Document:

Exhibit 10.1

 

 

October 15, 2018

 

Hudson Technologies Company

14th Floor

One Blue Hill Plaza

P.O. Box 1541

Pearl River, New York
10965

Attention: Brian F. Coleman,
President, COO

 

Extension Letter

 

We refer to that certain
Term Loan Credit and Security Agreement, dated as of October 10, 2017 (as amended by that Limited Waiver and First Amendment thereto,
dated as of June 29, 2018, that certain Waiver and Second Amendment thereto, dated as of August 14, 2018 (the “Second
Amendment”), and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), 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 thereto 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 or the Second Amendment, as applicable.

 

Borrowers, Agent and
Lenders hereby agree as follows:

 

		1.)	The date set forth in Section 1.1 of the Second Amendment for delivery of a certificate setting
forth in reasonable detail (with accompanying calculations) the Total Leverage Ratio as of the four fiscal quarter period ending
September 30, 2018 shall be extended to November 14, 2018. Accordingly, effective as of the date hereof, Borrowers, Agent, and
Lenders agree that the text “October 15, 2018” in Section 1.1 of the Second Amendment is hereby replaced with the text
“November 14, 2018”. The period from the date hereof through and including November 14, 2018 is referred to as the
“Extension Period”.

 

		2.)	Notwithstanding anything to the contrary in the Credit Agreement, the Second Amendment or any Other
Document, the Borrowers shall be permitted to make voluntary prepayments of the Loans during the Extension Period, and no Prepayment
Premium or Make-Whole Amount shall be due and payable in connection with any such voluntary prepayment.

 

     

     

    

 

		3.)	On or before October 31, 2018, Borrowers shall deliver to Lenders a financial model in form and
substance reasonably satisfactory to Lenders (the “Model”). Failure to deliver the Model by October 31, 2018
shall constitute an immediate Event of Default.

 

Except as expressly
provided herein, the Credit Agreement and each Other Document shall continue in full force and effect, and this letter agreement
shall not be deemed to be a waiver or amendment of any other provision of the Credit Agreement or any Other Document. Without limiting
the foregoing, the Administrative Agent and the Lenders expressly reserve all of their rights, powers, privileges and remedies
under the Credit Agreement, the Other Documents and applicable law. This letter agreement shall constitute an Other Document under
the terms of the Credit Agreement. 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. This letter
agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. The
Credit Agreement (as modified by this letter agreement) 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. This letter
agreement may be executed and delivered via facsimile or email (in .pdf format) transmission with the same force and effect as
if an original were executed, and may be executed in original counterparts each of which counterpart shall be deemed an original
document but all of which counterparts together shall constitute one and the same agreement.

 

By their execution
hereof, Lenders hereby instruct and direct Agent to execute this letter agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

	 	Very truly yours,
	 	 	 
	 	AGENT:
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, 
	 	as Agent
	 	 	 
	 	 	 
	 	By:  	/s/ Prital K. Patel
	 	Name:	Prital K. Patel
	 	Title:  	Vice President

 

 

	cc:	McDermott Will & Emery LLP
	 	340 Madison Avenue
	 	New York, NY 10173
	 	Attention: Timothy W. Walsh, Esq.

  

 

Signature Page to Extension Letter –
Hudson Technologies

 

     

     

    

 

	LENDERS:	 
	 	 	 
	FS INVESTMENT CORPORATION	 
	 	 	 
	By: 	/s/ Philip S. Davidson	 
	Name:  	Philip S. Davidson	 
	Title:  	Authorized Signatory	 
	 	 	 
	GREEN CREEK LLC	 
	 	 	 
	By:	 /s/ Philip S. Davidson	 
	Name:  	Philip S. Davidson	 
	Title:  	Authorized Signatory	 
	 	 	 
	JUNIATA RIVER LLC	 
	 	 	 
	By: 	/s/ Philip S. Davidson	 
	Name:  	Philip S. Davidson	 
	Title:  	Authorized Signatory	 
	 	 	 
	JEFFERSON SQUARE FUNDING LLC	 
	 	 	 
	By: 	/s/ Philip S. Davidson	 
	Name:  	Philip S. Davidson	 
	Title:  	Authorized Signatory	 
	 	 	 
	FS INVESTMENT CORPORATION IV	 
	 	 	 
	By: 	/s/ Philip S. Davidson	 
	Name:  	Philip S. Davidson	 
	Title:  	Authorized Signatory	 

 

 

Signature Page to Extension Letter –
Hudson Technologies

 

     

     

    

 

Acknowledged and agreed: 

 

	BORROWERS:	 
	 	 	 
	HUDSON TECHNOLOGIES COMPANY	 
	 	 	 
	 	 	 
	By:  	/s/ Brian F. Coleman	 
	Name:  	Brian F. Coleman	 
	Title:  	President	 
	 	 	 
	HUDSON HOLDINGS, INC.	 
	 	 	 
	 	 	 
	By:  	/s/ Brian F. Coleman	 
	Name:  	Brian F. Coleman	 
	Title:  	President	 
	 	 	 
	ASPEN REFRIGERANTS, INC.	 
	 	 	 
	By:  	/s/ Brian F. Coleman	 
	Name:  	Brian F. Coleman	 
	Title:  	President	 
	 	 	 
	 	 	 
	GUARANTOR:	 
	 	 	 
	HUDSON TECHNOLOGIES, INC.	 
	 	 	 
	By:  	/s/ Brian F. Coleman	 
	Name:  	Brian F. Coleman	 
	Title:  	President	 

 

 

Signature Page to Extension Letter –
Hudson TechnologiesExhibit 10.1

 

[___], 2018

 

 

 

[_______]

[_______]

[_______]

		Re:	CityBase, Inc.

Ladies and Gentlemen:

 

This letter is written in connection with
the investment by [_______], a [_______] (the “Investor”) in CityBase, Inc., a Delaware corporation (the “Company”).
It is currently contemplated that GTY Technology Holdings, Inc., a Cayman Islands exempted company (“GTY”),
will enter into a transaction with the Company pursuant to an Agreement and Plan of Merger (the “Merger Agreement”)
by and among the Company, GTY, and certain other parties thereto. Capitalized terms used but not defined herein shall have the
meanings set forth in the draft of the Merger Agreement previously provided to the Investor. Reference is hereby made to that certain
Subscription Agreement (the “Series C Subscription Agreement”) dated August [___], 2018 by and between the Investor
and the Company, pursuant to which the Investor is subscribing for shares of Series C Preferred Stock of the Company.

 

1.       Earnout
Payment. Subject to the Investor fulfilling its obligations pursuant to the Series C Subscription Agreement in full and the
Investor’s compliance with its obligations thereunder, promptly after the consummation of the transactions contemplated by
the Merger Agreement (the “Closing”), GTY shall deliver to the Investor an amount of cash equal to its pro rata
portion (based on the Investor’s ownership of the fully diluted equity of the Company) of the earnout amount contemplated
by the Merger Agreement (the “Earnout Payment”) by wire transfer of immediately available funds to an account
designated in writing by the Investor. For the avoidance of doubt, the Earnout Payment is not required to be made unless and until
the Closing occurs.

 

2.       Purchase
Option. Upon receipt of the Earnout Payment, the Investor will have the right, but not the obligation, to purchase the number
of shares of GTY Common Stock (the “GTY Shares”) equal to the Earnout Payment divided by Ten Dollars ($10.00).
The Investor may exercise its right to purchase the GTY Shares by providing written notice to GTY within forty-eight (48) hours
after receving the Earnout Payment, which notice shall (i) specify the number of GTY Shares to be issued to the Investor, (ii)
the name in which such GTY Shares will be registered and (iii) confirmation that the Investor makes the representations set forth
in Section 5 below as of the date of such notice. Upon receipt of such notice, GTY agrees to issue to the Investor the GTY Shares
in the name of the Investor specified on the notice.

 

     

     

    

 

3.       Registration
Rights. Investor shall be entitled to the registration rights set forth on Exhibit C to the Merger Agreement with respect to
any GTY Shares issued pursuant to paragraph 2 of this letter; provided that, notwithstanding the first sentence of paragraph 1
of Exhibit C to the Merger Agreement, GTY shall use commercially reasonable efforts to file a registration statement with the SEC
covering the resale of the GTY Shares within seven (7) days after the Closing.

  

4.       Earnout
Waiver. For and in consideration of GTY entering into this letter agreement and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Investor, for itself and the affiliates it has the authority to
bind, hereby agrees it shall not at any time following the delivery of the Earnout Payment have any right, title, interest or claim
of any kind in or to the earnout amount contemplated by the Merger Agreement (or distributions with respect thereto), and hereby
irrevocably waives any claims it has or may have at any time with respect to such earnout amount (or distributions with respect
thereto) as a result of, or arising out of, any discussions, contracts or agreements (including this letter agreement and the Merger
Agreement) among GTY or the Company and will not seek recourse against GTY, the Company or any of their respective affiliates,
agents or representatives with respect to such earnout amount.

 

5.       Investor
Representations and Warranties. To induce GTY to enter into this letter agreement, the Investor hereby represents and warrants
to, and agrees with, GTY as follows:

 

(a)       The
Investor is an “accredited investor” as such term is defined in Rule 501(a) under the Securities Act of 1933, as amended
(the “Securities Act”). The Investor will acquire the Shares for its own account solely for investment purposes
and not for the account of others or with a view to the distribution or resale of such Shares or any interests therein.

 

(b)       The
Investor has received and carefully read and understands this letter agreement. The Investor has been furnished with all other
materials relating to GTY and the offering of the GTY Shares (the “Offering”), if any, which have been requested
by the Investor. Furthermore, the Investor has been afforded an opportunity to ask questions of, and receive answers from, GTY
in connection with the Offering.

 

(c)       The
Investor acknowledges that: (i) the offer and sale of the GTY Shares has not been and will not be registered under the Securities
Act, or the securities laws of any U.S. state or non-U.S. jurisdiction, and that the offer and sale of the GTY Shares is being
made in reliance upon federal and state exemptions for transactions not involving a public offering; and (ii) the GTY Shares may
not be resold or transferred except as permitted by the Securities Act and any applicable U.S. state or non-U.S. securities laws,
pursuant to registration or exemption therefrom.

 

     

     

    

 

(d)       The
Investor understands that neither the U.S. Securities and Exchange Commission nor any other federal, state or non-U.S. agency has
recommended, approved or endorsed the purchase of the GTY Shares as an investment or passed on the accuracy or adequacy of the
information set forth in this letter agreement or any other documents used in connection with the Offering. The Investor has relied
on its own examination of GTY and the terms of the Offering, including the merits and risks involved, and has reviewed the merits
and risks of the purchase of the GTY Shares with tax, legal and investment counsel to the extent deemed advisable by the Investor.

 

(e)       The
Investor has obtained, in the judgment of the Investor, sufficient information to evaluate the merits and risks of an investment
in GTY. The Investor has sufficient knowledge and experience in financial and business matters to evaluate the merits and risks
associated with such investment and to make an informed investment decision with respect thereto. The Investor has not relied and
will not rely upon any representations made by, or other information (whether oral or written) furnished by or on behalf of, GTY
or any of its directors, officers, employees, agents, affiliates or representatives.

 

(f)       The
Investor understands that the purchase of the GTY Shares represents a highly speculative investment, which involves a high degree
of risk of loss. The Investor cannot expect to be able to liquidate any investment in GTY in the case of an emergency, or perhaps
at all. The Investor has adequate means to provide for the Investor’s current cash needs and possible contingencies, and
its financial condition is such that it can afford to bear all risks associated with the purchase of the GTY Shares. The Investor
has the financial capacity to hold the GTY Shares for an indefinite period of time and can afford to suffer the complete loss thereof.

 

(g)       The
Investor confirms that the GTY Shares were not offered to the Investor by any means of general solicitation or general advertising.
The Investor, either directly or indirectly through its beneficial owners, has a pre-existing business relationship with GTY.

 

(h)       The
Investor has all requisite authority (and in the case of an individual, the capacity) to enter into this letter agreement and to
perform all the obligations required to be performed by the Investor hereunder. The execution and delivery of this letter agreement
by the Investor, the consummation of the transactions contemplated hereby, and the performance of the Investor’s obligations
under this letter agreement do not and will not conflict with, or result in any violation of or default under, any provision of
any articles or certificate of incorporation or formation, charter, bylaws, limited liability company agreement, operating agreement,
partnership agreement or other governing instrument applicable to the Investor, or any agreement or other instrument to which the
Investor is a party or by which the Investor or any of its properties are bound, or any U.S. or non-U.S. permit, franchise, judgment,
injunction, decree, statute, order, rule or regulation applicable to the Investor or the Investor’s business or properties.

 

     

     

    

 

(i)       The
Investor acknowledges that GTY is under no obligation to enter into a transaction with Company, whether on the terms set forth
in the Merger Agreement or described to the Investor or otherwise. GTY may abandon such transaction at any time or change the terms
of such transaction at any time without notice to the Investor or any liability to the Investor. In addition, the Investor acknowledges
that if the Merger Agreement is executed, it will be subject to significant conditions to the Closing and, if those conditions
are not satisfied, the Closing may not occur and, if the Closing does not occur, the Earnout Payment will not be made. The Investor’s
obligations in the Series C Subscription Agreement are not subject to any transaction between GTY and the Company.

 

6.       GTY
Representations and Warranties. GTY has all requisite authority to enter into this letter agreement and to perform all the
obligations required to be performed by GTY hereunder. The execution and delivery of this letter agreement by GTY, the consummation
of the transactions contemplated hereby, and the performance of GTY’s obligations under this letter agreement do not and
will not conflict with, or result in any violation of or default under, any provision of its amended and restated memorandum and
articles of incorporation, or any agreement or other instrument to which GTY is a party or by which GTY or any of its properties
are bound, or any U.S. or non-U.S. permit, franchise, judgment, injunction, decree, statute, order, rule or regulation applicable
to GTY or its business or properties.

 

 

 

7.       Trust
Account Waiver. Investor hereby acknowledges that GTY has established a segregated trust account (the “Trust Account”)
for the benefit of its public shareholders, which holds proceeds of its initial public offering. For and in consideration of GTY
entering into discussions with Investor relating to this letter agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Investor, for itself and the affiliates it has the authority to bind, hereby
agrees it does not now and shall not at any time hereafter have any right, title, interest or claim of any kind in or to any assets
in the Trust Account (or distributions therefrom to GTY’s public shareholders), and hereby waives any claims it has or may
have at any time against or with respect to the Trust Account (or distributions therefrom to GTY’s public shareholders) as
a result of, or arising out of, any discussions, contracts or agreements (including this letter agreement) among GTY, the Company
and the Investor and will not seek recourse against the Trust Account (or distributions therefrom to GTY’s public shareholders)
for any reason whatsoever.

 

8.       Amendment
and Waiver; Termination. This letter agreement may be amended and the observance of any provision may be waived (either generally
or in a particular instance and either retroactively or prospectively) only with the mutual written consent of each of the parties
hereto. This letter agreement shall terminate upon the date that the Investor no longer holds an interest in the Company. This
letter agreement shall be binding upon GTY’s and the Investor’s successors and permitted assignees. This letter agreement
may not be assigned by either party without the prior written consent of the other party; provided that GTY shall be permitted
to assign this letter agreement to any of its affiliates.

 

     

     

    

 

9.       Governing
Law. This letter agreement shall be governed by and construed under the laws of the State of Delaware.

 

10.       Binding
Agreement. This letter agreement constitutes a valid and binding agreement of the parties hereto, enforceable against each
party in accordance with applicable law. To the extent of any conflict between the Merger Agreement and this letter agreement,
the terms of this letter agreement shall control. Nothing in this letter agreement shall affect any of the Investor’s obligations
under the Series C Subscription Agreement.

 

11.       Counterparts.
This letter agreement may be executed in any number of counterparts, any one of which need not contain the signatures of more than
one party, but all of such counterparts together shall constitute one agreement.

 

[signature page follows]

 

 

 

 

 

     

     

    

 

Please confirm that the
above correctly reflects our understanding and agreement with respect to the foregoing matters by signing the enclosed copy of
this letter agreement and returning such copy to GTY.

 

	 	 	 	Very truly yours,	 
	 	 	 	 	 
	 	 	 	GTY Technology Holdings, Inc.	 
	 	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 		Name:	 
	 	 	 	   	Title:	 
	 	 	 	 	 	 
	Agreed and Accepted:	 	 	 	 
	 	 	 	 	 	 
	[_______]	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	 	 	 	 	 
	Name:	 	 	 	 	 
	Title:

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