Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On January 2, 2020, Hudson Technologies, Inc. (the "Company") appointed Ryan A.
Maupin as its Chief Restructuring Officer.
Mr. Maupin, age 39, is a Principal of Grant Thornton LLP in its Strategic
Solutions practice, a position he has held since 2015. Prior to becoming a
Principal, from 2013-2015, Mr. Maupin was a Director in the Strategic Solutions
practice of Grant Thornton LLP. Mr. Maupin specializes in advising boards of
directors, senior executives, creditors and funds in restructuring situations.
From 2010 to 2013, Mr. Maupin was a Director in the Transactions and
Restructuring Group at KPMG LLP. From 2006 to 2010 he was a Manager at Grant
Thornton LLP and from 2005 to 2006 served as a Consultant at Navigant Capital
Advisors.
Mr. Maupin's services are being provided to the Company by Grant Thornton LLP at
a cost of $120,000 per month.
Mr. Maupin was retained by the Company in accordance with the requirements set
forth in the Waiver and Fourth Amendment to Term Loan Credit and Security
Agreement (the "Fourth Amendment") among Hudson Technologies Company ("HTC"), an
indirect subsidiary of the Company, and HTC's affiliates Hudson Holdings, Inc.
and Aspen Refrigerants, Inc., as borrowers, the Company as a guarantor, and U.S.
Bank National Association, as collateral agent and administrative agent, and the
various lenders thereunder.
In the event that, following the retention of the Chief Restructuring Officer
("CRO"), LTM Adjusted EBITDA (as defined) exceeds the greater of (x) 105% of the
minimum LTM Adjusted EBITDA and (y) $9.55 million for two consecutive quarterly
reporting periods, the Company may terminate the CRO if the Company reasonably
determines that the services of the CRO are no longer needed; provided, that no
default shall have occurred or be continuing under the Term Loan Facility.
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