Company: NEOV
Filing Date: 2025-10-28
Form Type: DEF 14A
Source: 0001683168-25-007811
Chunk: 19

Company: NeoVolta Inc.
Filing Date: 2025-10-28
Form: DEF 14A
Chunk 19
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 market data. The Compensation Committee also may retain independent consultants as it deems appropriate. Salary levels
are typically considered annually as part of our regularly scheduled performance review process and otherwise upon a promotion or other
change in job responsibility.

Equity Awards

The stock option awards reflected
in the table above were issued pursuant to the 2019 Stock Plan, which, as described more fully below, allows the Compensation Committee
to establish the terms and conditions of the awards, subject to the plan terms. In February 2019, we adopted the 2019 Stock Plan, which
permits either the Compensation Committee or our entire Board, for the period prior to the establishment of the Compensation Committee,
to grant stock options. We believe these awards to our executive officers help align the interests of management and our stockholders
and reward our executive officers for improved Company performance.

401(k) Retirement Plan

The Company participates in
a 401(k) plan that allows all employees, including NEOs, to contribute part of their compensation, up to specified IRS limitations. Beginning
in fiscal 2025, the Company provides matching contributions to the 401(k) plan.

Health and Welfare Benefits

Our NEOs are eligible to participate
in the same benefit plans designed for all of our full-time employees, including health, dental, vision, and basic group life insurance
coverage. The purpose of our employee benefit plans is to help us attract and retain quality employees, including executives, by offering
benefit plans similar to those typically offered by our competitors.

Executive Agreements

Employment Agreement with Ardes Johnson

In April 2024, we entered
into an employment agreement with Ardes Johnson pursuant to which Mr. Johnson agreed to serve as our CEO. The employment agreement provides
for compensation consisting of base salary of $350,000, a target cash annual bonus of 100% of base salary with a maximum annual bonus
of 150% of base salary, and an annual equity grant based on the achievement of certain goals with a target value of $660,000. Pursuant
to the employment agreement, Mr. Johnson received a restricted stock unit (“RSU”) award for 1,280,000 shares of common stock
with a grant date value of $2,854,000 that will vest over a four-year period. The employment agreement provides for an initial term of
through June 30, 2027, which will be automatically renewed for additional one-year terms unless either party chooses not to renew the
agreement