Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS

v3.23.3
STOCK OPTIONS
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK OPTIONS

NOTE 6 – STOCK OPTIONS

 

The following table summarizes stock options:

 

    Number of     Weighted Average  
    Options     Exercise Price  
Outstanding, December 31, 2022     140,000     $ 5.22  
Granted     —       —  
Exercised/Forfeited/Expired     —       —  
Outstanding, September 30, 2023 (unaudited)     140,000     $ 5.22  
Exercisable, September 30, 2023 (unaudited)     140,000     $ 5.22  

 

Effective July 8, 2016, the Company’s board of directors approved the Polar Power 2016 Omnibus Incentive Plan (the “2016 Plan”), authorizing the issuance of up to 1,754,385 shares of common stock as incentives to employees and consultants to the Company with awards limited to a maximum of 350,877 shares to any one participant in any calendar year.

 

At September 30, 2023, and December 31, 2022, the Company had total outstanding options exercisable into 140,000 shares of the Company’s common stock. The options are fully vested, with exercise prices ranging from $4.84 to $5.60. 30,000 options expire in December 2027 and the remaining 110,000 options expire in April 2028.

 

The outstanding options had no intrinsic value at September 30, 2023.