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.