NeoVolta Inc. Files 8-K on Officer/Director Changes

TL;DR

NeoVolta's 8-K shows leadership changes and new officer appointments.

AI Summary

NeoVolta Inc. filed an 8-K on April 24, 2024, reporting events as of April 19, 2024. The filing primarily concerns the departure of directors or certain officers, the election of directors, the appointment of certain officers, and compensatory arrangements for certain officers. It also includes financial statements and exhibits.

Why It Matters

This filing indicates potential shifts in the company's leadership and governance structure, which could impact strategic direction and operational oversight.

Risk Assessment

Risk Level: medium — Changes in key personnel and officer appointments can signal strategic shifts or internal restructuring, carrying inherent risks.

Key Players & Entities

• NeoVolta Inc. (company) — Registrant
• April 19, 2024 (date) — Earliest event reported
• April 24, 2024 (date) — Date of report

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share NEOV The NASDAQ Stock Mark
• $350,000 — mpensation consisting of base salary of $350,000, a target cash annual bonus of 100% of
• $660,000 — of certain goals with a target value of $660,000. For the year ending June 30, 2025, the

Filing Documents

• neovolta_8k.htm (8-K) — 33KB
• neovolta_ex1001.htm (EX-10.1) — 82KB
• neovolta_ex1002.htm (EX-10.2) — 6KB
• 0001683168-24-002627.txt ( ) — 350KB
• neov-20240419.xsd (EX-101.SCH) — 3KB
• neov-20240419_def.xml (EX-101.DEF) — 26KB
• neov-20240419_lab.xml (EX-101.LAB) — 36KB
• neov-20240419_pre.xml (EX-101.PRE) — 25KB
• neovolta_8k_htm.xml (XML) — 5KB

02 Departure of Directors or Certain Officers;

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 19, 2024, NeoVolta, Inc. (the "Company") entered into an employment agreement (the "Employment Agreement") with Ardes Johnson pursuant to which Mr. Johnson agreed to serve as the Company's chief executive officer commencing April 29, 2024. Brent Willson, the founder of the Company and former chief executive officer will remain as Chairman of the Board and chief technology officer. 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. For the year ending June 30, 2025, the Employment Agreement provides that the performance goals for the achievement of the cash bonus and equity grant will be the sale of 1,200 units during such fiscal year (excluding those sold through a specified distributor). Pursuant to the Employment Agreement, Mr. Johnson received a restricted stock unit award for 1,280,000 shares of Company common stock 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. If Mr. Johnson's employment is terminated at the Company's election without "cause" (as defined in the agreement), or by Mr. Johnson for "good reason" (as defined in the agreement), Mr. Johnson shall be entitled to receive severance payments equal to six months of base salary and a prorated amount of the annual bonus for such fiscal year. The foregoing description of the Employment Agreement is subject to and qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Employment Agreement between NeoVolta, Inc. and Ardes Johnson dated April 19, 2024 10.2 Amendment to Employment Agreement between NeoVolta, Inc. and Brent Willson dated April 22, 2022 104 Cover page Interactive Data File (formatted as Inline XBRL document) 2 SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NeoVolta, Inc. By: /s/ Steve Bond Steve Bond Chief Financial Officer Dated: April 24, 2024 3

View Full Filing

View this 8-K filing on SEC EDGAR