Avalon Holdings Corporation and certain wholly-owned subsidiaries entered into a Change in Terms Agreement with Premier Bank (the Lender) which amended its existing Business Loan and Promissory Note Agreements (collectively the Line of Credit Agreement) dated May 31, 2018, as previously amended on August 17, 2021. The Change in Terms Agreement extends the maturity date of the Line of Credit Agreement from July 31, 2023 to July 31, 2024. At July 22, 2022, no amounts were drawn under the Line of Credit Agreement.

The forgoing description of the Change in Terms Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Change in Terms Agreement, which is filed with this report as Exhibit 10.1 and is incorporated herein by reference. The other material terms of the Line of Credit Agreement, dated May 31, 2018, and amendment on August 17, 2021, with the Lender are described in the Current Reports on Form 8-K filed with the Securities and Exchange Commission on May 31, 2018 and August 18, 2021, respectively, of which are incorporated herein by reference.