Annual report pursuant to Section 13 and 15(d)

STOCK OPTIONS

v3.24.1
STOCK OPTIONS
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK OPTIONS

NOTE 8 – STOCK OPTIONS

 

The following table summarizes stock option activity:

SCHEDULE OF STOCK OPTION ACTIVITY

 

   

Number of

Options

    

Weighted Average

Exercise Price

  
Outstanding, December 31, 2021     140,000     $ 5.22  
Granted     —       —  
Exercised     —       —  
Cancelled     —       —  
Outstanding, December 31, 2022     140,000     $ 5.22  
Granted     —       —  
Exercised     —       —  
Outstanding and exercisable, December 31, 2023     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 December 31, 2023 and 2022, the Company had total outstanding options of 140,000, which are fully vested, exercise prices ranging from $4.84 to $5.60, and with 30,000 option shares set to expire in December 2027 and the remaining 110,000 option shares set to expire in April 2028.

 

There was no intrinsic value of the outstanding options at December 31, 2023.