Polar Power, Inc.: appoints Chris Mayer as co-chief executive officer

What happened The company reported that on Oct 6, 2026 the board approved a new leadership structure and appointed Chris Mayer to serve as co-chief executive officer, effective Oct 6, 2026. Arthur D. Sams will continue to serve as co-chief executive officer and president. The filing described the division of responsibilities between the co-chief executive officers and said the board will resolve disputes over management responsibilities.

Key details

• Mr. Mayer, age 30, was described as president and CEO of CM Capital Management, LLC since Aug 2023, CEO of CM Fabrication, LLC since Jun 2024 and CEO of Windows Distillery, LLC since Oct 2021; he was SVP in sales and manufacturing of HydroFarm Holdings Group Inc. from Nov 2021 to May 2024.
• Mr. Mayer is the managing member of CL Investment Group LLC and has voting and dispositive authority over the company securities owned by CL Investment; Mr. Mayer and director Lewis Wilks each own 50% of CL Investment.
• The filing restated prior transactions with CL Investment: on Jul 29, 2026 the company entered a security purchase agreement granting CL Investment a right to designate one board designee (CL Investment designated Lewis Wilks); on Aug 5, 2026 the company issued and sold 833 shares of Series A Convertible Preferred Stock and warrants to purchase 227,182 shares of common stock to CL Investment; on Aug 28, 2026 the company issued a convertible promissory note with an aggregate principal amount of $82,500 for aggregate consideration of $75,000.
• The filing states a 9.99% beneficial ownership limitation applies to conversions by CL Investment and that the aggregate number of common shares issuable or permitted to vote for CL Investment would not exceed 19.99% of outstanding common stock unless the company obtains stockholder approval. The filing also states there is no compensatory arrangement with Mr. Mayer, no family relationships with company executives, and Mr. Sams’ compensation will not change in connection with the leadership structure. The company issued a press release on Oct 12, 2026 announcing the leadership structure.

Why it may matter This filing reports Item 5.02 (departure of directors or certain officers; election of directors) describing the appointment of a co-chief executive officer and the new leadership structure, and Item 7.01 (regulation FD disclosure) furnishing a press release dated Oct 12, 2026. A filing does not show why the insider traded or why the company acted.