Item 1.01 Entry into a Material Definitive Agreement
On
- The maturity date of the Credit Agreement was extended from
to
- In consideration of the extension of the maturity date, the Company will pay an
extension fee to the lender of up to
- A first installment of
- A second installment of
- A third installment of
entire loan balance is paid down by
waived.
The foregoing summary of the amendment to the Credit Agreement is qualified in its entirety by reference to the Seventh Amendment to Loan and Security Agreement, a copy of which is filed herewith as Exhibit 99.1, and incorporated by reference herein.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(c) On
-
of the Company.
and has been employed since
interim-management positions as a CFO and Financial Advisor with
underperforming and bankrupt companies, and has optimized recoveries in
liquidations, receivership, and bankruptcy sales. Prior to joining
MorrisAnderson,
where he performed interim management services, buy and sell-side M&A financial
due diligence, strategic advisory, and post-acquisition operational
integration.
-
Restructuring Officer of the Company.
MorrisAnderson.
(CTP).
Welch has held interim-management positions as a CFO, CRO, CEO and Financial
Advisor with underperforming and bankrupt companies, and has optimized
recoveries in liquidations, receivership, and bankruptcy sales. He has specific
expertise in environmental resolution, bankruptcy, forensic accounting, cost
reduction, asset recovery, restructuring plans and liquidation. He has also
testified in state and federal courts as an expert witness, prepared fraud
cases for the government and testified in bankruptcy court.
Neither
Each of
(e) On
The Board approved establishing a bonus pool for certain employees to provide
incentives to remain employed with the Company and to maximize the value of the
Company during the sale process that was previously approved by the Board and
disclosed in a report on Form 8-K on
The Board also approved a retention bonus for
Item 9.01 Financial Statements and Exhibits. (a) Not applicable. (b) Not applicable. (c) Not applicable. (d) Exhibits. Exhibit Number Description 99.1 Seventh Amendment to Loan and Security Agreement, dated effective as ofFebruary 19, 2023 , by and betweenAllied Healthcare Products, Inc. andSummit Financial Resources, LLC 99.2 Form of Indemnification Agreement between the Company and Mssrs. Welch and Amin, datedFebruary 22, 2023 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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