Forza X1 (FRZA) Announces CEO Resignation

On March 9, 2024, Jim Leffew, the former Chief Executive Officer of Forza X1 (NASDAQ: FRZA), notified the Company of his decision to resign, effective immediately, as a director of the Company. Mr. Leffew did not advise the Company of any disagreement with the Company on any matter relating to its operations, policies or practices.

On March 12, 2024, the Company appointed Joseph Visconti as its Interim Chief Executive Officer and Dan Norton as its President.

Mr. Visconti, age 59, has been the Company’s Executive Chairman of the Board of Directors and Chief of Product Development since July 22, 2022. From the Company’s inception (October 15, 2021) until July 22, 2022, Mr. Visconti served as the Company’s Chairman of the Board of Directors and the Chief Executive Officer. He also serves as the Chief Executive Officer, President and Director of Twin Vee PowerCats Co., the Company’s majority shareholder, since 2015, which is listed on the Nasdaq Capital Market. With over 25 years of executive level operational and financial experience, Mr. Visconti was the founder, CEO and President of two previous companies, the first company was a regional Investment Bank that he built to over 400 employees and sold in 2000. The second company was ValueRich, a financial media company that was taken public on the American Stock Exchange in 2007. ValueRich transitioned from media related business to Twin Vee PowerCats, Inc. in 2015. Mr. Visconti has experience building teams of professionals with a focus on product development and bringing those products to market. Mr. Visconti received his Associate’s degree from Lynn University in 1984.

Pursuant to a five-year employment agreement with Mr. Visconti (the “Visconti Employment Agreement”), Mr. Visconti currently serves as the Company’s Executive Chairman and Chief of Product Development. He receives an annual base salary of $75,000 and is eligible to receive an annual performance cash bonus with a target amount equal to 100% of his annual base salary, based upon achievement of performance goals established by the compensation committee of the Company’s Board of Directors. In addition, Mr. Visconti was granted a stock option to purchase 400,000 shares of common stock under the Company’s 2022 Stock Incentive Plan (“2022 Plan”), which vests pro rata on a monthly basis over a three-year period subject to continued employment through each vesting date.

The Visconti Employment Agreement provides that Mr. Visconti is eligible to participate in all benefit and fringe benefit plans generally made available to the Company’s other executive officers.

The Visconti Employment Agreement provides that it shall continue until terminated (i) by mutual agreement; (ii) due to death or disability of Mr. Visconti; (iii) by Mr. Visconti without good reason upon 90 days written notice to us; (iv) by the Company for cause (as defined in the Visconti Employment Agreement); (v) by the Company without cause; or (vi) by Mr. Visconti for good reason (as defined in the Visconti Employment Agreement).

You May Also Be Interested In

• Jennifer Hyman to retire from Estee Lauder board in November
• C.H. Robinson faces $604M jury verdict in Texas trucking case
• Western Union chief legal officer to retire in November 2026