SEC Contract Filing

Filing Date: 2024-01-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>ea191501ex10-1_intuitive.htm
<DESCRIPTION>FORM OF WARRANT EXERCISE AGREEMENT, DATED JANUARY 10, 2024, BY AND BETWEEN INTUITIVE MACHINES, INC. AND THE INVESTOR
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INTUITIVE MACHINES, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">January 10, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holder of Series B Common Stock Purchase Warrant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Re: <U>Inducement Offer to
Exercise Series B Common Stock Purchase Warrant</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Intuitive Machines, Inc.,
a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), is pleased to offer to you an opportunity to exercise in full the Series B
Common Stock Purchase Warrant issued on September 5, 2023, which is exercisable for up to 4,705,883 shares of the Company&rsquo;s Class
A common stock, par value $0.0001 per share (the &ldquo;<U>Common Stock</U>&rdquo;) (with a current exercise price of $4.75 per share)
(the &ldquo;<U>2023 Series B Warrant</U>&rdquo;) currently held by you (the &ldquo;<U>Holder</U>&rdquo;). For the avoidance of doubt,
such offer shall not apply to the Series A Common Stock Purchase Warrant issued on September 5, 2023, which is exercisable for up to 4,705,883
shares of Common Stock (with a current exercise price of $4.75 per share) (the &ldquo;<U>2023 Series A Warrant</U>&rdquo; and collectively
with the 2023 Series B Warrant, the &ldquo;<U>Existing Warrants</U>&rdquo;). The resale of the shares of Common Stock underlying the Existing
Warrants (&ldquo;<U>Warrant Shares</U>&rdquo;) has been registered pursuant to a registration statement on Form S-1 (File No. 333-274621)
(the &ldquo;<U>Registration Statement</U>&rdquo;). The Registration Statement is currently effective and, upon exercise of the 2023 Series
B Warrant pursuant to this letter agreement, will be effective for the issuance or sale, as the case may be, of the Warrant Shares underlying
the 2023 Series B Warrant (the &ldquo;<U>2023 Series B Warrant Shares</U>&rdquo;). No later than the first (1<SUP>st</SUP>) Trading Day
following the date hereof, the Company shall file a prospectus supplement to the Registration Statement in connection with the Existing
Warrants pursuant to the terms hereunder.&nbsp;Capitalized terms not otherwise defined herein shall have the meanings set forth in the
Existing Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration for exercising
in full the 2023 Series B Warrant held by the Holder as set forth on the signature page hereto (the &ldquo;<U>Warrant Exercise</U>&rdquo;),
the Company hereby offers the Holder to (i) reduce the exercise price of 2023 Series B Warrant, including any unexercised portion thereof,
from $4.75 per share to $2.50 per share (the &ldquo;<U>Series B New Exercise Price</U>&rdquo;), such that all of the 2023 Series B Warrant
may be exercised at the Series B New Exercise Price, (ii) issue the Holder or its designee (a) a new unregistered Series A Common Stock
Purchase Warrant (the &ldquo;<U>New Series A Warrant</U>&rdquo;) pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the &ldquo;<U>Securities Act</U>&rdquo;), to purchase up to a number of shares (the &ldquo;<U>New Series A Warrant Shares</U>&rdquo;)
of Common Stock equal to 100% of the number of 2023 Series B Warrant Shares issued pursuant to the Warrant Exercise hereunder (estimated
to be 4,705,883 shares of Common Stock), which New Series A Warrant shall be substantially in the form of <U>Exhibit A</U> attached hereto
and will be exercisable commencing upon the Company&rsquo;s receipt of final Stockholder Approval (as defined below), including following
expiration of any waiting period required pursuant to Section 14C of the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange
Act</U>&rdquo;), with an expiration date five and one-half years after the date of the Stockholder Approval, with an exercise price per
share equal to $2.75, and (b) a new unregistered Series B Common Stock Purchase Warrant (the &ldquo;<U>New Series B Warrant</U>&rdquo;
and, together with the New Series A Warrant, the &ldquo;<U>New Warrants</U>&rdquo;) pursuant to Section 4(a)(2) of the Securities Act
to purchase up to a number of shares (the &ldquo;<U>New Series B Warrant Shares</U>&rdqu