SEC Contract Filing

Filing Date: 2021-03-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_237059.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin-bottom: 0; text-align: right; margin-top: 0; font-family: &quot;Times New Roman&quot;; font-size: 10pt"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family:Times New Roman;font-size:12pt;font-variant:small-caps;text-align:center;margin:0pt;">Note Purchase Agreement</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:small-caps;text-align:justify;margin:0pt;text-indent:36pt;">This Note Purchase Agreement (this &#8220;<b>Agreement</b>&#8221;), dated as of March 23, 2021, is entered into by and between Orbital Energy Group, Inc., a Colorado corporation (&#8220;<b>Company</b>&#8221;), and Streeterville Capital, LLC, a Utah limited liability company, its successors and/or assigns (&#8220;<b>Investor</b>&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company and Investor are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded by the Securities Act of 1933, as amended (the &#8220;<b>1933 Act</b>&#8221;), and the rules and regulations promulgated thereunder by the United States Securities and Exchange Commission (the &#8220;<b>SEC</b>&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor desires to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement a Promissory Note, in the form attached hereto as <u>Exhibit A</u>, in the original principal amount of $10,715,000.00 (the &#8220;<b>Note</b>&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, the Note, and all other certificates, documents, agreements, resolutions and instruments delivered to any party under or in connection with this Agreement, as the same may be amended from time to time, are collectively referred to herein as the &#8220;<b>Transaction Documents</b>&#8221;.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>NOW, THEREFORE</b>, in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Company and Investor hereby<b> </b>agree as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:36pt;">1.<u>&nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Note</u>.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:72pt;">1.1.<u>&nbsp;&nbsp;&nbsp;&nbsp;Purchase of Note</u>. Company shall issue and sell to Investor and Investor shall purchase from Company the Note. In consideration thereof, Investor shall pay the Purchase Price (as defined below) to Company.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:72pt;">1.2.<u>&nbsp;&nbsp;&nbsp;&nbsp;Form of Payment</u>. On the Closing Date (as defined below), Investor shall pay the Purchase Price to Company via wire transfer of immediately available funds against delivery of the Note.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:72pt;">1.3.<u>&nbsp;&nbsp;&nbsp;&nbsp;Closing Date</u>. Subject to the satisfaction (or written waiver) of the conditions set forth in Section 5 and Section 6 below, the date of the issuance and sale of the Note pursuant to this Agreement (the &#8220;<b>Closing Date</b>&#8221;) shall be March 23, 2021, or another mutually agreed upon date. The closing of the transactions contemplated by this Agreement (the &#8220;<b>Closing</b>&#8221;) shall occur on the Closing Date by means of the exchange by email of signed .pdf documents, but shall be deemed for all purposes to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.</p>

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