Document:

Exhibit 10.1

 

EXECUTION VERSION

 

FIRST
AMENDMENT TO CREDIT AGREEMENT 

 

THIS FIRST AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”), dated as of April 23, 2020, is entered into by and among WELLS
FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its capacity as agent
for the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity,
 “Agent”), HUDSON TECHNOLOGIES, INC., a New York corporation (“Parent”), HUDSON
HOLDINGS, INC., a Nevada corporation (“Hudson Holdings”), HUDSON TECHNOLOGIES COMPANY, a Tennessee
corporation (“Hudson Technologies”), ASPEN REFRIGERANTS, INC., a Delaware corporation (“Aspen”,
and together with Hudson Holdings and Hudson Technologies, each, a “Borrower” and individually and collectively,
the “Borrowers”), and the Lenders (as defined below) party hereto, and acknowledged and agreed to by each of
the Guarantors (as defined in the Credit Agreement referred to below) identified on the signature pages hereof.

 

RECITALS

 

A.       Parent,
Borrowers, the lenders party thereto from time to time (collectively, the “Lenders”) and Agent, have previously
entered into that certain Credit Agreement, dated as of December 19, 2019 (as the same may be amended, amended and restated, restated,
supplemented, modified, or otherwise in effect from time to time, the “Credit Agreement”), pursuant to which
the Lenders have made certain loans and financial accommodations available to Borrowers. Capitalized terms used herein without
definition shall have the meanings ascribed to them in the Credit Agreement.

 

B.       Borrowers
have requested that Agent and the Lenders amend the Credit Agreement and Agent and the Lenders party hereto have agreed to do so
pursuant to the terms and conditions set forth herein.

 

C.       The
Loan Parties are entering into this Amendment with the understanding and agreement that, except as specifically provided herein,
none of Agent’s or any Lender’s rights or remedies as set forth in the Credit Agreement or the other Loan Documents
are being waived or modified by the terms of this Amendment.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.                  
Amendments to Credit Agreement.

 

(a)               
The following defined terms are hereby added to Section 1.1 to the Credit Agreement in their proper alphabetical
order:

 

“ “CARES
Act” means (i) the Coronavirus Aid, Relief, and Economic Security Act, as in effect from time to time or (ii) any laws,
orders, rulings, regulations or guidelines issued or enacted by a Governmental Authority in order to provide assistance due to
COVID-19.”

 

“ “CARES
Forgiveness Date” means five (5) Business Days after the date that the applicable Borrowers obtain a final determination
by the lender of the COVID-19 Assistance Indebtedness (and, to the extent required, the Small Business Administration) (or such
longer period as may be approved in writing by Agent) regarding the amount of COVID-19 Assistance Indebtedness, if any, that will
be forgiven pursuant to the provisions of the CARES Act and the SBA.

 

     

     

    

 

“ “COVID-19
Assistance” means any (i) loan, advance, guarantee, or other extension of credit, credit enhancement or credit support,
or equity purchase or capital contribution, waiver or forgiveness of any obligation, or any other kind of financial assistance,
provided by, or on behalf of, a Governmental Authority pursuant to the CARES Act and/or the SBA, as applicable, or (ii) indebtedness,
reimbursement obligation or other liability of any nature owed to, or on account of, or for the benefit of, a Governmental Authority,
in each case, in connection with COVID-19 and pursuant to the CARES Act and/or the SBA, as applicable.

 

“ “COVID-19
Assistance Indebtedness” means unsecured Indebtedness incurred by Parent or any of its Subsidiaries pursuant to paragraph
36 of Section 7(a) of the SBA that is not senior in payment priority to any of the Obligations; provided, that (1)
the proceeds are applied in accordance with paragraph (36)(F) of the SBA or in accordance the CARES Act, (2) the aggregate outstanding
principal amount may not exceed $2,500,000, (3) the Administrative Borrower has provided Agent (x) with written notice of the proposed
Indebtedness to be incurred at least three (3) Business Days (or such shorter period of time as the Required Lenders may reasonably
agree) prior to the anticipated closing date for the incurrence of the proposed Indebtedness and (y) copies of the material documents
relative to the proposed Indebtedness for review (but not approval) before their execution and delivery and (4) no Indebtedness
basket (other than clause (t) of the definition of “Permitted Indebtedness”) may be used to incur COVID-19 Assistance.”

 

“ “SBA”
means the Small Business Act of 1953, as in effect from time to time.”

 

(b)               
The last paragraph of the definition of “EBITDA” set forth in Section 1.1 of the Credit Agreement is
hereby amended to add the following new sentence immediately at the end thereof:

 

“Notwithstanding anything
to the contrary contained herein, EBITDA shall exclude any cancellation of Indebtedness income arising as a result of any forgiveness
of any COVID-19 Assistance.”

 

(c)               
The definition of “Liquidity” set forth in Section 1.1 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

 

“ “Liquidity”
means, as of any date of determination, the sum of Availability, Qualified Cash, and solely for the period from April 23, 2020
through and including December 31, 2020, cash constituting proceeds of COVID-19 Assistance Indebtedness held by the Loan Parties.”

 

(d)               
The definition of “Permitted Indebtedness” set forth in Section 1.1 of the Credit Agreement is hereby
amended by (i) deleting the word “and” at the end of clause (r) thereof, (ii) by deleting the period at the
end of clause (s) thereof and substituting “, and” in lieu thereof, and (iii) adding the following new clause
(t) at the end thereof:

 

“(t)COVID-19 Assistance Indebtedness.”

 

    	 	2	 

     

    

 

(e)               
Section 5 of the Credit Agreement is hereby amended by adding the following new Section 5.23 at the end thereof:

 

“5.23COVID-19
Assistance.

 

(a)               
Parent and the Borrowers agree to, and will cause each of their respective Subsidiaries to, promptly apply for (and provide
any requested supplemental information related to) the forgiveness or other relief of any COVID-19 Assistance received pursuant
to Section 1106 of the CARES Act (and any guidance and/or regulation promulgated thereunder) as permitted by the applicable Governmental
Authority and submit such application to the extent satisfaction of such requirements does not otherwise cause, directly or indirectly,
a Default or an Event of Default to occur. The Administrative Borrower shall give Agent and Lenders prompt notice of the making
of such application.

 

(b)               
On the CARES Forgiveness Date, the Loan Parties shall deliver to Agent a certificate of an Authorized Person of the Loan
Parties certifying as to the amount of the COVID-19 Assistance Indebtedness that will be forgiven pursuant to the provisions of
the CARES Act and the SBA, together with reasonably detailed description thereof, all in form satisfactory to Agent.”

 

(f)                
Section 6.9 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“6.9Investments.
Each Loan Party will not, and will not permit any of its Subsidiaries to, directly or indirectly, make or acquire any Investment
or incur any liabilities (including contingent obligations) for or in connection with any Investment except for Permitted Investments;
provided that, notwithstanding the foregoing, no investment by any Loan Party or Subsidiary with proceeds of, or other value
from, COVID-19 Assistance shall constitute an Investment for the purposes of this Agreement so long as such Investment (x) is made
in a manner consistent with the CARES Act and/or the SBA, and (y) in any event, if such Indebtedness is (i) incurred by a Loan
Party and (ii) used solely for the direct or indirect benefit of the Loan Parties.”

 

(g)               
Section 17.7 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“17.7Counterparts;
Electronic Execution. This Agreement may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together,
shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other
electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement.
Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also
shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall
not affect the validity, enforceability, and binding effect of this Agreement. Each party agrees that the electronic signatures,
whether digital or encrypted, of the parties included in this Agreement are intended to authenticate this writing and to have the
same force and effect as manual signatures. Electronic Signature means any electronic sound, symbol, or process attached to or
logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile
or email electronic signatures pursuant to the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309)
as amended from time to time or as provided under the Uniform Commercial Code as adopted by the State of New York. The foregoing
shall apply to each other Loan Document mutatis mutandis.”

 

    	 	3	 

     

    

 

2.                  
Conditions Precedent to Effectiveness of this Amendment. This Amendment shall not become effective until all of the
following conditions precedent shall have been satisfied in the sole discretion of Agent or waived by Agent:

 

(a)               
Agent shall have received fully executed counterparts to this Amendment,

 

(b)               
each of the representations and warranties of each Loan Party or its Subsidiaries contained in this Agreement or in the
other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the
date hereof, as though made on and as of such date (except to the extent that such representations and warranties relate solely
to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except
that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof) as of such earlier date),

 

(c)               
no Default or Event of Default shall have occurred and be continuing, and

 

(d)               
the Agent shall have received a duly executed copy of the Fifth Amendment to the Term Loan Agreement, in form and substance
reasonably satisfactory to the Agent (the “Term Loan Amendment”), a copy of which is attached hereto as Exhibit
A, and all conditions precedent to the effectiveness of the Term Loan Amendment shall have been satisfied.

 

3.                  
Release; Covenant Not to Sue.

 

(a)               
Each Loan Party party hereto hereby absolutely and unconditionally releases and forever discharges Agent and each Lender,
and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors
and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing
(each a “Released Party”), from any and all claims, demands or causes of action of any kind, nature or description,
whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which any Loan Party
party hereto has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter,
cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment arising from or in any
way connected to this Amendment, the other Loan Documents, and/or the transactions contemplated hereunder or thereunder, whether
such claims, demands and causes of action are matured or unmatured or known or unknown.

 

(b)               
Each Loan Party party hereto acknowledges that it may hereafter discover facts different from or in addition to those now
known or believed to be true with respect to such claims, demands, or causes of action and agree that this instrument shall be
and remain effective in all respects notwithstanding any such differences or additional facts. Each Loan Party party hereto understands,
acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis
for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the
provisions of such release.

 

    	 	4	 

     

    

 

(c)               
Each Loan Party party hereto, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely,
unconditionally and irrevocably, covenants and agrees with and in favor of each Released Party above that it will not sue (at law,
in equity, in any regulatory proceeding or otherwise) any Released Party on the basis of any claim released, remised and discharged
by each Loan Party party hereto pursuant to the above release. If any Loan Party party hereto or any of their successors, assigns
or other legal representations violates the foregoing covenant, each Loan Party party hereto, for itself and its successors, assigns
and legal representatives, agrees to pay, in addition to such other damages as any Released Party may sustain as a result of such
violation, all reasonable attorneys’ fees and costs incurred by such Released Party as a result of such violation.

 

4.                  
Representations and Warranties. Each Loan Party hereby represents and warrants to the Lenders as follows:

 

(a)               
Organization; Powers. The Loan Parties and each of their respective Subsidiaries (a) is duly organized and existing
and in good standing under the laws of the jurisdiction of its organization, (b) is qualified to do business in any state where
the failure to be so qualified could reasonably be expected to result in a Material Adverse Effect and (c) has all requisite power
and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to
enter into the Loan Documents to which it is a party and to carry out the transactions contemplated thereby.

 

(b)               
Authorization; Enforceability. The execution, delivery and performance by each Loan Party of this Amendment are within
such Loan Party’s corporate or other organizational power and has been duly authorized by all necessary corporate or other
organizational action of such Loan Party. This Amendment and each Loan Document (as amended or modified hereby) is the legal, valid
and binding obligation of each Loan Party, enforceable against such Loan Party in accordance with their respective terms (except
as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws
relating to or limiting creditors’ rights generally), and are in full force and effect.

 

(c)               
Representations and Warranties. The representations and warranties of each Loan Party or its Subsidiaries contained
in the Credit Agreement or in the other Loan Documents shall be true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in
the text thereof) on and as of the date hereof, as though made on and as of such date (except to the extent that such representations
and warranties relate solely to an earlier date).

 

(d)               
No Default. No event has occurred and is continuing that constitutes a Default or Event of Default.

 

5.                  
Choice of Law. THE VALIDITY OF THIS AMENDMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS
OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES
ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.

 

6.                  
Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute
but one and the same Amendment. Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method
of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering
an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission also shall deliver an original
executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity,
enforceability, and binding effect of this Amendment.

 

    	 	5	 

     

    

 

7.                  
Reference to and Effect on the Loan Documents.

 

(a)               
Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
 “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in
the other Loan Documents to “the Credit Agreement”, “thereof” or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby.

 

(b)               
Except as specifically set forth in this Amendment, the Credit Agreement and all other Loan Documents, are and shall continue
to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding
and enforceable obligations of Parent and each Borrower to Agent and Lenders without defense, offset, claim or contribution.

 

(c)               
The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of Agent or any Lender under any of the Loan Documents, nor constitute a waiver of any provision
of any of the Loan Documents.

 

8.                  
Reaffirmation and Confirmation. The Loan Parties party hereto hereby (a) acknowledge and reaffirm their respective
obligations as set forth in each Loan Document (as amended by this Amendment), (b) agree to continue to comply with, and be subject
to, all of the terms, provisions, conditions, covenants, agreements and obligations applicable to them set forth in each Loan Document
(as amended by this Amendment), which remain in full force and effect, and (c) confirm, ratify and reaffirm that (i) the guarantees
and indemnities given by them pursuant to the Credit Agreement and/or any other Loan Document continue in full force and effect,
following and notwithstanding, any waiver thereto pursuant to this Amendment; and (ii) the security interest granted to Agent,
for the benefit of each member of the Lender Group, in each case pursuant to the Loan Documents in all of their right, title, and
interest in all then existing and thereafter acquired or arising Collateral in order to secure prompt payment and performance of
the Obligations, is continuing and is and shall remain unimpaired and continue to constitute a security interest (subject to Permitted
Liens) in favor of the Agent, for the benefit of each member of the Lender Group with the same force, effect and priority in effect
immediately prior to entering into this Amendment.

 

9.                  
Estoppel. To induce Agent and Lenders to enter into this Amendment and to induce Agent and Lenders to continue to
make advances to Borrowers under the Credit Agreement, each Loan Party hereby acknowledges and agrees that, after giving effect
to this Amendment, as of the date hereof, there exists no Default or Event of Default and no right of offset, defense, counterclaim
or objection in favor of any Loan Party as against Agent or any Lender with respect to the Obligations.

 

10.              
Integration. This Amendment, together with the other Loan Documents, incorporates all negotiations of the parties
hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to
the subject matter hereof.

 

    	 	6	 

     

    

 

11.              
Severability. In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision
shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

 

12.              
Submission of Amendment. The submission of this Amendment to the parties or their agents or attorneys for review
or signature does not constitute a commitment by Agent or any Lender to waive any of their respective rights and remedies under
the Loan Documents, and this Amendment shall have no binding force or effect until all of the conditions to the effectiveness of
this Amendment have been satisfied as set forth herein.

 

13.              
Further Assurances. Each Loan Party party hereto agrees to execute and deliver any documents, agreements, instruments,
certificates, notices or any other arrangements and take any and all further action that, in each case, may be required under applicable
law or that the Agent or the Required Lenders may request in order to effectuate to more fully reflect the intent of the parties
hereto and the matters contemplated by this Amendment or the Credit Agreement (as amended by this Amendment) or any other Loan
Documents.

 

[Remainder of Page Left Intentionally
Blank; Signature Pages Follow.]

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF, the parties hereto
have entered into this Amendment as of the date first above written.

 

	 	PARENT:
	 	 
	 	HUDSON TECHNOLOGIES, INC., a New York corporation
	 	 
	 	 
	 	By:	 /s/ Nat Krishnamurti
	 	 	Name: Nat Krishnamurti
	 	 	Title: CFO
	 	 
	 	BORROWERS:
	 	 
	 	HUDSON TECHNOLOGIES COMPANY, a Tennessee corporation
	 	 
	 	 
	 	By:	/s/ Nat Krishnamurti
	 	 	Name: Nat Krishnamurti
	 	 	Title: CFO
	 	 
	 	HUDSON HOLDINGS, INC., a Nevada corporation
	 	 
	 	 
	 	By:	 /s/ Nat Krishnamurti
	 	 	Name: Nat Krishnamurti
	 	 	Title: CFO
	 	 
	 	ASPEN REFRIGERANTS, INC., a Delaware corporation
	 	 
	 	 
	 	By:	/s/ Nat Krishnamurti
	 	 	Name: Nat Krishnamurti
	 	 	Title: CFO

 

 

 

 

    [Hudson Technologies - Signature Page to First Amendment to Credit Agreement]

     

    

 

	 	AGENT AND LENDER:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Agent and as Lender
	 	 
	 	 
	 	 
	 	By:	 /s/ Joseph Mullen
	 	 	Name: Joseph Mullen
	 	 	Title: Its Authorized Signatory

 

 

 

    [Hudson Technologies - Signature Page to First Amendment to Credit Agreement]

     

    

 

Acknowledged and agreed
to

as of the date first
written above:

 

GLACIER INTERNATIONAL, INC.,

a New York corporation, as a Guarantor

 

 

 

By: /s/ Nat Krishnamurti

Name: Nat Krishnamurti

Title: CFO

 

GLACIER TRADING CORP.,

a New York corporation, as a Guarantor

 

 

 

By: /s/ Nat Krishnamurti

Name: Nat Krishnamurti

Title: CFO

 

HFC INTERNATIONAL, INC.,

a New York corporation, as a Guarantor

 

 

 

By: /s/ Nat Krishnamurti

Name: Nat Krishnamurti

Title: CFO

 

HFC TRADERS, INC.,

a New York corporation, as a Guarantor

 

 

 

By: /s/ Nat Krishnamurti

Name: Nat Krishnamurti

Title: CFO

 

RGIT TRADING CORP.,

a New York corporation, as a Guarantor

 

 

 

By: /s/ Nat Krishnamurti

Name: Nat Krishnamurti

Title: CFO

 

    [Hudson Technologies - Signature Page to First Amendment to Credit Agreement]

     

    

 

Acknowledged and agreed
to

as of the date first
written above:

 

RCTI CORP.,

a New York corporation, as a Guarantor

 

 

 

By: /s/ Nat Krishnamurti

Name: Nat Krishnamurti

Title: CFO

 

RCTI TRADING, INC.,

a New York corporation, as a Guarantor

 

 

 

By: /s/ Nat Krishnamurti

Name: Nat Krishnamurti

Title: CFO

 

RGIT, INC.,

a New York corporation, as a Guarantor

 

 

 

By: /s/ Nat Krishnamurti

Name: Nat Krishnamurti

Title: CFO

 

RGT ENTERPRISES, INC.,

a New York corporation, as a Guarantor

 

 

 

By: /s/ Nat Krishnamurti

Name: Nat Krishnamurti

Title: CFO

 

RCT INTERNATIONAL, INC.,

a New York corporation, as a Guarantor

 

 

 

By: /s/ Nat Krishnamurti

Name: Nat Krishnamurti

Title: CFO

 

    [Hudson Technologies - Signature Page to First Amendment to Credit Agreement]Exhibit 10.2

 

EXECUTION VERSION

 

 

FIFTH AMENDMENT

TO TERM LOAN CREDIT AND SECURITY AGREEMENT

 

THIS FIFTH AMENDMENT
TO TERM LOAN CREDIT AND SECURITY AGREEMENT (this “Amendment”), dated as of April 23, 2020, is by and among
Hudson Technologies Company, a Tennessee corporation (“Hudson Technologies”),
HUDSON HOLDINGS, INC., a Nevada corporation (“Holdings”), and ASPEN REFRIGERANTS, INC. (formerly
known as AIRGAS-REFRIGERANTS, INC.), a Delaware corporation (“ARI” and together with Hudson Technologies,
and Holdings, collectively, the “Borrowers”, and each a “Borrower”), the other Credit Parties
hereto, the financial institutions party hereto as lenders (the “Lenders”), and U.S. BANK NATIONAL ASSOCIATION,
a national banking association, as collateral agent and administrative agent for the Lenders (in such capacities, the “Agent”).
Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement
(as defined below).

 

W I T N E S S E T H

 

WHEREAS, the
Borrowers, the other Credit Parties, the Lenders, and the Agent are parties to that certain Term Loan Credit and Security Agreement
dated as of October 10, 2017 (as amended by that Limited Waiver and First Amendment to Term Loan Credit and Security Agreement
and Certain Other Documents, dated as of June 29, 2018 (the “First Amendment”), that certain Waiver and Second
Amendment to Term Loan Credit and Security Agreement, dated as of August 14, 2018 (the “Second Amendment”),
that certain Waiver and Third Amendment to Term Loan Credit and Security Agreement, dated as of November 30, 2018 (the “Third
Amendment”), that certain Waiver and Fourth Amendment to Term Loan Credit and Security Agreement, dated as of December
19, 2019 (the “Fourth Amendment”), and as may be further amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”);

 

WHEREAS, the
Credit Parties have requested that the Agent and the Lenders amend certain provisions of the Credit Agreement, and the Agent and
the Lenders have agreed to make such amendments, in accordance with and subject to the terms and conditions set forth herein.

 

NOW, THEREFORE,
in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

 

Article
I.

AMENDMENTs TO CREDIT AGREEMENT

 

1.1             
Amendments to Definitions in the Credit Agreement.

 

(a)       Section
1.2 of the Credit Agreement is hereby amended by adding the following new defined terms in proper alphabetical order:

 

“CARES
Act” means (i) the Coronavirus Aid, Relief, and Economic Security Act, as in effect from time to time or (ii) any laws,
orders, rulings, regulations or guidelines issued or enacted by a Governmental Body in order to provide assistance due to COVID-19.

 

    [Hudson Technologies - Signature Page to First Amendment to Credit Agreement]

     

    

 

“CARES
Forgiveness Date” means five (5) Business Days after the date that the Borrower obtains a final determination by the
lender of the COVID-19 Assistance Indebtedness (and, to the extent required, the Small Business Administration) (or such longer
period as may be approved in writing by Agent) regarding the amount of COVID-19 Assistance Indebtedness, if any, that will be forgiven
pursuant to the provisions of the CARES Act and the SBA.

 

“COVID-19
Assistance” means any (i) loan, advance, guarantee, or other extension of credit, credit enhancement or credit support,
or equity purchase or capital contribution, waiver or forgiveness of any obligation, or any other kind of financial assistance,
provided by, or on behalf of, a Governmental Body pursuant to the CARES Act or (ii) indebtedness, reimbursement obligation or other
liability of any nature owed to, or on account of, or for the benefit of, a Governmental Body, in each case, in connection with
COVID-19 or pursuant to the CARES Act.

 

“COVID-19
Assistance Indebtedness” means unsecured Indebtedness incurred by Holdings or any of its Subsidiaries pursuant to paragraph
36 of Section 7(a) of the SBA that is not senior in payment priority to any of the Obligations; provided, that (1)
the proceeds are applied in accordance with paragraph (36)(F) of the SBA or under the CARES Act, (2) the aggregate outstanding
amount may not exceed $2,500,000, (3) Borrower has provided Agent (x) with written notice of the proposed Indebtedness to be incurred
at least three (3) Business Days (or such shorter period of time as the Required Lenders may reasonably agree) prior to the anticipated
closing date for the incurrence of the proposed Indebtedness and (y) copies of the material documents relative to the proposed
Indebtedness for review (but not approval) before their execution and delivery and (4) no Indebtedness basket (other than Section
7.8(v) hereof) may be used to incur COVID-19 Assistance.

 

“SBA”
means the Small Business Act of 1953, as in effect from time to time.”

 

(b)       Section
1.2 of the Credit Agreement is hereby amended by amending and restating the following defined terms:

 

“EBITDA”
shall mean for any period, without duplication, with respect to HT on a consolidated basis with the Borrowers and Guarantors (unless
Persons other than HT, the Borrowers or the Guarantors are so specified in another applicable Section or provision of this Agreement),
the sum of (i) Earnings Before Interest and Taxes for such period plus (ii) depreciation expenses for such period, plus (iii) amortization
expenses for such period, plus (iv) non-cash charges (including, without limitation, for the avoidance of doubt, non-cash stock
compensation, expense and non-cash purchase accounting adjustments); provided that EBITDA shall exclude any cancellation
of Indebtedness income arising as result of any forgiveness of any COVID-19 Assistance notwithstanding anything to the contrary
in this definition or otherwise.

 

    	 	2	 

     

    

 

“Funded
Debt” shall mean, with respect to any Person, without duplication, all Indebtedness for borrowed money evidenced by notes,
bonds, debentures, or similar evidences of Indebtedness that by its terms matures more than one year from, or is directly or indirectly
renewable or extendible at such Person’s option under a revolving credit or similar agreement obligating the lender or lenders
to extend credit over a period of more than one year from the date of creation thereof, and specifically including Capitalized
Lease Obligations, current maturities of long-term debt, revolving credit and short term debt extendible beyond one year at the
option of the debtor, and also including, in the case of the Credit Parties, the Obligations and without duplication, Indebtedness
consisting of guaranties of Funded Debt of other Persons; provided that, solely for the period from the Fifth Amendment
Effective Date through and including December 31, 2020, Funded Debt shall exclude any COVID-19 Assistance Indebtedness notwithstanding
anything to the contrary in this definition or otherwise.

 

“Liquidity”
shall mean, at any date of determination, unrestricted cash and Cash Equivalents of the Credit Parties on a consolidated basis
as of such date, plus, without duplication, Undrawn Availability and, solely for the period from the Fifth Amendment Effective
Date through and including December 31, 2020, cash constituting proceeds of COVID-19 Assistance Indebtedness held by the Credit
Parties, each measured as of such date.

 

“LTM
Adjusted EBITDA” shall mean, at any date of determination, adjusted EBITDA for the most recent twelve (12) calendar months;
provided, however, that, for purposes of calculating LTM Adjusted EBITDA as of any period of determination, no addbacks
to EBITDA shall be permitted in excess of the following categories: (i) professional fees, (ii) transaction fees, or (iii) as otherwise
reasonably acceptable to the Lenders. All amounts of addbacks are to be reasonably acceptable to Lenders.

 

“Total
Leverage Ratio” shall mean, with respect to HT on a consolidated basis with the Borrowers and Guarantors, as of the last
day of any fiscal quarter, the ratio of (a) Funded Debt as of such day to (b) LTM Adjusted EBITDA calculated as of such day.

 

1.2             
Amendment to Article VI of the Credit Agreement.
Article VI of the Credit Agreement is hereby amended by adding the following new Section 6.19 at the end thereof:

 

“COVID-19
Assistance.

 

(a)       Holdings
and Borrower agree to, and will cause each of its Subsidiaries to, promptly apply for (and provide any requested supplemental information
related to) the forgiveness or other relief of any COVID-19 Assistance received under Section 1106 of the CARES Act as permitted
by the applicable Governmental Body and submit such application to the extent satisfaction of such requirements does not otherwise
cause, directly or indirectly, a Default or an Event of Default to occur. Borrower shall give Agent and Lenders prompt notice of
the making of such application.

 

    	 	3	 

     

    

 

(b)       On
the CARES Forgiveness Date, the Credit Parties shall deliver to Agent a certificate of an Authorized Person of the Credit Parties
certifying as to the amount of the COVID-19 Assistance Indebtedness that will be forgiven pursuant to the provisions of the CARES
Act and the SBA, together with reasonably detailed description thereof, all in form satisfactory to Agent.”

 

1.3    
Amendment to Section 7.4 of the Credit Agreement.
Section 7.4 of the Credit Agreement is hereby amended by inserting the following proviso at the end of the first sentence therein:

 

“; provided
that, notwithstanding the foregoing, no investment made by any Credit Party or Subsidiary with proceeds of, or other value from,
COVID-19 Assistance shall constitute an investment for the purpose of this Agreement so long as such investment (x) is made in
a manner consistent with the CARES Act, and (y) in any event, if such Indebtedness is (i) incurred by a Credit Party and (ii) used
solely for the direct or indirect benefit of the Credit Parties.”

 

1.4             
Amendment to Section 7.8 of the Credit Agreement.
Section 7.8 of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows: 

 

“Create,
incur, assume or suffer to exist any Indebtedness (exclusive of trade debt) except in respect of (i) Indebtedness to Lenders; (ii)
Indebtedness incurred for Capital Expenditures permitted under Section 7.6 hereof; provided, if such Indebtedness is secured, (A)
such secured Indebtedness shall not exceed $12,000,000 in the aggregate throughout the Term and (B) the Lien on assets being financed
is permitted under clause (h) of the definition of “Permitted Encumbrances”; (iii) Indebtedness secured by Permitted
Encumbrances (including, without limitation, Indebtedness evidenced by the Revolving Loan Documents); (iv) Interest Rate Hedges
that are entered into by Borrowers to hedge their risks with respect to outstanding Indebtedness of Borrowers and not for speculative
or investment purposes so long as (x) the counterparty thereto and terms thereof (including, without limitation the term) are reasonably
acceptable to FS, (y) the obligations of Borrowers thereunder are unsecured if such counterparty is not Agent or a Lender and (z)
the amount of Indebtedness with respect to which such agreement is entered into does not exceed 50% of the Maximum Revolver Amount
(as defined in the Revolving Loan Agreement); and (v) COVID-19 Assistance Indebtedness.”

 

Article
II.

CONDITIONS TO EFFECTIVENESS

 

2.1             
Closing Conditions. This Amendment shall
be deemed effective as of the date (the “Fifth Amendment Effective Date”) on which the following conditions
shall have been satisfied:

 

    	 	4	 

     

    

 

(1)     
The Agent and the Lenders shall have received a copy of this Amendment duly executed by each of the Borrowers, the other
Credit Parties, the Required Lenders and the Agent;

 

(2)     
The Agent and the Lenders shall have received copies of the first amendment to the Revolving Loan Agreement, duly executed
by the Revolving Agent and Lenders (as defined in the Revolving Loan Agreement) as applicable, in form and substance satisfactory
to the Required Lenders;

 

(3)     
The Credit Parties shall have paid all accrued and outstanding fees of the Agent and the Lenders in accordance with Section
14.9 of the Credit Agreement (including accrued and outstanding fees and expenses of King & Spalding LLP, counsel to the Lenders,
FTI Consulting Inc., financial advisor to the Lenders, and Nixon Peabody LLP, counsel to the Agent); and

 

(4)     
After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.

 

Article
III.

MISCELLANEOUS

 

3.1             
Amended Terms. On and
after the Fifth Amendment Effective Date, all references to the Credit Agreement in each of the Other Documents shall hereafter
mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement
is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

 

3.2             
Representations and Warranties of the Credit Parties.
Each Credit Party represents and warrants as follows:

 

(a)              
It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

 

(b)              
This Amendment has been duly executed and delivered by such Credit Party and constitutes such Credit Party’s legal,
valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy,
insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally
and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

 

(c)              
No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental
authority or third party is required in connection with the execution, delivery or performance by such Credit Party of this Amendment.

 

(d)              
The representations and warranties set forth in the Credit Agreement are true and correct in all material respects as of
the date hereof as if made on and as of such date (except to the extent any such representation or warranty relates to an earlier
specified date, in which case they shall be true and correct in all material respects as of such earlier date).

 

(e)              
After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of
Default.

 

    	 	5	 

     

    

 

3.3             
Reaffirmation of Obligations. Each Credit
Party hereby ratifies the Credit Agreement and the Other Documents and acknowledges and reaffirms (a) that it is bound by all terms
of the Credit Agreement and the Other Documents applicable to it and (b) that it is responsible for the observance and full performance
of its respective Obligations.

 

3.4             
Credit Document. This Amendment shall
constitute an Other Document under the terms of the Credit Agreement.

 

3.5             
Expenses. The Borrowers agree to pay all
reasonable costs and expenses of the Agent and the Lenders in connection with the preparation, execution and delivery of this Amendment,
including without limitation the reasonable fees and expenses of King & Spalding LLP, counsel to the Lenders.

 

3.6             
Further Assurances. The Credit Parties
agree to promptly take such action, upon the request of the Agent or the Required Lenders, as is necessary to carry out the intent
of this Amendment.

 

3.7             
Entirety. The Credit Agreement (as modified
by this Amendment) and the Other Documents embody the entire agreement among the parties hereto and supersede all prior agreements
and understandings, oral or written, if any, relating to the subject matter hereof.

 

3.8             
Counterparts. This Amendment may be executed
in original counterparts each of which counterpart shall be deemed an original document but all of which counterparts together
shall constitute the same agreement. Execution and delivery via facsimile or PDF shall bind the parties.

 

3.9             
No Actions, Claims, Etc. As of the date
hereof, each of the Credit Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action,
claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Agent, the Lenders, or the
Agent’s or the Lenders’ respective officers, employees, representatives, agents, counsel or directors arising from
any action by such persons, or failure of such persons to act under the Credit Agreement on or prior to the date hereof.

 

3.10         
Successors and Assigns. This Amendment
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

3.11         
General Release. In consideration
of the willingness of the Agent and the Lenders to enter into this Amendment, each Credit Party hereby releases and forever discharges
the Agent, the Lenders and the Agent’s and the Lender’s respective predecessors, successors, assigns, officers, managers,
directors, employees, agents, attorneys, representatives, and affiliates (hereinafter all of the above collectively referred to
as the “Bank Group”), from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions
and causes of action of any nature whatsoever, including, without limitation, all claims, demands, and causes of action for contribution
and indemnity, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, liquidated
or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, which any Credit
Party on or prior the date hereof may have or claim to have against any of the Bank Group in any way related to or connected with
the Credit Agreement, the Other Documents and the transactions contemplated thereby.

 

    	 	6	 

     

    

 

3.12         
Governing Law; Consent to Jurisdiction; Service of Process;
Waiver of Jury Trial.  The governing law, jurisdiction, service of process and waiver of jury trial provisions set
forth in Sections 14.1 and 11.8 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.

 

3.13         
Agent Authorization. Each of the undersigned
Lenders, which together constitute the Required Lenders, hereby authorizes the Agent to execute and deliver this Amendment. By
its execution below, each of the undersigned Lenders agrees to be bound by the terms and conditions of this Amendment.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	7	 

     

    

 

	 	BORROWERS:
	 	 
	 	 HUDSON TECHNOLOGIES COMPANY
	 	 
	 	 
	 	By: 	/s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO
	 	 
	 	HUDSON HOLDINGS, INC.
	 	 
	 	 
	 	By: 	/s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO
	 	 
	 	ASPEN REFRIGERANTS, INC.
	 	 
	 	 
	 	By: 	/s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO

 

 

 

    Signature Page to Fifth Amendment – Hudson Technologies

     

    

 

 

	 	GUARANTORS:
	 	 
	 	HUDSON TECHNOLOGIES, INC.
	 	 
	 	 
	 	By: 	/s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO
	 	 
	 	Glacier International, Inc.
	 	 
	 	 
	 	By:	/s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO
	 	 
	 	Glacier Trading Corp.
	 	 
	 	 
	 	By: 	/s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO
	 	 
	 	HFC International, Inc.
	 	 
	 	 
	 	By: 	/s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO
	 	 
	 	HFC Traders, Inc.
	 	 
	 	 
	 	By:	 /s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO
	 	 
	 	RCT International, Inc.
	 	 
	 	 
	 	By:	 /s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO

 

    Signature Page to Fifth Amendment – Hudson Technologies

     

    

 

 

	 	RCTI Corp.
	 	 
	 	 
	 	By:	/s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO
	 	 
	 	RCTI Trading, Inc.
	 	 
	 	 
	 	By: 	/s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO
	 	 
	 	RGIT, Inc.
	 	 
	 	 
	 	By:	 /s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO
	 	 
	 	RGIT Trading Corp.
	 	 
	 	 
	 	By:	 /s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO
	 	 
	 	RGT Enterprises, Inc.
	 	 
	 	 
	 	By:	 /s/ Nat Krishnamurti
	 	Name: Nat Krishnamurti
	 	Title: CFO

 

 

 

 

    Signature Page to Fifth Amendment – Hudson Technologies

     

    

 

	 	AGENT:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as the Agent
	 	 
	 	 
	 	By:	 /s/ James A. Hanley
	 	Name: James A. Hanley
	 	Title: Vice President

 

 

 

 

    Signature Page to Fifth Amendment – Hudson Technologies

     

    

 

 

	 	LENDERS:
	 	 
	 	 
	 	FS KKR CAPITAL CORP. II
	 	 	 
	 	By:	 /s/ Jessica Woolf
	 	 	Name: Jessica Woolf
	 	 	Title: Authorized Signatory
	 	 
	 	FS KKR CAPITAL CORP.
	 	 
	 	By: 	/s/ Jessica Woolf
	 	 	Name: Jessica Woolf
	 	 	Title: Authorized Signatory

 

 

 

 

    Signature Page to Fifth Amendment – Hudson Technologies

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