Item 1.01 Entry into a Material Definitive Agreement.
On January 17, 2023, Volta Inc., a Delaware corporation ("Volta"), entered into
a forbearance agreement and eleventh amendment to loan agreement (the
"Forbearance Agreement") with EICF Agent LLC ("EICF") and certain lenders,
pursuant to which (i) EICF and the lenders agreed to forbear from exercising
their default-related rights and remedies with respect to the certain defaults
under Volta's existing term loan, guarantee and security agreement with EICF
(the "Senior Loan Agreement"), and (ii) the Senior Loan Agreement was amended to
implement terms related to the incurrence of certain additional secured
subordinated indebtedness with Equilon Enterprises LLC d/b/a Shell Oil Products
US (the "Subordinated Agent") and other terms agreed to under an intercreditor
agreement made between Volta, EICF and the Subordinated Agent. The foregoing
summary description of the Forbearance Agreement is not intended to be complete
and is qualified in its entirety by reference to the full text of the
Forbearance Agreement, which is filed as Exhibit 10.1 hereto.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1* Forbearance Agreement and Eleventh Amendment to Loan Agreement
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
* Portions of this exhibit (indicated by asterisks) have been redacted pursuant
to Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to furnish
supplementally an unredacted copy of the exhibit to the Securities and Exchange
Commission upon its request.
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