Twin Vee PowerCats Appoints New CFO, Grants Stock Options

TL;DR

New CFO at Twin Vee PowerCats, gets $225k salary + stock options.

AI Summary

Twin Vee PowerCats, Co. announced on July 12, 2024, the appointment of Joseph V. Amato as Chief Financial Officer, effective immediately. Amato will receive an annual base salary of $225,000 and is eligible for a discretionary bonus. He will also be granted 100,000 stock options, vesting over three years, and 50,000 restricted stock units, vesting over two years.

Why It Matters

The appointment of a new CFO and the associated stock-based compensation can signal a new strategic direction or a focus on financial stability and growth for the company.

Risk Assessment

Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding future financial strategies and performance.

Key Numbers

• $225,000 — CFO Annual Base Salary (Compensation for new Chief Financial Officer Joseph V. Amato.)
• 100,000 — Stock Options Granted (Granted to the new CFO, vesting over three years.)
• 50,000 — Restricted Stock Units Granted (Granted to the new CFO, vesting over two years.)

Key Players & Entities

• Twin Vee PowerCats, Co. (company) — Registrant
• Joseph V. Amato (person) — Appointed Chief Financial Officer
• $225,000 (dollar_amount) — Annual base salary for CFO
• 100,000 (dollar_amount) — Stock options granted to CFO
• 50,000 (dollar_amount) — Restricted stock units granted to CFO
• July 12, 2024 (date) — Effective date of CFO appointment

FAQ

Key Financial Figures

• $0.001 — ch registered Common stock, par value $0.001 per share VEEE The Nasdaq Stock Mar
• $200,000 — s President at an annual base salary of $200,000, which further provides that he is elig
• $1,000 — s of paid vacation per year; (ii) up to $1,000 per month toward the cost of medical in
• $50,000 — or Mr. Zimmer and his family; and (iii) $50,000 for relocation expenses and temporary l
• $20,000 — nd pay a civil penalty in the amount of $20,000. The Order relates to a commission paym

Filing Documents

• e5813_8-k.htm (8-K) — 39KB
• e5813_ex10-1.htm (EX-10.1) — 134KB
• e5813_ex99-1.htm (EX-99.1) — 13KB
• image_001.jpg (GRAPHIC) — 7KB
• 0001731122-24-001103.txt ( ) — 406KB
• veee-20240712.xsd (EX-101.SCH) — 3KB
• veee-20240712_lab.xml (EX-101.LAB) — 33KB
• veee-20240712_pre.xml (EX-101.PRE) — 22KB
• e5813_8-k_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 July 8, 2024, the Board of Directors (the "Board") of Twin Vee PowerCats Co. (the Company") appointed Karl J. Zimmer to serve as President of the Company, effective July 12, 2024. Mr. Zimmer, age 47, has approximately 30 years of corporate experience in senior and executive level operational roles. From August 2023 to March 2024, he served as the President of Florida Beef, Inc., a beef harvesting processing company, From July 2015 to August 2023, he was the President and CEO of Premium Peanut, LLC, a peanut shelling and oil production company. Mr. Zimmer holds a Bachelor of Science in Industrial Engineering from the University of Cincinnati. In connection with his appointment, effective July 12, 2024 (the "Effective Date"), the Company entered into a three-year employment agreement (the "Employment Agreement") with Mr. Zimmer to employ Mr. Zimmer as the Company's President at an annual base salary of $200,000, which further provides that he 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, provided that if the Company achieves EBITDA profitability, inclusive of public company fees, Mr. Zimmer shall be eligible to receive a target annual performance cash bonus of 100% of his annual base salary. Pursuant to the Employment Agreement, on July 12, 2024, Mr. Zimmer received a stock option (the "Initial Stock Option") to purchase 500,000 shares of the Company's common stock under the Company's 2021 Amended Stock Incentive Plan ("2021 Plan"), vesting pro rata on an annual basis over five (5) years commencing on the one year anniversary of the grant date, subject to continued employment through each vesting date. In addition, the

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. On July 15, 2024, the Company issued a press release announcing the appointment of Karl J. Zimmer as President. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K. (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 Karl J. Zimmer, dated July 12, 2024 99.1 Press Release of Twin Vee PowerCats Co. dated July 15, 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: July 15, 2024 TWIN VEE POWERCATS CO. By: /s/ Joseph Visconti Name: Joseph Visconti Title: Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR