# EDGAR Filing Document

**Accession Number:** 0001780312
**File Stem:** 0001641172-25-017777
**Filing Date:** 2025-7
**Character Count:** 95698
**Document Hash:** d7b954ce279e5e71e073fb5ddba6a37f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-017777.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001641172-25-017777

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250627

**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**: 20250703

**DATE AS OF CHANGE**: 20250703

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AST SpaceMobile, Inc.
- **CENTRAL INDEX KEY:** 0001780312
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATION SERVICES, NEC [4899]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39040
- **FILM NUMBER:** 251105413

**BUSINESS ADDRESS:**
- **STREET 1:** MIDLAND INTL. AIR & SPACE PORT
- **STREET 2:** 2901 ENTERPRISE LANE
- **CITY:** MIDLAND
- **STATE:** TX
- **ZIP:** 79706
- **BUSINESS PHONE:** 432-276-3966

**MAIL ADDRESS:**
- **STREET 1:** MIDLAND INTL. AIR & SPACE PORT
- **STREET 2:** 2901 ENTERPRISE LANE
- **CITY:** MIDLAND
- **STATE:** TX
- **ZIP:** 79706

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New Providence Acquisition Corp.
- **DATE OF NAME CHANGE:** 20190620

?xml version='1.0' encoding='ASCII'?

**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): June 27, 2025**

**AST SpaceMobile, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39040** | **84-2027232** |
| (State or Other Jurisdiction | (Commission | (IRS Employer |
| of Incorporation) | File Number) | Identification No.) |

---

---

| | |
|:---|:---|
| **Midland International Air & Space Port**<br> **2901 Enterprise Lane**<br> **Midland, Texas** | **79706** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(432) 276-3966**

**N/A**

(Former name or former address, if changed since last report.)

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 Symbol(s)** | **Name of each exchange on which registered** |
| **Class A common stock, par value $0.0001 per share** | **ASTS** | **The Nasdaq Stock Market LLC** |

---

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.**

**Trinity Equipment Financing**

On June 27, 2025, AST & Science, LLC ("AST LLC"), AST & Science Texas LLC ("AST Texas") and AST SpaceMobile Manufacturing, LLC ("AST Manufacturing," and together with AST LLC and AST Texas, the "AST Companies"), each a directly or indirectly wholly owned subsidiary of AST SpaceMobile, Inc., entered into a Master Equipment Financing Agreement (the "MEFA") with Trinity Capital, Inc., as agent (the "Agent") and lender, and the other lenders party (the "Lenders") thereto, providing for a conditional commitment to provide financing in the total amount of up to $100.0 million. On June 27, 2025, the AST Companies, the Agent and the Lenders executed Equipment Financing Schedule No. 1 to the MEFA ("Schedule No. 1,") in the amount of $21.5 million, and on June 30, 2025, the AST Companies, the Agent and the Lenders executed Equipment Financing Schedule No. 2 to the MEFA in the amount of $3.5 million ("Schedule No. 2," and together with Schedule No. 1 and the MEFA, the "Agreements").

Of the $100.0 million conditional commitment, the net proceeds of the initial draw of $21.5 million under Schedule No. 1 was funded upon closing, the net proceeds of the second draw of $3.5 million under Schedule No. 2 was funded on June 30, 2025, and the remaining amount of up to $75.0 million may be funded in one or more draws on or before June 30, 2027 (the "Termination Date"), subject to the satisfaction of various conditions, including the Agent's satisfactory contingency funding assessment and due diligence investigation, and the execution and delivery of additional schedules under the MEFA.

For the five-year term of the initial draw of $21.5 million under Schedule No. 1, the AST Companies must make monthly payments of $478,719 (which is the monthly payment factor of 0.022266 multiplied by $21.5 million (the "Draw 1 Total Cost")) and must make an end of term payment in the amount of 9% of the Draw 1 Total Cost. For the five-year term of the second draw of $3.5 million under Schedule No. 2, the AST Companies must make monthly payments of $77,931 (which is the monthly payment factor of 0.022266 multiplied by $3.5 million (the "Draw 2 Total Cost")) and must make an end of term payment in the amount of 9% of the Draw 2 Total Cost. Additionally, if the aggregate amount of draws funded through the Termination Date is less than $50.0 million, then the AST Companies must pay the Agent for the benefit of the Lenders a non-utilization fee equal to 2.50% of the difference between $50.0 million and the aggregate amount of draws funded through the Termination Date, subject to the terms and conditions in the Agreements.

If the parties execute additional schedules under the MEFA, the monthly payment factor and monthly payment amount will be determined based on the prime rate at such time and will be fixed for the term of the schedule, but in no event will the monthly payment factor be lower than that in Schedule No. 1. If the amounts under Schedule No. 1 or Schedule No. 2 are voluntarily prepaid, the AST Companies s must pay a prepayment fee equal to 5% of the Draw 1 Total Cost or Draw 2 Total Cost, as applicable, if prepaid on or prior to the first anniversary of the closing date, 4% of the Draw 1 Total Cost or Draw 2 Total Cost, as applicable, if prepaid after the first anniversary and on or prior to the second anniversary of the closing date, and 3% of the Draw 1 Total Cost or Draw 2 Total Cost, as applicable, if prepaid thereafter.

The AST Companies' obligations under the Agreements (and any schedules executed from time to time) are secured by certain of the AST Companies' tangible assets. The MEFA contains customary affirmative and negative covenants. The MEFA also contains certain customary events of default that, if they occur, will be deemed to occur under all schedules (including Schedule No. 1 and Schedule No. 2). If an event of default occurs under the Agreements, the Agent and Lenders will have the rights and remedies under the Agreements, including the right to terminate the conditional commitment, to accelerate the amounts due under the Agreements, and to foreclose on the collateral. Late charges and a default rate may apply if amounts are paid late or there is another default under the Agreements. The MEFA also requires that all or a portion of the amounts under a schedule be paid if there is a total loss with respect to the collateral.

The Company intends to use the net proceeds from the financing under Schedule No. 1 and Schedule No. 2 for working capital and general corporate purposes.

The foregoing summary of the MEFA is qualified in its entirety by reference to the MEFA, which is filed as Exhibit 10.1 to this Current Report and is incorporated by reference into this Item 1.01.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

**Item 7.01 Regulation FD Disclosure.**

On July 3, 2025, AST SpaceMobile, Inc. issued a press release relating to the Trinity Equipment Financing. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Item 7.01 and in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), or otherwise subject to the liabilities of such section, nor will such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

**Item 8.01 Other Events.**

***AST SpaceMobile Repurchases $225 Million Principal Amount of its Convertible Notes, Removing Approximately 8.3 Million Underlying Shares of Common Stock and Approximately $63.8 Million of Remaining Interest***

On July 3, 2025, AST SpaceMobile, Inc. (the "Company") completed the repurchase of $225.0 million principal amount of its outstanding 4.25% convertible senior notes due 2032 (the "2032 Convertible Notes") in separate, privately negotiated repurchase transactions with a limited number of holders of the 2032 Convertible Notes (the "Holders") for an aggregate repurchase price of approximately $502.9 million, which included accrued and unpaid interest on the repurchased 2032 Convertible Notes.

The repurchase was funded with the net proceeds from the Company's previously announced registered direct offering of 9,450,268 shares of its Class A common stock ("Common Stock") at a price of $53.22 per share (the "Equity Offering"). In connection with the Equity Offering, the Company entered into separate, privately negotiated share purchase agreements with the Holders.

As part of the repurchase, the Company did not terminate or amend the previously purchased capped call which will remain outstanding upon the completion of the repurchase and Equity Offering. The capped call is expected to reduce dilution and/or offset cash payments upon a conversion of 2032 Convertible Notes.

The Equity Offering was made pursuant to a prospectus supplement, dated June 25, 2025, and filed with the Securities and Exchange Commission (the "SEC") on June 25, 2025, and the base prospectus, dated September 5, 2024 filed as part of the Company's automatic shelf registration statement (File No. 333-281939) that became effective under the Securities Act when filed with the SEC on September 5, 2024.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Master Equipment Financing Agreement, dated as of June 27, 2025, among AST & Science, LLC, AST & Science Texas LLC, AST SpaceMobile Manufacturing, LLC, Trinity Capital, Inc., as administrative agent, collateral agent and lender, and the other lenders from time to time party thereto.](ex10-1.htm) |
| 99.1 | [Press release titled "AST SpaceMobile Secures Additional $100.0 Million of Liquidity from Non-Dilutive Equipment Financing," dated July 3, 2025](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **AST SPACEMOBILE, INC.** | **AST SPACEMOBILE, INC.** |
| Date: July 3, 2025 | By: | */s/ Andrew M. Johnson* |
|  |  | Andrew M. Johnson |
|  |  | Executive Vice President, Chief Financial Officer and Chief Legal Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

![](ex10-1_001.jpg)

**MASTER EQUIPMENT FINANCING AGREEMENT**

THIS MASTER EQUIPMENT FINANCING AGREEMENT (this "**Agreement**") is made as of June 27, 2025 ("**Effective Date**"), between the lenders from time-to-time party to this Agreement (the "**Lenders**"), TRINITY CAPITAL INC., a Maryland corporation ("**Trinity**") in its capacity as administrative agent and collateral agent for the Lenders (the "**Agent**"), AST & SCIENCE, LLC, a Delaware limited liability company, ("**<u>AST LLC</u>**"), AST & SCIENCE TEXAS LLC, a Texas limited liability company ("**<u>AST Texas</u>**"), AST SPACEMOBILE MANUFACTURING, LLC; a Texas limited liability company ("**<u>AST Manufacturing</u>**"), each a subsidiary of AST SPACEMOBILE, INC., a Delaware corporation ("**<u>Parent</u>**"). AST LLC, AST Texas and AST Manufacturing are collectively referred to herein as the "**Company**". Company desires to finance certain equipment and other property (the "**Equipment**"). This Agreement provides the terms under which the Equipment is to be financed.

Agent, Lenders and Company agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **CONDITIONAL COMMITMENT TERMS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the following conditions, the Lenders shall provide equipment financing in the aggregate
 of up to $100,000,000 (the "**Conditional Commitment**") or such other greater
 amount as Lenders agree from time to time, with advances ()"**Draws**") to
 be made as follows: (i) $21,500,000 as the first Draw under this Agreement no later than
 June 27, 2025; (ii) $3,500,000 as the second Draw under this Agreement when requested during
 the first week of July, 2025; and (iii) up to $75,000,000 on or before June 30, 2027 (the
 applicable date of June 30, 2027 is referred to as the "**Termination Date** ");
 and further provided with respect to all Draws that Agent has received and reviewed the most
 recent Parent's Financial Statement, all subject to the terms and conditions set forth
 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 Draws requested by Company (other than those under 1(a) and (b) above) must be requested
 by 11:00 am Arizona time, not less than five (5) business days prior to the requested funding
 date of such requested Draw. All requests or confirmation of requests for a Draw are to be
 in writing and may be sent by telecopy or facsimile transmission or by email; provided, that
 Agent shall have the right to require that the receipt of such request not be effective unless
 confirmed via telephone with Agent; provided, further that such telephone confirmation shall
 not delay the funding of the requested Draw if such Draw was requested by Company in a timely
 manner pursuant to this Section 1(b). As express conditions precedent to Lenders making each
 Draw to Company, Company shall comply with all terms and conditions of Section 6 of this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Company
 may not request Draws (i) after the Termination Date, (ii) in excess of the aggregate amount
 of the Conditional Commitment nor (iii) at any time that an Event of Default is continuing.
 Each Draw (other than any final draw for the remainder of the Conditional Commitment) shall
 be at least $500,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 requests for Draws after initial Draw must be made within one hundred five (105) days of
 the date on which the Equipment on such Schedule is delivered to Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Company
 shall pay Agent, for the benefit of the Lenders in accordance with their Proportionate Share
 of the Conditional Commitment, a non-refundable commitment fee equivalent to 0.75% of the
 Conditional Commitment ($750,000.00) on the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Company
 shall pay Agent, for the benefit of the Lenders in accordance with their Proportionate Share
 of the Conditional Commitment, a non-utilization fee (the "**Non-Utilization Fee** ")
 in an amount equal to 2.5% of the difference between the Conditional Commitment amount, up
 to $50,000,000, and the aggregate principal amount of all Draws funded through the Termination
 Date, which payment shall be due on or before the Termination Date. For purposes of clarification,
 if Agent elects to reduce or terminate the Conditional Commitment amount (after the occurrence
 or during the continuation of an Event of Default), Agent shall notify Company in writing,
 and the non-utilization fee shall only be payable on 3% of the difference between the actual
 portion of the Conditional Commitment made available to Company and the aggregate principal
 amount of all Draws approved by Agent prior to such date.

Page **1** of **14**

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On
 the Effective Date, Company shall pay all legal expenses of Lenders incurred as of the Effective
 Date.

 

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **FINANCING.** Company and Agent may enter into one or more equipment financing schedules (individually,
 a "**Schedule**" and, collectively, the "**Schedules**") from
 time to time, evidencing the Draw and listing the Equipment to be financed. This Agreement,
 the Schedules, and any other agreements executed in connection herewith are, collectively,
 the "Equipment Financing Documents". Each Schedule will constitute a separate
 financing instrument, and will be effective for the term specified in that Schedule. The
 monthly payment factors under a Schedule will be fixed for the term of such Schedule which
 will be determined by Agent based on the Prime Rate reported in <u>The Wall Street Journal</u> on the first day of the month in which a Schedule is executed, which as of the Effective
 Date of this Agreement is at 7.50%. The monthly payment factors will be adjusted for each
 subsequent Schedule, using the then existing Prime Rate; however, in no event will a downward
 adjustment occur that is below the monthly payment factor set forth in the first Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PAYMENTS**.
 Company shall pay Agent (a) the payments ()"**Basic Payments**") specified
 in each Schedule, and (b) all of the other amounts payable in accordance with this Agreement,
 such Schedule and/or any of the other Equipment Financing Documents ("Other Payments",
 and together with the Basic Payments, collectively, the "**Payments** "). Upon
 Company's execution thereof, the related Schedule shall constitute a non-cancelable
 equipment financing. Company's obligation to make the Payments and perform its obligations
 under such Schedule and all other Equipment Financing Documents shall be absolute and unconditional
 and shall not be affected by any circumstances whatsoever, including any right of setoff,
 counterclaim, recoupment, deduction, defense or other right that Company may have against
 Agent, the manufacturer or vendor of the Equipment (the "**Suppliers** "),
 or anyone else (each, an "**Abatement** "). All Payments shall be paid in accordance
 with Agent's or Assignee's written direction. Time is of the essence. If any
 Payment is not paid within five (5) business days of the due date, Company shall pay a late
 charge (accruing at the "Late Charge Rate" specified in the related Schedule)
 with respect to the amount in arrears for the period such amount remains unpaid (the "**Late Charge** "). The assessment of a Late Charge shall be in addition to, and not in lieu
 of, Agent's imposition of a default rate (accruing at the "Default Rate"
 specified in the related Schedule) with respect to any unpaid accelerated balance due hereunder.
 Any obligation to make Payments shall be at an interest rate that is equal to the lesser
 of the maximum lawful rate permitted by applicable law or the effective interest rate used
 by Agent in calculating such amounts in accordance with the Equipment Financing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF COMPANY.** Company represents, warrants and agrees that, as
 of the Effective Date of this Agreement and of the date of each Schedule: (a) Company has
 the form of business organization indicated, and is and will remain duly organized and existing
 in good standing under the laws of the state specified, under Company's signature and
 is duly qualified to do business wherever necessary to perform its obligations under the
 Equipment Financing Documents, including each jurisdiction in which the Equipment is or will
 be located, where the failure to be qualified would reasonably be expected to result in a
 Material Adverse Effect. Company's legal name is as shown in the preamble of this Agreement,
 and Company's Federal Employer Identification Number and organizational number are
 as set forth under Company's signature. Within the previous five (5) years, Company
 has not changed its name, done business under any other name, or merged or been the surviving
 entity of any merger, except as disclosed to Agent in writing in the Perfection Certificate.
 (b) The Equipment Financing Documents have been duly authorized, do not require the approval
 of, or giving notice to, any governmental authority, do not contravene or constitute a default
 under any applicable law, Company's organizational documents, or any material agreement
 to which Company is a party or by which it may be bound. (c) There are no pending actions
 or proceedings to which Company is a party, and there are no other pending or threatened
 actions or proceedings of which Company has knowledge, before any court, arbitrator or administrative
 agency, which, either individually or in the aggregate, could reasonably be expected to have
 a Material Adverse Effect. (d) Company is not in default under any agreement, which default
 can reasonably be expected to have a Material Adverse Effect. As used herein, "Material
 Adverse Effect" shall mean (i) a material adverse effect on the business, financial
 condition, operations or properties of the Parent and its subsidiaries taken as a whole,
 or (ii) a material impairment of the ability of Company to perform its obligations under
 or remain in compliance with such Schedule or any Equipment Financing Documents. (e) Except
 for any Equipment with a value less than $50,000 at any location, the Equipment covered by
 such Schedule is located solely in (or in transit between) the jurisdiction(s) specified
 in such Schedule and/or another jurisdiction with respect to which, if such location is leased
 by Company, a reasonably satisfactory landlord waiver (in substantially the same form as
 that delivered at closing or another form reasonably acceptable to the Agent) has been delivered
 to the Lender. (f) All Equipment consists (and shall continue to consist) solely of personal
 property and not fixtures, and is removable from, and is not essential to, the premises at
 which it is located. (g) The consolidated financial statements of Parent (copies of which
 have been furnished to Agent) have been prepared in accordance with generally accepted accounting
 principles consistently applied ()"**GAAP**") (subject to the absence of footnotes
 and subject to year end adjustments with respect to unaudited financial statements), and
 fairly present in all material respects Parent's consolidated financial condition and
 the results of its operations as of the date of and for the period covered by such statements,
 and since the date of such statements there has been no material adverse change in the financial
 condition or operations of Parent and its subsidiaries taken as a whole, it being recognized
 that the preparation of financial statements and related disclosures in conformity with GAAP,
 and the preparation of any budgets and projections and similar information, requires management
 to make estimates and assumptions that affect the reported amounts of assets and liabilities,
 disclosure of contingent assets and liabilities at the date of the financial statements,
 income and expenses during the periods reported, and other matters, and that actual results
 could materially differ from those estimate. (h) With respect to any Collateral, Company
 has good title to, rights in, and/or power to transfer all of the same. (i) No Supplier is
 an affiliate of Company. (j) The Supply Contract (as such term is hereinafter defined) represents
 an arms' length transaction and the purchase price for the Equipment specified therein
 is the amount obtainable in an arms' length transaction between a willing and informed
 buyer and a willing and informed seller under no compulsion to sell. This Agreement is an
 equipment financing. In case it is recharacterized as a lease, however, Company waives any
 rights it could have under UCC Sections 2A-508 through 2A-522, including, but not limited
 to, Company's right to (1) cancel or repudiate any Schedule; (2) reject or revoke acceptance
 of the Equipment; (3) deduct from Payments any part of any claimed damages resulting from
 Agent's default under the Schedule; or (4) recover from Agent any general, special,
 incidental, or consequential damages. Unless prohibited by applicable law, Company waives
 any right to require Agent to elect remedies under the UCC.

Page **2** of **14**

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **FINANCIAL REPORTING AND COVENANTS.** Company shall do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Company
 will furnish Agent with (1) a copy of Parent's annual, audited financial statements
 consisting of a consolidated balance sheet, income statement and cash flow statement prepared
 in conformity with generally accepted accounting principles applied on a basis consistent
 with that of the preceding fiscal year and presenting fairly in all material respects Company's
 financial condition as at the end of that fiscal year and the results of its operations for
 the twelve (12) month period then ended and certified by Company's chief financial
 officer as presenting fairly in all material respects Company's financial condition
 as at the end of that fiscal year and the results of its operations for the twelve (12) month
 period then ended, together with an opinion on the financial statements from an independent
 certified public accounting firm selected by Parent, within one hundred twenty (120) days
 of the close of each fiscal year of Parent (provided that a customary "going concern"
 qualification resulting solely from an upcoming maturity date of any indebtedness occurring
 within one year from the time such opinion is delivered shall not be deemed a qualified opinion);
 (2) an annual budget of Parent and Company at least once per year; (3) a copy of Parent's
 unaudited financial statements pertaining to the results of operations for the fiscal quarter
 then ended, consisting of a consolidated balance sheet, income statement and cash flow statement,
 prepared in accordance with generally accepted accounting principles applied on a consistent
 basis, except that such financial statements need not contain footnotes and are subject to
 the absence of footnotes, within forty five (45) days of the close of each fiscal quarter
 of Parent; (4) to the same extent provided to any other lenders, provide reporting on available
 cash; (5) Company will participate with Agent on a call with management to discuss budget
 of Parent and Company at a time to be requested by Agent within 15 business days of year
 end (6) all of Company's Forms 10-K and 10-Q, if any, filed with the Securities and
 Exchange Commission ("SEC") as and when filed (by furnishing these SEC forms,
 which forms and financial statements described above may be furnished electronically and
 if so furnished, shall be deemed to have been furnished on the date on which Company posts
 such forms with the SEC, or posts such forms or provides a link thereto, on Company's
 website on the internet at Company's website address); and (7) a complete and accurate
 listing of all Equipment which includes its then current location within thirty (30) days
 of request by Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Company
 shall use commercially reasonable efforts to obtain and deliver to Agent all waivers and
 other documents, instruments and agreements relating to the Equipment that Agent reasonably
 requests from time to time. Company irrevocably authorizes Agent to file UCC financing statements
 ("  **<u>UCCs</u>**") with respect to the Equipment or any Collateral.

Page **3** of **14**

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Company
 shall provide written notice to Agent within thirty (30) days (or such shorter period agreed
 by Agent) prior to any change in Company's name or jurisdiction of organization or
 form of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Company
 shall promptly notify Agent of the occurrence of: (i) an Event of Default and of any alleged
 violation of applicable law relating to the Equipment or this Agreement, and (ii) the receipt
 by Company of any judgment against the Company in an amount more than $5,000,000.00 (not
 covered by insurance) that is not bonded, stayed or discharged within 30 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On
 or before June 30, 2026 (or such later date agreed by Agent), Company shall provide Agent
 documentary evidence acceptable to Agent, in its reasonable discretion, that the coverglass
 interconnected cells (CICs) production Equipment currently located in Japan, and such Equipment
 that has yet to be delivered to the Company in Japan, and for which in each case the Company
 has delivered to Agent a list identifying such Equipment, has been relocated to the Company's
 location at Midland International Air & Space Port, 2901 Enterprise Lane, Midland, Texas
 79706, or another location owned by Company and/or any leased or subleased location with
 respect to which Company has delivered a landlord waiver reasonably acceptable to the Agent
 (in substantially the same form as that delivered at closing or another form reasonably acceptable
 to the Agent), unless Agent has accepted replacement Equipment as Collateral in Agent's
 sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **CONDITIONS PRECEDENT.** Each Lender's agreement to finance any Equipment is subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Agent
 has received the following, in form and substance reasonably satisfactory to Agent, unless
 waived by Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) evidence of compliance with the insurance provisions of Section 12; (2) lien searches; (3) UCCs covering the Equipment to be financed, and collateral access agreements with respect to the Company's locations at Midland International Air & Space Port, 2901 Enterprise Lane, Midland, Texas 79706, and landlord lien waivers for any other leased location where the Equipment is located; (4) a certificate of an appropriate Officer of Company certifying: (A) resolutions duly authorizing the transactions contemplated in the Equipment Financing Documents, and (B) the incumbency and signature of the officers of Company authorized to execute such documents; (5) [Reserved]; (6) duly executed copies of the applicable Schedule, and counterpart originals of all other Equipment Financing Documents; (7) all purchase documents pertaining to the Equipment (collectively, the "**Supply Contract**"); and (8) (except with respect to Schedules 1 and 2, which shall be considered in the aggregate) documentary evidence satisfactory to Agent in its reasonable discretion that the Equipment listed on such Schedule has a loan to cost ratio of at least 80%; (9) the satisfaction, in Agent's sole discretion, of Agent's contingency funding assessment, including, without limitation, review of the financial statements of Parent as of a date no more than ninety (90) days prior to the funding of any Draw; (10) Lenders have received such other agreements and assurances as Lenders reasonably may require; (11) the Agent is satisfied in its sole discretion with its due diligence investigation with respect to such Draw; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) with respect to the first Draw,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) good standing certificates from the jurisdiction of Company's organization and the location of the Equipment, and evidence of Company's organizational number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Agent shall have received documentary evidence satisfactory to Agent in its sole discretion that Lonestar State Bank of West Texas ("**Lonestar Bank**") shall have (i) permitted the indebtedness evidenced by this Agreement and shall have carved out the Collateral under its Loan Agreement (or related Security Documents (as defined therein), as applicable) with Company, such that Lonestar Bank has no Lien on the Collateral under this Agreement; (ii) permitted the indebtedness evidenced by the Draws and shall have executed a letter disclaiming any interest in the Collateral; or (iii) been fully repaid and have terminated its lien and security interest in any equipment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) with respect to the first Draw, Agent shall have received an appraisal satisfactory to Agent in its sole discretion that the existing Equipment has a 24-month orderly liquidation value as of the Effective Date of at least $13,100,000; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) an opinion of counsel for Company in substantially the form provided to the Lender on or prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 representations and warranties made by Company in the Equipment Financing Documents shall
 be true and correct in all material respects on the effective date of the related Schedule.
 For the purposes of the foregoing determination of whether any breach of any representation
 or warranty contained in this Agreement has occurred, the determination shall, in each case,
 be made without references to the terms "material," "materiality,"
 "Material Adverse Effect" or other similar qualifications as to materiality contained
 in any such representation or warranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There
 shall be no Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Equipment shall have been delivered to and accepted by Company, as evidenced by the Schedule,
 and shall be in the condition and repair required hereby; and on the effective date of such
 Schedule the Equipment described therein, shall be free and clear of any claims, liens, attachments,
 rights of others and legal processes ()"**Liens** "), other than Permitted Liens.
 A "Permitted Lien" shall mean any Lien for Impositions, Liens disclosed to Agent
 in writing on the Perfection Certificate or before the Effective Date, Liens of mechanics,
 materialmen, or suppliers and similar Liens arising by operation of law, provided that any
 such Lien is incurred by Company in the ordinary course of business, for sums that are not
 yet more than 60 days delinquent or are being contested in good faith and with due diligence,
 by negotiations or by appropriate proceedings which suspend the collection thereof or do
 not involve any substantial danger of the sale, forfeiture or loss of the Equipment or any
 interest therein, liens in favor of Midland Development Corp. that are junior in lien priority
 to those in favor of Agent and subject to a subordination agreement reasonably acceptable
 to Agent, and liens securing the payment of judgments that do not constitute an Event of
 Default. Upon request of the Agent, Company shall provide to Agent reasonably adequate assurances
 or security with respect to any such Liens. No Lien herein shall relieve Company of its obligations,
 and Company shall remain primarily liable under each Schedule and all of the Equipment Financing
 Documents.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **ACCEPTANCE OF EQUIPMENT.** Agent authorizes Company to receive delivery of Equipment under each Schedule.
 Upon delivery, Company shall inspect and, if conforming to the Supply Contract, accept the
 Equipment and execute and deliver to Agent a Schedule describing such Equipment, which Schedule
 shall evidence Company's unconditional and irrevocable acceptance of such Equipment.
 If Company fails to accept delivery of any Equipment or accepts such Equipment but fails
 to satisfy any conditions set forth in Section 6, Lenders shall have no obligation to finance
 such Equipment. In that case, at Agent's election, Company shall (a) assume all obligations
 as purchaser of the Equipment, with the effect of causing Agent and Lenders to be released
 from any liability relating thereto, (b) immediately reimburse Agent for all payments and
 charges made or incurred by Agent with respect to the Equipment (including any of such amounts
 paid by Agent to any Supplier under the Supply Contract or as a reimbursement to Company),
 together with interest at the Late Charge Rate accruing from the date or dates such amounts
 were paid by Agent, and (c) take all other actions necessary to accomplish such assumption.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **USE AND MAINTENANCE.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Company
 shall (1) use the Equipment (other than the coverglass interconnected cells (CICs) production
 Equipment currently located in Japan until moved to the United States in accordance with
 this Agreement) solely in the continental United States for the purpose for which the Equipment
 was designed, (2) operate, maintain, service and repair the Equipment, and maintain all records
 and other materials relating thereto, (A) in accordance and consistent, in all material respects,
 with (i) the Supplier's recommendations and all maintenance and operating manuals or
 service agreements; (ii) the requirements of all insurance policies, (iii) the Supply Contract,
 (iv) all applicable laws, and (v) according to standards no less than standard for other
 comparable equipment owned by the Company; and (B) without limiting the foregoing, use commercially
 reasonable efforts to cause the Equipment to be in good repair and operating condition and
 in at least the same condition as when delivered to Company hereunder, except for ordinary
 wear and tear; (3) provide written notice to Agent within thirty (30) days after any change
 of the location of any Equipment (with a value in excess of $50,000.00) specified in the
 Schedule unless (i) such location is owned by Company or (ii) the Company has delivered a
 landlord waiver with respect to such location reasonably acceptable to the Agent (in substantially
 the same form as that delivered at closing or another form reasonably acceptable to the Agent);
 and (4) not attach or incorporate the Equipment to or in any other property in such a manner
 that the Equipment may be deemed to have become an accession to or a part of such other property
 (5) not allow any Hazardous Material to be used, generated, released, stored, disposed of
 or transported in, on or around the Equipment except in accordance in all material respects
 with applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within
 a reasonable time, Company will use commercially reasonable efforts to replace any parts
 of the Equipment that become worn out, lost, destroyed, or damaged by new or reconditioned
 replacement parts that are free and clear of all Liens, other than the Permitted Liens, and
 have a value, utility and remaining useful life at least equal to the parts replaced. Company
 shall not remove any parts attached to the Equipment that are necessary to the operation
 of the Equipment or cannot be detached from the Equipment without materially and adversely
 affecting the value or utility of the Equipment. Except as permitted in this Section, Company
 shall not make any material alterations to the Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Company
 shall upon Agent's request with reasonable advance notice at Company's expense
 allow Agent to inspect the Equipment and records relating thereto during normal business
 hours, provided that the Company shall not be required to bear the cost of inspection for
 more than one time per calendar year unless an Event of Default has occurred and is continuing
 and no notice shall be required if Event of Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **DISCLAIMER; QUIET ENJOYMENT. AS BETWEEN COMPANY, AGENT AND LENDERS,** COMPANY ACCEPTS THE EQUIPMENT
 "AS IS, WHERE IS". EACH LENDER AND AGENT IS NOT A SUPPLIER, AND AGENT SHALL NOT
 BE DEEMED TO HAVE MADE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE EQUIPMENT,
 INCLUDING ITS CONDITION, MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, TITLE, ABSENCE
 OF ANY PATENT, TRADEMARK OR COPYRIGHT INFRINGEMENT OR LATENT DEFECT (WHETHER OR NOT DISCOVERABLE
 BY COMPANY), COMPLIANCE WITH ANY LAW, CONFORMITY OF SUCH ITEM TO ANY PURCHASE DOCUMENT OR
 TO THE DESCRIPTION SET FORTH IN A SCHEDULE, OR ANY INTERFERENCE OR INFRINGEMENT), OR ARISING
 FROM ANY COURSE OF DEALING OR USAGE OF TRADE, NOR SHALL AGENT OR ANY LENDER BE LIABLE, FOR
 ANY INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES OR FOR STRICT OR ABSOLUTE LIABILITY
 IN TORT; AND COMPANY WAIVES ANY CLAIMS ARISING OUT OF ANY OF THE FOREGOING. Company has selected
 the Equipment and represents to Agent that all of the Equipment is suitable for Company's
 purposes. If Company has any claims regarding the Equipment or any other matter arising from
 Company's relationship with any Supplier, Company may only bring such claims against
 such Supplier, and Company agrees that these may not be brought against Agent. Without limiting
 the foregoing, Agent will not be responsible to Company or any other person with respect
 to, and Company agrees to bear sole responsibility for, any risk or other matter that is
 the subject of Agent's disclaimer. This provision survives termination and/or expiration
 of this Agreement or a Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **FEES AND TAXES.** Company shall: (a) (1) file all documentation with respect to any taxes due
 or to become due with respect to the Equipment, and (2) pay on or before the date when due
 all such taxes; (b) (1) without duplication of (a)(2) pay when due as requested by Agent,
 and (2) defend and indemnify Agent on a net after-tax basis against liability for all fees,
 taxes and/or other charges imposed from time to time on or relating to the Equipment or the
 purchase, use, possession and disposition thereof; and (c) indemnify Agent and each Lender
 against any penalties, charges, interest or costs imposed with respect to any items referred
 to in clauses (a) and (b) above (the items referred to as clauses (a), (b), and (c) above
 being referred to herein as "**Impositions** "). Company shall immediately
 reimburse Agent for any Impositions that Agent pays.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **TITLE; SECURITY INTEREST.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement is an equipment financing agreement. If it is ever characterized as a lease, contrary
 to the intentions of Company and Agent, it shall constitute a "finance lease"
 as that term is defined in Article 2A of the Uniform Commercial Code and, except as permitted
 herein, or in a related Schedule, Agent shall not acquire any right, title or interest in
 or to such Equipment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 order to secure the prompt payment of the Payments and all of the other amounts from time
 to time outstanding under this Agreement and any Schedule, and Company's performance
 of its obligations under the Equipment Financing Documents, the Company grants Agent a first
 priority security interest in the following property, now existing or hereafter created,
 free and clear of all encumbrances, other than Permitted Liens (the "**Collateral** "):
 (1) the Equipment and other property described in each Schedule (including all inventory
 or other property comprising the Equipment), together with all related embedded software
 or other software related to the Equipment, in each case, to the extent satisfying the definition
 of "goods" in the UCC at the time of the purchase of such Equipment by the Company
 from the Supplier, and fixtures to the extent such Equipment becomes a fixture under the
 UCC, all additions, attachments, accessories and accessions thereto whether or not furnished
 by a Supplier; and (2) all general intangibles relating to the Equipment consisting of drawings,
 schematics, user manuals and the like, and all substitutions, replacements or exchanges for
 any of the foregoing; and (3) all insurance and/or other proceeds of the foregoing. This
 security interest shall survive the termination, cancellation or expiration of each Schedule
 until all of the Company's obligations under this Agreement and all Schedules have
 been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Company
 shall not permit a lien to exist on, or dispose of any interest in, the Collateral other
 than Permitted Liens, and, to the extent constituting Liens, dispositions of obsolete or
 worn out Equipment in the ordinary course of business of the Company, or dispositions, losses
 and damages described below.

Company waives any and all written notices for demand, presentment, notice of intent to accelerate and acceleration otherwise applicable under any article of the UCC or other statutory provision, to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **INSURANCE.** Company shall maintain all-risk insurance coverage with respect to the Equipment insuring
 against, among other things: (a) any casualty to the Equipment (or any portion thereof),
 including loss or damage due to fire and the risks normally included in extended coverage,
 malicious mischief and vandalism, for not less than the full replacement value of the Equipment;
 and (b) any commercial liability arising in connection with the Equipment, including both
 bodily injury and property damage with a combined single limit per occurrence of not less
 than One Million Dollars ($1,000,000); having a deductible of no more than $25,000 per occurrence
 or other deductible reasonably satisfactory to Agent. The required insurance policies (including
 endorsements) shall (i) be in form and amount reasonably satisfactory to Agent, and written
 by insurers of recognized reputation and responsibility reasonably satisfactory to Agent
 (it being agreed that an AM Best rated carrier of "A:V" or higher; or a S&P
 rated carrier of "A" or higher is a reasonably acceptable insurers), (ii) be
 endorsed to name Agent as an additional insured (but without responsibility for premiums),
 (iii) provide that any amount payable under the required casualty coverage with respect to
 the Equipment shall be paid directly to Agent as sole loss payee (unless Agent otherwise
 directs payment), and (iv) provide for at least twenty (20) days' written notice (or
 10 days' written notice for cancellation due to non-payment) by such insurer of cancellation,
 material change, or non-renewal, and (v) provide that in respect of the interests of Agent
 in such policies, the insurance shall not be invalidated by any action or inaction of Company
 or any other person operating or in possession of the Equipment regardless of any breach
 or violation of any warranties, declarations or conditions contained in such policies by
 or binding upon Company or any other person operating or in possession of the Equipment.
 Company shall obtain and maintain such other coverages (including pollution coverage), or
 cause adjustments to be made to the scope, amount or other aspects of the existing coverages,
 promptly upon Agent's reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **LOSS AND DAMAGE.** (a) Company shall bear the risk of loss, theft, confiscation, taking, unavailability,
 damage or partial destruction of the Equipment and shall not be released from its obligations
 under any Schedule or other Equipment Financing Document in any such event. (b) Company shall
 provide prompt written notice to Agent of any Total Loss or any material damage to the Equipment.
 In addition, Company shall promptly provide Agent with a copy of any damage reports provided
 to any governmental authority, the insurer or Supplier, and any documents pertaining to the
 repair of such damage, including copies of work orders, and all invoices for related charges.
 (c) Without limiting any other provision hereof, Company shall, unless agreed by Agent, repair
 all material damage to any item of Equipment from any and all causes, other than a Total
 Loss, so as to cause it to be in the condition and repair required by this Agreement. (d) **"Total Loss"** shall be deemed to have occurred to an item of Equipment
 upon the actual or constructive total loss of any item of the Equipment, the loss, disappearance,
 theft or destruction of any item of the Equipment, or damage to any item of the Equipment
 that is uneconomical to repair or renders it unfit for normal use, or the condemnation, confiscation,
 requisition, seizure, forfeiture or other taking of title to or use of any item of the Equipment
 or the imposition of any Lien thereon by any governmental authority. On the next payment
 date occurring at least 90 days following a Total Loss (a "**Loss Payment Date** "),
 Company shall pay to Agent the Basic Payments due on that date plus the Stipulated Loss Value
 of the item or items of the Equipment with respect to which the Total Loss has occurred (the **"Lost Equipment"**). Upon making such payment, Company's obligation
 to pay future Payments shall terminate solely with respect to the items of Lost Equipment
 so paid for, but Company shall remain liable for, and pay as and when due, all Payments relating
 to Equipment other than Lost Equipment. As used in this Agreement, "**Stipulated Loss Value**" shall mean, with respect to any Lost Equipment on a Schedule, as of the
 Loss Payment Date, the product of the following: (i) the sum of any accrued and unpaid Payments, <u>plus</u> the total Basic Payments for the then remaining term of such Schedule, <u>plus</u> the Other Payments (other than Basic Payments) to become due during the balance of the term
 of the applicable Schedule, including amounts such as future taxes, and (ii) the percentage
 of the Total Cost of the Lost Equipment divided by the Total Cost applicable to the Schedule,
 and (iii) 95%. (e) Agent shall be under no duty to Company to pursue any claim against any
 person in connection with a Total Loss or other loss or damage. (f) If Agent receives a payment
 under an insurance policy required under this Agreement in connection with any Total Loss
 or other loss of or damage to an item of Equipment, and such payment is both unconditional
 and indefeasible, then provided Company shall have complied with the applicable provisions
 of this Section, Agent shall either (1) if received pursuant to a Total Loss, remit such
 proceeds to Company or, if such proceeds are received in connection with a loss, disappearance,
 theft or destruction that does not constitute a Total Loss, credit such proceeds against
 any amounts owed by Company pursuant to Section 12(d), or (2) if received with respect to
 repairs to be made pursuant to Section 13(c), remit such proceeds to Company.

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&nbsp;&nbsp;&nbsp;&nbsp;**14.** **INDEMNITY.** Company shall indemnify, defend and hold harmless Agent, each Lender, and any Assignee, and
 each of their respective directors, officers, contractors, agents and employees, attorneys
 or any other person that is Affiliate of Agent or any Lender (each, an "**Indemnitee** "),
 from and against any and all costs, damages, losses and other amounts ()"**Claims** ")
 (other than caused by the gross negligence or willful misconduct of such Indemnitee) arising
 out of this Agreement, any Schedule, any Equipment, and the transactions contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **DEFAULT.** A default shall be deemed to have occurred hereunder and under a Schedule upon the occurrence
 of any of the following (each, an "**Event of Default** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)
 non-payment of any Basic Payments on the date due, and (ii) non-payment of any Other Payments
 on the date due, and exclusive of any End of Term Payment or Non-Utilization Fee, after notice
 of non-payment has been given to the Company and 5 business days has lapsed without cure;

(b) failure
 to perform any obligation under this Agreement or any Schedule which failure continues for
 10 business days after written notice thereof has been given by Trinity to Company;

(c) Company
 fails to perform any obligation in any other Equipment Financing Document between Agent,
 or Trinity as Lender, and Company which failure continues for 10 business days after notice
 thereof has been given by Trinity to Company;

(d) Company
 fails to perform any obligation under any material loan, lease, guaranty or other financial
 obligation owing to any third party resulting in the acceleration of the obligations thereof
 in excess of one million dollars ($1,000,000) prior to the maturity thereof;

(e) A
 material inaccuracy in any representation or warranty by Company (including any materially
 false or misleading representation or warranty), when made or deemed made, in any financial
 statement delivered to Agent hereunder or in any Equipment Financing Document. For the purposes
 of the foregoing determination of whether any breach of any representation or warranty contained
 in this Agreement has occurred, the determination shall, in each case, be made without references
 to the terms "material," "materiality," "Material Adverse Effect"
 or other similar qualifications as to materiality contained in any such representation or
 warranty;

(f) Company
 makes an assignment for the benefit of its creditors, files any petition or takes any action
 under any bankruptcy, reorganization or insolvency laws or the commencement of any bankruptcy,
 insolvency, receivership or similar proceeding by or against Company or any of its properties
 or business (unless, if involuntary, the proceeding is dismissed within forty-five (45) days
 of the filing thereof);

(g) Company
 becomes insolvent or liquidates or ceases as a going-concern to conduct business (except
 if it liquidates or dissolves into Parent or a subsidiary of Parent);or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (a)
 Company merges with or consolidates with another person (other than a Company or Parent or
 a subsidiary of Parent), (b) Parent leases or sells substantially all of its and its subsidiaries'
 assets or property substantially as an entirety to any other person (other than to a Company
 or Parent or a subsidiary of Parent), (c) any person, entity or group (other than existing
 stockholders on the date hereof and other than the Parent and is Subsidiaries) has become
 and files a Schedule TO (or any successor schedule, form or report) or any schedule, form
 or report under the Exchange Act that discloses that such "person" or "group"
 has become the direct or indirect "beneficial owner," as defined in Rule 13d-3
 under the Exchange Act, of shares of the Common Stock representing more than 50% of the outstanding
 shares of the Common Stock, unless such beneficial ownership arises solely as a result of
 a revocable proxy delivered in response to a public proxy or consent solicitation made pursuant
 to the applicable rules and regulations under the Exchange Act and is not also then reportable
 on Schedule 13D or Schedule 13G (or any successor schedule) under the Exchange Act regardless
 of whether such a filing has actually been made; provided that no "person" or
 "group" shall be deemed to be the beneficial owner of any securities tendered
 pursuant to a tender or exchange offer made by or on behalf of such "person"
 or "group" until such tendered securities are accepted for purchase or exchange
 under such offer), unless in any case of (a) through (c), all outstanding obligations under
 this Agreement or any Schedule hereto are contemplated to be paid in full as part of such
 transaction and are paid in full on the closing of such transaction, or (d) the Company fails
 to be owned directly or indirectly by Parent (any of the transactions in (a)-(d) above are
 referred to herein as a "**Change of Control** "), and the Change in Control
 has not been consented to in writing by Agent in its sole discretion; or.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 occurrence of any circumstance that would reasonably be expected to have a Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **REMEDIES.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 an Event of Default occurs, Agent may (in its sole discretion) exercise any one or more of
 the following remedies with respect to any Schedules: (1) exercise all of the rights of a
 secured party in respect of the Equipment and Collateral; (2) declare each such Schedule
 in default, and cancel the remainder of the Conditional Commitment in its entirety, and upon
 request of Agent, Company shall immediately assemble, make available and, if Agent requests,
 return the Equipment to Agent in the manner and condition reasonably required by Agent (3)
 enter any premises where any item of Equipment is located and take immediate possession of
 and remove (or disable in place) such item (and/or any unattached parts) by self-help, summary
 proceedings or otherwise without liability; (4) subject to the rights of third parties in
 any signed landlord or bailee waivers, use Company's premises for a reasonable period
 of time for storage without liability; (5) dispose of any Equipment, and apply or retain
 the net proceeds of such disposition to the obligations under the Equipment Financing Documents,
 with Company remaining liable for any deficiency; (6) enforce any or all of the preceding
 remedies with respect to any related Collateral, and apply any proceeds of any such Collateral,
 at any time to reduce any amounts due to Agent; (7) demand, accelerate and recover from Company
 all Payments owed hereunder and all other damages whenever the same shall be due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [RESERVED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 the occurrence and during the continuation of an Event of Default, Company shall also be
 liable for all of the following ()"**Enforcement Costs** "): (1) all unpaid
 Payments due before, during or after exercise of any of the foregoing remedies, and (2) all
 reasonable legal fees (including consultation, drafting notices or other documents, expert
 witness fees, sending notices or instituting, prosecuting or defending litigation or arbitration)
 and other enforcement costs and expenses incurred by reason of any Event of Default or the
 exercise of Agent's rights or remedies, including disposition of the Equipment. Late
 Charges shall accrue with respect to any amounts payable under this Section for as long as
 such amounts remain outstanding, and shall be paid by Company upon demand. No right or remedy
 is exclusive and each may be used successively and cumulatively. Any failure to exercise
 the rights granted hereunder upon any Default or Event of Default shall not constitute a
 waiver of any such right. The execution of a Schedule shall not constitute a waiver by Agent
 of any pre-existing Event of Default. With respect to any disposition of any Equipment or
 Collateral, (i) Agent shall have no obligation, subject to the requirements of commercial
 reasonableness, to clean-up or otherwise prepare the same for disposition, (ii) Agent may
 comply with any applicable law in connection with any such disposition, and any actions taken
 in connection therewith shall not be deemed to have adversely affected the commercial reasonableness
 of any disposition thereof, (iii) Agent may disclaim any title or other warranties in connection
 with any such disposition, and (iv) Company shall remain responsible for any deficiency remaining
 after Agent's exercise of its remedies and application of any funds or credits against
 Company's obligations under any Schedule, and Agent shall return to Company or any
 party legally entitled thereto any excess after such application.

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&nbsp;&nbsp;&nbsp;&nbsp;**17.** **ASSIGNMENT.** (a) Company shall not assign any interest under this Agreement, any Schedule, or any Equipment
 Financing Documents (except to a Company). (b) Agent may from time to time without notice
 to Company grant a security interest in any Equipment Financing Documents. (c) Agent or Lenders
 may assign their rights hereunder to another entity (an "**Assignee**") provided
 that, so long as no Event of Default has occurred and is continuing, Agent or Lenders must
 provide at least ten (10) business days' written notice of such assignment to a third
 party that is not an affiliate, to the Parent and obtain Parent's written consent (which
 shall not be unreasonably withheld or delayed). For the avoidance of doubt, Agent or Lenders
 may assign their rights hereunder, or grant participations herein, to any affiliate of Agent
 or Lenders so long as promptly after the assignment Agent or Lenders provide written notice
 therein, and at any time an Event of Default has occurred and is continuing, Agent or Lenders
 may assign their right hereunder to any third party without restriction and without notice
 or consent. Company shall not assert against any Assignee any Abatement or Claim that Company
 may have against Agent. Upon the request of Agent or any Assignee, Company shall (i) execute
 and deliver to Agent or to such Assignee an acknowledgment of the Assignment in form and
 substance reasonably satisfactory to the requesting party, an insurance certificate and such
 other documents and assurances reasonably requested by Agent or Assignee, and (ii) comply
 with all other reasonable requirements of any such Assignee in connection with any such Assignment.
 Upon such Assignment and except as may otherwise be provided herein, all references to "Agent"
 in this Agreement or in any Equipment Financing Documents, shall include such Assignee. (d)
 Subject always to the foregoing, this Agreement and any Equipment Financing Documents shall
 inure to the benefit of, and are binding upon, Company, Agent's, and Lenders'
 successors and assigns. Without limitation the foregoing, Trinity hereby assigns to the Company
 any and all of Trinity's rights as a Purchaser of any Equipment and any and all rights
 as against any Supplier.

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **MISCELLANEOUS.** (a) This Agreement, each Schedule hereto, the Equipment Financing Documents and any commitment
 letter between the parties, constitute the entire agreement between the parties with respect
 to the subject matter hereof and thereof and shall not be amended or modified in any manner
 except by a document in writing executed by each party hereto; (b) In the event of any inconsistency
 between this Agreement and any Schedule, the terms of such Schedule shall control as to the
 Equipment listed on such Schedule. (c) Any provision of this Agreement that is prohibited
 or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
 extent of such prohibition or unenforceability without invalidating the remaining provisions
 hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
 or render unenforceable such provision in any other jurisdiction. The representations, warranties
 and agreements of Company herein shall be deemed to be continuing and to survive the execution
 and delivery of this Agreement, each Schedule and any other Equipment Financing Documents.
 With respect to each Schedule, the obligations of Company under this Agreement which have
 accrued but not been fully satisfied, performed or complied with prior to the expiration
 or earlier cancellation or termination of such Schedule, shall survive the expiration or
 earlier cancellation or termination thereof. This Agreement and all Schedules hereunder shall
 terminate, and all Liens hereunder shall be terminated, at the request of AST & Science,
 LLC, upon the termination of all Schedules theretofore executed in accordance with the terms
 thereof, Upon such termination, Agent shall terminate all UCC-1s and other security documents
 in connection herewith, (d) All of Company's obligations hereunder and under any Schedule
 shall be performed at Company's sole expense. Company shall reimburse Agent promptly
 upon demand for all expenses incurred by Agent in connection with this Agreement or any Schedule,
 including, with respect to the preparation and documentation of the Equipment Financing Documents
 prior to the Effective Date, reasonable attorney(s) fees, due diligence fees, and appraisal
 fees and costs. If Company fails to perform any of its obligations with respect to a Schedule,
 Agent shall have the right, but shall not be obligated, to affect such performance, and Company
 shall reimburse Agent, upon demand, for all expenses incurred by Agent in connection with
 such performance. Agent's effecting such compliance shall not be a waiver of Company's
 default. All amounts payable under this Section, if not paid when due, shall be paid to Agent
 together with interest thereon at the Late Charge Rate. (e) Company irrevocably appoints
 Agent as Company's attorney-in-fact (which power shall be deemed coupled with an interest)
 to execute, endorse and deliver any documents and checks or drafts relating to or received
 in payment for any loss or damage under the policies of insurance required by this Agreement,
 but only to the extent that the same relates to the Equipment. (f) AGENT, LENDERS AND COMPANY
 WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH COMPANY AND/OR AGENT OR LENDERS
 MAY BE PARTIES ARISING OUT OF OR IN ANY WAY PERTAINING TO THIS AGREEMENT. (g) All notices
 (excluding billings and communications in the ordinary course of business) hereunder shall
 be in writing, personally delivered, delivered by overnight courier service, sent by electronic
 mail, or sent by certified mail, return receipt requested, addressed to the other party at
 its respective address stated below the signature of such party or at such other address
 as such party shall from time to time designate in writing to the other party; and shall
 be effective from the date of receipt. (h) This Agreement shall not be effective unless and
 until accepted by execution by an officer of Agent. THIS AGREEMENT AND ALL OF THE OTHER EQUIPMENT
 FINANCING DOCUMENTS, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER,
 SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS
 OF THE STATE OF ARIZONA (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF THE STATE),
 INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION
 OF THE EQUIPMENT. Any action or proceeding arising out of or relating to this Agreement may
 be commenced in any state or Federal court in the State of Arizona, and agree that a summons
 and complaint commencing an action or proceeding in any such court shall be properly served
 and shall confer personal jurisdiction if served personally or by certified mail to it at
 the mailing address below Company's signature, or as it may provide in writing from
 time to time, or as otherwise provided under the laws of the State of Arizona. (i) This Agreement
 and all of the other Equipment Financing Documents may be executed in counterparts. (j)[Reserved].
 (k) Company acknowledges that Trinity Capital Inc. has elected to be regulated as a business
 development company under the Investment Company Act of 1940, and as such is required to
 make available significant managerial assistance to its portfolio companies. Significant
 managerial assistance may include, but is not limited to, guidance and counsel concerning
 the portfolio company's management, operations, business objectives and policies, arrangement
 of financing, management of relationships with financing sources, recruitment of management
 personnel and evaluation of acquisition and divestiture opportunities. Company hereby acknowledges
 and agrees that it may request such assistance at any time from Trinity Capital Inc. while
 it remains a Lender, by contacting the portfolio manager designated by Trinity Capital Inc.

Page **10** of **14**

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&nbsp;&nbsp;&nbsp;&nbsp;**19.** **DEFINITIONS AND RULES OF CONSTRUCTION.** (a) The following terms when used in this Agreement or in
 any of the Equipment Financing Documents have the following meanings: (1) **"affiliate"**:
 with respect to any given person, shall mean (i) each person that directly or indirectly
 owns or controls, whether beneficially or as a trustee, guardian or other fiduciary, five
 (5) percent or more of the voting stock, membership interest or similar equity interest having
 ordinary voting power in the election of directors or managers of such person, (ii) each
 person that controls, is controlled by, or is under common control with, such person, or
 (iii) each of such person's officers, directors, members, joint venturers and partners.
 For the purposes of this definition, "control" of a person means the possession,
 directly or indirectly, of the power to direct or cause the direction of its management or
 policies, whether through the ownership of voting securities, by contract or otherwise; (2) **"applicable law" or "law"**: any law, rule, regulation, ordinance,
 order, code, common law, interpretation, judgment, directive, decree, treaty, injunction,
 writ, determination, award, permit or similar norm or decision of any governmental authority;
 (3) **"AS IS, WHERE IS"**: AS IS, WHERE IS, without warranty, express or implied,
 with respect to any matter whatsoever; (4) "**Commitment**" means, with respect
 to each Lender, the obligation of such Lender under the terms and conditions of this Agreement
 to fund its Proportionate Share of Schedules, which commitment is opposite such Lender's
 name on Addendum 1 under the caption "Commitment", as such addendum may be amended
 from time to time. The aggregate Commitments hereunder are equal to the amount of the Conditional
 Commitment set forth in Section 1(a); (5) **"business day"**: any day, other
 than a Saturday, Sunday, or legal holiday for commercial banks under the laws of the state
 of the Agent's notice address; (6) **"governmental authority"**: any
 federal, state, county, municipal, regional or other governmental authority, agency, board,
 body, instrumentality or court, in each case, whether domestic or foreign; (7) **"hazardous material"**: means any chemical, compound, materials, substance or other matter that:
 (i) is a flammable explosive, asbestos, radioactive materials, nuclear medicine materials,
 drug, vaccine, bacteria, virus, hazardous waste, toxic substance, petroleum product, or related
 injurious or potentially injurious material, whether injurious or potentially injurious by
 itself or in combination with other materials; (8) "**Lenders**" means the
 banks and/or other financial institutions or entities from time to time parties to this Agreement
 as lenders. Each Lender shall have all of the rights and obligations of a Lender under the
 Equipment Financing Documents with respect to its Proportionate Share, including, without
 limitation, each Lender shall have the rights under any Warrant or Participation Rights Agreement
 given in connection with any Schedule with respect to which Lenders have contributed their
 Proportionate Share of the Draw; (9) **"person"**: any individual, corporation,
 limited liability entity, partnership, joint venture, or other legal entity or a governmental
 authority, whether employed, hired, affiliated, owned, contracted with, or otherwise related
 or unrelated to Company or Agent; (10) "**proportionate share**" means, with
 respect to any Lender under a Schedule, the percentage obtained by dividing (a) the amount
 of the Draw funded by that Lender under the Schedule by (b) the total amount of the Draw
 funded by all Lenders under the Schedule; and (11) **"UCC" or "Uniform Commercial Code"**: the Uniform Commercial Code as in effect in the State or in any
 other applicable jurisdiction.

Page **11** of **14**

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&nbsp;&nbsp;&nbsp;&nbsp;**20.** **PUBLICITY.** Subject to Company's prior written consent (which may be granted or withheld in Company's
 reasonable discretion) Agent may disclose to others and include on or in its website, brochures
 and other marketing materials information consisting of "tombstone-like" statements
 about this transaction that mention Company and may use Company's logo and the amount
 of the funding provided by Agent to Company. Such information shall not include any proprietary
 or confidential information of Company. Upon such consent, Company grants Agent permission
 to make reference to Company in its marketing materials referenced in this Section 19, unless
 otherwise notified by Company in writing, and in each case, subject to the Company's
 applicable guidelines for such use. Company hereby grants Agent the right to include the
 following information about this transaction: the Company's name, the type of investment,
 principal amount, interest rate and maturity date, in Agent's periodic reports with
 the Securities and Exchange Commission ()"**SEC** "), and to file a copy of
 the Equipment Financing Documents, in each case, to the extent required by SEC rules and
 regulations.

Each of the Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its auditors and to its affiliates in connection with this Agreement (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any governmental authority purporting to have jurisdiction over such Person (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or by any subpoena or similar legal process, (d) in connection with the exercise of any remedies hereunder or under any other Equipment Financing Document, (f) subject to an agreement containing provisions substantially the same as those of this Section, to any permitted assignee of or participant in any of its rights or obligations under this Agreement, or (g) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Agent or such Lender on a nonconfidential basis from a source other than the Company or Parent. For purposes of this Section, "<u>Information</u>" means all information received from the Company or Parent relating to the Company or Parent, or any of their respective businesses, other than any such information that is available to the Agent or any Lender on a nonconfidential basis prior to disclosure by the Company or Parent, as applicable. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

Each of the Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Parent, the Company and their respective subsidiaries, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable laws, including Securities Laws and state securities laws.

Notwithstanding the foregoing, unless specifically prohibited by applicable law or court order, each of the Agent and Lender shall, prior to disclosure thereof, notify the Borrowers of any request for disclosure of any such non-public information by any governmental authority or representative thereof or pursuant to legal process.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **AGENT AND LENDER TERMS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each
 Lender hereby irrevocably appoints Trinity to act on its behalf as the Agent hereunder and
 under the other Equipment Financing Documents and authorizes the Agent to take such actions
 on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof
 or thereof, together with such actions and powers as are reasonably incidental thereto.

b. Each
 Lender agrees to indemnify the Agent in its capacity as such (to the extent not reimbursed
 by Borrower and without limiting the obligation of Borrower to do so), according to its respective
 Proportionate Share of all Purchased Schedules in effect on the date on which indemnification
 is sought under this Addendum 1, from and against any and all liabilities, obligations, losses,
 damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind
 whatsoever that may at any time be imposed on, incurred by or asserted against the Agent
 in any way relating to or arising out of, this Agreement, any of the other Equipment Financing
 Documents or any documents contemplated by or referred to herein or therein or the transactions
 contemplated hereby or thereby or any action taken or omitted by the Agent under or in connection
 with any of the foregoing. The agreements in this Section shall survive the payment of the
 Schedule and all other amounts payable hereunder.

Page **12** of **14**

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Agent
 in Its Individual Capacity. The Person serving as the Agent hereunder shall have the same
 rights and powers in its capacity as a Lender as any other Lender and may exercise the same
 as though it were not the Agent and the term "Lender" shall, unless otherwise
 expressly indicated or unless the context otherwise requires, include each such Person serving
 as Agent hereunder in its individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exculpatory
 Provisions. The Agent shall have no duties or obligations except those expressly set forth
 herein and in the other Loan Documents. Without limiting the generality of the foregoing,
 the Agent shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. be
 subject to any fiduciary or other implied duties, regardless of whether any default or any
 Event of Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. have
 any duty to take any discretionary action or exercise any discretionary powers, except discretionary
 rights and powers expressly contemplated hereby or by the other Equipment Financing Documents
 that the Agent is required to exercise as directed in writing by the Lenders, provided that
 the Agent shall not be required to take any action that, in its opinion or the opinion of
 its counsel, may expose the Agent to liability or that is contrary to any Equipment Financing
 Document or applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. except
 as expressly set forth herein and in the other Equipment Financing Documents, have any duty
 to disclose, and the Agent shall not be liable for the failure to disclose, any information
 relating to the Borrower or any of its Affiliates that is communicated to or obtained by
 any Person serving as the Agent or any of its Affiliates in any capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 Agent shall not be liable for any action taken or not taken by it (i) with the consent or
 at the request of the Lenders or as the Agent shall believe in good faith shall be necessary,
 under the circumstances or (ii) in the absence of its own gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The
 Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any
 statement, warranty or representation made in or in connection with this Agreement or any
 other Equipment Financing Document, (ii) the contents of any certificate, report or other
 document delivered hereunder or thereunder or in connection herewith or therewith, (iii)
 the performance or observance of any of the covenants, agreements or other terms or conditions
 set forth herein or therein or the occurrence of any default or Event of Default, (iv) the
 validity, enforceability, effectiveness or genuineness of this Agreement, any other Equipment
 Financing Document or any other agreement, instrument or document or (v) the satisfaction
 of any condition set forth in Article 2 or elsewhere herein, other than to confirm receipt
 of items expressly required to be delivered to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Agent
 may rely, and shall be fully protected in acting, or refraining to act, upon, any resolution,
 statement, certificate, instrument, opinion, report, notice, request, consent, order, bond
 or other paper or document that it has no reason to believe to be other than genuine and
 to have been signed or presented by the proper party or parties or, in the case of cables,
 telecopies and telexes, to have been sent by the proper party or parties. In the absence
 of its gross negligence or willful misconduct, Agent may conclusively rely, as to the truth
 of the statements and the correctness of the opinions expressed therein, upon any certificates
 or opinions furnished to Agent and conforming to the requirements of this Agreement or any
 of the other Equipment Financing Documents. Agent may consult with counsel, and any opinion
 or legal advice of such counsel shall be full and complete authorization and protection in
 respect of any action taken, not taken or suffered by Agent hereunder or under any Equipment
 Financing Documents in accordance therewith. Agent shall have the right at any time to seek
 instructions concerning the administration of the Collateral from any court of competent
 jurisdiction. Agent shall not be under any obligation to exercise any of the rights or powers
 granted to Agent by this Agreement and the other Equipment Financing Documents at the request
 or direction of the Lenders unless Agent shall have been provided by the Lenders with adequate
 security and indemnity against the costs, expenses and liabilities that may be incurred by
 it in compliance with such request or direction.

**[SIGNATURE PAGE TO FOLLOW]**

 ****

Page **13** of **14**

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**IN WITNESS WHEREOF**, the parties hereto have caused this Master Equipment Financing Agreement to be duly executed as of the day and year first above set forth.

---

| | | | |
|:---|:---|:---|:---|
| "**Agent**" | "**Agent**" | "**Company**" | "**Company**" |
| TRINITY CAPITAL INC., a Maryland corporation | TRINITY CAPITAL INC., a Maryland corporation | AST & SCIENCE, LLC, a Delaware limited liability company<br> By: AST SpaceMobile, Inc., its Managing Member | AST & SCIENCE, LLC, a Delaware limited liability company<br> By: AST SpaceMobile, Inc., its Managing Member |
| By: | */s/ Sarah Stanton* | By: | */s/ Abel Avellan* |
| Name: | Sarah Stanton | Name: | Abel Avellan |
| Title: | General Counsel and Chief Compliance Officer | Title: | Chief Executive Office |
|  |  | Email: | <u>legal@ast-science.com</u> |
| 1 North 1st Street, Suite 302 | 1 North 1st Street, Suite 302 | Federal Tax ID Number: 82-1809225 | Federal Tax ID Number: 82-1809225 |
| Phoenix, AZ 85004 | Phoenix, AZ 85004 |  |  |
| *Phone:480-374-5350* | *Phone:480-374-5350* |  |  |
| *Email:* <u>legal@trincapinvestment.com</u> | *Email:* <u>legal@trincapinvestment.com</u> |  |  |
|  |  | AST & SCIENCE TEXAS LLC,<br> a Texas limited liability company | AST & SCIENCE TEXAS LLC,<br> a Texas limited liability company |
| "**Lender(s)**" | "**Lender(s)**" |  |  |
|  |  | By: | */s/ Abel Avellan* |
| TRINITY CAPITAL INC., a Maryland corporation | TRINITY CAPITAL INC., a Maryland corporation | Name: | Abel Avellan |
|  |  | Title: | Manager |
| By: | */s/ Sarah Stanton* | Email: <u>legal@ast-science.com</u> | Email: <u>legal@ast-science.com</u> |
| Name: | Sarah Stanton | Federal Tax ID Number: 83-3435101 | Federal Tax ID Number: 83-3435101 |
| Title: | General Counsel and Chief Compliance Officer |  |  |
| 1 North 1st Street, Suite 302 | 1 North 1st Street, Suite 302 | AST SPACEMOBILE MANUFACTURING, LLC, | AST SPACEMOBILE MANUFACTURING, LLC, |
| Phoenix, AZ 85004 | Phoenix, AZ 85004 | a Texas limited liability company | a Texas limited liability company |
| Email: <u>legal@trincapinvestment.com</u> | Email: <u>legal@trincapinvestment.com</u> |  |  |
|  |  | By: | */s/ Abel Avellan* |
| EPT 16 LLC, a Delaware limited liability company | EPT 16 LLC, a Delaware limited liability company | Name: | Abel Avellan |
|  |  | Title: | Manager |
| By: | */s/ Sarah Stanton* | Email: <u>legal@ast-science.com</u> | Email: <u>legal@ast-science.com</u> |
| Name: | Sarah Stanton | Federal Tax ID Number: 92-2043887 | Federal Tax ID Number: 92-2043887 |
| Title: | General Counsel and Chief Compliance Officer |  |  |

---

**[SIGNATURE PAGE TO MASTER EQUIPMENT FINANCING AGREEMENT]**

Page **14** of **14**

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**AST SpaceMobile Secures Additional $100.0 Million of Liquidity from Non-Dilutive Equipment Financing**

 

*Non-dilutive financing reflects AST SpaceMobile's disciplined and balanced approach to securing liquidity while maximizing long-term shareholder value*

MIDLAND, TX, July **3**, 2025 – <u>AST SpaceMobile, Inc</u>. ("AST SpaceMobile") (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by everyday smartphones, designed for both commercial and government applications, today announced the closing of a $100.0 million equipment financing facility led by Trinity Capital Inc. (NASDAQ: TRIN) ("Trinity"), a leading alternative asset manager. This non-dilutive financing is designed to support AST SpaceMobile's accelerated manufacturing and network deployment goals during 2025 and 2026.

"This new non-dilutive financing enables AST SpaceMobile to continue its strong momentum executing against its accelerated operational plans," said Andrew Johnson, Chief Financial Officer of AST SpaceMobile. "This facility is the first such type of financing agreement for the company and reflects our stage of rapid growth and transition from Research & Development to full-scale manufacturing and network deployment."

This non-dilutive financing provides an additional $100.0 million of long-term liquidity, including $25.0 million drawn at closing against previously purchased equipment, available through 2031. The facility uses existing and planned equipment as collateral and is designed to fit into a more mature, long-term capital structure, facilitating future debt capital, enabling flexibility and facilitating continued growth.

The company's capital structure continues to mature through a robust funding strategy, demonstrated by the successful convertible note issuance in January 2025, the retirement of approximately half the convertible notes after a share price increase of over 100% within six months, the diligent and prudent use of the 2025-issued At-the-Market facility, while concluding the second quarter with over $900.0 million in cash, cash equivalents, and restricted cash.

**About AST SpaceMobile**

AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on our extensive IP and patent portfolio, and designed for both commercial and government applications. Our engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today's five billion mobile subscribers and finally bring broadband to the billions who remain unconnected. For more information, follow AST SpaceMobile on <u>YouTube</u>, <u>X (formerly Twitter)</u>, <u>LinkedIn</u> and <u>Facebook</u>. Watch <u>this video</u> for an overview of the SpaceMobile mission.

**About Trinity Capital Inc.**

Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies. With five distinct business verticals–Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences–Trinity Capital stands as a long-term trusted partner for innovative companies seeking tailored debt solutions. Headquartered in Phoenix, Arizona, Trinity Capital's dedicated team is strategically located across the United States and in London (UK). For more information on Trinity Capital, please visit <u>trinitycapital.com</u> and stay connected to the latest activity via <u>LinkedIn</u> and <u>X</u> (@trincapital).

**Forward-Looking Statements**

This communication contains "forward-looking statements" that are not historical facts, and involve risks and uncertainties that could cause actual results of AST SpaceMobile to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "would," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside AST SpaceMobile's control and are difficult to predict.

Factors that could cause such differences include, but are not limited to: (i) expectations regarding AST SpaceMobile's strategies and future financial performance, including AST's future business plans or objectives, expected functionality of the SpaceMobile Service, anticipated timing of the launch of the Block 2 BlueBird satellites, anticipated demand and acceptance of mobile satellite services, prospective performance and commercial opportunities and competitors, the timing of obtaining regulatory approvals, ability to finance its research and development activities, commercial partnership acquisition and retention, products and services, pricing, marketing plans, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash, capital expenditures, and AST SpaceMobile's ability to invest in growth initiatives; (ii) the negotiation of definitive agreements with mobile network operators relating to the SpaceMobile Service that would supersede preliminary agreements and memoranda of understanding and the ability to enter into commercial agreements with other parties or government entities; (iii) the ability of AST SpaceMobile to grow and manage growth profitably and retain its key employees and AST SpaceMobile's responses to actions of its competitors and its ability to effectively compete; (iv) changes in applicable laws or regulations; (v) the possibility that AST SpaceMobile may be adversely affected by other economic, business, and/or competitive factors; (vi) the outcome of any legal proceedings that may be instituted against AST SpaceMobile; and (vii) other risks and uncertainties indicated in the Company's filings with the Securities and Exchange Commission (SEC), including those in the Risk Factors section of AST SpaceMobile's Form 10-K filed with the SEC on March 3, 2025 and Form 10-Q filed with the SEC on May 12, 2025.

AST SpaceMobile cautions that the foregoing list of factors is not exclusive. AST SpaceMobile cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors in AST SpaceMobile's Form 10-K filed with the SEC on March 3, 2025 and Form 10-Q filed with the SEC on May 12, 2025. AST SpaceMobile's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov. Except as expressly required by applicable securities law, AST SpaceMobile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

**Investor Contact:**

Scott Wisniewski

<u>investors@ast-science.com</u>

**Media Contact:**

Allison

Eva Murphy Ryan

917-547-7289

<u>AstSpaceMobile@allisonpr.com</u>