex, race, national origin, color, disability, religion, veteran, military status,
pregnancy, sexual orientation, or any other form of discrimination, harassment, or retaliation, including, without limitation,
age discrimination claims under the Age Discrimination in Employment Act; the Americans with Disabilities Act; claims under Title
VII of the Civil Rights Act of 1964; the Rehabilitation Act; the Equal Pay Act; the Family and Medical Leave Act, 42 U.S.C. &sect;1981;
the Civil Rights Act of 1991; the Civil Rights Act of 1866 and/or 1871; the Sarbanes Oxley Act; the Executive Polygraph Protection
Act; the Uniform Services and Employment and Re-Employment Rights Act; the Worker Adjustment Retraining Notification Act; the National
Labor Relations Act and the Labor Management Relations Act; the New York State and City Human Rights Laws and any other similar
or equivalent state laws; the New Jersey Law Against Discrimination, the New Jersey Conscientious Executive Protection Act, and
any other similar or equivalent state laws; and any other federal, state, local, municipal or common law whistleblower protection
claim, discrimination or anti-retaliation statute or ordinance; claims arising under the Executive Retirement Income Security Act;
claims arising under the Fair Labor Standards Act; or any other statutory, contractual or common law claims. Executive does not
release Executive&rsquo;s right to enforce the terms of the Agreement, this Supplemental Release Agreement, or Executive&rsquo;s
common law, contractual, statutory or other rights to indemnification arising from, or in connection with, Executive&rsquo;s employment
with, or service as a director of, Pioneer or in connection with Executive&rsquo;s performance of consulting services hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Review and Consultation.</B> &nbsp;Executive acknowledges that: (a) this Supplemental Release Agreement is
written in terms and sets forth conditions in a manner which he understands; (b) he has carefully read and understands all of the
terms and conditions of this Supplemental Release Agreement; (c) he agrees with the terms and conditions of this Supplemental Release
Agreement; and (d) he enters into this Supplemental Release Agreement knowingly and voluntarily.&nbsp; Executive acknowledges that
he does not waive rights or claims that may arise after the date this Supplemental Release Agreement is executed, that he has been
given twenty-one (21) days from receipt of this Supplemental Release Agreement in which to consider whether he wanted to sign it,
that any modifications, material or otherwise made to this Supplemental Release Agreement do not restart or affect in any manner
the original twenty-one (21) day consideration period, and that Pioneer advises Executive to consult with an attorney before he
signs this Supplemental Release Agreement. &nbsp;Pioneer agrees, and Executive represents that he understands, that he may revoke
his acceptance of this Supplemental Release Agreement at any time for seven (7) days following his execution of the Supplemental
Release Agreement and must provide notice of such revocation by giving written notice to Pioneer.&nbsp; If not revoked by written
notice received on or before the eighth (8<SUP>th</SUP>) day following the date of his execution of the Supplemental Release Agreement,
this Supplemental Release Agreement shall be deemed to have become enforceable and on such eighth (8<SUP>th</SUP>) day.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Confidentiality</B>. Executive agrees that he will keep both the fact of this Supplemental Release Agreement
and the terms of this Supplemental Release Agreement confidential, and will not disclose the fact of this Supplemental Release
Agreement or the terms of this Supplemental Release Agreement to anyone other than the Executive's spouse/registered domestic partner,
attorney or accountant/tax advisor, unless (a) otherwise required to under applicable law or regulation after providing reasonable
notice in writing to Pioneer and a reasonable opportunity to challenge any such disclosure or (b) this Supplemental Release Agreement
becomes public other than through breach of this Supplemental Release Agreement by Executive. For the avoidance of doubt, nothing
herein shall preclude Executive from stating in sum and substance to prospective employers that his decision to leave Pioneer was
mutual and amicable, that he served as a consultant to Pioneer for three months following his departure, and that he left Pioneer
to pursue other opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Governing Law/Venue</B>. The parties agree that the Supplemental Release Agreement shall be governed by and
construed under the laws of the State of New York. In the event of any dispute regarding this Supplemental Release Agreement or
Executive&rsquo;s employment or consultancy engagement, the parties hereby irrevocably agree to submit to the federal and state
courts situated in New York, New York, and Executive agrees that he shall not challenge personal or subject matter jurisdiction
in such courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Voluntary.</B> This Supplemental Release Agreement is executed voluntarily and without any duress or undue
influence on the part or behalf of the Parties hereto. The Parties acknowledge that they have had ample opportunity to have this
Supplemental Release Agreement reviewed by the counsel of their choice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Acknowledgment</B>. Executive acknowledges and agrees that the severance payments and other consideration
provided in the Agreement or herein are consideration to which Executive is not otherwise entitled except pursuant to the terms
of this Supplemental Release Agreement, and are being provided in exchange for Executive&rsquo;s compliance with his obligations
set forth hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>No Admission of Liability</B>. This Supplemental Release Agreement shall not in any way be construed as an
admission by Pioneer or Executive of any acts of wrongdoing or violation of any statute, law or legal right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE PAGE FOLLOWS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PLEASE READ CAREFULLY. THIS SUPPLEMENTAL RELEASE AGREEMENT INCLUDES
A RELEASE OF ANY AND ALL CLAIMS, KNOWN OR UNKNOWN, AGAINST PIONEER POWER SOLUTIONS, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PIONEER
    POWER SOLUTIONS, INC. </FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANDREW MINKOW</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;__________________________</FONT></TD>
    <TD>________________________</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
_________________________</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: _______________________</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
_________________________</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
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