Annual report [Section 13 and 15(d), not S-K Item 405]

STOCK OPTIONS

v3.25.1
STOCK OPTIONS
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK OPTIONS

NOTE 8 – STOCK OPTIONS

 

The following table summarizes stock option activity:

   

   

Number of

Options

    

Weighted Average

Exercise Price

  
Outstanding, December 31, 2022     20,002     $ 36.56  
Granted     —       —  
Exercised     —       —  
Cancelled     —       —  
Outstanding, December 31, 2023     20,002     $ 36.56  
Granted     —       —  
Exercised     —       —  
Outstanding and exercisable, December 31, 2024     20,002     $ 36.56  

 

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 250,627 shares of common stock as incentives to employees and consultants to the Company with awards limited to a maximum of 50,125 shares to any one participant in any calendar year.

 

At December 31, 2024 and 2023, the Company had total outstanding options of 20,002, which are fully vested, exercise prices ranging from $33.88 to $39.20, and with 4,287 option shares set to expire in December 2027 and the remaining 15,715 option shares set to expire in April 2028.

 

There was no intrinsic value of the outstanding options at December 31, 2024.