Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 20, 2022, the Compensation Committee of the Board of Directors (the
"Board") of Twin Vee PowerCats Co. (the "Company"), in an effort to better align
the Company's Chief Executive Officer's bonus compensation with that of other
chief executive officers of similarly situated public companies, approved an
amendment, to the Company's employment agreement with Mr. Visconti to increase
his bonus percentage from 100% to 120% of his then-Base Salary. A copy of the
amendment to Mr. Visconti's employment agreement is attached hereto as Exhibits
10.1 and is incorporated herein by reference.
Also on October 20, 2022, the Compensation Committee, awarded (i) Mr. Visconti
an option to purchase 250,000 shares of common stock, vesting monthly over three
years and (ii) the following equity compensation to the non-executive members of
the Board and its Committees: Neil Ross and James Melvin were each awarded an
option to purchase 5,500 shares of common stock, and Bard Rockenbach was awarded
an option to purchase 4,583 shares of common stock effective as of November 4,
2022.
The shares of common stock underlying the option awards vest as pro rata monthly
over 9 months for Messrs. Ross and Melvin and over 12 months for Mr. Rockenbach,
subject to the director's continuous service to the Company on each applicable
vesting date. Each option is exercisable for a period of ten years from the date
of grant and has an exercise price of $2.01 per share, the closing price of the
Company's common stock on the Nasdaq Capital Market on the date of the grant.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Exhibit Description
10.1 Amendment to Employment Agreement between Twin Vee PowerCats Co. and
Joseph Visconti, effective as of October 20, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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