Company: NEOV
Filing Date: 2025-10-07
Form Type: 8-K
Source: 0001683168-25-007444
Chunk: 2

Company: NeoVolta Inc.
Filing Date: 2025-10-07
Form: 8-K
Item: Item 3.02
Chunk 2
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fer,
pursuant to which Ms. Ibrahim will serve as the Company’s Chief Operating Officer and Mr. Enzendorfer will serve as Chief Technology
Officer. The Employment Agreements provide for an initial employment term commencing on October 1, 2025 and ending on September 30, 2028,
with automatic one-year extensions unless either party provides at least 30 days’ prior written notice of non-renewal.

Under the Employment
Agreements, the Executives will each receive an annual base salary of $250,000, subject to annual review and potential increase, provided
that in no event shall the base salary be reduced below $250,000 during the term of employment. The Executives are eligible for an annual
performance bonus targeted at 80% of base salary, with a maximum of 130%, based on performance goals. The Employment Agreements also provide
for a grant to each Executive of 450,000 restricted stock units (“ RSUs”) of the Company’s common stock, vesting in 36
equal quarterly installments on each quarter following the effective date, subject to continued service. In the event of a Change in Control
or termination without Cause or for Good Reason (all as defined in the Employment Agreements), all unvested RSUs will immediately vest.
The Employment Agreements also permit the Executives to implement Rule 10b5-1 trading plans, and sell or transfer vested shares under
specified conditions.

The Employment Agreements
may be terminated by either party at any time, with at least 30 days’ advance written notice, except in the case of death or disability.
Upon termination by the Company without Cause or by the Executive for Good Reason, the Executives will be entitled to (i) 12 months of
base salary, (ii) a pro-rated target bonus, (iii) Company-paid COBRA coverage for 12 months, (iv) immediate vesting of 12 months of unvested
RSUs, and (v) full acceleration of all unvested RSUs if a Change in Control occurs within 60 days of termination, subject to the Executive’s
execution of a general release of claims. In the event of termination due to death or disability, the Executive (or her or his estate)
will receive accrued amounts, immediate vesting of 12 months of unvested RSUs, and a pro-rated target bonus for the year of termination.

A copy of the Employment
Agreements