Twin Vee PowerCats Reports Officer Changes & Financials
Ticker: VEEE · Form: 8-K · Filed: Dec 5, 2024 · CIK: 1855509
| Field | Detail |
|---|---|
| Company | Twin Vee Powercats, Co. (VEEE) |
| Form Type | 8-K |
| Filed Date | Dec 5, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $200,000, $60,000, $2,500 |
| Sentiment | neutral |
Sentiment: neutral
Topics: officer-change, director-change, financials
TL;DR
Twin Vee PowerCats is changing up its exec team and filing financials.
AI Summary
Twin Vee PowerCats, Co. filed an 8-K on December 5, 2024, reporting events as of November 30, 2024. The filing primarily concerns the departure of directors or certain officers, the election of directors, the appointment of certain officers, and compensatory arrangements for these officers. It also includes financial statements and exhibits.
Why It Matters
This filing indicates potential shifts in the company's leadership and executive compensation structure, which could impact strategic direction and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key officers and directors, along with the filing of financial statements, can signal underlying business performance or strategic realignments that warrant investor attention.
Key Players & Entities
- Twin Vee PowerCats, Co. (company) — Registrant
- November 30, 2024 (date) — Date of earliest event reported
- December 5, 2024 (date) — Filing date
FAQ
What specific changes occurred regarding directors or officers?
The filing indicates the departure of directors or certain officers, the election of directors, and the appointment of certain officers.
What is the effective date of the reported events?
The earliest event reported is as of November 30, 2024.
When was this Form 8-K filed?
This Form 8-K was filed on December 5, 2024.
What are the main items covered in this 8-K filing?
The filing covers departure of directors/officers, election of directors, appointment of officers, compensatory arrangements, and financial statements/exhibits.
What is the principal executive office address for Twin Vee PowerCats, Co.?
The principal executive office is located at 3101 S. US-1, Ft. Pierce, Florida 34982.
Filing Stats: 652 words · 3 min read · ~2 pages · Grade level 12 · Accepted 2024-12-05 16:05:34
Key Financial Figures
- $0.001 — ch registered Common stock, par value $0.001 per share VEEE The Nasdaq Stock Mar
- $200,000 — 100% of his current annual base salary ($200,000) through the Separation Date and (ii) r
- $60,000 — n respect of which the Company will pay $60,000 in consulting fees on January 2, 2025 a
- $2,500 — fees on January 2, 2025 and thereafter $2,500 per diem if services are requested. Th
Filing Documents
- e6192_8-k.htm (8-K) — 29KB
- e6192_ex10-1.htm (EX-10.1) — 66KB
- e6192_ex10-2.htm (EX-10.2) — 37KB
- image_001.gif (GRAPHIC) — 1KB
- 0001731122-24-001930.txt ( ) — 337KB
- veee-20241130.xsd (EX-101.SCH) — 3KB
- veee-20241130_lab.xml (EX-101.LAB) — 33KB
- veee-20241130_pre.xml (EX-101.PRE) — 24KB
- e6192_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. In connection with previously announced efforts by Twin Vee Powercats Co. (the "Company") to reduce operational cash burn due to industry wide declining demand for recreational marine vehicles, Karl Zimmer agreed to resign from his position as Company President, effective November 30, 2024 (the "Separation Date"). In connection with this resignation, the Company and Mr. Zimmer entered into a Separation Agreement and Release, dated November 30, 2024 (the "Separation Agreement"). Pursuant to the Separation Agreement, Mr. Zimmer will: (i) receive 100% of his current annual base salary ($200,000) through the Separation Date and (ii) render services to the Company as a consultant on an as needed basis following the Separation Date, pursuant to a Consulting Agreement, effective December 1, 2024, with Zimmer Consultants, LLC (the "Consulting Agreement"), in respect of which the Company will pay $60,000 in consulting fees on January 2, 2025 and thereafter $2,500 per diem if services are requested. The Separation Agreement contains a general release of all claims against the Company and its current and former officers, directors, employees and agents, and a non-disparagement clause relating to the Company or any released party. The foregoing descriptions of the Separation Agreement and Consulting Agreement do not purport to be complete and are subject to, and qualified in their entirety by reference to, the full text of the Separation Agreement and Consulting Agreement, copies of which are attached hereto as Exhibits 10.1 and 10.2 and incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Separation Agreement between Twin Vee Powercats Co. and Karl Zimmer, dated November 30, 2024 10.2 Consulting Agreement between Twin Vee Powercats Co. and Zimmer Consultants, LLC, effective December 1, 2024
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: December 5, 2024 TWIN VEE POWERCATS CO. (Registrant) By: /s/ Joseph Visconti Name: Joseph Visconti Title: Chief Executive Officer and President