# EDGAR Filing Document

**Accession Number:** 0001894954
**File Stem:** 0001903596-25-000390
**Filing Date:** 2025-8
**Character Count:** 63182
**Document Hash:** 99a48ff51943cec0be36ea422be3128b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001903596-25-000390.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001903596-25-000390

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Expion360 Inc.
- **CENTRAL INDEX KEY:** 0001894954
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 812701049
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289358
- **FILM NUMBER:** 251194144

**BUSINESS ADDRESS:**
- **STREET 1:** 2025 SW DEERHOUND AVE
- **CITY:** REDMOND
- **STATE:** OR
- **ZIP:** 97756
- **BUSINESS PHONE:** 541 -797-6714

**MAIL ADDRESS:**
- **STREET 1:** 2025 SW DEERHOUND AVE
- **CITY:** REDMOND
- **STATE:** OR
- **ZIP:** 97756

**As Filed With the Securities and Exchange Commission on August 7, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S**-**8**

***REGISTRATION STATEMENT***

***UNDER***

***THE SECURITIES ACT OF 1933***

**EXPION360 INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **81-2701049** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**2025 SW Deerhound Ave.**

**Redmond, OR 97756**

(Address of principal executive offices and zip code)

**Expion360 Inc. 2021 Incentive Award Plan**

**Expion360 Inc. 2021 Employee Stock Purchase Plan**

(Full title of the plans)

**Corporation Service Company**

**112 North Curry Street**

**Carson City, NV 89703**

**(775) 684-5708**

(Name, address and telephone number, including area code, of agent for service)

***Copies to:***

**Ryan C. Wilkins, Esq.**

**Amanda McFall, Esq.**

**Stradling Yocca Carlson & Rauth LLP**

**660 Newport Center Drive, Suite 1600**

**Newport Beach, California 92660**

**(949) 725-4000**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 (this "***Registration Statement***") is being filed by Expion360 Inc., a Nevada corporation (the "***Registrant***"), to register (i) an additional 750,000 shares of the Registrant's common stock, par value $0.001 per share (the "***Common Stock***"), to be issued under the Expion360 Inc. 2021 Incentive Award Plan (the "***2021 Plan***"), and (ii) an additional 500,000 shares of Common Stock to be issued under the Expion360 Inc. 2021 Employee Stock Purchase Plan (the "***2021 ESPP***").

Pursuant to General Instruction E of Form S-8, this Registration Statement hereby incorporates by reference the contents of the Registrant's registration statements on Form S-8 filed with the Securities and Exchange Commission (the "***Commission***") on October 26, 2022 (File No. 333-268016), April 1, 2024 (File No. 333-278441), and April 3, 2025 (File No. 333-286354).

****

<br> **PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the "***Securities Act***"), and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the 2021 Plan and the 2021 ESPP, respectively, as specified by Rule 428(b)(1) under the Securities Act.

****

<br> **PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

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| | |
|:---|:---|
| **Item 3.** | **Incorporation of Documents by Reference.** |

---

The following documents, which have been filed by the Registrant with the Commission, are hereby incorporated by reference herein, and shall be deemed to be a part of, this Registration Statement:

• the
 Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2024,
 filed with the Commission on March 31, 2025, as amended by the Form 10-K/A filed on April
 30, 2025, including the Description of Capital Stock set forth in Exhibit 4.4 attached thereto,
 as well as any amendments to such exhibit filed for the purpose of updating such description;

• the
 Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, filed
 with the Commission on May 15, 2025; and

• the
 Registrant's Current Reports on Form 8-K filed with the Commission on January 3, 2025, February
 14, 2025, April 4, 2025, April 15, 2025, May 29, 2025, July 8, 2025, and August 1, 2025.

All documents filed by the Registrant pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), after the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold, or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part of it from the respective dates of filing such documents; except as to any portion of any future annual, quarterly or current report or other document, or any portion thereof, that is deemed furnished and not deemed filed under such provisions. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document, which also is or is deemed to be incorporated by reference herein, modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

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| | |
|:---|:---|
| **Item 4.** | **Description of Securities.** |

---

Not applicable.

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| | |
|:---|:---|
| **Item 5.** | **Interests of Named Experts and Counsel.** |

---

Not applicable.

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| | |
|:---|:---|
| **Item 6.** | **Indemnification of Directors and Officers.** |

---

Subsection (1) of Section 78.7502 of the Nevada General Corporation Law (the "***NGCL***") empowers a corporation to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, or other enterprise, against expenses (including attorneys' fees, judgments, fines, and amounts paid in settlement) actually and reasonably incurred by him or her in connection with the action, suit, or proceeding if the person (i) exercised their powers in good faith under NGCL 78.138, or (ii) acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

Subsection (2) of Section 78.7502 of the NGCL empowers a corporation to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action or suit by or in the right of the corporation, to procure a judgment in its favor by reason of the fact that such person acted in any of the capacities set forth in subsection (1) above, against expenses (including attorneys' fees and amounts paid in settlement) actually and reasonably incurred by him or her in connection with the defense or settlement of such action or suit if the person (i) exercised their powers in good faith under NGCL 78.138, or (ii) acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, except that no indemnification may be made in respect to any claim, issue, or matter as to which such person shall have been adjudged to be liable to the corporation, unless, and only to the extent that, the court in which such action or suit was brought determines that, in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnify for such expenses which the court shall deem proper.

Subsection (3) of Section 78.7502 of the NGCL provides that any discretionary indemnification pursuant to Section 78.7502 of the NGCL may be made by the corporation only as authorized in each specific case upon the determination that the indemnification of a director, officer, employee or agent of a corporation is proper under the circumstances.

The Registrant's Articles of Incorporation, as amended (the "***Articles***") permits the Registrant to indemnify its directors and officers in the same manner as prescribed by the laws of the State of Nevada against expenses (including attorneys' fees, judgments, fines and amounts paid in settlement) actually and reasonably incurred by him or her in connection with such action, suit or proceeding related to their services as officers or directors. In addition, the Articles provide that the Registrant must pay the expenses of officers and directors incurred in defending a civil or criminal action, suit or proceeding as they are incurred and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is ultimately determined by a court of competent jurisdiction that he or she is not entitled to be indemnified by the Registrant. Such right of indemnification shall not be exclusive of any other right which such officers or directors may have. Further, the Articles provide that the Registrant's board of directors may cause it to purchase and maintain insurance on behalf of any person who is or was a director or officer. The indemnification provided in the Articles shall continue as to a person who has ceased to be an officer or director, and shall inure to the benefit of the heirs, executors and administrators of any such person

The Registrant's Amended and Restated Bylaws provide that each officer or director who was or is a party to, or is threatened to be made a party to, or is otherwise involved in, any Proceeding (defined as any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative), by reason of the fact that he or she is or was a director or officer of the Registrant or a director or officer or an affiliate of a predecessor corporation or member, manager or managing member of a predecessor limited liability company or affiliate of such limited liability company or is or was serving in any capacity at the request of the Registrant as a director, officer employee, agent, partner, member, manager or fiduciary or, or in any other capacity for, another corporation or any partnership, joint venture, limited liability company, trust, or other enterprise (an "***Indemnitee***") shall be indemnified and held harmless by the Registrant to the fullest extent permitted by Nevada law, against all expense, liability and loss (including, without limitation, attorneys' fees, judgments, fines, taxes, penalties, and amounts paid or to be paid in settlement) reasonably incurred or suffered by the Indemnitee in connection with any Proceeding; provided that such Indemnitee either is not liable pursuant to Nevada Revised Statutes Section 78.138 or acted in good faith and in a manner such Indemnitee reasonably believed to be in or not opposed to the best interests of the Registrant and, with respect to any Proceeding that is criminal in nature, had no reasonable cause to believe that his or her conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, does not, of itself, create a presumption that the Indemnitee is liable pursuant to Nevada Revised Statutes Section 78.138 or did not act in good faith and in a manner in which he or she reasonably believed to be in or not opposed to the best interests of the Registrant, or that, with respect to any criminal proceeding he or she had reasonable cause to believe that his or her conduct was unlawful. The Registrant shall not indemnify an Indemnitee for any claim, issue or matter as to which the Indemnitee has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Registrant or for any amounts paid in settlement to the Registrant, unless and only to the extent that the court in which the Proceeding was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such amounts as the court deems proper. Except as so ordered by a court and for advancement of expenses pursuant to this Section, indemnification may not be made to or on behalf of an Indemnitee if a final adjudication establishes that his or her acts or omissions involved intentional misconduct, fraud or a knowing violation of law and was material to the cause of action. Notwithstanding the foregoing, no director or officer may be indemnified for expenses incurred in defending any threatened, pending, or completed action, suit or proceeding (including without limitation, an action, suit or proceeding by or in the right of the Registrant), whether civil, criminal, administrative or investigative, that such director or officer incurred in his or her capacity as a stockholder.

The employment agreements the Registrant has entered into with certain of its officers provide that it shall (i) indemnify and hold harmless the officer from and against any and all liabilities, obligations, losses, damages, fines, claims, demands, actions, suits, proceedings (whether civil, criminal, administrative, investigative or otherwise), costs, expenses and disbursements (including reasonable and documented legal and accounting fees and expenses, costs of investigation and sums paid in settlement) of any kind or nature whatsoever, which may be imposed on, incurred by, or asserted at any time against such officer that arises out of or relates to such officer's service as an officer, director or employee, as the case may be, of the Registrant or its subsidiaries, or such officer's service in any such capacity or similar capacity with an affiliate of the Registrant or its subsidiaries, or other entity at the request of the Registrant, and (ii) cover the officer under the Registrant's directors' and officers' liability insurance on the same basis as it covers its other officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Commission, such indemnification is against public policy and is, therefore, unenforceable.

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| | |
|:---|:---|
| **Item 7.** | **Exemption from Registration Claimed.** |

---

Not applicable.

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| | |
|:---|:---|
| **Item 8*.*** | **Exhibits.** |

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A list of exhibits filed with this Registration Statement is set forth in the Exhibit Index hereto and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9*.*** | **Undertakings** |

---

(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in Exhibit 107 (Filing Fee Table) to the effective Registration Statement; and

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*Provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration Statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

(2) That,
 for the purpose of determining any liability under the Securities Act, each such post-effective
 amendment shall be deemed to be a new registration statement relating to the securities offered
 therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(3) To
 remove from registration by means of a post-effective amendment any of the securities being
 registered which remain unsold at the termination of the offering.

(b) The
 undersigned Registrant hereby undertakes that, for purposes of determining any liability
 under the Securities Act, each filing of the Registrant's annual report pursuant to
 Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
 an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange
 Act), that is incorporated by reference in the Registration Statement shall be deemed to
 be a new registration statement relating to the securities offered therein, and the offering
 of such securities at that time shall be deemed to be the initial *bona fide* offering
 thereof.

(c) Insofar
 as indemnification for liabilities arising under the Securities Act may be permitted to directors,
 officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise,
 the Registrant has been advised that in the opinion of the Commission such indemnification is against
 public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
 a claim for indemnification against such liabilities (other than the payment by the Registrant of
 expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful
 defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
 in connection with the securities being registered, the Registrant will, unless in the opinion of
 its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
 jurisdiction the question whether such indemnification by it is against public policy as expressed
 in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Redmond, Oregon, on August 7, 2025.

---

| | |
|:---|:---|
| **EXPION360 INC.** | **EXPION360 INC.** |
| By: | /s/ Brian Schaffner |
|  | Brian Schaffner |
|  | Chief Executive Officer, Interim Chief Financial Officer and Director<br> (*Principal Executive, Financial and Accounting Officer*) |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints Brian Schaffner and Paul Shoun, and each of them individually, his or her true and lawful attorney-in-fact and agent, with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, or his, her or their substitute or substitutes, may lawfully do or cause to be done or by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Brian Schaffner* | Chief Executive Officer, Interim Chief Financial Officer and Director | August 7, 2025 |
| Brian Schaffner | *(Principal Executive, Financial and Accounting Officer)* |  |
| */s/ Paul Shoun* | President and Chairman of the Board of Directors | August 7, 2025 |
| Paul Shoun |  |  |
| */s/ George Lefevre* | Director | August 7, 2025 |
| George Lefevre |  |  |
| */s/ Steven M. Shum* | Director | August 7, 2025 |
| Steven M. Shum |  |  |
| */s/ Tien Q. Nguyen* | Director | August 7, 2025 |
| Tien Q. Nguyen |  |  |

---

****

<br> **EXHIBIT INDEX**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Exhibit Number** | **Description** | **Registrant's** <br> **Form** | **Filing** <br> **Date** | **Exhibit** <br> **Number** |
| [3.1](http://www.sec.gov/Archives/edgar/data/1894954/000190359622000125/f2sexpion121721s1ex3_1.htm)† | Articles of Incorporation of Expion360 Inc. | S-1 | 3/31/2022 | 3.1 |
| [3.2](http://www.sec.gov/Archives/edgar/data/1894954/000190359624000610/ex3_1.htm)† | Certificate of Amendment of the Articles of Incorporation of Expion360, Inc. | 8-K | 10/7/2024 | 3.1 |
| [3.3](http://www.sec.gov/Archives/edgar/data/1894954/000190359624000561/ex3_1.htm)† | Amended and Restated Bylaws of Expion360 Inc.  | 8-K | 8/27/2024 | 3.1 |
| [5.1\*](ex5_1.htm) | Opinion of Stradling Yocca Carlson & Rauth LLP |  |  |  |
| [10.1](http://www.sec.gov/Archives/edgar/data/1894954/000190359622000125/f2sexpion121721s1ex10_2.htm)† | Expion360 Inc. 2021 Incentive Award Plan | S-1 | 3/31/2022 | 10.2 |
| [10.2](https://www.sec.gov/Archives/edgar/data/1894954/000190359624000170/ex10_3.htm)† | Amendment to Expion360 Inc. 2021 Incentive Award Plan | 10-K | 3/28/2024 | 10.3 |
| [10.3](https://www.sec.gov/ix?doc=/Archives/edgar/data/1894954/000114036125022824/edge20048901x1_def14a.htm#tAPPA)† | Second Amendment to the Expion360 Inc. 2021 Incentive Award Plan | DEF 14A | 6/17/2025 | Appendix A |
| [10.4](https://www.sec.gov/Archives/edgar/data/1894954/000190359624000170/ex10_3.htm)† | Expion360 Inc. 2021 Employee Stock Purchase Plan | 10-K | 3/28/2024 | 10.3 |
| [10.5](https://www.sec.gov/ix?doc=/Archives/edgar/data/1894954/000114036125022824/edge20048901x1_def14a.htm#tAPPB)† | Amendment to the Expion360 Inc. 2021 Employee Stock Purchase Plan | DEF 14A | 6/17/2025 | Appendix B |
| [10.6](https://www.sec.gov/Archives/edgar/data/1894954/000190359625000159/ex10_3.htm)† | Form of Restricted Stock Unit Agreement | S-8 | 4/3/2025 | 10.3 |
| [10.7\*](ex10_7.htm) | Form of Stock Option Agreement |  |  |  |
| [23.1\*](ex23_1.htm) | Consent of Independent Registered Public Accounting Firm |  |  |  |
| [23.2\*](ex5_1.htm) | Consent of Stradling Yocca Carlson & Rauth LLP (included in Exhibit 5.1 hereto) |  |  |  |
| [24.1\*](s_8.htm) | Power of Attorney (included on signature page hereto) |  |  |  |
| [107\*](ex107.htm) | Filing Fee Table |  |  |  |

---

† Filed as an exhibit to the referenced form and incorporated by reference herein. <br> \* Filed herewith.

## Exhibit 5.1

**Exhibit 5.1**

August 7, 2025

Expion360 Inc.

2025 SW Deerhound Ave.

Redmond, OR 97756

Re: *Registration Statement on Form S-8*

Ladies and Gentlemen:

You have requested our opinion with respect to certain matters in connection with the filing by Expion360 Inc., a Nevada corporation (the "***Company***"), of a Registration Statement on Form S-8 (as such may be amended or supplemented from time to time, the "***Registration Statement***") with the Securities and Exchange Commission on the date hereof under the Securities Act of 1933, as amended (the "***Securities Act***").

The Registration Statement covers the offer, issuance and sale of up to (i) 750,000 additional shares (the "***2021 Plan Shares***") of the Company's common stock, par value $0.001 per share (the "***Common Stock***"), reserved for issuance under the Expion360 Inc. 2021 Incentive Award Plan (the "***2021 Plan***") pursuant to an amendment to the 2021 Plan approved by the Company's stockholders on July 31, 2025, and (ii) 500,000 additional shares (the "***2021 ESPP Shares***," together with the 2021 Plan Shares, the "***Shares***"), reserved for issuance under the Expion360 Inc. 2021 Employee Stock Purchase Plan (the "***2021 ESPP***," together with the 2021 Plan, the "***Plans***"), pursuant to an amendment to the 2021 ESPP approved by the Company's stockholders on July 31, 2025.

In connection with this opinion, we have examined such documents and considered such questions of law as we have deemed necessary or appropriate. We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, and the conformity to originals of all documents submitted to us as copies. As to certain factual matters, we have relied upon a certificate of an officer of the Company and have not independently verified such matters.

Subject to the foregoing, and the other matters set forth herein, it is our opinion that the Shares, when issued and sold in accordance with the terms of the Plans, respectively, and the related award agreements, will be validly issued, fully paid and non-assessable.

Our opinion is expressed only with respect to the General Corporation Law of the State of Nevada. We express no opinion to the extent that any other laws are applicable to the subject matter hereof, and express no opinion and provide no assurance as to compliance with any federal or state securities law, rule or regulation.

We consent to the use of this opinion as Exhibit 5.1 to the Registration Statement, and to the reference to our firm in the Registration Statement and any amendments or supplements thereto. In giving such consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.

This opinion is intended solely for use in connection with the issuance and sale of the Shares pursuant to the Registration Statement and is not to be relied upon for any other purpose or delivered to or relied upon by any other person without our prior written consent. This opinion is rendered as of the date hereof and based solely on our understanding of facts in existence as of such date after the examination described in this opinion. We assume no obligation to advise you of any fact, circumstance, event or change in the law or the facts that may hereafter be brought to our attention whether or not such occurrence would affect or modify the opinions expressed herein.

---

| |
|:---|
| Very truly yours, |
| STRADLING YOCCA CARLSON & RAUTH LLP |
| */s/ Stradling Yocca Carlson & Rauth LLP* |

---

## Exhibit 10.7

Type of Option (ISO or NSO): __________ Participant: ___________________ <br> Date: ___________________

**STOCK OPTION AGREEMENT**

**EXPION360 INC.**

**2021 INCENTIVE AWARD PLAN**

You have been granted an Option by Expion360 Inc. (the "***Company***") under the 2021 Incentive Award Plan (the "***Plan***") to purchase Shares (the "***Option***"), subject to the terms, restrictions and conditions of the Plan, the Stock Option Grant Notice (the "***Notice***") and this Stock Option Agreement (the "***Agreement***"). Unless otherwise defined herein, the terms defined in the Plan or the Notice shall have the same meanings in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **<u>Grant of Option</u>**. You have been granted an Option for the number of Shares set forth in the Notice at the exercise price per Share set forth in the Notice (the "***exercise price***"). In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Agreement, the terms and conditions of the Plan shall prevail. If designated in the Notice as an Incentive Stock Option ("***ISO***"), this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, even if this Option is intended to be an ISO, it shall be treated as a Nonqualified Stock Option ("***NSO***") to the extent required by Code Section 422(d), as further described in Section 6.6 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **<u>Vesting Upon Change in Control</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the Vesting Schedule in the Notice, to the extent the Option is unvested at the time a Change in Control occurs, and either (i) the Change in Control is not approved by a majority of the Continuing Directors (as defined below), or (ii) the acquiring or successor entity (or parent thereof) does not agree to provide for the continuance or assumption of this Agreement or the substitution for this Agreement of a new agreement of comparable value covering shares of a successor corporation ("**New Incentives**"), then this Option shall become immediately and unconditionally vested in full effective immediately prior to and conditioned upon the consummation of such Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 2(a) above, if pursuant to a Change in Control approved by a majority of the Continuing Directors, the acquiring or successor entity (or parent thereof) provides for the continuance or assumption of this Agreement or the substitution for this Agreement of a new agreement of comparable value covering New Incentives, then vesting of this Option shall not accelerate in connection with such Change in Control to the extent this Agreement is continued, assumed or substituted for New Incentives; provided, however: if there is a Termination of Service with respect to you without Cause or Good Reason within 12 months following such Change in Control, this Option or New Incentives, as applicable, shall vest in full effective upon such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Agreement, "Continuing Director" means any member of the Board of the Company who was a member of the Board prior to the adoption of the Plan, and any person who is subsequently elected to the Board if such person is recommended or approved by a majority of the Continuing Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **<u>Termination of Service</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Continued Vesting</u>. No portion of this Option which is unexercisable upon a Termination of Service shall thereafter become exercisable, and the portion of this Option that is unexercisable upon a Termination of Service shall automatically expire on the date of such Termination of Service. The Company determines the date of your Termination of Service for all purposes under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination of Option</u>. Upon any Termination of Service with respect to you, except due to your death or Disability, and other than for Cause, then this Option will expire at the close of business at Company headquarters on the date three (3) months after your Termination of Service (subject to the expiration detailed in Section 6). If your Termination of Service is for Cause, this Option will expire upon the date of the Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Death; Disability</u>. If you (i) die prior to any Termination of Service with respect to you or (ii) die within three (3) months of your Termination of Service other than for Cause, then this Option will expire at the close of business at Company headquarters on the date twelve (12) months after the date of your death (subject to the expiration detailed in Section 6). If your Termination of Service is due to your Disability, then this Option will expire at the close of business at Company headquarters on the date twelve (12) months after the date of your Termination of Service (subject to the expiration detailed in Section 6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Notice</u>. You are responsible for keeping track of these exercise periods following your Termination of Service for any reason. The Company will not provide further notice of such periods. In no event shall this Option be exercised later than the Expiration Date set forth in the Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **<u>Exercise of Option</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Right to Exercise</u>. This Option is exercisable during its term in accordance with the Vesting Schedule set forth in the Notice and the applicable provisions of the Plan and this Agreement. In the event of your Termination of Service for any reason, the exercisability of the Option is governed by the applicable provisions of the Plan, the Notice and this Agreement. This Option may not be exercised for a fraction of a Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Method of Exercise</u>. This Option is exercisable by delivery of an exercise notice in the form attached hereto as <u>Exhibit A</u> or such other form as is specified by the Company (the "***Exercise Notice***"), which shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the "***Exercised Shares***"), and such other representations and agreements as may be required by the Company. The Exercise Notice shall be delivered in person, by mail, via electronic mail or facsimile or by other authorized method to the Chief Financial Officer of the Company or other person designated by the Company. The Exercise Notice shall be accompanied by payment of the aggregate exercise price as to all Exercised Shares. This Option shall be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice accompanied by the aggregate exercise price and any applicable tax withholding due upon exercise of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Exercise by Another</u>. If another person wants to exercise this Option after it has been transferred to him or her in compliance with this Agreement and the Plan, that person must prove to the Company's satisfaction that he or she is entitled to exercise this Option. That person must also complete the proper Exercise Notice form (as described above) and pay the exercise price (as described below) and any applicable tax withholding due upon exercise of the Option (as described below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **<u>Method of Payment</u>**. Payment of the aggregate exercise price shall be by any of the following, or a combination thereof, at your election, unless otherwise determined by the Administrator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) your personal check, wire transfer, or a cashier's check;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) cashless exercise through the Company withholding Shares otherwise deliverable pursuant to this Option with a value, determined as of the effective date of the Option exercise, equal to the Option exercise price. However, you may not election this method if it would cause the Company to recognize compensation expense (or additional compensation expense) with respect to this Option for financial reporting purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cashless exercise through irrevocable directions to a securities broker approved by the Company to sell all or part of the Shares covered by this Option and to deliver to the Company from the sale proceeds an amount sufficient to pay the Option exercise price and any withholding taxes. The balance of the sale proceeds, if any, will be delivered to you. The directions must be given by signing a special notice of exercise form provided by the Company and the requested sale of the Shares must be made in compliance with any insider trading or other trading policy of the Company, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certificates for shares of Company stock that you own, along with any forms needed to effect a transfer of those shares to the Company; the value of the shares, determined as of the effective date of the Option exercise, will be applied to the Option exercise price. Instead of surrendering shares of Company stock, you may attest to the ownership of those shares on a form provided by the Company and have the same number of shares subtracted from the Option shares issued to you. However, you may not surrender, or attest to the ownership of, shares of Company stock in payment of the exercise price of your Option if your action would cause the Company to recognize compensation expense (or additional compensation expense) with respect to this Option for financial reporting purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waiver of compensation due or accrued to you for your services rendered or to be rendered to the Company or a Subsidiary of the Company, if permitted by applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other method authorized by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **<u>Term of Option</u>**. This Option shall in any event expire on the expiration date set forth in the Notice, which date is ten (10) years after the grant date (five years after the grant date if this Option is designated as an ISO in the Notice and you are a Greater Than 10% Stockholder as described in Section 6.6 of the Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **<u>No Stockholder Rights</u>**. Unless and until such time as Shares are issued pursuant to exercise of the Option, you shall have no ownership of the Shares allocated to the Option and shall have no right to dividends or to vote such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **<u>Dividend Equivalents</u>**. Dividends, if any (whether in cash or Shares), shall not be credited to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **<u>No Transfer</u>**. This Option may not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of in any manner other than by will or by the laws of descent or distribution or court order or unless otherwise permitted by the Committee on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **<u>Adjustment</u>**. In the event of a stock split, a stock dividend or a similar change in Company stock, the number of Shares covered by this Option and the exercise price per Share may be adjusted pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **<u>Restrictions on Resale</u>**. You agree not to sell any Shares that have been issued pursuant to this Option at a time when applicable laws, Company policies, or an agreement between the Company and its underwriters, or between you and the Company's underwriters, prohibits a sale. This restriction shall apply until your Termination of Service and for such period thereafter as the Administrator may specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **<u>Tax Consequences</u>**. You should consult a tax adviser for tax consequences relating to this Option in the jurisdiction in which you are subject to tax. YOU SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercising the Option</u>. You will not be allowed to exercise this Option unless you make arrangements acceptable to the Company to pay any withholding taxes that may be due as a result of the Option exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Disqualifying Disposition of ISO Shares</u>. If you sell or otherwise dispose of any of the Shares acquired pursuant to an ISO on or before the later of (i) two years after the grant date, or (ii) one year after the exercise date, you shall immediately notify the Company in writing of such disposition. You agree that you may be subject to income tax withholding by the Company on the compensation income recognized from such early disposition of ISO Shares by payment in cash or out of the current compensation paid to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **<u>Withholding Taxes and Stock Withholding</u>**. Regardless of any action the Company or your actual employer (the "***Employer***") takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding ("***Tax-Related Items***"), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option grant, including the grant, vesting or exercise of the Option, the subsequent sale of Shares acquired pursuant to such exercise and the receipt of any dividends; and (2) do not commit to structure the terms of the grant or any aspect of the Option to reduce or eliminate your liability for Tax-Related Items. You acknowledge that if you are subject to Tax-Related Items in more than one jurisdiction, the Company and/or the Employer may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to exercise of the Option, you shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all withholding and payment on account obligations of the Company and/or the Employer. In this regard, you authorize the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable by you from your wages or other cash compensation paid to you by the Company and/or the Employer. With the Company's consent, these arrangements may also include, if permissible under local law, (a) withholding Shares that otherwise would be issued to you when you exercise this Option, provided that the Company only withholds the amount of Shares necessary to satisfy the minimum statutory withholding amount (the Fair Market Value of these Shares, determined as of the effective date of the Option exercise, will be applied as a credit against the withholding taxes), (b) having the Company withhold taxes from the proceeds of the sale of the Shares, either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf and you hereby authorize such sales by this authorization), (c) your payment of a cash amount, or (d) any other arrangement approved by the Company; all under such rules as may be established by the Committee and in compliance with any insider trading or other trading policy of the Company, if applicable; provided however, that if you are subject to Section 16 of the Exchange Act, then the Committee (as constituted in accordance with Rule 16b-3 under the Exchange Act) shall establish the method of withholding from alternatives (a)-(d) above, and the Committee shall establish such method prior to the Tax-Related Items withholding event. You shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of your participation in the Plan or your purchase of Shares that cannot be satisfied by the means previously described. Finally, you acknowledge that the Company has no obligation to deliver Shares to you until you have satisfied the obligations in connection with the Tax-Related Items as described in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **<u>Notices</u>**. Any notice to be given under the terms of the Plan shall be addressed to the Company in care of its principal office, and any notice to be given to you shall be addressed to you at the address maintained by the Company for you or at such other address as you may specify in writing to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **<u>Construction</u>**. This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **<u>Acknowledgement</u>**. The Company and you agree that the Option is granted under and governed by the Notice, this Agreement and the provisions of the Plan (incorporated herein by reference). You: (a) acknowledge receipt of a copy of the Plan and, if applicable, the Plan prospectus, (b) represent that you have carefully read and are familiar with their provisions, and (c) hereby accept the Option subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice and the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **<u>Compliance with Laws and Regulations</u>**. The exercise of this Option will be subject to and conditioned upon compliance by the Company and you with all applicable state, federal and foreign laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Common Stock may be listed or quoted at the time of such issuance or transfer. The Shares issued pursuant to this Agreement shall be endorsed with appropriate legends, if any, determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **<u>Governing Law; Severability</u>**. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of this Agreement shall be interpreted as if such provision were so excluded and (c) the balance of this Agreement shall be enforceable in accordance with its terms. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Nevada, without giving effect to principles of conflicts of law. For purposes of litigating any dispute that may arise directly or indirectly from the Plan, the Notice and this Agreement, the parties hereby submit and consent to litigation in the exclusive jurisdiction of the State of Nevada and agree that any such litigation shall be conducted only in the courts of the State of Nevada and of the United States of America, in each case located in the State of Nevada, and no other courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **<u>No Rights as Employee, Director or Consultant</u>**. Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a Subsidiary or Affiliate of the Company, to terminate your employment or other service, for any reason, with or without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **<u>Award Subject to Company Clawback or Recoupment</u>**. The Option may be subject to clawback or recoupment pursuant to applicable law and/or any compensation clawback or recoupment policy adopted by the Board or a Committee thereof. In addition to any other remedies available under such policy or applicable law, the Option may be subject to cancellation (whether vested or unvested) and any gains realized upon exercise of the Option and sale of the Shares may be subject to recoupment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **<u>Consent to Electronic Delivery of All Plan Documents and Disclosures</u>**. By your acceptance of this Option, you consent to the electronic delivery of the Notice, this Agreement, the Plan, account statements, Plan prospectuses required by the Securities and Exchange Commission, and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements) or other communications or information related to the Option. Electronic delivery may include the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other delivery determined at the Company's discretion. You acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost if you contact the Company by telephone, through a postal service or electronic mail at <u>accounting@expion360.com</u>. You further acknowledge that you will be provided with a paper copy of any documents delivered electronically if electronic delivery fails; similarly, you understand that you must provide on request to the Company or any designated third party a paper copy of any documents delivered electronically if electronic delivery fails. Also, you understand that your consent may be revoked or changed, including any change in the electronic mail address to which documents are delivered (if you have provided an electronic mail address), at any time by notifying the Company of such revised or revoked consent by telephone, postal service or electronic mail at <u>accounting@expion360.com</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **<u>Entire Agreement; Enforcement of Rights</u>**. This Agreement, the Plan and the Notice constitute the entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments or negotiations concerning this Option are superseded. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing and signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party.

BY ACCEPTING THIS OPTION, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

---

| | |
|:---|:---|
| **PARTICIPANT:** | **EXPION360 INC.:** |
| Signature: | By: |
| Print Name: | Name: |
|  | Its: |

---

**<u>Exhibit A</u>**

**Exercise Notice**

*See attached*.

Type of Option (ISO or NSO): __________ Participant: ___________________ <br> Date: ___________________

**STOCK OPTION EXERCISE NOTICE**

**EXPION360 INC.**

**2021 INCENTIVE AWARD PLAN**

Expion360 Inc.

2025 SW Deerhound Avenue

Redmond, OR 97756

Ladies and Gentlemen:

1. **<u>Option</u>.** I was granted an option (the *"**Option**"*) to purchase shares of the Common Stock (the *"**Shares**"*) of Expion360 Inc., a Nevada corporation (the *"**Company**"*), pursuant to the Company's 2021 Incentive Award Plan (the *"**Plan**"*), my Stock Option Grant Notice (the *"**Notice**"*) and my Stock Option Agreement (the *"**Option Agreement**"*) as follows:

---

| | |
|:---|:---|
| Date of Grant: | __________________ |
| Number of Shares: | __________________ |
| Exercise Price per Share: | $__________________ |

---

2. **<u>Exercise of Option</u>.** I hereby elect to exercise the Option to purchase the following number of Shares for the price set forth below:

---

| | |
|:---|:---|
| Total Shares Purchased ("***Exercised Shares***"): | __________________ |
| Total Exercise Price (Total Shares X Exercise Price per Share) | $__________________ |

---

The Option will be deemed exercised only upon receipt by the Company of this Exercise Notice accompanied by payment in full of the total exercise price for the Exercised Shares together with my withholding obligation, if any, relating to the exercise of the Option.

3. **<u>Payments</u>.** I authorize payment in full of the total exercise price for the Exercised Shares in the following form(s), as authorized by my Option Agreement:

---

| | |
|:---|:---|
| [ ] Personal Check, Wire Transfer, or Cashier's Check (Option Agreement, Section 5(a)), enclosed herewith: | $__________________ |
| [ ] Withhold Shares to Cover (Option Agreement, Section 5(b)) | Exercised Shares with a value equal to the total exercise price will be withheld to pay the total exercise price. |
| [ ] Exercise in accordance with Section 5(c) or (d) of the Option Agreement | Email <u>accounting@expion360.com</u><br> to make arrangements |
| [ ] Waiver of compensation (Option Agreement Section 5(e)) | Email <u>accounting@expion360.com</u><br> to make arrangements |
| [ ] Alternative Method Approved by the Plan Administrator (Option Agreement Section 5(f)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Email <u>accounting@expion360.com</u><br> to make arrangements |

---

Checks should be made payable to Expion360 Inc. and sent to Expion360 Inc., Attn: Brian Schaffner, Address: 2025 SW Deerhound Avenue, Redmond, OR 97756. Alternatively, please email <u>accounting@expion360.com</u> for wire transfer instructions.

4. **<u>Tax Withholding</u>.** I agree to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of the Option.

5. **<u>Binding Effect</u>.** This Notice shall inure to the benefit of and be binding upon my heirs, executors, administrators and assigns. I agree that the Exercised Shares are being acquired in accordance with and subject to the terms, provisions and conditions of the Plan and my Option Agreement, copies of which I have received and carefully read and understand.

---

| |
|:---|
| Very truly yours, |
| (Signature) |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the inclusion in this Registration Statement on Form S-8 of our report dated March 31, 2025, of Expion360, Inc. relating to the audit of the financial statements for the period ending December 31, 2024 and 2023 and the reference to our firm under the caption "Experts" in the Registration Statement.

<u>/s/ M&K CPAS, PLLC</u> 

www.mkacpas.com

The Woodlands, Texas

August 6, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? (untitled)

EX-FILING FEES

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**Expion360 Inc.**

(Exact name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Fee Calculation Rule** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Common Stock, par value $0.001 per share | 457(c) and (h)<br>750000<sup>(2)</sup><br>$1.15<sup>(3)</sup> | $862500 | 0.00015310 | $132.05 |
| Equity | Common Stock, par value $0.001 per share | 457(c) and (h)<br>500000<sup>(4)</sup><br>$0.98<sup>(5)</sup> | $490000 | 0.00015310 | $75.02 |
| **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | $1352500 |  | $207.07 |
| **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |
| **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  | $207.07 |

---

(1) Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "  ***Securities Act*** "), this Registration Statement shall also cover any additional shares of the Registrant's common stock, par value
$0.001 per share ("  ***Common Stock***") that become issuable under the Expion360 Inc. 2021 Equity Incentive Plan
(the "  ***2021 Plan***") and the Expion360 Inc. 2021 Employee Stock Purchase Plan (the "  ***2021 ESPP*** "),
by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without receipt of consideration
that increases the number of outstanding shares of Common Stock.

(2) Represents shares of Common Stock that were added to the shares authorized for issuance under
the 2021 Plan pursuant to an amendment to the 2021 Plan approved by the Registrant's stockholders on July 31, 2025.

(3) Estimated solely for the purpose of calculating the amount of the registration fee pursuant
to Rules 457(c) and 457(h) of the Securities Act. The proposed maximum offering price per share and the proposed maximum aggregate offering
price with respect to the shares are calculated based on $1.15 per share, the average of the high ($1.20) and low ($1.10) prices of the
Common Stock, as reported on the Nasdaq Capital Market on August 5, 2025, a date within five business days prior to the filing of this
Registration Statement.

(4) Represents shares of Common Stock that were added to the shares authorized for issuance under
the 2021 ESPP pursuant to an amendment to the 2021 ESPP approved by the Registrant's stockholders on July 31, 2025.

(5) Estimated solely for the purpose of calculating the amount of the registration
fee pursuant to Rules 457(c) and 457(h) under the Securities Act. The proposed maximum offering price per share and the proposed maximum
aggregate offering price with respect to the shares are calculated based on 85% of $1.15 per share, the average of the high ($1.20) and
low ($1.10) prices of the Common Stock, as reported on the Nasdaq Capital Market on August 5, 2025, a date within five business days
prior to the filing of this Registration Statement. Pursuant to the terms of the 2021 ESPP, shares are sold at 85% of the fair
market value of the Common Stock on the last trading day of each offering period.