Item 1.01 Entry into a Material Definitive Agreement.

On March 6, 2023, Orbital Infrastructure Group, Inc., a Texas corporation ("Company", "we" or "us") entered into an Amended and Restated Forbearance and Line of Credit Agreement ("New Agreement") with Streeterville Capital, LLC, its successors and/or assigns, an institutional accredited investor ("Streeterville" or "Investor") pursuant to which the Company issued to Streeterville an Amended and Restated Secured Promissory Note in the face amount of $20,931,076.84 (the "New Note"). This New Note amends, restates, replaces and supersedes, in its entirety, the Secured Promissory Note in the original principal amount of up to $16,075,000.00 (the "Original Note") that was previously issued to Lender by the Company on February 1, 2023. which was disclosed and filed as an exhibit to our Form 10-K as of December 31, 2021. The New Note reflects $20,931,076.84, or such portion thereof, advanced by Lender to the Company as Draws, which Draws shall not exceed an aggregate of $13,800,000.00.

Interest will accrue on any Outstanding Balance at the rate of nine percent (9%) per annum. All interest calculations shall be computed based on a 360-day year comprised of twelve (12) thirty (30) day months, shall compound daily and shall be payable in accordance with the terms of the New Note.

The New Agreement and New Note contain customary representations, warranties and events of defaults, including the occurrence of a Fundamental Transaction without the Investor's prior written consent or the occurrence of Trigger Event, as defined in the New Note.

The Company relied on the exemption from registration offered by Section 4(a)(2) of the Securities Act of 1933, as amended, for the issuance of the New Note. The Investor has represented to us it is an "accredited investor", as defined in Rule 501(a) of Regulation D.

The preceding description of the New Agreement, New Note and other related agreements does not purport to be complete and is qualified in its entirety by reference to such documents which are filed as Exhibits to this report, and incorporated herein by reference.



Item 2.03
Creation of a
Direct
Financial
Obligation or
an Obligation
under an
Off-Balance
Sheet
Arrangement of
a Registrant.

The information in Item 1.01 is incorporated herein by reference.




Item 9.01     Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.   Description

10.1 Amended and Restated Forbearance and Line of Credit Agreement, between Orbital Infrastructure Group, Inc. and Streeterville Capital, LLC, effective March 6, 2023.

10.2 Amended and Restated Secured Promissory Note in the face amount of $20,931,076.84. dated March 6, 2023, issued by Orbital Infrastructure Group, Inc. to Streeterville Capital, LLC.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Certain schedules, annexes, exhibits, and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule exhibit or item will be furnished supplementally to the Securities and Exchange Commission upon request; provided, however, that the Company may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any schedule, exhibit or item so furnished.

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