Twin Vee PowerCats Files 8-K on Officer/Director Changes
Ticker: VEEE · Form: 8-K · Filed: Apr 5, 2024 · CIK: 1855509
| Field | Detail |
|---|---|
| Company | Twin Vee Powercats, Co. (VEEE) |
| Form Type | 8-K |
| Filed Date | Apr 5, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.001, $200,000, $2,000, $8,000,000, $1,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: corporate-governance, officer-changes, director-changes
TL;DR
TVPC filed an 8-K detailing leadership changes and compensation. Stay tuned for details.
AI Summary
Twin Vee PowerCats Co. filed an 8-K on April 5, 2024, reporting on events as of March 28, 2024. The filing covers the departure of directors or officers, election of directors, appointment of officers, and compensatory arrangements. It also includes other events and financial statements/exhibits.
Why It Matters
This filing provides crucial updates on the company's leadership and governance structure, which can impact strategic direction and investor confidence.
Risk Assessment
Risk Level: medium — Changes in corporate leadership and compensation can signal internal shifts that may affect future performance.
Key Players & Entities
- Twin Vee PowerCats, Co. (company) — Registrant
- March 28, 2024 (date) — Earliest event reported date
- April 5, 2024 (date) — Filing date
FAQ
What specific officer or director positions were affected by the changes reported in this 8-K?
The filing indicates changes related to 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers,' but the specific names and roles are not detailed in the provided excerpt.
Are there any details about new compensatory arrangements for officers mentioned in the filing?
The filing lists 'Compensatory Arrangements of Certain Officers' as an item covered, but the specifics of these arrangements are not included in the provided text.
What is the significance of the 'Other Events' section in this filing?
The 'Other Events' section is a catch-all for material events that don't fit into the standard 8-K item categories, and its significance depends on the specific event disclosed.
Does the filing include any updated financial statements?
Yes, the filing explicitly lists 'Financial Statements and Exhibits' as an item information, suggesting that financial information is included.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on March 28, 2024.
Filing Stats: 1,305 words · 5 min read · ~4 pages · Grade level 11.3 · Accepted 2024-04-05 16:07:28
Key Financial Figures
- $0.001 — ch registered Common stock, par value $0.001 per share VEEE The Nasdaq Stock Mar
- $200,000 — ive Officer at an annual base salary of $200,000 and is eligible to receive an annual pe
- $2,000 — f paid vacation per year and (ii) up to $2,000 per month toward the cost of medical in
- $8,000,000 — family. Further, when the Company earns $8,000,000 in top line revenue for any rolling thr
- $1,000 — that Mr. Dickerson will receive: (i) a $1,000 a month car allowance and (iii) reimbur
Filing Documents
- e5577_8k.htm (8-K) — 35KB
- e5577_ex10-1.htm (EX-10.1) — 110KB
- e5577_ex99-1.htm (EX-99.1) — 8KB
- image_001.jpg (GRAPHIC) — 5KB
- 0001731122-24-000602.txt ( ) — 365KB
- veee-20240328.xsd (EX-101.SCH) — 3KB
- veee-20240328_lab.xml (EX-101.LAB) — 33KB
- veee-20240328_pre.xml (EX-101.PRE) — 22KB
- e5577_8k_htm.xml (XML) — 4KB
02. Departure of Directors or Certain
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 4, 2024, the Board of Directors (the "Board") of Twin Vee PowerCats Co. (the Company") appointed Michael P. Dickerson to serve as Chief Financial & Administrative Officer of the Company. Mr. Dickerson, age 57, has 35 years of corporate experience in senior and executive level finance and operational roles, including finance & accounting, treasury, investor relations & corporate communications, risk management and other related roles. In February 2024, he served in a consulting capacity at Savannah River Logistics as their Executive Vice President, Chief Financial & Administrative Officer, and Treasurer. From August 2022 until November 2023, he served as Vice President, Investor Relations & Risk Management, at Dorman Products, Inc. (Nasdaq: DORM). From August 2018 to March 2022, he served as Vice President, Corporate Communications & Investor Relations, at Aaron's Inc. (NYSE: AAN). Mr. Dickerson holds a Bachelor of Science in Business Administration in Accounting from the University of Dayton in Dayton, Ohio. Additionally, he is a member of the American Institute of Certified Public Accounts (AICPA), a member of the Ohio Society of Certified Public Accountants (OSCPA), and a Senior Roundtable Member of the National Investor Relations Institute (NIRI). In connection with his appointment, the Company entered into a five-year employment agreement (the "Employment Agreement") with Mr. Dickerson to employ Mr. Dickerson as the Company's Chief Financial & Administrative Officer at an annual base salary of $200,000 and is eligible to receive an annual performance cash bonus with a target amount equal to 50% of his annual base salary, based upon achievement of performance goals established by the compensation committee of Twin Vee's Board of Directors. Pursuant to the Employment Agreement, on April 4, 2024,
01
Item 8.01. Other Events. On April 5, 2024, the Company issued a press release announcing the appointment of Michael P. Dickerson as Chief Financial & Administrative Officer. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits The following exhibits are furnished with this Current Report on Form 8-K: Exhibit Number Exhibit Description 10.1 Employment Agreement by and between Twin Vee PowerCats Co. and Michael P. Dickerson 99.1 Press Release of Twin Vee PowerCats Co. dated April 5, 2024 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within in the inline XBRL document) 2
SIGNATURES
SIGNATURES 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. Date: April 5, 2024 TWIN VEE POWERCATS CO. By: /s/ Joseph Visconti Name: Joseph Visconti Title: Chief Executive Officer and President 3