Legal Proceedings.
−Removed: On May 31, 2022, TETRA filed a demand for arbitration with the American Arbitration Association (“AAA”) under a certain Bromine Requirements Sales Agreement between TETRA and LANXESS Corporation (formerly Chemtura Corporation, “LANXESS”) (the “Sales Agreement”).
−Removed: Under the Sales Agreement, TETRA agreed to purchase a certain volume of elemental bromine.
−Removed: LANXESS notified TETRA of a proposed non-ordinary course increase to the price of bromine.
−Removed: After lengthy discussions, TETRA and LANXESS were unable to reach an agreement regarding the validity of the proposed price increase;
−Removed: therefore, TETRA filed for arbitration seeking declaratory relief, among other relief, declaring that the proposed price increase is invalid.
−Removed: On September 19, 2022, LANXESS filed a counterclaim with the AAA seeking declaratory relief, among other relief.
−Removed: On May 25, 2023, TETRA entered into the Third Amendment to Bromine Requirements Sales Agreement (the “Amendment”) with LANXESS.
−Removed: The Amendment was effective April 1, 2023 and was entered into in connection with the entry into a settlement agreement in the Company’s arbitration with LANXESS.
−Removed: The Amendment provides for, among other things, revised volume requirements and related terms.
−Removed: On June 14, 2023, in light of the settlement agreement, and in response to the parties’ stipulated motion to dismiss, the arbitration panel issued an Order of Dismissal, which dismissed all claims in the arbitration with prejudice.
−Removed: We are named defendants in numerous additional lawsuits and respondents in certain governmental proceedings arising in the ordinary course of business.
+Added: We are named defendants in numerous lawsuits and respondents in certain governmental proceedings arising in the ordinary course of business.
While the outcome of lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or other proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse effect on our financial condition, results of operations or liquidity.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.