<SEC-DOCUMENT>0001387131-20-008918.txt : 20201008
<SEC-HEADER>0001387131-20-008918.hdr.sgml : 20201008
<ACCEPTANCE-DATETIME>20201008162114
ACCESSION NUMBER:		0001387131-20-008918
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20201008
DATE AS OF CHANGE:		20201008

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIONEER POWER SOLUTIONS, INC.
		CENTRAL INDEX KEY:			0001449792
		STANDARD INDUSTRIAL CLASSIFICATION:	POWER, DISTRIBUTION & SPECIALTY TRANSFORMERS [3612]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35212
		FILM NUMBER:		201231145

	BUSINESS ADDRESS:	
		STREET 1:		400 KELBY STREET, 12TH FLOOR
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024
		BUSINESS PHONE:		212-867-0700

	MAIL ADDRESS:	
		STREET 1:		400 KELBY STREET, 12TH FLOOR
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIERRA CONCEPTS, INC.
		DATE OF NAME CHANGE:	20081112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIERRA CONCEPTS
		DATE OF NAME CHANGE:	20081112
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K/A
<SEQUENCE>1
<FILENAME>ppsi-10ka_123119.htm
<DESCRIPTION>AMENDMENT TO FORM 10-K
<TEXT>
<html>
<head>
<title></title>
</head>
<body>




<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>UNITED
STATES</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>SECURITIES
AND EXCHANGE COMMISSION</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Washington,
D.C. 20549</b></font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>FORM
10-K/A</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>(Amendment
No. 1)</b></font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">(Mark
One)</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&#9746;
Annual Report Under Section 13 Or 15(d) Of The Securities Exchange Act Of 1934</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">For
the fiscal year ended<b>&nbsp;December 31, 2019</b></font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">or</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&#9744;
Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act Of 1934</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">For
the transition period from _____ to _____</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COMMISSION
FILE NUMBER: 001-35212</b></font><font style="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>PIONEER
POWER SOLUTIONS, INC.</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">(Exact
name of registrant as specified in its charter)</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font-family: Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; width: 50%; font: 12pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</b></font></td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 1%; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="border-bottom: black 1.5pt solid; width: 49%; font: 12pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27-1347616</b></font></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">(State
        or other jurisdiction of</font></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">incorporation
        or organization)</font></p></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">(I.R.S.
        Employer</font></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Identification
        No.)</font></p></td></tr>
</table>
<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>400
Kelby Street, 12th Floor</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Fort
Lee, New Jersey 07024</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">(Address
of principal executive offices) (Zip Code)</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>(212)
867-0700</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Registrant&#8217;s
telephone number, including area code</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><font style="font-family: Times New Roman, Times, Serif"><b>Securities
registered pursuant to Section&nbsp;12(b) of the Act:</b></font></p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 34%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 1%; padding-bottom: 1.5pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 32%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    symbol</b></font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 1%; padding-bottom: 1.5pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 32%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of exchange on which registered</b></font></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
    stock, par value $0.001</b></font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PPSI</b></font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nasdaq
    Capital Market</b></font></td></tr>
</table>
<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><font style="font-family: Times New Roman, Times, Serif"><b>Securities
registered pursuant to Section&nbsp;12(g) of the Act: None</b></font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746;</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746;</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days. Yes&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9744;</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant
to Rule 405 of Regulation S-T (Section 232.405 of the chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit such files). Yes&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9744;</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not
be contained, to the best of registrant&#8217;s knowledge, in definitive proxy or information statements incorporated by reference
in Part III of this Form 10-K or any amendment to this Form 10-K.&nbsp;&nbsp;&#9744;</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller
reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221;
&#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule
12b-2 of the Exchange Act.</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 25%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</font></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 35%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 25%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</font></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 15%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</font></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company </font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
</table>
<p style="font: 6pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. &#9744;</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the act): Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746;</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">As
of June 30, 2019, the last business day of the registrant&#8217;s most recently completed second fiscal quarter,&nbsp;the aggregate
market value of the voting and non-voting common equity held by non-affiliates of the registrant based on the price at which the
common equity was last sold on the Nasdaq Capital Market on such date, was approximately $19.2 million. For purposes of this computation
only, all officers, directors and 10% or greater stockholders of the registrant are deemed to be affiliates.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">As
of March 30, 2020,&nbsp;8,726,045 shares of the registrant&#8217;s common stock were outstanding.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>EXPLANATORY
NOTE</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">This
Amendment No. 1 to the Annual report on Form 10-K of Pioneer Power Solutions, Inc. for the year ended December 31, 2019 as filed
with the Securities and Exchange Commission on March 30, 2020 (the &#8220;Original Form 10-K&#8221;) is being filed only for the
purpose of filing Exhibit 4.1, which was inadvertently omitted from the Original Form 10-K.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Except
as otherwise expressly noted herein, this Amendment No. 1 does not modify or update in any way the Original Form 10-K, nor does
it reflect events occurring after the filing of the Original Form 10-K. Accordingly, this Amendment No. 1 should be read in conjunction
with the Original Form 10-K.&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>PART
IV</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>ITEM
15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">(a) The
following documents are filed as part of this report:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(1)
Financial Statements.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">No
financial statements are filed with this Amendment No. 1. These items were included as part of the Original Form 10-K.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(2)
Financial Statement Schedules.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">None.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">(3)
Exhibits</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 10%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No.</b></font></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 89%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></font></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;"></P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <P STYLE="margin: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000138713119000491/ex2-1.htm">2.1</A></P>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <P STYLE="margin: 0">Agreement and Plan of Merger Agreement, dated January 22, 2019, between
                    <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pioneer Critical Power Inc. and CleanSpark. (Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on January 28, 2019).</FONT>
                </P>
            </TD>
        </TR>
        <TR STYLE="vertical-align: top">
            <TD>&nbsp;</TD>
            <TD STYLE="text-align: justify">&nbsp;</TD>
        </TR>
    </TABLE>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR>
            <TD STYLE="width: 12%; vertical-align: top">
                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; text-align: justify">
                    <FONT STYLE="color: black"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000138713119004719/ex2-1.htm">2.2</A></FONT>
                </P>
            </TD>
            <TD STYLE="width: 88%; vertical-align: top">
                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; text-align: justify">
                    <FONT STYLE="color: black">Stock Purchase Agreement, dated as of June 28, 2019, by and among Pioneer Power Solutions, Inc., Electrogroup Canada, Inc., Jefferson Electric, Inc., JE Mexican Holdings, Inc., Nathan Mazurek, Pioneer Transformers L.P. and Pioneer Acquireco ULC (Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on July 1, 2019).</FONT>
                </P>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&nbsp;</P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR>
            <TD STYLE="width: 12%; vertical-align: top">
                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; text-align: justify">
                    <FONT STYLE="color: black"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000138713119006046/ex2-1.htm">2.3</A></FONT>
                </P>
            </TD>
            <TD STYLE="width: 88%; vertical-align: top">
                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; text-align: justify">
                    <FONT STYLE="color: black">Amendment No. 1 to the Stock Purchase Agreement, dated as of August 13, 2019, by and among Pioneer Power Solutions, Inc., Electrogroup Canada, Inc., Jefferson Electric, Inc., JE Mexican Holdings, Inc., Pioneer Transformers L.P. and Pioneer Acquireco ULC (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on August 14, 2019).</FONT>
                </P>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&nbsp;</P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000093041311004448/c65805_ex3-1.htm">3.1</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Composite Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to Amendment No. 4 to the Registration Statement on Form S-1 of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on June 21, 2011).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="margin-bottom: 0; margin-top: 0">&nbsp;</P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000125529409000847/ex3_2.htm">3.2</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Bylaws (Incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on December 2, 2009).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><a href="ex4-1.htm">4.1*</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">Description of Securities</P>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000119380511000604/e608199_ex10-1.htm">10.1+</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Form of Director and Officer Indemnification Agreement (Incorporated by reference to Exhibit 10.1 to the Annual Report on Form 10-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission for the year ended December 31, 2010).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000121390009003566/f8kex10viii_pioneer.htm">10.2+</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Pioneer Power Solutions, Inc. 2009 Equity Incentive Plan (Incorporated by reference to Exhibit 10.8 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on December 7, 2009).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000121390009003566/f8kex10ix_pioneer.htm">10.3+</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Form of 2009 Incentive Stock Option Agreement (Incorporated by reference to Exhibit 10.9 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on December 7, 2009).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000121390009003566/f8kex10x_pioneer.htm">10.4+</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Form of 2009 Non-Qualified Stock Option Agreement (Incorporated by reference to Exhibit 10.10 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on December 7, 2009).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000119380511001036/e608517_ex10-1.htm">10.5+</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Pioneer Power Solutions, Inc. 2011 Long-Term Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on May 31, 2011).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000152153612000233/q1100415_ex10-42.htm">10.6+</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Employment Agreement, dated March 30, 2012, by and between Pioneer Power Solutions, Inc. and Nathan J. Mazurek (Incorporated by reference to Exhibit 10.42 to the Annual Report on Form 10-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on March 30, 2012).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000144979214000048/ppsi-20140930ex1013fcc54.htm">10.7+</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">First Amendment to Employment Agreement, dated November 11th, 2014, by and between Pioneer Power Solutions, Inc. and Nathan J. Mazurek (Incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on November 12, 2014).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000119380510001235/e606893_ex10-1.htm">10.8+</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Employment Agreement, dated April 30, 2010, by and between Jefferson Electric, Inc. and Thomas Klink (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on May 4, 2010).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000114420413024853/v343112_ex10-1.htm">10.9+</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">First Amendment to Employment Agreement, dated April 30, 2013, by and between Jefferson Electric, Inc. and Thomas Klink (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on April 30, 2013).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&nbsp;</P>


<p style="margin-top: 0; margin-bottom: 0"></p>

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    <div style="page-break-before: always; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&nbsp;</td></tr></table></div>
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<p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000114420413038059/v349233_ex10-2.htm" style="-sec-extract: exhibit">10.10</a></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Security Agreement, dated as of June 28, 2013, by and among Pioneer Power Solutions, Inc., Pioneer Critical Power Inc. and Jefferson Electric, Inc. and Bank of Montreal, Chicago Branch (Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on July 3, 2013).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000114420413038059/v349233_ex10-4.htm" style="-sec-extract: exhibit">10.11</a></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Guaranty Agreement, dated as of June 28, 2013, by Pioneer Power Solutions, Inc. in favor of Bank of Montreal (Incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on July 3, 2013).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000138713116005254/ex10-1.htm" style="-sec-extract: exhibit">10.12</a></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Amended and Restated Credit Agreement, dated as of April 29, 2016, by and among Pioneer Power Solutions, Inc., as borrower, each of the domestic subsidiary guarantors signatory thereto and Bank of Montreal, Chicago Branch, as lender (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on May 4, 2016).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000138713116005254/ex10-2.htm" style="-sec-extract: exhibit">10.13</a></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Amended and Restated Credit Agreement, dated as of April 29, 2016, by and among Pioneer Electrogroup Canada Inc., as borrower, each of the Canadian subsidiary guarantors signatory thereto and Bank of Montreal, as lender (Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on May 4, 2016).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000138713116005945/ex10-1.htm" style="-sec-extract: exhibit">10.14+</a></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Second Amendment to Employment Agreement, dated June 30, 2016, by and between Pioneer Power Solutions, Inc. and Nathan J. Mazurek (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on July 1, 2016).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000138713116005945/ex10-2.htm" style="-sec-extract: exhibit">10.15+</a></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Second Amendment to Employment Agreement, dated June 30, 2016, by and between Jefferson Electric, Inc. and Thomas Klink. (Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on July 1, 2016).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000138713119001349/ex10-1.htm" style="-sec-extract: exhibit">10.16+</a></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify"> <FONT STYLE="font-size: 10pt">Third Amendment to Employment Agreement, dated
            February 15, 2019, by and between Jefferson Electric, Inc. and Thomas Klink. (Incorporated by reference to Exhibit 10.1 to
            the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on February
            20, 2019).</FONT> </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000138713117001719/ex10-56.htm" style="-sec-extract: exhibit">10.17</a></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify"> <FONT STYLE="font-size: 10pt">First Amending Agreement, dated as of March 15,
            2017, by and among Pioneer Power Solutions, Inc., as borrower, each of the domestic subsidiary guarantors signatory thereto
            and Bank of Montreal, Chicago Branch, as lender (Incorporated by reference to Exhibit 10.56 to the Annual
Report on Form 10-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on March 29, 2017).</font></TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000138713117001719/ex10-57.htm" style="-sec-extract: exhibit">10.18</a></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">First Amending Agreement, dated as of March 15, 2017, by and among Pioneer Electrogroup Canada Inc., as borrower, each of the Canadian subsidiary guarantors signatory thereto and Bank of Montreal, as lender (Incorporated by reference to Exhibit 10.57 to the Annual Report on Form 10-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on March 29, 2017).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000138713118001369/ex10-24.htm">10.19</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Second Amending Agreement, dated as of March 28, 2018, by and among Pioneer Electrogroup Canada Inc., as borrower, each of the Canadian subsidiary guarantors signatory thereto and Bank of Montreal, as lender (Incorporated by reference to Exhibit 10.24 to the Annual Report on Form 10-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on April 2, 2018).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000138713118001369/ex10-25.htm">10.20</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Second Amending Agreement, dated as of March 28, 2018, by and among Pioneer Power Solutions, Inc., as borrower, each of the domestic subsidiary guarantors signatory thereto and Bank of Montreal, Chicago Branch, as lender (Incorporated by reference to Exhibit 10.25 to the Annual Report on Form 10-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on April 2, 2018).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000138713119000491/ex10-1.htm">10.21</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Indemnity Agreement, dated January 22, 2019, between the Company, CleanSpark and PCPI. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on January 28, 2019).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000138713119000491/ex10-2.htm">10.22</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Contract Manufacturing Agreement, dated January 22, 2019, between the Company and CleanSpark. (Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on January 28, 2019).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">
        <FONT STYLE="font-size: 10pt">&nbsp;</FONT>
    </P>
    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; width: 100%">
        <TR STYLE="vertical-align: top">
            <TD STYLE="width: 12%">
                <FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000138713119000491/ex10-3.htm">10.23</A></FONT>
            </TD>
            <TD STYLE="width: 88%; text-align: justify">
                <FONT STYLE="font-size: 10pt">Non-Competition and Non-Solicitation Agreement, dated January 22, 2019, between the Company and CleanSpark. (Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on January 28, 2019).</FONT>
            </TD>
        </TR>
    </TABLE>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt">&nbsp;</P>


<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"></font></p>
 <table style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr>
            <td style="width: 12%; vertical-align: top;">
                <p style="margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;"><a href="http://www.sec.gov/Archives/edgar/data/1449792/000138713119002262/ex10-31.htm">10.24</a></font>
                </p>
            </td>
            <td style="width: 88%; vertical-align: top;">
                <p style="margin-bottom: 0pt; margin-right: 0pt; margin-top: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Waiver Letter, dated March 25, 2019, from Bank of Montreal, Montreal Branch, as lender (Incorporated by reference to Exhibit 10.31 to the Annual Report on Form 10-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on March 29, 2019).</font>
                </p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr>
            <td style="width: 12%; vertical-align: top; text-align: left;">
                <p style="margin: 0pt 0pt 0pt 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;"><a href="http://www.sec.gov/Archives/edgar/data/1449792/000138713119003655/ex10-7.htm">10.25</a>&nbsp; </font>
                </p>
            </td>
            <td style="width: 88%;">
                <p style="margin: 0pt 0pt 0pt 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;">Waiver Letter dated May 6, 2019, from Bank of Montreal, Montreal Branch, as lender (Incorporated by reference to Exhibit 10.7 to the Quarterly Report on Form 10-Q of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on May 15, 2019).</font>
                </p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr>
            <td style="width: 12%; vertical-align: top; text-align: left;">
                <p style="margin: 0pt 0pt 0pt 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;"><a href="http://www.sec.gov/Archives/edgar/data/1449792/000138713119006103/ex10-2.htm">10.26</a></font>
                </p>
            </td>
            <td style="width: 88%;">
                <p style="margin: 0pt 0pt 0pt 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif;">Temporary Amendment to Borrowing Base in the PPSI Credit Agreement, dated August 8, 2019, by and between Bank of Montreal, Pioneer Power Solutions, Inc., Pioneer Electrogroup Canada Inc., Jefferson Electric, Inc., Pioneer Critical Power Inc., Pioneer Custom Electrical Products Corp. and Titan Energy Systems, Inc. (Incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on August 14, 2019).</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
    <table style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
        <tr>
            <td style="width: 12%; vertical-align: top; text-align: left;">
                <p style="margin: 0pt 0pt 0pt 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif;">
                    <font style="color: black;"><a href="http://www.sec.gov/Archives/edgar/data/1449792/000138713119006103/ex10-3.htm">10.27</a></font>
                </p>
            </td>
            <td style="width: 88%;">
                <p style="margin: 0pt 0pt 0pt 0pt; padding: 0pt; font: 10pt Times New Roman, Times, Serif;">Waiver Letter dated August 8, 2019, from Bank of Montreal, Montreal Branch, as lender (Incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on August 14, 2019).</p>
            </td>
        </tr>
    </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif; width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000138713120003440/ex21-1.htm">21.1</a></font></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 88%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of subsidiaries.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif; width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000138713120003440/ex23-1.htm">23.1</a></font></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 88%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of BDO USA, LLP.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif; width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex31-1.htm">31.1*</a></font></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 88%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Chief Executive
    Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"></font></p>

<table cellpadding="0" cellspacing="0" style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif; width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex31-2.htm">31.2*</a></font></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 88%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Chief Financial
    Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif; width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000138713120003440/ex32-1.htm">32.1</a></font></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 88%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Chief Executive
    Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif; width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1449792/000138713120003440/ex32-2.htm">32.2</a></font></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 88%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Chief Financial
    Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif; width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</font></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 88%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    following materials from the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2019, formatted in
    XBRL (eXtensible Business Reporting Language), (i) Consolidated Statements of Operations, (ii) Consolidated Balance Sheets,
    (iii) Consolidated Statements of Comprehensive (Income) Loss, (iv) Consolidated Statements of Cash Flows and (v) Notes to
    the Consolidated Financial Statements.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">+
Management contract or compensatory plan or arrangement.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">*
Filed herewith.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>SIGNATURES</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf
of the Registrant.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: October 8, 2020</font></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PIONEER POWER SOLUTIONS, INC.</b></font></td></tr>
<tr style="font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 62%"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 3%"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 35%"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;Nathan
    J. Mazurek</font></td></tr>
<tr style="font-family: Times New Roman, Times, Serif">
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nathan J. Mazurek</font></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer (Duly&nbsp;Authorized
    Officer, <br >
    Principal Executive Officer) </font></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="font-family: Times New Roman, Times, Serif; border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Walter Michalec</font></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Walter Michalec</font></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="font-family: Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">Interim
        Chief Financial Officer</font></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">(Duly&nbsp;Authorized
        Officer,<br >
        Principal Financial and Accounting Officer)</font></p></td></tr>
</table>
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<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>ex4-1.htm
<DESCRIPTION>DESCRIPTION OF SECURITIES
<TEXT>
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<TITLE></TITLE>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="color: black"><FONT STYLE="color: black"><a href="ppsi-10ka_123119.htm">Pioneer Power Solutions, Inc. 10-K/A</A></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
4.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION
OF SECURITIES REGISTERED PURSUANT TO SECTION 12 OF<BR>
</B></FONT><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 30, 2020, Pioneer Power Solutions, Inc., a Delaware corporation (&ldquo;we,&rdquo; &ldquo;our&rdquo; and the &ldquo;Company&rdquo;)
has our common stock, par value $0.001 per share registered under Section 12 of the Securities Exchange Act of 1934, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing description is intended as a summary and is qualified in its entirety by reference to our composite certificate of incorporation
(the &ldquo;Certificate of Incorporation&rdquo;) and the bylaws (the &ldquo;Bylaws&rdquo;) as currently in effect, copies of which
are filed as exhibits to this Annual Report on Form 10-K and are incorporated by reference herein<B>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authorized
Capital Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have authorized 35,000,000 shares of capital stock, par value $0.001 per share, of which 30,000,000 are shares of common stock
and 5,000,000 are shares of &ldquo;blank check&rdquo; preferred stock. On March 30, 2020, there were 8,726,045 shares of common
stock issued and outstanding and no shares of preferred stock issued and outstanding. The authorized and unissued shares of common
stock and the authorized and undesignated shares of preferred stock are available for issuance without further action by our stockholders,
unless such action is required by applicable law or the rules of any stock exchange on which our securities may be listed. Unless
approval of our stockholders is so required, our board of directors does not intend to seek stockholder approval for the issuance
and sale of our common stock or preferred stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common
Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of our common stock are entitled to one vote per share on all matters submitted to a vote of stockholders. Elections of
directors are determined by a plurality of the votes and all other matters are decided by a majority of the votes cast by those
stockholders entitled to vote and present in person or by proxy. Our Certificate of Incorporation does not provide for cumulative
voting. The holders of our common stock are entitled to receive ratably such dividends, if any, as may be declared by our board
of directors out of legally available funds; however, the current policy of our board of directors is to retain earnings, if any,
for operations and growth. Upon liquidation, dissolution or winding-up, the holders of our common stock are entitled to share
ratably in all assets that are legally available for distribution. The holders of our common stock have no preemptive, subscription,
redemption or conversion rights. The rights, preferences and privileges of holders of our common stock are subject to, and may
be adversely affected by, the rights of the holders of any series of preferred stock, which may be designated solely by action
of our board of directors and issued in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
NASDAQ Capital Market Listing</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
common stock is listed on the NASDAQ Capital Market under the symbol &ldquo;PPSI.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transfer
Agent </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent and registrar for our common stock is Action Stock Transfer Corp. The transfer agent&rsquo;s address is 2469 E.
Fort Union Blvd., Suite 214, Salt Lake City, Utah 84121. Our common stock is listed on the Nasdaq Capital Market under the symbol
&ldquo;PPSI.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preferred
Stock </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors is authorized, subject to any limitations prescribed by law, without further vote or action by the
stockholders, to issue from time to time shares of preferred stock in one or more series. Each such series of preferred stock
shall have such number of shares, designations, preferences, voting powers, qualifications, and special or relative rights or
privileges as shall be determined by the board of directors, which may include, among others, dividend rights, voting rights,
liquidation preferences, conversion rights and preemptive rights. Issuance of preferred stock by our board of directors may
result in such shares having dividend and/or liquidation preferences senior to the rights of the holders of our common stock
and could dilute the voting rights of the holders of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the issuance of shares of each series of preferred stock, the board of directors is required by the Delaware General Corporation
Law (the &ldquo;DGCL&rdquo;) and our Certificate of Incorporation to adopt resolutions and file a certificate of designation with
the Secretary of State of the State of Delaware. The certificate of designation fixes for each class or series the designations,
powers, preferences, rights, qualifications, limitations and restrictions, including, but not limited to, some or all of the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         number of shares constituting that series and the distinctive designation of that series,
                                         which number may be increased or decreased (but not below the number of shares then outstanding)
                                         from time to time by action of the board of directors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         dividend rate and the manner and frequency of payment of dividends on the shares of that
                                         series, whether dividends will be cumulative, and, if so, from which date;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                         that series will have voting rights, in addition to any voting rights provided by law,
                                         and, if so, the terms of such voting rights;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                         that series will have conversion privileges, and, if so, the terms and conditions of
                                         such conversion, including provision for adjustment of the conversion rate in such events
                                         as the board of directors may determine;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                         or not the shares of that series will be redeemable, and, if so, the terms and conditions
                                         of such redemption;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                         that series will have a sinking fund for the redemption or purchase of shares of that
                                         series, and, if so, the terms and amount of such sinking fund;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                         or not the shares of the series will have priority over or be on a parity with or be
                                         junior to the shares of any other series or class in any respect;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         rights of the shares of that series in the event of voluntary or involuntary liquidation,
                                         dissolution or winding up of the corporation, and the relative rights or priority, if
                                         any, of payment of shares of that series; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         other relative rights, preferences and limitations of that series.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
designated by our board of directors, each series of preferred stock may have specific financial and other terms that will be
described in a prospectus supplement. The description of the preferred stock that is set forth in any prospectus supplement is
not complete without reference to the documents that govern the preferred stock. These include our certificate of incorporation
and any certificates of designation that our board of directors may adopt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
shares of preferred stock offered hereby will, when issued, be fully paid and nonassessable, including shares of preferred stock
issued upon the exercise of preferred stock warrants or subscription rights, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
our board of directors has no intention at the present time of doing so, it could authorize the issuance of a series of preferred
stock that could, depending on the terms of such series, impede the completion of a merger, tender offer or other takeover attempt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware
Anti-Takeover Law and Provisions of our Certificate of Incorporation and Bylaws</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Delaware
Anti-Takeover Law</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to Section 203 of the DGCL. Section 203 generally prohibits a public Delaware corporation from engaging in a &ldquo;business
combination&rdquo; with an &ldquo;interested stockholder&rdquo; for a period of three years after the date of the transaction
in which the person became an interested stockholder, unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior
                                         to the date of the transaction, the board of directors of the corporation approved either
                                         the business combination or the transaction which resulted in the stockholder becoming
                                         an interested stockholder;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         interested stockholder owned at least 85% of the voting stock of the corporation outstanding
                                         at the time the transaction commenced, excluding for purposes of determining the number
                                         of shares outstanding (i) shares owned by persons who are directors and also officers
                                         and (ii) shares owned by employee stock plans in which employee participants do not have
                                         the right to determine confidentially whether shares held subject to the plan will be
                                         tendered in a tender or exchange offer; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
                                         or subsequent to the date of the transaction, the business combination is approved by
                                         the board and authorized at an annual or special meeting of stockholders, and not by
                                         written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting
                                         stock which is not owned by the interested stockholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
203 defines a business combination to include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         merger or consolidation involving the corporation and the interested stockholder;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         sale, transfer, pledge or other disposition involving the interested stockholder of 10%
                                         or more of the assets of the corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">subject
                                         to exceptions, any transaction that results in the issuance or transfer by the corporation
                                         of any stock of the corporation to the interested stockholder; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         receipt by the interested stockholder of the benefit of any loans, advances, guarantees,
                                         pledges or other financial benefits provided by or through the corporation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding
voting stock of the corporation and any entity or person affiliated with, or controlling, or controlled by, the entity or person.
The term &ldquo;owner&rdquo; is broadly defined to include any person that, individually, with or through that person&rsquo;s
affiliates or associates, among other things, beneficially owns the stock, or has the right to acquire the stock, whether or not
the right is immediately exercisable, under any agreement or understanding or upon the exercise of warrants or options or otherwise
or has the right to vote the stock under any agreement or understanding, or has an agreement or understanding with the beneficial
owner of the stock for the purpose of acquiring, holding, voting or disposing of the stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
restrictions in Section 203 do not apply to corporations that have elected, in the manner provided in Section 203, not to be subject
to Section 203 of the DGCL or, with certain exceptions, which do not have a class of voting stock that is listed on a national
securities exchange  or held of record by more than 2,000 stockholders.
Our certificate of incorporation and bylaws do not opt out of Section 203.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
203 could delay or prohibit mergers or other takeover or change in control attempts with respect to us and, accordingly, may discourage
attempts to acquire us even though such a transaction may offer our stockholders the opportunity to sell their stock at a price
above the prevailing market price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Certificate
of Incorporation and Bylaws </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">So
long as Provident Pioneer Partners, L.P., which is controlled by Nathan J. Mazurek, maintains a majority of the voting power
of our common stock, Mr. Mazurek will effectively control all matters submitted to our </FONT>stockholders for a vote, as
well as the overall management and direction of our company, which may have the effect of delaying, deferring or discouraging
another person from acquiring control of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
such time that Provident Pioneer Partners, L.P. or any other entity controlled by Mr. Mazurek does not maintain a majority of
the voting power of our common stock, the provisions of our Certificate of Incorporation and Bylaws may delay or discourage transactions
involving an actual or potential change in our control or change in our management, including transactions in which stockholders
might otherwise receive a premium for their shares, or transactions that our stockholders might otherwise deem to be in their
best interests. Therefore, these provisions could adversely affect the price of our common stock. Among other things, our Certificate
of Incorporation and Bylaws:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
                                         that special meetings of stockholders may be called only by our chairman, our president
                                         or by a resolution adopted by a majority of our board of directors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">do
                                         not include a provision for cumulative voting in the election of directors. Under cumulative
                                         voting, a minority stockholder holding a sufficient number of shares may be able to ensure
                                         the election of one or more directors. The absence of cumulative voting may have the
                                         effect of limiting the ability of minority stockholders to effect changes in our board
                                         of directors; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">allow
                                         us to issue, without stockholder approval, up to 5,000,000 shares of preferred stock
                                         that could adversely affect the rights and powers of the holders of our common stock.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>ex31-1.htm
<DESCRIPTION>CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
<html><head><title></title></head><body>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"></p>
<div style="margin: 0pt;" align="left">
<div style="width: 100%; font-size: 1pt; border-top: 2px solid #000000;">&nbsp;</div>
</div> <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;"></FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="color: black"><FONT STYLE="color: black"><a href="ppsi-10ka_123119.htm">Pioneer Power Solutions, Inc. 10-K/A</A></FONT></FONT></P>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt;"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt;"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>Exhibit 31.1</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PURSUANT
TO 18U.S.C SECTION 1350 AS ADOPTED</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PURSUANT
TO SECTION 302 OF THE SARBANES-OXELY ACT OF 2002</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
Nathan J. Mazurek, certify that:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    have reviewed this Amendment No. 1 to the report on Form 10-K of Pioneer Power Solutions, Inc.; and</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on my knowledge,
    this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
    statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
    covered by this report.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 62%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    October 8, 2020</font></td>
    <td style="vertical-align: top; width: 3%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="vertical-align: bottom; width: 35%; border-bottom: black 1.5pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;Nathan
    J. Mazurek</font></td></tr>
<tr>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: top; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="vertical-align: bottom; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nathan
    J. Mazurek</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer (Duly&nbsp;Authorized
    Officer,<br>
    Principal Executive Officer)</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>ex31-2.htm
<DESCRIPTION>CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
<html><head><title></title></head><body>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<div style="margin: 0pt;" align="left">
<div style="width: 100%; font-size: 1pt; border-top: 2px solid #000000;">&nbsp;</div>
</div> <p style="margin-bottom: 0pt; margin-top: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif;"><b><font style="color: black;"><font style="color: black;"></FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="color: black"><FONT STYLE="color: black"><a href="ppsi-10ka_123119.htm">Pioneer Power Solutions, Inc. 10-K/A</A></FONT></FONT></P>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt;"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>Exhibit 31.2</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CERTIFICATION
OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PURSUANT
TO 18 U.S.C SECTION 1350 AS ADOPTED</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PURSUANT
TO SECTION 302 OF THE SARBANES-OXELY ACT OF 2002</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
Walter Michalec, certify that:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 24px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    have reviewed this Amendment No. 1 to the report on Form 10-K of Pioneer Power Solutions, Inc.; and</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on my knowledge,
    this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
    statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
    covered by this report.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 62%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    October 8, 2020</font></td>
    <td style="width: 3%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="width: 35%; border-bottom: black 1.5pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Walter Michalec</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Walter Michalec</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
        Chief Financial Officer</font></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Duly&nbsp;Authorized
        Officer, Principal Financial and Accounting Officer)</font></p></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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