Current Report Filing (8-k)
December 04 2017 - 5:15PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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December 4, 2017
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POLAR
POWER, INC.
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(Exact Name of Registrant as Specified in Charter)
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Delaware
(State or Other Jurisdiction
of Incorporation)
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001-37960
(Commission File Number)
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33-0479020
(IRS Employer
Identification No.)
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249 E. Gardena Boulevard
Gardena,
California
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90248
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s Telephone Number, Including Area Code:
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(310) 830-9153
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(Former Name or Former Address, if Changed Since Last Report)
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Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(
see
General Instruction A.2. below):
o
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company
x
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
x
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Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
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(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.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: December 4, 2017
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POLAR POWER, INC.
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By:
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/S/ ARTHUR D. SAMS
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Arthur D. Sams
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President, Chief Executive Officer and Secretary
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