Document:

EX-10.10

 Exhibit 10.10 
  

			
		  	 Amendment No. 5 to Proppant Supply Agreement

Agreement No. 9600048977

 Confidential portions of this exhibit have been omitted and filed separately with the Securities and Exchange
Commission under a confidential treatment request. The redacted terms have been marked in this exhibit at the appropriate place with “XXX”. 

Amendment No. 5 to the Proppant Supply Agreement 

This Amendment No. 5 to the Proppant Supply Agreement (this “Amendment”) is entered into as of XXX (the “Effective Date”), by and
between Halliburton Energy Services, Inc. (“Buyer”) and CARBO Ceramics Inc. (“Seller”). Defined terms used herein, but not otherwise defined, shall have such meanings as are set forth in the Agreement (as defined below). 

WITNESSETH: 
 WHEREAS, Buyer and
Seller entered into that certain Proppant Supply Agreement dated August 28, 2008 (as most recently amended on March 24, 2014, the “Agreement”); 

WHEREAS, Buyer and Seller wish to amend the Agreement to reflect certain changes as set forth herein in accordance with Section 11.3 of the Agreement.

 NOW, THEREFORE, in consideration of the premises, the terms and conditions stated herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows: 
  

	1.	Term. Section 7.1 of the 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 XXX, 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 except for any provisions which survive termination of the Agreement, XXX.” 
  

	2.	Termination of Purchase Commitment; Penalties. As of the earlier of the Effective Date of this Amendment or XXX (“Purchase Commitment Termination Date”), the Agreement is amended to remove
Buyer’s Purchase Commitment as set forth in Section 2.1 and any and all penalties, reporting requirements and audit provisions of Buyer as set forth in Article IV from the period beginning on the Purchase Commitment Termination Date and
ending upon expiration of the Term. Beginning on the Purchase Commitment Termination Date, any and all references, requirements or obligations in the Agreement for Buyer to (i) make a minimum purchase, (ii) purchase a specific volume or
percentage of demand or of Buyer’s requirements for Products or any goods are hereby deleted and of no further force or effect. XXX 

  

	3.	Modified Section 3.4 Payment of the Agreement. Section 3.4 Payment is modified and superseded in its entirety by the following: 

3.4 Payment. Unless agreed to otherwise by Seller or specified herein, payment for all sales of Product shall be made within XXX days
after the date of the applicable invoice, provided, however Buyer shall have the right to withhold any amounts disputed in good faith until resolved by the parties; provided, further, that in the event of an invoice that contains both disputed and
undisputed amounts, the undisputed amounts will be paid promptly. Payment for Product to Seller or its Affiliates shall be made, at the option of Buyer, (i) in the United States, or (ii) in the country from which the Products were shipped.
All payments hereunder shall be made in U.S. dollars or such other currency in which Seller may quote process for the relevant Seller Product Lines. Charges for Product ordered by Buyer Beneficiaries will be invoiced to and paid by such Buyer
Beneficiaries. 

			
		  	 Amendment No. 5 to Proppant Supply Agreement

Agreement No. 9600048977

  

 

	4.	Miscellaneous. Except as otherwise expressly modified or amended herein, all terms and conditions contained in the Agreement shall remain in full force and effect and shall not be altered or changed by
this Amendment. The Agreement, as amended by this Amendment, shall constitute the entire agreement of the parties. All references to Sections in this Amendment correspond to Sections contained in the Agreement unless otherwise expressly stated.

 IN WITNESS WHEREOF, Seller and Buyer have caused this Amendment to be duly executed by their authorized representatives as of the Effective
Date. 
  

			
	 Halliburton Energy Services, Inc.
	  	 CARBO Ceramics Inc.

		
	 Signature:
 /s/
Praveen Dhawan
	  	 Signature:
 /s/
Don P. Conkle

		
	 Printed Name:

Praveen Dhawan
	  	 Printed Name:

Don P. Conkle

		
	 Title:

Director, Category Management
	  	 Title:
 VP
Marketing & Sales

		
	 Date:

1/6/2016
	  	 Date:

12/31/2015EX-10.37

 Exhibit 10.37 

Execution Copy 
 AGREEMENT
AND AMENDMENT NO. 6 
 This AGREEMENT AND AMENDMENT NO. 6 (the “Agreement”) dated effective as of
February 26, 2016 (the “Effective Date”) is among CARBO Ceramics Inc., a Delaware corporation (the “Borrower”), the Lenders (as defined below) and Wells Fargo Bank, National Association, as administrative agent
(in such capacity, the “Administrative Agent”), as swing line lender (the “Swing Line Lender”), and as issuing lender (in such capacity, the “Issuing Lender”) for such Lenders. 

RECITALS 
 A. The Borrower
is party to that certain Credit Agreement dated as of January 29, 2010, among the Borrower, the lenders party thereto from time to time (the “Lenders”), the Administrative Agent, the Swing Line Lender, and the Issuing Lender
(as heretofore amended and as may be further amended, restated or otherwise modified from time to time, the “Credit Agreement”). 

B. The parties hereto wish to make certain amendments to the Credit Agreement, as provided herein and subject to the terms and conditions set
forth herein. 
 THEREFORE, the Borrower, the Lenders, the Administrative Agent, the Swing Line Lender, and the Issuing Lender hereby agree
as follows: 
 Section 1. Defined Terms. As used in this Agreement, each of the terms defined in the opening paragraph and
the Recitals above shall have the meanings assigned to such terms therein. Each term defined in the Credit Agreement and used herein without definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly provided
to the contrary. 
 Section 2. Other Definitional Provisions. Article, Section, Schedule, and Exhibit references are to
Articles and Sections of and Schedules and Exhibits to this Agreement, unless otherwise specified. All references to instruments, documents, contracts, and agreements are references to such instruments, documents, contracts, and agreements as the
same may be amended, supplemented, and otherwise modified from time to time, unless otherwise specified. The words “hereof,” “herein,” and “hereunder” and words of similar import when used in this Agreement shall refer
to this Agreement as a whole and not to any particular provision of this Agreement. The term “including” means “including, without limitation.” Paragraph headings have been inserted in this Agreement as a matter of convenience
for reference only and it is agreed that such paragraph headings are not a part of this Agreement and shall not be used in the interpretation of any provision of this Agreement. 

Section 3. Amendments to Credit Agreement.  

(a) Section 5.2 (Reporting) of the Credit Agreement is hereby amended by replacing clause (d) in its entirety with the following:

  

	 	(d)	 Monthly Financials; Asset Coverage Certificate; Liquidity. As soon as available and in any event within 30 days after the end of each
calendar month (commencing with the calendar month of February, 2016 (other than as set forth in clause (iii) below)), the Borrower shall provide, or shall cause to be provided, to the Administrative Agent, (i) a consolidated balance sheet
of the Borrower and its Subsidiaries as at the end of such calendar month, and the related consolidated and consolidating statements of income or operations, shareholders’ equity and cash

	 	
flow for such calendar month and for the portion of the Borrower’s fiscal year then ended (excluding (i) consolidating cash flow and (ii) in the case of Foreign Subsidiaries,
consolidating statements of income or operations, shareholders’ equity and cash flow), setting forth in each case in comparative form the figures for the corresponding month of the previous fiscal year, all in reasonable detail acceptable to
the Administrative Agent (and otherwise consistent with the scope and detail of the monthly financial statements historically prepared by the Borrower), such consolidated financial statements to be certified by the chief executive officer, chief
financial officer, treasurer or controller of the Borrower as fairly presenting the financial condition, and shareholders’ equity of the Borrower and its Subsidiaries, subject to customary quarterly close-out and year-end audit adjustments and
the absence of footnotes, and such consolidating statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of the Borrower to the effect that such statements are fairly stated in all material
respects when considered in relation to the consolidated financial statements of the Borrower and its Subsidiaries; (ii) a duly completed Asset Coverage Ratio Certificate as of the end of such calendar month signed by the chief executive
officer, chief financial officer, treasurer or controller of the Borrower; and (iii) commencing with the calendar month of July, 2016, a Compliance Certificate with a calculation of the Borrower’s Liquidity as of the end of such calendar
month. 

 (b) Section 6.15 (Minimum Tangible Net Worth) of the Credit Agreement is hereby amended by replacing it with
the following: 
  

	 	Section	6.15 Minimum Tangible Net Worth; Liquidity. 

  

	 	(a)	Borrower shall not permit its Tangible Net Worth as of the end of each fiscal quarter (other than the fiscal quarters ending September 30, 2016, December 31, 2016 and March 31, 2017), to be less
than an amount equal to (i) $370,000,000.00 plus (ii) an amount equal to 50% of the Borrower’s consolidated Net Income for each fiscal quarter ending on or after March 31, 2010 (if such consolidated Net Income in the applicable
quarter is greater than $0) plus (iii) an amount equal to 100% of Equity Issuance Proceeds received by any Credit Party or any Subsidiary after the Effective Date. 

 

	 	(b)	Borrower shall not permit Liquidity as of the end of each calendar month, commencing with the month ending July 31, 2016, to be less than the amount set forth below with respect to such month:

  

			
	 Month
	  	 Minimum Liquidity

	 July 2016
	  	$88,300,000
	 August 2016
	  	$91,000,000
	 September 2016
	  	$91,800,000
	 October 2016
	  	$92,800,000
	 November 2016
	  	$95,600,000
	 December 2016
	  	$96,100,000
	 January 2017
	  	$88,000,000
	 February 2017
	  	$88,000,000
	 March 2017
	  	$88,000,000

  
 2 

 (c) Section 6.18 (Asset Coverage Ratio) of the Credit Agreement is hereby amended by
replacing the reference to “February, 2017” with a reference to “March, 2017”. 
 (d) Article IV (Negative
Covenants) of the Credit Agreement is hereby amended by adding the following new Section 6.20 to the end thereof: 

Section 6.20 Deposit Accounts. Commencing with March 11, 2016 (or such later date agreed to by the
Administrative Agent in its sole discretion), the Borrower shall, and shall cause each of its Subsidiaries to maintain all deposit accounts in the United States with the Administrative Agent and deposit all proceeds of Receivables into one or more
such deposit accounts and, if requested by the Administrative Agent, execute and deliver control agreements and such Security Documents in form and substance satisfactory to the Administrative Agent to grant and evidence a first lien, priority
security interest in such accounts and funds held therein in favor of the Administrative Agent; provided that (a) no such control agreements shall be required for deposit accounts that are designated solely as accounts for, and are used solely
for payroll funding, employee compensation or employee benefits, and (b) the foregoing requirements in this Section 6.20 shall not apply to (i) deposit accounts designated solely as accounts for, and are used solely for, petty cash in
an amount not to exceed $150,000 in the aggregate at any time and (ii) deposit accounts maintained with financial institutions other than the Administrative Agent in an amount not to exceed $1,000,000 in the aggregate at any time. 

(e) Exhibit B- Form of Compliance Certificate of the Credit Agreement is hereby replaced in its entirety with the Exhibit B – Form of
Compliance Certificate attached hereto. 
 Section 4. Borrower Representations and Warranties. The Borrower represents
and warrants that: (a) the representations and warranties contained in the Credit Agreement, as amended hereby, and the representations and warranties contained in the other Credit Documents, are true and correct in all material respects on and
as of the Effective Date as if made on as and as of such date except to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case such representation or warranty is true and correct in all
material respects as of such earlier date; (b) no Default has occurred and is continuing; (c) the execution, delivery and performance of this Agreement are within the corporate power and authority of the Borrower and have been duly
authorized by appropriate corporate and governing action and proceedings; (d) this Agreement constitutes the legal, valid, and binding obligation of the Borrower enforceable in accordance with its terms, except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity; (e) as of the Effective Date, (i) there are no Material Domestic Subsidiaries and
(ii) no Non-Material Domestic Subsidiary is required to be a Guarantor pursuant to Section 5.6 of the Credit Agreement and (f) there are no governmental or other third party consents, licenses and approvals required in connection with
the execution, delivery, performance, validity and enforceability of this Agreement. 
 Section 5. Conditions to
Effectiveness. This Agreement shall become effective on the Effective Date and enforceable against the parties hereto upon the occurrence of the following conditions precedent: 

(a) The Administrative Agent shall have received this Agreement executed and delivered by each of the Borrower, the Administrative Agent, the
Swing Line Lender, the Issuing Lender, and the Majority Lenders; 

  
 3 

 (b) The Administrative Agent shall have received a draft audited financial statements prepared by
an independent certified public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent, and the Administrative Agent shall be satisfied that such accountant will deliver a clean opinion to accompany the final
version of such financial statements and that such opinion would not be qualified or have exceptions; and 
 (c) The Borrower shall have paid
all costs and expenses which have been invoiced and are payable pursuant to Section 10.1 of the Credit Agreement. 
 Section 6.
Acknowledgments and Agreements. 
 (a) The Borrower acknowledges and agrees that Secured Obligations (as defined in the Credit
Agreement, as amended hereby) are payable without defense, offset, counterclaim or recoupment. 
 (b) The Administrative Agent and the
Lenders hereby expressly reserve all of their rights, remedies, and claims under the Credit Documents. Nothing in this Agreement shall constitute a waiver or relinquishment of (i) any Default or Event of Default under any of the Credit
Documents, (ii) any of the agreements, terms or conditions contained in any of the Credit Documents, (iii) any rights or remedies of the Administrative Agent or any Lender with respect to the Credit Documents or (iv) the rights of the
Administrative Agent or any Lender to collect the full amounts owing to them under the Credit Documents. 
 (c) Each of the Borrower, the
Administrative Agent, the Swing Line Lender, the Issuing Lender and the Lenders does hereby adopt, ratify, and confirm the Credit Agreement, as amended hereby, and acknowledges and agrees that the Credit Agreement, as amended hereby, is and remains
in full force and effect, and the Borrower acknowledges and agrees that its liabilities and obligations under the Credit Agreement, as amended hereby, are not impaired in any respect by this Agreement. 

(d) From and after the Effective Date, all references to the Credit Agreement and the Credit Documents shall mean such Credit Agreement and
such Credit Documents as amended by this Agreement. 
 (e) This Agreement is a Credit Document for the purposes of the provisions of the
other Credit Documents. Without limiting the foregoing, any breach of representations, warranties, and covenants under this Agreement shall be a Default or Event of Default, as applicable, under the Credit Agreement. 

Section 7. Reaffirmation of Liens. The Borrower (a) represents and warrants that it has no defenses to the enforcement
of any Security Document to which it is a party, (b) reaffirms the terms of and its obligations (and the Liens granted by it) under each Security Document to which it is a party, and agrees that each such Security Document will continue in full
force and effect to secure the Secured Obligations, as amended hereby and as the same may be further amended, supplemented, or otherwise modified from time to time, and such other amounts in accordance with the terms of such Security Document, and
(c) acknowledges, represents, warrants and agrees that the liens and security interests granted by it pursuant to the Security Document are valid and subsisting and create a security interest to secure the Secured Obligations, as amended
hereby. 
 Section 8. Release. For good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each Credit Party hereby, for itself and its successors and assigns, fully and without reserve, releases, acquits, and forever discharges each Secured Party, its respective successors and assigns, officers, directors, employees,
representatives, trustees, attorneys, agents and affiliates (collectively the “Released Parties” and individually a “Released Party”) from any and all actions, claims, demands, causes of action, judgments,
executions, suits, debts, liabilities, costs, damages, 

  
 4 

 
expenses or other obligations of any kind and nature whatsoever, direct and/or indirect, at law or in equity, whether now existing or hereafter asserted, whether absolute or contingent, whether
due or to become due, whether disputed or undisputed, whether known or unknown (INCLUDING, WITHOUT LIMITATION, ANY OFFSETS, REDUCTIONS, REBATEMENT, CLAIMS OF USURY OR CLAIMS WITH RESPECT TO THE NEGLIGENCE OF ANY RELEASED PARTY) (collectively,
the “Released Claims”), for or because of any matters or things occurring, existing or actions done, omitted to be done, or suffered to be done by any of the Released Parties, in each case, on or prior to the later of (a) the
Effective Date and (b) the date the Credit Parties execute and delivery its signature page hereto to the Administrative Agent (or its counsel), and are in any way directly or indirectly arising out of or in any way connected to any of this
Agreement, the Credit Agreement, any other Credit Document, or any of the transactions contemplated hereby or thereby (collectively, the “Released Matters”). Each Credit Party, by execution hereof, hereby acknowledges and
agrees that the agreements in this Section 8 are intended to cover and be in full satisfaction for all or any alleged injuries or damages arising in connection with the Released Matters herein compromised and settled. Each Credit
Party hereby further agrees that it will not sue any Released Party on the basis of any Released Claim released, remised and discharged by the Credit Parties pursuant to this Section 8. In entering into this Agreement, each Credit
Party consulted with, and has been represented by, legal counsel and expressly disclaim any reliance on any representations, acts or omissions by any of the Released Parties and hereby agrees and acknowledges that the validity and effectiveness of
the releases set forth herein do not depend in any way on any such representations, acts and/or omissions or the accuracy, completeness or validity hereof. The provisions of this Section 8 shall survive the termination of this
Agreement, the Credit Agreement and the other Credit Documents and payment in full of the Obligations. 
 Section 9.
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original and all of which, taken together, constitute a single instrument. This Agreement may be executed by facsimile signature and all
such signatures shall be effective as originals. 
 Section 10. Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Credit Agreement. 

Section 11. Invalidity. In the event that any one or more of the provisions contained in this Agreement shall for any
reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 

Section 12. Governing Law. This Agreement shall be deemed to be a contract made under and shall be governed by and
construed in accordance with the laws of the State of Texas. 
 Section 13. USA PATRIOT Act. Each Lender that is subject
to the PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Credit Party that pursuant to the requirements of the PATRIOT Act it is required to obtain, verify and record information that
identifies such Credit Party, which information includes the name and address of such Credit Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Credit Party in accordance with the
PATRIOT Act. 
 Section 14. Entire Agreement. THIS AGREEMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS AGREEMENT, THE NOTES,
AND THE OTHER CREDIT DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO. 

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

[signature pages follow] 

  
 5 

 EXECUTED effective as of the date first above written. 

 

			
	BORROWER:
	
	CARBO CERAMICS INC.
		
	By:	 	/s/ Ernesto Bautista III
		 	Ernesto Bautista III
		 	Vice President and Chief Financial Officer

  
 Signature Page to
Agreement and Amendment No. 6 

 
			
	ADMINISTRATIVE AGENT/LENDER
	
	 WELLS FARGO BANK,

NATIONAL ASSOCIATION

	as Administrative Agent, Swing Line Lender, Issuing Lenderand sole Lender
		
	By:	 	/s/ David Maynard
		 	David Maynard
		 	Senior Vice President

  
 Signature Page to
Agreement and Amendment No. 6 

 EXHIBIT B 

FORM OF COMPLIANCE CERTIFICATE 

FOR THE PERIOD FROM
                    , 20         TO
                    , 20         

This certificate dated as of
                    ,
                     is prepared pursuant to the Credit Agreement dated as of January 29, 2010 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among CARBO Ceramics Inc., a Delaware corporation (“Borrower”), the lenders party thereto from time to time (the “Lenders”), and Wells Fargo Bank, National
Association, as administrative agent for such Lenders (in such capacity, the “Administrative Agent”), as issuing lender and as swing line lender. Unless otherwise defined in this certificate, capitalized terms that are defined in the
Credit Agreement shall have the meanings assigned to them by the Credit Agreement. 
 The undersigned certifies that: 

(a) all of the representations and warranties made by any one or more of the Credit Parties in the Credit Agreement and the Guaranties to which
such Credit Parties are party are true and correct in all material respects as if made on this date, except to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case it shall have been true and
correct in all material respects as of such earlier date; 
 (b) attached hereto in Schedule A is a detailed spreadsheet reflecting the
covenant calculations, as of the date and for the periods covered by this certificate, the Borrower’s consolidated Debt, EBITDA, Interest Expense, Net Worth, Fixed Charges, Capital Expenditures and Liquidity; provided, however, that only the
calculation for Liquidity will be required for Compliance Certificates delivered for any month end that is not also a fiscal quarter end; 

[(c) that no Default or Event of Default has occurred or is continuing as of the date hereof; and] 

[(c) the following Default[s] or Event[s] of Default exist[s] as of the date hereof, if any, and the actions set forth below are being taken to
remedy such circumstances: 

                       
                         ; and] 

(d) that as of the date hereof for the periods set forth below the following statements, amounts, and calculations included herein and in
Schedule A, were true and correct in all material respects: 
 I. Section 6.15(a) Minimum Tangible Net Worth.1 : 
  

							
	(a)	  	Borrower’s consolidated Tangible Net Worth =	  	$	                       	  
			
	(b)	  	$370,000,000 =	  	$	                       	  
			
	(c)	  	50% of the sum of Borrower’s consolidated Net Income for each fiscal quarter ending on or after March 31, 2009 in which such consolidated Net Income was greater than $0 =	  	$	                       	  

  

	1 	Calculated as of each fiscal quarter end (other than the fiscal quarters ending September 30, 2016, December 31, 2016 and March 31, 2017). 

  
 Exhibit B – Form of
Compliance Certificate 
 Page 1 of 4 

							
	(d)	  	100% of Equity Issuance Proceeds received by any Credit Party or any Subsidiary after the Effective Date =	  	 	$                       	  
			
		  	Minimum Tangible Net Worth =	  	 	(a) 3 [(b) + (c) + (d)]	  
			
		  	 Compliance
	  	 	Yes                No	  

 II. Section 6.15(b) Liquidity.2 : 

 

							
	(a)	  	Aggregate Commitments in effect	  	 	$                       	  
			
	(b)	  	Outstandings	  	 	$                       	  
			
	(c)	  	Unrestricted Cash	  	 	$                       	  
			
		  	Liquidity = [(a) - (b)] + (c)	  	 	$                       	  
			
		  	 Minimum Liquidity
	  			
	
	$[88,300,000]3[91,000,000]4[91,800,000]5[92,800,000]
6[95,600,000]7[96,100,000]8[88,000,000]9
	  
			
		  	 Compliance
	  	 	Yes                No	  

 III. Section 6.16 Leverage Ratio.10 : 

 

							
	(a)	  	All consolidated Debt11 of the Borrower as of the last day of such fiscal quarter	  	$	                       	  
			
	(b)	  	Borrower’s consolidated EBITDA12	  			
			
		  	(i) + [(ii) + (iii) + iv]13 =	  	$	                       	  
			
		  	 (i) consolidated Net Income
	  	$	                       	  
			
		  	 (ii) Interest Expense
	  	$	                       	  

  
  

	2 	Calculated as of the end of each calendar month, commencing with the month ending July 31, 2016. 

	3 	Use for calendar month ending July 31, 2016. 

	4 	Use for calendar month ending August 31, 2016. 

	5 	Use for calendar month ending September 30, 2016. 

	6 	Use for calendar month ending October 31, 2016 

	7 	Use for calendar month ending November 30, 2016. 

	8 	Use for calendar month ending December 31, 2016. 

	9 	Use for calendar months ending January 31, 2017, February 28, 2017 and March 31, 2017. 

	10 	Calculated as of each fiscal quarter end, for the four-fiscal quarter period then ended, commencing with the quarter ending March 31, 2017. 

	11 	In accordance with the Credit Agreement, Debt for purposes of this calculation does not include obligations under Hedging Arrangements. 

	12 	In accordance with the Credit Agreement, EBITDA shall be subject to pro forma adjustments for Acquisitions and Nonordinary Course Asset Sales assuming that such transactions had occurred on the first day of the
determination period. 

	13 	Items (ii) – (iv) shall be included to the extent deducted in determining consolidated Net Income. 

  
 Exhibit B – Form of
Compliance Certificate 
 Page 2 of 4 

							
		  	 (iii) income taxes
	  	 	$                       	  
			
		  	 (iv) depreciation, amortization, & other add-backs
	  	 	$                       	  
			
		  	 Leverage Ratio = (a) divided by (b)
	  			
			
		  	 Maximum Leverage Ratio
	  	 	2.50 to 1.00	  
			
		  	 Compliance
	  	 	Yes                No	  

 IV. Section 6.17 Fixed Charge Coverage Ratio.14: 

 

							
	(a)	  	Borrower’s consolidated adjusted EBITDA15=	  			
			
		  	 (i) – (ii) – (iii) =
	  	 	$                       	  
			
		  	(i) consolidated EBITDA (see II.(b) above)	  	 	$                       	  
			
		  	(ii) cash taxes paid or required to be paid	  	 	$                       	  
			
		  	(iii) Maintenance Capital Expenditures paid or required to be paid	  	 	$                       	  
			
	(b)	  	Borrower’s Fixed Charges 16 =	  			
			
		  	 (i) + (ii) + (iii) =
	  	 	$                       	  
			
		  	(i) Interest Expense	  	 	$                       	  
			
		  	(ii) current portion of long term Debt17	  	 	$                       	  
			
		  	(iii) Restricted Payments	  	 	$                       	  
			
		  	 Fixed Charge Coverage Ratio = (a) divided by (b) =
	  			
			
		  	 Minimum Fixed Charge Coverage Ratio
	  	 	1.50 to 1.00	  
			
		  	 Compliance
	  	 	Yes                No	  

 V. Section 6.19 – Capital Expenditures.18 

 

							
	(a)	  	Capital Expenditures	  	 	$                       	  
			
	(b)	  	Maximum Capital Expenditure Amount	  	 	$65,000,000.00	  

  
  

	14 	Calculated as of each fiscal quarter end, commencing with the quarter ending March 31, 2017. 

	15 	For purposes of this calculation, Adjusted EBITDA shall be calculated for the four-fiscal quarter period then ended. 

	16 	For purposes of this calculation, Fixed Charges shall be calculated for the four-fiscal quarter period then ended. 

	17 	For purposes of this calculation, long term Debt shall include the current portion of Capital Leases, as of the four fiscal quarter period then ended, but excluding the scheduled principal payment of the Revolving Loan
due on the Maturity Date. Furthermore, Debt for purposes of this calculation does not include obligations under Hedging Arrangements. 

	18 	Calculated as of each fiscal year ending December 31, 2015 and December 31, 2016, for the fiscal year then ended. 

  
 Exhibit B – Form of
Compliance Certificate 
 Page 3 of 4 

							
		  	 Capital Expenditure covenant:
	  	 	(a) £ (b)19	  
			
	(c)	  	Aggregate Commitments in effect	  	$	                       	  
			
	(d)	  	Outstandings	  	$	                       	  
			
	(e)	  	Unrestricted Cash	  	$	                       	  
			
		  	 Liquidity:
	  	 	[(c)-(d)] + e20	  
			
		  	 Compliance
	  	 	Yes                No	  

 VI. Section 5.6 – Material Domestic Subsidiaries. 

 

							
	(a)	  	Non-Material Domestic Subsidiaries’ collective operating income21	  	$	                       	  
			
	(b)	  	Borrower’s consolidated operating income10	  	$	                       	  
			
		  	 Operating income test = (a) divided by (b)
	  	 	                %	  
			
	(c)	  	Non-Material Domestic Subsidiaries collective book value of total assets	  	$	                       	  
			
	(d)	  	Borrower’s consolidated book value of total assets	  	$	                       	  
			
		  	 Total book value test = (c) divided by (d)
	  	 	                %	  
			
		  	 Is either (a) divided by (b) or (c) divided by (d) equal to or greater than 10%
	  	 	Yes                No	  
			
		  	If the answer to the above question is yes, attached hereto in Annex A is a list of Non-Material Domestic Subsidiaries that will need to execute and deliver to the Administrative Agent a joinder to the Guaranty or
otherwise deliver a Guaranty, in any event, in form and substance satisfactory to the Administrative Agent, in order to comply with Section 5.6 of the Credit Agreement. 	  			
			
		  	If the answer to the above question is no, the Borrower may attach hereto as Annex B, a list of Non-Material Domestic Subsidiaries that the Borrower requests to be released from their respective guaranty obligations and a
detailed calculation of compliance with the requirements of Section 5.6 of the Credit Agreement after giving effect to each such release. 	  			

 IN WITNESS THEREOF, I have hereto signed my name to this Compliance Certificate as of
                        ,
                        . 
  

					
	CARBO CERAMICS INC.
		
		 	 
		 	Name:	 	 
		 	Title:	 	 

  

	19 	Additionally, Liquidity must be greater than or equal to $15,000,000 before and after giving effect to each Capital Expenditure. 

	20 	As to each Capital Expenditure, both before and after giving effect to such Capital Expenditure. 

	21 	Calculated as of each fiscal quarter end, for the four-fiscal quarter period then ended. 

  
 Exhibit B – Form of
Compliance Certificate 
 Page 4 of 4

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