Third Amendment to Lease Agreement between 354 W. Gardena, LLC and Polar Power, Inc.

Summary

This amendment updates the lease between 354 W. Gardena, LLC (landlord) and Polar Power, Inc. (tenant) for the property at 400 W. Gardena Blvd., Carson, CA. The lease term is extended to August 31, 2026. The monthly base rent will increase annually from $30,744 in 2023 to $40,992 in 2025. The tenant must pay an additional security deposit of $15,287.20. The landlord will also remove a specific sign from the property. All other terms of the original lease remain unchanged.

EX-10.4 5 ex10-4.htm

Exhibit 10.4

3rd AMENDMENT TO LEASE Previous two amendments are Exhibit D and Exhibit E dated November 7, 2018 _____________________ THIS AMENDMENT TO LEASE is made and entered into as of May 3, 2023, by and between 354 W. Gardena, LLC, a California Limited Liability Company (“Lessor”) and Polar Power, Inc., a Delaware Corporation (“Lessee”).

WHEREAS, on or about May 9, 2018, a Lease was entered into by and between Lessor and Lessee relating to certain real property commonly known as: 400 W. Gardena Blvd., Carson, CA 90248_____________________________________________________________ (the “Premises”), and

WHEREAS, Lessor and Lessee ☒ have ☐ have not previously amended said Lease, and

WHEREAS, the Lessor and Lessee now desire to amend said Lease,

NOW, THEREFORE, for payment of TEN DOLLARS and other good and valuable consideration to Lessor, the receipt and sufficiency of which is hereby acknowledged, the parties mutually agree to make the following additions and modifications to the Lease:

☒ TERM: The Expiration Date is hereby ☐ advanced ☒ extended to August 31, 2026.

☐ AGREED USE: The Agreed Use is hereby modified to:____________________________________________________ _______________________________________________________________________________________________.

☒ BASE RENT ADJUSTMENT: Monthly Base Rent shall be as follows: September 1, 2023 @ $1.05/sq ft = $30,744.00 September 1, 2024 @ $1.25/sq ft = $36,600.00 September 1, 2025 @ $1.40/sq ft = $40,992.00.

________________________________________________________________________________________________

________________________________________________________________________________________________.

☒ OTHER: Additional security deposit of $15,287.20 to be paid.

________________________________________________________________________________________________

☒ OTHER: Lessor to remove Prestige Motorcoach sign.

_______________________________________________________________________________________________.

This Amendment shall not be construed against the party preparing it, but shall be construed as if all Parties jointly prepared this Amendment and any uncertainty and ambiguity shall not be interpreted against any one party.

All other terms and conditions of the Agreement shall remain unchanged and shall continue in full force and effect except as specifically amended herein.

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EXECUTED as of the day and year first above written.

By LESSOR:		By LESSEE:

354 W. Gardena, LLC a California Limited Liability Company		Polar Power, Inc. a Delaware Corporation


By:	/s/ Marlene G. Alter	By:	/s/ Arthur D. Sams
Name Printed:	Marlene G. Alter	Name Printed:	Arthur D. Sams
Title:	Managing Partner	Title:	President, CEO
Phone:	(310) 403-6303	Phone:	(310) 830-9183
Fax:		Fax:

Email:	*@*	Email:	*@*


By:		By:	/s/ Luis Zavala
Name Printed:		Name Printed:	Luis Zavala
Title:		Title:	Chief Financial Officer
Phone:		Phone:	(XXX) XXX-XXXX
Fax:		Fax:
Email:		Email:	*@*

Address:	1130 Benedict Canyon Drive., Beverly Hills, CA 90210	Address:	249 E. Gardena Blvd., Gardena, CA 90248


Federal ID No.:	80-0262407	Federal ID No.:	33-0479020

AIR CRE. 500 North Brand Blvd, Suite 900, Glendale, CA 91203, Tel ###-###-####, Email ***@*** NOTICE: No part of the works may be reproduced in any form without permission in writing.

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