Item 1.02 Termination of a Material Definitive Agreement.
Pursuant to the Equipment Supply Agreement dated February 7, 2017, as amended
("Supply Agreement"), between Aqua Metals, Inc. ("Company") and Clarios, LLC, a
Wisconsin limited liability company formerly known as Johnson Controls Battery
Group, Inc. ("Clarios"), the Company and Clarios agreed to negotiate and enter
into a development agreement providing for the parties' collaboration on the
conversion of one or more Clarios lead smelters to a lead recycling process
utilizing the Company's AquaRefining technology and equipment, know-how and
services. The Supply Agreement was amended on June 30, 2021 to (a) remove the
restriction on the Company to supply equipment and license AquaRefining to other
parties and (b) provided a 60 day extension of the date on which either party
could terminate the Supply Agreement if the parties had not entered into the
development agreement from June 30, 2021 to August 31, 2021. On September 20,
2021, the Company was notified by Clarios that Clarios has elected to terminate
the Supply Agreement.
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