Company: NEOV
Filing Date: 2025-10-28
Form Type: DEF 14A
Source: 0001683168-25-007811
Chunk: 21

Company: NeoVolta Inc.
Filing Date: 2025-10-28
Form: DEF 14A
Chunk 21
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 Product Officer.

Employment Agreements with Amany Ibrahim and Thomas Enzendorfer

On October 1, 2025, we entered
into employment agreements with each of Amany Ibrahim and Thomas Enzendorfer, pursuant to which Ms. Ibrahim agreed to serve as our Chief
Operating Officer and Mr. Enzendorfer agreed to serve as our 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 our 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.

2019 Stock Plan

In February 2019, we adopted
the NeoVolta, Inc. 2019 Stock Plan (the “2019 Plan”). The Plan is a stock-based compensation plan that provides for discretionary
grants of stock options, stock awards and stock unit awards to key employees and non-employee directors. The purpose of the Plan is to
recognize contributions made to our Company by key employees and non-employee directors and to provide them with additional incentive
to achieve the objectives of our Company. The following is a summary of the Plan.

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Administration. The
2019 Plan is administered by our board of directors or, once established, the compensation committee of the board of directors (we refer
to the body administering the 2019 Plan as the “Committee”). The Committee has full authority to select the individuals who