Red Cat Holdings Inc. (NASDAQ: RCAT) announced that its Board of Directors voted on July 17, 2026, to terminate Geoffrey Hitchcock, the company's Chief Revenue Officer, effective July 23, 2026.

The board determined that grounds existed for termination "for cause" under Section 11(c) of Hitchcock's Executive Employment Agreement, following a hearing process outlined in the same agreement.

As a result of the for-cause determination, the company said Hitchcock is not entitled to severance benefits or acceleration of vesting of equity awards. He will receive only salary and benefits earned through his termination date.