Other Information
+Added: On March 22, 2023, the Company entered into that certain Supply Chain Line
+Added: of Credit with OCI Limited (“OCI”), whereby OCI may provide a supply chain line of credit in the amount of up to $100 million
+Added: based on the amounts of approved accounts receivable of the Company (the “Credit Facility”).
+Added: In order to request a drawdown
+Added: on the Credit Facility, the Company is required to submit a transaction request to OCI which sets forth the terms of the applicable account
+Added: receivables, including but not limited to the name of the party responsible for the applicable account receivables (the “Obligor”),
+Added: the terms of repayment and the amount of such receivables.
+Added: The Company has no obligation to submit a drawdown request and OCI is not obligated
+Added: to accept any drawdown request from the Company.
+Added: In the event OCI accepts a drawdown request of the Company and upon satisfaction of certain
+Added: conditions required by OCI to issue the drawdown, OCI will disburse funds to the Company for such drawdown in an amount equal to the full
+Added: value of the applicable account receivables assigned to OCI minus any transaction expenses incurred by OCI and the full amount of interest
+Added: to be incurred for such receivables over the term of the drawdown.
+Added: The Company will pay interest on any drawdown at the Secured Overnight
+Added: Financing Rate +300 basis points.
+Added: Upon the disbursement of funds to the Company for a drawdown, the Company will assign all rights to
+Added: such account receivables of the Obligor to OCI.
+Added: The Company will act as collection agent on any account receivables assigned to OCI and
+Added: agrees to establish a designated bank account for the purpose of collecting payment on any applicable account receivables that are assigned
+Added: In the event (i) the Company is in material breach of the Credit Facility, (ii) the Company or the Obligor is insolvent or is
+Added: subject to reorganization or liquidation, or (iii) any dispute related to an agreement with an Obligor or non-payment by an Obligor, OCI
+Added: has the right to exercise any contractual rights it may have against Obligor, increase the interest rate to the agreed upon default interest
+Added: rate, and demand immediate repayment by the Company for the outstanding amounts owed under such account receivables.
+Added: The Company has also
+Added: agreed to indemnify OCI for any losses incurred by OCI in connection with the Credit Facility.
+Added: Either party may terminate the Credit Facility
+Added: at any time by providing fifteen (15) days prior written notice to the other party.
+Added: To date, Beam Global has not drawn on this line of
+Added: The foregoing description of the Credit Facility contained herein does not purport to be complete and is qualified in its entirety
+Added: by reference to the Credit Facility, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Incorporated by Reference
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Amendment to Bylaws
−Removed: Common Stock Purchase Agreement
−Removed: Registration Rights Agreement
+Added: Binding Letter of Intent Agreement dated June 12, 2023
+Added: OCI Limited Line of Credit Agreement
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act
12 unchanged sentences
its behalf by the undersigned, thereunto duly authorized.
+Added: August 14, 2023
/ s/ Desmond Wheatley
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.