美國

證券交易委員會

華盛頓，特區。20549

附表 14A信息

根據1934年證券交易法第14(a)條提交的委託書

(修訂 第 )

極地電力公司

僅限於其章程規定的註冊人的名稱

（除註冊人之外）提交代理聲明的人員姓名

提交費用支付(勾選適當的選框):

極地電力公司

E. Gardena Boulevard 249號

加德納， 加利福尼亞州90248

十月 1, 2024

尊敬的股東：

我們誠摯邀請您出席 Polar Power, Inc. 的 2024 年度股東大會（"年度大會"），將於當地時間 2024 年 10 月 22 日星期二上午 10 點在我們位於加利福尼亞州加迪納市加迪納大道 249 號的總部舉行。所有截至 2024 年 9 月 26 日業務結束時持股的股東有權參加年度大會。正式會議通知和委託書已附上。

在年度股東大會上，股東將被要求（i）選舉四名董事；（ii）覈准Weinberg＆Company，P.A.的任命爲我們獨立註冊的會計師，服務期至2024年12月31日；（iii）批准我們公司章程的修正案，其大致形式附在附有的代理聲明附錄A中，以允許我們的董事會在2024年12月31日之前自行決定實施一項對我們全部已發行及流通的普通股，每股面值0.0001美元的股票進行股票合併，合併比例範圍從一比三（1:3）到一比二十（1:20）（「批准的合併比例」），如董事會決定實施，則由董事會確定時間和比例（「股票合併」）；以及（iv）批准提案，授予年度股東大會主席酌情授權，如有必要，推遲年度股東大會並在年度股東大會當時沒有足夠票數通過提案3時，以招攬額外的代理。此外，股東將進行任何可能在年度股東大會前適當出現的其他業務。

無論您打算參加年度股東大會與否，都很重要的是，您的股份能夠在會議上得到代表和投票，我們敦促您儘快投票。除了親自在年度股東大會上投票，您還可以通過互聯網或電子郵件進行電子投票，或者如果您收到郵件中的委託投票卡或投票指示表格，則可以通過郵寄完成的委託投票卡或投票指示表格進行投票。通過任何這些方式及時投票將確保您在年度股東大會上得到代表。

爲了參加年度股東大會，每位股東可能會被要求出示有效的照片身份證明，如駕駛證或護照，以及在股東持股截止日期時的股權證明，比如隨附的代理委託卡或券商賬單反映的持股情況。

我們期待着在2024年10月22日見到您。

極地電力公司

2024年股東大會通知

將於2024年10月22日舉行

特此通知，極電力公司（即特拉華州公司）的股東將於2024年10月22日星期二上午10:00在我們位於加州Gardena市Gardena大道249號總部召開股東年會（「年會」），具體議程如下，並已在隨函附帶的委託書中有更詳細描述：

所有於2024年9月26日業務結束時的股東有權獲得年度大會通知，並有權在年度大會以及其任何休會或延期中投票。

誠摯地邀請所有股東親臨參加年度股東大會。無論您是否打算親自出席，重要的是您的股份能在會議上代表並投票。若您不方便親自出席年度股東大會，您可以透過網路電子投票，或者若您收到郵寄的代理卡或投票指示表，可郵寄完成的代理卡或投票指示表。有關投票指示的詳細資訊，請參考代理聲明書第2頁的「如何投票？」一節。

參加股東大會時，每位股東可能需要出示有效的身分證明，例如駕照或護照，以及股權證明文件，例如附上的代理卡或券商結單顯示的股權情況。

加州，加德納

十月 1, 2024

無論您擁有多少股份，您的投票都非常重要。請仔細閱讀附上的代理聲明。為了確保您在股東大會上的代表，請立即通過互聯網或電子郵件提交您的代理或投票指示，或者如果您收到紙質代理卡或投票指示表格，您可以將填寫完畢的代理卡或投票指示表格用封套郵寄回去。

POLAR POWER, INC.

代理人 聲明書

2024年股東年會

十月 22日, 2024

目錄

POLAR POWER, INC.

249 E. Gardena Boulevard

加州 90248, 加迪納

代理人 聲明書

2024年股東年會

投票 和代理

本代理人聲明（“代理人聲明”）旨在連同Polar Power, Inc.（“我們”，“我們”，“公司”或“極地能源”）董事會（“董事會”）就2024年股東年度大會（“年度大會”）之代理人投票徵詢提供於2024年10月22日星期二當地時間上午10時，在我們位於加州加迪納市Gardena Boulevard 249號的總部，以及年度大會之任何休會或延期之使用。我們將於2024年9月26日或那附近提供此代理人聲明和隨附之代理卡給我們的股東。我們誠邀我們的股東參加年度大會，並請他們對本代理人聲明中描述之提議進行投票。

根據2023年12月31日結束之年度十年表格10-k所提供的年度報告（「年度報告」）將與本授權書聲明一同提供（或以電子形式提供，供選擇通過互聯網訪問這些資料的股東使用），提供給所有有權收到年度股東大會通知並有權投票的股東。年度報告不應被視為代理拉票材料或通過該材料進行任何代理拉票的溝通。

重要提示 關於代理材料的可用性

股東大會將於2024年10月22日星期二舉行

公司的代理人聲明書和年度報告可在我們的網站上找到。 https://ir.polarpower.com/annual-meeting在投票前，建議您訪問並查閱所有包含在代理資料中的重要信息。

在年度大會上將投票表決哪些事項？

股東將在年度股東大會上對四項事項進行投票：

董事會的投票建議是什麼？

董事會建議您投票贊成所有董事提名人，並贊成所有其他提案。

誰 有資格投票？

為了有資格投票，您必須在2024年9月26日，即決定有權收到通知和出席年度股東大會的股東登記日當天，擁有股份。截至記錄日期，我們的普通股票共計17,561,612股，每股面值為$0.0001（“普通股”）。

我有多少票？

普通股東將在年度股東大會上就所有事項進行投票。每位普通股東有權就持有的每股股份投一票。因此，在年度股東大會上最多可投票數為17,561,612。

什麼是法定人數？

For business to be conducted at the Annual Meeting, a quorum must be present. The presence at the Annual Meeting, either in person or by proxy, of holders of shares of outstanding common stock entitled to vote and representing at least a majority of our outstanding voting power will constitute a quorum for the transaction of business. Accordingly, shares representing 8,780,807 votes must be present in person or by proxy at the Annual Meeting to constitute a quorum.

Abstentions and broker non-votes will be counted for the purpose of determining whether a quorum is present for the transaction of business.

If a quorum is not present, the Annual Meeting will be adjourned until a quorum is obtained.

What are abstentions and broker non-votes?

An “abstention” is the voluntary act of not voting by a stockholder who is present at a meeting in person or by proxy and entitled to vote. “Broker non-votes” refers to shares held by a brokerage firm or other nominee (for the benefit of its client) that are represented at the meeting, but with respect to which such broker or nominee is not instructed to vote on a particular proposal and does not have discretionary authority to vote on that proposal.

If you are a beneficial owner whose shares are held in street name and you do not submit voting instructions to your broker, your broker may generally vote your shares in its discretion on routine matters. We believe that Proposals Two, Three and Four are routine and may be voted on by your broker if you do not submit voting instructions. However, pursuant to rules of The Nasdaq Stock Market (“Nasdaq”), brokers do not have the discretion to vote their clients’ shares on non-routine matters, unless the broker receives voting instructions from the beneficial owner. Proposal One is considered a non-routine matter. Consequently, if your shares are held in street name, you must provide your broker with instructions on how to vote your shares in order for your shares to be voted on Proposal One.

What are the general effects of abstentions and broker non-votes?

Brokers who hold shares for the accounts of their clients may vote such shares either as directed by their clients or in their own discretion as permitted under the Nasdaq Listing Rules. For purposes of the Annual Meeting, brokers or nominees are permitted to vote their clients’ proxies in their own discretion as to the ratification of the appointment of our independent registered public accounting firm, the authorization of the Reverse Split and the adjournment, if the clients have not furnished voting instructions within 10 days of the meeting. Abstentions and broker non-votes will not be counted as a vote “for” or “against” any matter and accordingly will not affect the outcome with respect to any matter to be voted on at the Annual Meeting. The election of directors proposal is “non-discretionary” and brokers or nominees who have received no instructions from their clients do not have discretion to vote on those items.

Please note that brokers may not vote your shares on the election of directors or other non-routine matters in the absence of your specific instructions as to how to vote, thus we strongly encourage you to provide instructions to your broker regarding the voting of your shares you hold in “street name” or through a broker or other nominee.

What vote is required to approve each proposal?

Proposal One

The four nominees receiving the highest number of affirmative votes of the outstanding shares of common stock, present at the Annual Meeting in person or represented by proxy and entitled to vote, will be elected as directors to serve until the next annual meeting of stockholders and/or until their successors are duly elected and qualified. Abstentions will have no effect on the outcome of the election of nominees for director. Should any nominee(s) become unavailable to serve before the Annual Meeting, the proxies will be voted by the proxy holders for such other person(s) as may be designated by our Board or for such lesser number of nominees as may be prescribed by the Board. Votes cast for the election of any nominee who has become unavailable will be disregarded.

Proposals Two, Three and Four

The affirmative vote of a majority of the votes of the shares of our common stock cast at the Annual Meeting in person or represented by proxy and entitled to vote, is required for approval of Proposals Two, Three and Four. Abstentions and broker non-votes will not affect the outcome of the vote on Proposals Two, Three and Four.

How do I vote?

If you are a “registered holder,” that is, your shares are registered in your own name through our transfer agent, and you are viewing this proxy over the Internet you may vote electronically over the Internet. For those stockholders who receive a paper proxy in the mail, you may also vote electronically over the Internet or by email, or by completing and mailing the proxy card provided. The website identified in our proxy card provides specific instructions on how to vote electronically over the Internet. Those stockholders who receive a paper proxy by mail, and who elect to vote by mail, should complete and return the mailed proxy card in the addressed, postage paid envelope that was enclosed with the proxy materials.

If your shares are held in “street name,” that is, your shares are held in the name of a brokerage firm, bank or other nominee, you will receive instructions from your record holder that must be followed for your record holder to vote your shares per your instructions. If you receive paper copies of our proxy materials from your brokerage firm, bank or other nominee, you will also receive a voting instruction form. Please complete and return the enclosed voting instruction form in the addressed, postage paid envelope provided.

Stockholders who have previously elected to access our proxy materials and annual report electronically over the Internet will continue to receive an email, referred to in this Proxy Statement as an email notice, with information on how to access the proxy information and voting instructions.

Only proxy cards and voting instruction forms that have been signed, dated and timely returned, and only shares that have been timely voted electronically, by mail or by email will be counted in the quorum and voted. The Internet voting facilities will close at 11:59 p.m. Eastern Time, Monday, October 21, 2024 for shares held directly and at 11:59 p.m. Eastern Time, Monday, October 21, 2024 for shares held in a plan.

Stockholders who vote over the Internet or by email need not return a proxy card or voting instruction form by mail, but may incur costs, such as usage charges, from Internet service providers. You may also vote your shares in person at the Annual Meeting. If you are a registered holder, you may request a ballot at the Annual Meeting. If your shares are held in street name and you wish to vote in person at the meeting, you must obtain a proxy issued in your name from the record holder (e.g., your broker) and bring it with you to the Annual Meeting. We recommend that you vote your shares in advance as described above so that your vote will be counted if you later decide not to attend the Annual Meeting.

What if I receive more than one email notice, proxy card or voting instruction form?

If you receive more than one email notice, proxy card or voting instruction form because your shares are held in multiple accounts or registered in different names or addresses, please vote your shares held in each account to ensure that all of your shares will be voted.

Who will count the votes and how will my vote(s) be counted?

All votes will be tabulated by the inspector of elections appointed for the Annual Meeting, who will separately tabulate affirmative and negative votes, abstentions and broker non-votes.

If your proxy is properly submitted, the shares represented thereby will be voted at the Annual Meeting in accordance with your instructions. If you are a registered holder and you do not specify how the shares represented thereby are to be voted, your shares will be voted “FOR” the election of each of the four nominees to our Board listed in this Proxy Statement and “FOR” the approval of Proposals Two, Three and Four, and in the discretion of the proxy holder(s) as to any other matters that may properly come before the Annual Meeting or any adjournment(s) or postponement(s) of the Annual Meeting, as well as any procedural matters. If your shares are held in street name and you do not specify how the shares represented thereby are to be voted, your broker may exercise its discretionary authority to vote on Proposals Two, Three and Four.

Can I change my vote after I have voted?

If your shares are registered in your name, you may revoke or change your vote at any time before the Annual Meeting by voting again electronically over the Internet or by email, or by filing a notice of revocation or another proxy card with a later date with our Secretary at Polar Power, Inc., 249 E. Gardena Boulevard, Gardena, California 90248. If you are a registered stockholder and attend the Annual Meeting and vote by ballot, any proxy that you submitted previously to vote the same shares will be revoked automatically and only your vote at the Annual Meeting will be counted. If your shares are held in street name, you should contact the record holder to obtain instructions if you wish to revoke or change your vote before the Annual Meeting. Please note that if your shares are held in street name, your vote in person at the Annual Meeting will not be effective unless you have obtained and present a proxy issued in your name from the record holder.

Who will bear the cost of soliciting proxies?

We will bear the entire cost of soliciting proxies for the Annual Meeting, including the cost of preparing, assembling, printing and mailing this Proxy Statement, the proxy card and any additional solicitation materials furnished to our stockholders. Copies of solicitation materials will be furnished to brokerage firms, fiduciaries and custodians holding shares in their names that are beneficially owned by others so that they may forward the solicitation materials to the beneficial owners. We may reimburse such persons for their reasonable expenses in forwarding solicitation materials to beneficial owners. The original solicitation of proxies may be supplemented by solicitation by personal contact, telephone, facsimile, email or any other means by our directors, officers or employees, and we will reimburse any reasonable expenses incurred for that purpose. No additional compensation will be paid to those individuals for any such services.

The matters to be considered and acted upon at the Annual Meeting are referred to in the preceding notice and are discussed below more fully.

PROPOSAL ONE

ELECTION OF DIRECTORS

Our bylaws provide for a number of directors fixed by resolution of the whole Board. Our Board has fixed the number of directors at five unless otherwise changed by resolution of our Board. Directors are elected annually and hold office until the next annual meeting of stockholders and/or until their respective successors are duly elected and qualified. Stockholders who desire to nominate any person for election to our Board must comply with our bylaws, including our advance-notice bylaw provisions relating to the nomination of persons for election to our Board. See “Information about our Board of Directors, Board Committees and Related Matters—Board Committees and Meetings, Nominating and Corporate Governance Committee” below. It is intended that the proxies solicited by our Board will be voted “FOR” election of the following four nominees unless a contrary instruction is made on the proxy: Arthur D. Sams, Keith Albrecht, Michael G. Field and Katherine Koster. If the four nominees are elected, there will be four directors serving on our Board, leaving one vacancy to be filled at a later date in accordance with our certificate of incorporation and bylaws. If, for any reason, one or more of the nominees is unavailable as a candidate for director, an event that is not expected, the person named in the proxy will vote for another candidate or candidates nominated by our Nominating and Corporate Governance Committee. However, under no circumstances may a proxy be voted in favor of a greater number of persons than the number of nominees named above.

Required Vote of Stockholders

The four nominees receiving the highest number of affirmative votes of the outstanding shares of our common stock, present at the Annual Meeting in person or by proxy and entitled to vote, will be elected as directors to serve until the next annual meeting of stockholders and/or until their successors are duly elected and qualified. Votes against a candidate, abstentions and broker non-votes will be counted for purposes of determining whether a quorum is present for this proposal, but will not be included in the vote totals for this proposal and, therefore, will have no effect on the vote.

Recommendation of the Board of Directors

OUR BOARD unanimously recommends a vote “FOR” the election of EACH OF the FOUR director nominees listed above.

INFORMATION ABOUT OUR BOARD OF DIRECTORS,

BOARD COMMITTEES AND RELATED MATTERS

Directors and Director Nominees 

The following table sets forth certain information regarding our directors and director nominees as of September 26, 2024:

Arthur D. Sams has served as our President, Chief Executive Officer and Chairman of our Board since August 1991 and as our Secretary since October 2016. Under his leadership, we have grown to be a leading brand name in the design and manufacturing of DC power systems for the telecommunications, military, automotive, marine and industrial markets. He specializes in the design of thermodynamics and power generation systems. During his early career, he gained vast industry experience while working as a machinist, engineer, project manager, chief technical officer and consultant for various Fortune 500 companies and the U.S. Department of Defense and the U.S. Department of Energy. Mr. Sams studied at California State Polytechnic University Pomona and the University California at Irvine with a dual major in biology and engineering.

In nominating Mr. Sams, our Board considered his Board and executive level leadership, broad international exposure, and extensive global experience in engineering and manufacturing as key attributes in his selection. The Board believes that through his experience in product development and international operations over the past three decades he can provide our company with particular insight into global opportunities and new markets for our current and planned future product lines.

Keith Albrecht has served as a member of our Board since May 2016 and serves as a member of each of our Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. Mr. Albrecht has extensive experience as a commercial real estate appraiser for commercial banks and local governments. Mr. Albrecht was an appraiser for commercial buildings for the County of Orange, California, from 1996 to 2007, where he was responsible for the assessment of property values of shopping malls, office buildings, hotels and apartment buildings. Prior thereto, Mr. Albrecht was an appraiser for Security Pacific and Bank of America, from 1985 to 1996. Mr. Albrecht is currently retired and invests in startups and small cap companies.

In nominating Mr. Albrecht, our Board considered his Board and executive level leadership, high level financial expertise, and extensive expertise in risk management as key attributes in his selection. The Board believes Mr. Albrecht can provide our Company particular insight into analysis of financial statements, debt analysis, and risk oversight.

邁克爾 ·G· 菲爾德 自 2024 年 7 月起擔任董事會成員，並擔任我們每個審計委員會的成員，薪酬 委員會及提名及企業管治委員會菲爾德先生曾擔任雷蒙德酒店總裁兼行政總裁 自 2014 年 6 月起，公司（「雷蒙德」）是一家提供物料內部解決方案的公司。從二零一零年五月至二零一四年六月，他是 雷蒙德的運營和工程部總裁。二零零九年一月至二零一零年四月，他擔任執行副總裁 運營和工程。二零零四年一月至二零零八年十二月，他擔任工程副總裁。菲爾德先生也是董事會 工業卡車協會成員。菲爾德先生獲得羅切斯特研究所機械工程學士學位 1986 年獲科技學碩士學位，製造系統工程學碩士學位，以及國際運營管理碩士學位， 他們都在 1995 年來自波士頓大學。

在提名Field先生時，我們董事會考慮了他在董事會和執行層的領導能力、他豐富的工程專業知識以及在全球業務運營方面的經驗，認為這些是其選擇過程中的關鍵特質。我們董事會相信Field先生將在我們擴大全球產品和客戶多元化戰略方面提供至關重要的領導。

凱瑟琳 科斯特 自 2019 年 12 月起擔任董事會成員，並擔任我們每個審計委員會和提名委員會的成員 以及企業管治委員會。科斯特女士於 2024 年 5 月退休，從事投資銀行/公共財務領域超過 30 年的職業生涯。 最近她擔任山頂證券有限責任公司的高級董事總經理和區域經理，她在其中提供協助 自 2022 年 2 月起，市政和發展商正在進入資本市場以資助關鍵基礎設施。科斯特女士是 戴維森市政部公共財務總經理於 2021 年 2 月至 2022 年 2 月，2008 年 6 月由派珀桑德勒公司擔任公共財務總監 至二零二一年二月。Koster 女士擁有佩珀丁大學戲劇/工商管理文學士學位，並已完成 加州大學洛杉磯分校安德森管理學院的「女性管治：準備董事會成員」企業治理計劃。 Koster 女士持有金融業監管局發出的 SIE、第 7 系列、第 24 及 79TO 系列牌照，系列 市政證券規則委員會發出的 50、52TO 及 53 系列牌照以及北美國發出的 63 系列證書 證券管理員協會.

在提名柯斯特女士時，我們的董事會考慮了她在董事會和執行層領導層、對資本市場的豐富經驗，以及高水準的財務專業知識作為選拔的關鍵屬性。我們的董事會認為，柯斯特女士的投資銀行業務經驗、她高水準的財務素養和專業知識，以及資本籌集活動的經驗，將為未來公司倡議的財務決策提供戰略洞察。

選舉 選舉幹部；家庭關係

我們的行政人員是由董事會任命並隨其酌情服務的。在我們的董事或行政人員中沒有任何家庭關係。

董事會組成

我們的董事會目前由四名成員組成：Arthur D. Sams，Keith Albrecht，Michael G. Field和Katherine Koster。我們的董事任期直至選出及合資格的繼任者或在其辭職或被免職之前。

我們的公司章程和章程規定，授權董事人數僅可通過整個董事會的決議進行更改。我們的公司章程和章程還規定，董事會的任何空缺，包括因董事會擴充而造成的空缺，僅可由現任任何一半董事投票填補，即使未構成法定人數，或由剩下唯一的一位董事填補。

我們重視董事會的多元價值。雖然我們在選擇董事成員時的首要考量是確定可以透過其在專業成就上的建立紀錄，對股東利益的推動，積極貢獻董事會成員之間的協作文化，對我們業務的了解和對競爭環境的理解的成員，但我們目前專注於女性候選人和來自少數群體的候選人。

董事會 多元矩陣

下面的矩陣總結了截至本次代理人聲明日之日期，我們董事會多樣性的某些信息。下表中列出的每個類別在納斯達克規則5605(f)中有所述。

我們董事會和董事會委員會的獨立性

納斯達克上市規則5605條要求上市公司董事會的大部分成員必須由「獨立董事」組成，定義如該規則所述，但需遵守特定例外。此外，納斯達克上市規則要求，需遵守特定例外：上市公司的稽核、薪酬和提名委員會的每位成員必須符合納斯達克上市規則所定義的獨立要求；稽核委員會成員還必須符合美國1934年證券交易法修訂條例第10A-3條中關於獨立性準則的設定；而薪酬委員會成員也必須符合納斯達克上市規則中薪酬委員會成員的額外獨立性測試。

根據納斯達克股票市場和證券交易委員會的規定，我們董事會評估了其成員的獨立性。根據這些標準，我們的董事會確定除了Sams先生外，其他董事都沒有導致在履行董事責任時獨立判斷受到干擾的關係，並且這些董事中的每一位都是 根據納斯達克上市規則5605(a)(2)條的定義，“獨立”的。 Sams先生並不被視為獨立，因為他是Polar Power, Inc.的職員。因此，我們董事會的大多數成員都是依據納斯達克上市規則定義的“獨立董事”

董事會在風險監督流程中的角色

本董事會的主要職能之一是對我們的風險管理流程進行知情監督。我們的董事會並無常設風險管理委員會，而是通過整個董事會以及負責監督各自領域內在風險的常設委員會來直接行使這一監督職能。特別是，我們的董事會負責監控和評估戰略風險暴露。我們的稽核委員會負責審查和討論我們的主要財務風險暴露以及管理層采取的監控和控制這些風險的措施，包括風險評估和風險管理方面的指引和政策。我們的稽核委員會還監督遵守法律和監管要求，審查相關方交易，除了監督我們外部審計職能的表現。我們的董事會監督我們公司治理指引的有效性。我們的薪酬委員會評估和監控我們任何可能鼓勵過度冒險的薪酬政策和方案。董事會認為其領導結構與支持其風險監督職能的管理一致。

董事會 委員會和會議

我們的業務、財產和事務由我們的董事會指導管理。我們的董事通過與執行管理人員的討論、審查提供給他們的材料以及參加我們董事會及其委員會的會議來獲取我們業務的相關資訊。在2023年，我們的董事會舉行了四次會議。所有董事全部參加了我們董事會及其委員會在他們擔任董事或委員會成員期間舉行的會議，出席率為100%。

在2023年，董事會及其委員會不時與管理層進行非正式諮詢，並且以書面同意方式五次在未開會的情況下行動。

根據我們的政策，我們邀請並鼓勵我們的董事出席我們的股東年度大會。其中一名董事參加了我們2023年的股東年度大會。

我們的董事會為履行其責任設立了常設委員會。這些委員會包括審核委員會、薪酬委員會和提名與企業管治委員會。每項憲章均可在我們的網站http://www.polarpower.com上找到。每個委員會的成員組成和責任如下所述。成員將在委員會上任直至辭職或根據我們董事會的其他決定為止。這些委員會中的每一個都已採納符合證券交易委員會和納斯達克上市規則的適用標準的書面憲章，我們已在公司網站的投資者關係部分張貼。

稽核委員會

我們稽核委員會的成員包括Mr. Albrecht、Mr. Field和Ms. Koster。 Mr. Albrecht是稽核委員會的主席。稽核委員會的每位成員均符合納斯達克上市規則和《交易法》第10A-3條的提高級別稽核委員會獨立性要求。2023年，我們的稽核委員會舉行了四次會議。 2023年的稽核委員會報告可在本代理委員會的第24頁找到。此外，我們的董事會已確定Mr. Albrecht符合證券交易委員會規則下定義的稽核委員會財務專家資格，並擁有納斯達克上市規則下定義的必要財務專業知識。我們的稽核委員會協助董事會監督我們的會計和財務報告流程以及我們的財務報表的審計工作。

根據其章程，我們的審核委員會負責處理，包括但不限於以下事項：

Compensation Committee

The members of our Compensation Committee are Messrs. Field and Albrecht. Mr. Field is the chair of the Compensation Committee. Each member of our Compensation Committee is independent as defined under the Nasdaq Listing Rules and satisfies Nasdaq’s additional independence standards for compensation committee members. Messrs. Field and Albrecht are non-employee directors within the meaning of Rule 16b-3 under the Exchange Act and outside directors as defined by Section 162(m) of the Internal Revenue Code. Our Compensation Committee assists our Board in the discharge of its responsibilities relating to the compensation of our executive officers. During 2023, our Compensation Committee held one meeting.

Under its charter, our Compensation Committee is responsible for, among other things:

Nominating and Corporate Governance Committee

The members of our Nominating and Corporate Governance Committee are Mr. Field, Mr. Albrecht and Ms. Koster. Mr. Field is the chair of the Nominating and Corporate Governance Committee. Each member of our Nominating and Corporate Governance Committee is independent as defined under the Nasdaq Listing Rules. During 2023, our Nominating and Corporate Governance Committee held one meeting.

Under its charter, our Nominating and Corporate Governance Committee is responsible for, among other things:

非僱員董事的報酬

目前，我們的非員工董事每季度收取7500美元現金酬勞。Field先生有選擇權，在服務的第一年內，只能選擇每季度收取7500美元的現金支付或是收取公司普通股18,750股，根據公司2016年全權激勵計劃（“2016計劃”）發行。此外，我們會報銷所有非員工董事在執行董事業務時產生的旅行和其他必要業務支出，並將他們納入我們的董事和高級官員賠償保險政策的保障範圍。

員工董事的補償

Sams先生是全職員工和官員，因此在2023年擔任董事會成員時未獲得任何額外補償。有關Sams先生獲得的補償信息包含在下面的“高管薪酬及相關信息-總體薪酬表”中。

賠償 委員會的交叉關係和內部人員參與

自2016年7月以來，所有高級管理人員的薪酬和獎金由我們目前由三位獨立董事組成的薪酬委員會決定。

本公司的執行長並未擔任過或目前不擔任我們的董事會、薪酬委員會或其他具有相應功能的委員會的成員，也沒有在任何有一名或多名執行長擔任我們董事會或薪酬委員會成員的實體擔任過；我們薪酬委員會的任何成員都不是或曾不是Polar Power, Inc.的董事或員工。

股東 對於提名我們董事會的建議

我們的提名和企業治理委員會將考慮股東提名的董事候選人推薦。希望向委員會推薦董事候選人的股東，必須將推薦以書面形式寄至Polar Power, Inc., 249 E. Gardena Boulevard, Gardena, California 90248, 負責人：公司秘書，並必須包括候選人的姓名、家庭和業務聯繫資料、詳細履歷資料、相關資格、我們所持有的資本股份的類別和數量，候選人的簽署信函，確認願意擔任，有關我們與候選人之間的任何關係及推薦股東擁有我們股份的證據。此類推薦還必須包括推薦股東支持候選人的聲明，特別是在董事會成員資格的準則背景下，包括性格、誠信、判斷力、經驗多元性、獨立性、專業領域、公司經驗、潛在利益衝突、其他承諾等，以及個人推薦。我們的提名和企業治理委員會將考慮這項建議，但不承諾對該建議採取進一步行動。

與董事會的通信

在股東或其他感興趣的各方希望直接與我們的非管理董事通信的情況下，信息可以發送至Polar Power, Inc., 249 E. Gardena Boulevard, Gardena, California 90248，注意：公司秘書。我們的公司秘書監察這些通信並將所有收到的信息摘要轉交給董事會每次定期會議。在通信的性質需要時，我們指定的法律顧問可能會據其判斷決定將注意力儘快轉移到董事會的適當委員會或非管理董事、獨立顧問或我們的管理層。我們指定的法律顧問可能會根據其判斷決定是否需要回應股東或感興趣的各方的通信。非管理董事與股東和其他感興趣各方進行通信的程序由我們的董事會管理。此程序不適用於以下情况：(i)來自我們的股東或董事的非管理董事的通信，(ii)根據《交易法》第14a-8條提交的股東提案，或(iii)根據我們有關會計和審計事項投訴的程序向審計委員會提出的通信。

業務行為守則與道德操守規範

我們已經採納了適用於我們的董事、高級主管和員工，包括我們的首席執行官、信安金融主管、首席會計主管或控制器，或履行類似職能的人員的書面業務行為與道德準則。該准則的副本可在我們網站的投資者關係部分找到，網址為https://polarpower.com/。如果我們對業務行為與道德準則進行任何實質修訂，或為任何高管或董事提供任何豁免，我們將在我們的網站或在第8-k表格的當前報告中披露該修訂或豁免的性質。

董事 薪酬表

下表概述了截至2023年12月31日的非僱員董事的報酬。

董事及主管的賠償

根據特拉華州公司法第145條，或DGCL，規定公司可以賠償董事和經理人以及其他員工和個人，在任何可能的、正在進行的或已完成的行動、訴訟或程序中，這些人是由於其身分為公司的董事、經理人、僱員或代理人而被使其成為當事人的法院費用（包括律師費）、判決、罰款和和解費用負責的金額實際且合理地支付的支出。 DGCL規定，第145條並不排他，尋求賠償的人可能根據任何章程、協議、股東表決或無利益關係的董事的投票或其他情況享有的其他賠償權利。我們成立證書和章程提供，公司對我們的董事、經理人、員工和代理人的賠償將盡可能符合DGCL的規定。

根據我們的公司章程第XI條，董事或股東不承擔違反董事職責的金錢損害賠償責任，但在達拉瓦州公司法不允許豁免責任或限制責任的情況下除外。根據達拉瓦州公司法第102(b)(7)條，董事不得免除因(一)違反對公司或股東的忠誠義務、(二)不以善意行事或涉及故意不當行為或明知違法、(三)根據達拉瓦州公司法第174條、或(四)從中獲得不當私利的交易而導致的任何債務責任豁免金錢損害賠償責任。

我們已經達成協議，通過董事會確定賠償我們的董事和高級管理人員。這些協議提供賠償相關費用，包括律師費、判決、罰款以及這些個人在任何訴訟或程序中遭受的和解金額。我們認為這些賠償協議對吸引和留住合格的董事和高級管理人員是必要的。我們還保留董事和高級管理人員的責任保險。

我們的公司章程和公司規則中的責任限制和賠償條款可能會阻止股東對我們的董事提起違反盡忠職責的訴訟。這些條款還可能減少對我們的董事和高級職員提起衍生訴訟的可能性，即使一項成功的舉動可能會造福我們和其他股東。此外，作為我們根據這些賠償條款支付結算和對董事和高級職員的損害賠償成本可能會對股東的投資產生不利影響。

就1933年修訂版證券法（以下簡稱“證券法”）所產生的責任的賠償，根據我們的公司章程或章程規定，或其他，對於我們的董事、高級管理人員和控制人員可能被允許，我們已獲悉，據證券交易委員會的意見，這種賠償違反了證券法所表達的公共政策，因此無效。

建議 兩個

任命的批准

獨立註冊的公眾會計師事務所

我們的審計委員會已指定獨立的註冊會計師事務所Weinberg & Company, P.A. 審計並評論我們截至2024年12月31日的基本報表，並進行所視為必要的任何審計功能。 Weinberg & Company, P.A. 審計了截至2023年12月31日的我們基本報表，並納入了我們最近的年度10-k表格中。

維恩伯格與公司代表將不會出席年度大會。

必須 股東投票

雖然不需要股東對此提案進行投票，但我們的董事會要求股東核准我們獨立註冊的會計師的任命。我們獨立註冊的會計師的任命需要股東大會中親自出席或通過代理行使表決權的普通股股份的過半數股東的肯定票。

如果我們的股東未批准將Weinberg＆Company，P.A.任命為我們的獨立註冊會計師，則該任命將由我們的審計委員會重新考慮。即使該任命獲得批准，我們的審計委員會可以酌情在任何時候指示任命不同的獨立註冊會計師，如果審計委員會認為這樣的變更對我們和我們的股東最有利。

董事會的建議

我們的董事會一致建議投票“贊成” 核准任命WEINBERG & COMPANY, P.A. 作為我們獨立的註冊會計師事務所，任職截至2024年12月31日。

建議 三

通過修改公司章程以實行股票逆向拆分。

一般事項。

我們的董事會已經決定，根據本代理聲明附件A（“Reverse Split Charter Amendment”）所附的文件，修改公司的章程，並且認為這對公司及我們的股東最有利，以一定比率（範圍從一比三（1:3）到一比二十（1:20））進行全球已發行和流通普通股資本價值為0.0001美元每股的股票進行股價逆向合併（“股份合併批准比率”），如果實施，董事會將確定合併的時間和比率（“股份合併”）。

逆向拆分的主要目標是將我們的普通股每股市場價格提高以滿足納斯達克持續上市的最低每股買盤價格要求。我們認為各種逆向拆分比率為我們提供實現逆向拆分所需結果的最大靈活性。

對這項提案3的投票將構成對逆向拆分的批准，如果我們的董事會通過向特拉華州州州州州州州司文書局提交逆向拆分章程修正案來實施逆向拆分，則將將最多每30股我們優先股合併為一股我們的普通股。若實施，逆向拆分將使我們的普通股已發行和流通股份數減少。由於逆向拆分不會減少我們的普通股授權股份數，因此逆向拆分將導致我們的普通股授權股份數有效增加，可用於未來發行。

相應地，股東被要求批准在附件A中列明的逆向股份合併憲章修正案，以實施與本提案3中規定的逆向股份合併條款一致的逆向股份合併，並授權董事會酌情判斷是否實施逆向股份合併，以及在已批准的合併比例區間內確定其具體比例。附件A的文字仍然可能會被修改，以包括可能由特拉華州州務卿要求的變更，以及我們董事會認為需要或建議實施逆向股份合併的任何變更。

如果獲得我們優先投票證券持有人的批准並經董事會追求，則逆向拆分將適用於2024年12月31日之前董事會批准的批准分割比例，並在反向拆分憑證修訂在特拉華州秘書局申報的時間指定後生效。董事會保留選擇放棄逆向拆分的權利，如果他認定，在其獨立裁量權下，逆向拆分對我們和我們的股東不再符合最佳利益。

逆向合併的目的和理由

避免從納斯達克下市。

我們向股東提交此提案，以批准增加我們普通股的交易價格，以滿足繼續在納斯達克資本市場上市所需的每股最低買盤價格要求。我們相信增加我們普通股的交易價格還可能有助於我們的籌資努力，因為使我們的普通股對更廣泛投資者更具吸引力。因此，我們認為進行逆向拆分符合我們股東的最佳利益。

納斯達克股票市場LLC要求公司保持最低買盤價格，以繼續在納斯達克上市。 2023年11月24日，我們收到了納斯達克上市資格部門發來的缺陷函，指出根據公司普通股在過去30個連續業務日的收盤買盤價格，公司未符合每股1.00美元的最低買盤價格（“買盤價格要求”）的續任上市需要，根據納斯達克上市規則5550（a）（2）。 函件指出，我們將有180個日歷天數的合規期限，或至2024年5月22日（“第一合規期限”），在此期限內重新符合納斯達克上市規則5810（c）（3）（A）的合規要求，即在第一合規期間內的至少十個連續業務日內讓我們的普通股收盤最低買盤價達到至少1.00美元。

截至2024年5月22日，我們尚未恢復符合買盤價格要求。因此，我們通知了納斯達克並申請延長遵守期限，根據缺陷函允許。在申請書中，我們指出公司符合公開持股市值和其他納斯達克資本市場的首次上市標準，除了最低收盤買盤價格要求之外，並書面通知我們打算在第二個遵守期限的額外180天內通過進行股票逆向拆股來補救缺陷。2024年5月30日，我們收到納斯達克的通知，要求達到遵守日期延長額外180天，直至2024年11月18日（“第二次遵守期限”）。

未批准進行反向拆分可能對我們和我們的股東產生嚴重不良影響。如果我們的普通股繼續交易在維持上市所需的每股$1.00價格以下，根據買盤價格要求，我們的普通股可能會從納斯達克退市。 如果我們的普通股從納斯達克退市，我們的普通股可能會在場外交易公告牌或其他小型交易市場，例如粉紅表格，這些市場通常被認為效率較低。在這種情況下，我們的普通股可能會作為微型或便士股稀發交易，交易量可能大幅減少至名義交易水平，並且可能會被零售和機構投資者回避，導致買賣我們普通股股份的流動性受損，並增加交易成本。

逆向拆股——若實施，將立即使我們在納斯達克報告的普通股價格上升，因此允許我們遵守納斯達克上市規則 5550(a)(2)。

我們的董事會堅信進行逆向股份合併是為了維持我們在納斯達克上市的必要措施。因此，董事會已提議在股東年度大會上獲得批准，以便允許董事會在2024年12月31日前判定為明智時執行逆向股份合併。

其他 效應。

董事會亦認為，實施逆向拆分可能會預期增加我們普通股的市場價格，改善普通股的市場性和流動性，並促進對我們普通股的興趣和交易。若實施逆向拆分，可能會使更廣泛範圍的機構（即禁止購買股價低於某一門檻的所有基金類型）投資於我們的普通股，潛在地增加普通股的交易量和流動性。逆向拆分可能有助於增加分析師和券商對普通股的興趣，因為他們的政策可能會阻止他們跟進或推薦股價低的公司。由於低價股通常伴隨著交易波動性，許多券商和機構投資者都有內部政策和實踐，要麼禁止他們投資於低價股，要麼傾向於阻止個別經紀人向他們的客戶推薦低價股。其中一些政策和實踐可能會使低價股的交易處理對券商不具經濟吸引力。此外，由於券商佣金通常代表股價的較高比例，而不是較高價股的佣金，普通股每股的平均價格低可能導致個別股東支付交易成本，比例較高，此情況如果股價較高則不一定會發生。

擁有更多已授權但未發行的普通股股份，將為將來的業務和財務目的提供更多靈活性，並使我們能夠就發展的公司機會採取即時行動，而無需召開股東特別會議批准增加我們的授權股份所需的延遲和開支。這些額外股份可以在無需進一步股東批准的情況下用於各種目的。這些目的可能包括：(i) 通過發行普通股或可轉換為普通股的證券，如有適當機會時籌集資本；(ii) 通過潛在的戰略交易擴大我們的業務，包括合併、收購、授權交易和其他業務組合或收購新的產品候選人或產品；(iii) 與其他公司建立戰略關係；(iv) 以可轉換為普通股的普通股或證券交換其他未偿還的證券；(v) 根據我們的2016年計劃或將來可能採納的其他計劃提供股權激勵，以吸引和留住員工、管理人員或董事；以及(vi) 其他一般公司目的。我們打算使用將可用於進行上述任何發行的額外股份。由於預計我們的董事和執行官將根據我們的2016年計劃或將來採納的其他計劃被授予額外的股權獎勵，他們可能被視為對公司憲章修訂具有間接利益，因為如果沒有公司憲章修訂，我們可能沒有足夠的授權股份來授予此類獎勵。

增加我們的普通股授權股份供發行將不會立即影響現有股東的權利。然而，由於我們的普通股持有人沒有任何優先購買權，未來發行普通股或證券，行使權利或轉換為普通股，可能對我們每股收益、每股淨值、股東投票權產生稀釋效應，並可能對我們的普通股價格產生負面影響。

增加普通股授權股份的缺點可能包括：

本董事會並無意將此交易規劃為一系列計畫或提案的第一步，也無意進行違反交易所法案第13e-3條所涵義之「私有化交易」。

我們目前關於此次拟议的股票逆向拆分後發行普通股份的具體計劃、承諾、安排、了解或協議，無論是口頭還是書面，都沒有任何明確安排，我們也没有將拟议中已生效增加的授權股份数额的任何具體部分分配給任何特定用途。但我們過去曾進行過某些普通股和認股權憑證的公開和私人發行，並且將來可能繼續需要額外的資本來資助我們的運營。因此，可以預見到我們可能會在與此類籌資活動相關或上述任何其他活動中發行這些額外的普通股份。董事會不打算發行除了董事會認為符合我們和我們股東最佳利益條件的普通股或可轉換為普通股的證券。

建議的逆向合併風險

我們無法保證提議的股票逆向分割能提高我們的普通股價格，並達到維持納斯達克遵循的預期效果.

如果實施逆向拆分，我們董事會預期它將提高我們普通股的市場價格，以便我們能夠維持遵守納斯達克的最低買盤價格要求。然而，逆向拆分對我們普通股市場價格的影響無法確定，我們無法保證逆向拆分將在任何有意義的時間內或根本實現此目標。我們的普通股逆向拆分後的每股價格可能不會與由於逆向拆分導致的我們流通在外的普通股數量減少成正比地上升，進行逆向拆分後的每股價格可能不會超過或長期保持在1.00美元的最低買盤價格以上，或逆向拆分可能不會導致吸引不交易較低價格股票的經紀人和投資者的每股價格。即使實施逆向拆分，由於與逆向拆分無關的因素，我們的普通股市場價格可能會下降。無論如何，我們的普通股市場價格將受到其他與流通股數無關的因素的影響，包括我們的業務和財務表現、一般市場條件以及未來成功的前景。即使逆向拆分後的每股價格仍超過1.00美元每股，由於未能滿足其他持續上市要求，包括與納斯達克有關的必須在公開漂流量中持有的股份最低數量和公開漂流量的最低市值，我們可能因被摘牌而被除牌。

建議的逆向拆分可能會降低我們普通股的流動性.

董事會相信逆向拆分將導致我們普通股的市場價格上升，這可能會增加對我們普通股的興趣並可能促進我們股東更大的流動性。然而，逆向拆分也會降低普通股的總流通股數，這可能會導致交易減少和市場中的市場做市商數量減少，特別是如果普通股價格由於逆向拆分而未增加。

逆向拆股可能導致一些股東擁有較少股份 “零股” 這可能會更難賣出，或者每股的交易成本更高。

若進行逆向合併，將增加持有少於100股「碎股」普通股的股東人數。少於100股普通股的購買或賣出（一筆「碎股」交易）可能會透過某些經紀商，尤其是「全方位」經紀商，導致相對較高的交易成本。因此，進行逆向合併後持有少於100股普通股的股東，如果賣出其普通股，可能需要支付較高的交易成本。

逆向拆分可能導致我們整體市值下降。

倒換比例可能會被市場視為負面，因此可能導致我們整體市值減少。如果我們普通股的每股市價未按照分割比例增加，或在這樣的增加後未能維持或超過這樣的價格，那麼按照我們的市值衡量的公司價值將會降低。此外，由於倒換後普通股總數目較少，我們市值的任何減少可能會被放大。

確定進行股票逆向拆分的比率

如果 股東批准提案3並且董事會認定進行反向股份拆分符合公司及股東最佳利益 ，董事會將自行酌情選擇通過的拆分比率。但是， 通過的拆分比率不得低於三分之一（1：3）或不得超過二十分之一（1：20）。 在決定使用哪個通過的拆分比率時，董事會將考慮眾多因素，包括以下幾點：

The purpose of selecting a range is to give the Board the flexibility to meet business needs as they arise, to take advantage of favorable opportunities and to respond to a changing corporate environment. Based on the number of shares of common stock issued and outstanding as of September 26, 2024, after completion of the Reverse Split, we will have between 878,081 and 5,853,871 shares of common stock issued and outstanding, depending on the Approved Split Ratio selected by the Board.

Principal Effects of the Reverse Split

After the effective date of the proposed Reverse Split, each stockholder will own a reduced number of shares of common stock. Except for adjustments that may result from the treatment of fractional shares as described below, the proposed Reverse Split will affect all stockholders uniformly. The proportionate voting rights and other rights and preferences of the holders of our common stock will not be affected by the proposed Reverse Split (subject to the treatment of fractional shares). For example, a holder of 2% of the voting power of the outstanding shares of our common stock immediately prior to a Reverse Split would continue to hold 2% of the voting power of the outstanding shares of our common stock immediately after such Reverse Split. The number of stockholders of record also will not be affected by the proposed Reverse Split, except to the extent that as described below in “Treatment of Fractional Shares”, record holders of common stock otherwise entitled to a fractional share as a result of the Reverse Split because they hold a number of shares not evenly divisible by the Approved Split Ratio will automatically be entitled to receive an additional fraction of a share of common stock, to round up to the next whole share. In any event, cash will not be paid for fractional shares.

The following table contains the approximate number of issued and outstanding shares of common stock, and the estimated per share trading price following a 1:3 to 1:20 Reverse Split, without giving effect to any adjustments for fractional shares of common stock or the issuance of any derivative securities, as of September 26, 2024.

After Each Reverse Split Ratio

Our common stock is currently registered under Section 12(b) of the Exchange Act, and we are subject to the periodic reporting and other requirements of the Exchange Act. The proposed Reverse Split will not affect the registration of our common stock under the Exchange Act. Our common stock would continue to be reported on Nasdaq under the symbol “POLA,” assuming that we are able to regain compliance with the minimum bid price requirement, although we expect that Nasdaq will add the letter “D” to the end of the trading symbol for a period of twenty trading days after the effective date of the Reverse Split to indicate that the Reverse Split had occurred.

Effect on Outstanding Derivative Securities

The Reverse Split will require that proportionate adjustments be made to the conversion rate, the per share exercise price, and the number of shares issuable upon the vesting, exercise, or conversion of the following outstanding derivative securities issued by us, in accordance with the Approved Split Ratio (all figures are as of September 26, 2024 and are on a pre-Reverse Split basis), including:

The adjustments to the above securities, as required by the Reverse Split and in accordance with the Approved Split Ratio, would result in approximately the same aggregate price being required to be paid under such securities upon exercise, and approximately the same value of shares of common stock being delivered upon such exercise or conversion, immediately following the Reverse Split as was the case immediately preceding the Reverse Split.

Effect on Stock Option Plans

As of September 26, 2024, we had 140,000 shares of common stock underlying options, as well as 1,453,038 shares of common stock available for issuance under the 2016 Plan. Pursuant to the terms of the 2016 Plan, the Board, or a designated committee thereof, as applicable, will adjust the number of shares of common stock underlying outstanding awards, the exercise price per share of outstanding stock options, and other terms of outstanding awards issued pursuant to the 2016 Plan to equitably reflect the effects of the Reverse Split. The number of shares subject to vesting under restricted stock awards and the number of shares issuable as contingent consideration as part of an acquisition by the Company will be similarly adjusted, subject to our treatment of fractional shares. Furthermore, the number of shares available for future grant under the 2016 Plan will be similarly adjusted.

Effect on Preferred Stock

As of September 26, 2024, we had no shares of preferred stock, par value $0.0001 per share (the “preferred stock”), issued and outstanding. The Reverse Stock Split will not have any effect on our preferred stock.

Effective Date

If approved by the holders of our outstanding voting securities and pursued by the Board, the proposed Reverse Split would become effective on the date of filing of the Charter Amendment with the office of the Secretary of State of the State of Delaware. On the effective date, shares of common stock issued and outstanding immediately prior thereto will be combined and converted, automatically and without any action on the part of our stockholders, into new shares of common stock in accordance with the Approved Split Ratio set forth in this Proposal 3. If the proposed Charter Amendment is not approved by our stockholders, the Reverse Split will not occur.

Treatment of Fractional Shares

No fractional shares of common stock will be issued as a result of the Reverse Split. Instead, stockholders who otherwise would be entitled to receive fractional shares because they hold a number of shares not evenly divisible by the Approved Split Ratio will automatically be entitled to receive an additional fraction of a share of common stock, to round up to the next whole share. In any event, cash will not be paid for fractional shares.

Effect on “Book-Entry” Holders of common stock

If the Reverse Split is authorized by our stockholders and our Board elects to implement the Reverse Split, stockholders of record holding some or all of their shares of common stock electronically in book-entry form under the direct registration system for securities will receive a transaction statement at their address of record indicating the number of shares of common stock they hold after the Reverse Split. Stockholders holding common stock in “street name” through a bank, broker, or other nominee should note that such banks, brokers, or other nominees may have different procedures for processing the consolidation for fractional shares than those that would be put in place by us for registered stockholders. If you hold your shares with such a bank, broker, or other nominee and if you have questions in this regard, you are encouraged to contact your nominee.  

Exchange of Stock Certificates

If the Reverse Split is authorized by the stockholders and our Board elects to implement the Reverse Split, stockholders of record holding some or all of their shares in certificate form will receive a letter of transmittal, as soon as practicable after the effective date of the Reverse Split. Our transfer agent will act as “exchange agent” for the purpose of implementing the exchange of stock certificates. Holders of pre-Reverse Split shares will be asked to surrender to the exchange agent certificates representing pre-Reverse Split shares in exchange for post-Reverse Split shares in accordance with the procedures to be set forth in the letter of transmittal. Until surrender, each certificate representing shares before the Reverse Split would continue to be valid and would represent the adjusted number of whole shares based on the approved exchange ratio of the Reverse Split selected by the Board. No new post-Reverse Split share certificates will be issued to a stockholder until such stockholder has surrendered such stockholder’s outstanding certificate(s) together with the properly completed and executed letter of transmittal to the exchange agent.

In connection with the Reverse Split, the CUSIP number for the common stock will change from its current CUSIP number. This new CUSIP number will appear on any new stock certificates issued representing post-split shares.

STOCKHOLDERS SHOULD NOT DESTROY ANY PRE-SPLIT STOCK CERTIFICATE AND SHOULD NOT SUBMIT ANY CERTIFICATES UNTIL THEY ARE REQUESTED TO DO SO.

會計 後果

每股普通股的面值在進行反向股份拆分後將保持不變，每股為0.0001美元。因此，在反向拆分生效日期，基本報表上的附屬於普通股的資本金將按照董事會選定的批准拆分比例，從現有金額中按比例減少，並將溢繳資本賬戶記入減少的資本金額。每股普通股的凈利潤或損失和凈賬面價值將增加，因為未來將會更少的普通股流通。若有的普通股被公司持有，也將按照董事會選定的批准拆分比例相應減少。財務報表中的所有股份數量將獲得追溯調整，因此所有金額，包括每股金額，將按照發帖後的基礎顯示。我們不預料到反向股份拆分會導致其他任何會計後果。

No Appraisal Rights

Our stockholders are not entitled to dissenters’ or appraisal rights under the Delaware General Corporation Law with respect to this Proposal 3, and we will not independently provide our stockholders with any such right if the Reverse Split is implemented.

Material Federal U.S. Income Tax Consequences of the Reverse Split

The following is a summary of certain material U.S. federal income tax consequences of a Reverse Split to our stockholders. The summary is based on the Internal Revenue Code of 1986, as amended (the “Code”), applicable Treasury Regulations promulgated thereunder, judicial authority and current administrative rulings and practices as in effect on the date of this Proxy Statement. Changes to the laws could alter the tax consequences described below, possibly with retroactive effect. We have not sought and will not seek an opinion of counsel or a ruling from the Internal Revenue Service regarding the federal income tax consequences of a Reverse Split. This discussion only addresses stockholders who hold common stock as capital assets. It does not purport to be complete and does not address stockholders subject to special tax treatment under the Code, including, without limitation, financial institutions, tax-exempt organizations, insurance companies, dealers in securities, foreign stockholders, stockholders who hold their pre-reverse stock split shares as part of a straddle, hedge or conversion transaction, and stockholders who acquired their pre-reverse stock split shares pursuant to the exercise of employee stock options or otherwise as compensation. If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is the beneficial owner of our common stock, the U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership. Accordingly, partnerships (and other entities treated as partnerships for U.S. federal income tax purpose) holding our common stock and the partners in such entities should consult their own tax advisors regarding the U.S. federal income tax consequences of the proposed Reverse Split to them. In addition, the following discussion does not address the tax consequences of the Reverse Split under state, local and foreign tax laws. Furthermore, the following discussion does not address any tax consequences of transactions effectuated before, after or at the same time as the Reverse Split, whether or not they are in connection with the Reverse Split.

In general, the federal income tax consequences of a Reverse Split will vary among stockholders depending upon whether they receive solely a reduced number of shares of common stock in exchange for their old shares of common stock or a full share in lieu of a fractional share. We believe that because the Reverse Split is not part of a plan to increase periodically a stockholder’s proportionate interest in our assets or earnings and profits, the Reverse Split should have the following federal income tax effects. The Reverse Split is expected to constitute a “recapitalization” for U.S. federal income tax purposes pursuant to Section 368(a)(1)(E) of the Code. A stockholder who receives solely a reduced number of shares of common stock will not recognize gain or loss. In the aggregate, such a stockholder’s basis in the reduced number of shares of common stock will equal the stockholder’s basis in its old shares of common stock and such stockholder’s holding period in the reduced number of shares will include the holding period in its old shares exchanged. The Treasury Regulations provide detailed rules for allocating the tax basis and holding period of shares of common stock surrendered in a recapitalization to shares received in the recapitalization. Stockholders of our common stock acquired on different dates and at different prices should consult their tax advisors regarding the allocation of the tax basis and holding period of such shares.

A stockholder who holds a number of shares of common stock not evenly divisible by the Approved Split Ratio will automatically be entitled to receive an additional fraction of a share of common stock to round up to the next whole share of common stock. The U.S. federal income tax consequences of the receipt of such an additional fraction of a share are not clear. A stockholder that receives a full share in lieu of a fractional share may be treated as though it received a distribution from us to the extent that the value of the full share exceeds the value of the fractional share the stockholder otherwise would have received. Such distribution would generally be a dividend to the extent of our current or accumulated earnings and profits. Any amount in excess of earnings and profits would generally reduce the stockholder’s basis in their shares of common stock by the amount of such excess. The portion of the full share in excess of the fractional share would generally have a tax basis equal to the amount recognized as a dividend and the holding period for such share would begin on the date of the deemed distribution. Stockholders are urged to consult their own tax advisors as to the possible tax consequences of receiving an additional fraction of a share in the Reverse Split.

THE PRECEDING DISCUSSION IS INTENDED ONLY AS A SUMMARY OF CERTAIN FEDERAL U.S. INCOME TAX CONSEQUENCES OF THE REVERSE SPLIT AND DOES NOT PURPORT TO BE A COMPLETE ANALYSIS OR DISCUSSION OF ALL POTENTIAL TAX EFFECTS RELEVANT THERETO. YOU SHOULD CONSULT YOUR OWN TAX ADVISORS AS TO THE PARTICULAR FEDERAL, STATE, LOCAL, FOREIGN AND OTHER TAX CONSEQUENCES OF THE REVERSE SPLIT IN LIGHT OF YOUR SPECIFIC CIRCUMSTANCES.

Required Vote of Stockholders

In accordance with our Charter and Delaware law, approval and adoption of this Proposal 3 requires the affirmative vote of at least a majority of the total number of votes cast at the Annual Meeting in person or by proxy and entitled to vote.

Recommendation of the Board of Directors

OUR BOARD unanimously recommends a vote “FOR” THE APPROVAL OF AN AMENDMENT TO THE CHARTER TO EFFECT THE REVERSE SPLIT.

PROPOSAL NO. 4

APPROVAL OF THE ADJOURNMENT

If at the Annual Meeting the number of votes represented by shares of the Common Stock present or represented and voting in favor of Proposal 3 is insufficient to approve the proposal, our management may move to adjourn the Annual Meeting in order to enable our Board to continue to solicit additional proxies in favor of Proposal 3.

In this proposal, we are asking our stockholders to authorize the holder of any proxy solicited to vote in favor of adjourning, postponing or continuing the Annual Meeting and any later adjournments. If our stockholders approve the adjournment, postponement or continuation proposal, we could adjourn, postpone or continue the Annual Meeting, and any adjourned session of the Annual Meeting, to use the additional time to solicit additional proxies in favor of Proposal 3, including the solicitation of proxies from stockholders that have previously voted against the proposals. Among other things, approval of the adjournment, postponement or continuation proposal could mean that, even if proxies representing a sufficient number of votes against Proposal 3 have been received, we could adjourn, postpone or continue the Annual Meeting without a vote on Proposal 3 and seek to convince the holders of those shares to change their votes to votes in favor of the approval of Proposal 3.

Required Vote of Stockholders

The approval of the adjournment of the Annual Meeting to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes to adopt Proposal 3 requires the affirmative vote of at least a majority of the total number of votes cast at the Annual Meeting in person or by proxy and entitled to vote.

Recommendation of the Board of Directors

OUR BOARD unanimously recommends a vote “FOR” THE APPROVAL OF THE ADJOURNMENT OF THE ANNUAL MEETING TO A LATER DATE OR DATES, IF NECESSARY OR APPROPRIATE, TO SOLICIT ADDITIONAL PROXIES IF THERE ARE INSUFFICIENT VOTES TO ADOPT PROPOSAL 3.

OTHER MATTERS

Our Board knows of no other matters to be brought before the Annual Meeting. However, if other matters should come before the Annual Meeting, it is the intention of the person named in the proxy to vote such proxy in accordance with his or her judgment on such matters.

AUDIT MATTERS

Principal Accountant Fees and Services

The following table presents fees for professional audit services rendered by Weinberg & Company, P.A. for the years ended December 31, 2023 and 2022 (in thousands).

Audit Fees. Consist of amounts billed for professional services rendered for the audit of our annual consolidated financial statements included in the accompanying Annual Report on Form 10-K.

Audit-Related Fees. Audit-Related Fees consist of fees billed for professional services that are reasonably related to the performance of the audit or review of our consolidated financial statements but are not reported under “Audit Fees.”

Tax Fees. Tax Fees consist of fees for professional services for tax compliance activities, including the preparation of federal and state tax returns and related compliance matters.

All Other Fees. Consists of amounts billed for services other than those noted above.

Our Audit Committee considered all non-audit services provided by Weinberg & Company, P.A. and determined that the provision of such services was compatible with maintaining such firm’s audit independence.

Audit Committee Pre-Approval Policy

Our Audit Committee is responsible for approving all audit, audit-related, tax and other services. The Audit Committee pre-approves all auditing services and permitted non-audit services, including all fees and terms to be performed for us by our independent auditor at the beginning of the fiscal year. Non-audit services are reviewed and pre-approved by project at the beginning of the fiscal year. Any additional non-audit services contemplated by us after the beginning of the fiscal year are submitted to the Chairman of our Audit Committee for pre-approval prior to engaging our independent auditor for such services. These interim pre-approvals are reviewed with the full Audit Committee at its next meeting for ratification.

AUDIT COMMITTEE REPORT

The Audit Committee is comprised entirely of independent directors who meet the independence requirements of the Nasdaq Listing Rules and the Securities and Exchange Commission. The Audit Committee operates under a written charter adopted by the Board that is available on our website at http://www.polarpower.com. As described more fully in its charter, the Audit Committee oversees the financial reporting process, the internal control structure and disclosure controls and procedures on behalf of the Board.

Management is responsible for the preparation, presentation and integrity of Polar Power’s financial statements; the appropriateness of the accounting principles and reporting policies that are used; and procedures designed to reasonably assure compliance with accounting standards, and applicable laws and regulations. Management is also responsible for the effectiveness of Polar Power’s internal control over financial reporting, and reports to the Audit Committee on any deficiencies found.

Polar Power’s independent registered public accounting firm, Weinberg & Company, P.A., is responsible for performing an independent audit of Polar Power’s consolidated financial statements in accordance with standards of the Public Company Accounting Oversight Board (United States). The Audit Committee is directly responsible for the selection, compensation, evaluation and oversight, and retention of Polar Power’s independent registered public accounting firm, and evaluates its independence.

Under its written charter, the Audit Committee has the authority to conduct any investigation appropriate to fulfilling its responsibilities, has direct access to Polar Power’s independent registered public accounting firm as well as any of Polar Power’s employees, and has the ability to retain, at Polar Power’s expense, special legal, accounting, or other experts or advisors it deems necessary in the performance of its duties, apart from counsel or advisors hired by management.

Audit Committee members are not acting as professional accountants or auditors, and their functions are not intended to duplicate or to certify the activities of management or Polar Power’s independent registered public accounting firm. The Audit Committee serves a board-level oversight role in which it provides advice, counsel, and direction to management and to the auditors on the basis of the information it receives, discussions with management and the auditors, and the experience of the Audit Committee’s members in business, financial, and accounting matters.

In accordance with Audit Committee policy and the requirements of law, the Audit Committee pre-approves all services to be provided by Polar Power’s independent registered public accounting firm. Pre-approval includes audit services, audit-related services, tax services, and all other services.

The Audit Committee reviewed and discussed with management its assessment of and report on the effectiveness of Polar Power’s internal control over financial reporting as of December 31, 2023, which it made based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).

The Audit Committee reviewed and discussed the audited financial statements in Polar Power’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 with management and Weinberg & Company, P.A. The Audit Committee also discussed with Weinberg & Company, P.A. the matters required to be discussed by Auditing Standard No. 16, “Communications with Audit Committees” issued by the Public Company Accounting Oversight Board. In addition, the Audit Committee obtained from Weinberg & Company, P.A. the written disclosures and the letter required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountants’ communications with the Audit Committee concerning independence and discussed with Weinberg & Company, P.A. its independence from Polar Power, Inc. and management.

Our Audit Committee considered all non-audit services provided by Weinberg & Company, P.A. and determined that the provision of such services was compatible with maintaining such firm’s audit independence.

Based on the reviews and discussions referred to above, as well as such other matters deemed relevant and appropriate by the Audit Committee, the Audit Committee recommended to the Board, and the Board approved, the inclusion of the audited financial statements referred to above in Polar Power’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for filing with the Securities and Exchange Commission.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth information regarding beneficial ownership of our common stock as of September 26, 2024 by:

The table is based on information provided to us by our directors, executive officers and principal stockholders. Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission, and generally means that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power of that security, including stock options and warrants that are exercisable within 60 days of September 26, 2024. To our knowledge, except as indicated by footnote, and subject to community property laws where applicable, the persons named in the table below have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them. Shares of common stock underlying derivative securities, if any, that are currently exercisable or exercisable within 60 days after September 26, 2024 are deemed to be outstanding in calculating the percentage ownership of the applicable person or group but are not deemed to be outstanding as to any other person or group. Percentage of beneficial ownership is based on 17,561,612 shares of common stock outstanding as of the date of the table.

Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o Polar Power, Inc., 249 E. Gardena Boulevard, Gardena, California 90248.

DELINQUENT SECTION 16(A) REPORTS

Section 16(a) of the Exchange Act requires our executive officers and directors, and persons who beneficially own more than 10% of a registered class of our common stock, to file initial reports of ownership and reports of changes in ownership with the Securities and Exchange Commission. These officers, directors and stockholders are required by Securities and Exchange Commission regulations to furnish us with copies of all reports that they file.

Based solely upon a review of copies of the reports furnished to us during the year ended December 31, 2023 and thereafter, or any written representations received by us from directors, officers and beneficial owners of more than 10% of our common stock (“reporting persons”) that no other reports were required, we believe that all reporting persons filed on a timely basis all reports required by Section 16(a) of the Exchange Act during the year ended December 31, 2023 or prior fiscal years.

EQUITY COMPENSATION PLAN INFORMATION

The following table provides information about our common stock that may be issued upon the exercise of options, warrants and rights under all our existing equity compensation plans as of December 31, 2023.

EXECUTIVE COMPENSATION AND RELATED INFORMATION

Executive Officers

The following table sets forth certain information regarding our named executive officers as of September 26, 2024:

Arthur D. Sams has served as our President, Chief Executive Officer and Chairman of our Board since August 1991 and as our Secretary since October 2016. Under his leadership, we have grown to be a leading brand name in the design and manufacturing of DC power systems for the telecommunications, military, automotive, marine and industrial markets. He specializes in the design of thermodynamics and power generation systems. During his early career, he gained vast industry experience while working as a machinist, engineer, project manager, chief technical officer and consultant for various Fortune 500 companies and the U.S. Department of Defense and the U.S. Department of Energy. Mr. Sams studied at California State Polytechnic University Pomona and the University California at Irvine with a dual major in biology and engineering.

Luis Zavala has served as our Chief Financial Officer since April 2018 and previously served as our Vice President Finance from August 2009 to April 2018 and as our Acting Chief Financial Officer from March 2016 to March 2018. Prior to that, Mr. Zavala served as the President of Sky Limited Enterprises, a general contractor, from June 2006 to August 2009. Prior thereto, Mr. Zavala worked as Director of Finance for Legacy Long Distance International, a telecommunications operator service provider company, from March 2001 to May 2006. Mr. Zavala also has over 20 years of experience managing accounting and finance departments in various industries, including banking and telecommunications. Mr. Zavala has a Bachelor of Arts degree in Business Administration from the California State University, Northridge and an MBA from the Keller Graduate School of Management, Long Beach.

Family Relationships

Our officers are appointed by and serve at the discretion of our Board. There are no family relationships among our executive officers and directors.

Executive Compensation

For 2023, our Compensation Committee established an executive compensation plan for our President and Chief Executive Officer and Chief Financial Officer, whom we refer to together as our “executive officers,” with the following objectives:

During 2023, compensation of our executive officers was comprised of base salary, non-equity incentives in the form of cash bonuses, and long-term equity incentives. The cash bonus amounts paid to our executive officers during 2023, as set forth below in “– Summary Compensation Table,” were approved by our Compensation Committee and were based on a variety of factors regarding our performance during 2023.

Compensation Philosophy

Our compensation philosophy and objectives are as follows:

Our Compensation Committee seeks to make executive compensation decisions that embody this philosophy and that are directed towards attaining these objectives.

In implementing our compensation philosophy and objectives, our Compensation Committee reviews and analyzes each executive position, including the importance and scope of the role and how the position compares to other Polar Power executive officers. With respect to setting base salaries, our Compensation Committee also compares these positions to similar positions at a number of publicly traded companies listed on the New York Stock Exchange (“NYSE”) and Nasdaq that are engaged in the power manufacturing and design industry.

We believe that structuring our executive officer compensation program to align the interests of our executive officers with our interests and those of our stockholders, and properly incenting our executive officers to attain our short- and long-term business goals, best serves the interests of our stockholders and creates stockholder value. We believe this occurs through motivating our executive officers to attain our short- and long-term business goals and retaining these executive officers by providing compensation opportunities that are competitive in the marketplace.

Compensation Governance Practices

Listed below are some key examples of our compensation governance practices that are intended to align the interests of our executive officers with our stockholders, incent the attainment of short- and long-term business objectives and retain highly qualified executive officers:

Role of our Compensation Committee

Our Compensation Committee, with input from our management and one or more independent compensation consultants, establishes, updates and administers our executive compensation program. Our Compensation Committee establishes our compensation philosophy and objectives; oversees the design and administration of our executive compensation program; establishes the elements and mix of total compensation; sets the parameters and specific target metrics of our performance-based incentive compensation plan; and determines the target compensation of our executive officers. Our Compensation Committee has the authority to retain independent counsel, advisors and other experts to assist it in the compensation-setting process and receives adequate funding to engage those service providers.

Role of Management

Our Chief Executive Officer and other executive officers attend Compensation Committee meetings as requested by the Compensation Committee. These individuals are not present during executive sessions of Compensation Committee meetings except at the invitation of the Compensation Committee.

Comparable Company Analysis

Our Compensation Committee sets base salary compensation of our executive officers using compensation market data as a reference to assist it in understanding the competitive pay positioning of total compensation and each element of compensation. For 2023, the target for base salary compensation for our executive officers remained the same as in 2022 and was based on data collected from our peer group of companies. The peer group of companies selected and used for compensation comparisons is comprised of Nasdaq or NYSE traded power manufacturing and design companies with revenues below $100 million. The overall composition of the peer group reflects companies of similar complexity and size to us. As such, we believe that these peer group of companies are reflective of our market for executive talent. Set forth below is the list of the peer group of companies for 2023:

The Compensation Committee reviews the appropriateness of the comparison group used for assessing the compensation of our executive officers on an annual basis. The data used from our peer group was collected directly from filings made by the peer group of companies with the Securities and Exchange Commission.

Elements of Total Compensation

During 2023, our executive officers’ compensation program included three major elements:

Base Salary

Our Compensation Committee reviews the base salary levels for our executive officers annually and makes such adjustments as it deems appropriate after taking into account the officer’s level and scope of responsibility and experience, company and individual performance, competitive market data, and internal pay equity considerations.

Outlined below is the base salary data of the peer group of companies outlined above. For 2023, the Compensation Committee kept the same base salary structure as in 2022. In determining base salary, the Compensation Committee tabulated the average base salary for the executive officers in the peer group of companies.

The Compensation Committee determined that the base salary of our President and Chief Executive officer be set at approximately 70% of the average base salaries of the peer group of companies and that the base salary for our Chief Financial Officer be set at approximately 60% of the average base salaries of the peer group of companies, all of which is reflected in the table set forth below:

Non-Equity Incentives

Annual non-equity incentive compensation for our executive officers consists of cash awards. Participants are eligible for annual cash incentive compensation based upon our attainment of pre-established financial and business performance goals. The Compensation Committee believes that these goals will best incent our executive officers to attain our short- and long-term financial and other business goals.

For 2023, the Compensation Committee determined that each executive officer could earn up to 100% of such executive officer’s base salary based upon the attainment by us of the five financial and other business performance goals set forth below. The minimum and maximum payout for each performance goal (measured as a percentage of base salary) are set forth immediately below. The specific pre-established performance goals are set forth in the table following the table set forth immediately below. Participants are eligible to receive awards at each level of participation (i.e., Minimum Level, Target Level and Maximum Level) to the extent Polar Power achieves such level. In the event our performance falls short of a specific performance level, participants will not be eligible to receive an award at that level. In addition, executive officers had to achieve a minimum of two performance elements in order to qualify for an award in the level. For example, if at conclusion of 2023 the total revenues were $36 million and none of the additional elements qualified, then the executive officer would not be eligible for a performance award of 25% of base salary as outlined in the table below.

Long-term Equity Incentives

長期股權獎勵對我們的高管而言，通常包括根據我們2016年計劃授予的股票期權。我們認為這些股權獎勵為我們的高管提供了一個平衡且具競爭力的股權報酬安排。

董事會通過在每年對高管個人表現及整體薪酬進行審查時，為我們的高管批准股權獎勵。這些年度獎勵通常在第二年第一季接近尾聲時發放。每個獎勵主要設計為一種保留工具，通常要求高管至少留在polar power一年才能獲得三分之一獎勵的部分發行，並至少三年才能完全獲得獎勵的全部發行。我們相信，我們的股權激勵薪酬使高管與股東的利益保持一致，並為每位高管提供了顯著的激勵，以經營polar power，將他們的薪酬的很大一部分與我們普通股的市價相連。

在設定長期股權激勵獎勵時，我們的薪酬委員會根據其對於根據“薪酬理念”中描述的設定執行官總酬報因素的判斷，以及我們的薪酬委員會對基本薪資、年度非股權激勵和長期股權激勵期望混合比例的判斷，為每位執行官設定了獎勵的目標價值。我們的薪酬委員會還考慮了已發放和未發放的執行官股權獎勵，執行官的股份擁有水平以及對我們股東可能造成的稀釋效應。

總結 補償表格

下表和討論列出我們以下執行官的薪酬信息，我們稱他們為“被指定的執行官”（以千元計）。

就業協議

Arthur D. Sams

我們與Arthur D. Sams的《修訂及重新簽署的高級僱傭協議》，日期為2016年7月8日，規定Sams先生以可隨時離職方式擔任我們的總裁暨首席執行官，年基本薪金為$200,000。2018年4月2日，我們將Sams先生的年基本薪金提高至$275,000，生效日期為2018年4月1日。Sams先生有資格根據我們的薪酬委員會設定的績效標準支付年度酌情現金獎金，如上文更詳細描述，並有資格參加我們的所有員工福利計劃，包括我們的2016計劃。

根據polar power無故終止合同或Sams先生因重大原因辭職的情況，Sams先生有權收到以下待遇： (i) 一筆等於他當時基本薪資200%的現金匯總支付， (ii) 一筆等於Sams先生在終止之前兩個日歷年度中獲得的平均績效獎金金額200%的現金匯總支付，以及 (iii) 持續18個月的保險保障。如果Sams先生在控制權變更前三個月內或變更後的十二個月內無故被終止或因重大原因辭職，Sams先生有權 (a) 一筆等於他當時基本薪資200%的現金匯總支付， (b) 一筆等於Sams先生在終止之前兩個日歷年度中獲得的平均績效獎金金額200%的現金匯總支付，以及 (c) 持續18個月的保險保障。如果Sams先生變成殘疾，他有權收到一筆等於他當時基本薪資100%的現金匯總支付，並持續12個月的健康保障。

「正當理由」一詞在已修訂和重簽署執行離職協議中被定義為：（i）分派給Sams先生任何職責或責任，導致Sams先生的權威、職責或責任實質減少，（ii）Polar Power對Sams先生的年度基本薪資進行實質降低，但其他所有Polar Power執行官的基本薪資相應降低的情況除外，（iii）將Sams先生的工作地點或Polar Power的主要執行辦公室（如果Sams先生的主要辦公室在這些辦公室）遷移至增加Sams先生單程每日通勤超過五十英里的地點，或（iv）Polar Power對已修訂和重簽署執行離職協議的任何實質條款作出任何實質違反。

在修訂和重製的執行僱用協議中，“原因”一詞被定義為（i）山姆斯先生被起訴或定罪 判犯任何重罪或任何涉及不誠實行爲的罪行，（ii）山姆斯先生參與博架大業或其他故意不當行為 以對polar power的行動，（iii）山姆斯先生拒絕遵守polar power的任何合法指示，（iv）山姆斯先生重大 違反他對polar power的託管、法定、合同或普通法責任，或（v）山姆斯先生的行為在我們董事會的善意 和合理判斷中，顯示他明顯不適任；但如果上述任何事件在合理情況下能夠被補救，Polar Power應該，在發現 事件後的二十天內，向山姆斯先生發出書面通知，描述事件的性質，然後山姆斯先生在此後十個工作天內可 以補救事件。

Polar Power如果在單一交易或一系列相關交易中，(i) 任何人（根據《交易所法》第13(d)條和第14(d)條的使用）或以團體形式行事的人，除了持有員工福利計劃下證券的受託人或受託人之外，以直接或間接方式成為Polar Power證券的「受益所有人」（根據《交易所法》第13-3條的定義） ，總計代表Polar Power的投票權的多數；（ii）發生Polar Power與另一家公司、實體或人員之間的合併、合併或其他業務組合交易，除了持有Polar Power表決資本股的至少占Polar Power所有已發行股本之多數的持有人（無論是通過仍保持未變或轉換為合併實體的表決資本股，這些股份代表Polar Power（或合併實體）交易後立即持有的全部或實質上全部資產。

路易斯 薩瓦拉

我們與Luis Zavala簽訂的高級雇傭協議日期為2016年7月8日，提供副總裁財務職位的不定期雇佣，年薪為$120,000美元。2018年4月2日，我們任命Zavala先生為致富金融(臨時代碼)官並將其年薪提高至$175,000美元，生效日期為2018年4月1日。Zavala先生有資格根據我們的報酬委員會設定的績效標準獲得年度高級現金獎金，該委員會的設定如上面描述，並且有資格參加所有我們的員工福利計畫，包括我們的2016計畫。Zavala先生的高級雇傭協議的一般條款與Masina先生的高級雇傭協議條款相同。

2023年度計劃獎勵的補助

在2023年12月31日結束的那一年，我們沒有向我們指定的高管授予任何購買普通股的期權。

2023年度結束時的傑出股權獎項

以下表格列出截至2023年12月31日為止，我們的執行長名稱持有的優秀股權獎項信息。

薪酬 委員會報告

董事會薪酬委員會的下列報告，不應被視為「招攬資料」或「已提交」予證券交易委員會，也不應該被引用為公司根據證券法或交易所法案所提交的任何申報文件之內容。

薪酬委員會已審查並討論了上述披露的執行董事薪酬情況。根據這次審查和討論，薪酬委員會建議將執行董事的薪酬納入本代理聲明中。

特定關係及相關交易

以下是自2022年1月1日以來我們參與的交易摘要，其中：

所有板塊中所描述的相關人交易均已獲得我們董事會中絕大多數獨立且無利害關係的成員的批准。我們相信所有板塊中描述的每一筆交易條件，均不會比我們從性質而言未獲得非關聯第三方提供的條件更不利。

我們的意圖是確保所有未來交易，若有的話，我們與相關人士之間的交易經我們的審核委員會或董事會的過半獨立和無利害關係成員批准（除了薪酬安排由我們的薪酬委員會批准），交易條件不得不對我們有利於我們能從非關係第三方獲得的條件相同或更有利。請參閱下文中的“相關人交易政策和流程”。

就業協議

我們與我們的總裁兼首席執行官兼秘書Arthur D. Sams，以及我們的致富金融(臨時代碼)主管Luis Zavala簽署了修訂後的僱傭協議；其中包括終止和控制權變更後的支付事項等。請參閱本代理人聲明中的“高管薪酬-僱傭協議”，以進一步討論這些協議。

董事和董事會成員的賠償

我們的公司章程和公司規約規定，我們將對我們的董事和高級職員在因擔任董事或高級職員而遭受特定責任、費用及其他帳目的情況下給予保護，但在某些情況下除外。此外，我們已與每位董事和執行官簽訂了賠償協議。

相關人員交易的政策和程序

我們的董事會已採納針對相關人士交易事項的書面政策。此政策規定了對涵蓋的相關人士交易事項的審查、批准或證明。我們董事會的審核委員會管理此政策。

根據該政策，「相關方交易」是指我們曾經、正在或將要參與的交易、安排或關係（或任何類似交易、安排或關係的系列），其涉及金額超過《S-K法規第404條》中設定的適用門檻，並涉及任何相關方擁有、現在擁有或將來會擁有直接或間接的重大利益。根據《S-K法規第404條》中的定義，「相關方」一般包括我們的董事（和董事提名人）、高級管理人員、持有我們超過5％表決權證券的持有人，以及這些人的直系家人或聯屬公司。

該 政策一般規定我們只有在以下情況下才能進行相關人員交易：

In the event a related person transaction is not pre-approved by the Audit Committee and our management determines to recommend such related person transaction to the Audit Committee, such transaction must be reviewed by the Audit Committee. After review, the Audit Committee will approve or disapprove such transaction. If our Chief Executive Officer, in consultation with our Audit Committee, determines that it is not practicable or desirable for us to wait until the next Audit Committee meeting, the chairperson of the Audit Committee will possess delegated authority to act on behalf of the Audit Committee. The Audit Committee (or the chairperson of the Audit Committee) may approve only those related person transactions that are in, or not inconsistent with, our best interests and the best interests of our stockholders, as the Audit Committee (or the chairperson of the Audit Committee) determines in good faith. All approvals made by the chairperson of the Audit Committee will be ratified by the full Audit Committee at the next regularly scheduled meeting or within 120 days from approval by the chairperson.

Our Audit Committee has determined that the following transactions, even if the amount exceeds the applicable dollar threshold set forth under Item 404 of Regulation S-K in the aggregate, will be deemed to be pre-approved by the Audit Committee:

In addition, the Audit Committee will review the policy at least annually and recommend amendments to the policy to our Board from time to time.

The policy provides that all related person transactions will be disclosed to the Audit Committee, and all material related person transactions will be disclosed to our Board. Additionally, all related person transactions requiring public disclosure will be properly disclosed, as applicable, on our various public filings.

The Audit Committee will review all relevant information available to it about the related person transaction. The policy provides that the Audit Committee may approve or ratify the related person transaction only if the Audit Committee determines that, under all of the circumstances, the transaction is in, or is not inconsistent with, our best interests and the best interests of our stockholders. The policy also provides that the Audit Committee may, in its sole discretion, impose such conditions as it deems appropriate on us or the related person in connection with approval of the related person transaction.

OTHER INFORMATION

Stockholder Proposals

Pursuant to Rule 14a–8 under the Exchange Act, proposals by stockholders that are intended for inclusion in our Proxy Statement and proxy card and to be presented at our next annual meeting must be received by us no later than June 3, 2025 in order to be considered for inclusion in our proxy materials relating to our next annual meeting. Such proposals shall be addressed to our corporate Secretary at Polar Power, Inc., 249 E. Gardena Boulevard, Gardena, California 90248 and may be included in next year’s annual meeting proxy materials if they comply with rules and regulations of the Securities and Exchange Commission governing stockholder proposals.

Stockholder nominations of persons for election to our Board, or proposals by stockholders that are not intended for inclusion in our proxy materials, may be made by any stockholder who timely and completely complies with the notice procedures contained in our bylaws, was a stockholder of record at the time of giving of notice and is entitled to vote at the meeting, so long as the proposal is a proper matter for stockholder action and the stockholder otherwise complies with the provisions of our bylaws and applicable law.

In order to be properly brought before our 2025 annual meeting of stockholders, the stockholder must have given timely notice of such proposal or nomination, in proper written form. To be timely for our 2025 annual meeting of stockholders, a stockholder’s notice of a matter that the stockholder wishes to present, or the person or persons the stockholder wishes to nominate as a director, must be delivered to our corporate secretary at our principal executive offices not less than 45 days and not more than 75 days before the one-year anniversary of the date on which we first mailed our proxy materials or a notice of availability of proxy materials (whichever is earlier) for the preceding year’s annual meeting. As a result, any written notice given by a stockholder pursuant to these provisions of our bylaws must be received by our corporate secretary at our principal executive offices:

In the event that we hold our 2025 annual meeting of stockholders more than 30 days before or more than 60 days after the one-year anniversary date of the 2024 annual meeting, then such written notice must be received not earlier than the close of business on the 120th day prior to such annual meeting and not later than the close of business on the later of the following two dates:

Except as otherwise provided by law, if the chairperson of the meeting determines that a nomination or any business proposed to be brought before a meeting was not made or proposed in accordance with the procedures set forth in our bylaws and summarized above, the chairperson may prohibit the nomination or proposal from being presented at the meeting.

Available Information

We are subject to the informational requirements of the Exchange Act. In accordance with the Exchange Act, we file reports, proxy statements and other information with the Securities and Exchange Commission. These materials can be inspected and copied at the Public Reference Room maintained by the Securities and Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the Securities and Exchange Commission at 1-800-SEC-0330. Our common stock trades on The Nasdaq Capital Market under the symbol “POLA.”

Annual Report

A copy of our Annual Report on Form 10-K for the year ended December 31, 2023 has been provided concurrently with this Proxy Statement (or made available electronically, for stockholders who elected to access these materials over the Internet) to all stockholders entitled to notice of and to vote at the Annual Meeting. The Annual Report is not incorporated into this Proxy Statement and is not deemed to be a part of our proxy solicitation materials. Copies of our Annual Report on Form 10-K (without exhibits) for the year ended December 31, 2023 will be furnished by first class mail, without charge, to any person from whom the accompanying proxy is solicited upon written or oral request to Polar Power, Inc., 249 E. Gardena Boulevard, Gardena, California 90248, Attention: Investor Relations, telephone (310) 830-9153. If exhibit copies are requested, a copying charge of $0.20 per page applies. In addition, all of our public filings, including our Annual Report, can be found free of charge on the website of the Securities and Exchange Commission at http://www.sec.gov.

ALL STOCKHOLDERS ARE URGED TO COMPLETE, SIGN AND RETURN PROMPTLY THE ACCOMPANYING PROXY CARD IN THE ENCLOSED ENVELOPE.

Forward-Looking Statements

All statements included or incorporated by reference in this Proxy Statement other than statements or characterizations of historical fact, are forward-looking statements, within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Important risk factors that could contribute to such differences are discussed in our Annual Report on Form 10-K for the year ended December 31, 2023, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other Securities and Exchange Commission filings. The forward-looking statements in this Proxy Statement speak only as of this date. We undertake no obligation to revise or update publicly any forward-looking statement for any reason, except as required by law.

APPENDIX A

Form of Reverse Stock Split Charter Amendment

CERTIFICATE OF AMENDMENT
TO
CERTIFICATE OF INCORPORATION
OF
POLAR POWER, INC.

1. The Board of Directors of the Corporation has duly adopted resolutions (i) authorizing the Corporation to execute and file with the Secretary of State of the State of Delaware an amendment of the Corporation’s Certificate of Incorporation (as amended, the “Certificate of Incorporation”) to effect a reverse stock split at a ratio of 1-for- ___, (ii) declaring such amendment to be advisable and in the best interest of the Corporation, and (iii) calling for the consideration and approval thereof at a meeting of the stockholders of the Corporation.

2. Upon this Certificate of Amendment becoming effective, Article V of the Certificate of Incorporation of the Corporation is hereby amended by adding a new section 5 as follows:

“Section 5. Effective at 4:05 p.m., Eastern Time, on ___, 2024 (the “2024 Split Effective Time”), every ___ (___) shares of common stock issued and outstanding or held by the Corporation as treasury shares as of the 2024 Split Effective Time shall automatically, and without action on the part of the stockholders, convert and combine into one (1) validly issued, fully paid and non-assessable share of common stock, without effecting a change to the par value per share of common stock (the “2024 Reverse Split”). No fractional shares shall be issued in connection with the 2024 Reverse Split. In lieu of any fractional shares to which the holder would otherwise be entitled, all amounts shall be rounded up to the nearest whole share. As of the 2024 Split Effective Time and thereafter, a certificate(s) representing shares of common stock prior to the 2024 Reverse Split is deemed to represent the number of post-2024 Reverse Split shares into which the pre-2024 Reverse Split shares were converted.”

3. This Certificate of Amendment has been duly approved by the Board of Directors of the Corporation in accordance with Sections 141(f) and 242 of the General Corporation Law of the State of Delaware.

4. This Certificate of Amendment has been duly approved by the holders of the requisite number of shares of capital stock of the Corporation in accordance with Section 242 of the General Corporation Law of the State of Delaware and the applicable provisions of the Certificate of Incorporation.

5. This Certificate of Amendment shall become effective at 4:05 p.m., Eastern Time, on ___, 2024.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be executed by its duly authorized officer this ___ day of ___, 2024.