Twin Vee PowerCats President Karl Zimmer resigns; cost reduction amid declining demand

Twin Vee PowerCats, Co.

President Karl Zimmer resigned effective Nov 30, 2024 to reduce operational cash burn amid declining recreational marine demand.
Zimmer receives 100% of $200,000 annual base salary through Separation Date; $60,000 consulting fee on Jan 2, 2025 plus $2,500 per diem.
20,000 Initial Stock Options vest on Jan 2, 2025; exercisable until Jan 2, 2026 or 90 days after consulting termination.
Separation includes general release of claims against company and non-disparagement clause.

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