UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

  

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE 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 registrantfiles or will file annual reports under cover of Form 20-F or Form 40-F

 

Form 20-Fx    Form 40-F ¨

 

Indicateby check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ¨

 

Indicateby 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

 

OnJuly 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 positionon the Board of the Company and as a member of the compensation committee of theBoard, effective immediately. Mr. Cassella’s decision was not the result of any disagreement between Mr. Cassella and theCompany on any matters relating to the Company’s operations, policies or practices. Due to the vacancy left by Mr. Cassella, theBoard intends to fill the vacancy on the compensation committee of the Board.

 

Appointment of Officer; Expiration of OfficerContract

 

OnJuly 16, 2025 the Company appointed Mr. Daniel Rathe to Chief Technical Officer of Company operations. On July 16, 2025 the Company alsoannounced that in connection with Mr. Rathe’s appointment, Mr. Xavier Montagne, who previously served as Chief OperatingOfficer and Chief Technology Officer, concluded his service to the Company effective July 11, 2025.

 

Mr. Rathe has served in various technical leadership roles with theCompany and, over the past two years, has coordinated technical operations, boat integrations, and testing of the Company's electric powertraintechnology in Florida. Mr. Rathe will assume responsibility for technical operations and the integration and deployment of Vision Marine’stechnology 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 salaryis US$160,000 plus sales commissions and incentive bonuses related to patent filings. Mr. Rathe will also be eligible to participate inthe 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 isqualified 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 requiringdisclosure under Item 404(a) of Regulation S-K. Each of the Company’s executive officers is appointed to serve until his or hersuccessor is duly appointed or he or she is removed or resigns from office.

 

Dan Rathe, age 36, brings over seven years of technical leadershipexperience in energy storage system integration and development, complemented by over a decade of entrepreneurial business managementexperience. 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-profilecustomers, including the pair of flagship Maid of the Mist electric boats in Niagara Falls, NY. Mr. Rathe played a critical role in manufacturingprocess development, quality validation, and certification compliance for DNV-GL, ABS, and USCG classed vessels. His technical expertiseencompasses high-voltage systems and advanced manufacturing standards, supported by specialized certifications in high voltage trainingand 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 Form6-K (excluding exhibit 99.1) is hereby incorporated by reference into our Registration Statement on Form F-3 (File No. 333-267893) andRegistration Statement on Form S-8 (File No. 333-264089).

 

OnJuly 17, 2025, the Company announced the promotion of Daniel Rathe to Chief Technical Officer, andresignation of Anthony E. Cassella Jr. from the Board. A copy of the press release entitled, “Vision Marine TechnologiesPowers into Commercial Growth Phase, Appoints Daniel Rathe CTO of Operations” is furnishedas 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
   
99.1Press Release issued by Vision Marine Technologies Inc. on July 16, 2025, entitled “Vision MarineTechnologies Powers into Commercial Growth Phase, Appoints Daniel Rathe CTO of Operations”

 

 

 

 

SIGNATURE

 

Pursuant to the requirementsof the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereuntoduly 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

 

BYELECTRONIC MAIL

EMPLOYMENT AGREEMENT

 

Date: July16, 2025

 

Vision Marine Technologies Corp., a dulyincorporated 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, residingat 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 suchemployment under the terms and conditions set forth herein; The parties wish to formalize and confirm the terms and conditions of suchemployment.

 

CONTINUITY OF EMPLOYMENT AND RESPONSIBILITIES

 

·This Agreement supersedes and replaces the Employee’s previousemployment agreements dated March 12, 2025 and September 1, 2023, solely due to the Employee’s promotion to an Officer positionwithin the Company. Notwithstanding this transition, all service time, tenure, and employment history with the Company shall be fullyrecognized and preserved. Additionally, any responsibilities, duties, and projects previously assigned to the Employee and still ongoingshall 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 integralpart of this Agreement.

 

 

 

 

 

 

ARTICLE 2 – TERM OF EMPLOYMENT

 

2.1 The employment shall be for a fixedterm of two (2) years, commencing on July 16, 2025, and ending on July 16, 2027, unless terminated earlier in accordancewith the provisions of this Agreement.

 

2.2 Any extension or renewal of this Agreementbeyond the initial term shall be subject to mutual written agreement between the Company and the Employee no later than sixty (60) daysprior to the expiration of the term.

 

ARTICLE 3 – DUTIES ANDRESPONSIBILITIES

 

3.1 The Employee shall serve as Chief TechnicalOfficer 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 monthin 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 employmentagreements, 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 developmentand 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 Presidentor any person designated by the President.

 

3.4 The Employee’s primary work locationshall be in Florida; however, significant travel across North America, particularly to Montreal (Boisbriand), is required.

 

3.5 The Company shall cover all reasonable andnecessary travel expenses related to this Agreement.

 

ARTICLE 4 – COMPENSATION

 

4.1 The Employee shall receive an annual grosssalary 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 throughhis efforts, payable upon collection.

 

4.3 The Employee shall be entitled to receivea $5,000 USD incentive bonus for every relevant patent filed. This process shall be closely monitored with both the internal team andthe board of directors.

 

ARTICLE 5 – BENEFITSAND EXPENSES

 

5.1 Vacation: Four (4) weeks annually,accrued monthly.

 

5.2 Expenses: All pre-approved, job-relatedexpenses shall be reimbursed upon submission of supporting documentation.

 

5.3 Housing Allowance: A monthly stipendof 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 accessto a Company-owned pickup truck for work duties purposes.

 

5.5 Cell Phone: Provided by the Company.

 

 

 

 

 

 

5.6 Insurance: The Company shall enrollthe Employee in a corporate insurance when possible. Employee shall be eligible to receive those benefits that the Company currently hasin place, including but not limited to life, health and disability insurance, pension, deferred compensation and incentive plans, anddrug and dental coverage plans that are generally made available to its full-time employees, subject to the terms and conditions thereofand 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 monthlyallowance of US$850, payable on a monthly basis.

 

5.7 Employee may be eligible to participate insuch other incentive compensation programs as may be provided to similarly-situated employees of the Company from time-to-time.

 

ARTICLE 6 – EMPLOYEEOBLIGATIONS

 

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 membersif required.

 

ARTICLE 7 – CONFIDENTIALITYAND INTELLECTUAL PROPERTY

 

7.1 The terms of the Mutual Non-DisclosureAgreement dated September 1, 2023, between the parties are incorporated herein by reference and shall remain binding during and afteremployment.

 

7.2 The terms of Section 7 Confidentialityof the previous employment agreement between the parties dated March 12, 2025 are incorporated herein by reference and shall remain bindingduring and after employment.

 

7.3 The terms of Section 9 Ownership of IntellectualProperty of the previous employment agreement between the parties dated March 12, 2025 are incorporated herein by reference and shallremain binding during and after employment. All work products, inventions, designs, and intellectual property developed during employmentshall be the sole property of the Company.

 

 

 

 

 

 

ARTICLE 8 – TERMINATION

 

Termination shall be governed by applicable lawand subject to the following:

 

·Either party may terminate with cause in accordance with Canadian labor standards.
   
·The Company may terminate without cause with60 days' written notice or payment in lieu.
   
·The Employee may resign from his employment by providing the Company60 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 oftwo (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 marinepropulsion industry;
   
·Hold ownership, partnership, or advisory roles in any such competing entity.

 

9.2 This clause does not restrict the Employeefrom holding non-controlling investments in public companies.

 

9.3 This clause shall survive the terminationof this Agreement.

 

9.4 If deemed invalid in part, the remainder shallremain enforceable.

 

ARTICLE 10 – MISCELLANEOUS

 

10.1 This Agreement supersedes all prior verbalor written discussions and agreements.

 

 

 

 

 

 

10.2 Any amendment must be in writing and signedby both parties.

 

10.3 This Agreement shall be governed by the lawsof the state of Florida.

 

10.4 Any dispute arising hereunder shall be resolvedby the competent courts of the state of Florida.

 

IN WITNESS WHEREOF, the parties heretohave 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

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Vision Marine Technologies Powers into CommercialGrowth Phase, Appoints Daniel Rathe CTO of Operations

 

Nautical Ventures acquisition and completionof 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 strategicallyfocused on actively supporting the U.S. boat market through its network of nine dedicated dealers across Florida. Nautical Ventures, recognizedfor its robust sales performance and a 5-year EBITDA compound annual growth rate (CAGR) in excess of 20%, plays a pivotal role in thisapproach—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 forlong-term success in the U.S. market. This leadership appointment also coincides with the transition from the development stage of VisionMarine’s E-Motion™ 180E high-voltage electric powertrain, marking the beginning of the Company’s scale-up and deploymentphase.

 

Vision Marine also announces the conclusion ofChief Operating Officer and Chief Technology Officer Xavier Montagne’s contract. Mr. Montagne has completed his mandate followingthe 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 placewith the appointment of Daniel Rathe as CTO. Mr. Rathe, who worked under the close mentorship of Mr. Montagne for over two years, willlead this next chapter to boost the integration and deployment of Vision Marine’s technology across Nautical Ventures’ salesnetwork.

 

Over the past two years, Mr. Rathe has playeda critical role for the Company in Florida, coordinating technical operations, boat integrations, and testing of Vision Marine’sE-Motion™ 180E high-voltage electric powertrain. Under his leadership, the Vision Marine Florida team will now concentrate its effortson system conformity, installation, testing, and the establishment of high-voltage rigging bays across Nautical Ventures’ primelocations. This expansion is designed to accelerate customer adoption of E-Motion™ powered electric boats, coupled with our expectedmarket share gain, while promoting industry-leading support for electric boat deployments.

 

 

 

 

The E-Motion™ 180E high-voltage electricpowertrain—the first fully industrialized solution of its kind in recreational marine—has now completed its development andindustrialization 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, VisionMarine is now focusing its resources on commercial implementation, sales, and services, utilizing Nautical Ventures’ strategic salesand operational footprint to reach new customers and markets.

 

“Daniel’s leadership and technicalexpertise, combined with the strong operational platform provided by Nautical Ventures, position Vision Marine to capitalize on the growingdemand 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 announcesthe resignation of Mr. Anthony E. Cassella, Jr. from its Board of Directors, effective July 11, 2025. Mr. Cassella made the decision tostep down in light of potential and perceived conflicts between his professional activities at MarineMax and his role on Vision Marine’sBoard.

 

“I’ve had the privilege of learningfrom one of the best,” said Alexandre Mongeon, CEO of Vision Marine Technologies. “I sincerely thank Anthony Cassella forhis unwavering support, exemplary leadership, and invaluable guidance during his tenure on the Board. His dedication has left a lastingimpact on our organization, and I’m truly grateful for the opportunity to have benefited from his expertise.”

 

The Company sincerely thanks Mr. Cassella forhis valuable contributions to Vision Marine’s mission and growth. Vision Marine remains fully committed to executing its strategicplan, which includes expanding both its high-voltage electric propulsion business and its multi-brand retail operations, offering internalcombustion 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 companyspecializing 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 partnershipswith leading industry players.

 

With the recent acquisition of Nautical Ventures Group, Vision Marinehas expanded its sales and service network on the East Coast of the United States. Through Nautical Ventures’ multi-brand retailoperations, 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 historicalfacts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-lookingstatements include Vision Marine’s plans for commercial deployment, expansion of sales and service capabilities, and market adoptionof its electric propulsion systems. These statements are subject to risks and uncertainties, including the Company’s ability toexecute 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