<SEC-DOCUMENT>0001387131-20-003578.txt : 20200401
<SEC-HEADER>0001387131-20-003578.hdr.sgml : 20200401
<ACCEPTANCE-DATETIME>20200401163619
ACCESSION NUMBER:		0001387131-20-003578
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200326
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:		20200401
DATE AS OF CHANGE:		20200401

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:		20765849

	BUSINESS ADDRESS:	
		STREET 1:		400 KELBY STREET, 12TH FLOOR
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024
		BUSINESS PHONE:		212-867-0700

	MAIL ADDRESS:	
		STREET 1:		400 KELBY STREET, 12TH FLOOR
		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_032620.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></p>

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<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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>UNITED STATES</B></FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Washington,
D.C. 20549</B></FONT></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>FORM 8-K</B></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"><FONT STYLE="font-size: 14pt"><B>CURRENT REPORT</B></FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><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="font-size: 14pt"><B>Securities
Exchange Act of 1934</B></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">Date of Report (Date of earliest event reported):
March 26, 2020</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 35%">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center; width: 30%">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 35%">&nbsp;</td></tr>
</table>
<p style="font: 18pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>PIONEER
POWER SOLUTIONS, INC.</B></FONT></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>

<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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 35%">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center; width: 30%">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 35%">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<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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<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 35%">&nbsp;</td>
    <td style="border-top: Black 1pt solid; text-align: center; width: 30%">&nbsp;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 35%">&nbsp;</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; text-indent: 0.5in">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: 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0">&#9744;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0">Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0">&#9744;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0">Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0">&#9744;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0">Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-indent: 0">&#9744;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0">Pre-commencement communications
pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="3" style="vertical-align: top; padding: 3pt 5.4pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: inherit,serif">Securities
    registered pursuant to Section 12(b) of the Act:</FONT></td></tr>
<tr>
    <TD STYLE="vertical-align: bottom; width: 33%; padding: 3pt 5.4pt; text-align: center; text-indent: 0; white-space: nowrap"><font style="font-family: inherit,serif"><b>Title of each class</b></font></td>
    <TD STYLE="vertical-align: bottom; width: 34%; padding: 3pt 5.4pt; text-align: center; text-indent: 0; white-space: nowrap"><font style="font-family: inherit,serif"><b>Trading Symbol(s)</b></font></td>
    <TD STYLE="vertical-align: bottom; width: 33%; padding: 3pt 5.4pt; text-align: center; text-indent: 0; white-space: nowrap"><font style="font-family: inherit,serif"><b>Name of each exchange on which registered</b></font></td>
    </tr>
<tr>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; text-indent: 0; white-space: nowrap"><font style="font-family: inherit,serif">Common Stock, par value $0.001 per share</font></td>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; text-indent: 0; white-space: nowrap"><font style="font-family: inherit,serif">PPSI</font></td>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center; text-indent: 0; white-space: nowrap"><font style="font-family: inherit,serif">Nasdaq Stock Market LLC (Nasdaq Capital Market)</font></td>
    </tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left; font-size: 6pt">
    <TD STYLE="width: 100%; border-top: Black 1.75pt solid; font-size: 6pt"><font style="font-size: 6pt">&nbsp;</font></td></tr>
</table>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (&sect;240.12b-2 of this chapter).</p>

<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 0 13.5pt">Emerging growth company &#9744;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. &#9744;&nbsp;</p>

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


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

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

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

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="width: 0px; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 72px; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 5.02</b></font></td>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Chief Financial Officer Resignation and
Appointment</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On March 26, 2020, Thomas
Klink notified the board of directors (the &ldquo;Board&rdquo;) of Pioneer Power Solutions, Inc. (the &ldquo;Company&rdquo;) of
his resignation as Chief Financial Officer of the Company, effective as of April 15, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">On March 26, 2020, the
Board appointed Walter Michalec to act as the interim Chief Financial Officer of the Company, effective as of April 15, 2020. Mr.
Michalec will also serve as the Company&rsquo;s principal accounting officer and principal financial officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Mr. Michalec, 31, has
served various positions at the Company, most recently as its corporate controller since August 2019. Before becoming the corporate
controller, Mr. Michalec served as the Company&rsquo;s operations controller from March 2016 to August 2019, reporting to the Chief
Financial Officer, and as the Company&rsquo;s senior accountant from May 2012 to February 2016, reporting to the Company&rsquo;s
corporate controller. Prior to working for the Company, Mr. Michalec served as a public accountant for Mendonca &amp; Partners
Certified Public Accountants, LLC in Union NJ. Mr. Michalec received his Bachelor of Science in Accounting and a Minor in Criminal
Justice from Kean University in 2011.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Amendment to CEO Employment Agreement</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On March 30, 2020, the Company and Nathan J.
Mazurek, the Company&rsquo;s Chief Executive Officer, entered into a third amendment (the &ldquo;Mazurek Amendment&rdquo;) to that
certain Employment Agreement, dated as of March 30, 2012, as first amended on November 11, 2014 and amended a second time on June
30, 2016 (as amended, the &ldquo;Mazurek Agreement&rdquo;), in order to (i) extend the termination date of the Mazurek Agreement
from December 31, 2020, to March 31, 2023, and (ii) set Mr. Mazurek's annual base salary at $415,000 for the period beginning on
April 1, 2020 and ending on March 31, 2021; $435,500, for the period beginning on April 1, 2021 and ending on March 31, 2022; and
$457,500, for the period beginning on April 1, 2022 and ending on March 31, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing summary of the Mazurek Amendment
does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Mazurek Amendment filed
with this Current Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference.</P>



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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><B>Item 9.01</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; 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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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; text-align: center"><B>Exhibit Number</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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"><A HREF="ex10-1.htm">10.1</A></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">Third Amendment to Employment Agreement, dated March 30, 2020, by
and between the Company and Nathan J. Mazurek.</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; text-align: justify; text-indent: 0.5in"></P>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <td style="padding-right: 5.75pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>PIONEER
    POWER SOLUTIONS, inc.</b></font></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="width: 45%; padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 8%; padding-right: 5.75pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 47%; padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    April 1, 2020</font></td>
    <td style="padding-right: 5.75pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Thomas Klink</font></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="padding-right: 5.75pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></td>
    <td style="padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas
    Klink</font></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="padding-right: 5.75pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <td style="padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</font></td></tr>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<DESCRIPTION>THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="ppsi-8k_032620.htm">PIONEER POWER SOLUTIONS, INC. 8-K</A></P>

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

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

<P STYLE="margin: 0; text-align: right"></P>
<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIRD
AMENDMENT TO EMPLOYMENT AGREEMENT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Term under the Agreement is scheduled to expire on December 31, 2020 and the Company and the Executive desire to extend the
Term to March 31, 2023, unless terminated earlier in accordance with Article II of the Agreement;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
in connection with such extension of the Term, the Company and the Executive desire to adjust the Executive&rsquo;s base salary
as set forth in this Amendment; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
Section 5.08 of the Agreement provides that the parties to the Agreement may amend the Agreement in a writing signed by the parties.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW
THEREFORE</B>, pursuant to Section 5.08 of the Agreement, and for good and valuable consideration, the sufficiency of which is
hereby acknowledged, the Company and the Executive agree as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
first sentence of Section 1.04 of the Agreement is hereby amended as of the Amendment Effective Date by deleting said sentence
in its entirety and substituting in lieu thereof the following sentence:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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, 2023, 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;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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; (vi) $515,000 per annum, for the period beginning on
January 1, 2020 and ending on March 31, 2020; (vii) $415,000, for the period beginning on April 1, 2020 and ending on March 31,
2021; (viii) $435,500, for the period beginning on April 1, 2021 and ending on March 31, 2022; (v) $457,500, for the period beginning
on April 1, 2022 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;</FONT></P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as expressly amended by this Amendment, the Agreement shall continue in full force and effect in accordance with the provisions
thereof.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a conflict between the Agreement and this Amendment, this Amendment shall govern.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
* * * * * * * * *</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>Remainder
of Page Intentionally Left Blank</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Signature
Page Follows</I>.]</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF</B>, the parties have executed this Amendment as of the Amendment Effective Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><B>THE
COMPANY:</B></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">PIONEER
    POWER SOLUTIONS, inc.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 55%; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Thomas Klink</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Thomas
    Klink</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
    Financial Officer</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXECUTIVE:</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt">/s/ <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nathan J. Mazurek</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nathan J. Mazurek</FONT></TD></TR>
</TABLE>
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