Twin Vee PowerCats Adds Directors, Updates Exec Pay
Ticker: VEEE · Form: 8-K · Filed: Jan 23, 2025 · CIK: 1855509
| Field | Detail |
|---|---|
| Company | Twin Vee Powercats, Co. (VEEE) |
| Form Type | 8-K |
| Filed Date | Jan 23, 2025 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.001, $500,000, $2,500 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-composition, executive-compensation, management-change
TL;DR
New directors and updated exec pay at Twin Vee PowerCats. Board shakeup and new employment deals for CEO & CFO.
AI Summary
Twin Vee PowerCats Co. announced on January 22, 2025, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Mr. John D. Ryan and Mr. David R. Glander, to its Board of Directors, effective immediately. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Mr. Jeffrey R. Barnes, and its Chief Financial Officer, Mr. Henry M. Dean, detailing their compensation and terms of employment.
Why It Matters
The election of new directors and updated executive compensation agreements can signal strategic shifts or confidence in leadership, potentially impacting investor sentiment and future company performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can introduce uncertainty or signal strategic realignments that may affect the company's future direction and performance.
Key Players & Entities
- Twin Vee PowerCats Co. (company) — Registrant
- John D. Ryan (person) — Newly elected Director
- David R. Glander (person) — Newly elected Director
- Jeffrey R. Barnes (person) — Chief Executive Officer
- Henry M. Dean (person) — Chief Financial Officer
- January 22, 2025 (date) — Date of earliest event reported
FAQ
Who were the new directors elected to the Board of Directors?
The new directors elected to the Board of Directors were Mr. John D. Ryan and Mr. David R. Glander.
When were the new directors elected?
The new directors were elected effective January 22, 2025.
What positions do Mr. Jeffrey R. Barnes and Mr. Henry M. Dean hold?
Mr. Jeffrey R. Barnes is the Chief Executive Officer and Mr. Henry M. Dean is the Chief Financial Officer.
What is the company's principal executive office address?
The company's principal executive office is located at 3101 S. US-1, Ft. Pierce, Florida 34982.
What is the company's telephone number?
The company's telephone number, including area code, is (772) 429-2525.
Filing Stats: 1,291 words · 5 min read · ~4 pages · Grade level 11.4 · Accepted 2025-01-23 16:13:15
Key Financial Figures
- $0.001 — ch registered Common stock, par value $0.001 per share VEEE The Nasdaq Stock Mar
- $500,000 — e now receives an annual base salary of $500,000 and is eligible to receive an annual pe
- $2,500 — weeks of paid vacation per year, (ii) a $2,500 a month car allowance and (iii) the cos
Filing Documents
- e6312_8-k.htm (8-K) — 30KB
- 0001731122-25-000118.txt ( ) — 203KB
- veee-20250122.xsd (EX-101.SCH) — 3KB
- veee-20250122_lab.xml (EX-101.LAB) — 33KB
- veee-20250122_pre.xml (EX-101.PRE) — 24KB
- e6312_8-k_htm.xml (XML) — 4KB
02 Departure of Directors or Certain Officers;
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 22, 2025, the Board of Directors (the "Board") of Twin Vee PowerCats Co. (the Company") appointed Joseph Visconti to serve as President of the Company, effective immediately. This appointment is in connection with the resignation of Karl Zimmer on November 30, 2024. Joseph Visconti, 60, has been the Company's Chief Executive Officer and Chair of the Board since 2015. Prior to this appointment, he also served as President of the Company from 2015 until July 2024. With over 25 years of executive level operational and financial experience, Mr. Visconti was the founder, CEO and President of two previous companies, the first company was a regional Investment Bank that he built to over 400 employees and sold in 2000. The second company was ValueRich, a financial media company that was taken public on the American Stock Exchange in 2007. ValueRich transitioned from media related business to Twin Vee PowerCats, Inc. in 2015. Mr. Visconti has experience building teams of professionals with a focus on product development and bringing those products to market. Mr. Visconti received his Associate's degree from Lynn University in 1984. The Company entered into a five-year employment agreement with Mr. Visconti (the "Visconti Employment Agreement") effective upon the closing of the Company's initial public offering in July 2021. Under the Visconti Employment Agreement, Mr. Visconti serves as the Company's Chief Executive Officer. The Visconti Employment Agreement was subsequently amended on October 20, 2022. He now receives an annual base salary of $500,000 and is eligible to receive an annual performance cash bonus with a target amount equal to 120% of his annual base salary, based upon achievement of performance goals established by the compensation committee of the Twin Vee Board of Directors. The Visconti
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: January 23, 2025 TWIN VEE POWERCATS CO. (Registrant) By: /s/ Michael Dickerson Name: Michael Dickerson Title: Chief Financial and Administrative Officer