Document:

<PAGE>

                       AMENDED AND RESTATED LOAN AGREEMENT

         THIS AMENDED AND RESTATED LOAN AGREEMENT (the "Loan Agreement") dated
                                                        --------------
as of this 15th day of November, 2001, is made by and between SPACEHAB,
INCORPORATED, a Washington corporation ("Spacehab"), and ALENIA SPAZIO S.p.A., a
                                         --------
corporation organized under the laws of Italy ("Alenia").
                                                ------

                              W I T N E S S E T H :

         WHEREAS, Spacehab and Alenia entered into the Spacehab Module Primary
Structure Contract, dated July 1, 1990 (the "Aeritalia Contract");
                                             ------------------

         WHEREAS, Spacehab and Alenia entered into the Subordinated Promissory
Note, dated August 12, 1992, whereby Spacehab promised to pay to the order of
Alenia, or its registered assigns, the principal sum of $425,104, subject to
terms and conditions contained therein ("Note 1");
                                         ------

         WHEREAS, Spacehab and Alenia entered into the Subordinated Promissory
Note, dated August 12, 1992, whereby Spacehab promised to pay to the order of
Alenia, or its registered assigns, the principal sum of $1,842,328, subject to
terms and conditions contained therein ("Note 2");
                                         ------

         WHEREAS, Spacehab and Alenia entered into the Subordinated Promissory
Note, dated August 12, 1992, whereby Spacehab promised to pay to the order of
Alenia, or its registered assigns, the principal sum of $2,157,500, subject to
terms and conditions contained therein ("Note 3");
                                         ------

         WHEREAS, Spacehab and Alenia entered into the Subordinated Promissory
Note, dated February 23, 1993, whereby Spacehab promised to pay to the order of
Alenia, or its registered assigns, the principal sum of $1,242,028, subject to
terms and conditions contained therein ("Note 4");
                                         ------

         WHEREAS, Spacehab and Alenia entered into the Subordinated Promissory
Note, dated February 23, 1993, whereby Spacehab promised to pay to the order of
Alenia, or its registered assigns, the principal sum of $1,078,750, subject to
terms and conditions contained therein ("Note 5");
                                         ------

         WHEREAS, Spacehab and Alenia entered into the Subordinated Promissory
Note, dated June 1, 1993, whereby Spacehab promised to pay to the order of
Alenia, or its registered assigns, the principal sum of $1,113,850, subject to
terms and conditions contained therein ("Note 6" and collectively, with Note 1,
                                         ------
Note 2, Note 3, Note 4 and Note 5, "Notes 1-6");
                                    ---------

         WHEREAS, pursuant to the letter agreement dated December 10, 1998, by
and between Spacehab and Alenia and the letter dated December 21, 1998 from
Alenia to Spacehab, the parties agreed, among other things, that Notes 1-6 would
be due and payable on August 1, 2001 (together, the "1998 Letter Agreements");
                                                     ----------------------

<PAGE>

         WHEREAS, on August 1, 2001 Spacehab and Alenia entered into a letter
agreement pursuant to which the parties agreed that Notes 1-6 would be due and
payable on September 30, 2001 (the "August 2001 Letter Agreement");
                                    ----------------------------

         WHEREAS, on September 28, 2001 Spacehab and Alenia entered into a
letter agreement pursuant to which the parties agreed that Notes 1-6 would be
due and payable on October 15, 2001 (the "September 2001 Letter Agreement");
                                          -------------------------------

         WHEREAS, on October 15, 2001 Spacehab and Alenia entered into a letter
agreement pursuant to which the parties agreed that Notes 1-6 would be due and
payable on October 31, 2001 (the "October 2001 Letter Agreement" and
collectively, with the 1998 Letter Agreements, the August 2001 Letter Agreement
and the September 2001 Letter Agreement, the "Letter Agreements");
                                              -----------------

         WHEREAS, pursuant to a binding term sheet dated October 26, 2001,
Spacehab and Alenia agreed that Notes 1-6 would be due and payable on November
15, 2001 (the "Term Sheet") unless they entered into the definitive agreements
               ----------
contemplated by the Term Sheet;

         WHEREAS, Spacehab and Alenia now desire to enter into this Loan
Agreement to definitively set forth their agreements with respect to the
amendment and restatement of the parties' rights and obligations under the
Aeritalia Contract, Notes 1-6, the Letter Agreements and the Term Sheet; and

         NOW THEREFORE, in consideration of the mutual promises and the mutual
covenants and conditions stated herein, the parties agree as follows:

         1. Definitions. Capitalized terms used in this Loan Agreement
            -----------
(including Schedules I and II) and the Financing Documents (as defined in
Schedule I) shall have the meanings ascribed to them in Schedule I hereto.
                                                        ----------

         2. Replacement Note. Contemporaneous with the execution and delivery of
            ----------------
this Loan Agreement Spacehab shall execute a replacement note in the maximum
principal amount of Seven Million Eight Hundred Sixty Thousand and Seventy Eight
Dollars ($7,860,078) (the "Principal"), which shall be subject to the terms
hereof, including without limitation those terms set forth in Schedule I hereto
(the "Replacement Note"), in substitution for and not satisfaction of, Notes
1-6. As soon as practicable following the date hereof, Alenia shall deliver to
Spacehab at a place and time mutually agreed to by the Parties Notes 1-6 being
substituted pursuant to this Loan Agreement, whereupon Spacehab shall
immediately (a) mark Notes 1-6 as "Cancelled" and "Replaced" and retain them and
(b) deliver to Alenia the Replacement Note.

         3. Representations and Warranties of Alenia. Alenia represents and
            ----------------------------------------
warrants the following to Spacehab that as of the date hereof:

            (a) Alenia is a corporation duly organized, validly existing and in
good standing under the laws of the Republic of Italy;

                                       2

<PAGE>

            (b) Alenia has the corporate power and authority to enter into each
of this Loan Agreement, the Security Agreement and the other Financing Documents
(each as defined in Schedule I) (collectively, the "Transaction Documents") to
                    ----------                      ---------------------
which it is a party and the execution, delivery and performance by Alenia of
each of the Transaction Documents to which it is party has been duly authorized
by all necessary corporate action and do not and will not require any consent or
approval of Alenia's shareholders; and

            (c) Each of the Transaction Documents to which Alenia is a party is
a legal, valid and binding obligation of Alenia enforceable against Alenia in
accordance with its terms, except as enforceability may be limited by
bankruptcy, insolvency, reorganization or similar laws affecting creditors'
rights generally.

         4. Representations and Warranties of Spacehab. Spacehab represents and
            ------------------------------------------
warrants the following to Alenia as of the date hereof:

            (a) Each of Spacehab and the Subsidiaries (as defined in Schedule I)
                                                                     ----------
is a corporation or limited liability company, as indicated on Schedule II
                                                               -----------
attached hereto, duly incorporated or formed, as applicable, and validly
existing or in good standing, as applicable, under the laws of the jurisdiction
set forth opposite its name on Schedule II attached hereto in which incorporated
                               -----------
or formed, as applicable, and is authorized to do business and is in good
standing as a foreign corporation or limited liability company, as applicable,
in the jurisdictions indicated on Schedule II where the failure to so qualify
                                  -----------
would have a Material Adverse Effect (as defined in Schedule I);
                                                    ----------

            (b) Spacehab has the corporate power and authority to enter into
each of the Transaction Documents and the execution, delivery and performance by
Spacehab of each of the Transaction Documents has been duly authorized by all
necessary corporate action and do not and will not require any consent or
approval of Spacehab's shareholders;

            (c) Each of the Transaction Documents is a legal, valid and binding
obligation of Spacehab enforceable against Spacehab in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting creditors' rights generally;

            (d) The execution, delivery and performance by Spacehab of each of
the Transaction Documents do not (i) contravene Spacehab's Certificate of
Incorporation or by-laws, (ii) violate, or cause Spacehab or any Subsidiary to
be in default under, or require the giving of any notice or the making of any
filing under, any provision of any law, rule, regulation, order, writ, judgment,
injunction, decree, determination or award in effect having applicability to
Spacehab or any Subsidiary, (iii) result in a breach of, constitute a breach
under, result in the acceleration of any obligation under, or require the giving
of notice or obtaining of consent under, any indenture or loan or credit
agreement or any other agreement, lease or instrument to which Spacehab or any
Subsidiary is a party or by which it or any of its properties or assets may be
bound or affected or (iv) result in, or require, the creation or imposition of
any Lien (as defined in Schedule I) upon or with respect to any of the
                        ----------
properties now owned or hereafter acquired by Spacehab or any Subsidiary other
than Liens contemplated to be created by such Transaction Documents;

                                        3

<PAGE>

            (e) Set forth on Schedule II is the complete and accurate name of
                             -----------
each Subsidiary, the jurisdiction in which such Subsidiary was incorporated or
formed and the interest of Spacehab in such Subsidiary;

            (f) Spacehab has filed all forms, reports, statements and other
documents required to be filed with the Securities and Exchange Commission since
December 22, 1995, including without limitation (i) Annual Reports on Form 10-K,
(ii) Quarterly Reports on Form 10-Q, (iii) proxy statements relating to meetings
of shareholders (whether annual or special) and (iv) reports on Form 8-K
(collectively, the "Spacehab SEC Reports"). As of their respective filing dates,
                    --------------------
the Spacehab SEC Reports (i) complied as to form in all material respects with
the requirements of the Securities Exchange Act of 1934, as amended (the
"Exchange Act") and the Securities Act of 1933, as amended, and (ii) did not at
 ------------
the time they were filed contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading;

            (g) The financial statements, including all related notes and
schedules, contained in the Spacehab SEC Reports (or incorporated by reference
therein) fairly present the consolidated financial position of Spacehab and the
Subsidiaries at the respective dates thereof and the consolidated results of
operations and cash flows of Spacehab and the Subsidiaries for the periods
indicated in accordance with GAAP (as defined in Schedule I) (except as may be
                                                 ----------
noted therein, and subject, in the case of interim financial statements, to
normal year-end adjustments);

            (i) There are no liabilities or obligations (whether absolute or
contingent, matured or unmatured, known or unknown) of Spacehab or any of the
Subsidiaries, including but not limited to liabilities for taxes of any kind or
nature or for warranty reserves, of a nature required by GAAP to be reflected,
or reserved against, in the financial statements described in subparagraph (g)
above and that are not so reflected, or reserved against, in such financial
statements, except for those that have been incurred after November 8, 2001 in
the ordinary course of business consistent with prior practice and that are not
material in amount either individually or in the aggregate;

            (j) All obligations with respect to Senior Indebtedness (as defined
in Notes 1-6) have been paid or otherwise satisfied in full and the Replacement
Note is not subordinated to any Indebtedness (as defined in Schedule I) of
                                                            ----------
Spacehab or any of the Subsidiaries;

            (k) Except as set forth in Schedule II, Spacehab has good and
                                       -----------
marketable title to the Collateral (as defined in Schedule I), free and clear of
                                                  ----------
all Liens (including any Liens for taxes of any kind or nature not yet due and
payable), equitable interests, rights of first refusal, claims, charges,
encumbrances or restrictions of any kind, including any restrictions on use,
voting, transfer, receipt of income or exercise of any other attribute of
ownership (collectively, "Encumbrances") except statutory liens securing
                          ------------
payments not yet due. The Collateral is in good operating condition and repair
(ordinary wear and tear excepted);

                                        4

<PAGE>

            (l) Except as set forth in Schedule II, there are (i) no claims,
                                       -----------
actions, suits, investigations, arbitrations, grievances, summonses, subpoenas,
inquiries or proceedings of any nature, civil, criminal, regulatory or
otherwise, in law or equity pending or, to the knowledge of Spacehab or any
Subsidiary, threatened, against Spacehab or any of the Subsidiaries, any of
their respective properties or any of their respective officers or directors, or
that challenge or seek to prevent, enjoin, alter or materially delay the
transactions contemplated hereby, before any court, administrative,
governmental, arbitral, mediation or regulatory authority or body, domestic or
foreign, and (ii) no agreements, judgments, decrees, injunctions or orders of
any governmental entity or arbitrator outstanding against Spacehab or any
Subsidiary;

            (m) Each of Spacehab and the Subsidiaries has duly complied with,
and its properties and business operations are in compliance with, the
provisions of all applicable laws, rules, regulations, orders and decrees
applicable to such entity except to the extent that any non-compliance has not
had, or would not be reasonably expected to have, a Material Adverse Effect;

            (n) Spacehab is not in default with respect to any Indebtedness in
excess of US$500,000 and there is no pending or, to Spacehab's knowledge,
threatened litigation which if adversely determined could result in judgment
greater than or equal to $1,000,000 individually or in the aggregate against
Spacehab or any Subsidiaries; and

            (o) Each of Spacehab and each Subsidiary is Solvent (as defined in
Schedule I) and Spacehab and its Subsidiaries, taken as a whole, are Solvent.
----------

         5. Waiver of Claims. Alenia hereby waives any and all claims that it
            ----------------
may have against Spacehab, as of the date hereof, arising out of or relating to
Spacehab's payment obligations under the Aeritalia Contract, any or all of Notes
1-6, the Letter Agreements and the Term Sheet.

         6. Notice. All notices required or permitted to be given hereunder
            ------
shall be in writing and may be delivered by hand, by facsimile or by reputable
private courier and shall be deemed given on the day of receipt. All notices,
including any change in notice addresses shall be addressed as follows:

         If to Alenia:          Via Saccomuro, 24
                                00131 Rome
                                Italy
                                Attention:  Chief Financial Officer
                                Facsimile: (011) 39 06 4151 2157
         If to Spacehab:        300 D Street, SW
                                Suite 812
                                Washington, DC 20024
                                Attention:   Chief Financial Officer
                                Facsimile: (202) 488-3100

                                       5

<PAGE>

         or, in each case, at such other address as may be specified in writing
to the other party.

         7. Miscellaneous.
            -------------

            (a) Spacehab shall reimburse Alenia for the reasonable outside
attorneys' fees and costs incurred by Alenia, in connection with the negotiation
and execution of the August 2001 Letter Agreement, the September 2001 Letter
Agreement, the October 2001 Letter Agreement, the Term Sheet and the Transaction
Documents. Such reimbursement shall be made within 30 days following
presentation by Alenia to Spacehab of a written invoice therefor. Spacehab shall
be responsible to pay all filing fees, recording fees, documentary stamps,
recording taxes and any other filing or recording fees required in connection
with the filing or recording of any of the Transaction Documents.

            (b) In connection with the transactions contemplated by this Loan
Agreement, Spacehab shall deliver to Alenia the opinion of its counsel, Dewey
Ballantine LLP and Orrick, Herrington & Sutcliffe LLP.

            (c) THIS LOAN AGREEMENT WILL BE GOVERNED AS TO FORMATION,
PERFORMANCE, INTERPRETATION AND ENFORCEMENT BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAWS PRINCIPLES.

            (d) Nothing in this Loan Agreement is intended or shall be construed
to give any person other than the parties hereto, their successors and permitted
assigns, any legal or equitable right, remedy or claim under or in respect of
this Loan Agreement or any provision contained herein.

            (e) This Loan Agreement (including Schedules I and II hereto) and
                                               ------------------
the Financing Documents constitute the entire agreement between the Parties on
the subject matter hereof and supersede, and their terms govern all prior
proposals, agreements (including, the Aeritalia Contract, Notes 1-6, the Letter
Agreements and the Term Sheet) or other communications between the Parties, oral
or written, regarding the subject matter of this Loan Agreement.

            (f) This Loan Agreement may be executed in any number of duplicate
originals or counterparts, each of such duplicate originals or counterparts
shall be deemed to be an original and all taken together shall constitute but
one and the same instrument. Spacehab agrees that Alenia may rely on a telecopy
of any signature of Spacehab. Alenia agrees that Spacehab may rely on a telecopy
of any signature of Alenia.

            (g) This Loan Agreement may be amended and the terms hereof may be
waived, only by a written instrument signed by each party or, in the case of a
waiver, by the party waiving compliance.

                            [SIGNATURE PAGE FOLLOWS]

                                       6

<PAGE>

            IN WITNESS WHEREOF, the Parties have caused this Loan Agreement to
be signed by their duly authorized representatives under seal all as of the day
and year first above written.

                              SPACEHAB, INCORPORATED

                              By: /s/ Julia Pulzone
                                  ---------------------------

                              Name: Julia Pulzone
                                    -------------------------

                              Title: Chief Financial Officer
                                     ------------------------

                              ALENIA SPAZIO S.p.A.

                              By: /s/ Giuseppe Viriglio
                                  ---------------------------

                              Name: Giuseppe Viriglio
                                    -------------------------

                              Title: Chief Executive Officer
                                     ------------------------

                                       7<PAGE>

              FOURTH AMENDMENT TO FINANCING AND SECURITY AGREEMENT
              ----------------------------------------------------

         THIS FOURTH AMENDMENT TO FINANCING AND SECURITY AGREEMENT (this
"Agreement") is dated as of January 16, 2002, but effective as of December 31,
2001 by and among SPACEHAB, INCORPORATED, a corporation organized under the laws
of the State of Washington (the "Company"), JOHNSON ENGINEERING CORPORATION, a
corporation organized under the laws of the State of Colorado ("Johnson
Engineering") and ASTROTECH SPACE OPERATIONS, INC., a corporation organized
under the laws of the State of Delaware ("Astrotech") jointly and severally
(each of Company, Johnson Engineering and Astrotech, a "Borrower"; Company,
Johnson Engineering and Astrotech, collectively, the "Borrowers"); and BANK OF
AMERICA, N.A., a national banking association, its successors and assigns
("Lender").

                                    RECITALS
                                    --------

         A.   The Borrowers and SPACE MEDIA, INC., a corporation organized under
the laws of the State of Delaware ("Space Media"; together with the Borrowers,
the "Original Borrowers") and the Lender entered into a Financing and Security
Agreement dated August 9, 2000 (the same, as amended, modified, substituted,
extended, and renewed from time to time is hereinafter called, the "Financing
Agreement"). Unless otherwise expressly defined in this Agreement, terms defined
in the Financing Agreement shall have the same meaning under this Agreement.

         B.   The Financing Agreement provides for a Revolving Credit in the
original maximum principal amount of Fifteen Million Dollars ($15,000,000) and a
letter of credit facility in the original maximum principal amount of Ten
Million Dollars ($10,000,000).

         C.   Pursuant to that certain Second Amendment to Financing Agreement
dated as of August 30, 2001, by and among the Original Borrowers and the Lender,
the parties thereto agreed to release Space Media from all of its obligations
under the Financing Agreement and each of the Financing Documents and to reduce
the maximum principal amount of the Revolving Credit from Fifteen Million
Dollars ($15,000,000) to Six Million Five Hundred Thousand Dollars ($6,500,000).

         D.   Pursuant to that certain Third Amendment to Financing Agreement
dated as of October 24, 2001, by and among the Borrowers and the Lender, the
parties thereto agreed to reset certain covenants and terms set forth in the
Financing Agreement to permit the Borrowers to restructure certain existing
Indebtedness to certain creditors of the Borrowers and otherwise modify the
Financing Agreement as more fully set forth therein (the "Third Amendment").

         E.   The Company desires to obtain mortgage financing in an amount of
not less than One Million Five Hundred Thousand Dollars ($1,500,000)from a third
party (the "Proposed Mortgage"), and in connection therewith the Company
anticipates that the Proposed Mortgage

<PAGE>

will have to be secured by the Excluded Collateral (as hereinafter defined)
owned by the Company located in Cape Canaveral, Florida.

         F.   The Borrowers have requested, that the Lender (i) permanently
reduce the maximum principal amount of the revolving credit facility and (ii)
consent to the Borrowers entering into the Proposed Mortgage and related
transactions, and the Lender has agreed to do so on the condition, among others,
that this Agreement be executed.

                                   AGREEMENTS
                                   ----------

         NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, receipt of which is hereby acknowledged, the Borrowers
and the Lender agree as follows:

         1.   Recitals.  The Borrowers and the Lender agree that the Recitals
              --------
above are true and correct in all material respects and that the same are
incorporated herein and made a part hereof by reference.

         2.   Defined Terms. The definition of "Revolving Credit Committed
              -------------
Amount" set forth in Section 1.1 of the Financing Agreement is hereby deleted in
its entirety and the following is inserted in full substitution thereof:

              "Revolving Credit Committed Amount" means $6,500,000, as such
         amount shall be permanently reduced by the aggregate amount of all
         Revolving Credit Permanent Reduction Amounts, from time to time.

         From and after the date hereof, the following defined terms are added
to Section 1.1 of the Financing Agreement:

              "Mortgage Closing Date" means the date on which the Proposed
         Mortgage closes and funds.

              "Net Mortgage Proceeds" means the net proceeds received from
         the Proposed Mortgage on the Mortgage Closing Date, after the payment
         of customary costs and expenses in connection with the Proposed
         Mortgage.

              "Revolving Credit Permanent Reduction Amount" shall mean as of any
         date, the sum of the Step Reductions occurring on or prior to such date
         and the Net Mortgage Proceeds payable to the Lender.

              "Step Reduction" means the following permanent reductions to
         the Revolving Credit Committed Amount, which are cumulative in nature
         and effective as of the following dates:

              Date:                              Step Reduction:
              ----                               --------------
              January 1, 2002                    $500,000;
              February 1, 2002                   $500,000;
              March 1, 2002                      $500,000;

                                        2

<PAGE>

              April 1, 2002                      $750,000;
              May 1, 2002                        $750,000;
              June 1, 2002                       $750,000; and
              July 1, 2002                       $750,000.

         By way of illustration, on February 1, 2002, the total Step Reduction
         applicable to the Revolving Credit shall be $1,000,000 and the Step
         Reductions shall reduce the Revolving Credit Committed Amount by
         $1,000,000.

         3.   Borrowing Base. Notwithstanding anything set forth in the
              --------------
Financing Agreement or in Paragraph 4 of the Third Amendment to the contrary,
from and after January 1, 2002, the Borrowers shall continue to furnish to the
Lender no less frequently than the fifteenth (15th) day of each month and at
such other times as may be requested by the Lender, a Borrowing Base Report in
the form required from time to time by the Lender, appropriately completed and
duly signed. Unless otherwise requested by the Lender, the Borrowing Base Report
shall be dated as of the last Business Day of the immediately preceding month
and shall contain a detailed aging schedule of all Receivables by Account Debtor
as of the date of the Borrowing Base Report, the amount and payments on the
Receivables, and the calculations of the Borrowing Base, all in such detail, and
accompanied by such supporting and other information, as the Lender may from
time to time request, including, but not limited to, a report containing a
detailed aging of all accounts payable by supplier, in such detail, and
accompanied by such supporting information, as the Lender may from time to time
reasonably request.

         4.   Revolving Credit Mandatory Reductions.  Paragraph 6 of the Third
              -------------------------------------
Amendment is hereby deleted in its entirety.

         5.   Letters of Credit. Notwithstanding anything set forth in the
              -----------------
Financing Agreement to the contrary, the Lender shall not be obligated to issue
any Letter of Credit having an expiration date beyond June 30, 2002 or if the
Lender determines in the exercise of its sole, but reasonable discretion, that
the face amount of such Letter of Credit will at any time exceed the then
applicable Revolving Credit Committed Amount.

         6.   Replacement Note. Exhibit B to the Financing Agreement is being
              ----------------  ---------
replaced in its entirety with Exhibit B attached hereto. The Borrowers shall
                              ---------
execute and deliver to the Lender on the date hereof the Third Amended and
Restated Revolving Promissory Note in the maximum principal amount of Six
Million Five Hundred Thousand Dollars ($6,500,000) in the form of Exhibit B
                                                                  ---------
attached hereto and incorporated herein by reference (the "Replacement Note"),
in substitution for and not satisfaction of, the issued and outstanding
revolving credit note. The Replacement Note shall be the "Revolving Credit Note"
for all purposes of the Financing Documents. The revolving promissory note being
substituted pursuant to this Agreement shall be marked "Replaced" and returned
to the Borrowers promptly after the execution and delivery of the Replacement
Note.

         7.   Conditions Precedent.  This Agreement shall become effective on
              --------------------
the date the Borrowers satisfies each of the following conditions:

              (a)    The Borrowers execute and deliver to the Lender the
Replacement Note;

                                        3

<PAGE>

         (b)  The Borrowers shall pay all of the Lender's reasonable attorney's
fees, in connection with this Agreement; and

         (c)  Provide the Lender with such other information, instruments,
opinions, documents, certificates and reports as the Lender may deem necessary
and requests prior to the Lender's execution of this Agreement.

     8.  Request for Consent to Proposed Mortgage; Application of Net Mortgage
         ---------------------------------------------------------------------
Proceeds.
--------

         (a)  As required under Sections 6.2.4 and 6.2.8 of the Financing
Agreement, the Borrowers hereby request the Lender's consent to the Borrowers
entering into definitive agreements with one or more lenders in connection with
the Proposed Mortgage of the collateral set forth in Exhibit A hereto (the
                                                     ---------
"Excluded Collateral"). The Lender agrees that upon receipt and review of
substantially final drafts of the definitive documents to be executed in
connection with the Proposed Mortgage, provided no Event of Default has occurred
and is continuing at such time and further provided the terms of such definitive
documents are customary for transactions of such nature, the Lender will not
unreasonably withhold, condition or delay its consent to the Proposed Mortgage,
including, without limitation, the creation, assumption or existence of such
indebtedness and the Company's granting a security interests on the Excluded
Collateral.

         (b)  The Lender agrees at the expense of the Borrowers to execute and
deliver to the Borrowers, without any further consideration, any required
filings, including those under the Uniform Commercial Code or otherwise, that
are necessary to release any security interest or lien the Lender has in any of
the Excluded Collateral.

         (c)  On the Mortgage Closing Date, the Borrowers shall promptly cause
the Net Mortgage Proceeds in an amount equal to not less than One Million Five
Hundred Thousand Dollars ($1,500,000) to be immediately paid to the Lender, and
in the event that the Net Mortgage Proceeds equal or exceed Three Million
Dollars ($3,000,000), the Borrowers shall cause all Net Mortgage Proceeds in
excess of Three Million Dollars ($3,000,000) to be immediately paid to the
Lender, but not to exceed the unpaid Obligations.

         (d)  Notwithstanding anything set forth herein to the contrary, the
Borrowers and the Lender understand and agree that the amount of Net Mortgage
Proceeds paid to the Lender by the Borrowers on the Mortgage Closing Date will
be reduced by the amount of any Step Reduction paid in the month in which the
Proposed Mortgage closes. By way of illustration, if the Mortgage Closing Date
is March 15, 2002 and the Net Mortgage Proceeds are $1,500,000, then, the
Borrowers shall only be required to remit to the Lender $1,000,000, which is the
difference between the Net Mortgage Proceeds ($1,500,000) and the Step Reduction
already paid to the Lender for such month ($500,000).

         (e)  Notwithstanding anything set forth herein to the contrary, in the
event the Net Mortgage Proceeds are not received on or before April 30, 2002,
the Revolving Credit Committed Amount shall be permanently reduced on May 1,
2002 by One Million Five Hundred Thousand Dollars ($1,500,000) (which amount
includes the Step Reduction in the amount of $750,000 payable on May 1, 2002.

                                        4

<PAGE>

         9.   Representations. The Borrowers represent and warrant to the Lender
              ---------------
as follows:

         (a)  Each Borrower has the power and authority to execute and deliver
this Agreement and each Borrower has the power and authority to perform its
obligations hereunder and has taken all necessary and appropriate action to
authorize the execution, delivery and performance of this Agreement;

         (b)  The Financing Agreement, as heretofore amended and as amended by
this Agreement, and each of the other Financing Documents remains in full force
and effect, and each constitutes the valid and legally binding obligation of
each Borrower, enforceable in accordance with its terms;

         (c)  Each Borrower's representations and warranties contained in the
Financing Agreement and the other Financing Documents are true and correct on
and as of the date of the Borrowers execution of this Agreement;

         (d)  All of the Schedules to the Financing Agreement are true, correct
and complete as of the date hereof; and

         (e)  No Event of Default and no event which, with notice, lapse of time
or both would constitute an Event of Default, has occurred and is continuing
under the Financing Agreement or the other Financing Documents which has not
been waived in writing by the Lender.

   10.   Additional Representations.  Each Borrower warrants and represents to
         --------------------------
the Lender as follows:

         (a)  Each Borrower has no defenses, affirmative or otherwise, rights of
setoff, rights of recoupment, claims, counterclaims, actions or causes of action
of any kind or nature whatsoever against the Lender or any past, present or
future agent, attorney, legal representative, predecessor-in-interest,
affiliate, successor, assign, employee, director or officer of the Lender
(collectively, the "Bank Group"), directly or indirectly, arising out of, based
upon, or in any manner connected with, any transaction, event, circumstance,
action, failure to act, or occurrence of any sort or type, whether known or
unknown, which occurred, existed, was taken, permitted, or began prior to the
execution of this Agreement and accrued, existed, was taken, permitted or begun
in accordance with, pursuant to, or by virtue of the Obligations or any of the
terms or conditions of the Financing Documents, or which directly or indirectly
relate to or arise out of or in any manner are connected with the Obligations or
any of the Financing Documents; TO THE EXTENT ANY SUCH DEFENSES, AFFIRMATIVE OR
OTHERWISE, RIGHTS OF SETOFF, RIGHTS OF RECOUPMENT, CLAIMS, COUNTERCLAIMS,
ACTIONS OR CAUSES OF ACTION EXIST OR EXTEND, SUCH DEFENSES, RIGHTS, CLAIMS,
COUNTERCLAIMS, ACTIONS AND CAUSES OF ACTION ARE HEREBY FOREVER WAIVED,
DISCHARGED AND RELEASED.

         (b)  Each Borrower has freely and voluntarily entered into this
Agreement after an adequate opportunity and sufficient period of time to review,
analyze and discuss all terms and conditions of this Agreement and all factual
and legal matters relevant hereto with counsel freely

                                        5

<PAGE>

and independently chosen by it. Each Borrower further acknowledges that it
has actively and with full understanding participated in the negotiation of this
Agreement after consultation and review with its counsel and that this Agreement
has been negotiated, prepared and executed without fraud, duress, undue
influence or coercion of any kind or nature whatsoever having been exerted by or
imposed upon any party to this Agreement.

              (c)   As of the date hereof, there are no proceedings or
investigations pending or, so far as any Borrower knows, threatened against it,
before any court or arbitrator or any governmental, administrative or other
judicial authority or agency.

              (d)   There is no statute, rule, regulation, order or judgment, no
charter, by-law or preference stock provision with respect to any Borrower, and
no provision of any mortgage, indenture, contact or other Agreement binding on
any Borrower or any of its properties which would prohibit or cause a default
under or in any way prevent the execution, delivery, performance, compliance or
observance of any of the terms or conditions of this Agreement.

              (e)   No Borrower has voluntarily or involuntarily, granted any
Liens to any creditor not previously disclosed to the Lender in writing on or
before the date of this Agreement or permitted under the Financing Agreement and
have not otherwise taken any action or failed to take any action which could or
would impair, change, jeopardize or otherwise adversely affect the priority,
perfection, validity or enforceability of any Lien securing all or any portion
of the Obligations or the priority or validity of the Lender's claims with
respect to the Obligations relative to any other creditor of any Borrower other
than Permitted Liens as permitted under the Financing Agreement.

         11.  Additional  Defaults.  In addition to the Events of Default
              --------------------
specifically enumerated in the Financing Documents, the occurrence of any of the
following events shall each constitute an Event of Default:

              (a)   the Borrowers or any other Person (other than the Lender)
fail to observe, perform, or comply with any of the terms, conditions or
provisions of this Agreement, as and when required;

              (b)   any additional defaults shall occur under any of the
Financing Documents as modified hereby;

              (c)   any representation or warranty made herein, in any document
executed and delivered in connection herewith, or in any report, certificate,
financial statement or other instrument or document previously, now or hereafter
furnished by or on behalf of any Borrower in connection with this Agreement,
shall prove to have been false, incomplete or misleading in any material respect
on the date as of which it was made;

              (d)   the occurrence of any default under the Proposed Mortgage.

         12.  No Novation.  The Borrowers  agree that this Agreement is not
intended to and shall not cause a novation with respectto any or all of the
Obligations of the Borrowers. The

                                        6

<PAGE>

headings and captions in this Agreement are for the convenience of the parties
only and are not a part of this Agreement.

              13.   No Claims. The Borrowers acknowledge and warrant that the
                    ---------
Lender has acted in good faith and has conducted in a commercially reasonable
manner its relationships with the Borrowers in connection with this Agreement
and generally in connection with the Financing Agreement and the Obligations,
the Borrowers hereby waiving and releasing any claims to the contrary.

              14.   Expenses. The Borrowers shall pay at the time this Agreement
                    --------
is executed and delivered all fees, commissions, costs, charges, taxes and other
expenses incurred by the Lender and its counsel in connection with this
Agreement, including, but not limited to, reasonable fees and expenses of the
Lender's counsel.

              15.   Time of Essence.  Time is of the essence of this Agreement.
                    ---------------

              16.   Consistent Changes.   The Financing Documents are hereby
                    ------------------
amended wherever necessary to reflect the changes described above.

              17.   Counterparts. This Agreement may be executed in any number
                    ------------
of duplicate originals or counterparts, each of such duplicate originals or
counterparts shall be deemed to be an original and all taken together shall
constitute but one and the same instrument. The Borrowers agree that the Lender
may rely on a telecopy of any signature of the Borrowers. The Lender agrees that
the Borrowers may rely on a telecopy of this Agreement executed by the Lender.

              18.   Governing Law. Borrowers acknowledge and agree that this
                    -------------
Agreement, shall be governed by the Laws of the State, as if this Agreement had
been executed, delivered, administered and performed solely within the State
even though for the convenience and at the request of the Borrowers, this
Agreement may be executed elsewhere.

                    [SIGNATURES BEGIN ON THE FOLLOWING PAGE]

                                        7

<PAGE>

         IN WITNESS WHEREOF, the Borrowers and the Lender have executed this
Agreement under seal as of the date and year first written above.

                                   BORROWERS:

WITNESS/ATTEST:                    SPACEHAB, INCORPORATED

_________________________          By:  /s/ Julia A. Pulzone              (Seal)
                                        ----------------------------------
                                            Julia A. Pulzone
                                            Chief Financial Officer

WITNESS/ATTEST                     JOHNSON ENGINEERING CORPORATION

_________________________          By:: /s/ Julia A. Pulzone             (Seal)
                                        ---------------------------------
                                            Julia A. Pulzone
                                            Chief Financial Officer

WITNESS/ATTEST:                    ASTROTECH SPACE OPERATIONS, INC.

_________________________          By:: /s/ Julia A. Pulzone             (Seal)
                                        ---------------------------------
                                            Julia A. Pulzone
                                            Chief Financial Officer

                                   LENDER:

WITNESS:                           BANK OF AMERICA, N. A.

_________________________          By:  /s/ Mark A. Herdman              (Seal)
                                        ---------------------------------
                                            Mark Herdman, Vice President

                                        8

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