SEC Contract Filing

Filing Date: 2025-03-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>3
<FILENAME>ex_795152.htm
<DESCRIPTION>EXHIBIT 10.10
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<p style="margin: 0px 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.10</b></font></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>[FORM OF SECURED NOTE]</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II)</b>&nbsp;<b>UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. </b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>AQUA METALS, INC.</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:small-caps;text-align:center;margin:0pt;"><b>Secured Note</b></p>

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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Issuance Date: December 19, 2024</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">Principal Amount: U.S. $[_________]</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>FOR VALUE RECEIVED,</b> Aqua Metals, Inc., a Delaware corporation (the &#8220;<b>Company</b>&#8221;), hereby promises to pay to the order of [____________] or its registered assigns (&#8220;<b>Holder</b>&#8221;) the amount set out above as the Principal Amount (the &#8220;<b>Principal</b>&#8221;) when due, whether upon the Maturity Date (as defined below), acceleration, prepayment or otherwise (in each case in accordance with the terms hereof) and to pay interest (&#8220;<b>Interest</b>&#8221;) on the outstanding Principal at the applicable Interest Rate (as defined below) from the date set out above as the Issuance Date (the &#8220;<b>Issuance</b> <b>Date</b>&#8221;). All unpaid Principal, together with any then unpaid and accrued Interest and other amounts payable hereunder, shall be due and payable on the earlier of (i) December 31, 2025 (the &#8220;<b>Maturity Date</b>&#8221;) or (ii) when, upon the occurrence and during the continuance of an Event of Default (as defined in <u>Section 3</u> hereof), such amounts are declared due and payable in accordance with Section 3(b). This Secured Note (this &#8220;<b>Note</b>&#8221;) is one of an issue of Secured Notes issued pursuant to the Securities Purchase Agreement (as defined below) on the Closing Date (as defined below) (collectively, the &#8220;<b>Other</b> <b>Notes</b>&#8221; and together with this Note, the &#8220;<b>Notes</b>&#8221;). All other capitalized terms not defined herein shall have the meaning given to such terms in the Securities Purchase Agreement (the &#8220;<b>Purchase Agreement</b>&#8221;), dated December 18, 2024, among the Company and the purchasers signatory thereto.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin: 0pt 0pt 0pt 0pt;text-indent:36pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;<u>PREPAYMENT</u>. Subject to Section 2, the Company may, at any time prior to the Maturity Date, prepay this Note in full, and in part, including all unpaid and accrued Interest thereon. A prepayment made pursuant to this Section&nbsp;1 shall be made pro rata among all Note holders.</p>

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