Phoenix Motor amends loan agreement with J.J. Astor to correct conversion price error upon default

PHOENIX MOTOR INC.

Amendment dated April 2, 2025 to Loan Agreement with J.J. Astor & Co. (March 14, 2025).
On event of default, conversion price set at 80% of average of four lowest VWAP over 20 trading days prior to conversion.
Initial note amended: original principal $5.3M, bi-weekly installments of $203,846.16, maturity March 13, 2026.
All other terms of Loan Agreement and Initial Note remain in full force and effect unchanged.

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