Form 8-K - Current report
15 Septiembre 2023 - 4:00PM
Edgar (US Regulatory)
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2023-09-11
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): September 11, 2023
POWERFLEET,
INC.
(Exact
Name of Registrant as Specified in its Charter)
Delaware |
|
001-39080 |
|
83-4366463 |
(State
or Other Jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
Incorporation) |
|
File
Number) |
|
Identification
No.) |
123
Tice Boulevard, Woodcliff Lake, New Jersey |
|
07677 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code (201) 996-9000
(Former
name or former address, if changed since last report)
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 (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.01 per share |
|
PWFL |
|
The
Nasdaq Global Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☐
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. ☐
Item
1.01. | Entry
into a Material Definitive Agreement. |
The
information set forth under Item 5.02 of this Current Report on Form 8-K is incorporated herein by reference.
Item
5.02. | Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers. |
On
September 11, 2023, PowerFleet, Inc. (the “Company”) entered into an amendment to the severance agreement (the “Severance
Agreement Amendment”) with Steve Towe, the Company’s Chief Executive Officer, to provide that the cash payments payable to
Mr. Towe under his severance agreement in the event any severance benefits are triggered shall be calculated at the rate of two times
his annual base salary in effect immediately prior to the event that triggers such severance benefits. The Severance Agreement Amendment
was approved by the Compensation Committee of the Board of Directors of the Company following a review with the Company’s independent
compensation consultant of certain market and competitive practices relating to executive severance agreements.
The
foregoing description of the Severance Agreement Amendment does not purport to be complete and is qualified in its entirety by reference
to the full text of the Severance Agreement Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated
herein by reference.
Item
9.01. | Financial
Statements and Exhibits. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
POWERFLEET,
INC. |
|
|
|
|
By: |
/s/
Steve Towe |
|
Name: |
Steve
Towe |
|
Title: |
Chief
Executive Officer |
Date:
September 15, 2023
Exhibit
10.1
AMENDMENT
TO SEVERANCE AGREEMENT
THIS
AMENDMENT TO SEVERANCE AGREEMENT (this “Amendment”) is made and entered into effective as of September 11, 2023 (the
“Amendment Effective Date”), by and between PowerFleet, Inc., a Delaware corporation (the “Company”),
and Steve Towe (“Executive” and, together with the Company, the “Parties”).
WHEREAS,
the Company and Executive entered into a Severance Agreement (the “Agreement”) dated January 5, 2022; and
WHEREAS,
the Parties desire to make certain amendments to the Agreement.
NOW,
THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto hereby agree as follows:
1.
Section 2(a) of the Agreement is hereby amended and restated in its entirety to read as follows:
“(a)
cash payments (collectively the “Severance Payment”) at the rate of two times (2x) Executive’s annual base salary
as in effect immediately prior to the Operative Trigger Event for a period of 12 months (the “Severance Period”),
payable as set forth below. The Severance Payment shall be made as a series of separate payments in accordance with the Company’s
standard payroll practices (and subject to all applicable tax withholdings and deductions), commencing with the first regular payroll
date on or immediately following the 60th day after the date of the Operative Trigger Event;”
2.
All terms and provisions of the Agreement not expressly amended hereby shall remain in full force and effect. From and after the date
of this Amendment, all references to the term “Agreement” in this Amendment or the original Agreement shall include the terms
contained in this Amendment.
[Signature
page follows]
IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.
|
POWERFLEET,
INC. |
|
|
|
By: |
/s/
Michael Brodsky |
|
Name: |
Michael
Brodsky |
|
Title: |
Chairman |
|
EXECUTIVE: |
|
|
|
/s/
Steve Towe |
|
Steve
Towe |
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