UNITED STATES
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CURRENT REPORT
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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.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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 | |