TWIN VEE POWERCATS, CO. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Other Events, Financial Statements and Exhibits (form 8-K)

Item 1.01. Entry into a Material Definitive Agreement.

On May 5, 2023, Twin Vee PowerCats Co. (the "Company"), the Company's newly formed subsidiary, AquaSport Co., a Florida corporation ("AquaSport Co."), entered into an agreement with Ebbtide Corporation, a Tennessee corporation ("Ebbtide"), dated May XX, 2023 (the "Agreement"), providing the Company with the right to acquire the AQUASPORT™ boat brand and manufacturing facility. The acquisition includes Aquasport's trademarks, 150,000-square-foot manufacturing facility situated on 18.5 acres in White Bluff Tennessee, and related tooling, molds, and equipment to build five Aquasport models ranging in size from 21 to 25-foot boats (the "AquaSport Assets").

Under the Agreement, the Company has the right to purchase the AquaSport Assets from Ebbtide for $3,100,000 during the five year term of the Agreement (or extension period), less credit for a $300,000.00 security deposit paid by the Company and $16,000 a month for any rent paid under the Agreement by AquaSport Co. to Ebbtide. AquaSport Co. will lease the AquaSport Assets from Ebbtide under the Agreement at a monthly rent of $22,000 pending the Company's acquisition of the AquaSport Assets. The lease is for a term of five years, commencing June 1, 2023, with one option to renew the lease for an additional five years. In the event AquaSport Co. commits three payment Events of Default (as defined in the Agreement) within any consecutive two year period or commits any other material Event of Default that is not cured timely and remains uncured, Ebbtide may terminate the Company's rights under the Agreement to acquire the AquaSport Assets. In addition, Ebbtide has the right to terminate the Agreement if an Event of Default occurs.

AquaSport's obligations under the Agreement have been guaranteed by the Company.

The foregoing description of the Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.1, and which is incorporated herein in its entirety by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.

Item 8.01. Other Events.

On May 9, 2023, the Company issued a press release regarding the entry into the Agreement. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.



Exhibit  Number   Exhibit Description

     10.1           Commercial Lease Agreement (with Option to Purchase), dated May 5,
                  2023, by and between, AquaSport Co., Ebbtide Corporation and Twin Vee
                  PowerCats Co.
     99.1           Press Release issued by Twin Vee Powercats Co. dated May 9, 2023
      104         Cover Page Interactive Data File (embedded within the Inline XBRL
                  document)




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