Item 1.01 Entry into a Material Definitive Agreement

On December 29, 2021, XPEL, Inc. ("XPEL") entered into the First Amendment to its May 21, 2021 Loan Agreement with Texas Partners Bank (as amended, the "Amended Loan Agreement"). This Amended Loan Agreement increased XPEL's line of credit to $75 million from the original $57 million limit. Other contractual terms originally included in the May 21, 2021 Loan Agreement remain unchanged.

Customary covenants and definitions related to those covenants under the Amended Loan Agreement are unchanged from those set forth in the May 21, 2021 Loan Agreement

The description of the Amended Loan Agreement provided herein is qualified by reference to the Amended Loan Agreement, which is attached to this Form 8-K as Exhibit 10.1 and is incorporated by reference herein.

The Amended Loan Agreement contains representations and warranties by each of the parties to the Amended Loan Agreement, which were made only for purposes of the Amended Loan Agreement and as of specified dates. The representations, warranties and covenants in the Amended Loan Agreement were made solely for the benefit of the parties to the Amended Loan Agreement, are subject to limitations agreed upon by such parties, including being qualified by schedules, may have been made for the purposes of allocating contractual risk between the parties instead of establishing these matters as facts, and are subject to standards of materiality applicable to the parties that may differ from those applicable to others. Others should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of XPEL or any of its subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations, warranties and covenants may change after the date of the Amended Loan Agreement, which subsequent information may or may not be fully reflected in XPEL's public disclosures.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

The following exhibit is to be filed as part of this Form 8-K:



EXHIBIT NO.       IDENTIFICATION OF EXHIBIT
10.1                Amended Loan Agreement Dated December 29, 2021

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