CRGE Charge Enterprises Inc (PK)

Item 1.01 Entry into a Material Definitive Agreement.

On May 26, 2022, B W Electrical Services LLC, a New Jersey limited liability company (sometimes referred to herein as “BW Electrical”), an indirect wholly-owned subsidiary of Charge Enterprises, Inc. (sometimes referred to herein as “Charge,” “we,” “us,” “our” or similar terms) entered into a Modification of Promissory Note and Loan Agreement (the “Modification Agreement”) with Provident Bank.

The Modification Agreement modifies the amended and restated Business Loan Agreement dated June 19, 2007, and the ancillary documents referenced therein, each as amended, by and between Provident Bank, as successor-in-interest to Team Capital Bank (the “Lender”), and BW Electrical, pursuant to which the Lender has made a revolving $3,000,000 line of credit (the “Line of Credit”) available to BW Electrical. The Line of Credit is secured with a first priority lien on all of the assets of BW Electrical and by corporate guaranties of Charge and Charge Infrastructure Holdings, Inc., a wholly-owned subsidiary of Charge. Interest is payable monthly and accrues at an annual rate equal to the Wall Street Journal prime rate (4.00% as of May 31, 2022). The maturity date of the Line of Credit is August 1, 2023. The Line of Credit includes customary representation and warranties, covenants and events of default for similar types of revolving lines of credit.

As of May 31, 2022, BW Electrical had no balance outstanding on this Line of Credit.

The description above is qualified in its entirety by the Business Loan Agreement, the Promissory Note, the Commercial Security Agreement, each as amended, the Modification Agreement and the Unconditional Guarantees, which are included as Exhibits 10.1 through 10.6, inclusive, and are incorporated by reference herein.