Company: NEOV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001683168-25-000834
Chunk: 27

Company: NeoVolta Inc.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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son for a period of three months
at a monthly fee of $13,750 per month.

Effective February 4, 2025,
the Company’s Board of Directors and Compensation Committee approved an amended and restated employment agreement with Steve Bond,
the Company’s chief financial officer (“CFO”) and a director. The initial term of the employment agreement ends on December
31, 2027 and will be automatically renewable for additional one-year terms unless either party chooses not to renew the agreement. The
agreement provides for an initial base salary of $193,000 and a potential one-time bonus of $40,000. If Mr. Bond’s employment is
terminated at our election without “cause” (as defined in the employment agreement), by Mr. Bond for “good reason”
(as defined in the employment agreement), or if we choose not renew the agreement, Mr. Bond is entitled to receive severance payments
equal to six months of base salary. Pursuant to the agreement, we issued Mr. Bond an award of 240,000 RSUs vesting in four annual installments.

In February 2025, the Company
entered into a referral agreement with a marketing company to market the Company’s products to qualified solar and energy storage
system installers. The term of the referral agreement ends on December 31, 2026. The agreement provides for the issuance of shares of
the Company’s common stock in exchange for reaching specified target levels of product sales, up to a maximum total of 2,000,000
shares for reaching a total of 2,500 units sold and paid for.

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ITEM 6.EXHIBITS

    Exhibit No.
     
    Exhibit Description
  
    3.1
     
    Amended and Restated Articles of Incorporation of NeoVolta, Inc. (incorporated by reference to exhibit 2.1 of the Company’s Form 1-A (file no. 024-10942)).
  
    3.2
     
    Second Amended and Restated Bylaws of NeoVolta, Inc. (incorporated by reference to exhibit 3.3 of the Company’s Form S-1 (file no. 333-264275)).
  
    10.1*
     
    Form of Subscription Agreement in February 2025 private offering
  
    10.2*
     
    Amended and Restated Employment Agreement between NeoVolta, Inc. and Steve Bond dated February