Company: NEOV
Filing Date: 2025-10-28
Form Type: DEF 14A
Source: 0001683168-25-007811
Chunk: 23

Company: NeoVolta Inc.
Filing Date: 2025-10-28
Form: DEF 14A
Chunk 23
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 evidenced by a written award agreement specifying the terms and conditions of the award as
determined by the Committee in its sole discretion, consistent with the terms of the 2019 Plan.

Stock Options. The
Committee has the discretion to grant non-qualified stock options or incentive stock options to participants and to set the terms and
conditions applicable to the options, including the type of option, the number of shares subject to the option and the vesting schedule;
provided that the exercise price of each stock option will be the closing price of the common stock on the date on which the option is
granted (“fair market value”), each option will expire ten years from the date of grant and no dividend equivalents may be
paid with respect to stock options.

In addition, an incentive
stock option granted to a key employee is subject to the following rules: (i) the aggregate fair market value (determined at the time
the option is granted) of the shares of common stock with respect to which incentive stock options are exercisable for the first time
by a key employee during any calendar year (under all incentive stock option plans of the company and its subsidiaries) cannot exceed
$100,000, and if this limitation is exceeded, that portion of the incentive stock option that does not exceed the applicable dollar limit
will be an incentive stock option and the remainder will be a non-qualified stock option; (ii) if an incentive stock option is granted
to a key employee who owns stock possessing more than 10% of the total combined voting power of all class of stock of the company, the
exercise price of the incentive stock option will be 110% of the closing price of the common stock on the date of grant and the incentive
stock option will expire no later than five years from the date of grant; and (iii) no incentive stock option can be granted after ten
years from the date the 2019 Plan was adopted.

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Stock Appreciation Rights.
The Committee has the discretion to grant stock appreciation rights to participants. The Committee determines the exercise price for a
stock appreciation right, which cannot be less than 100% of the fair market value of our common stock on the date of grant. Upon the exercise
of a stock appreciation right, we will pay the participant in common stock or in cash, at our discretion, an amount equal to the product
of (1) the excess of the per share fair market value of our common stock on the date of exercise over the exercise price