On May 31, 2022, MobileSmith, Inc. entered into a Fourth Amendment to Loan and Security Agreement with Comerica Bank. As background, the Company and Comerica are parties to a Loan and Security Agreement dated June 9, 2014, as amended, whereby Comerica agreed to loan the Company up to $5,000,000. Currently, there is $5,000,000 in principal outstanding under the Loan Agreement and the previously extended maturity date of the Loan Agreement was June 9, 2022.

The Fourth Amendment to the Loan Agreement extends the previously extended maturity date of the Loan Agreement from June 9, 2022 to June 9, 2024. Except for extending the maturity date as above, the Fourth Amendment does not amend any other term of the Loan Agreement in any material respect.