Polar Power issues $275K convertible note to Mayers Ventures with 10% OID and board seat

Polar Power, Inc.

Issued $275,000 convertible promissory note to Mayers Ventures LLC; consideration $250,000 (10% OID).
Interest 10% per annum, PIK; maturity December 30, 2027; prepayment at 115% of principal.
Conversion price: 90% of lowest daily VWAP in prior 7 trading days, subject to floor price.
Mayers Ventures gets right to designate one board member.
Proceeds for working capital and general corporate purposes; note initially unsecured, may become secured.

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