Item 1.01. Entry into a Material Definitive Agreement.
Forza X1 and OneWater Agreement
On August 17, 2022, Forza X1, Inc. ("Forza X1"), a subsidiary of Twin Vee
PowerCats Co. (the "Company"), entered into an agreement (the "OneWater
Agreement") with OneWater Marine, Inc. ("One Water") to establish Forza X1
customer experience and service centers in OneWater's current and future
locations and other strategic locations across the United States pursuant to
which OneWater will be the sole dealer distributing Forza X1 products and
OneWater's retail locations may be used as potential delivery points for
customers to pick up their Forza X1 products. Forza X1 retained the right to
sell its products directly to customers. The OneWater Agreement has a term of
five years but may be terminated by either party for breach upon thirty days'
notice and without cause upon three months' notice.
The foregoing description of the OneWater Agreement does not purport to be
complete and is qualified in its entirety by reference to a copy of the OneWater
Agreement, which is included as Exhibit 10.1 to this Current Report on Form 8-K
and is incorporated herein in reference.
Item 8.01. Other Events.
On August 18, 2022, the Company issued a press release announcing the OneWater
Agreement, a copy of which is attached as Exhibit 99.1 to this Current Report on
Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
1.1 Forza and OneWater Agreement, dated August 17, 2022, by and between
Forza X1, Inc. and OneWater Marine, Inc.
99.1 Press Release issued by Forza X1, Inc, dated August 18, 2022
104 Cover Page Interactive Data File (embedded with the inline XBRL
document)
-1-
© Edgar Online, source Glimpses