Item 1.01. Entry into a Material Definitive Agreement.
On November 19, 2021, Solitron Devices, Inc. (the "Company" or "Solitron")
entered into the Replacement Second Amendment to Lease with LaBoheme Properties,
Inc. (the "Landlord"), effective as of November 19, 2021 (the "Replacement Lease
Amendment"). The Replacement Lease Amendment amends and replaces the Second
Amendment to Lease, effective as of November 3, 2021, entered into by and
between Solitron and the Landlord (the "Second Amendment"). As previously
disclosed, the Company acquired a facility and real estate in West Palm Beach,
Florida in April 2021 and began making the necessary improvements to the
property to relocate its manufacturing operations and corporate headquarters.
Due to circumstances beyond its control, the Company is unable to complete the
relocation of its manufacturing operations and corporate headquarters by the end
of the calendar year so it entered into the Second Amendment previously
described in the Form 8-K filed on November 9, 2021 and based on changes to the
Company's needs entered into the Replacement Lease Amendment to extend the lease
term over the leased premises through January 31, 2022 (the "First Extension
Term"), extend the lease term over a portion of the leased premises through
March 31, 2022 (the "Second Extension Term") and extend the leases term over a
portion of the leased premises through April 30, 2022 (the "Third Extension
Term"). Solitron's parking rights will be revised as of February 1, 2022 so that
it will be entitled to use up to 20 parking spaces until the expiration of the
Second Extension Term and will be entitled to use up to 10 parking spaces until
the expiration of the Third Extension Term. In consideration for the lease
extension, Solitron will convey the air conditioning unit for the property to
the Landlord and will pay the current base rent of $41,291.86 for January 2022
and will pay rent of $3,000 per month in February and March 2022 and $1,500 for
the month of April 2022. The Replacement Lease Amendment modifies the terms of
the Second Amendment by extending the overall term of the lease by 1 month and
keeping the current base rent amount for the month of January 2022.
Item 9.01. Financial Statements and Exhibits.
Exhibit
No. Description
10.1 Replacement Second Amendment to Lease, effective as of November 19,
2021, between LaBoheme Properties, Inc. and Solitron Devices, Inc.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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