Company: NEOV
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001683168-25-007304
Chunk: 110

Company: NeoVolta Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1
Chunk 110
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400 resulting in the issuance of the underlying shares of our common stock in December 2024.

Stock Compensation Expense
– In April 2024, we entered into an employment agreement with a new Chief Executive Officer (“CEO”), providing for an
initial term extending through June 30, 2027, which will be automatically renewed for additional one-year terms unless either party chooses
not to renew it. Pursuant to the agreement, our new CEO received an initial equity grant equal to 1,280,000 restricted stock units (“RSUs”),
with a grant date value of $2,854,000, which will vest over a four-year period,
subject to his continued employment with the Company, and will be entitled to earn additional RSUs on each anniversary in the form
of three annual performance-based equity grants. However, our Compensation
Committee has not set any definitive targets, therefore, no additional grants have been made as of June 30, 2025.

In February 2025, we entered
into an amended and restated employment agreement with our Chief Financial Officer (“CFO”). 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. Pursuant to the agreement, we issued our CFO an award of 240,000 RSUs vesting in four annual installments on each
anniversary.

In February 2022, we entered
into a new employment agreement with our CFO pursuant to which we issued him an RSU award for up to 300,000 shares of our common stock
upon achieving two defined milestones. The first milestone was achieved as of January 1, 2023, and the underlying 250,000 shares of common
stock were issued to our CFO as of that date. The second milestone was achieved as of January 1, 2024, and the underlying 50,000 shares
of common stock are expected to be issued to our CFO at a later date.

In January 2025, we entered
into an employment agreement with our new Chief Operating Officer (“COO”). 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.
Pursuant to the agreement, we issued our COO an award of 150,000 RSUs vesting in three annual installments. Additionally, we entered into