Company: NEOV
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001683168-25-008147
Chunk: 33

Company: NeoVolta Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 33
---
  
    Term (Yrs.)  
    Value 
  
    Outstanding at June 30, 2025 
     –  
     –  

    Options issued 
     147,000  
    $3.60  

    Options exercised/forfeited 
     –  
     –  

    Outstanding at September 30, 2025 
     147,000  
    $3.60  
     4.8  
    $126,420 
  
    Exercisable at September 30, 2025 
     –  
    $3.60  
     4.8  
    $– 

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 (“RSU’s”), 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 RSU’s on each anniversary in the form of three annual performance-based equity grants, beginning
in the year ending June 30, 2025, with a target value of up to $660,000 each. However, our Compensation Committee has not set any definitive
targets, therefore, no additional grants have been made as of September 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.
In February 2022, we entered into an earlier amended and restated 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,