Steve Bond
About Steve Bond
Steve Bond is NeoVolta’s Chief Financial Officer and a director, serving since May 2018; he was age 50 in 2024 and 51 in 2025, and graduated Summa Cum Laude in Finance from San Diego State University in 2000 . Under his tenure, NeoVolta’s FY2025 revenue rose 219% year-over-year to $8.4M, with Q4 FY2025 revenue of $4.75M and gross margin improving from 3% to 12% YoY in the quarter, amid scaling distribution and new products . He is not deemed independent under Nasdaq rules, as an executive officer serving on the board .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NeoVolta, Inc. | Chief Financial Officer and Director | May 2018–present | Led finance through uplisting and growth initiatives; CFO milestone RSUs tied to uplisting and timely 10-K filing . |
| Holly Brothers Pictures, Inc. | Director and CFO | Resigned Nov 15, 2019 | Prior executive experience; resignation disclosed, no ongoing interlock . |
| Various companies (consulting) | Consulting executive (finance, strategy, revenue growth) | ~15 years | Worked with 100+ companies; broad finance/strategy expertise leveraged at NEOV . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| San Diego Rotary Club | Member | Not disclosed | Community engagement and network . |
| Promises to Kids | Board service | Not disclosed | Non-profit board experience; governance exposure . |
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary (paid) | $125,000 | $153,333 |
| Contracted Base Salary | $125,000 initial (Mar 1, 2022 agreement) | $193,000 (Feb 2025 amended & restated agreement) |
| Target Bonus % | Not disclosed | Not disclosed |
| Actual Bonus Paid | Not disclosed | Not disclosed |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| RSU Milestone 1 (uplisting completion; continued employment to 1/1/2023) | Not disclosed | Uplist in 2022 and remain to 1/1/2023 | Achieved | 250,000 RSUs | Shares issued Jan 1, 2023 |
| RSU Milestone 2 (timely FY2023 10-K filed; continued employment to 1/1/2024) | Not disclosed | File 10-K by 9/29/2023; remain to 1/1/2024 | Achieved | 50,000 RSUs (issuance expected later) | Earned as of Jan 1, 2024; issuance pending |
| Time-based RSUs (Amended agreement) | Not applicable | Service-based | Ongoing | 240,000 RSUs grant-date value $792,000 | Vests in four annual installments beginning Feb 1, 2025 |
Notes:
- Outstanding Equity Awards (6/30/2025): 240,000 unvested RSUs valued at $792,000 using $3.30 share price .
- No performance-based weighting disclosed for CFO RSUs beyond the 2022 milestone awards .
Equity Ownership & Alignment
| Metric | Oct 18, 2024 | Oct 17, 2025 |
|---|---|---|
| Beneficial Ownership (shares) | 800,000 | 800,000 |
| % of Shares Outstanding | 2.4% (33,361,711 shs) | 2.3% (34,733,692 shs) |
| Unvested RSUs outstanding | Not disclosed | 240,000 (market value $792,000 at $3.30) |
| Shares pledged as collateral | Prohibited by policy; none permitted | |
| Hedging/short sales | Prohibited (no collars, swaps, short sales) | |
| 10b5-1 plan status | Allowed with Compliance Officer approval; no adoptions/terminations in quarter ended 6/30/2025 | |
| Pre-clearance/blackout | All insiders require pre-clearance from Compliance Officer (Bond); quarterly blackouts apply |
Stock ownership guidelines: not disclosed in available filings.
Clawback: Dodd-Frank restatement recoupment policy adopted; incentive comp subject to recoupment upon restatement .
Employment Terms
| Term | Details |
|---|---|
| Current Role | CFO and Director (since May 2018) |
| Employment Agreement (2022) | Initial annual salary $125,000; RSUs tied to uplisting and 10-K milestones; severance equal to 3 months base salary if terminated without cause; 12-month non-compete . |
| Amended & Restated Agreement (Feb 2025) | Initial annual salary $193,000; 240,000 time-based RSUs vesting in four annual installments; initial term through Dec 31, 2027 with automatic one-year renewals unless non-renewed . |
| Change-of-Control (Plan-level) | Committee has discretion to accelerate vesting and deem performance satisfied at target on change-of-control; may cash out options; anti-repricing without shareholder approval . |
Board Governance
- Board service: Director since 2018; “Committees: None” for Bond; attendance 100% at Board and committee meetings in FY2025 .
- Independence: Not independent under Nasdaq rules due to executive role; majority of Board and all Audit, Compensation, and Nominating & Governance committees are independent .
- Leadership: CEO also serves as Chairman; Board cites small-company rationale; committees remain fully independent .
Director Compensation
- Employee-director: Bond’s compensation is disclosed under Executive Compensation; he does not appear in non-employee director compensation tables (those exclude executives) .
Compensation Structure Analysis
- Shift from milestone-tied RSUs (2022) to time-based RSUs (2025) increases retention weight and reduces explicit performance linkage for the CFO .
- No cash bonus program disclosed for CFO; base rose from $125,000 to $193,000 in 2025, raising fixed pay share .
- Equity plan prohibits repricing without shareholder approval, supports shareholder-friendly design .
- Clawback policy established, aligning with governance best practices .
Risk Indicators & Red Flags
- Section 16 reporting: company disclosed one Form 4 for Bond filed on Feb 7, 2025 in the “Delinquent Section 16(a) Reports” section, indicating a late or exception filing reference .
- Insider trading policy stringency: Bond serves as Compliance Officer administering pre-clearance/blackouts—a dual role that requires robust controls to mitigate perceived conflicts .
- Hedging/pledging prohibited, reducing misalignment risks .
Performance & Track Record
- FY2025 revenue growth: +219% to $8.4M; Q4 FY2025 revenue $4.75M; gross margin improvement in Q4 to 12%, reflecting scaling and product momentum .
- Net loss widened to $5.03M FY2025 as operating expenses increased with growth investments .
Multi-Year Compensation (NEO Summary for Bond)
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Salary ($) | $125,000 | $153,333 |
| Stock Awards ($) | – | $792,000 (240,000 RSUs) |
| Total ($) | $125,000 | $945,333 |
Board Service History & Committee Roles
| Attribute | Status |
|---|---|
| Director Since | 2018 |
| Committees | None |
| Independence | Not independent (executive director) |
| Attendance | 100% in FY2025 |
Vesting Schedule & Insider Selling Pressure
| Award | Vesting Schedule | Potential Pressure Windows |
|---|---|---|
| 250,000 RSUs (Milestone 1) | Issued Jan 1, 2023 | Subject to quarterly trading blackouts; pre-clearance required . |
| 50,000 RSUs (Milestone 2) | Earned as of Jan 1, 2024; issuance expected later | Issuance timing may create concentrated sell potential post-issuance, subject to policy . |
| 240,000 RSUs (Time-based) | Four annual installments beginning Feb 1, 2025 | Annual vest dates can create periodic supply; policy restricts hedging/pledging; 10b5-1 plans allowed but none adopted/terminated in Q4 FY2025 . |
Equity Plan & Change-of-Control Mechanics
| Topic | Key Terms |
|---|---|
| CoC Treatment | Committee may accelerate vesting, terminate restrictions, deem performance satisfied at target; may cash out options; awards can be assumed by acquirer . |
| Repricing | Prohibited without shareholder approval . |
| Director pay cap | Non-employee director compensation capped at $300,000/year (cash + equity) . |
Expertise & Qualifications
- Finance leader with extensive consulting experience across >100 companies; SDSU Finance degree (Summa Cum Laude) .
- Serves as Insider Trading Policy Compliance Officer, evidencing governance involvement and policy oversight .
Say-on-Pay & Shareholder Feedback
- No advisory say-on-pay voting results disclosed in the reviewed filings. 2023 Annual Meeting covered director elections and auditor ratification; Bond received 6.79M votes “For” in that election .
Investment Implications
- Alignment: CFO equity shifted from milestone-tied (uplisting/10-K) to time-based RSUs, emphasizing retention over strict performance linkage; clawback and anti-hedging/pledging policies mitigate misalignment risk .
- Selling pressure: Annual time-based vestings beginning 2025 and any eventual issuance of the 50k milestone RSUs may create periodic supply; strict pre-clearance and blackouts, plus no reported 10b5-1 adoptions in Q4 FY2025, temper opportunistic selling risk .
- Retention: The amended 2025 agreement runs through Dec 31, 2027 with auto-renewals and a 240k RSU grant—moderate retention strength; prior severance was limited (3 months salary without cause), suggesting low golden parachute risk for the CFO position .
- Governance: Executive-director status (non-independent) and CEO-Chair dual role raise independence considerations, but committees are fully independent with 100% attendance, and plan-level CoC discretion plus anti-repricing are shareholder-friendly .
- Execution risk: Rapid FY2025 growth (+219% revenue) with widened net loss reflects scaling; CFO’s role in capital discipline (line of credit, short-term notes, equity proceeds) and operating controls will be central to margin expansion and cash runway .