# EDGAR Filing Document

**Accession Number:** 0000928054
**File Stem:** 0000928054-23-000009
**Filing Date:** 2023-1
**Character Count:** 80545
**Document Hash:** 99d422394008a07f7fdd24c178ce8d43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928054-23-000009.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0000928054-23-000009

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230119

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FLOTEK INDUSTRIES INC/CN/
- **CENTRAL INDEX KEY:** 0000928054
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS CHEMICAL PRODUCTS [2890]
- **IRS NUMBER:** 900023731
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13270
- **FILM NUMBER:** 23538264

**BUSINESS ADDRESS:**
- **STREET 1:** 8846 N. SAM HOUSTON PARKWAY W.
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77064
- **BUSINESS PHONE:** 7138499911

**MAIL ADDRESS:**
- **STREET 1:** 8846 N. SAM HOUSTON PARKWAY W.
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77064

?xml version="1.0" ? usgaap-20230119

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**January 19, 2023**

Date of Report (Date of earliest event reported)

**Flotek Industries, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-13270** | **90-0023731** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**8846 N. Sam Houston Parkway W., Houston, TX 77064**

(Address of principal executive office and zip code)

**(713) 849-9911**

(Registrant's telephone number, including area code)

**(Not applicable)**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of Exchange on which registered</u>** |
| Common Stock, $0.0001 par value | FTK | NYSE |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 5.02&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.**

*(b) Departure of Chief Executive Officer and President*

On January 19, 2023, Flotek Industries, Inc. (the "Company") announced the departure of John W. Gibson, Jr. from his role as Chief Executive Officer and President of the Company, effective January 19, 2023 (the "Effective Date"). Mr. Gibson will also be stepping down from his role as Chairman of the Board of Directors (the "Board") of the Company. For purposes of Section 5(c) of his existing employment agreement with Company, dated effective as of December 22, 2019 (filed as Exhibit 10.1 to the Company's Form 8-K filed on December 27, 2019, the "Gibson Employment Agreement"), Mr. Gibson's departure will be treated as a termination without cause.

In connection with his separation, the Company and Mr. Gibson have entered into a Separation Agreement and General Release (the "Separation Agreement"), attached hereto as Exhibit 10.1 and incorporated herein by reference, pursuant to which Mr. Gibson will receive $1,500,000 as consideration to settle any disputes between the parties, including any and all claims and controversies arising out of Mr. Gibson's employment relationship with the Company, any disputes regarding alleged oral promises made to Mr. Gibson, any disputes regarding his post-termination benefits, and any disputes related to his equity grants. Under the Separation Agreement, the $1,500,000 settlement payment will be made in four installments, with the first installment of $600,000 payable upon the 8<sup>th</sup> calendar day following Mr. Gibson's signing of the Separation Agreement, provided he does not revoke the Separation Agreement's ADEA release (which is revocable within seven days of signing the Separation Agreement). The remainder of the settlement payment is payable in three equal installments on the successive monthly anniversary dates of the first installment. As part of the settlement, Mr. Gibson has agreed to forfeit all of his outstanding options and unvested restricted stock units. In addition, Mr. Gibson has agreed to a six-month lock up period with respect to 250,000 shares of common stock owned by Mr. Gibson, which will prohibit Mr. Gibson from selling those shares during the lock up period. Consistent with the Gibson Employment Agreement, the Company will reimburse Mr. Gibson for his COBRA premiums paid and provide access to the Company's Group Health Plan through December 31, 2024. As part of the settlement, under the Separation Agreement Mr. Gibson will remain subject to customary restrictive covenants for 12 months following the separation (including non-competition and non-solicitation covenants). Mr. Gibson will also agree to maintain the confidentiality of proprietary company information, intellectual property and trade secrets. Additionally, the Separation Agreement includes a full release of claims by Mr. Gibson in favor of the Company and customary non-disparagement protection.

Mr. Gibson's departure as Chairman of the Board, Chief Executive Officer and President of the Company was not due to any disagreement with the Company or any matter relating to the Company's operations, policies or practices.

*(c) Appointment of Interim Chief Executive Officer* 

The Board has an active search process underway to select a permanent Chief Executive Officer of the Company. During the transition period, Harsha V. Agadi, who has served as a member of the Board since July 2020, will serve as the Company's interim Chief Executive Officer.

Mr. Agadi, age 60, served as Chief Executive Officer and Board Member of Crawford and Co, a publicly traded insurance claims company. Prior to that, he served as Chief Executive Officer of Friendly's Ice Cream Corporation and Church's Chicken, Inc., among other private and public companies. He also served as Chairman of the Board for several of these companies. Currently, Mr. Agadi is the Chairman of GHS Holdings, LLC and serves on the board of Diversified Foodservice Supply, Inc. He is also Chairman of the SKSVMA College of Engineering and Agadi Sunrise Hospital Private Limited in India.

Pursuant to an employment agreement between Mr. Agadi and the Company (the "Agadi Interim Employment Agreement"), attached hereto as Exhibit 10.2 and incorporated herein by reference, the Compensation Committee of the Company and the Board have approved compensation for Mr. Agadi for his service as interim Chief Executive Officer. Mr. Agadi will be entitled to a salary of $50,000 per month in this interim role. Pursuant to the Agadi Interim Employment Agreement and an associated Stand-Alone Restricted Stock Unit Award Agreement (attached hereto as Exhibit 10.3 and incorporated herein by reference), Mr. Agadi will also receive a one-time grant of restricted stock units valued at $150,000.

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There are no family relationships between Mr. Agadi and any Company director or executive officer, and no arrangements or understandings between Mr. Agadi and any other person pursuant to which he was selected as an officer. Mr. Agadi is not a party to any current or proposed transaction with the Company for which disclosure is required under Item 404(a) of Regulation S-K.

In addition to Mr. Agadi's appointment as interim Chief Executive Officer, the Company also announced the promotion of Ryan Ezell, the Company's Chief Operating Officer, to President of the Company, effective January 20, 2023.

Prior to his appointment as President, Dr. Ezell, age 44, has held various roles with Company, including as Chief Operating Officer since March 2022, President, Chemistry Technologies since August 2020, Senior Vice President, Operations from March 2020 to August 2020, and Vice President, Operations from August 2019 to March 2020. Prior to joining the Company, Dr. Ezell served as Vice President, Baroid Drilling Fluids for Halliburton from May 2006 to July 2019. Mr. Ezell holds a Ph.D in Polymer Science from the University of Southern Mississippi and a B.S. in Chemistry from Millsaps College.

Dr. Ezell's promotion will not result in any increase to annual base salary or any additional equity awards. No changes were made to Dr. Ezell's existing employment agreement, which was filed as Exhibit 10.1 to the Company's Form 8-K filed on January 6, 2021. A description of Dr. Ezell's employment agreement is also included in the Company's Definitive Proxy Statement for the 2022 Annual Meeting of Shareholders, filed with the Securities and Exchange Commission on April 29, 2022.

There are no family relationships between Dr. Ezell and any Company director or executive officer, and no arrangements or understandings between Dr. Ezell and any other person pursuant to which he was selected as an officer. Mr. Agadi is not a party to any current or proposed transaction with the Company for which disclosure is required under Item 404(a) of Regulation S-K.

**Item 7.01 Regulation FD Disclosure**

On January 19, 2023, the Company issued a press release announcing the departure of Mr. Gibson, the appointment of Mr. Agadi as interim Chief Executive Officer, the appointment of Mr. Nierenberg as the Non-Executive Chairman of the Board, and the promotion of Ryan Ezell as President of the Company. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

As a result of Mr. Agadi's appointment as interim Chief Executive Officer and Mr. Nierenberg's appointment as Non-Executive Chairman, the Board has also made various committee reassignments. Effective as of January 20, 2023, the membership of the Audit, Compensation and Governance & Nominating Committees of the Board shall be composed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Audit Committee</u>: Lisa Mayr (Chair), David Nierenberg, Evan Farber

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Compensation Committee</u>: Michael Fucci (Interim Chair), Evan Farber, Lisa Mayr

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Governance & Nominating Committee</u>: Evan Farber (Chair), Lisa Mayr, David Nierenberg

The information furnished pursuant to Item 7.01 of this Current Report on 8-K and in Exhibit 99.1 shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, is not subject to the liabilities of that section and is not deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

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---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| 10.1 | <u>[Separation Agreement and General Release, dated January 19, 2023, between the Company and John Gibson](exhibit101final.htm)</u> |
| 10.2 | <u>[Employment Agreement](exhibit102.htm)[,](exhibit102.htm)[dated January 19, 2023, between the Company and Harsha Agadi](exhibit102.htm)</u> |
| 10.3 | <u>[Stand-Alone Restricted Stock Unit Award Agreement](exhibit103final.htm)</u> |
| 99.1 | <u>[Press Release of Flotek Industries, Inc.](exhibit991-final.htm)</u> |

---

------

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **FLOTEK INDUSTRIES, INC.** | **FLOTEK INDUSTRIES, INC.** |
| Date: January 19, 2023 | /s/ Nicholas J. Bigney | /s/ Nicholas J. Bigney |
| | Name: | Nicholas J. Bigney |
| | Title: | Senior Vice President, General Counsel & Chief Compliance Officer |

---

## Exhibit 10.1

Exhibit 10.1

**<u>SEPARATION AGREEMENT AND GENERAL RELEASE</u>**

**THIS SEPARATION AGREEMENT AND GENERAL RELEASE** ("<u>Agreement</u>") is entered by and between Flotek Industries, Inc., a Delaware corporation (the "<u>Company</u>"), and John Gibson ("<u>Employee</u>"). Company and Employee are hereinafter referred to collectively as "the <u>Parties</u>."

**<u>RECITALS</u>**

**WHEREAS**, Employee has served as the Chairman of the Board of Directors of the Company (the "<u>Board</u>") and Chief Executive Officer and President of the Company since January 6, 2020 pursuant to that certain Employment Agreement by and between Employer and Employee, effective as of December 21, 2019 (the "<u>Employment Agreement</u>");

**WHEREAS**, Employee's employment with the Company has been terminated without Cause (as defined in the Employment Agreement), effective as of January 19, 2023 (the "<u>Separation Date</u>");

**WHEREAS**, in connection with his termination of employment, Employee is deemed to have resigned from his position as a member of the Board;

**WHEREAS**, in order to induce Employee to execute and not revoke a release of claims in favor of the Company, Employer has agreed to provide Employee certain related compensation and benefits as set forth in this Agreement;

**WHEREAS,** the Parties wish to memorialize the terms of their mutual agreement regarding the Employee's termination and to fully and finally settle and resolve any disputes between them, including any and all claims and controversies arising out of the employment relationship between the Company and Employee, any disputes regarding alleged oral promises made to Employee, any disputes regarding Employee's post-termination benefits, and any disputes related to Employee's equity grants that may have arisen, or which may arise, prior to or as of the date Employee signs this Agreement;

**WHEREAS**, the payments and benefits set forth in this Agreement are the exclusive payments and benefits to Employee in connection with the ending of Employee's employment and supersede prior agreements between the Parties, including the Employment Agreement, with respect to Employee's post-termination benefits; and

**WHEREAS**, the terms and conditions described herein are part of a comprehensive agreement, each element of which is consideration for the other elements and is an integral aspect of the Agreement.

**<u>AGREEMENT</u>**

**IN CONSIDERATION** of the promises and mutual covenants contained in this Agreement, the Parties agree as follows:

1.**<u>Termination of Employment</u>**. Effective as of the Separation Date, Employee's employment with the Company was terminated without Cause. As a result of such termination, Employee is also deemed to have resigned Employee's position as a director of the Board and any other officer or director positions he holds with any of the Company's subsidiaries or entities affiliated with the Company as of the Separation Date.

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As of the Separation Date, Employee's status as an employee of the Company and a member of the Board shall cease in their entirety. Following the Separation Date, Employee is not to hold himself out as an executive, officer, employee, member of the Board, agent, or authorized representative of the Company.

2.**<u>Healthcare Benefits</u>**. Pursuant to Section 5(e) of the Employment Agreement, the Company will allow Employee and Employee's dependents covered by the Group Health Plan as of the Separation Date to continue coverage under the Group Health Plan until December 31, 2024. If at any time prior to January 1, 2025, the Company is unable to allow Employee or his dependents to continue to participate in the Group Health Plan, or if the Group Health Plan is terminated or no longer available, then the Company will purchase for Employee an individual policy of comparable coverage for Employee and his dependents. Employee must timely elect to continue coverage under the Company's Group Health Plan or comparable individual policy and make premium payments to the Company in an amount equal to the premium charged by the Group Health Plan for comparable continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("<u>COBRA</u>"). The Company will reimburse Employee for the full amount of the premiums he pays for continuation coverage or any other healthcare coverage provided pursuant to this <u>Section 2</u> through December 31, 2024 (the "<u>Benefit Continuation Payments</u>"). After December 31, 2024, Employee will be ineligible for continuation coverage through the Company's Group Health Plan, a comparable individual policy purchased by the Company, or COBRA continuation coverage. The Benefit Continuation Payments shall be treated as taxable income to Employee.

3.**<u>Effective Date</u>**. This Agreement, with the exception of the ADEA Release (as defined in <u>Section 8.c</u>) shall become effective on the date on which the Employee signs the Agreement (the "<u>Effective Date</u>").

4.**<u>Departure Benefit</u>**. In consideration of Employee's covenants and promises in this Agreement, and subject to the provisions of <u>Section 8.d</u>, the Company will pay Employee $1,500,000, less applicable withholdings (the "<u>Departure Benefit</u>"). The Departure Benefit will be reported on an IRS Form W-2 and paid to Employee in four installments with the first installment payment of $600,000 (the "<u>ADEA Release Installment</u>"), less applicable withholdings, being due on the ADEA Release Date (defined in <u>Section 8.d</u> as the 8th calendar day after Employee signs this Agreement without having revoked the ADEA Release). The remaining three installment payments of $300,000 each, less applicable withholdings, shall be made on the successive month anniversaries of the ADEA Release Date. Employee will not be entitled to the Departure Benefit if Employee fails to sign and return this Agreement. Employee acknowledges and agrees that his ongoing compliance with the terms and conditions of this Agreement and his December 22, 2019, Confidentiality, Intellectual Property Assignment, and Restrictive Covenants Agreement is a condition precedent to the Company's obligation to provide each of the installment payments of the Departure Benefit. The Departure Benefit is being paid to Employee to fully and finally settle and resolve any disputes between the Parties and in lieu of any money owed to Employee based on his termination of

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employment under the Employment Agreement, any alleged oral promises made to Employee, or existing equity agreements between Employee and the Company. With the exception of the Departure Benefit and the Healthcare Benefits described in <u>Section 2</u> herein, Employee is not entitled to any payments, wages, severance amounts, salary continuation, equity vesting, extension of equity exercise periods, bonuses, or benefits of any kind whatsoever from the Company under the Employment Agreement or otherwise as a result of the termination of Employee's employment with the Company.

5.**<u>Attorneys' Fees</u>**.&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to pay or reimburse Employee for the reasonable attorneys' fees and related expenses incurred by Employee in connection with the drafting, negotiation, and execution of this Agreement, not to exceed $35,000. Employee must submit all such invoices within one hundred twenty (120) days of the Effective Date, and the Company will pay Employee such amounts within sixty (60) days of its receipt of such invoices from Employee.

6.**<u>Forfeiture of Vested and Unvested Stock Options</u>**. Employee has previously been granted time-based vesting options to purchase up to one million (1,000,000) shares of the Company's Common Stock (the "<u>Time-Based Options</u>") pursuant to the terms of a December 22, 2019, Stand-Alone Time-Based Stock Option Award Agreement and associated Notice of Stock Option Award. Employee has also previously been granted performance-based vesting options to purchase up to two million (2,000,000) shares of the Company's Common Stock (the "<u>Performance-Based Options</u>") pursuant to the terms of a December 22, 2019, Stand-Alone Performance-Based Stock Option Award Agreement and associated Notice of Stock Option Award. As of the date Employee signs this Agreement, Employee agrees that all Time-Based Options and Performance-Based Options, whether vested or unvested, shall be forfeited.

7.**<u>Lock Up</u>**. For a period of six (6) months following the Separation Date, Employee agrees to a lock-up with respect to 250,000 of the Common Shares (the "Lock Up Shares") held by Employee as of the Separation Date and agrees not to sell, assign, offer to sell, pledge, grant an option to purchase, dispose of, or otherwise transfer to any other person or entity any of such Lock Up Shares. The lock-up provided for in this provision does not apply to any additional Common Shares held by Employee above and beyond the 250,000 Lock Up Shares.

8.**<u>General Release</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Release of Employee's Claims Against Company</u>. In consideration of the payments and benefits provided under this Agreement, which Employee acknowledges are in addition to anything else of value to which Employee is otherwise entitled, Employee (for and on behalf of himself and each of Employee's heirs, administrators, executors, personal representatives, beneficiaries, successors and assigns) hereby fully and completely releases, acquits and forever discharges the Company, its affiliates and related entities, and each of their respective current and former officers, directors, shareholders, managers, members, partners, employees, agents, employee benefit plans and fiduciaries, insurers, attorneys, trustees, professional employer organizations,

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successors and assigns (each an "<u>Employee Released Party</u>" and collectively, the "<u>Employee Released Parties</u>"), collectively, separately, and severally, of and from any and all claims, demands, damages, causes of action, debts, liabilities, controversies, judgments, and suits of every kind and nature whatsoever, known or unknown, which Employee has had, now has, or may have against the Employee Released Parties (or any of them) from the beginning of time through the date Employee signs this Agreement, including but not limited to those relating to or arising out of Employee's employment relationship with the Company or the end of that relationship, with the exception of (i) any claims that cannot legally be waived by private agreement (including any rights to unemployment benefits or worker's compensation); (ii) any claims which may arise after the date Employee signs this Agreement; (iii) any claims for breach of this Agreement; and (iv) any right to seek or recover a monetary whistleblower award from a Government Agency (as defined in <u>Section 16</u>) as part of a government-administered whistleblower award program for providing information directly to a Government Agency (a "<u>Whistleblower Award</u>") (the claims released in this Agreement are collectively referred to as the "<u>Employee Released Claims</u>"). The Employee Released Claims include without limitation: (i) all claims arising under any federal, state or local statute or ordinance, constitutional provision, public policy or common law, including all claims under violation of the National Labor Relations Act (to the extent permitted by law), Title VII of the Civil Rights Act, the Americans With Disabilities Act of 1990, the Age Discrimination in Employment Act, the Older Worker Benefit Protection Act, the Employee Retirement Income Security Act (excluding vested benefits), the Rehabilitation Act, the Occupational Safety and Health Act, the Consolidated Omnibus Budget Reconciliation Act of 1985, the Fair Labor Standards Act, the Family and the Texas Labor Code including the Texas Payday Act, the Texas Anti-Retaliation Act, Chapter 21 of the Texas Labor Code, the Texas Whistleblower Act, all as amended; (ii) all claims arising under discrimination laws, and laws relating to violation of public policy, retaliation, or interference with legal rights; (iii) all claims for compensation of any type whatsoever, including but not limited to claims for wages, bonuses, commissions, incentive compensation, equity, vacation, PTO and severance; (iv) all claims arising under tort, contract and/or quasi-contract law; (v) all claims for monetary or equitable relief, including but not limited to attorneys' fees, back pay, front pay, reinstatement, experts' fees, medical fees or expenses, costs and disbursements; (vi) all claims for severance benefits and payments under Employee's Employment agreement, including any accrued unpaid base salary, any accrued but unused vacation, any incurred but unreimbursed business expenses to the extent Employee would otherwise be entitled to be reimbursed pursuant to Company policy, any other earned but unpaid compensation, vesting of Restricted Stock Units ("<u>RSUs</u>") pursuant to the terms of a December 22, 2019, Stand-Alone Restricted Stock Unit Award Agreement and associated Notice of Award, vesting of any previously unvested time-based vesting options to purchase shares of the Company's Common Stock pursuant to the terms of a December 22, 2019, Stand-Alone Time-Based Stock Option Award Agreement and associated Notice of Stock Option Award, vesting of any previously unvested performance-based vesting options to purchase shares of the Company's Common Stock pursuant to the terms of a December 22, 2019, Stand-Alone Performance-Based Stock Option Award Agreement and associated Notice of Stock Option Award, and the

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extension of any period to exercise vested stock options. For avoidance of doubt, Employee hereby waives any right to seek or recover any individual relief (including back pay, front pay, compensatory damages, punitive damages, other money damages, reinstatement, or other relief) in connection with any of the Employee Released Claims through any charge, complaint, lawsuit, or other proceeding, whether commenced or maintained by Employee or by any other person or entity, including but not limited to any proceeding brought by the Equal Employment Opportunity Commission ("<u>EEOC</u>"), or any similar federal, state, or local agency or commission. However, as stated above, Employee does not waive any right to seek or recover a Whistleblower Award directly from a government-administered whistleblower award program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Release of Company's Claims Against Employee</u>. In consideration of the benefits provided to the Company under this Agreement, the Company, on behalf of itself and all of its predecessors, successors, and anyone claiming by, through, or on behalf of them, to the extent permissible by law hereby fully and completely releases, acquits and forever discharges Employee, his heirs, executors and assigns, of and from any and all claims, demands, damages, causes of action, debts, liabilities, controversies, judgments, and suits of every kind and nature whatsoever which the Company has had, now has, or may have against Employee based on information which is known by one or more of the independent directors of the Board as of the time the Company executes this Agreement (the "<u>Company Released Claims</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Release of ADEA Claims</u>. The Employee Released Claims include any claims Employee may have against any of the Employee Released Parties under the ADEA (the "<u>ADEA Release</u>"). Employee has 21 calendar days to consider this Agreement and decide whether to sign it (the "<u>Consideration Period</u>"). If Employee decides to sign this Agreement before the expiration of the Consideration Period, which is solely Employee's choice, Employee represents that Employee's decision is knowing and voluntary. Employee agrees that any revisions made to this Agreement after it was initially delivered to Employee, whether material or immaterial, does not restart the Consideration Period. The Company advises Employee to consult with an attorney prior to signing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Right to Revoke</u>. Employee may revoke the ADEA Release within 7 calendar days after the date he signs this Agreement. The ADEA Release will not become effective or enforceable until the 8th calendar day after Employee signs this Agreement without having revoked the ADEA Release (the "<u>ADEA Release Date</u>"). If Employee chooses to revoke the ADEA Release, Employee must notify the Company in writing addressed to the Company's designated agent for this purpose:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company: | Flotek Industries, Inc.<br>Attn: General Counsel<br>10603 W. Sam Houston Pkwy. N.<br>Suite 300<br>Houston, Texas 77043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With copies (which shall not constitute notice) to: | King & Spalding LLP<br>1180 Peachtree Street NE<br>Atlanta, Georgia 30309<br>Attention: Michael W. Johnston, Esq.  |

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Any such notice of revocation must be delivered to the Company at the foregoing address in a manner calculated to ensure receipt prior to 11:59 p.m. on the day prior to the ADEA Release Date. The Parties agree the ADEA Release Installment has been allocated to the ADEA Release. If Employee revokes the ADEA Release, Employee will not be entitled to the ADEA Release Installment. The remaining $900,000 of the Departure Benefit to which Employee will be entitled will act as consideration for the remaining Employee Released Claims, promises, and covenants in this Agreement, which the Parties agree and acknowledge became binding and effective as of the Effective Date and survive if Employee revokes the ADEA Release. If Employee revokes the ADEA Release, the $900,000, less applicable withholdings, of the Departure Benefit to which he will remain entitled will be paid to Employee pursuant to <u>Section 3</u> on the first second, and third month anniversaries of the date on which Employee revokes the ADEA Release.

9.**<u>Covenant</u> <u>Not to Sue</u>**. Except for an action challenging the validity of Employee's release of claims under the ADEA or as otherwise provided in <u>Section 16</u> below, Employee promises that Employee will not file, instigate or participate as a party or claimant in any proceeding against any of the Employee Released Parties relating to any of the Employee Released Claims. In the event Employee breaches the covenant contained in this <u>Section 9</u>, Employee agrees to indemnify the Employee Released Parties for all damages and expenses, including attorneys' fees, incurred by any Employee Released Parties in defending, participating in or investigating any matter or proceeding covered by this <u>Section 9</u>.

10.**<u>Employee Representations and Warranties</u>**. Employee represents and warrants that Employee (a) except as provided for in this Agreement, has been properly paid for all hours worked and has received all wages, bonuses, vacation pay, expense reimbursements and any other sums due from the Company; (b) has returned all Company property in Employee's possession or control (except as otherwise provided in <u>Section 16</u>) and has permanently deleted any Confidential Information (as defined in Employee's December 22, 2019, Confidentiality, Intellectual Property Assignment, and Restrictive Covenants Agreement with the Company) stored on any networks, computers or information storage devices that are not owned by the Company but within Employee's possession or control; (c) has suffered no harassment, retaliation, employment discrimination, or work-related injury or illness while employed by the Company; (d) has had the opportunity to provide the Company with written notice of any suspected unlawful or potentially unlawful activity on the part of the Company or any other Employee Released Party; (e) has not filed and/or litigated any claim, charge, suit

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or other action or proceeding against the Company or any other Employee Released Party other than the Charge; and (f) has not sold, assigned, transferred, conveyed or otherwise disposed of any of the claims, demands, obligations, or causes of action released in this Agreement.

11.**<u>Property of the Company</u>**. Employee agrees that any and all property of the Company, including, but not limited to, the Company's keys, books, business records, documents, customer lists, customer records employee lists, passwords, cost or pricing information, marketing information, financial information, engineering information and copies of such documents or information which has come into Employee's possession will remain property of the Company and has previously been returned to the Company. Notwithstanding the foregoing, the Company shall transfer ownership of Employee's Company-issued iPhone and iPad to Employee after those items have been returned to the Company and the Company removes all Company data from them.

12.**<u>Non-Disparagement</u>**. Except as otherwise provided in <u>Section 16</u> below, Employee agrees not to make, publish or communicate to any person or entity or in any public forum (including social media) at any time any defamatory or disparaging remarks, comments, or statements concerning the Company, its affiliates, or its respective officers, directors, employees or products that is intended to cause or that reasonably would be expected to cause any person to whom it is communicated to have (a) a lowered opinion of the Company or any affiliate, including a lowered opinion of any products manufactured, sold, or used by, or any services offered by the Company or any affiliate; and/or (b) a lowered opinion of the creditworthiness or business prospects of the Company or any affiliate.

13.**<u>Enforcement</u>**. The Parties acknowledge that a breach of the covenants and agreements contained in <u>Sections 11</u> and <u>12</u> of this Agreement would cause irreparable damage to the parties, the exact amount of which would be difficult to determine, and that the remedies at law for any such breach would be inadequate. Accordingly, the Parties agree that if either breaches or threatens to breach any of these provisions, the non-breaching Party will be entitled to (a) institute and prosecute proceedings in any court of competent jurisdiction for specific performance and injunctive and other equitable relief without bond or other security or a showing of irreparable harm or lack of an adequate remedy at law, and (b) an equitable accounting by any court of competent jurisdiction of all profits or benefits arising out of such violation. In any action for injunctive relief pursuant to this <u>Section 13</u>, the prevailing party will be entitled to collect reasonable attorneys' fees and other reasonable costs from the non-prevailing party.

14.**<u>Restrictive Covenant Affirmation</u>**. Employee hereby acknowledges and agrees that Employee continues to be bound by his December 22, 2019, Confidentiality, Intellectual Property Assignment, and Restrictive Covenants Agreement with the Company, as modified, between Employee and the Company, and that agreement, pursuant to its terms, survives Employee's separation of employment from the Company.

15.**<u>Cooperation</u>**. To the fullest extent permitted by law, Employee will cooperate fully with the Company in the investigation, defense, or prosecution of any pending or threatened

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legal proceeding involving the Company or its agents, employees, officers, directors, or stockholders. Without limiting the foregoing, Employee agrees to provide truthful testimony and such other materials and assistance as the Company may reasonably request.

16.**<u>Permitted Disclosures</u>**. Nothing contained in this Agreement limits Employee's ability to file a charge or complaint with the EEOC, the NLRB, the Securities and Exchange Commission, or any other federal, state, or local governmental or law enforcement agency or commission (collectively, "<u>Government Agencies</u>"), or prevents Employee from providing truthful testimony in response to a lawfully issued subpoena or court order. Further, this Agreement does not limit Employee's ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. Employee is hereby notified that under the Defend Trade Secrets Act: (a) no individual will be held criminally or civilly liable under federal or state trade secret law for disclosure of a trade secret (as defined in the Economic Espionage Act) that is: (i) made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and (b) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order.

17.**<u>Section 409A</u>**. Payments pursuant to this Agreement are intended to comply with or be exempt from Section 409A of the Internal Revenue Code and accompanying regulations ("Section 409A"), and the provisions of this Agreement will be administered, interpreted and construed accordingly. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. The Company makes no representation or warranty and shall have no liability to Employee or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A but do not satisfy an exemption from, or the conditions of, Section 409A.

18.**<u>No Admission of Liability</u>**. Nothing in this Agreement shall be construed to be an admission by the Company of any wrongdoing or noncompliance with any federal, state, city, or local rule, ordinance, constitution, statute, contract, public policy, wage and hour law, wage payment law, tort law, common law, or any other unlawful conduct, liability, wrongdoing, or breach of any duty whatsoever. The Company specifically disclaims and denies any wrongdoing or liability to Employee.

19.**<u>Authority</u>**. Each signatory below represents and warrants that he or she has full power and authority to sign on behalf of and to legally bind to this Agreement his or her

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respective principal. The Parties further represent and warrant that they have the power and authority to enter into this Agreement.

20.**<u>Governing Law</u>**. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Texas, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Texas or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Texas. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES OR ANY OF THEM IN RESPECT OF THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (a) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (b) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (c) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (d) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS IN THIS SECTION. EACH PARTY AGREES THAT THE OTHER MAY FILE A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

21.**<u>Consent to Personal Jurisdiction</u>**. Subject to terms and conditions of <u>Sections 20</u> and <u>22</u>, any suit, action or other proceeding arising out of or based upon this Agreement and any other agreement with the Company shall be brought solely and exclusively in the state courts of Harris County, Texas or the U.S. District Court for the Southern District of Texas, Houston Division.

22.**<u>Arbitration and Equitable Remedies</u>**. Employee agrees that any dispute or controversy arising out of or relating to any interpretation, construction, performance or breach of this Agreement, shall be settled by arbitration to be held in Houston, Texas, in accordance with the rules then in effect of the American Arbitration Association, provided however, the parties will be entitled to full and liberal evidentiary discovery in accordance with the rules governing civil litigation in courts of the same jurisdiction. The arbitrator may grant injunctions or other relief in such dispute or controversy. The decision of the arbitrator shall be final, conclusive and binding on the parties to the arbitration.

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Judgment may be entered on the arbitrator's decision in any court having jurisdiction. The Company shall pay the legal costs and expenses of such arbitration; however, the prevailing party shall be entitled to recover from the non-prevailing party all reasonable legal costs and expenses incurred including staff time, court costs, attorney's fees, and all other related expenses incurred in such arbitration.

23.**<u>Joint Drafting</u>**. Each Party acknowledges that this Agreement is entirely the product of the collective joint drafting efforts of the Parties hereto, and should there be any claim of ambiguity, it shall not be construed against either Party.

24.**<u>Entire Agreement</u>**. This Agreement constitutes the entire agreement between Employee and the Company with respect to the issues addressed in this Agreement, except this Agreement does not in any way affect, modify, or nullify any prior agreement Employee has entered into with the Company regarding arbitration, confidentiality, trade secrets, inventions, unfair competition, or prior restrictive covenant agreements. Employee represents that he is not relying on any other agreements or oral representations not fully expressed in this Agreement. This Agreement may not be modified, altered, or discharged except in writing signed by Employee and an authorized Company representative. No course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of such provision or any other provision of this Agreement

25.**<u>Successors and Assigns</u>**. This Agreement is intended to bind and inure to the benefit of and be enforceable by Employee, the Company and their respective heirs, successors and assigns, except that Employee may not assign his rights or delegate his obligations hereunder without the prior written consent of the Company except by operation of law to Employee's estate upon the death of Employee.

26.**<u>Severability</u>**. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

27.**<u>Counterparts and Effectiveness of Agreement</u>**. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and a signature by electronic means, PDF or facsimile shall be deemed an original for all purposes.

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| | |
|:---|:---|
| <br>EMPLOYEE<br><u>/s/&nbsp;&nbsp;&nbsp;&nbsp;John Gibson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>John Gibson<br><u>01/19/2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>FLOTEK INDUSTRIES, INC. <br>By: <u>/s/&nbsp;&nbsp;&nbsp;&nbsp;David Nierenberg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>David Nierenberg<br>Independent Lead Director <br><u>01/19/2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Date |

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## Exhibit 10.2

Exhibit 10.2

January 19, 2023

Harshavardhan V. Agadi

Re:&nbsp;&nbsp;&nbsp;&nbsp;Employment Agreement

Dear Harsha:

The purpose of this Employment Agreement (this "<u>Agreement</u>") is to set forth the terms and conditions you (the "<u>Executive</u>") and Flotek Industries, Inc., and its subsidiaries and related entities ("<u>Flotek</u>" or the "<u>Company</u>") have agreed to regarding your new role as the Company's interim Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Term</u>. The term of Executive's employment under this Agreement is the period commencing on January 20, 2023 (the "<u>Effective Date</u>") and continuing for three (3) months (such period, the "<u>Term</u>"), unless terminated earlier as set forth herein. The date that Executive's employment terminates is referred to as the "<u>Termination Date</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Compensation and Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Base Salary</u>. The Company will pay Executive $50,000 per month, less applicable withholdings, during the Term, payable in accordance with the Company's regular payroll practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>One-Time Restrictive Stock Unit Grant</u>. On the Effective Date, and pursuant to a Stand-Alone Restricted Stock Unit Award Agreement, the Compensation Committee of the Board shall grant to Executive restricted stock units valued at $150,000 (the "RSUs"). The number of RSUs granted to Executive will be equal to the quotient (rounded down to the nearest full RSU) of the $150,000 divided by the closing price for a share of the Company's common stock as of the end of the trading day on the New York Stock Exchange on January 19, 2023. Each of the RSUs represents a right to receive and be paid one share of the Company's common stock, $0.0001 par value per share, on the date such RSUs vest. The RSUs will be subject to the provisions of the Stand-Alone Restricted Stock Unit Award Agreement that will provide for the RSUs to vest on the one-year anniversary of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Benefits</u>. During the Term, Executive is entitled to participate in any and all executive welfare and health benefit plans (including, but not limited to, life insurance, health and medical, dental, and disability plans) and other employee benefit plans. If Executive chooses not to participate in the Company's welfare and health benefit plans, and instead maintains independent welfare and health benefit coverage, the Company will reimburse Executive for the premium payments the Company would have made on Executive's behalf were he to participate in the Company's welfare and health benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Termination</u>. Either the Company or Executive may terminate Executive's employment for any reason upon thirty (30) days' written notice. The Company may waive the (30) day notice period, provided the Company pays Executive the base salary he would have earned during the notice period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Governing Law; Venue</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without giving effect to rules regarding conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, and all of which together will constitute one

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document. A facsimile or scanned (e.g., .PDF, .GIF, etc.) signature shall be deemed to be an original.

IN WITNESS WHEREOF, the parties have executed this Agreement on the date(s) indicated below to be effective as of the Effective Date.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flotek Industries, Inc. <br>By: <u>/s/&nbsp;&nbsp;&nbsp;&nbsp;David Nierenberg&nbsp;&nbsp;&nbsp;&nbsp;</u><br>David Nierenberg<br>Independent Lead Director <br><u>01/19/2023&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Date | <br><u>/s/ Harsha V. Agadi_&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Harshavardhan V. Agadi <br><u>01/19/2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Date |

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## Exhibit 10.3

Exhibit 10.3

**FLOTEK INDUSTRIES, INC.**

**STAND-ALONE RESTRICTED STOCK UNIT AWARD AGREEMENT**

**NOTICE OF AWARD**

Subject to the terms and conditions of this Notice of Award (this "***Notice***"), and the attached Flotek Industries, Inc. Stand-Alone Restricted Stock Unit Award Agreement (the "***Award Agreement***"), Flotek Industries, Inc. (the "***Company***") hereby grants to Harshavardhan V. Agadi (the "***Participant***"), as a material inducement for him to take employment with the Company, the number of Restricted Stock Units (the "***RSUs***") set forth below. Unless otherwise specifically indicated, all terms used in this Notice will have the meaning as set forth in the Award Agreement.

**Identifying Information:**

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| | | | |
|:---|:---|:---|:---|
| Participant Name | Harshavardhan V. Agadi | Date of Grant: | 01/20/2023 |
| and Address: |  | Number of RSUs: | 109489<sup>1</sup> |
|  |  | Vesting Commencement Date: | 01/20/2023 |

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**Vesting Schedule:**

Subject to the terms of this Notice and the Award Agreement, the RSUs will vest over a year period in accordance with the following vesting schedule (the "***Vesting Schedule***"):

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| | |
|:---|:---|
| Vesting Date | Nonforfeitable Percentage |
| 1<sup>st</sup> anniversary of the Vesting Commencement Date | 100% will vest, combined total of 100% vested |

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Upon vesting of the RSUs, the Participant will receive payment at the time provided in Section 3 of the Award Agreement.

**Representations and Agreements of the Participant:**

The Participant has reviewed this Notice and the Award Agreement in their entirety, has had an opportunity to have such reviewed by his legal and tax advisers, and hereby represents that he is relying solely on such advisors and not on any statements or representations of the Company or any of its agents or Affiliates. The Participant hereby accepts the RSUs subject to all of their terms. The Participant hereby agrees that all questions of interpretation and administration relating to this Notice and the Award Agreement will be resolved solely by the Committee in the exercise of its reasonable judgment, subject to the requirements of Section 9(g) of the Award Agreement.

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**Signatures:**

<sup>1</sup> Number of RSUs awarded shall equal $150,000 of value based on January 19, 2023, closing price.

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By the Participant's below signature and the below signature of the Company's representative, the Participant and the Company hereby agree that the RSUs are governed only by the terms and conditions of this Notice and the Award Agreement.

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| | | |
|:---|:---|:---|
| **FLOTEK INDUSTRIES, INC.** | **FLOTEK INDUSTRIES, INC.** | **PARTICIPANT** |
| By: |  |  |
|  |  | Harshavardhan V. Agadi |
| Its: |  |  |
| <br>Dated: | <br>_____________________________________ | <br>Dated: ______________________________ |

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**FLOTEK INDUSTRIES, INC.**

**STAND-ALONE RESTRICTED STOCK UNIT AWARD AGREEMENT**

**AWARD AGREEMENT**

Subject to the terms and conditions of the Notice of Award (the "***Notice***"), this Flotek Industries, Inc. Stand-Alone Restricted Stock Unit Award Agreement (this "***Award Agreement***"), Flotek Industries, Inc., a Delaware corporation (the "***Company***"), hereby grants the individual set forth in the Notice (the "***Participant***"), the Restricted Stock Units described in the Notice (the "***RSUs***"). Unless otherwise specifically indicated, all terms used in this Award Agreement have the meanings as set forth in <u>Section 7</u> or the Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Grant of the RSUs</u>. Certain of the principal features of the RSUs, including the number of RSUs subject to the Award, are set forth in the Notice, and other principal features, such as payment, are set forth in this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Vesting Schedule.</u> The RSUs will vest in accordance with the Vesting Schedule provided in the Notice (the "***Vesting Schedule***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Settlement of RSUs into Shares</u>. Each RSU that becomes vested will immediately and automatically be converted into one share of Common Stock and immediately thereafter be issued to the Participant. No dividend equivalents will be granted with respect to the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Taxes</u>. The Participant hereby acknowledges and understands that he may suffer adverse tax consequences as a result of the Participant's receipt of or vesting in the RSUs or disposition of the shares of Common Stock received in exchange for vested RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Representations</u>. The Participant has reviewed with the Participant's tax advisors the tax consequences of the Notice and this Award Agreement and the RSUs granted hereunder, including any U.S. federal, state and local tax laws, and any other applicable taxing jurisdiction. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant hereby acknowledges and understands that the Participant (and not the Company) will be responsible for the Participant's tax liability that may arise as a result of the Participant receiving the Notice, this Award Agreement and the RSUs granted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Payment of Withholding Taxes</u>. The Participant will make appropriate arrangements with the Company for the satisfaction of all U.S. federal, state, local and non-U.S. income and employment tax withholding requirements applicable to any RSUs that settle in shares of Common Stock in accordance with <u>Section 3</u>. The Committee has the sole authority to determine whether a "net withholding" may be permitted or is required for purposes of the Participant satisfying his obligations under this <u>Section 4(b)</u>. The Participant hereby acknowledges the Company's obligations under this Award Agreement are fully contingent on the Participant first satisfying this <u>Section 4(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Section 409A of the Code</u>. The Notice and this Award Agreement are designed to be exempt from the application of Section 409A of the Code. To that end, the Notice and this Award Agreement will at all times be interpreted and administered in a manner that is consistent with exemption from Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Non-Transferability of RSUs; Death of the Participant</u>. The RSUs may not be transferred in any manner other than by will or by the laws of descent and distribution. Notwithstanding the foregoing, the Participant may designate one or more beneficiaries of the Participant's RSUs in the event of the Participant's death on a beneficiary designation form provided by the Committee and in the absence of such a designation shall be payable after his death to his spouse and if he is not married at the time of his death to his estate. The terms of this Award Agreement are binding upon the executors, administrators, heirs, successors, and transferees of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>No Rights as a Stockholder of the Company</u>. The Participant's receipt of the grant of RSUs pursuant to the Notice and this Award Agreement will not provide or confer rights or status as a

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stockholder of the Company until such time the RSUs are converted in accordance with <u>Section 3</u> of this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Definitions</u>. As used herein, the following definitions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"***Affiliate***" means as defined in the Flotek Industries, Inc. 2018 Long-Term Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"***Board***" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"***Code***" means the Internal Revenue Code of 1986, as amended from time to time, and U.S. Treasury regulations promulgated thereunder. Any reference to a section of the Code will be deemed a reference to any successor or amended section of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"***Committee***" means the Compensation Committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"***Common Stock***" means the common stock, $0.0001 par value per share, of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"***Company***" means Flotek Industries, Inc., a Delaware corporation, and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"***Restricted Stock Units***" or "***RSUs***" means, subject to the terms and conditions of the Notice and this Award Agreement, an unfunded and unsecured promise to deliver cash or property to the Participant in the amount set forth in the Notice. For this purpose, RSUs are a record-keeping account established by the Company in the Participant's name. All amounts attributable to the RSUs will be and remain the sole property of the Company until such time the RSUs are settled and extinguished pursuant to the terms and conditions of the Notice and this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Changes in Equity</u>. In the event of any change in the outstanding shares of Common Stock by reason of any stock split, stock dividend or other non-recurring dividends or distributions, recapitalization, merger, consolidation, spin-off, combination, repurchase or exchange of stock, reorganization, liquidation, dissolution or other similar corporate transaction that affects the Common Stock, an adjustment will be made, as the Committee reasonably deems necessary or appropriate, in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Notice and this Award Agreement. Such adjustment may include an adjustment to the number and class of shares of Common Stock that may be delivered under the RSUs, and the number, class and price of shares of Common Stock subject to outstanding RSUs. Notwithstanding the foregoing, the number of shares of Common Stock subject to the RSUs will always be a whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Legality of Initial Issuance</u>. The Committee has determined that: (i) the Company and the Participant have taken all actions required to register the shares of Common Stock payable under the Notice and this Award Agreement under the Securities Act of 1933, as amended, or to perfect an exemption from the registration requirements thereof, if applicable; (ii) all applicable listing requirements of any stock exchange or other securities market on which the Shares are listed has been satisfied; and (iii) any other applicable provision of any applicable law has been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Notice</u>. Any notice required by the terms of this Award Agreement must be given in writing and will be deemed to be effective upon personal delivery or upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid. Notice must be addressed to the Company at its principal executive office and to the Participant at the address that he most recently provided to the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Successors and Assigns</u>. Except as provided herein to the contrary, the Notice and this Award Agreement is binding upon and will inure to the benefit of the parties hereto, and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Assignment</u>. Except as otherwise provided in this Award Agreement, the Participant may not assign any of his rights under the Notice or this Award Agreement without the prior written consent of the Committee, which consent may be withheld in its sole discretion. The Committee is permitted to assign its rights or obligations under the Notice or this Award Agreement, but no such assignment will release the Company of any obligations pursuant to the Notice and this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Construction and Severability</u>. The captions used in this Award Agreement are inserted for convenience and are not to be deemed to be a part of this Award Agreement for construction or interpretation. Except where otherwise indicated by the context, the singular form includes the plural form and the plural form includes the singular form. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise. The validity, legality, or enforceability of the remainder of this Award Agreement will not be affected even if one or more of the provisions of this Award Agreement are held to be invalid, illegal, or unenforceable in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Amendment and Termination</u>. The Company has the right to unilaterally amend the Notice and/or this Award Agreement to the minimum extent necessary to comply with applicable laws, and such amendment will not be deemed to materially impair the rights of the Participant to the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Administration and Interpretation</u>. Any question or dispute regarding the interpretation of the Notice or this Award Agreement or the receipt of the RSUs hereunder must be submitted by the Participant to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Counterparts</u>. The Notice may be executed in any number of counterparts, any of which may be executed and transmitted by facsimile or by electronic transmission, and each of which will be deemed to be an original, but all of which together will be deemed to be one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Entire Agreement; Governing Law; and Amendments</u>. The provisions of the Notice are incorporated herein by reference. The Notice and this Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant's interest except by means of a writing signed by the Company and the Participant. The Notice and this Award Agreement are governed by the laws of the State of Texas applicable to contracts executed in and to be performed in that State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Venue</u>. The Company, the Participant and the Participant's assignees agree that any suit, action or proceeding arising out of or related to the Notice or this Award Agreement must be brought in the United States District Court for the Southern District of Texas (or should such court lack jurisdiction to hear such action, suit or proceeding, in a state court in Harris County, Texas) and that all parties submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court. If any one or more provisions of this <u>Section 9(k)</u> are for any reason held invalid or unenforceable, it is the specific intent of the parties that such provisions be modified to the minimum extent necessary to make it or its application valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>No Guarantee of Continued Service</u>. THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE NOTICE AND THIS AWARD AGREEMENT, THE RIGHTS GRANTED HEREUNDER, THE TRANSACTIONS CONTEMPLATED HEREUNDER, AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED SERVICE FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND DO NOT INTERFERE IN ANY WAY WITH THE PARTICIPANT'S RIGHT OR THE COMPANY'S (OR ANY AFFILIATE'S) RIGHT TO TERMINATE THE PARTICIPANT'S RELATIONSHIP AS AN EMPLOYEE AT ANY TIME.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Unsecured General Creditor</u>. The Participant has no legal or equitable rights, interests or claims in any property or assets of the Company due to the Notice, this Award Agreement and the grant of RSUs hereunder. For purposes of the payment of benefits under the Notice and this Award Agreement, the Participant has no more rights than those of a general creditor of the Company. The Company's obligation under the Notice and this Award Agreement will be that of a conditional unfunded and unsecured promise to pay money or property in the future.

## Exhibit 99.1

Exhibit 99.1

**Flotek Announces Leadership Transitions, Marking the Beginning of a New Chapter of Future Growth and Profitability**

*Director Harsha V. Agadi to Serve as Chief Executive Officer on an Interim Basis, Succeeding John W. Gibson Who Has Transitioned Out of the Role of Chairman, President, and Chief Executive Officer, Effective Immediately*

*Chief Operating Officer Ryan Ezell Named President*

*Independent Lead Director David Nierenberg to Become Chairman of the Board*

Houston, Texas, January 19, 2023 – Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK), a leader in technology-driven specialty green chemistry solutions, today announced that Director Harsha V. Agadi will become interim Chief Executive Officer of Flotek, effective immediately. He succeeds John W. Gibson, Jr., who has transitioned out of the role of Chairman, President, and Chief Executive Officer to pursue other professional opportunities. In addition, Chief Operating Officer Ryan Ezell has been promoted to President and Independent Lead Director David Nierenberg has been appointed Chairman of the Board. The Board of Directors has commenced a search for the Company's next Chief Executive Officer.

Mr. Agadi said, "Since I joined the Flotek Board in 2020, I have witnessed the Company's growth that has brought us to this pivotal moment. I am excited to take on this role as we work to identify our next leader and look forward to working alongside David, Ryan, and our deeply talented Flotek colleagues to ensure a seamless transition to our next CEO. Flotek's potential is unlimited in this sector, and we are well-positioned to gain market share over the coming years."

Mr. Nierenberg said, "On behalf of the entire Board, I want to thank John for his leadership and his success in engineering a highly successful turnaround of Flotek. Today, Flotek is in a strong position with excellent prospects, as evidenced by our quadrupling of the Company's revenue run rate this year compared to 2021. We now have an opportunity to further scale and bring greater value to our customers, colleagues, and shareholders, and I am confident that we will select the right leader to take the company into the future. We wish John our very best in his future professional endeavors."

Mr. Gibson said, "Flotek has been blessed over the past three years. We survived a pandemic and partnered with an industry leader to emerge as a strong platform for growth. The strength of Flotek today resides in great people, great customers, and great shareholders, committed to providing affordable, greener energy to the world. I appreciate the trust my colleagues and the Board have placed in me. Thank you all for a great three years. The next chapter starts today with my highest priorities being faith and family."

**<u>Biographies</u>**

**Mr. Agadi** has held senior executive positions at Fortune 50 companies. He has extensive multi-sector experience, having served as Chief Executive Officer of six companies over the past 25 years, and has deep knowledge of Flotek through his service on the Company's Board of Directors. Prior to his appointment, Mr. Agadi served as chair of the Compensation Committee and has been a member of the Board during the Company's successful turnaround over the past several years.

Most recently, Mr. Agadi served as Chief Executive Officer and Board Member of Crawford and Co, the largest publicly traded insurance claims company, where he led the company's transformation. Prior to that, he served as Chief Executive Officer of Friendly's Ice Cream Corporation and Church's Chicken, Inc., among other well-known private and public companies. He also served as Chairman of the Board for several of these companies. Currently, Mr. Agadi is the Chairman of GHS Holdings, LLC and serves on the boards of myKaarma and The GLD Shop. He is an emeritus board member of Duke University's Fuqua School of Business and a member of the Board of Trustees for Babson College.

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**Dr. Ezell** brings over 20 years of industry experience to the role. He has served as Chief Operating Officer of Flotek since 2022, and prior to that, he was the President of Flotek's Chemistry Technologies segment and Senior Vice President of Operations. Before joining Flotek, Dr. Ezell held various leadership roles at global energy company Halliburton, where he drove strategy and growth, as well as implemented change management. Dr. Ezell is a published scientist and an author on more than 26 patents.

**Mr. Nierenberg** has been a Director for Flotek since 2018 and an investor in the Company since 2016. He previously served as Chairman of the Board from 2019 to 2020. He brings extensive board governance and corporate turnaround experience, having served on dozens of public, private, not for profit, and government agency boards since 1985. Currently, Mr. Nierenberg is on the Washington State Investment Board, where he is the longest serving board member, and chairs The Ira Millstein Center for Global Markets and Corporate Ownership at Columbia Law School. Mr. Nierenberg is the Founder and President of Nierenberg Investment Management Company. Prior to that, he was a venture capitalist at Trinity Ventures, as well as a partner at Bain & Company.

**About Flotek Industries, Inc.**

Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty green chemistry and data company, Flotek helps customers across industrial, commercial, and consumer markets improve their Environmental, Social, and Governance performance. Flotek's Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream, and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK." For additional information, please visit www.flotekind.com.

**Forward-Looking Statements**

Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the "Risk Factors" section thereof), and in the Company's other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect, any event or circumstance that may arise after the date of this press release.

**Inquiries, contact:** 

Bernie Colson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond Clement

SVP – Corporate Development & Sustainability&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

E: ir@flotekind.com &nbsp;&nbsp;&nbsp;&nbsp;E: bclement@flotekind.com

P: (713) 726-5322 &nbsp;&nbsp;&nbsp;&nbsp;P: (337) 224-3427

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<br>Simone Leung

Kekst CNC

E: simone.leung@kekstcnc.com

P: (212) 521-4800

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