Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

TRANSITION AND RETIREMENT AGREEMENT 

This Transition and Retirement Agreement (this “Agreement”) is entered into as of the 15th day of September, 2020, by and between OneSpaWorld Holdings Limited (the “Company”), and Glenn Fusfield (“Fusfield”). The Company and Fusfield are sometimes
referred to herein, collectively, as the “Parties” and each, individually, as a “Party.” 
 W I T N E S
E T H 
 WHEREAS, Fusfield is currently employed as Chief Executive Officer and President of the Company pursuant to an
Employment and Severance Agreement between the Company and Fusfield dated November 1, 2018 (the “Employment Agreement”); 

WHEREAS, Fusfield desires to continue his employment with the Company until he commences his retirement and ends his employment
pursuant to the terms hereof; and 
 WHEREAS, Fusfield and the Company desire that Fusfield’s employment with the Company
terminate, pursuant to the terms hereof. 
 NOW, THEREFORE, in consideration of the foregoing premises and the covenants and the
agreements herein contained, and intending to be legally bound hereby, the Parties agree as follows: 
 1. Termination of
Employment. 
 (a) Effective upon the earlier of (i) the termination of Fusfield’s employment on a date prior to
March 31, 2021 pursuant to the terms of this Agreement, and (ii) the close of business on March 31, 2021 (such applicable date, the “Termination Date”, and such period between the Effective Date and the Termination
Date, the “Transition Period”), Fusfield’s employment with the Company will terminate and all of the rights of Fusfield and obligations of the Company shall, as of the Termination Date, terminate and be of no further force or
effect, including, but not limited to, the right of Fusfield to receive any compensation, benefits or payment of any nature whatsoever, except as otherwise provided herein. As of the close of business on the Termination Date, subject to
Section 1(c) below, Fusfield will be deemed to have automatically resigned from all positions (including as an officer or fiduciary) that he then holds with the Company and any and all Affiliates of the Company, and
Fusfield shall promptly execute and deliver to the Company any and all other documents requested by the Company to further evidence such resignations. For purposes of this Agreement, “Affiliate” means an entity controlling,
controlled by or under common control with the entity in question. 
 (b) Fusfield acknowledges that this Agreement will only become
effective upon Fusfield’s timely execution and non-revocation of a release agreement in the form attached hereto as Exhibit A (the “Release Agreement”), in accordance with the
terms thereof. Provided that Fusfield timely executes and does not revoke his execution of the Release Agreement within the time periods described in the Release Agreement, the effective date of this Agreement (the “Effective Date”)
shall occur on the eighth calendar day after the date on which Fusfield initially signs it in accordance with the Release Agreement. Further, Section 3 of this Agreement and any Company obligations thereunder are strictly
contingent upon Fusfield’s timely re-execution and 

 
non-revocation of the Release Agreement in accordance with the terms therein. Provided that Fusfield timely
re-executes and does not revoke his re-execution of the Release Agreement within thirty (30) days following the Termination Date, the date that Fusfield’s re-executed Release Agreement becomes effective (the “Second Release Effective Date”) shall occur on the eighth calendar day after the date on which Fusfield
re-executes it in accordance with the Release Agreement. 
 (c) Fusfield shall continue his role as a
member of the Board of Directors of the Company (the “Board”) until the 2022 Annual General Meeting of Shareholders of the Company (the “Board Service”), and commencing on the Termination Date, Fusfield shall serve
only as a non-employee director of the Company (and no longer in his capacity as an employee director) and receive compensation for his services on the Board under the Company’s director compensation
program that is in effect from time to time. To the extent meetings of the Board are held remotely due to travel restrictions imposed in connection with COVID-19 or otherwise, Fusfield may attend such meetings
of the Board remotely. Upon presentation of appropriate documentation, the Company shall reimburse Fusfield for reasonable out-of-pocket expenses incurred by Fusfield in
connection with his attendance of meetings of the Board. 
 (d) The Company shall have the right to terminate this Agreement and
Fusfield’s employment at any time for any reason or no reason by providing not less than thirty (30) days’ advance written notice to Fusfield at any time prior to the Termination Date (the “Termination Notice”);
provided, that, the Company may immediately terminate this Agreement and Fusfield’s employment for “Cause” (as Cause is defined in the Employment Agreement) (a “Cause Termination”) without notice. 

(e) During the Transition Period, subject to Fusfield’s compliance with the terms of this Agreement and the Continuing Obligations,
Fusfield shall continue to receive his Base Salary (as defined in the Employment Agreement) in accordance with the terms of Section 3(a)(i) of his Employment Agreement; provided, however, that, so long as the
Termination Date has not occurred, Fusfield’s Base Salary for the period commencing on October 1, 2020 and continuing through the Termination Date (the “Salary Term”), shall be at a rate of $648,900 per annum, less any
applicable tax withholdings and pro-rated for any partial year of service, and will remain payable in accordance with the Company’s regularly scheduled payroll procedures. For the avoidance of doubt,
Fusfield will only be entitled to receive any earned but unpaid Base Salary through the Termination Date, and will not be entitled to receive any severance payments following such Termination Date. Fusfield acknowledges and agrees that, to the
extent the salary reduction procedures in effect for all Company employees due to the COVID-19 pandemic continue to be in effect during the Salary Term, his Base Salary shall be subject to such reductions at
the same rate applicable to all employees of the Company and its Affiliates. Further, during the Transition Period, Fusfield will continue to participate in the employee benefit plans that Fusfield participated in immediately prior to the date of
this Agreement, subject to the terms of the applicable employee benefit plan documents. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time without violation of this Agreement. 

(f) During the Transition Period, Fusfield shall be entitled to a prorated amount of Vacation Days as defined by
Section 3(f) of the Employment Agreement, and in accordance with the same terms set forth therein. 

  
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 (g) After the Termination Date, subject to Fusfield satisfying the conditions set forth in
Section 3 and 3(c), below, if Fusfield timely elects to continue medical coverage for himself and his eligible dependents (the “Pre-Termination Date Medical
Benefits”) under COBRA, the Company will promptly reimburse Fusfield for the premiums to continue group health insurance, including coverage for Fusfield’s spouse and eligible dependents, for a period of eighteen (18) months,
provided that Fusfield is eligible and remains eligible for COBRA coverage; provided, further, that the Company may modify the continuation coverage contemplated by this Section 1(g) to the extent reasonably
necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of Section 105(h) of the Internal Revenue Code of 1986, as amended; the Patient Protection and Affordable Care
Act of 2010, as amended; and/or the Health Care and Education Reconciliation Act of 2010, as amended, and in each case, the regulations and guidance promulgated thereunder (to the extent applicable); provided, further, that the election of
COBRA continuation coverage and the payment of any premiums due with respect to such COBRA continuation coverage shall remain Fusfield’s sole responsibility until reimbursed by the Company in accordance with this
Section 1(g), and the Company shall not assume any obligation for payment of any such premiums relating to such COBRA continuation coverage; and provided, further, that in the event that Fusfield obtains other employment
that offers group health benefits (the “New Medical Benefits”) in an amount less than the Pre-Termination Date Medical Benefits, upon presentation of appropriate documentation by Fusfield, the
Company shall continue to reimburse Fusfield for COBRA continuation coverage with respect to the difference between the premiums in effect on the Termination Date for the Pre-Termination Date Medical Benefits
and the amount of premiums required to be paid by Fusfield to compensate for the difference between the Pre-Termination Date Medical Benefits and the New Medical Benefits, and in the event that such New
Medical Benefits are in an amount equal to or greater than the Pre-Termination Date Medical Benefits, such continuation of coverage by the Company under this Section 1(g) will
immediately cease. 
 (h) Fusfield may maintain his current Company email address during the Transition Period. 

(i) Fusfield shall be entitled to the same directors’ and officers’ liability insurance coverage that the Company provides generally
to its other directors and officers, as may be amended from time to time and in accordance with the Company policy as may be in effect from time to time (the “D&O Policy”), provided that any material changes to the D&O
Policy will be applied to Fusfield consistently with the application of such changes to all directors and officers participating in the D&O Policy. 

2. Expense Reimbursement. Fusfield shall submit to the Company on or before the Termination Date any remaining requests for
reimbursement of all ordinary and necessary business expenses incurred by Fusfield in connection with, or in furtherance of, his employment with the Company, accompanied by expense statements, receipts, vouchers or such other supporting information
in accordance with Company policy or as otherwise reasonably requested by the Board. 

  
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 3. Treatment of Equity. Provided that (i) Fusfield does not resign prior
to March 31, 2021 (for any reason or no reason), (ii) a Cause Termination does not occur, (iii) the Second Release Effective Date occurs within thirty (30) days following the Termination Date, and (iv) Fusfield complies with the terms
of this Agreement and the Continuing Obligations, Fusfield shall be entitled to receive the following equity treatment in connection with the termination of his employment: 

(a) Subject to Board approval, effective as of October 1, 2020, Fusfield shall be granted 166,667 performance stock units of the Company
(the “PSUs”) under the Company’s 2019 Equity Incentive Plan (the “Plan”), pursuant to an award agreement substantially in the form utilized by the Company for the most recent grants of PSUs to its executive
officers prior to the date of this Agreement. The PSUs will generally become earned upon the Company’s attainment of a specified stock price hurdle during a specified period of time following the Grant Date, subject to the terms of the award
agreement (“PSU Award Agreement”) to be entered into between the parties. 
 (b) Fusfield acknowledges and agrees that he
was granted restricted stock units under the Plan on January 21, 2020 (the “2020 RSU Award”). Notwithstanding the terms of the award agreement for such 2020 RSU Award (the “RSU Award Agreement”), Fusfield shall
be entitled to vest in the first vesting tranche of the 2020 RSU Award on January 21, 2021 whether the Termination Date has occurred or not (subject only to Section 3(c), below), constituting one-third of the 2020 RSU Award, and the remaining two-thirds of the 2020 RSU Award will be immediately forfeited for no consideration upon the Termination Date. 

(c) Notwithstanding the terms of the Plan, the PSU Award Agreement and the RSU Award Agreement, in the event that (i) Fusfield resigns
prior to March 31, 2021 (for any reason or no reason ), (ii) a Cause Termination occurs, (iii) the Second Release Effective Date does not occur within thirty (30) days following the Termination Date, or (iv) Fusfield breaches or
violates any terms of this Agreement or the Continuing Obligations, the PSUs and the 2020 RSU Award will be immediately forfeited upon such event for no consideration. 

4. Options. Fusfield acknowledges and agrees that he was granted nonqualified stock options to purchase common shares of the
Company under the Plan on March 26, 2019 (the “2019 Option Award”). Notwithstanding the terms of the Plan and the award agreement for the 2019 Option Award (the “Option Award Agreement”), Fusfield shall have
thirty (30) days following the Termination Date to exercise the Options, and, to the extent Fusfield does not to exercise any portion of the options subject to the 2019 Option Award prior to the expiration of such thirty (30)-day period, such
options will automatically terminate and immediately be cancelled upon the expiration of such period. 
 5. Cooperation. Upon
the receipt of reasonable notice from the Company (including outside counsel), Fusfield agrees that during the period that Fusfield serves on the Board and for a period of twenty four (24) months following the termination of the Board Services,
Fusfield will (i) respond and provide information with regard to matters in which Fusfield has knowledge as a result of Fusfield’s employment with the Company, (ii) will provide reasonable assistance to the Company, its Affiliates and
their respective representatives in defense of any claims that may be made against the Company or its Affiliates, and (iii) will assist the Company and its Affiliates in the prosecution of any claims that may be made by the Company or its
Affiliates, to the extent that such claims may relate to the period of Fusfield’s employment with the Company (collectively, the “Claims”). Fusfield agrees to promptly inform the Company if Fusfield becomes aware of any

  
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lawsuits involving Claims that may be filed or threatened against the Company or its Affiliates. During the twenty four (24)-month period subsequent to the Termination Date, Fusfield also agrees
to promptly inform the Company (to the extent that Fusfield is legally permitted to do so) if Fusfield is asked to assist in any investigation of the Company or its Affiliates (or their actions) or another party attempts to obtain information or
documents from Fusfield (other than in connection with any litigation or other proceeding in which Fusfield is a party-in-opposition) with respect to matters Fusfield
believes in good faith to relate to any investigation of the Company or its Affiliates, in each case, regardless of whether a lawsuit or other proceeding has then been filed against the Company or its Affiliates with respect to such investigation,
and shall not do so unless legally required. During the pendency of any litigation or other proceeding involving Claims, Fusfield shall not communicate with anyone (other than Fusfield’s attorneys and tax and/or financial advisors and except to
the extent that Fusfield determines in good faith is necessary in connection with the performance of Fusfield’s duties hereunder) with respect to the facts or subject matter of any pending or potential litigation or regulatory or administrative
proceeding involving the Company or any of its Affiliates without giving prior written notice to the Company or the Company’s counsel. Upon presentation of appropriate documentation, the Company shall pay or reimburse Fusfield for all
reasonable out-of-pocket travel, duplicating, telephonic or other reasonable
out-of-pocket expenses incurred by Fusfield in complying with this Section 5. In addition, the Company shall pay Fusfield an hourly fee at a
rate equal to $302 per hour solely for services rendered by Fusfield in complying with this Section 5 following the Termination Date. 

6. Future Transactions. For the avoidance of doubt, in connection with Fusfield’s obligations under the Continuing
Obligations, among other things, Fusfield shall not be permitted to have any dealings regarding the Company or its Affiliates with prospective buyers, assignees or other transferees of any of the assets (tangible or intangible) or equity of the
Company or such Affiliates without the prior written consent of the Company, which may be withheld in the Company’s sole discretion. 

7. Continuing Obligations. Fusfield hereby reaffirms his obligations and restrictions under the Employment Agreement that will
survive the termination of the Employment Agreement and his employment with the Company, including those set forth in Section 5, all of which are incorporated herein by reference, and agrees to continue to comply at all
times with such obligations and restrictions and any other restrictive covenants by which Fusfield is currently bound (collectively, the “Continuing Obligations”). 

8. Best Net Benefit under Section 280G. Section 4(e) of the Employment
Agreement (Best Net Benefit under Section 280G) is incorporated herein by reference. 
 9. Representations
and Warranties. Fusfield represents and warrants to the Company that: (a) this Agreement does not violate any other agreement to which Fusfield is a party and (b) by virtue of his position with the Company he has been involved with
and has acquired knowledge and experience with the operations of the Company and its subsidiaries, and that that during the time of his employment and through the date hereof, Fusfield is not aware of any violations or potential violations, as the
case may be, of law, legal or ethical rule, or federal or state regulations, by the Company or its Affiliates or any officer, director or employee of the Company or such Affiliates. 

  
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 10. Notices. Any notices or demands given in connection herewith shall be in
writing and deemed given when (i) personally delivered, (ii) sent by email transmission and a confirmation of the transmission is received by the sender or (iii) two (2) days after being deposited for delivery with a recognized
overnight courier, such as FedEx, and addressed or sent, as the case may be, to the mail or email address set forth below or to such other address as such Party may in writing designate: 

When Fusfield is the intended recipient: 

10040 SW 141st Street 

Miami, FL 33176 
 Email:
glennfusfield@gmail.com 
 When the Company is the intended recipient: 

Leonard Fluxman 
 c/o OneSpaWorld

 770 S. Dixie Highway 
 Coral
Gables, FL 33146 
 Email: leonardf@onespaworld.com 

With a copy to: 
 Inga A.
Fyodorova 
 c/o OneSpaWorld 

770 S. Dixie Highway, Suite 200 

Coral Gables, FL 33146 
 Email:
ingaf@onespaworld.com 
 11. Entire Agreement; Certain Terms. This Agreement (including Exhibit A hereto)
constitutes and contains the entire agreement of the Parties with respect to the matters addressed herein and supersedes any and all prior negotiations, correspondence, understandings and agreements between the Parties respecting the subject matter
hereof, including, but not limited to, all other agreements and arrangements (signed or otherwise) relating to the termination of Fusfield’s employment with the Company or any Affiliate of the Company, including the Employment Agreement (other
than the provisions expressly incorporated by reference herein); provided, however, that the Plan, the PSU Award Agreement, the RSU Award Agreement and the Option Award Agreement (collectively, the “Equity Documents”)
shall continue to remain in effect (except as modified herein). No waiver of any rights under this Agreement, nor any modification or amendment of this Agreement, shall be effective or enforceable unless in writing and signed by the Party to be
charged therewith. When used in this Agreement, the terms “hereof,” “herein” and “hereunder” refer to this Agreement in its entirety and not to any particular provisions of this Agreement, unless
otherwise indicated. 
 12. Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an
original, but both of which together shall constitute one and the same instrument. A faxed, PDF or electronic signature shall operate the same as an original signature. 

  
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 13. Governing Law; Dispute Resolution. Section 10 of
the Employment Agreement (Governing Law; Dispute Resolution) is incorporated herein by reference. 
 14. Severability.
It is the intention of the Parties that any provision of this Agreement found to be invalid or unenforceable be reformed rather than eliminated. If any of the provisions of this Agreement, or any part thereof, is hereinafter construed to be invalid
or unenforceable, the same shall not affect the remainder of such provision or the other provisions of this Agreement, which shall be given full effect, without regard to the invalid portions. In the event that the courts of any one or more
jurisdictions shall hold such provisions wholly or partially unenforceable by reason of the scope thereof or otherwise, it is the intention of the Parties that such determination not bar or in any way affect the Company’s rights provided for
herein in the courts of any other jurisdictions as to breaches or threatened breaches of such provisions in such other jurisdictions, the above provisions as they relate to each jurisdiction being, for this purpose, severable into diverse and
independent covenants. 
 15. Non-Waiver. Failure by either the Company or Fusfield to
enforce any of the provisions of this Agreement or any rights with respect hereto, or the failure to exercise any option provided hereunder, shall in no way be considered to be waiver of such provisions, rights or options, or to in any way affect
the validity of this Agreement. 
 16. Withholding; Section 409A. The Company may withhold
from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. The intent of the Parties is that payments and benefits under this
Agreement be exempt from, or comply with, Section 409A of the Code, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in accordance therewith. The Company makes no representation that
any or all of the payments described in this Agreement will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. Fusfield understands and
agrees that Fusfield shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A. For purposes of Section 409A of the Code, the Executive’s right to receive any installment payments pursuant to
this Agreement is treated as a right to receive a series of separate and distinct payments. To the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified
deferred compensation” for purposes of Section 409A of the Code, (A) all expenses or other reimbursements hereunder will be made on or before the last day of the taxable year following the taxable year in which such expenses were
incurred by Fusfield, (B) any right to reimbursement or in-kind benefits will not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for
reimbursement, or in-kind benefits provided in any taxable year will in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in
any other taxable year. A termination of employment will not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such
termination is also a “separation from service” within the meaning of Section 409A of the Code, and for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment”
or like terms will mean “separation from service.” Notwithstanding anything to the contrary in this Agreement, if Fusfield is deemed on the date of termination to be a “specified employee” within the meaning under
Section 409A(a)(2)(B), then with regard to any payment or 

  
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the provision of any benefit that is considered deferred compensation under Section 409A payable on account of a “separation from service,” such payment or benefit will not be made
or provided until the date that is the earlier of (A) the expiration of the six-month period measured from the date of such “separation from service” of Fusfield, and (B) the date of
Fusfield’s death, to the extent required under Section 409A of the Code. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 16 (whether they would have otherwise been payable
in a single sum or in installments in the absence of such delay) will be paid or reimbursed to Fusfield in a lump sum, and any remaining payments and benefits due under this Agreement will be paid or provided in accordance with the normal payment
dates specified for them herein. Any amounts payable under this Agreement that are contingent on the execution or re-execution and non-revocation of the Release
Agreement and involves a consideration time period that begins in one calendar year and ends in the next calendar year, will be paid as soon as practicable in the second calendar year even if Fusfield signed the Release Agreement and such release
becomes irrevocable in the first calendar year. 
 17. Headings. The headings preceding the text of the paragraphs of this
Agreement have been inserted solely for convenience of reference and neither constitute a part of this Agreement nor affect its meaning, interpretation, or effect. 

18. Resignation. For purposes of this Agreement, the Equity Documents and any other equity award agreement by which Fusfield is
currently bound, Fusfield’s termination of employment is considered a termination by Fusfield without Good Reason (as defined in the Employment Agreement). Fusfield hereby agrees and acknowledges that, notwithstanding anything to the contrary
in the definition of Good Reason in the Employment Agreement (or similar or related rights or definitions of “good reason” or “constructive dismissal” or the like) set forth in any agreement, plan, program, or arrangement between
Employee and any member of the Company Affiliated Group (collectively, the “Company Agreements”), none of (i) the terms of this Agreement (including, but not limited to, any of the compensation or benefits opportunities
described herein or Employee not being entitled to receive any severance benefits given that Employee is terminating his employment without Good Reason), (ii) any actions by the Company prior to the Effective Date in respect of Employee’s
employment, compensation or benefits or (iii) any potential changes in Employee’s role in connection with Employee’s transition and termination with the Company pursuant to this Agreement (none of which constitutes, or shall be deemed
to constitute, a material diminution in Employee’s title, authority, duties or responsibilities, change in reporting relationship or a material breach or default by the Company of any provision of the Employment Agreement or any other Company
Agreement) will constitute Good Reason under any of the Company Agreements (collectively, the “Permissible Actions”). For the avoidance of doubt, Employee expressly and irrevocably waives and releases any and all claims Employee may
have, as a result of any Permissible Action, to resign Employee’s employment for Good Reason (or similar related rights or definitions of “good reason” or “constructive dismissal” or the like) and receive any payments and/or
benefits, or otherwise be entitled to any rights, under any plan, program, agreement or other arrangement with any member of the Company Affiliated Group, other than, in each case, as expressly set forth or contemplated under the terms of this
Agreement. 

  
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 19. Assignment; Third Party Beneficiaries. Fusfield may not assign his rights
and obligations under this Agreement to any other party. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company. The Parties hereby acknowledge and agree that each of the
existing and future members of the Company Affiliated Group are intended to be third party beneficiaries of this Agreement. “Company Affiliated Group” shall mean the Company and all Affiliates, collectively with each of their
respective successors and assigns. 
 Signatures on following page. 

  
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 IN WITNESS WHEREOF, the Parties have executed these presents as of the day and year first
above written. 
  

							
		 		 	ONESPAWORLD HOLDINGS LIMITED
				
	 /s/ Glenn Fusfield
	 		 	By:	 	 /s/ Leonard Fluxman

	GLENN FUSFIELD	 		 		 	 Leonard Fluxman
 Executive
Chairman

  
 [Signature Page to
Transition and Retirement Agreement] 

 EXHIBIT A 

RELEASE OF CLAIMS 

1. Consistent with Section 1 of the Transition and Retirement Agreement dated September 15, 2020 (the
“Termination Agreement”) by and between me, Glenn Fusfield, and OneSpaWorld Holdings Limited (the “Company”), and in consideration for and as a condition of my receipt of certain severance payments and benefits
pursuant to the Termination Agreement, I, for myself, my attorneys, issue, heirs, representatives, agents, executors, administrators, successors, and assigns, do hereby unconditionally, fully and forever release and discharge the Company, its
affiliated companies, parents, subsidiaries, divisions, successors and assigns, and their respective current or former members, managers, directors, officers, partners, agents, employees, attorneys, equity holders, and administrators, successors and
assigns (together with the Company, the “Released Parties”), from any and all lawsuits, complaints, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, claims, demands,
costs, losses, debts, expenses (including attorneys’ fees and costs actually incurred and entitlements of any nature whatsoever, in law or in equity, whether known, unknown, or unforeseen, which I have or may have against any of the Released
Parties, including, but not limited to, any claims arising out of or in connection with: (1) my employment with the Company; (2) my separation from employment with the Company; any claims for unpaid wages, back pay, bonuses, incentive pay,
vacation pay, legal fees, severance or other compensation; (3) any claims arising under any contracts, express or implied, including, but not limited to, the Employment and Severance Agreement dated November 1, 2018 by and between me and
the Company (the “Employment Agreement”), any other agreement between me and the Company, and/or any covenant of good faith and fair dealing, express or implied; (4) any event, transaction, or matter occurring or existing on or
before the date of my execution or re-execution, as applicable, of this Release of Claims; and (5) and any legally waivable federal, state, local, or other governmental common law, statute, regulation, or
ordinance, as provided in Section 2 below. I agree not to file or otherwise institute any claim, demand or lawsuit seeking damages or other relief and not to otherwise assert any claims or demands that are lawfully released
herein, except in the event that the Company breaches this Release of Claims or where I challenge the validity of this Release of Claims under the Older Workers Benefit Protection Act. I further hereby irrevocably and unconditionally waive any and
all rights to recover any relief or damages concerning the lawsuits, claims, demands, or actions that are lawfully released herein. I represent and warrant that, to the fullest extent permissible by law, I have not previously filed, caused to be
filed or joined in any such lawsuits, claims, demands, or actions against any of the Released Parties with respect to the matters described above, and that I will indemnify and hold them harmless from all liabilities, claims, demands, costs,
expenses and/or attorneys’ fees incurred by them as a result of any such lawsuits, claims, demands, or actions. In the event such claims, complaints, actions, or charges do exist, then to the fullest extent permitted by law, I agree to withdraw
and dismiss them with prejudice. I also agree, to the fullest extent permitted by law, not to participate, cooperate or assist in any manner, whether as a witness, expert, consultant or otherwise, in any lawsuit, complaint, charge or other
proceeding involving any of the Released Parties unless compelled by subpoena or court order. I acknowledge and agree that the Released Parties are intended to be third-party beneficiaries of this Release of Claims and that the terms and conditions
of this Release of Claims may be enforced by any such Released Party in accordance with the terms hereof. 

  
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 2. This Release of Claims is intended to have the broadest possible application and
specifically includes, but is not limited to, all claims of breach of contract, employment discrimination (including any claims coming within the scope of Title VII of the Civil Rights Act, the Age Discrimination in Employment Act, the Older Workers
Benefit Protection Act, the Equal Pay Act, the Americans with Disabilities Act, and the Family and Medical Leave Act, the anti-retaliation provisions of the Sarbanes Oxley Act, the Genetic Information Nondiscrimination Act, the Worker Adjustment
Retraining and Notification (“WARN”) and any state WARN statutes, the National Labor Relations Act, the Florida Civil Rights Act, the Florida Whistleblower Protection Act, the Florida Workers’ Compensation Law Retaliation
provision, the Florida Wage Discrimination Law, the Florida Minimum Wage Act, the Florida Equal Pay Law, all as amended, or any other applicable federal, state, or local law), claims under the Employee Retirement Income Security Act, as amended,
claims under the Fair Labor Standards Act, as amended (or any other applicable federal, state or local statute relating to payment of wages), claims concerning recruitment, hiring, termination, salary rate, severance pay, equity, equity- based
incentives, stock options, benefits due, sick leave, vacation pay, life insurance, group medical insurance, any other fringe benefits, libel, slander, defamation, intentional or negligent misrepresentation and/or infliction of emotional distress,
together with any and all tort or other claims which might have been asserted by me or on my behalf in any lawsuit, charge of discrimination, demand, or claim against any of the persons or entities released herein. 

I acknowledge that I may discover facts or law different from, or in addition to, the facts or law that I know or believe to be true with
respect to the claims released in this Release of Claims and agree, nonetheless, that this Release of Claims and the release contained in it shall be and remain effective in all respects notwithstanding such different or additional facts or the
discovery of them. 
 For the avoidance of doubt, nothing contained herein shall serve to waive any: (a) claims or rights that,
pursuant to law, that cannot be legally waived or subject to a release of this kind, such as claims for unemployment or workers’ compensation benefits; (b) rights to vested benefits under any applicable retirement plans as of my last day
of employment with the Company; and/or (c) claims arising under or to enforce the terms of this Release of Claims. Moreover, nothing herein shall be construed to prohibit me from filing a charge with, or participating in any investigation or
proceeding conducted by, the Equal Employment Opportunity Commission or a comparable administrative, state or local agency (“EEOC”); provided, however, that I agree and covenant, to the fullest extent permitted by
applicable law, to waive my right to recover monetary damages or other personal recovery in any such EEOC and/or administrative charge, complaint, or lawsuit filed by me or by any other person, organization, or other entity on my behalf with respect
to the claims lawfully released by this Release of Claims; provided, further, that nothing in this Release of Claims shall prohibit me from receiving any monetary award to which I become entitled pursuant to Section 922 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act. 
 Notwithstanding anything in this Release of Claims to the contrary, this general release of
claims shall not apply to (i) any actions to enforce rights arising under, or any claim for benefits which may be due to me under any retirement plan or pursuant to the Termination Agreement, (ii) any rights or claims that may arise as a
result of events occurring after the date this Release of Claims is executed or re-executed (as applicable), (iii) any indemnification rights I may have as a former employee, officer or director of the Company
or its subsidiaries or affiliated companies, to the maximum extent permitted by Florida law and the Termination Agreement, and (iv) any claims for benefits under any liability policy maintained by the Company or its subsidiaries or affiliated
companies in accordance with the terms of such policy. 

  
 A-2 

 I represent that I have not engaged in any breach of fiduciary duty, breach of any duty of
loyalty or disclosure, fraudulent activity, tortious activity or criminal activity, in each case: (i) towards or with respect to the Company or any other Released Party; or (ii) with respect to any action or omission undertaken (or that
was failed to be undertaken) in the course of my employment or engagement with any of the Released Parties. In reliance on the foregoing, the Company and I agree that this document is intended to be a mutual release, and the Company releases me to
the same extent I release the Company. 
 3. Upon my re-execution of this Release of Claims, I
acknowledge and affirm that I have been paid and/or have received all leave (paid or unpaid), compensation, wages, bonuses, commissions, and/or benefits to which I may be entitled and that no other leave (paid or unpaid), compensation, wages,
bonuses, commissions and/or benefits are due to me. I further acknowledge and affirm that I have no known workplace injuries or occupational diseases and have been provided and/or have not been denied any leave requested under the Family and Medical
Leave Act. 
 4. I hereby represent, warrant and covenant that at no time prior to or contemporaneous with my execution or re-execution, as applicable, of this Release of Claims, have I knowingly engaged in any wrongful conduct against, on behalf of or as the representative or agent of the Company or any of its Affiliates, or otherwise
engaged in any conduct or activity in violation of any applicable US or non-US laws, rules or regulations, including, without limitation, any rules or regulations of the SEC, FINRA, or any state, or any other
applicable US or non-US regulatory or self-regulatory agency, body or organization of which the Company is a member or to whose jurisdiction or authority I or the Company are otherwise subject. I further
hereby represent, warrant and covenant that I am not aware of any actions or omissions by any current or former officer, director, employee, agent, attorney, consultant or representative of the Company (including myself) or any of its Affiliates
through the date of the execution or re-execution, as applicable, of this Release of Claims that were (individually or collectively) in any way knowingly or intentionally harmful or detrimental to the Company
or any of its Affiliates, the Company’s business and/or its shareholders, including, without limitation, violations of any laws, regulations or accounting policies or principles, the taking of unreasonable tax positions, or the furnishing of
inaccurate statements, invoices or other reports to any person or entity. 
 5. I agree that I will not make any voluntary statements,
written or oral, or cause or encourage others to make any such statements that defame, disparage or in any way criticize the personal and/or business reputations, practices or conduct of the Company or any of the other Released Parties;
provided, however, that nothing in this Release of Claims is intended to: (a) preclude me from making any truthful statement to the extent required by law or by any court, arbitrator, mediator or administrative or legislative body
(including any committee thereof) with actual or apparent jurisdiction to order such person to disclose or make accessible such information; (b) prohibit me from speaking candidly and factually to any regulatory organization, authority, or
agency; or (c) unlawfully impair or interfere with my rights under Section 7 of the National Labor Relations Act. 

  
 A-3 

 6. I acknowledge and agree that my covenants and obligations, as set forth in the
Termination Agreement (including the Continuing Obligations) and Section 5 of this Release of Claims, are continuing, are material to this Release of Claims, and relate to special, unique and extraordinary matters and that
any violation of such covenants and obligations will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, I further acknowledge and agree that, in the event of any such violation, the Company shall be
entitled to pursue an injunction, restraining order or such other equitable relief, without requirement to post bond, enforcing such covenants and obligations. Such remedies are cumulative and in addition to any other rights and remedies and claims
for damages that the Company may have at law or in equity, including, but not limited to, those set forth in Section 5 of the Employment Agreement. 

7. Upon my re-execution of this Release of Claims, (a) I acknowledge and affirm that I have
returned any and all Company property, including, without limitation, all computers, electronic storage devices, removable media, and related equipment, furniture, printers, cables, correspondence, drawings, blueprints, manuals, letters, notes,
notebooks, financial records, reports, flowcharts, programs, proposals and any other documents concerning the Company’s business, including, without limitation, its customers or suppliers or concerning its products, services or processes and
all other documents or materials containing or constituting Confidential Information (as defined in the Employment Agreement) and any and all copies, duplicates, reproductions, synopses, and/or excerpts thereof (collectively, “Company
Property”), (b) I shall disclose to the Company all passwords and passcodes deemed necessary or desirable by the Company in my knowledge and/or possession relating to the business of the Company Affiliated Group or the Confidential
Information, (c) if I have used any non-Company computer, electronic device, server, storage drive or e-mail system to receive, store, review, prepare or transmit
any Confidential Information, I shall provide the Company with a useable copy of such information and then permanently delete and expunge such information and (d) if I later discover in my custody, possession or control any additional Company
Property, I agree to return it to the Company promptly after its discovery. 
 Notwithstanding anything to the contrary, the Company
acknowledges and agrees that I may keep the following electronic equipment currently in my possession, provided that I otherwise comply with my Continuing Obligations and do not retain any Company Property on such electronic equipment: (1) one
iPad; and (2) one iPhone. 
 8. Upon my re-execution of this Release of Claims, I acknowledge
and agree that I have received all leaves (paid and unpaid) to which I have been entitled during my employment with the Company or any other Released Party and I have received all wages, bonuses and other compensation, been provided all benefits and
been afforded all rights and been paid all sums I am owed or have been owed by the Company or any other Released Party, including, without limitation, all payments arising out of all incentive plans and other compensation or bonus arrangements. 

9. Except for claims for injunctive relief described in Section 6 above, the parties agree that the resolution of any
matter in any way arising out of, relating to, or connected with this Release of Claims, the Employment Agreement, or my employment by the Company (or the termination thereof) shall be submitted to confidential, mandatory, binding arbitration

  
 A-4 

 
administered by the American Arbitration Association (“AAA”) pursuant to the Federal Arbitration Act and the AAA’s Employment Arbitration Rules & Procedures then in
effect, with proceedings to be held in Miami, Florida (or such other location as the parties may otherwise agree in writing). THE PARTIES AGREE THAT THE U.S. FEDERAL ARBITRATION ACT GOVERNS THE INTERPRETATION AND ENFORCEMENT OF THIS PROVISION,
AND EACH PARTY WAIVES THE RIGHT TO A TRIAL BY JURY. ANY ARBITRATION HEREUNDER SHALL PROCEED SOLELY ON AN INDIVIDUAL BASIS WITHOUT THE RIGHT FOR ANY CLAIMS TO BE ARBITRATED ON A CLASS ACTION BASIS OR ON A BASIS INVOLVING CLAIMS BROUGHT IN A PURPORTED
REPRESENTATIVE CAPACITY ON BEHALF OF OTHERS. NO DISPUTE OR CONTROVERSY MAY BE JOINED WITH ANOTHER AND CLASS AND COLLECTIVE ACTIONS UNDER THIS ARBITRATION PROVISION ARE PROHIBITED, AND THE ARBITRATOR SHALL HAVE NOT AUTHORITY TO PROCEED ON SUCH BASIS.
Judgment on any arbitration award may be entered in any court having jurisdiction. The parties hereby submit to the jurisdiction of the state and federal courts located in Miami-Dade County, Florida (and waive the defenses of lack of
jurisdiction or inconvenient forum to the maintenance of any such action or proceeding in such venue) for any action to compel arbitration, or for proceedings to obtain injunctive relief for a breach or threatened breach of
Section 5 of this Release of Claims or of the Continuing Obligations. Nothing in this paragraph shall affect the right of the Company or an Affiliate to bring any action or proceeding against myself or my property in the
courts of other jurisdictions. 
 10. Nothing in this Release of Claims shall be construed as an admission or concession by the Company of
any liability, unlawful conduct, or wrongdoing. I may not assign any rights or benefits due or owing under this Release of Claims unless the Company agrees to such assignment in writing. I hereby represent and warrant to the Company that I have not
made any assignment or transfer of any right or claim or other matter covered by Section 1 above. This Release of Claims shall be binding upon my personal representatives, heirs, and permitted assigns. This Release of
Claims may be assigned by the Company and shall inure to the benefit of and be enforceable by any of its successors and assigns. This Release of Claims, together with the Continuing Obligations, contains the complete, full, and exclusive
understanding of myself and the Company and supersedes any and all other oral or written agreements between us. Any amendments to this Release of Claims shall be effective and binding only if any such amendments are in writing and signed by the
party against which it is to be enforced. 
 11. I specifically acknowledge and agree that: 

(a) I have carefully read and understand this Release of Claims and execute or
re-execute it, as applicable, voluntarily and without coercion; 
 (b) I understand
all of the terms and conditions of this Release of Claims and I know that I am giving up important rights, including, without limitation, rights under the Age Discrimination in Employment Act of 1967, as amended, Title VII of the Civil Rights Act of
1965, as amended, the Equal Pay Act of 1963, the Americans with Disabilities Act of 1990, and the Employee Retirement Income Security Act of 1974, as amended; 

  
 A-5 

 (c) I have been given an opportunity of
twenty-one (21) days to consider this Release of Claims; 
 (d) I have been
encouraged by the Company to discuss fully the terms of this Release of Claims with legal counsel of my own choosing; and 

(e) for a period of seven (7) days following my execution or re-execution, as
applicable, of this Release of Claims, I shall have the right to revoke the waiver of claims arising under the Age Discrimination in Employment Act. 

12. If I elect to revoke this Release of Claims within this seven-day period, I must inform the Company
by delivering a written notice of revocation to OneSpaWorld Holdings Limited, Attn: General Counsel, c/o OneSpaWorld, 770 S. Dixie Highway, Suite 200, Coral Gables, Florida 33146, no later than 11:59 p.m. on the seventh calendar day after I sign
this Release of Claims. I understand that, if I elect to exercise this revocation right, this Release of Claims shall be voided in its entirety at the election of the Company and the Company shall be relieved of all obligations to provide any
compensation or benefits under the Termination Agreement which are contingent on the execution or re-execution, as applicable, of this Release of Claims. I may, if I wish, elect to execute or re-execute, as applicable, this Release of Claims prior to the expiration of the twenty one- (21)-day consideration period, and I agree
that if I elect to do so, my election is made freely and voluntarily and after having an opportunity to consult counsel. 
 13. It is the
desire and intent of the parties that the provisions of this Release of Claims shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. If an arbitrator or
court of competent jurisdiction should determine any one or more of the provisions contained in this Release of Claims shall be held to be excessively broad as to duration, scope, activity or subject, such provisions shall be construed by limiting
or reducing them so as to be enforceable to the maximum extent compatible with applicable law. In the event that any one or more of the provisions of this Release of Claims shall be held to be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 14. No waiver by either
party of any breach by the other party of any condition or provision of this Release of Claims to be performed by such other party shall be deemed a waiver of any other provision or condition at the time or at any prior or subsequent time. 

15. This Release of Claims and the provisions contained in it shall not be construed or interpreted for or against either party because that
party drafted or caused that party’s legal representative to draft any of its provisions. 
 16. This Release of Claims may be pled as a
full and complete defense to, and may be used as a basis for an injunction against, any action, suit or other proceeding that may be prosecuted, instituted or attempted by myself in breach hereof. 

17. The validity, interpretation and performance of this Release of Claims shall be construed and interpreted according to the laws of the
United States of America and the State of Florida, without regard to conflicts of laws principles. 

  
 A-6 

 18. This Release of Claims may be executed in counterparts, each of which shall be deemed an
original, and all counterparts so executed shall constitute one agreement binding on all of the parties hereto, notwithstanding that all of the parties are not signatory to the same counterpart. This Release of Claims may be executed either by
original, PDF, or facsimile, any of which will be equally binding. 
 THE PARTIES TO THIS RELEASE OF CLAIMS HAVE READ THE FOREGOING RELEASE OF CLAIMS AND
FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS RELEASE OF CLAIMS ON THE DATES SHOWN BELOW. 
  

			
	AGREED:	  	ACCEPTED:
		
	  
	  	  

	Glenn Fusfield	  	 Leonard Fluxman
 Executive Chairman

OneSpaWorld Holdings Limited

		
	Date:	  	Date:

  
 A-7 

 RE-EXECUTED: 

 

	
	 NOT TO BE SIGNED PRIOR TO LAST DAY OF

EMPLOYMENT

	
	   

	 Glenn Fusfield

	
	 Date:

  
 A-8Exhibit 10.1

 

AGREEMENT

 

THIS AGREEMENT (the
 “Agreement”) is made as of the 14th day of September, 2020 by and between Hudson Technologies, Inc., P.O. Box 1541,
One Blue Hill Plaza, Pearl River, New York 10965, Hudson Technologies Company, P.O. Box 1541, One Blue Hill Plaza, Pearl River,
New York 10965, and Aspen Refrigerants, Inc., P.O. Box 1541, One Blue Hill Plaza, Pearl River, New York, 10965 (hereinafter Hudson
Technologies, Inc., Hudson Technologies Company, and Aspen Refrigerants, Inc. are collectively referred to herein as “Hudson”)
and Kenneth Gaglione, residing at 134 Nod Road, Ridgefield, CT 06877 (“Executive”).

 

WHEREAS, the Executive
is becoming an executive officer of Hudson Technologies, Inc. with the title of Vice President - Operations;

 

WHEREAS, Executive
will also be an employee of Hudson Technologies Company and Aspen Refrigerants, Inc. and will hold the position of Vice President
- Operations with each such entity and will be employed at Hudson’s Pearl River, New York headquarters facility;

 

WHEREAS, Hudson Technologies
Company and Aspen Refrigerants, Inc. are each a separate, indirect wholly-owned subsidiary of Hudson Technologies, Inc. and each
is made a party to this Agreement for the purpose of implementing the terms of this Agreement;

 

WHEREAS, Hudson and
the Executive acknowledge that, because the Executive’s duties and responsibilities will bring the Executive into contact
with Hudson’s confidential information, Hudson must ensure that its valuable confidential information, as well as its customer
relationships, are protected and can be entrusted to the Executive;

 

WHEREAS, Hudson and
the Executive acknowledge that the Executive’s talents, knowledge and services to Hudson are of a special, unique, and extraordinary
character and are of particular and peculiar benefit and importance to Hudson; and

 

WHEREAS, Hudson desires
to ensure that it will receive the dedication, loyalty and service of, and the availability of objective advice and counsel, from
the Executive, as well as assurances that the Executive will devote his best efforts to his employment with Hudson and that he
will not solicit other executives or employees of Hudson.

 

NOW THEREFORE, in consideration
of the employment by Hudson of the Executive, the payments, rights and benefits granted, and the mutual covenants and conditions
contained herein, and for other good and valuable consideration, receipt of which is hereby acknowledged, it is agreed as follows:

 

1.               
TERMINATION: The following payments and benefits (hereinafter “Severance Benefits”) will be provided to the
Executive by Hudson in the event of a Termination of Employment (as hereinafter defined):

 

A.               
Executive will continue to receive his annual base salary, based upon his annual base salary in effect as of the date of his Termination
of Employment, for a period of six (6) months (the “Severance Period”), in accordance with Hudson’s normal payroll
practice in effect as of the date of this Agreement. Hudson shall deduct from Executive’s continuing payroll all normal tax
withholdings and deductions which Hudson is required by law to make. The initial payment shall be made within the forty-five (45)
day period following the Executive’s Termination of Employment and the Executive shall have no right to designate the taxable
year of payment.

 

    1

     

    

 

B.               
Within the forty-five (45) day period following the Executive’s Termination of Employment, Hudson will pay to the Executive
a lump sum payment in an amount equal to a pro rata bonus through the date of Termination of Employment (the “Pro-Rata Bonus”).
For purposes of this paragraph “1.B.”, the Pro-Rata Bonus shall be an amount equal to the highest bonus earned by the
Executive in any calendar year within the three (3) calendar years immediately preceding the date of Termination of Employment,
pro-rated for the period served during the year in which the Termination of Employment occurs. Hudson shall deduct from this bonus
payment all normal tax withholdings and deductions which Hudson is required by law to make. The Executive shall have no right to
designate the taxable year of payment.

 

Notwithstanding the
foregoing, Hudson shall not be obligated to pay the Pro-Rata Bonus to the Executive if as of the date of Termination of Employment
(i) Hudson is operating at a level of performance, on a year to date basis, below Hudson’s net profit goals as established
by Hudson’s Budget (as hereinafter defined), or (ii) the Executive is acting at a level of performance, on a year to date
basis, such that he has not achieved all of the performance criteria established by the Executive’s Budget (as hereinafter
defined). For purposes of this paragraph “1.B.”, Hudson shall prepare a profit and loss statement showing Hudson’s
total year to date net profit as of the close of business the day prior to the date of Termination of Employment, and as compared
to the net profit under Hudson’s Budget (the “Interim P&L”).

 

C.               
Within the forty-five (45) day period following the Executive’s Termination of Employment, Hudson will pay to the Executive
a lump sum payment for the Executive’s unused vacation for the year in which the Termination of Employment occurs, equal
to the number of pro rata unused vacation days on the date of Termination of Employment, as determined in accordance with
Hudson’s standard vacation policy, multiplied by the Executive’s daily base salary on the date of the Termination of
Employment. Hudson shall deduct from this payment all normal tax withholdings and deductions which Hudson is required by law to
make. The Executive shall have no right to designate the taxable year of payment.

 

D.               
The Executive’s participation in life, health and dental insurance, disability insurance, and any other benefits (the “Benefits”)
provided by Hudson to the Executive as of the date of the Termination of Employment shall be continued, or essentially equivalent
benefits provided by Hudson, for the entire Severance Period or until otherwise terminated by the Executive, on the same terms,
conditions and costs as if the Executive continued in the employ of Hudson. To the extent Benefits include health and dental insurance,
such Benefits shall be provided as COBRA continuation coverage, and not in addition to COBRA. Notwithstanding the foregoing, to
the extent Benefit coverages provided to the Executive under this paragraph are taxable to the Executive, Hudson’s obligation
hereunder shall not exceed the applicable dollar amount under Section 402 (g)(1)(B) of the Internal Revenue Code of 1986, as amended
(the “Code”), determined as of the year in which the Executive’s “Separation of Service” occurs,
which is exempt under Treas. Reg. Section1.409A-1 (b)(9)(v)(D)(Limited Payment).

 

    2

     

    

 

E.                
All stock options, stock appreciation rights, and any similar rights which the Executive holds on the date of Termination of Employment
shall become fully vested and be exercisable on the date of Termination of Employment, and shall remain exercisable following the
Termination of Employment until (i) expiration of the Severance Period, (ii) termination of Severance Benefits pursuant to paragraph
 “6.A” below, or (iii) expiration of the original term of the stock option, stock appreciation right or similar right,
whichever first occurs. No extension of an exercise period under this Agreement shall extend to a date that would cause a stock
option, stock appreciation right or similar right to be subject to Code Section 409A.

 

F.                
For the purposes of this Agreement, the following definitions will apply:

 

(i)             
A “Termination of Employment” shall take place in the event that the Executive’s employment is terminated (a)
by Hudson without Cause (as hereinafter defined) or (b) by the Executive following an event constituting Good Reason (as hereinafter
defined).

 

(ii)            
 “Cause” shall exist if the act(s) or conduct of the Executive make it unreasonable to require Hudson to continue to
retain Executive in its employment, such as, but not limited to, (a) the Executive’s willful and continued refusal to perform,
or the Executive’s willful and continued neglect of, the substantive duties of his position, (b) any willful act or omission
by the Executive constituting dishonesty, fraud or other malfeasance, (c) material nonconformance with Hudson’s standard
business practices and policies, including but not limited to violation of Hudson’s Code of Business Conduct and Ethics or
Hudson’s Substance Abuse Policy, (d) any act or omission by the Executive which has a material adverse effect upon the financial
condition or business reputation of Hudson, (e) the Executive’s conviction of a felony, or any crime involving moral turpitude,
dishonesty or theft, under the laws of the United States, or any state thereof, or any other jurisdiction in which Hudson conducts
business, (f) breach of the provisions of sections “4” or “5” of this Agreement, (g) the resignation of
Executive other than pursuant to the occurrence of an event constituting Good Reason, or (h) Executive becomes “Disabled”
(as defined in Code Section 409A for purposes of a permissible payment event).

 

(iii)            
 “Good Reason” shall mean the occurrence of any of the following: (a) the Executive is assigned any duties or responsibilities,
without his consent, that are materially inconsistent with his position, duties, responsibilities, or status; (b) Hudson requires
the Executive, without his consent, to be based at a location which is more than fifty (50) miles from Hudson’s corporate
headquarters, currently located at One Blue Hill Plaza, Pearl River New York 10965; (c) except as provided in paragraph “1.I.”
below, the Executive’s annual base salary is reduced, except to the extent that the annual base salaries of all Executive
Officers (as defined below) are reduced due to the adverse financial condition of Hudson and further providing that the Executive’s
annual base salary may not be reduced to a level that is less than ninety percent (90%) of the Executive’s annual base salary
as of the date herein; (d) the Executive’s benefits are reduced and such reduction results in a material reduction in the
Executive’s total compensation, except to the extent that such reductions are made by Hudson on a company-wide basis and
affect all Executive Officers that participate in such benefits; or (e) except as provided in paragraph “1.I.” below,
the Executive experiences in any year a reduction in target bonus compensation, or other incentive compensation, or a reduction
in the ratio of the Executive’s target incentive compensation, bonus or other such payments to his base compensation, or
a reduction in the method of calculation of the Executive’s incentive compensation, bonus or other such payments if these
benefits or payments are calculated other than as a percentage of base salary, except to the extent such reduction applies equally
or proportionally, as the case may be, to all Executive Officers of Hudson. Good Reason shall not be deemed to exist unless the
Executive’s Termination of Employment for Good Reason occurs within ninety (90) days following the initial existence of one
of the foregoing conditions, the Executive provides Hudson with written notice of the existence of such condition(s) within thirty
(30) days after the initial existence of the condition(s) and Hudson fails to remedy the condition within thirty (30) days after
its receipt of such notice. An isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by Hudson
within ten (10) days after Hudson’s receipt of notice thereof given by the Executive shall not constitute Good Reason.

 

    3

     

    

 

(iv)           
 “Budget” shall mean (a) as to Hudson, the projected annual and monthly revenues, expenses and net profit goals approved
and accepted by Hudson’s board of directors for the applicable fiscal year, and for each month individually in that fiscal
year, and (b) as to Executive, all performance criteria capable of being measured on a month to month basis, if any, that have
been established for the Executive under any bonus or other incentive compensation plan covering the applicable fiscal year.

 

(v)           
 “Executive Officer(s) shall mean the following: Hudson’s President and Chief Executive Officer (currently Brian Coleman);
Hudson’s Chief Financial Officer (currently Nat Krishnamurti); Hudson’s Vice President – Sales & Marketing
(currently Kathleen Houghton); and any other current or future officer of Hudson Technologies, Inc. that is subject to Section
16(a) of the Securities Exchange Act of 1934.

 

G.                   Hudson’s obligation to pay the compensation and to make the arrangements provided in this section “1” shall be
absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any offset, counterclaim,
recoupment or other right which Hudson may have against the Executive or anyone else; provided, however that as a condition to
payment of amounts under this section “1”, within forty-five (45) days of the Executive’s Termination of Employment,
the Executive shall have (i) executed and not revoked a general release and waiver, in form and substance reasonably satisfactory
to Hudson and the Executive, of all claims relating to the Executive’s employment by Hudson and the termination of such employment,
including, without limitation, discrimination claims (including without limitation age discrimination), employment-related tort
claims, contract claims and claims under this Agreement (other than claims with respect to benefits under any tax-qualified retirement
plans or continuation of coverage or benefits solely as required under ERISA) with such general release and waiver having become
irrevocable, and (ii) executed an agreement expressly acknowledging and reaffirming the covenants and restrictions contained in
sections “4” and “5” below, and the remedies available to Hudson under section “6” below.

 

    4

     

    

 

H.               
All amounts payable by Hudson pursuant to this section “1” shall be paid without notice or demand. The Executive shall
not be obligated to seek other employment in mitigation of the amounts payable or arrangements made pursuant to this section “1”
and, except as provided in section “6” below, the obtaining of any other employment shall not result in a reduction
of Hudson’s obligation to make the payments, benefits and arrangements required to be made under this section “1”.

 

I.                  Executive expressly acknowledges that the following shall not constitute “Good Reason” for purposes of this section
 “1”:

 

(i)           
Establishing a new or different bonus or incentive compensation plan(s) in any subsequent year based upon new or different criteria
for calculating the applicability of, and the amount of any bonus or incentive compensation award due to the Executive, provided
that any new or different bonus or incentive compensation plan, and any award under said plan, applies equally or proportionally,
as the case may be, to all Executive Officers; except that Hudson may establish separate performance criteria and payment amounts
for awards under such plan for each Executive Officer that are reasonably achievable and reasonably related to such Executive Officer’s
normal duties and responsibilities;

 

(ii)          
A reduction of the Executive’s bonus compensation or other incentive compensation that (a) results from Hudson operating
at a level of performance below Hudson’s Budget, (b) results from the Executive’s failure or inability to attain, in
whole or in part, any or all of the performance criteria established for the Executive under the said plan, (c) results from the
application of the terms of such bonus or incentive compensation plan, or (d) is based upon the Executive’s performance or
non-performance, of his normal duties and responsibilities during the period covered by the bonus or incentive compensation plan
including, without limitation, due to the Executive’s Disability (as defined herein); or

 

(iii)          A reduction of the Executive’s annual base salary based upon the Executive’s performance or non-performance, of his
normal duties and responsibilities, provided that the Executive’s annual base salary may not be reduced to a level that is
less than ninety (90%) percent of the Executive’s annual base salary for the calendar year immediately prior to the Termination
of Employment.

 

2.                
TERMINATION FOR CAUSE: Hudson may at any time terminate the employment of the Executive for Cause (as defined in paragraph
 “1.F” above) upon five (5) days prior written notice to Executive. If Executive is terminated for Cause, he shall be
entitled to no Severance Benefits and shall be entitled to no bonus payment that might otherwise be owed to him if he worked for
the entire year. In the event of termination under this paragraph, Hudson shall pay Executive all amounts which are then accrued
but unpaid, including unpaid vacation as determined in accordance with Hudson’s’ standard vacation policy, within thirty
(30) days after the date of notice. Hudson shall have no further or additional liability to Executive.

 

3.                
EMPLOYMENT AT WILL; CONSEQUENCES OF TERMINATION: Nothing herein shall be deemed to create an agreement for employment of
Executive for any specified term or period of time. Hudson expressly agrees that at any time the Executive may resign or otherwise
terminate his or her employment with Hudson, for any reason or for no reason, subject to the provisions contained herein. Likewise,
the Executive expressly agrees that at any time Hudson may terminate the employment of the Executive for any reason or for no reason,
subject to the provisions contained herein.

 

    5

     

    

 

 4.               CONFIDENTIALITY:

 

 A.              Executive expressly acknowledges and agrees as follows:

 

(i)             Hudson expends a significant amount of funds annually on researching and developing solutions and proprietary techniques related
to the products and services it offers or is seeking to offer, and has developed substantial confidential, proprietary, and trade
secret information, and this confidential, proprietary and trade secret information, if misused, disclosed, misappropriated or
used by others, would result in irreparable harm to Hudson.

 

(ii)            Hudson’s Confidential Information (as hereinafter defined) constitutes valuable commercial assets of Hudson and is not readily
available to the general public or any persons not employed by or otherwise not associated in a position of trust with Hudson.
Hudson keeps its Confidential Information confidential (other than to the extent filings are required for patents) by, among other
things, restricting access to only those who need the information to perform their Hudson job function and prohibiting the use
or disclosure of Confidential Information to anyone not authorized to receive or use the Confidential Information.

 

(iii)         
Executive’s position with Hudson will continue to provide Executive with access to or knowledge of Hudson’s Confidential
Information.

 

(iv)          Hudson’s Confidential Information will become known to Executive only as a result of his employment with Hudson. To the extent
that Executive was previously engaged, on his own or with others, in a business that provided the same or similar services as those
provided by Hudson, Executive further acknowledges that such prior business knowledge and experience, and any familiarity with
entities that are actual or potential customers for the business, shall not permit or allow Executive to contend that Hudson’s
Confidential Information is not confidential or should not be protected from use or misappropriation.

 

 B.                 In light of the foregoing, Executive acknowledges and agrees as follows:

 

(i)           
All Confidential Information is the property of Hudson, and Executive shall not, without the express written consent of Hudson,
directly or indirectly use, disseminate, disclose, or in any way reveal, either during Executive’s employment or at any time
thereafter, all or any part of the Confidential Information, other than for the purposes authorized by Hudson, or only for the
benefit of Hudson.

 

(ii)          
Hudson shall be the sole owner of, and Executive hereby assigns to Hudson, any and all property rights to all Intellectual Property
(as hereinafter defined) made, conceived, originated, devised, discovered, invented, or developed before, during or after the term
of Executive’s employment with Hudson, whether or not Executive was involved either alone or with others, if it was in whole
or in part developed during the course of Executive’s employment or by Executive’s use of any property of Hudson. This
ownership provision does not apply to creations of the Executive which are made in the Executive’s own time, without the
use of any Hudson resources, and which do not relate in any way to Hudson’s business. Executive agrees to cooperate fully
and assist Hudson or its designee in the performance of any lawful acts that Hudson at its discretion deems necessary, and to execute
and deliver without charge any documents reasonably required by Hudson, to secure any patent, copyright, trademark, and other protection
for Intellectual Property and improvements thereon, and to assign to and vest in Hudson the entire interest therein in the United
States and all foreign countries.

 

    6

     

    

 

(iii)          
Upon request by Hudson at any time, or upon termination of employment with Hudson, whichever is sooner, Executive shall immediately
deliver to Hudson any and all information and property of Hudson in whatever form it exists, including but not limited to all Confidential
Information and all copies thereof or materials containing or derived from Confidential Information.

 

C.                
As used in this Agreement, “Confidential Information” means all information not publicly available (but including information
that is publicly available as a result of a breach by Executive of sections “4” and “5”) and not generally
known or used by Hudson’s competitors, or in the industry, and which could be harmful to Hudson if disclosed to persons outside
of Hudson and which includes, but is not limited to:

 

(i)            
Intellectual Property (as hereinafter defined);

 

(ii)          
Technical information, such as, but not limited to: Hudson’s plant organization and designs; product formulation, manufacturing,
performance and processing data; and research and development results and plans;

 

(iii)          Product information, such as, but not limited to: non-public details of Hudson’s products and services, including but not
limited to, its existing refrigerant, decontamination, reclamation and recovery products and services, as well as those being developed;
specialized equipment and training; product plans, drawings and specifications; and performance capabilities, strengths and weaknesses;

 

(iv)          Strategic information, such as, but not limited to: Hudson’s material costs; supplier and vendor information; overhead costs;
pricing; profit margins; banking and financing information; and market penetration initiatives and strategies;

 

(v)           Organizational information such as, but not limited to: Hudson’s personnel and salary data; information concerning the utilization
of facilities; merger, acquisition and expansion information; equipment utilization information; and Hudson manuals, policies and
procedures;

 

(vi)         
Marketing and sales information, such as, but not limited to: Hudson’s licensing, marketing and sales techniques and data;
customer lists; customer data, such as, but not limited to, their personnel, project, financial and account status, individual
needs, historical purchases, and contact information; product development and delivery schedules; market research and forecasts;
and marketing and advertising plans, techniques and budgets; and

 

    7

     

    

 

(vii)         Advertising information, such as, but not limited to: Hudson’s overall marketing policies; the specific advertising programs
and strategies utilized by Hudson; and the success or lack of success of those programs and strategies.

 

“Confidential
Information” does not include general skills, experience or information that is generally available to the public, other
than information which has become generally available as a result of Executive’s direct or indirect act or omission. “Confidential
Information” also does not include information regarding Executive’s own pay and benefits, information as to the terms
and conditions of employment, or information that is deemed not confidential under Section 7 of the National Labor Relations Act.
Executive understands that nothing contained in this Agreement limits Executive’s ability to file a charge or complaint with
the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupation Safety and Health Administration,
the Securities and Exchange Commission, or any other federal, state or local governmental agency or commission (“Government
Agencies”). Executive further understands that this Agreement does not limit Executive’s ability to communicate with
any Government Agency, including providing documents or other information, without notice to Hudson. This Agreement does not limit
Executive’s right to receive an award for information provided to any Government Agencies.

 

D.               
As used in this Agreement, “Intellectual Property” means all information concerning the evaluation, design, engineering,
construction, marketing, and sales of the products and services provided by Hudson and which includes, but is not limited to: any
and all patents, patents pending; trademarks, copyrights, and any and all applications for same issued to and/or applied for by
Hudson; any and all technological (including software), educational, operational, and financial innovations, discoveries, inventions,
designs, and formulae; tests; performance data; process or production methods; improvements to all such property; and all recorded
material defining, describing, illustrating, or documenting in any fashion, all such property, whether written or not and regardless
of the medium in which the information is stored or recorded; without regard to whether such property is patentable, copyrightable,
or subject to trade/service mark protection, and without regard to whether a patent, copyright, or trademark or service mark has
been sought or obtained.

 

E.                
Notwithstanding anything in this Agreement, Executive is hereby advised that pursuant to the federal Defend Trade Secrets Act:
(i) an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure
of a trade secret that (a) is made (1) in confidence to a federal, state, or local government official, either directly or indirectly,
or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in
a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) an individual
who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to
the attorney of the individual and use the trade secret information in the court proceeding, if the individual (a) files any document
containing the trade secret under seal; and (b) does not disclose the trade secret, except pursuant to court order.

 

    8

     

    

 

 5.               NON-COMPETITION / NON-SOLICITATION:

 

A.               
Executive expressly acknowledges and agrees as follows:

 

(i)           
Hudson compensates its employees, among other things, to develop and to pursue, on Hudson’s behalf, good relationships and
goodwill with all customers and potential customers, whether developed by Executive or others within the Hudson organization;

 

(ii)          
Executive will be exposed to, acquire and develop knowledge of Confidential Information including, without limitation, Confidential
Information related to Hudson’s customers, operations, and its suppliers;

 

(iii)         
Executive is able to be gainfully employed by other employers in a variety of other industries and businesses that are engaged
in businesses that do not involve and are not competitive with any part of Hudson’s business.

 

B.              
In light of the foregoing, Executive agrees, that while Executive is employed by Hudson, and continuing until the expiration of
the Covenant Period (as hereinafter defined):

 

(i)           
Executive shall not, within the Restricted Territory (as hereinafter defined), compete with Hudson, directly or indirectly, whether
for Executive’s own behalf or on behalf of or in conjunction with any other person, persons, company, partnership, corporation
or business entity, whether for profit or not-for-profit, by being employed by, participating in, or otherwise being materially
connected in the conduct of any business activity that involves providing products or services that are like or similar to, or
competitive with, or would replace or be a substitute for, any one or more of the products and services provided by Hudson (hereinafter
 “Competitive Products”) if such employment, participation, or connection involves (a) responsibilities similar to responsibilities
Executive had or performed for Hudson at any time during the last eighteen (18) months of Executive’s employment with Hudson;
(b) supervision of employees or other personnel in the provision of Competitive Products; (c) development or implementation of
strategies or methodologies related to the provision of Competitive Products; (d) marketing or sale of Competitive Products; or
(e) responsibilities in which Executive would utilize or disclose Confidential Information.

 

(ii)           
Executive shall not compete with Hudson, directly or indirectly, whether for Executive’s own behalf or on behalf of or in
conjunction with any other person, persons, company, partnership, corporation or business entity, whether for profit or not-for-profit,
by calling upon, contacting, diverting, soliciting, or doing business for or with any “Client” of Hudson (as hereinafter
defined) for the purpose of offering or providing any Competitive Products.

 

(iii)         
Executive shall not directly or indirectly, without the prior written consent of Hudson, (a) induce, solicit, entice, or encourage
any officer, director, Executive or other individual to leave his or her employment with Hudson, (b) induce, solicit, entice, or
encourage any officer, director, Executive or other individual to compete in any way with the products and services of Hudson,
or to violate the terms of any employment, non-competition, confidentiality or similar agreement with Hudson; or (c) employ, offer
to employ, contract with, offer to contract with, or do business with any officer, director, Executive or other individual who
is employed by Hudson.

 

    9

     

    

 

C.               
For purposes of this section “5”, the “Covenant Period” shall be six (6) months after the Executive’s
last day of employment with Hudson, regardless of the reason underlying the termination of Executive’s employment.

 

D.                Executive acknowledges that many of Hudson’s services are remedial in nature and, as such, its customers may utilize Hudson’s
services on an infrequent basis over an extended period of time or following a protracted sales effort over an extended period
of time. Executive also acknowledges that because of his position, he will likely have knowledge of Hudson’s customers through
access to Confidential Information, whether or not located within the Restricted Territory (hereinafter defined). Accordingly,
for purposes of this paragraph “5”, the term “Client” shall mean (a) any customer or potential customer
of Hudson upon whom Executive, during the last eighteen (18) months of Executive’s employment with Hudson, called upon or
with whom Executive had any contact, or as to whom Executive was involved in regard to planning, marketing, conducting, or overseeing
an offer to sell products or perform services; (b) any customer as to whom Executive assisted in selling products or providing
services, or as to whom Executive was involved in regard to planning, marketing, conducting, or overseeing the offer to sell products
or perform services if the customer received any products or services from Hudson during the last eighteen (18) months of Executive’s
employment with Hudson; (c) any potential customer of Hudson whose identity Executive learned during the eighteen (18) months of
Executive’s employment with Hudson or learned from Confidential Information at any time; or (d) any customer for whom Hudson
has provided products or services to at any time during the thirty-six (36) months preceding the last day of the Executive’s
employment with Hudson and whose identity as a Hudson customer Executive learned from Confidential Information at any time.

 

E.                
Executive acknowledges that the nature of Hudson’s business is such that provides its products and services to customers
throughout the United States of America and Puerto Rico. Accordingly, the “Restricted Territory” includes each and
every state of the United States of America (including the District of Columbia) and Puerto Rico.

 

F.                
In order to assure Hudson of the full six (6) months of the Covenant Period within which to protect its goodwill and to prevent
Executive from unfairly benefiting by violations of this section “5”, the provisions and requirements of this section
 “5” shall be extended for a period of time beyond the Covenant Period equal in length to the total length of time during
which Executive is in violation of any one or more provisions of this paragraph.

 

G.               
In the event it is determined by a court of competent jurisdiction that any provision or portion of a provision of this section
 “5” is not enforceable under the law governing this Agreement, the unenforceable provision or portion thereof may be
stricken, and the remainder of the provision and of this section “5” shall be valid and fully enforceable, in all respects,
as if the provision or portion of a provision deemed unenforceable had never been a part of the Agreement. Further, if any provision
of this Agreement is found to be overbroad or unenforceable, the court or any other authority with competent jurisdiction is expressly
authorized to conform the provision to the extent necessary to remedy any deficiency and render it valid and enforceable.

 

    10

     

    

 

 6.               REMEDIES:

 

A.              
In the event that the Executive breaches any term or provision of sections “4” or “5” of this Agreement,
Hudson shall be immediately, permanently and irreparably damaged and shall be entitled, in addition to and without limiting Hudson’s
rights to, any and all other legal and equitable remedies and damages, (i) to a temporary restraining order ex parte, to a preliminary
injunction, and to a permanent injunction, to restrain Executive’s actions or the actions of others acting in conjunction
with Executive or on Executive’s behalf, (ii) to terminate all future Severance Benefits through the remainder of the Severance
Period, and (iii) to recover from Executive all Severance Benefits actually paid to the Executive, including any costs or expenses
actually incurred by Hudson in providing such Severance Benefits. Executive agrees that Executive will not be damaged by enforcement
of this covenant as Executive can obtain many other types of gainful employment without violating the provisions of sections “4”
or “5”, so that no bond shall be required, and if the court requires a bond to be posted, it shall not exceed $500.00.

 

B.               
All of Executive’s covenants and obligations under sections “4” and “5” of this Agreement shall survive,
and shall remain enforceable, for so long as Executive is employed and after termination of employment for any reason, and shall
survive despite future promotions, raises, changes in position or compensation, demotions and the execution of new agreements with
Hudson, and shall inure to the benefit of Hudson’s successors and assigns, unless Hudson executes in writing an agreement
expressly terminating the covenants of sections “4” and “5” of this Agreement.

 

C.               
Hudson and Executive shall each bear and be responsible for their own attorneys’ fees, expenses and disbursements incurred
in any litigation brought by either party to enforce or interpret any provision contained in sections “4” or “5”
of this Agreement.

 

7.                 NOTICES:
              All notices required or permitted to be given under this
Agreement shall be sufficient if in writing and if sent by certified mail, return receipt requested, to the Executive at his residence,
and to Hudson at its principal office located at P.O. Box 1541, One Blue Hill Plaza, Pearl River, New York 10965, attention Chief
Executive Officer, or at such other address as any party specifies by giving proper notice.

 

8.               
SUCCESSORS:            This Agreement shall be binding upon and shall inure to the benefit of the Executive and his estate. Neither
this Agreement nor any rights hereunder shall be assignable by the Executive.

 

This Agreement shall
be freely assignable by Hudson to, and shall inure to the benefit of, and be binding upon, any successor corporation or affiliate
of a successor corporation, and all references in this Agreement to Hudson shall include its subsidiaries and affiliates and any
successors, affiliates of successors or assigns of Hudson. As used herein, the term “successor” shall mean any person,
firm, corporation or business entity or affiliate thereof which at any time, whether by merger, purchase, or otherwise, directly
or indirectly acquires all or substantially all of the assets or the business of Hudson, including any entity that shall be the
surviving corporation in a merger with Hudson.

 

    11

     

    

 

9.                
INDEMNIFICATION:            In the event that any litigation shall be brought to enforce or interpret any provision contained in
sections “1” or “2” of this Agreement, then, provided that the Executive prevails to any extent, Hudson
or any successor corporation shall reimburse or indemnify the Executive for the Executive’s reasonable attorneys’ fees,
expenses and disbursements incurred in such litigation, including the costs of enforcement.

 

10.             
CONTROLLING LAW:           This Agreement and all other issues regarding the employment of the Executive shall be governed by the
laws of the State of New York, without reference to its conflicts of law principles.

 

11.              
ENTIRE AGREEMENT:          This Agreement represents the entire agreement and understanding of the parties regarding the subject
matter hereof, and all prior or contemporaneous agreements, representations, or understandings with respect to the subject matter
hereof are expressly superseded by, and do not survive this Agreement. Executive has not relied upon any inducement, promise, representation,
or assurance, other than those expressly set out herein. Except as expressly permitted herein, this Agreement may not be modified
or amended except in writing signed by all parties hereto.

 

12.              
WAIVER: The waiver of any breach of any provision of this Agreement by either party shall not operate or be construed as
a subsequent waiver by either party of any term or condition of this Agreement.

 

13.              
HEADINGS: The headings in this Agreement are inserted for convenience of reference only and shall not affect the meaning
or interpretation of this Agreement.

 

14.               SEVERABILITY:
The parties intend and agree that each covenant and condition contained in this Agreement shall be a separate and distinct covenant.
If any provision of this Agreement is found to be invalid, illegal, or unenforceable, the remaining provisions shall not be affected.

 

 15. COMPLIANCE WITH CODE SECTION 409A:

 

A.                It
is the intention of Hudson and the Executive that the payments, benefits and rights to which the Executive could be entitled pursuant
to this Agreement comply with Code Section 409A, the Treasury regulations and other guidance promulgated or issued thereunder (collectively
for purposes of this section 15, “Section 409A”), to the extent that the requirements of Section 409A are applicable
thereto, and after application of all available exemptions, including but not limited to, the “short-term deferral rule”
and “involuntary separation pay plan exception” and the provisions of this Agreement shall be construed in a manner
consistent with that intention. If any provision of this Agreement (or of any award of compensation, including equity compensation
or benefits) would cause the Executive to incur any additional tax or interest under Section 409A, Hudson shall, upon the specific
request of the Executive, use its reasonable business efforts to in good faith reform such provision to comply with Section 409A;
provided, that to the maximum extent practicable, the original intent and economic benefit to the Executive and Hudson of the applicable
provision shall be maintained, but Hudson shall have no obligation to make any changes that could create any additional economic
cost or loss of benefit to Hudson. Hudson shall not have any liability to the Executive with respect to tax obligations that result
from the application of Section 409A and makes no representation with respect to the tax treatment of the payments and/or benefits
provided under this Agreement. Any provision required for compliance with Section 409A that is omitted from this Agreement shall
be incorporated herein by reference and shall apply retroactively, if necessary, and be deemed a part of this Agreement to the
same extent as though expressly set forth herein.

 

    12

     

    

 

B.                 With
regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by
Section 409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit,
(ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect
the expense eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing
clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Code Section 105(b) solely
because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be
made on or before the last day of the Executive's taxable year following the taxable year in which the expense was incurred.

 

C.                 For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which the Executive
is entitled under this Agreement shall be treated as a separate payment within the meaning of Section 409A. In addition, to the
extent permissible under Section 409A, any series of installment payments under this Agreement shall be treated as a right to a
series of separate payments.

 

D.                Neither Hudson nor the Executive, individually or in combination, may accelerate any payment or benefit that is subject to Section
409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount that is subject to Section 409A
shall be paid prior to the earliest date on which it may be paid without violating Section 409A. If the consideration period (or
revocation period, if applicable) for any general release and waiver extends across two (2) calendar years, the payments to the
Executive shall begin in the second of the calendar years.

 

E.                 If and to the extent required to comply with Section 409A, a Termination of Employment, as defined above, shall not be deemed to
have occurred for purposes of this Agreement providing for the payment of any amounts or benefits upon or following a Termination
of Employment unless such termination is also a “Separation from Service” within the meaning of Section 409A and, for
purposes of any provision of this Agreement, references to Termination of Employment, “termination,” “termination
of employment” or like terms shall mean “Separation from Service.”

 

F.                
If the Executive is deemed on the date of termination of his employment to be a “specified employee,” within the meaning
of that term under Section 409A(a)(2)(B) and using the identification methodology selected by Hudson from time to time, or if none,
the default methodology under Section 409A, then with regard to any payment or the providing of any benefit subject to this Agreement
and to the extent required to be delayed in compliance with Section 409A(a)(2)(B), and any other payment or the provision of any
other benefit that is required to be delayed in compliance with Section 409A(a)(2)(B), such payment or benefit shall not be made
or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of the Executive’s
Separation from Service or (ii) the date of the Executive’s death. In this regard, it is the intention and understanding
of Hudson and the Executive that payments made following a Termination of Employment under paragraph “1” shall be exempt
under the “short-term deferral rule” and “involuntary separation pay plan exception”, and other applicable
exceptions, from the requirements of Section 409A(a)(2)(B) and are not required and shall not be delayed. Absent such exception,
on the first day of the seventh month following the date of Executive’s Separation from Service or, if earlier, on the date
of his death, all payments delayed pursuant to this paragraph “15.F.” (whether they would have otherwise been payable
in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and
any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates
specified for them herein. The determination of whether the Executive is a “specified employee” shall be made by Hudson
in good faith applying Section 409A.

 

    13

     

    

 

IN WITNESS
THEREOF, the parties have executed this agreement as of the date written above.

 

	 	Hudson Technologies, Inc.
	 	 
	 	By: 	/s/ Brian Coleman
	 	 
	 	Hudson Technologies Company
	 	 
	 	By: 	/s/ Brian Coleman
	 	 
	 	Aspen Refrigerants, Inc.
	 	 
	 	By: 	/s/ Brian Coleman
	 	 
	 	/s/ Kenneth Gaglione
	 	Kenneth Gaglione

 

    14

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