# EDGAR Filing Document

**Accession Number:** 0002040127
**File Stem:** 0001193125-25-258706
**Filing Date:** 2025-10
**Character Count:** 42384
**Document Hash:** c756cb8738363b061f39baee14c2bbe0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-258706.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001193125-25-258706

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251024

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Karman Holdings Inc.
- **CENTRAL INDEX KEY:** 0002040127
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 852660232
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42520
- **FILM NUMBER:** 251436319

**BUSINESS ADDRESS:**
- **STREET 1:** 5351 ARGOSY AVE
- **CITY:** HUNTINGTON BEACH
- **STATE:** CA
- **ZIP:** 92649
- **BUSINESS PHONE:** (714) 898-9951

**MAIL ADDRESS:**
- **STREET 1:** 5351 ARGOSY AVE
- **CITY:** HUNTINGTON BEACH
- **STATE:** CA
- **ZIP:** 92649

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCFIII SPACECO HOLDINGS LLC
- **DATE OF NAME CHANGE:** 20241003

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of Earliest Event Reported): October 24, 2025

## KARMAN HOLDINGS INC.

#### (Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-42520** | **85-2660232** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(I.R.S. Employer<br>Identification Number)** |

---

#### 5351 Argosy Avenue, Huntington Beach, CA 92649

#### (Address of Principal Executive Offices) (Zip Code)

#### Registrant's telephone number, including area code: (714) 898-9951
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock, $0.001 Par Value | KRMN | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

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. ☐

------

---

| | |
|:---|:---|
| **ITEM 1.01** | **ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.**  |

---

On October 24, 2025, Karman Holdings Inc. (the "Company") entered into that certain Second Amendment to Credit Agreement (the "Credit Agreement Amendment") which amends that certain Credit Agreement, dated as of April 1, 2025, (as amended by that certain First Amendment to Credit Agreement, dated as of May 27, 2025 and as further amended by the Credit Agreement Amendment, the "Credit Agreement") by and among the Company, Citibank, N.A. ("Citibank"), and the other parties thereto. The Credit Agreement Amendment provides for an incremental term loan in the aggregate original principal amount of $130,000,000 (the "Incremental Term Loan"). The Company anticipates using the proceeds of the Incremental Term Loan to repay outstanding revolving credit loans under the Credit Agreement, for working capital and other general corporate purposes (including, without limitation, acquisitions and other investments) and for the payment of any fees, commissions and expenses associated therewith.

The foregoing description of the Credit Agreement Amendment does not purport to be complete and is subject to, and qualified in its entirety by, reference to the Credit Agreement Amendment, a copy of which is attached hereto and filed as Exhibit 10.1 and incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 2.03** | **CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.**  |

---

Please see Item 1.01 above, which information is incorporated by reference into this Item 2.03.

---

| | |
|:---|:---|
| **ITEM 7.01** | **REGULATION FD DISCLOSURE.**  |

---

On October 30, 2025, the Company issued a press release announcing its entry into the transaction described below in Item 8.01 of this Current Report on Form 8-K. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein. The information in this Item 7.01 and Exhibit 99.1 attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise be subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth therein.

---

| | |
|:---|:---|
| **ITEM 8.01** | **OTHER EVENTS.**  |

---

On October 28, 2025, the Company entered into a Securities Purchase Agreement (the "Agreement") under which a wholly-owned subsidiary of the Company has agreed to purchase Five Axis Industries Inc. ("Five Axis"), for $83,000,000 in cash and 68,625 shares of common stock of the Company, subject to the satisfaction or waiver of certain customary closing adjustments. The Agreement contains customary representations, warranties and covenants of the parties.

---

| | |
|:---|:---|
| **ITEM 9.01** | **FINANCIAL STATEMENTS AND EXHIBITS**  |

---

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 10.1 | [Second Amendment to Credit Agreement, dated as of October 24, 2025, by and among the Company, Citibank, N.A. and the parties thereto.](d67875dex101.htm) |
| 99.1 | [Press Release dated October 30, 2025](d67875dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **KARMAN HOLDINGS INC.** | **KARMAN HOLDINGS INC.** |
| By: | /s/ Mike Willis |
| Name: | Mike Willis |
| Title: | Chief Financial Officer |

---

Date: October 30, 2025

## Exhibit 10.1

**Exhibit 10.1** 

***Execution Version*** 

**SECOND AMENDMENT TO CREDIT AGREEMENT** 

This SECOND AMENDMENT TO CREDIT AGREEMENT (this "<u>Amendment</u>") is entered into as of October 24, 2025 by and among KARMAN HOLDINGS INC., a Delaware corporation ("<u>Borrower</u>"), the other Loan Parties party hereto, the Second Amendment Incremental Term Lenders (as defined below) and CITIBANK, N.A., as Administrative Agent and Collateral Agent (in such capacities, the "<u>Administrative Agent</u>").

W I T N E S S E T H:

WHEREAS, Borrower, the existing Lenders party thereto prior to the effectiveness of this Amendment, and Administrative Agent are parties to that certain Credit Agreement, dated as of April 1, 2025 (as amended by the First Amendment to Credit Agreement, dated as of May 27, 2025 (the "<u>First Amendment</u>") and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the Second Amendment Effective Date (as defined below), the "<u>Credit Agreement</u>", and as amended by this Amendment, the "<u>Amended Credit Agreement</u>");

WHEREAS, the Borrower has requested an Incremental Term Loan in an aggregate principal amount equal to $130,000,000 (the "<u>Second Amendment Incremental Term Loans</u>") in accordance with Section 2.14 of the Credit Agreement;

WHEREAS, subject to the terms and conditions set forth herein, the Second Amendment Incremental Term Lenders (as defined below) have agreed on the terms and conditions set forth herein, to provide the Second Amendment Incremental Term Loans to the Borrower;

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

SECTION 1. *Definitions*. Capitalized terms used herein that are not otherwise defined herein shall have the respective meanings assigned to such terms in the Amended Credit Agreement.

SECTION 2. *Second Amendment Incremental Term Loans; Amendments*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the satisfaction of the conditions set forth herein, each Person listed on <u>Schedule A</u> attached hereto as a "Second Amendment Incremental Term Lender" (each such Person, a "<u>Second Amendment Incremental Term Lender</u>", and collectively, the "<u>Second Amendment Incremental Term Lenders</u>") severally (and not jointly) agrees, effective as of the Second Amendment Effective Date, to make in Dollars a Second Amendment Incremental Term Loan to the Borrower in an amount set forth opposite such Second Amendment Term Lender's name on such <u>Schedule A</u> under the heading "Second Amendment Incremental Term Loan Commitments" (the "<u>Second Amendment Incremental Term Loan Commitments</u>"). The Second Amendment Incremental Term Loans shall be made in a single borrowing on the Second Amendment Effective Date. Amounts borrowed under this Section 2(a) and subsequently repaid or prepaid may not be reborrowed (it being understood, however, that prepayments will be taken into account for purposes of any Prepay Incremental Amount to the extent provided by Section 2.14 of the Amended Credit Agreement).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From and after the Second Amendment Effective Date, (i) the terms of the Second Amendment Incremental Term Loans shall be the same as the terms of the Initial Term Loans and Term Loans outstanding immediately prior to giving effect to this Amendment, (ii) [reserved], (iii) each Second Amendment Incremental Term Lender shall be a "Lender" and a "Term Lender" for all purposes under the Amended Credit Agreement and the other Loan Documents, (iv) the Second Amendment Incremental Term Loans shall be "Loans", "Initial Term Loans" (other than for purposes of Section 2.01(a) of the Credit Agreement) and "Term Loans", (v) the Second Amendment Incremental Term Loan Commitments shall be "Commitments", "Term Commitments", and "Incremental Term Loan Commitments", in each case, for all purposes under the Amended Credit Agreement and the other Loan Documents and shall have the terms set forth in the Amended Credit Agreement and (vi) the Second Amendment Incremental Term Loans and the Term Loans funded under the Credit Agreement prior to the Second Amendment Effective Date shall collectively constitute one and the same tranche and Class of Term Loans under the Amended Credit Agreement, and shall be fungible for U.S. federal income tax purposes and assigned the same CUSIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment is an amendment to incur additional Indebtedness as described in Section 2.14(a) of the Credit Agreement and shall constitute an "Incremental Amendment" for all purposes under the Amended Credit Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The proceeds of the Second Amendment Incremental Term Loans shall be used to repay outstanding Revolving Credit Loans, for general corporate purposes not prohibited under the Amended Credit Agreement (including, without limitation, Permitted Investments and to pay fees, costs and expenses in connection therewith) and for the payment of any fees, commissions and expenses associated therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The parties hereto hereby agree that, notwithstanding anything in the Credit Agreement to the contrary, (i) the Second Amendment Incremental Term Loans shall, initially, be SOFR Loans with an initial Interest Period commencing on the Second Amendment Effective Date and ending on December 31, 2025 and (ii) the Administrative Agent is hereby authorized to take all actions as it may reasonably deem to be necessary to ensure that the Second Amendment Incremental Term Loans are included in the same Class as the Term Loans funded under the Credit Agreement prior to the Second Amendment Effective Date and the Administrative Agent shall be authorized to mark the Register accordingly to reflect the amendments and adjustments set forth herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The parties hereto hereby agree to amend the Credit Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section 1.01 of the Credit Agreement is hereby amended by adding the following definition in appropriate alphabetical order:

"<u>Second Amendment Effective Date</u>" has the meaning set forth in Section 3 of the Second Amendment to Credit Agreement, dated as of October 24, 2025, by and among the Borrower, Lenders party thereto and the Administrative Agent, which date is October 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Section 2.07(a) of the Credit Agreement is hereby amended by replacing the schedule set forth therein with the following:

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| | |
|:---|:---|
| Date | Amount |
| The last Business Day of the fiscal quarter ending on September 30, 2025 | 0.25% of the aggregate principal amount of the aggregate initial principal amount of the Initial Term Loans on the First Amendment Effective Date |
| The last Business Day of each fiscal quarter ending prior to the Maturity Date for the Initial Term Loans starting with the fiscal quarter ending on December 31, 2025 | $1262500 |
| Maturity Date for the Initial Term Loans | All unpaid aggregate principal amounts of any outstanding Initial Term Loans |

---

SECTION 3. *Conditions Precedent to Effectiveness*. The effectiveness of this Amendment is subject to the satisfaction (or waiver) of the following conditions (the time at which all such conditions are so satisfied (or waived) is referred to herein as the "<u>Second Amendment Effective Date</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Event of Default under Section 8.01(a), (f) or (g) of the Credit Agreement shall exist and be continuing immediately after giving effect to this Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrative Agent shall have received from each party hereto a counterpart of this Amendment signed on behalf of the Borrower, the Administrative Agent and each Second Amendment Incremental Term Lender (which, in each case, may be .pdf copies or delivered by other electronic method);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Administrative Agent shall have received a Committed Loan Notice relating to the Second Amendment Incremental Term Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Administrative Agent shall have received such customary documents and certifications (including certificates of incorporation and bylaws, certificate of resolutions, board minutes or other action, and, if applicable, good standing certificates) as the Administrative Agent may reasonably require to evidence (A) the identity, authority and capacity of each Responsible Officer of the Loan Parties acting as such in connection with this Amendment and the other Loan Documents and (B) that the Loan Parties are duly organized or formed, and that each of them is validly existing and, to the extent applicable, in good standing;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Administrative Agent shall have received a solvency certificate executed by the chief financial officer or similar officer, director or authorized signatory of the Borrower (after giving effect to this Amendment and the borrowing of the Second Amendment Incremental Term Loans) substantially in the form attached as Exhibit H to the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying as to the matters set forth in Sections 3(a) and 3(h) of this Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Administrative Agent shall have received an opinion from Willkie Farr & Gallagher LLP, New York counsel to the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) subject to the provisions in Section 1.02(i) of the Credit Agreement, the representations and warranties of the Borrower and each other Loan Party contained in Article V of the Credit Agreement or any other Loan Document shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the Second Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent shall have received a funding direction letter with an attached funds flow memorandum executed by the Borrower, dated as of the Second Amendment Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to the extent a reasonably detailed invoice therefor has been received by the Borrower at least three (3) Business Days prior to the Second Amendment Effective Date (or such later date as the Borrower may agree), the Administrative Agent shall have been reimbursed by or on behalf of the Borrower for all documented out-of-pocket expenses incurred by it in connection with this Amendment in accordance with and subject to the terms of Section 10.04 of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Second Amendment Incremental Term Loan Lenders shall have received all customary documentation and other information with respect to the Loan Parties that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the Patriot Act, in each case that has been reasonably requested by such Second Amendment Incremental Term Loan Lenders at least three (3) Business Days prior to the Second Amendment Effective Date and (ii) to the extent requested by such Incremental Term Loan Lenders at least three (3) Business Days prior to the Second Amendment Effective Date, if any Loan Party qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, such Loan Party shall have delivered a Beneficial Ownership Certification in relation to such Loan Party.

SECTION 4. *Representations and Warranties*. The Borrower hereby represents and warrants to the Administrative Agent and each Second Amendment Incremental Term Lender that, as of the Second Amendment Effective Date:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan Party and each of the Restricted Subsidiaries (a) is a Person duly organized, formed or incorporated, validly existing and in good standing (to the extent such concept is applicable in the relevant jurisdiction) under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified and is authorized to do business and in good standing (to the extent such concept is applicable in the relevant jurisdiction) under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, (d) has all requisite governmental licenses, authorizations, consents and approvals to operate its business as currently conducted and (e) is in compliance with all Laws; except in each case referred to in <u>clause (a)</u> (other than with respect to the Borrower), <u>(b)(i)</u> (other than with respect to the Borrower), <u>(c)</u><u>,</u> <u>(d)</u> and <u>(e)</u>, to the extent that any failure to be so or to have such would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by each Loan Party of this Amendment and the consummation of the transactions contemplated hereby, are within such Loan Party's corporate or other powers, have been duly authorized by all necessary corporate or other organizational action and do not (a) contravene the terms of any of such Person's Organization Documents, (b) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by Section 7.02 of the Amended Credit Agreement), (i) any Contractual Obligation to which such Person is a party or (ii) any material order, injunction, writ or decree of any Governmental Authority applicable to such Person or its property is subject, except to the extent that such breach, contravention or creation of such Lien would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or (c) violate any Law; except to the extent that such violation would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment has been duly executed and delivered by each Loan Party that is party hereto. Subject to the Legal Reservations, this Amendment constitutes, a legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable against such Loan Party in accordance with its terms.

SECTION 5. *Counterparts.* This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier or other electronic transmission of an executed counterpart of a signature page to this Amendment and each other Loan Document shall be effective as delivery of an original executed counterpart of this Amendment. The words "execution," "signed," "signature," and words of like import shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

------

SECTION 6. *Reference to and Limited Effect on the Credit Agreement and the Other Loan Documents.* On and after the Second Amendment Effective Date, (A) each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or words of like import referring to the Credit Agreement, and (B) each reference in the other Loan Documents to the "Credit Agreement", "thereunder", "thereof", "therein" or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement after giving effect to this Amendment. Except as specifically amended by this Amendment, the Credit Agreement and each of the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. The execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent or Lenders under, the Credit Agreement or any of the other Loan Documents.

SECTION 7. *Governing Law*. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

SECTION 8. *Reaffirmation of the Loan Parties.* Each Loan Party hereby confirms and agrees that, notwithstanding the effectiveness of this Amendment and the First Amendment, each other Loan Document to which such Loan Party is a party is, and the obligations of such Loan Party contained in the Amended Credit Agreement, this Amendment, the First Amendment or in any other Loan Document to which it is a party are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects. For greater certainty and without limiting the foregoing, each Loan Party hereby confirms that any existing security interests and other Liens granted by such Loan Party in favor of the Administrative Agent for the benefit of the Secured Parties pursuant to any other Loan Document in the Collateral described therein shall continue to secure the obligations of the Loan Parties under the Amended Credit Agreement and the other Loan Documents as and to the extent provided in the other Loan Documents.

SECTION 9. *Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.* The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 10.15, 10.16 and 10.17 of the Credit Agreement are hereby incorporated by reference, *mutatis mutandis*.

SECTION 10. *Severability*. The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder.

SECTION 11. *Captions*. Captions used in this Amendment are for convenience only and shall not affect the construction of this Amendment.

[*Remainder of Page Left Intentionally Blank*]

------

IN WITNESS WHEREOF, each of the undersigned has executed this Amendment as of the date set forth above.

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| | |
|:---|:---|
| **KARMAN HOLDINGS INC.**, | **KARMAN HOLDINGS INC.**, |
| as the Borrower | as the Borrower |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

[Signature Page to Second Amendment to Credit Agreement]

------

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| | |
|:---|:---|
| **OTHER LOAN PARTIES, SOLELY FOR PURPOSES OF SECTION 8 OF THE AMENDMENT:** | **OTHER LOAN PARTIES, SOLELY FOR PURPOSES OF SECTION 8 OF THE AMENDMENT:** |
| **KARMAN PARENT LLC** | **KARMAN PARENT LLC** |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **KARMAN SPACE & DEFENSE LLC** | **KARMAN SPACE & DEFENSE LLC** |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **AEROSPACE ENGINEERING, LLC** | **AEROSPACE ENGINEERING, LLC** |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **WOLCOTT DESIGN SERVICES LLC** | **WOLCOTT DESIGN SERVICES LLC** |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **AMRO FABRICATING CORPORATION** | **AMRO FABRICATING CORPORATION** |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

[Signature Page to Second Amendment to Credit Agreement]

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| | |
|:---|:---|
| **AMERICAN AUTOMATED ENGINEERING, INC.** | **AMERICAN AUTOMATED ENGINEERING, INC.** |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **SYSTIMA TECHNOLOGIES, INC.** | **SYSTIMA TECHNOLOGIES, INC.** |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **MTI PARTNERS, LLC** | **MTI PARTNERS, LLC** |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **METAL MACHINING LLC** | **METAL MACHINING LLC** |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **METAL MACHINING LAND LLC** | **METAL MACHINING LAND LLC** |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **GCR TECHNOLOGIES, LLC** | **GCR TECHNOLOGIES, LLC** |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

[Signature Page to Second Amendment to Credit Agreement]

------

---

| | |
|:---|:---|
| **RCS ROCKET MOTOR COMPONENTS, INC.** | **RCS ROCKET MOTOR COMPONENTS, INC.** |
| By: | /s/ Mike Willis |
| Name: Mike Willis | Name: Mike Willis |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

[Signature Page to Second Amendment to Credit Agreement]

------

---

| | |
|:---|:---|
| **CITIBANK, N.A.**, | **CITIBANK, N.A.**, |
| as Administrative Agent | as Administrative Agent |
| By: | /s/ Carlos Bolanos |
| Name: Carlos Bolanos | Name: Carlos Bolanos |
| Title: Senior Vice President | Title: Senior Vice President |

---

[Signature Page to Second Amendment to Credit Agreement]

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---

| | |
|:---|:---|
| **ROYAL BANK OF CANADA**,<br> as a Second Amendment Incremental Term Lender | **ROYAL BANK OF CANADA**,<br> as a Second Amendment Incremental Term Lender |
| By: | /s/ John Cokinos |
| Name: John Cokinos | Name: John Cokinos |
| Title: Managing Director, Head of Leveraged Finance | Title: Managing Director, Head of Leveraged Finance |

---

[Signature Page to Second Amendment to Credit Agreement]

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**<u>Schedule A</u>**

**<u>Second Amendment Incremental Term Loan Commitments</u>**

---

| | |
|:---|:---|
| **Second Amendment Incremental Term Lenders** | **Second Amendment Incremental Term<br>Loan Commitments** |
|  Royal Bank of Canada | $130000000.00 |
|  **TOTAL** | $**130000000.00** |

---

## Exhibit 99.1

**Exhibit 99.1** 

---

| | |
|:---|:---|
| ![LOGO](g67875g26g08.jpg) | PRESS RELEASE |

---

**Karman Space & Defense Acquires Five Axis Industries Inc. ("Five Axis"), a Leading Supplier of Advanced Engine Subsystems for Major Commercial Space Programs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Five Axis is a rapidly growing leader in the engineering and manufacturing of specialized nozzle and fuel systems
that play a critical role in optimizing performance of current and next-generation engines for launch vehicles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With extensive engineering and manufacturing capabilities, Five Axis is deeply embedded in major space engine
programs that serve multiple launch vehicles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The acquisition of Five Axis creates new opportunities to solve complex customer challenges via vertical
integration by leveraging Karman's advanced spin-forming capability to deliver a proprietary nozzle solution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The acquisition adds complementary and highly technical capabilities to the Karman platform, including
proprietary technologies tied to 3D-printed inconel that represent the continued expansion of Karman's IP portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The acquisition is immediately accretive to Karman across all major financial metrics, including revenue growth,
Adjusted EBITDA margin and cash flow

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Karman recently increased its existing $370 million Term Loan B by $130 million primarily to fund the
$83 million cash component of the Five Axis acquisition

HUNTINGTON BEACH, Calif., Oct 30, 2025 – <u>Karman Space & Defense</u> ("Karman", "Karman Holdings, Inc." or "the Company") (NYSE: KRMN), a leader in the rapid design, development and production of critical, next-generation system solutions for launch vehicle, satellite, spacecraft, missile defense, hypersonic and UAS customers today announced it has acquired Five Axis Industries ("Five Axis"), a leader in highly engineered products for commercial space engines, which includes spun form nozzles, gaseous oxygen systems, and fluid control technologies, for $83 million in cash and approximately $5 million of Karman common shares. The transaction closed on October 28, 2025.

Founded in 2002 and based in Arlington, Washington, Five Axis has developed a proprietary portfolio of technically complex products and capabilities with deep expertise in complex nozzles and other highly engineered products for launch vehicle engine applications. Five Axis' products serve a critical role in optimizing engine performance and operate in highly corrosive, ultra-high-temperature propulsion environments.

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Karman Five Axis Release Oct 25

"We are thrilled to add Five Axis to the Karman family," said Tony Koblinski, chief executive officer of Karman Space & Defense. "This acquisition strengthens our core competency in the engineering and manufacturing of mission-critical subsystems for the space market. Five Axis is a unique asset within the space supply chain whose proven expertise and successful track record in proprietary engine products is a natural extension of the Karman platform. Their customer and program relationships create compelling opportunities to accelerate our growth and create shareholder value."

"We welcome the talented members of Five Axis to the Karman team. We look forward to working together to deliver even more value to our customers as we continue executing on our mission to be the nation's leading merchant supplier of advanced space and defense technologies," Mr. Koblinski added.

On October 24, 2025, Karman increased the size of its existing $375 million Term Loan B to $505 million primarily to fund the acquisition of Five Axis and pay off its revolving credit facility.

For more information on Five Axis, please visit https://www.fiveaxisindustries.com.

**Advisors** 

RBC served as primary financial advisor, Citi supported as the junior book runner and Willkie Farr & Gallagher LLP served as legal advisor to Karman in connection with the transaction. KAL Capital served as financial advisor to Five Axis.

**ABOUT KARMAN SPACE & DEFENSE** 

Karman Space & Defense is a leader in the rapid design, development and production of critical, next-generation system solutions for launch vehicles, satellites and spacecraft, missile defense, hypersonics and UAS customers. Building on nearly 50 years of success, we deliver Payload & Protection Systems, Aerodynamic Interstage Systems, and Propulsion & Launch Systems to more than 70 prime contractors supporting more than 100 space and defense programs. Karman is headquartered in Huntington Beach, CA, with multiple facilities across the United States. For more information, visit our website, www.Karman-SD.com.

**Forward-Looking Statements** 

This announcement may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current

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Karman Five Axis Release Oct 25

facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "likely," "seek," "project," "model," "ongoing," "will," "should," "forecast," "outlook" or similar terminology. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of Karman, will prove to be correct or that any of our expectations, estimates or projections will be achieved.

Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including the factors described in the filings we make with the SEC from time to time and, without limitation, that a significant portion of our revenue is generated from contracts with the United States military and U.S. military spending is dependent upon the U.S. defense budget; U.S. government contracts are subject to a competitive bidding process that can consume significant resources without generating any revenue; our business and operations expose us to numerous legal and regulatory requirements, and any violation of these requirements could materially adversely affect our business, results of operations, prospects and financial condition; our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete; and we have in the past consummated acquisitions and intend to continue to pursue acquisitions, and our business may be adversely affected if we cannot consummate acquisitions on satisfactory terms, or if we cannot effectively integrate acquired operations. Readers are directed to the risk factors identified in the filings we make with the SEC from time to time, copies of which are available free of charge at the SEC's website at www.sec.gov under Karman Holdings Inc.

The forward-looking statements included in this announcement are only made as of the date of this announcement. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable law.

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Karman Five Axis Release Oct 25

###

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**Contacts** 

Investor inquiries:

Steven Gitlin

<u>investors@karman-sd.com</u> 

Media inquiries:

<u>press@karman-sd.com</u> 

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