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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2025
Commission File No. 001-39730
VISION MARINE TECHNOLOGIES INC.
(Translation of registrant’s name into English)
730 Boulevard du Curé-Boivin
Boisbriand, Québec, J7G 2A7, Canada
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) ¨
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of Director
On July 11, 2025, Mr. Anthony E. Cassella, Jr., the director (the “Director”) of Vision Marine Technologies Inc. (the “Company”), notified the board of directors of the Company (the “Board”) of his decision to resign his position on the Board of the Company and as a member of the compensation committee of the Board, effective immediately. Mr. Cassella’s decision was not the result of any disagreement between Mr. Cassella and the Company on any matters relating to the Company’s operations, policies or practices. Due to the vacancy left by Mr. Cassella, the Board intends to fill the vacancy on the compensation committee of the Board.
Appointment of Officer; Expiration of Officer Contract
On July 16, 2025 the Company appointed Mr. Daniel Rathe to Chief Technical Officer of Company operations. On July 16, 2025 the Company also announced that in connection with Mr. Rathe’s appointment, Mr. Xavier Montagne, who previously served as Chief Operating Officer and Chief Technology Officer, concluded his service to the Company effective July 11, 2025.
Mr. Rathe has served in various technical leadership roles with the Company and, over the past two years, has coordinated technical operations, boat integrations, and testing of the Company's electric powertrain technology in Florida. Mr. Rathe will assume responsibility for technical operations and the integration and deployment of Vision Marine’s technology across the Company’s sales network. Mr. Rathe signed a Chief Technical Officer Employment Agreement on July 16, 2025, which is filed hereto as Exhibit 10.1. Pursuant to the Chief Technical Officer Employment Agreement, Mr. Rathe’s annual base salary is US$160,000 plus sales commissions and incentive bonuses related to patent filings. Mr. Rathe will also be eligible to participate in the Company’s other incentive compensation programs as may be provided to similarly-situated employees of the Company from time-to-time, including the Company’s stock option plan, as well as benefits as may be offered from time to time. The foregoing description is qualified by reference to the full text of the Chief Technical Officer Employment Agreement.
There are no familial relationships between Mr. Rathe and any other executive officer or director of the Company. There are no transactions in which Mr. Rathe has an interest requiring disclosure under Item 404(a) of Regulation S-K. Each of the Company’s executive officers is appointed to serve until his or her successor is duly appointed or he or she is removed or resigns from office.
Dan Rathe, age 36, brings over seven years of technical leadership experience in energy storage system integration and development, complemented by over a decade of entrepreneurial business management experience. During his tenure at Spear Power Systems LLC from 2018 to 2023, Mr. Rathe was rapidly placed in roles with increasing responsibility, establishing manufacturing operations, and serving as the Global Service Manager for maritime energy storage systems (“ESS”) up to 3MWh across international markets. He drove engineering changes from in-field feedback, leading ESS integration projects for high-profile customers, including the pair of flagship Maid of the Mist electric boats in Niagara Falls, NY. Mr. Rathe played a critical role in manufacturing process development, quality validation, and certification compliance for DNV-GL, ABS, and USCG classed vessels. His technical expertise encompasses high-voltage systems and advanced manufacturing standards, supported by specialized certifications in high voltage training and IPC-JSTD quality protocols. He holds a Bachelor of Science degree in Construction Management from Missouri State University.
General
The information contained in this Report on Form 6-K (excluding exhibit 99.1) is hereby incorporated by reference into our Registration Statement on Form F-3 (File No. 333-267893) and Registration Statement on Form S-8 (File No. 333-264089).
On July 17, 2025, the Company announced the promotion of Daniel Rathe to Chief Technical Officer, and resignation of Anthony E. Cassella Jr. from the Board. A copy of the press release entitled, “Vision Marine Technologies Powers into Commercial Growth Phase, Appoints Daniel Rathe CTO of Operations” is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K and incorporated by reference herein.
Exhibit Index
No.
| 10.1 | Chief Technical Officer Employment Agreement by and between the Company and Mr. Daniel Rathe, dated July 16, 2025 |
| 99.1 | Press Release issued by Vision Marine Technologies Inc. on July 16, 2025, entitled “Vision Marine Technologies Powers into Commercial Growth Phase, Appoints Daniel Rathe CTO of Operations” |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VISION MARINE TECHNOLOGIES INC. | ||
| Date: July 25, 2025 | By: | /s/ Raffi Sossoyan |
| Name: | Raffi Sossoyan | |
| Title: | Chief Financial Officer | |
Exhibit 10.1
PRIVATE AND CONFIDENTIAL
BY ELECTRONIC MAIL
EMPLOYMENT AGREEMENT
Date: July 16, 2025
Vision Marine Technologies Corp., a duly incorporated Delaware Corporation with its registered office at 2915 Ogletown Road, Newark, Delaware, 19713, U.S.A., represented by Mr. Alexandre Mongeon in his capacity as President (hereinafter the “Company”),
AND
Mr. Daniel Christopher Rathe, residing at 1315 S Fairway Ave Springfield, MO 65804 (hereinafter the “Employee”).
WHEREAS
| · | The Company wishes to employ the Employee as Chief Technical Officer; The Employee agrees to such employment under the terms and conditions set forth herein; The parties wish to formalize and confirm the terms and conditions of such employment. |
CONTINUITY OF EMPLOYMENT AND RESPONSIBILITIES
| · | This Agreement supersedes and replaces the Employee’s previous employment agreements dated March 12, 2025 and September 1, 2023, solely due to the Employee’s promotion to an Officer position within the Company. Notwithstanding this transition, all service time, tenure, and employment history with the Company shall be fully recognized and preserved. Additionally, any responsibilities, duties, and projects previously assigned to the Employee and still ongoing shall remain in effect and continue under this new Agreement, unless otherwise modified by mutual written agreement. |
ARTICLE 1 – INTERPRETATION
1.1 Definitions: As used in this Agreement, the terms shall have the meanings assigned herein.
1.2 Preamble: The preamble forms an integral part of this Agreement.
ARTICLE 2 – TERM OF EMPLOYMENT
2.1 The employment shall be for a fixed term of two (2) years, commencing on July 16, 2025, and ending on July 16, 2027, unless terminated earlier in accordance with the provisions of this Agreement.
2.2 Any extension or renewal of this Agreement beyond the initial term shall be subject to mutual written agreement between the Company and the Employee no later than sixty (60) days prior to the expiration of the term.
ARTICLE 3 – DUTIES AND RESPONSIBILITIES
3.1 The Employee shall serve as Chief Technical Officer of the Company.
3.2 In this role, the Employee shall:
| · | Train staff of Nautical Ventures Group Inc. (“NVG”) in Florida; | |
| · | Spend approximately three (3) weeks per month in Florida to oversee and support local operations; | |
| · | Provide coordination and support to team members of Vision Marine Technologies Inc. (“VMTI”) in Boisbriand, Quebec; | |
| · | Complete audits of Bombardier Recreational Products (“BRP”) processes; | |
| · | Oversee partial transfer of production to BRP, or other service provider, if applicable; | |
| · | Collaborate with BRP to improve and simplify the E-motion™ system; | |
| · | New battery development and integration process with Octillion Power System. | |
| · | Collaborate with the internal VMTI team to put in place a resale service for high voltage batteries. | |
| · | Accomplish all other related responsibilities according to the March 12, 2025 and September 1, 2023 employment agreements, eg; Manage and execute all new OEM integrations. | |
| · | Execute continuous sales, integrations and after sales support with both internal team and OEM’s. | |
| · | Travel to the Company’s Montreal-area offices for transition purposes and participate in the development and structuring of a technical team in Quebec, including the oversight of special projects such as the BRP collaboration. |
3.3 The Employee shall report to the President or any person designated by the President.
3.4 The Employee’s primary work location shall be in Florida; however, significant travel across North America, particularly to Montreal (Boisbriand), is required.
3.5 The Company shall cover all reasonable and necessary travel expenses related to this Agreement.
ARTICLE 4 – COMPENSATION
4.1 The Employee shall receive an annual gross salary of USD $160,000, payable bi-weekly and subject to applicable withholdings.
4.2 The Employee shall be entitled to receive 1% of net revenue on any contract of sale or partnership directly generated through his efforts, payable upon collection.
4.3 The Employee shall be entitled to receive a $5,000 USD incentive bonus for every relevant patent filed. This process shall be closely monitored with both the internal team and the board of directors.
ARTICLE 5 – BENEFITS AND EXPENSES
5.1 Vacation: Four (4) weeks annually, accrued monthly.
5.2 Expenses: All pre-approved, job-related expenses shall be reimbursed upon submission of supporting documentation.
5.3 Housing Allowance: A monthly stipend of USD $1,500 to cover housing costs in Florida with a proof of lease under the Employee’s name.
5.4 Vehicle: The Employee shall have access to a Company-owned pickup truck for work duties purposes.
5.5 Cell Phone: Provided by the Company.
5.6 Insurance: The Company shall enroll the Employee in a corporate insurance when possible. Employee shall be eligible to receive those benefits that the Company currently has in place, including but not limited to life, health and disability insurance, pension, deferred compensation and incentive plans, and drug and dental coverage plans that are generally made available to its full-time employees, subject to the terms and conditions thereof and the standard probationary period. All benefits can be changed at any time, and from time to time, at the sole discretion of the Company. In the case of a health insurance plan, if the Company does not have such a plan in place, the Employee will be entitled to a monthly allowance of US$850, payable on a monthly basis.
5.7 Employee may be eligible to participate in such other incentive compensation programs as may be provided to similarly-situated employees of the Company from time-to-time.
ARTICLE 6 – EMPLOYEE OBLIGATIONS
The Employee agrees to:
| · | Support cross-functional operations between Florida and Boisbriand; | |
| · | Implement the E-motion™ system and assist in its integration and certification; | |
| · | Complete and document all BRP audits and process evaluations; | |
| · | Assist with any special projects as directed by the President and CEO and other management team members if required. |
ARTICLE 7 – CONFIDENTIALITY AND INTELLECTUAL PROPERTY
7.1 The terms of the Mutual Non-Disclosure Agreement dated September 1, 2023, between the parties are incorporated herein by reference and shall remain binding during and after employment.
7.2 The terms of Section 7 Confidentiality of the previous employment agreement between the parties dated March 12, 2025 are incorporated herein by reference and shall remain binding during and after employment.
7.3 The terms of Section 9 Ownership of Intellectual Property of the previous employment agreement between the parties dated March 12, 2025 are incorporated herein by reference and shall remain binding during and after employment. All work products, inventions, designs, and intellectual property developed during employment shall be the sole property of the Company.
ARTICLE 8 – TERMINATION
Termination shall be governed by applicable law and subject to the following:
| · | Either party may terminate with cause in accordance with Canadian labor standards. | |
| · | The Company may terminate without cause with 60 days' written notice or payment in lieu. | |
| · | The Employee may resign from his employment by providing the Company 60 days’ written notice. | |
| · | Upon termination, all Company property shall be returned immediately. |
ARTICLE 9 – NON-COMPETITION
9.1 The Employee agrees that, for a period of two (2) years after termination (for any reason), they shall not:
| · | Engage in any business in North America that competes directly with the Company in the electric marine propulsion industry; | |
| · | Hold ownership, partnership, or advisory roles in any such competing entity. |
9.2 This clause does not restrict the Employee from holding non-controlling investments in public companies.
9.3 This clause shall survive the termination of this Agreement.
9.4 If deemed invalid in part, the remainder shall remain enforceable.
ARTICLE 10 – MISCELLANEOUS
10.1 This Agreement supersedes all prior verbal or written discussions and agreements.
10.2 Any amendment must be in writing and signed by both parties.
10.3 This Agreement shall be governed by the laws of the state of Florida.
10.4 Any dispute arising hereunder shall be resolved by the competent courts of the state of Florida.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date written below:
DATED: July 16, 2025
FOR THE COMPANY:
Name: Alexandre Mongeon
Title: President
Signature: ___________________________
EMPLOYEE:
Name: Daniel Christopher Rathe
Title: Chief Technical Officer
Signature: ___________________________
Exhibit 99.1
Vision Marine Technologies Powers into Commercial Growth Phase, Appoints Daniel Rathe CTO of Operations
Nautical Ventures acquisition and completion of current product development drive next stage of electric boating deployment
Montreal, QC, July 16, 2025 — Vision Marine Technologies Inc. (NASDAQ: VMAR) (“Vision Marine” or the “Company”), a pioneer in high-voltage electric marine propulsion systems, today announced the promotion of Daniel Rathe to Chief Technical Officer (“CTO”) of its operations. Since the acquisition of Nautical Ventures Group Inc. (“NVG”), Vision Marine has strategically focused on actively supporting the U.S. boat market through its network of nine dedicated dealers across Florida. Nautical Ventures, recognized for its robust sales performance and a 5-year EBITDA compound annual growth rate (CAGR) in excess of 20%, plays a pivotal role in this approach—providing a strong commercial foundation for Vision Marine to expand its regional footprint.
This targeted support is designed to drive growth, strengthen dealer relationships, and capitalize on the vibrant Florida boating community—ultimately positioning the Company for long-term success in the U.S. market. This leadership appointment also coincides with the transition from the development stage of Vision Marine’s E-Motion™ 180E high-voltage electric powertrain, marking the beginning of the Company’s scale-up and deployment phase.
Vision Marine also announces the conclusion of Chief Operating Officer and Chief Technology Officer Xavier Montagne’s contract. Mr. Montagne has completed his mandate following the successful industrialization and validation of the E-Motion™ 180E powertrain—a project he led from concept to commercialization. His work has laid the foundation for Vision Marine's entry into commercial deployment.
A seamless transition plan is already in place with the appointment of Daniel Rathe as CTO. Mr. Rathe, who worked under the close mentorship of Mr. Montagne for over two years, will lead this next chapter to boost the integration and deployment of Vision Marine’s technology across Nautical Ventures’ sales network.
Over the past two years, Mr. Rathe has played a critical role for the Company in Florida, coordinating technical operations, boat integrations, and testing of Vision Marine’s E-Motion™ 180E high-voltage electric powertrain. Under his leadership, the Vision Marine Florida team will now concentrate its efforts on system conformity, installation, testing, and the establishment of high-voltage rigging bays across Nautical Ventures’ prime locations. This expansion is designed to accelerate customer adoption of E-Motion™ powered electric boats, coupled with our expected market share gain, while promoting industry-leading support for electric boat deployments.
The E-Motion™ 180E high-voltage electric powertrain—the first fully industrialized solution of its kind in recreational marine—has now completed its development and industrialization stage, including rigorous validation with McLaren Engineering. This milestone fulfils the technical mandate led by Mr. Montagne and represents a significant inflection point in Vision Marine’s evolution.
With the product development phase complete, Vision Marine is now focusing its resources on commercial implementation, sales, and services, utilizing Nautical Ventures’ strategic sales and operational footprint to reach new customers and markets.
“Daniel’s leadership and technical expertise, combined with the strong operational platform provided by Nautical Ventures, position Vision Marine to capitalize on the growing demand for electric marine propulsion,” said Alexandre Mongeon, Chief Executive Officer (“CEO”) of Vision Marine Technologies. “We are now entering the most exciting phase of our journey, bringing our technology to market at scale.”
Board Update
Separately, Vision Marine Technologies announces the resignation of Mr. Anthony E. Cassella, Jr. from its Board of Directors, effective July 11, 2025. Mr. Cassella made the decision to step down in light of potential and perceived conflicts between his professional activities at MarineMax and his role on Vision Marine’s Board.
“I’ve had the privilege of learning from one of the best,” said Alexandre Mongeon, CEO of Vision Marine Technologies. “I sincerely thank Anthony Cassella for his unwavering support, exemplary leadership, and invaluable guidance during his tenure on the Board. His dedication has left a lasting impact on our organization, and I’m truly grateful for the opportunity to have benefited from his expertise.”
The Company sincerely thanks Mr. Cassella for his valuable contributions to Vision Marine’s mission and growth. Vision Marine remains fully committed to executing its strategic plan, which includes expanding both its high-voltage electric propulsion business and its multi-brand retail operations, offering internal combustion engine (ICE) boats and next-generation electric solutions through its Nautical Ventures network.
About Vision Marine Technologies Inc.
Vision Marine Technologies Inc. (NASDAQ: VMAR) is a technology company specializing in high-voltage electric propulsion systems for the marine industry. The Company’s flagship product, the E-Motion™ 180E, is the first fully industrialized high-voltage electric outboard system for recreational boating, validated through partnerships with leading industry players.
With the recent acquisition of Nautical Ventures Group, Vision Marine has expanded its sales and service network on the East Coast of the United States. Through Nautical Ventures’ multi-brand retail operations, Vision Marine now offers both traditional internal combustion engine (ICE) boats and next-generation electric propulsion solutions, providing a full range of products to meet the current and evolving needs of recreational boaters.
For more information, visit
https://investors.visionmarinetechnologies.com/
Forward-Looking Statements
The statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include Vision Marine’s plans for commercial deployment, expansion of sales and service capabilities, and market adoption of its electric propulsion systems. These statements are subject to risks and uncertainties, including the Company’s ability to execute its growth strategy, integrate new operations, and drive market adoption. Actual results may differ materially from those projected. Vision Marine undertakes no obligation to update forward-looking statements, except as required by law.
Investor Contact:
Bruce Nurse, Investor Relations
Vision Marine Technologies Inc.
(303) 919-2913
bn@v-mti.com