On June 30, 2022, Steven A. Shallcross, a member of the Board of Directors of Twin Vee PowerCats Co. notified the Company of his decision to resign, effective immediately, from his position as a member of the Board and related Committees. Mr. Shallcross did not advise the Company of any disagreement with the Company on any matter relating to its operations, policies or practices.

Mr. Shallcross was a Class III director of the Company and also served as the Chairman of the Audit Committee of the Board, the Chairman of the Compensation Committee of the Board and as a member of the Corporate Governance and Nominating Committee of the Board. On July 6, 2022, the Board appointed Kevin Schuyler to serve as a Class III director of the Company. Mr. Schuyler was also appointed to serve as the Chairman of the Audit Committee of the Board, the Chairman of the Compensation Committee of the Board and as a member of the Corporate Governance and Nominating Committee of the Board.

Mr. Schuyler, age 53, currently serves as a senior managing director at CornerStone Partners, a full-service institutional CIO and investment office located in Charlottesville, VA, with approximately $10 billion under management. Prior to joining CornerStone Partners in 2006, he held various positions with McKinsey & Company, Louis Dreyfus Corporation and The Nature Conservancy. Mr. Schuyler is the Vice Chairman of the board of directors and Lead Independent Director of Adial Pharmaceuticals Inc., a clinical-stage biopharmaceutical company focused on developing therapies for the treatment and prevention of addiction and related disorders, where he has served as a director since April 2016.

Mr. Schuyler also serves and committees of Sentara Martha Jefferson Hospital, the US Endowment for Forestry and Communities, and Stone Barns Center. He is a member of the investment committee of the Margaret A. Cargill Philanthropies. Mr. Schuyler graduated with honors from Harvard College and received his MBA from The Darden Graduate School of Business at the University of Virginia.

He is a member of the Chartered Financial Analyst Society of Washington, DC. The Company selected Mr. Schuyler to serve on its board of directors because he brings extensive knowledge of the financial markets. Mr. Schuyler's business background provides him with a broad understanding of the financial markets and the financing opportunities available to Company.