Item 1.01 Conclusion of a Material Definitive Agreement.

On December 22, 2021 (the "Effective Date"), Energy Recovery, Inc. (the
"Company") entered into a Credit Agreement (the "Agreement") between JPMorgan
Chase Bank, N.A., a national banking association as lender and the Company as
borrower. The Agreement provides for a total available credit line of
$50.0 million. Under the Agreement, the Company is allowed to draw advances not
to exceed, at any time, $50.0 million as revolving loans. The total Letters of
Credit issued under the Agreement may not exceed the lesser of the $25.0 million
credit line or the credit line minus all outstanding revolving loans. At no time
may the aggregate of the revolving loans and letters of credit exceed the total
available credit line of $50.0 million.
On the Effective Date, in connection with entering into the Agreement, the
Company terminated its existing Loan and Pledge Agreement dated as of January
27, 2017, with Citibank N.A.
The Agreement is subject to the customary affirmative and negative covenants for
a credit facility of this type, including limitations on the Company with
respect to liens, indebtedness, investments, and dispositions of assets.
Revolving loans under the Credit Agreement may be in the form of 1) a base rate
loan that bears interest equal to (a) the greater of the Wall Street Journal
prime rate and (b) the sum of (i) one-month reserve adjusted LIBOR and
(ii) 2.50%, plus an applicable margin of 0.25% or 0.50%, subject to the
Company's total leverage ratio, or 2) a Eurodollar loan that bears interest
equal to the sum of the reserved adjusted LIBOR rate for an interest period
elected by the Company, plus an applicable margin of 1.25% or 1.50%, based upon
the Company's total leverage ratio.
The Agreement matures on December 21, 2026 and is collateralized by
substantially all of the Company's assets.
The above description in this Current Report is not intended to be a complete
description of the Agreement. The full text of the Agreement is attached as
Exhibit 10.1 to this Current Report.

Section 1.02 Termination of a Material Definitive Agreement.

The information provided in Section 1.01 of this current report on Form 8-K is hereby incorporated by reference.

Item 2.03 Creation of a Direct Financial Obligation or Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in Section 1.01 of this current report on Form 8-K is hereby incorporated by reference.

Item 9.01 Financial statements and supporting documents.

(d)  Exhibits
   Exhibit Number          Description
        10.1                 Credit Agreement     Between JP    Morgan     Chase     Bank, N.A. and
                           Energy Recovery, Inc. dated December 22, 2021

        104                Cover Page Interactive Data File - the cover page XBRL tags are embedded
                           within the Inline XBRL document

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