<SEC-DOCUMENT>0001387131-16-005945.txt : 20160701
<SEC-HEADER>0001387131-16-005945.hdr.sgml : 20160701
<ACCEPTANCE-DATETIME>20160701130225
ACCESSION NUMBER:		0001387131-16-005945
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160630
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:		20160701
DATE AS OF CHANGE:		20160701

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:		161745802

	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>ppsi-8k_063016.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

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

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

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>FORM 8-K</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>Pursuant
to Section 13 or 15(d) of the </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>Securities
Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">Date of
Report (Date of earliest event reported): June 30, 2016</FONT></P>

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

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

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>PIONEER POWER SOLUTIONS, INC.</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<TR>
    <TD STYLE="vertical-align: top; text-align: center; width: 49%"><FONT STYLE="font-size: 9pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 49%"><FONT STYLE="font-size: 9pt"><B>27-1347616</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">(State of incorporation)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>400 Kelby Street, 12th Floor</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fort Lee, New Jersey 07024</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 867-0700</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">(Registrant&#8217;s telephone number, including
area code)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><FONT STYLE="letter-spacing: -0.1pt">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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><FONT STYLE="letter-spacing: -0.1pt">&#9744;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">&#9744;<FONT STYLE="letter-spacing: -0.1pt">&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-indent: -13.5pt">&#9744;<FONT STYLE="letter-spacing: -0.1pt">&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-indent: -13.5pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-indent: -13.5pt">&#9744;<FONT STYLE="letter-spacing: -0.1pt">&nbsp;Pre-commencement
communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-indent: -13.5pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>
<P STYLE="margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; font-size: 10pt"><B>Item 5.02</B></TD>
    <TD STYLE="font-size: 10pt; 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">On June 30, 2016, Pioneer Power Solutions,
Inc. (the &ldquo;<B><I>Company</I></B>&rdquo;) and Nathan J. Mazurek entered into a second amendment (the &ldquo;<B><I>Mazurek
Amendment</I></B>&rdquo;) to that certain Employment Agreement, dated as of March 30, 2012, as first amended on November 11, 2014
(collectively, the &ldquo;<B><I>Mazurek Agreement</I></B>&rdquo;), in order to (i) extend the term of the Mazurek Agreement to
March 31, 2021, unless earlier terminated in accordance with its terms, and (ii) adjust Mr. Mazurek&rsquo;s annual base salary
to $425,000 for the period beginning on January 1, 2016 and ending on December 31, 2016, $440,000, for the period beginning on
January 1, 2017 and ending on December 31, 2017, $465,000, for the period beginning on January 1, 2018 and ending on December 31,
2018, $490,000, for the period beginning on January 1, 2019 and ending on December 31, 2019, and $515,000 per annum, for the period
beginning on January 1, 2020 and ending on March 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">On June 30, 2016, Jefferson Electric,
Inc. (&ldquo;<B><I>Jefferson</I></B>&rdquo;), a wholly owned subsidiary of the Company, and Thomas Klink entered into a second
amendment (the &ldquo;<B><I>Klink Amendment</I></B>&rdquo;) to that certain Employment Agreement, dated as of April 30, 2010, as
first amended on April 30, 2013 (collectively, the &ldquo;<B><I>Klink Agreement</I></B>&rdquo;), in order to (i) extend the term
of the Klink Agreement to April 30, 2019, unless earlier terminated in accordance with its terms, and (ii) adjust Mr. Klink&rsquo;s
annual base salary to $315,000 for the period beginning on May 1, 2016 and ending on April 30, 2017, $340,000 for the period beginning
on May 1, 2017 and ending on April 30, 2018, and $365,000 for the period beginning on May 1, 2018 and ending on April 30, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The foregoing summaries
of the Mazurek Amendment and the Klink Amendment are not complete, and are qualified in their entirety by reference to the full
text of the Mazurek Amendment and the Klink Amendment attached to this Current Report on Form 8-K as Exhibit 10.1 and Exhibit 10.2,
respectively, and incorporated herein by reference.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; font-size: 10pt"><B>Item 9.01</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Financial Statements and Exhibits.</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt">(d)</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding: 0; text-align: center"><B>Exhibit<BR>
Number</B></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 86%; border-bottom: Black 1pt solid; padding: 0; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 0">10.1</TD>
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0"><A HREF="ex10-1.htm">Second Amendment to Employment Agreement, dated June 30, 2016, by and between Pioneer Power Solutions, Inc. and Nathan J. Mazurek.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 0">10.2</TD>
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0"><A HREF="ex10-2.htm">Second Amendment to Employment Agreement, dated June 30, 2016, by and between Jefferson Electric, Inc. and Thomas Klink.</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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; 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: 60%; padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="width: 33%; 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: July 1, 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/ Thomas Klink</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">Thomas Klink</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 Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<DESCRIPTION>SECOND AMENDMENT TO EMPLOYMENT AGREEMENT, DATED JUNE 30, 2016, BY AND BETWEEN PIONEER POWER SOLUTIONS, INC. AND NATHAN J. MAZUREK.
<TEXT>
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<P STYLE="margin: 0"><A HREF="ppsi-8k_063016.htm">Pioneer Power Solutions, Inc. 8-K</A></P>

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

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

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

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>SECOND AMENDMENT TO EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">This SECOND<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 30<SUP>th</SUP>
day of June, 2016, (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, and amended as of November 11, 2014, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Term under the Agreement is scheduled to expire on March 30, 2018 and the Company and the Executive desire to extend the Term to
December 31, 2020, unless terminated earlier in accordance with Article II of the Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><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; and</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 8pt; text-align: justify; text-indent: 0.5in">&ldquo;The term
of the Executive&rsquo;s employment under this Agreement shall begin on April 1, 2012 (the &ldquo;<B><I>Effective Date</I></B>&rdquo;)
and shall continue in effect through the earlier of March 31, 2021, or until 365 days after the Company completes a transaction
whereby Provident Pioneer Partners L.P. is no longer a shareholder of the Company (the &ldquo;<B><I>Term</I></B>&rdquo;).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">2.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">Section 1.05
of the Agreement is hereby amended as of the Amendment Effective Date by deleting said section in its entirety and substituting
in lieu thereof the following new Section 1.05:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 8pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Base
Salary</U>. The Company shall pay the Executive an annual base salary, less applicable payroll deductions and tax withholdings
(the &ldquo;<B><I>Base Salary</I></B>&rdquo;) for all services rendered by the Executive under this Agreement of (i) $410,000,
for the period beginning on the Amendment Effective Date and ending on December 31, 2015; (ii) $425,000, for the period beginning
on January 1, 2016 and ending on December 31, 2016; (iii) $440,000, for the period beginning on January 1, 2017 and ending on December
31, 2017; (iv) $465,000, for the period beginning on January 1, 2018 and ending on December 31, 2018; (v) $490,000, for the period
beginning on January 1, 2019 and ending on December 31, 2019; and (vi) $515,000 per annum, for the period beginning on January
1, 2020 and ending on the last day of the Term. The Company shall pay the Base Salary in accordance with the normal payroll policies
of the Company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">3.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">Except as expressly
amended by this Amendment, the Agreement shall continue in full force and effect in accordance with the provisions thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">4.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">In the event
of a conflict between the Agreement and this Amendment, this Amendment shall govern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[<I>Remainder of Page Intentionally Left Blank</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Signature Page Follows</I>.]</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties have executed this Amendment as of the Amendment Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>THE COMPANY:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PIONEER POWER SOLUTIONS, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Thomas Klink</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Thomas Klink</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>EXECUTIVE:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Nathan J. Mazurek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Nathan J. Mazurek</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10-2.htm
<DESCRIPTION>SECOND AMENDMENT TO EMPLOYMENT AGREEMENT, DATED JUNE 30, 2016, BY AND BETWEEN JEFFERSON ELECTRIC, INC. AND THOMAS KLINK.
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"><A HREF="ppsi-8k_063016.htm">Pioneer Power Solutions, Inc. 8-K</A></P>

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0"></P>

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

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>SECOND AMENDMENT TO EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in">This SECOND<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 30<SUP>th</SUP>
day of June, 2016, (the &ldquo;<B><I>Amendment Effective Date</I></B>&rdquo;) by and between Jefferson Electric, Inc., a Delaware
corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and Thomas Klink (&ldquo;<B><I>Executive</I></B>&rdquo;) for purposes of
amending that certain Employment Agreement dated as of April 30, 2010, and amended as of April 30, 2013, by and between the Company
and 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Employment Period under the Agreement is scheduled to terminate on the date hereof and the Company and Executive desire to extend
such Employment Period for three (3) additional years, unless terminated earlier in accordance with Section 6 of the Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, in
connection with such extension of the Employment Period, the Company and Executive desire to adjust Executive&rsquo;s base salary
as set forth in this Amendment; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Section
17 of the Agreement provides that the parties to the Agreement may amend the Agreement in a writing signed by the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.5in"><B>NOW THEREFORE</B>,
pursuant to Section 17 of the Agreement, and for good and valuable consideration, the sufficiency of which is hereby acknowledged,
the Company and Executive agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">Section 1 of
the Agreement is hereby amended as of the Amendment Effective Date by deleting said section in its entirety and substituting in
lieu thereof the following new Section 1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in -11pt; text-align: justify; text-indent: 0.5in">1.&#9;<U></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 8pt; text-align: justify; text-indent: 1in"><U>Employment;
Term</U>. The Company shall employ Executive, and Executive shall work for the Company, for a term of nine (9) years commencing
on the date hereof (April 30, 2010) and ending on April 30, 2019, unless terminated earlier in accordance with Section 6 hereof
(the &quot;Employment Period&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">2.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">Section 4.1
of the Agreement is hereby amended as of the Amendment Effective Date by deleting said section in its entirety and substituting
in lieu thereof the following new Section 4.1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in -11pt; text-align: justify; text-indent: 0.5in">4.1.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 8pt; text-align: justify; text-indent: 1in">In consideration
for the services to be performed by Executive during the Employment Period hereunder, the Company shall pay to Executive a base
salary at the rate of (i) $312,000 per annum for the period of May 1, 2010 through April 30, 2013; (ii) $250,000.00 per annum for
the period of May 1, 2013 through April 30, 2016; (iii) $315,000 for the period beginning on May 1, 2016 and ending on April 30,
2017; (iv) $340,000 for the period beginning on May 1, 2017 and ending on April 30, 2018; and (v) $365,000 for the period beginning
on May 1, 2018 and ending on the last day of the Employment Period, payable in accordance with the Company's customary payroll
practices for executive employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">3.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">Except as expressly
amended by this Amendment, the Agreement shall continue in full force and effect in accordance with the provisions thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0.5in">4.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 1in">In the event
of a conflict between the Agreement and this Amendment, this Amendment shall govern.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties have executed this Amendment as of the Amendment Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>THE COMPANY:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">JEFFERSON ELECTRIC, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 33%; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Nathan Mazurek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Nathan Mazurek</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>EXECUTIVE:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Thomas Klink</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Thomas Klink</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



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

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