Polar Power, Inc. entered into a material definitive agreement on June 30, 2026, issuing a convertible promissory note. The note is for an aggregate principal amount of $275,000, with a purchase price of $250,000. The note carries an annual interest rate of 10% and matures on December 30, 2027. Mayers Ventures LLC, the holder of the note, has the right to convert the principal and interest into the Company's common stock. The conversion price is set at 90% of the lowest daily VWAP over the 7 trading days prior to conversion, with a floor price. Shares issued upon conversion will be included in a registration rights agreement. Mayers Ventures LLC also has the right to nominate one individual for the Company's board of directors.