Item 1.01 Entry into a Material Definitive Agreement.
This Amendment No. 3 to Current Report on Form 8-K amends the Current Report on
Form 8-K filed on November 23, 2021, Amendment No. 1 to Current Report filed on
December 14, 2021 and Amendment No. 2 to Current Report on Form 8-K filed on
April 4, 2022 (the "Prior Filings"). The following is only a summary description
and is qualified in its entirety by reference to the full text of such
agreements filed as Exhibits hereto and in the Prior Filings. Capitalized terms
used herein, but not otherwise defined, shall have the respective meanings
ascribed thereto in the Exhibits hereto and in the Prior Filings. The terms of
such Exhibits shall control in the event of any inconsistencies with the summary
description set forth below.
On May 6, 2022 we entered into the following agreements and understandings with
the FLP Sellers:
Orbital Energy Group, Inc. to pay $20,000,000 on or before May 6, 2022 and the
sum of $15,000,000 on or before December 31, 2022 as partial payment toward the
outstanding promissory notes with the FLP Sellers. All sums to be credited
against the principal balance owed to the FLP Sellers; thereby reducing that
balance accordingly.
Understandings regarding the order and priority of payments to the FLP Sellers
under their promissory notes.
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Item 9.01 Financial Statement and Exhibits.
Exhibit No. Description of Exhibit
99.1 Amendment to modification agreement among Orbital Energy Group,
Inc., Kurt A. Johnson Jr. and Tidal Power Group LLC
104 Cover Page Interactive Data File (embedded in the cover page
formatted in Inline XBRL).
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