Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS

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STOCK OPTIONS
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK OPTIONS

NOTE 7 – STOCK OPTIONS

 

The following table summarizes stock option activity:

 

    Number of   Weighted Average  
    Options   Exercise Price  
Outstanding, December 31, 2023     140,000   $ 5.22  
Granted     —     —  
Exercised     —     —  
Outstanding, March 31, 2024 (unaudited)     140,000   $ 5.22  
Exercisable, March 31, 2024 (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 December 31, 2023, the Company had total outstanding options of 140,000, which were carried forward to March 31, 2024. These options 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.

 

The outstanding options had no intrinsic value at March 31, 2024.