On August 4, 2023, Air Industries Group, entered into a Fifth Amendment to Loan and Security Agreement with Webster Bank. In the Amendment, Webster Bank waived the event of default caused by failure to meet the Fixed Charge Coverage Ratio for the Fiscal Quarter ended March 31, 2023 and decreased the required Fixed Coverage Charge Ratio to 0.95 to 1.00 for the Fiscal Quarters ending June 30, 2023 and September 30, 2023. Additionally, the Fifth Amendment increased the amount of purchase money secured debt (including capital leases) the company is allowed to have outstanding at any time to $2,000,000.

In connection with these changes, the company paid an amendment fee of $10,000.