Material Agreement - Form 8-K

On February 1, 2024, Beam Global, a Nevada corporation (the "Company"), entered into an Amended and Restated Lease Agreement with CRE South 25^th Associates LLC, a Delaware limited liability company (the "Landlord"), pursuant to which the Company has agreed to rent up to approximately 37,800 square feet of manufacturing and office space at 2600 South 25^th Avenue, Broadview, Illinois (the "Lease Agreement"). The Lease Agreement replaces in its entirety the Agreement of Lease dated April 27, 2020, as amended, pursuant to which the Landlord currently leases the property to the Company.

The term of the lease commenced on February 1, 2024 and expires on January 31, 2029. Under the Lease Agreement, the Company is obligated to pay fixed rent commencing February 2024 at the annual rate of: (i) $340,200 for year 1; (ii) $352,107 for year 2; (iii) $364,430.75 for year 3; (iv) $377,185.82 for year 4; and (v) $390,387.32 for year 5. In addition to the fixed rent amounts, the Lease Agreement provides that the Company is responsible for additional payments, including a portion of certain utility expenses, taxes, insurance and operating costs.

A copy of the Lease Agreement is attached hereto as Exhibit 10.1 and incorporated in Item 1.01 of this Current Report on Form 8-K by reference. The foregoing description of the Lease Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment.