POLAR POWER, INC. (NASDAQ:POLA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
(d)On December 4, 2017, the board of directors (the “Board”) of Polar Power, Inc. (the “Company”) appointed Peter Gross as a director of the Company. Mr. Gross will also serve as a member of the Company’s Audit Committee. Since 2012, Mr. Gross has served as the Vice President Mission Critical Systems at Bloom Energy, a fuel cell power systems company located in Sunnyvale, California. Mr. Gross holds a Master’s Degree in Electrical Engineering from Polytechnic Institute of Bucharest and a Master’s in Business Administration degree from California State University at Dominguez Hills. Mr. Gross is also a member of the Advisory Board of UCLA’s Institute of Environment and Sustainability and a member of Southern Methodist University’s Data Center System Engineering Board of Advisors. In nominating Mr. Gross, the Company’s Board considered his significant engineering experience in the power systems industry, especially for data center and telecommunications applications. The Company’s Board believes that Mr. Gross will provide critical leadership as the Company expands its DC power systems within the data and military markets.
On December 4, 2017, the Company’s Compensation Committee of the Board authorized and approved the grant of a non-qualified stock option to purchase up to 10,000 shares of the Company’s common stock at an exercise price equal to $4.84 per share, which exercise price equaled the closing sales price of one share of the Company’s common stock on the date of grant as reported by The NASDAQ Capital Market, to each non-employee director of the Company (including Mr. Gross). The options vest as to all shares on December 4, 2018.
In addition, on December 4, 2017, the Compensation Committee of the Board increased the cash portion of all non-employee directors’ compensation to $7,500 per quarter.
About POLAR POWER, INC. (NASDAQ:POLA)
Polar Power, Inc. designs, manufactures and sells direct current (DC) power systems for applications in the telecommunications, military, electric vehicle charging, cogeneration, distributed power and uninterruptable power supply markets. The Company’s systems provide energy to service applications that do not have access to the utility grid (such as off-grid applications) or have critical power needs and cannot be without power in the event of utility grid failure (such as back-up power applications). Its product offerings include DC base power systems, DC hybrid power systems and DC solar hybrid power systems. It is focused on the global telecommunications tower market, which is undergoing a transition from alternating current (AC) power systems to DC power systems across the globe. Its technologies include Permanent Magnet Homopolar Hybrid (PMHH) and Supra Controller Technology. It manufactures and assembles its DC power systems at its facility located in Gardena, California.
