Document:

exv10w1

Exhibit 10.1

CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND FILED SEPARATELY WIH THE SECURITIES AND
EXCHANGE COMMISSION UNDER A CONFIDENTIAL TREATMENT REQUEST. THE REDACTED TERMS HAVE BEEN MARKED IN
THIS EXHIBIT AT THE APPROPRIATE PLACE WITH THREE ASTERISKS [***].

AMENDMENT NO. 1

TO THE

PROPPANT SUPPLY AGREEMENT

     THIS AMENDMENT NO. 1 TO THE PROPPANT SUPPLY AGREEMENT (this “Amendment”), dated as of
February 28, 2011, is entered into by and between CARBO Ceramics Inc., a Delaware corporation
(“Seller”), and Halliburton Energy Services, Inc., a Delaware corporation
(“Buyer”). Defined terms used herein, but not otherwise defined, shall have such meanings
as are set forth in the Supply Agreement (as defined below).

RECITALS

     WHEREAS, reference is herein made to that certain Proppant Supply Agreement by and between
Seller and Buyer dated August 28, 2008 (the “Supply Agreement”); and

     WHEREAS, Seller and Buyer desire to amend the Supply Agreement as set forth herein in
accordance with Section 11.3 of the Supply Agreement.

AGREEMENT

     NOW, THEREFORE, in consideration of the premises, the mutual covenants and agreements
contained herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Buyer and Seller hereby agree as
follows:

1. Amendments to the Supply Agreement.

     (a) Article I. The definition “Prioritize” in Article I of the Supply
Agreement is hereby amended and restated in its entirety by the following:

“Prioritize” means that in the event of applicable Seller Product shortages,
Seller shall use commercially reasonable efforts to fill the orders of Buyer and the
Buyer Beneficiaries before orders from other parties for the identical Product made
under similar circumstances, including the Geographic Region for which the order is
placed. Buyer and Seller agree that Seller shall have satisfied its obligation to
use commercially reasonable efforts hereunder if Seller makes available to Buyer in
one or more Geographic Regions a percentage of Seller’s actual annual manufactured
output as follows in the table below; provided, however, that in no
event shall Seller’s commercially reasonable efforts require it to provide more than
[***] of Product multiplied by the applicable percentage of actual manufactured
output set forth in the table below:

 

 

	 	 	 
	 	 	Percentage of Actual
	Calendar Year	 	Manufactured Output
	2011

	 	[***]%
	2012

	 	[***]%
	2013 and each calendar year thereafter during the
term of the Agreement

	 	[***]%

     (b) Section 2.1. Section 2.1 of the Supply Agreement is hereby amended
and restated in its entirety by the following:

“2.1 Agreement to Purchase Products. Beginning on the Effective Date and
throughout the term of this Agreement, Buyer hereby agrees that it and its
Affiliates shall purchase at least [***]% of their total global Product requirements
from Seller each calendar year, as further described herein (the “Purchase
Commitment”). In addition, Buyer and its Affiliates shall use commercially
reasonable efforts to purchase at least [***]% of their total international Product
requirements (excludes the United States) from Seller each calendar year.
Notwithstanding the foregoing, in no event shall Buyer or its Affiliates be
prohibited from purchasing products on the market from third parties which are
similar to the Products, even if such third party is a competitor of Seller. Each
Buyer Beneficiary shall execute an Affiliate Addendum before being able to purchase
CARBO Products under the terms of this Agreement, using the form set forth herein as
Exhibit A. Each Affiliate Addendum shall (a) incorporate the terms of this
Agreement, and (b) contain such other provisions as may be reasonably necessary to
comply with the applicable laws and regulations of the jurisdiction in which the
Buyer Beneficiary is located.”

     (c) Section 3.1. Section 3.1 of the Supply Agreement is hereby amended and
restated in its entirety by the following:

“3.1 Selling Price.

     (a) Seller shall sell, and shall cause its Affiliates to sell, each CARBO
Product to Buyer or the Buyer Beneficiaries, as applicable, at the then current Base
Selling Price, less any discount set forth in Section 3.2 below. Base
Selling Prices shall be calculated for each Seller Product Line on a three-month
basis for each Geographic Region and Seller shall send Buyer a written report that
sets forth the Base Selling Price by Seller Product Line in each Geographic Region
(a “Pricing Report”), as set forth in the table below; provided,
however, that the Pricing Report delivered to Buyer on March 1, 2011, shall
be based on the period commencing on January 1, 2011, and ending on February 28,
2011. The Base Selling Price in each Pricing Report shall be effective on the first
day of the month following delivery of the Pricing Report to Buyer by Seller.

2

 

	 	 	 	 	 
	Period Basis for	 	Delivery Date of	 	Effective Date of
	Pricing Report	 	Pricing Report	 	Pricing Report
	December 1 — February 28

(February 29, as
applicable)
	 	March 1	 	April 1
	March 1 — May 31
	 	June 1	 	July 1
	June 1 — August 31
	 	September 1	 	October 1
	September 1— November 30
	 	December 1	 	January 1

(b) From time to time during the term of this Agreement, Buyer and Seller may also
enter into special written pricing arrangements for Seller Product Lines in
particular Geographic Regions. Any such arrangements shall be specified in a
written document executed by both Parties.”

     (d) Section 3.2. Section 3.2 of the Supply Agreement is hereby amended
and restated in its entirety by the following:

“3.2 Discount. During the term of this Agreement, Buyer and Buyer
Beneficiaries shall receive a [***]% discount from the Base Selling Price for each
Seller Product sold pursuant to this Agreement.”

     (e) Section 3.3. Section 3.3 of the Supply Agreement is hereby deleted in its
entirety and replaced with “[Intentionally omitted.],” and all references to Section 3.3 in
the Supply Agreement are hereby deleted.

     (f) Section 4.1. In order to correct an error in the equation to calculate Actual
Purchase Percentage in Section 4.1 of the Supply Agreement, “100%” is hereby replaced with
“100” in such equation.

     (g) Section 6.1. Section 6.1 of the Supply Agreement is hereby deleted in its
entirety and replaced with “[Intentionally omitted.],” and all references to Section 6.1 in
the Supply Agreement are hereby deleted.

     (h) Section 7.1. Section 7.1 of the Supply Agreement is hereby amended and
restated in its entirety by the following:

“7.1 Term. The term of this Agreement shall be for a period beginning on
the Effective Date and ending on January 15, 2016, unless earlier terminated in
accordance with the provisions of this Agreement or extended by agreement of the
Parties. Unless provided otherwise in this Agreement, upon termination of this
Agreement, neither Party shall have any liability or obligation under this Agreement
of any kind.”

     2. Ratification. Except as expressly modified and amended by this Amendment, the
Supply Agreement is ratified and confirmed in all respects and shall continue in full force and
effect.

     3. Governing Law. This Amendment shall be governed and controlled as to validity,
enforcement, interpretation, construction, effect and in all other respects by the internal laws of
the

3

 

State of Delaware applicable therein, without giving effect to the conflicts of laws principles
thereof, and specifically excludes the U.N. Convention on Contracts for International Sale of
Goods.

     4. Counterparts. This Amendment may be executed in multiple counterparts, each of
which when so executed shall be deemed an original and all of which shall constitute one and the
same agreement.

[Signature Page Follows]

4

 

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the date first above
written.

	 	 	 	 	 
	 	SELLER:

CARBO CERAMICS INC.

 	 
	 	By:  	/s/ Gary Kolstad
 	 
	 	Name: Gary Kolstad 	 
	 	Title: President and Chief Executive Officer 	 
	 
	 	BUYER:

HALLIBURTON ENERGY SERVICES, INC.

 	 
	 	By:  	/s/ David M. Adams
 	 
	 	Name: David M. Adams 	 
	 	Title: Vice President  	 
	 

Signature Page — Amendment No. 1 to the Proppant Supply Agreementexv10w2

Exhibit 10.2

Description of Modification to

Annual Non-Employee Director Stock Grants

In May 2010, the Compensation Committee of the Board of Directors of CARBO Ceramics Inc. (the
“Company”) approved a grant of 200 shares of the Company’s common stock to be made each year on the
first business day after the date of the Company’s Annual Meeting of Stockholders to each
non-employee Director of the Company serving as such on such date (each, an “Annual Director Stock
Grant”). In March 2011, the Compensation Committee approved an increase in the amount of Annual
Director Stock Grants from 200 shares to 250 shares. All other terms of the Annual Director Stock
Grants, as established in May 2010, remain unchanged.exv10w1

Form 10-Q

Page 31

Exhibit 10.1

THE TIMBERLAND COMPANY

2011 EXECUTIVE LONG TERM INCENTIVE
PROGRAM

(effective 1/1/11)

 

 

Form 10-Q

Page 32

THE TIMBERLAND COMPANY

2011 EXECUTIVE LONG TERM INCENTIVE PROGRAM

     This instrument sets forth the terms of The Timberland Company 2011 Executive Long Term
Incentive Program (capitalized terms used herein are used as defined in Section 2 hereof). The
Program is established under The Timberland Company 2007 Incentive Plan, and amounts paid under the
Program are generally intended to qualify as performance-based compensation under Section 162(m) of
the Internal Revenue Code.

     1. Purpose. The purpose of the Program is (a) to attract, retain and motivate key employees
of outstanding ability; and (b) to provide competitive incentive pay and capital accumulation
opportunities to certain key employees in exchange for their attainment of specified Performance
Goals.

     2. Definitions. The following terms shall have the following meanings unless the context
indicates otherwise.

	 	(a)	 	“Affiliate” shall mean any corporation or other entity that stands
in a relationship to the Company that would result in the Company and such
corporation or other entity being treated as one employer under Section 414(b)
and Section 414(c) of the Code, except that in determining eligibility for the
grant of a stock option or other similar equity award by reason of service for an
Affiliate, Sections 414(b) and 414(c) of the Code shall be applied by
substituting “at least 50%” for “at least 80%” under Section 1563(a)(1), (2) and
(3) of the Code and Treas. Regs. § 1.414(c)-2; provided, that to the extent
permitted under Section 409A of the Code, “at least 20%” shall be used in lieu of
“at least 50%”; and further provided, that the lower ownership threshold
described in this definition (50% or 20% as the case may be) shall apply only if
the same definition of affiliation is used consistently with respect to all
compensatory stock options or stock awards (whether under the Plan or another
plan). The Company may at any time by amendment provide that different ownership
thresholds (consistent with Section 409A of the Code) apply but any such change
shall not be effective for twelve (12) months.
	 
	 	(b)	 	“Award” shall mean an opportunity to earn, based on performance,
incentive pay in the form of PSUs and PSOs.
	 
	 	(c)	 	“Award Payout” shall mean the number of PSUs and PSOs earned by a
Participant as determined by the Committee.
	 
	 	(d)	 	“Board” shall mean the Board of Directors of The Timberland Company.
	 
	 	(e)	 	“Code” shall mean the Internal Revenue Code of 1986, as from time
to time amended.
	 
	 	(f)	 	“Committee” shall mean the Management Development and Compensation
Committee of the Board.
	 
	 	(g)	 	“Company” shall mean The Timberland Company.
	 
	 	(h)	 	“EBITDA” shall mean earnings before taxes, plus depreciation,
amortization, and interest expense, less interest income, adjusted to exclude the
following items: losses from discontinued operations, the cumulative effect of
changes in Generally Accepted Accounting Principles, any one-time charge or
dilution resulting from any acquisition or divestiture, extraordinary items of
loss or expense, and any other unusual or nonrecurring items of loss or expense
including restructuring charges. Any such adjustment shall be made only to the
extent the item is separately identified on the Consolidated Statement of Income
in the Company’s Annual Report on Form 10-K; the Notes to the Consolidated
Financial Statements; or in the Management Discussion & Analysis section of the
Company’s Annual Report on Form 10-K and is objectively quantifiable in the
Company’s

 

 

Form 10-Q

Page 33

	 	 	 	accounting records as reviewed by the Company’s independent auditors. The
Committee may exercise discretion to include all or part of an item of loss or
expense.
	 
	 	(i)	 	“Named Executive Officer” shall mean the Chief Executive Officer,
the Chief Financial Officer and the next three highest paid officers of the
Company on the last day of the taxable year, for purposes of the executive
compensation disclosure rules under the Securities Exchange Act of 1934.
	 
	 	(j)	 	“Participant” shall mean an employee of the Company or an Affiliate
who is designated by the Committee or a designee of the Committee to receive an
Award.
	 
	 	(k)	 	“Performance Goal” shall mean the threshold, target or maximum
level of performance that must be attained to earn a specified level of incentive
pay.
	 
	 	(l)	 	“Performance Measures” shall mean EBITDA and Revenue Growth.
	 
	 	(m)	 	“Performance Period” shall mean the PSU Performance Period or the
PSO Performance Period.
	 
	 	(n)	 	“Plan” shall mean The Timberland Company 2007 Incentive Plan.
	 
	 	(o)	 	“Program” shall mean The Timberland Company 2011 Executive Long
Term Incentive Program.
	 
	 	(p)	 	“PSO” shall mean an option entitling the holder to acquire shares
of Stock upon payment of the applicable exercise price, subject to the
conditions and restrictions described herein or in an Award agreement.
	 
	 	(q)	 	“PSO Performance Period” shall mean the one-year period commencing
January 1, 2011, and shall be the measurement period during which the attainment
of the Performance Goal for PSOs shall be determined.
	 
	 	(r)	 	“PSU” shall mean an unfunded and unsecured promise to deliver one
share of Stock, subject to the conditions and restrictions described herein or in
an Award agreement.
	 
	 	(s)	 	“PSU Performance Period” shall mean the three-year period
commencing January 1, 2011, and shall be the measurement period during which the
attainment of the Performance Goal for PSUs shall be determined.
	 
	 	(t)	 	“Revenue Growth” shall mean the Company’s change in annual revenue
disclosed in the Company’s Annual Report on Form 10-K during the three year
period January 1, 2011 through December 31, 2013 (restated to 2011 constant
currency), divided by three.
	 
	 	(u)	 	“Stock” shall mean Class A Common Stock of the Company, par value
$.01 per share.

     3. Administration. The Program shall be administered by the Committee, in accordance with the
terms of the Plan. The Committee shall have sole and complete discretion with respect to the
exercise of all permissive powers and authority granted to the administrator under the Plan;
provided, however, the Committee may not exercise its discretion to increase the amount of
incentive pay that would otherwise be due a Named Executive Officer upon attainment of a
Performance Goal. All actions, determinations, and decisions of the Committee shall be final,
conclusive, and binding on all parties.

     4. Participation. Participants shall be as determined by the Committee at its regularly
scheduled meeting during the first quarter of the fiscal year, as reflected in the minutes of such
meeting. The Committee may delegate authority to determine certain participants, other than the
Named Executive Officers.

     5. Awards. The type of Award and the number of Awards that can be earned under the Program
upon achievement of a Performance Goal shall be as determined by the
Committee at its regularly
scheduled

 

 

Form 10-Q

Page 34

meeting during the first quarter of the fiscal year, as reflected in the minutes of such
meeting. The Committee shall determine the type of Award and the number of Awards for the Named
Executive Officers on an individual basis. The Committee may delegate authority to determine the
type of Award and the number of Awards for Participants other than the Named Executive Officers.
Each Award is expressed as a number of PSUs and PSOs contingent upon the achievement of certain
Performance Goals and subject to certain restrictions set forth herein or in an Award agreement.
Awards may vary according to a Participant’s salary grade or position. Awards for a Named
Executive Officer shall not be changed or modified during a Performance Period to increase the
amount of incentive pay that would otherwise become payable.

     6. Performance Measures and Performance Goals. The Performance Measures and Performance Goals
shall be as determined by the Committee at its regularly scheduled meeting during the first quarter
of the fiscal year, as reflected in the minutes of such meeting. Performance Goals for a Named
Executive Officer shall not be changed or modified during a Performance Period to increase the
amount of incentive pay that would otherwise become payable.

     7. Award Payout Calculation and Approval.

	 	(a)	 	Award Payouts shall be based on the degree to which a Performance
Goal is attained, with nothing payable upon attainment of the threshold-level
Performance Goal, 100% of the target-level Award payable upon attainment of the
target-level Performance Goal and 200% of the target-level Award payable upon
attainment of the maximum-level Performance Goal, all as established by the
Committee at its regularly scheduled meeting during the first quarter of the
fiscal year, as reflected in the minutes of such meeting. No Award Payouts shall
be made unless the threshold-level Performance Goal is surpassed. Award Payouts
shall be increased proportionately on a straight-line basis to the extent the
threshold or target Performance Goals are surpassed. In no event shall an Award
Payout exceed the maximum-level Award.
	 
	 	(b)	 	The Company’s independent public accountants shall audit the
Company’s Award Payout calculations following the close of the Performance
Period.
	 
	 	(c)	 	The Committee shall approve or disapprove the Award Payouts for all
Participants following completion of the independent audit. The Committee may
reduce a Participant’s Award Payout (or the Award Payouts to all or some
Participants) if such modification would better serve the purpose of the Plan.

     8. Award Payment. For each PSU earned, as determined in accordance with Section 7, one share
of Stock shall be delivered to the Participant as soon as practicable and not later than March 31,
2014. For each PSO earned, as determined in accordance with Section 7 the Participant’s right to
exercise the option shall begin to vest as soon as practicable in accordance with Section 9 and not
later than March 31, 2012.

     9. Vesting of PSOs. PSOs, to the extent earned, shall vest in three equal annual installments
beginning on the second anniversary of the grant date, as approved by the Committee following the
end of the PSO Performance Period. For example, for PSOs granted on March 3, 2011, and for which
the Committee approves an Award Payout, the first tranche of such PSOs would vest on March 3, 2013.

     10. Agreements. Each award of PSUs and each grant of PSOs shall be evidenced by an Award
agreement, specifying restrictions on the transfer and vesting of such securities and including
such other terms, conditions and restrictions as the Committee shall determine.

     11. Employment. Except as otherwise determined by the Committee, to be eligible to receive an
Award Payout, a Participant must be employed by the Company or an Affiliate on the date such Award
Payout is made, in the case of PSUs, and the date vesting commences, in the case of PSOs.
Receiving an Award or an Award Payout shall not give any Participant the right to be retained in
the employment of the Company or an Affiliate, or affect the right of the Company or an Affiliate
to discharge or discipline a Participant.

     12. Clawback. The Named Executive Officers (namely, Jeffrey Swartz, Michael Harrison, Carrie
Teffner, Carden Welsh and Danette Wineberg), Mark Bryden and Richard O’Rourke (each, a “Designated
Officer”

 

 

Form 10-Q

Page 35

and collectively, the “Designated Officers”) shall be required to forfeit Awards or repay
Award Payouts (as applicable), whether vested or unvested, exercisable or unexercisable, or
converted to cash or otherwise disposed of (regardless of the amount realized), if (1) such Award
or Award Payout was granted or paid based on the achievement of financial results that were
subsequently the subject of restated financial statements and (2) the Committee determines that a
Designated Officer or Designated Officers engaged in fraud or intentional misconduct that directly
or indirectly caused the need for restated financial statements. The amount of compensation
forfeited or repaid shall equal the difference between the amount originally awarded and the amount
that would have been awarded based on the restated financial statements. The Committee shall have
complete discretion to require forfeiture of Awards or repayment of Award Payouts by a Designated
Officer or Designated Officers who did not engage in fraud or intentional misconduct.

     IN WITNESS WHEREOF, The Timberland Company has caused this document to be executed by its duly
authorized officer effective as of the 1st day of January, 2011.

	 	 	 	 	 
	 	THE TIMBERLAND COMPANY

 	 
	 	By:  	/s/ SIDNEY W. SWARTZ          
 	 
	 	 	Sidney W. Swartz 	 
	 	 	Chairman

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