Autoweb, inc. enters into first amendment to revolving credit and security agreement; announces termination of wesley ozima as senior vice president, controller

On october 29, 2019, autoweb, inc. entered in a first amendment to revolving credit and security agreement with pnc bank, national association, as agent (‘pnc’), and the company’s u.s. subsidiaries, amending the company’s existing revolving credit and security agreement with pnc that was initially entered into as of april 30, 2019 (‘credit agreement’). the credit agreement first amendment provides for: an amended financial covenant related to the company’s minimum required ebitda (as defined in the credit agreement) for the quarter ended september 30, 2019 and for the later periods set forth in the credit agreement first amendment; and a new financial covenant requiring the company to maintain at least a 1.20 to 1.00 fixed charge coverage ratio (as defined in the credit agreement first amendment) for the periods set forth in the credit agreement first amendment. additionally, the credit agreement first amendment provides the company with the right to cure defaults of the foregoing covenants in the future through the application of the proceeds from the sale of new equity interests in the company, subject to the conditions set forth in the credit agreement first amendment.on october 28, 2019, the company and mr. wesley ozima, the company’s senior vice president, controller, agreed that his employment with the company will terminate without cause effective november 29, 2019.
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