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  4. [8-K] MOTORCAR PARTS OF AMERICA INC Reports Material Event

Motorcar Parts extends CEO contract, raises salary

Motorcar Parts of America updated its leadership arrangements by extending Chief Executive Officer Selwyn Joffe’s employment agreement.

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Motorcar Parts of America updated its leadership arrangements by extending Chief Executive Officer Selwyn Joffe’s employment agreement. The term is pushed out two years, from July 1, 2027 to July 1, 2029, maintaining all other existing contract terms.

The Board’s Human Resources and Compensation Committee also adjusted Mr. Joffe’s base salary. His annual salary increases from $828,256 to $902,799 effective June 26, 2026, and then to $984,050 effective April 1, 2027. These changes formalize continued leadership stability and compensation progression for the CEO.

Positive

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Negative

  • None.
Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Current CEO salary $828,256 per annum Base salary level before June 26, 2026 under Employment Agreement
CEO salary from June 26, 2026 $902,799 per annum Revised base salary effective June 26, 2026
CEO salary from April 1, 2027 $984,050 per annum Further revised base salary effective April 1, 2027
Extended employment term to July 1, 2029 Employment Agreement term extended from July 1, 2027
Amendment number Amendment No. 7 Latest amendment to CEO Employment Agreement dated June 26, 2026
Employment Agreement financial
"entered into Amendment No. 7 (the “Amendment”) to the Employment Agreement, dated as of May 18, 2012"
Human Resources and Compensation Committee financial
"The Company’s Human Resources and Compensation Committee and Board of Directors of the Company approved the Amendment."
A board-level committee that oversees a company’s pay and personnel policies, including executive compensation, employee benefits, hiring, leadership development and succession planning. It matters to investors because the committee shapes incentives, labor costs and management continuity—factors that affect performance, risk and shareholder value—like a coach setting rules and pay that influence how a team performs.
Inline XBRL technical
"Cover Page Interactive Data File (embedded within the Inline XBRL document)."
Inline XBRL is a file format for financial filings that embeds machine-readable data tags directly inside the human-readable report, so the same document can be read by people and parsed by software. For investors it makes extracting, comparing and verifying financial numbers faster and more reliable—like a grocery list where each item also has a barcode—reducing manual errors and speeding up analysis.
Exhibit regulatory
"Exhibit Number | Description 10.4 | Amendment No. 7 to Employment Agreement, dated June 26, 2026"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What executive change did Motorcar Parts of America (MPAA) disclose in this 8-K?
Motorcar Parts of America extended CEO Selwyn Joffe’s employment agreement to July 1, 2029. The filing also confirms that all other terms of his existing Employment Agreement remain unchanged, focusing the update on term extension and salary adjustments.

How long is Selwyn Joffe’s employment term now extended at MPAA?
Selwyn Joffe’s employment term is extended from July 1, 2027 to July 1, 2029. This adds two more years to his existing agreement, reinforcing leadership continuity at Motorcar Parts of America under the same core contractual framework.

What salary increases did MPAA approve for CEO Selwyn Joffe?
MPAA approved raising Selwyn Joffe’s annual salary from $828,256 to $902,799 effective June 26, 2026. A further increase to $984,050 per year becomes effective April 1, 2027, reflecting stepped compensation changes under the amended Employment Agreement.

Who approved the CEO Employment Agreement amendment at Motorcar Parts of America?
The amendment was approved by the Human Resources and Compensation Committee and the Board of Directors. Their approval confirms that the extension to July 1, 2029 and related salary increases were reviewed and authorized through the company’s formal governance process.

Did MPAA change any other terms of the CEO’s Employment Agreement?
No, the company stated that all other terms of Selwyn Joffe’s Employment Agreement remain the same. The disclosed changes are limited to extending the agreement’s term and updating his annual base salary at specified future effective dates.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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)
  
June 26, 2026

MOTORCAR PARTS OF AMERICA, INC.
(Exact name of registrant as specified in its charter)

New York
001-33861
 11-2153962
(State or other jurisdiction of incorporation)
(Commission File Number)
 (IRS Employer Identification No.)

2929 California Street, Torrance, CA
90503
(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code
(310) 212-7910
 
(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, $0.01 par value per share
MPAA
The Nasdaq Global Select Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
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.

CEO Employment Agreement

On June 26, 2026, Motorcar Parts of America, Inc. (the “Company”) and Selwyn Joffe, the Chairman, President and Chief Executive Officer of the Company, entered into Amendment No. 7 (the “Amendment”) to the Employment Agreement, dated as of May 18, 2012, and subsequently amended (as amended, the “Employment Agreement”).  The Company’s Human Resources and Compensation Committee and Board of Directors of the Company approved the Amendment.

The Amendment extends the Term of the Employment Agreement from July 1, 2027 to July 1, 2029.  All other terms of the Employment Agreement remain the same.

In connection with the Amendment, the Board, in accordance with the Employment Agreement, also reviewed Mr. Joffe’s salary and approved an increase in his salary pursuant to Amendment No. 5 to the Employment Agreement of $828,256 per annum to $902,799 per annum, effective June 26, 2026, and from $902,799 per annum to $984,050, effective April 1, 2027.

Item 9.01
Financial Statements and Exhibits.


(d) Exhibits


Exhibit Number
Description


10.4
Amendment No. 7 to Employment Agreement, dated June 26, 2026, between Motorcar Parts of America, Inc. and Selwyn Joffe
   
104
 Cover Page Interactive Data File (embedded within the Inline XBRL document).

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.

 
MOTORCAR PARTS OF AMERICA, INC.


Date: July 2, 2026
 
  By:
 /s/ Glenn Burlingame
 
Glenn Burlingame, VP General Counsel and Secretary


Source: View Original Filing on SEC EDGAR

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