Exhibit 10.1

Execution Version

FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED

CREDIT AND GUARANTY AGREEMENT

FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT
(this “Amendment”), dated as of September 30, 2015 among FAIRMOUNT SANTROL INC.
(f/k/a FAIRMOUNT MINERALS, LTD.), a Delaware corporation (the “U.S. Borrower”),
certain subsidiaries of the U.S. Borrower, as Guarantors, Lake Shore Sand
Company (Ontario) Ltd., an entity organized under the laws of the province of
Ontario, Canada, as Canadian Borrower (the “Canadian Borrower”, and, together
with the U.S. Borrower, the “Borrowers”), the Revolving Lenders party hereto
(which shall constitute not less than the Required Revolving Lenders under the
Credit Agreement (as defined below)), BARCLAYS BANK PLC (“Barclays”), as
Administrative Agent (in such capacity and including any successors, the “Term
Administrative Agent”) and as Revolving Administrative Agent (in such capacity
and including any successors, the “Revolving Administrative Agent” and, together
with the Term Administrative Agent, the “Administrative Agent”).

RECITALS

A. WHEREAS, FMSA Inc. (f/k/a Fairmount Santrol Holdings Inc. and Fairmount
Minerals Holdings, Inc.), a Delaware corporation (“Holdings”), the U.S.
Borrower, certain subsidiaries of the U.S. Borrower, as Guarantors, the Canadian
Borrower, the Lenders party thereto from time to time, Barclays, as
Administrative Agent and as Collateral Agent, Barclays, as Revolving
Administrative Agent and the other agents referred to therein are party to that
certain Second Amended and Restated Credit and Guaranty Agreement dated as of
September 5, 2013 (as amended from time to time prior to the date hereof,
between the parties thereto, restated or otherwise modified prior to the date
hereof, the “Credit Agreement”). Except as otherwise provided herein, all
capitalized terms used but not defined herein shall have the meanings given to
them in the Credit Agreement;

B. WHEREAS, Section 10.05(c) of the Credit Agreement permits the U.S. Borrower
and the Required Revolving Lenders to amend the Credit Agreement to amend
Section 6.07 thereof, the definition of “Leverage Ratio” or any defined terms
set forth therein or any defined term used therein with the consent solely of
the U.S. Borrower and the Required Revolving Lenders, subject to certain
requirements set forth in said Section;

C. WHEREAS, Section 2.13(b) of the Credit Agreement permits the U.S. Borrower to
reduce the aggregate amount of the Revolving Commitments and pursuant thereto,
the U.S. Borrower has provided notice thereof to the Administrative Agent that,
effective as of the Effective Date (as defined herein), the aggregate U.S.
Revolving Commitments shall be $99,000,000 (and the aggregate Canadian Revolving
Commitments shall remain $1,000,000); and

D. WHEREAS, the U.S. Borrower and the Required Revolving Lenders have agreed to
amend the Credit Agreement to amend Section 6.07 thereof, subject to the
conditions set forth herein, including the Ongoing Conditions (as defined
herein).

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Accordingly, in consideration of the mutual agreements herein contained and
other good and valuable consideration, the sufficiency and receipt of which are
hereby acknowledged, the parties hereto agree as follows:

SECTION 1. Amendments to the Credit Agreement.

(a) Section 6.07 of the Credit Agreement is hereby amended by deleting it in its
entirety and replacing it with the following:

“In the case of the U.S. Borrower, if the aggregate Revolving Exposure
(excluding any Letters of Credit that have been cash collateralized or
backstopped in a manner reasonably satisfactory to the Issuing Bank in an amount
equal to 100% or more of the maximum stated amount of the relevant Letter of
Credit) of all of the Lenders is greater than $31,250,000 as of the last day of
any Fiscal Quarter, then (i) so long as the Covenant Triggering Event (as
defined below) has not occurred as of such date, (x) if such date is prior to
March 31, 2017, permit Consolidated Adjusted EBITDA as at the applicable period
ending on such date to be less than the amount set forth below for such period:

Minimum Consolidated Adjusted EBITDA

 

Period

  

Minimum Consolidated
Adjusted EBITDA

 

Fiscal Quarter ending September 30, 2015

   $ 20,000,000   

Two Fiscal Quarters ending December 31, 2015

   $ 40,000,000   

Three Fiscal Quarters ending March 31, 2016

   $ 60,000,000   

Four Fiscal Quarters ending June 30, 2016

   $ 90,000,000   

Four Fiscal Quarters ending September 30, 2016

   $ 110,000,000   

Four Fiscal Quarters ending December 31, 2016

   $ 130,000,000   

and (y) commencing on March 31, 2017, permit the Leverage Ratio to exceed the
Leverage Ratio set forth below for such test date:

Leverage Ratio

 

Test Date

  

Leverage
Ratio

 

March 31, 2017

     6.50:1.00   

June 30, 2017

     6.00:1.00   

September 30, 2017

     5.50:1.00   

December 31, 2017 and thereafter

     4.75:1.00   

and (ii) commencing on the first date on which the Leverage Ratio as of the last
day of any Fiscal Quarter is less than 4.75:1.00 (the “Covenant Triggering
Event”), permit the Leverage Ratio to exceed 4.75:1.00 as of the last day of
such Fiscal Quarter.”

 

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SECTION 2. Representations and Warranties. The U.S. Borrower hereby represents
and warrants to the Revolving Lenders and the Administrative Agent that the
following statements are true and correct in all respects:

(a) the representations and warranties set forth in Article IV of the Credit
Agreement are true and correct in all material respects on and as of the date
hereof to the same extent as if made on and as of the date hereof, except to the
extent such representations and warranties specifically relate to an earlier
date, in which case such representations and warranties shall have been true and
correct in all material respects on and as of such earlier date; provided that
to the extent any such representation and warranty is already qualified by
materiality or Material Adverse Effect, such representation and warranty shall
be true and correct in all respects;

(b) each Loan Party has the requisite power and authority to execute and deliver
this Amendment and to perform its obligations under this Amendment and each Loan
Document, as amended hereby. The execution and delivery of this Amendment and
the performance by each Loan Party of this Amendment and each Loan Document (as
amended hereby) to which it is a party have been duly approved by all necessary
organizational action of each such Loan Party; and

(c) this Amendment has been duly executed and delivered by each Loan Party that
is a party hereto and thereto and this Amendment is the legally valid and
binding obligation of such Loan Party thereto, enforceable against such Loan
Party in accordance with its terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally or by equitable principles relating to
enforceability.

SECTION 3. Conditions to Effectiveness of this Amendment. The effectiveness of
the Amendment shall be subject to the following conditions precedent (the date
on which such conditions precedent have been satisfied (or waived) is referred
to herein as the “Effective Date”) and the Ongoing Conditions:

(a) The Administrative Agent shall have received duly executed counterparts of
this Amendment from the Required Revolving Lenders and the U.S. Borrower, which
shall be originals or facsimiles or “.pdf” files (followed promptly by
originals) unless otherwise specified, dated as of the Effective Date.

(b) The U.S. Revolving Commitments shall have been permanently reduced by
$25,000,000 pursuant to Section 2.13(b) of the Credit Agreement and Section 5
hereof.

(c) The Administrative Agent shall have received a fully executed amended and
restated control agreement in respect of the Fairmount Santrol Inc. Master
Account established at PNC Bank, National Association, which account shall be
subject to the “control” (as defined in Section 9-104 the Uniform Commercial
Code as in effect in the State of New York) of the Collateral Agent (the
“Controlled Deposit Account”).

 

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(d) A consent fee for the account of each Revolving Lender providing its consent
hereunder in an amount equal to 0.25% of the aggregate amount of Revolving
Commitments held by such Revolving Lender on the Effective Date (after giving
effect to the reduction in U.S. Revolving Commitments referred to in the third
WHEREAS clause above and in Section 5 below) shall be paid in full on the
Effective Date.

(e) No Default or Event of Default shall exist, or would result from the
execution and delivery of this Amendment.

SECTION 4. Ongoing Conditions. The parties to this Amendment agree that (such
agreement, the “Ongoing Conditions”):

(a) If, at any time, (x) Revolving Loans are outstanding and (y) the aggregate
amount of Cash and Cash Equivalents (in each case, net of written but uncashed
checks) held by the Loan Parties is in excess of $50,000,000 (such excess
amount, the “Excess Cash”) for more than five consecutive Business Days, then
the U.S. Borrower shall repay (or shall cause to be repaid) the outstanding
Revolving Loans in an amount equal to the lesser of (i) such Excess Cash on the
Business Day immediately following such fifth Business Day (regardless of
whether the Excess Cash amount has varied over the immediately preceding five
Business Days) and (ii) the then aggregate outstanding Revolving Loans (without
any corresponding reduction in the Revolving Commitments).

(b) The U.S. Borrower shall deposit (or cause to be deposited) any and all
borrowings of Revolving Loans into the Controlled Deposit Account and shall not
transfer the proceeds of the Revolving Loans from such account other than to
make ordinary course payments to unaffiliated third parties.

(c) The sum of (i) the Total Utilization of U.S. Revolving Commitments and
(ii) the Total Utilization of Canadian Revolving Commitments shall not exceed
$40,000,000, unless the Leverage Ratio (calculated on a pro forma basis as of
the date of such utilization, based on the Consolidated Adjusted EBITDA for the
most recent four Fiscal Quarter period for which financial statements are
available) is less than or equal to 4.75:1.00; provided that this clause
(c) shall cease to apply commencing on the earlier of (x) March 31, 2017 or
(y) the first date on which the Leverage Ratio as of the last day of any Fiscal
Quarter is less than 4.75:1.00.

SECTION 5. Revolving Commitments. The parties hereto agree that on and after the
Effective Date, the aggregate amount of the U.S. Revolving Commitments is
$99,000,000 and the aggregate amount of the Canadian Revolving Commitments is
$1,000,000.

SECTION 6. Reaffirmations.

(a) Each Loan Party, subject to the terms and limits contained in the Credit
Agreement and in the Security Documents, reaffirms its guaranty of the
Obligations pursuant to the Credit Agreement. Each Loan Party hereby
acknowledges that it has reviewed the terms and provisions of this Amendment and
consents to the amendment of the Credit Agreement effected pursuant to this
Amendment. Each Loan Party hereby confirms that each Loan Document to which it
is a party or is otherwise bound will continue to be in full force and effect as
amended by this Amendment and all of its obligations thereunder shall not be
impaired or limited by the execution or effectiveness of this Amendment.

 

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(b) Each Loan Party hereby (i) confirms that each Loan Document to which it is a
party or is otherwise bound and all Collateral encumbered thereby will continue
to secure to the fullest extent possible in accordance with the Loan Documents,
the payment and performance of the Obligations, as the case may be,
(ii) confirms its respective grant to the Administrative Agent for the benefit
of the Secured Parties of the security interest in and continuing Lien on all of
such Loan Party’s right, title and interest in, to and under all Collateral, in
each case whether now owned or existing or hereafter acquired or arising and
wherever located, as collateral security for the prompt and complete payment and
performance in full when due, whether at stated maturity, by required
prepayment, declaration, acceleration, demand or otherwise, of all applicable
Obligations (including all such Obligations as amended, reaffirmed and/or
increased pursuant to the Amended Credit Agreement (as defined below)), subject
to the terms contained in the applicable Loan Documents and (iii) confirms its
pledges, grants of security interests and other obligations, as applicable,
under and subject to the terms of each of the Loan Documents to which it is a
party.

SECTION 7. Effect of the Amendment. On and after the Effective Date, each
reference to the Credit Agreement in any Loan Document shall be deemed to be a
reference to the Credit Agreement as amended by this Amendment (as so amended,
the “Amended Credit Agreement”). Except as expressly provided in this Amendment,
nothing herein shall be deemed to entitle any Loan Party to a consent to, or a
waiver, amendment, modification or other change of, any of the terms,
conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Loan Document in similar or different circumstances. On
and after the Effective Date, (i) this Amendment shall constitute a “Loan
Document” for all purposes of the Credit Agreement and the other Loan Documents
and (ii) the terms “Agreement”, “this Agreement”, “herein”, “hereinafter”,
“hereto”, “hereof”, and words of similar import, as used in the Credit
Agreement, shall, unless the context otherwise requires, mean the Amended Credit
Agreement. Each Loan Party hereby confirms that except as specifically amended
by this Amendment, the Credit Agreement and the other Loan Documents shall
remain in full force and effect.

SECTION 8. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same contract. Delivery
of an executed counterpart of a signature page of this Amendment by facsimile or
other customary means of electronic transmission (e.g., “.pdf”) shall be as
effective as delivery of a manually executed counterpart hereof.

SECTION 9. Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HERETO SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT
OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE
LAW OF THE STATE OF NEW YORK.

 

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SECTION 10. Submission to Jurisdiction. Section 10.15 of the Credit Agreement is
hereby incorporated by reference.

SECTION 11. Headings. The headings of this Amendment are for purposes of
reference only and shall not limit or otherwise affect the meaning hereof.

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IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly
executed by their duly authorized officers, all as of the date first above
written.

 

FAIRMOUNT SANTROL INC. By:   /s/ Christopher Nagel       Name: Christopher Nagel
      Title: Chief Financial Officer LAKE SHORE SAND COMPANY (ONTARIO) LTD. By:
  /s/ Christopher Nagel       Name: Christopher Nagel       Title: Chief
Financial Officer

 

[Signature page to the Fifth Amendment]

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FMSA INC. By:   /s/ Christopher L. Nagel       Name: Christopher L. Nagel  
    Title: Chief Financial Officer BEST SAND CORPORATION By:   /s/ Christopher
L. Nagel       Name: Christopher L. Nagel       Title: Chief Financial Officer
BEST SAND OF PENNSYLVANIA, INC. By:   /s/ Christopher L. Nagel       Name:
Christopher L. Nagel       Title: Chief Financial Officer CHEYENNE SAND CORP.
By:   /s/ Christopher L. Nagel       Name: Christopher L. Nagel       Title:
Chief Financial Officer CONSTRUCTION AGGREGATES CORPORATION OF MICHIGAN, INC.
By:   /s/ Christopher L. Nagel       Name: Christopher L. Nagel       Title:
Chief Financial Officer FAIRMOUNT WATER SOLUTIONS, LLC By:   /s/ Christopher L.
Nagel       Name: Christopher L. Nagel       Title: Chief Financial Officer

 

[Signature page to the Fifth Amendment]

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MINERAL VISIONS INC. By:   /s/ Christopher L. Nagel       Name: Christopher L.
Nagel       Title: Chief Financial Officer

SPECIALTY SANDS, INC. By:   /s/ Christopher L. Nagel       Name: Christopher L.
Nagel       Title: Chief Financial Officer STANDARD SAND CORPORATION By:   /s/
Christopher L. Nagel       Name: Christopher L. Nagel       Title: Chief
Financial Officer TECHNIMAT LLC By:   /s/ Christopher L. Nagel       Name:
Christopher L. Nagel       Title: Chief Financial Officer TECHNISAND, INC. By:  
/s/ Christopher L. Nagel       Name: Christopher L. Nagel       Title: Chief
Financial Officer WEDRON SILICA COMPANY By:   /s/ Christopher L. Nagel  
    Name: Christopher L. Nagel       Title: Chief Financial Officer

 

[Signature page to the Fifth Amendment]

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WEXFORD SAND CO. By:   /s/ Christopher L. Nagel       Name: Christopher L. Nagel
      Title: Chief Financial Officer

WISCONSIN INDUSTRIAL SAND COMPANY, LLC

By:   /s/ Christopher L. Nagel       Name: Christopher L. Nagel       Title:
Chief Financial Officer WISCONSIN SPECIALTY SANDS, INC. By:   /s/ Christopher L.
Nagel       Name: Christopher L. Nagel       Title: Chief Financial Officer
ALPHA RESINS, LLC. By:   /s/ Christopher L. Nagel       Name: Christopher L.
Nagel       Title: Chief Financial Officer BLACK LAB LLC By:   /s/ Christopher
L. Nagel       Name: Christopher L. Nagel       Title: Chief Financial Officer
FAIRMOUNT MINERALS, LLC By:   /s/ Christopher L. Nagel       Name: Christopher
L. Nagel       Title: Chief Financial Officer

 

[Signature page to the Fifth Amendment]

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SELF-SUSPENDING PROPPANT LLC By:   /s/ Christopher L. Nagel       Name:
Christopher L. Nagel       Title: Chief Financial Officer

SHAKOPEE SAND LLC By:   /s/ Christopher L. Nagel       Name: Christopher L.
Nagel       Title: Chief Financial Officer FML ALABAMA RESIN, INC. By:   /s/
Christopher L. Nagel       Name: Christopher L. Nagel       Title: Chief
Financial Officer FML SAND, LLC By:   /s/ Christopher L. Nagel       Name:
Christopher L. Nagel       Title: Chief Financial Officer FML RESIN, LLC By:  
/s/ Christopher L. Nagel       Name: Christopher L. Nagel       Title: Chief
Financial Officer FML TERMINAL LOGISTICS LLC By:   /s/ Christopher L. Nagel  
    Name: Christopher L. Nagel       Title: Chief Financial Officer

 

[Signature page to the Fifth Amendment]

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IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly
executed by its duly authorized officers, all as of the date first above
written.

 

BARCLAYS BANK PLC, as Administrative Agent, Collateral Agent and Revolving
Lender         By:   /s/ Vanessa A. Kurbatskiy   Name: Vanessa A. Kurbatskiy  
Title:   Vice President

 

[Signature page to the Fifth Amendment]

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IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly
executed by its duly authorized officers, all as of the date first above
written.

 

KEYBANK NATIONAL ASSOCIATION, as Revolving Lender         By:   /s/ Ryan M
Pastore   Name: Ryan M Pastore   Title:   Senior Vice President

 

[Signature page to the Fifth Amendment]

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IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly
executed by its duly authorized officers, all as of the date first above
written.

 

MORGAN STANLEY BANK, N.A., as Revolving Lender         By:   /s/ Dmitriy Barskiy
  Name: Dmitriy Barskiy   Title: Authorized Signatory

 

[Signature page to the Fifth Amendment]

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IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly
executed by its duly authorized officers, all as of the date first above
written.

 

PNC BANK, N.A., as Revolving Lender         By:   /s/ Andrew M. Rutherford  
Name: Andrew M. Rutherford   Title: Vice President

 

[Signature page to the Fifth Amendment]

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IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly
executed by its duly authorized officers, all as of the date first above
written.

 

Sumitomo Mitsui Banking Corporation, as Revolving Lender         By:   /s/ James
D. Weinstein   Name: James D. Weinstein   Title: Managing Director

 

[Signature page to the Fifth Amendment]

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IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly
executed by its duly authorized officers, all as of the date first above
written.

 

FIRSTMERIT BANK, NA, as Revolving Lender         By:   /s/ Robert G. Morlan  
Name: Robert G. Morlan   Title: Senior Vice President

 

[Signature page to the Fifth Amendment]

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IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly
executed by its duly authorized officers, all as of the date first above
written.

 

SIEMENS FINANCIAL SERVICES, INC., as Revolving Lender         By:   /s/ Maria
Levy   Name: Maria Levy   Title: Vice President         By:   /s/Michael L. Zin
  Name: Michael L. Zin   Title: Vice President

 

[Signature page to the Fifth Amendment]

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IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly
executed by its duly authorized officers, all as of the date first above
written.

 

GOLDMAN SACHS BANK USA, as Revolving Lender         By:   /s/ Michelle Latzoni  
Name: Michelle Latzoni   Title: Authorized Signatory

 

[Signature page to the Fifth Amendment]

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IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly
executed by its duly authorized officers, all as of the date first above
written.

 

JEFFERIES FINANCE LLC, as Revolving Lender         By:   /s/ J. Paul McDonnell  
Name: J. Paul McDonnell   Title: Managing Director JFIN REVOLVER CLO 2015 LTD,
as Revolving Lender By: Jefferies Finance LLC, as Portfolio Manager         By:
  /s/ J. Paul McDonnell   Name: J. Paul McDonnell   Title: Managing Director

 

[Signature page to the Fifth Amendment]

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IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly
executed by its duly authorized officers, all as of the date first above
written.

 

ROYAL BANK OF CANADA, as Revolving Lender         By:   /s/ Jay T. Sartain  
Name: Jay T. Sartain   Title: Authorized Signatory

 

[Signature page to the Fifth Amendment]