Document:

[Form
of Grant Notice for [Directors][Chairman] (Time-and-Performance Vesting)]

 

ECO-STIM
ENERGY SOLUTIONS, INC.

2015
STOCK INCENTIVE PLAN

 

PHANTOM
STOCK AWARD GRANT NOTICE

 

Pursuant
to the terms and conditions of the Eco-Stim Energy Solutions, Inc. 2015 Stock Incentive Plan, as amended from time to time (the
“Plan”), Eco-Stim Energy Solutions, Inc. (the “Company”) hereby grants to
the individual listed below (“you” or the “Participant”) the number of shares
of phantom stock (the “Phantom Shares”) set forth below. This award of Phantom Shares (this “Award”)
is subject to the terms and conditions set forth in this Phantom Stock Award Grant Notice (this “Grant Notice”)
and in the Phantom Stock Award Agreement attached hereto as Exhibit A (the “Agreement”) and the
Plan, each of which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings
set forth in the Plan.

 

	Participant:	 	[●]
	 	 	 
	Date
    of Grant:	 	[●],
    2017
	 	 	 
	Performance
    Period:	 	Date
    of Grant through the first anniversary of Date of Grant
	 	 	 
	Total
    Number of Phantom Shares:	 	[●]
	 	 	 
	Vesting
        Schedule:

         
	 	Subject
    to the Agreement, the Plan and the other terms and conditions set forth herein, so long as you continuously serve as Chairman
    of the Board through the last day of the Performance Period, the Phantom Shares shall vest in accordance with the following
    schedule:

 

	 	● 	One-third
    of the Phantom Shares shall vest on the first business day following the end of the Performance Period if the First Share
    Price Trigger (as defined below) has been satisfied;
	 	 	 
	 	●	One-third
    of the Phantom Shares shall vest on the first business day following the end of the Performance Period if the Second Share
    Price Trigger (as defined below) has been satisfied; and
	 	 	 
	 	●	One-third
    of the Phantom Shares shall vest on the first business day following the end of the Performance Period if the Third Share
    Price Trigger (as defined below) has been satisfied. 

 

	 	 	Notwithstanding
the schedule set forth immediately above, so long as you continuously serve as Chairman of the Board through such applicable date,
the Phantom Shares granted hereunder are eligible to become fully vested as set forth in Section 3(b) of the Agreement.

 

    	 	 

     

    

 

	Share
    Price Triggers:	 	The
        “First Share Price Trigger” shall be satisfied if the closing price of the Common Stock on a
        national stock exchange registered under section 6(a) of the Exchange Act, as reported on the stock exchange composite
        tape (or such other reporting service approved by the Committee), has equaled or exceeded $2.00 per share over any period
        of twenty (20) consecutive trading days during the Performance Period.

         

        The
        “Second Share Price Trigger” shall be satisfied if the closing price of the Common Stock on
        a national stock exchange registered under section 6(a) of the Exchange Act, as reported on the stock exchange composite
        tape (or such other reporting service approved by the Committee), has equaled or exceeded $2.50 per share over any period
        of twenty (20) consecutive trading days during the Performance Period.

         

        The
        “Third Share Price Trigger” shall be satisfied if the closing price of the Common Stock on a
        national stock exchange registered under section 6(a) of the Exchange Act, as reported on the stock exchange composite
        tape (or such other reporting service approved by the Committee), has equaled or exceeded $3.00 per share over any period
        of twenty (20) consecutive trading days during the Performance Period.

         

        The
        First Share Price Trigger, the Second Share Price Trigger and the Third Share Price Trigger are collectively referred
        to as the “Share Price Triggers.”

 

By
your signature below, you represent, warrant and covenant to the Company that:

 

(a)
You have received the Agreement and the Plan, read the terms of the Agreement and the Plan and have been given the opportunity
to consult with counsel, ask questions of or request additional information from the Company.

 

(b)
You agree to be bound by the terms and conditions of the Plan and the Agreement (including this Grant Notice).

 

(c)
You agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions
or determinations that arise under the Agreement (including this Grant Notice) or the Plan.

 

This
Grant Notice may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts),
each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

 

[Signature
Page Follows]

 

    	 	2	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Grant Notice to be executed by an officer thereunto duly authorized, and the
Participant has executed this Grant Notice, effective for all purposes as provided above.

 

	 	COMPANY
	 	 
	 	Eco-Stim
    Energy Solutions, Inc.
	 	 	 
	 	By:	 
	 	Name:	J.
    Chris Boswell
	 	Its:
    	President
    and Chief Executive Officer
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	Name:	 
	 	Address:	 
	 	 	 

 

SIGNATURE
PAGE TO 

PHANTOM STOCK AWARD GRANT NOTICE

 

    	 	 

     

    

 

EXHIBIT
A

 

PHANTOM
STOCK AWARD AGREEMENT

 

This
Phantom Stock Award Agreement (together with the Grant Notice to which this Agreement is attached, this “Agreement”)
is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached by and between Eco-Stim Energy
Solutions, Inc., a Nevada corporation (the “Company”), and [●] (the “Participant”).
Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

 

1.
Award. In consideration of the Participant’s past and/or continued service as Chairman of the Board and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, effective as of the Date of
Grant set forth in the Grant Notice (the “Date of Grant”), the Company hereby grants to the Participant
the number of Phantom Shares set forth in the Grant Notice on the terms and conditions set forth in the Grant Notice, this Agreement
and the Plan, which is incorporated herein by reference as a part of this Agreement. In the event of any inconsistency between
the Plan and this Agreement, the terms of the Plan shall control; provided, however, that this Agreement may impose greater restrictions
or grant lesser rights than the Plan. To the extent vested, each Phantom Share represents the right to receive one share of Common
Stock, subject to the terms and conditions set forth in the Grant Notice, this Agreement and the Plan. Unless and until the Phantom
Shares have become vested in the manner set forth in the Grant Notice, the Participant will have no right to receive any Common
Stock or other payments in respect of the Phantom Shares. Prior to settlement of this Award, the Phantom Shares and this Award
represent an unsecured obligation of the Company, payable only from the general assets of the Company.

 

2.
Definitions

 

(a)
“Change of Control” shall mean the occurrence of any of the following events:

 

(i)
a merger of the Company with another entity, a consolidation involving the Company, or the sale of all or substantially all of
the assets of the Company to another entity if, in any such case, the holders of equity securities of the Company immediately
prior to such transaction or event do not beneficially own immediately after such transaction or event equity securities of the
resulting entity entitled to 50% or more of the votes then eligible to be cast in the election of directors generally (or comparable
governing body) of the resulting entity in substantially the same proportions that they owned the equity securities of the Company
immediately prior to such transaction or event;

 

(ii)
the dissolution or liquidation of the Company; or

 

(iii)
the acquisition by any person or entity, including a “group” as contemplated by Section 13(d)(3) of the Exchange Act,
of ownership or control (including, without limitation, power to vote) of more than 50% of the combined voting power of the outstanding
securities of the Company.

 

    	 	Exhibit A-1	 

     

    

 

For
purposes of the preceding sentence, (1) “resulting entity” in the context of a transaction or event that is a merger,
consolidation or sale of all or substantially all assets shall mean the surviving entity (or acquiring entity in the case of an
asset sale) unless the surviving entity (or acquiring entity in the case of an asset sale) is a subsidiary of another entity and
the holders of Common Stock of the Company receive capital stock of such other entity in such transaction or event, in which event
the resulting entity shall be such other entity, and (2) subsequent to the consummation of a merger or consolidation that does
not constitute a Change of Control, the term “Company” shall refer to the resulting entity and the term “Board”
shall refer to the board of directors (or comparable governing body) of the resulting entity.

 

[Include
if applicable:][Notwithstanding the foregoing, for purposes of this Agreement, a Change of Control shall not include [that][those]
certain strategic transaction[s] referenced on Schedule A hereto.]

 

(b)
“Disability” shall mean the inability of the Participant to perform the essential duties and services
of the Participant’s position (after accounting for reasonable accommodation, if applicable) by reason of any physical or
mental impairment or other impairment that can be reasonably expected to result in death or to last for a continuous period of
not less than three (3) months. The Participant shall be considered to have a Disability if the Participant is determined to be
totally disabled by the Social Security Administration.

 

3.
Vesting of Phantom Shares.

 

(a)
Except as otherwise set forth in Section 3(b), the Phantom Shares shall vest in accordance with the vesting schedule set
forth in the Grant Notice. In the event that the Participant ceases to serve as Chairman of the Board prior to the vesting of
all of the Phantom Shares (but after giving effect to any accelerated vesting pursuant to this Section 3), any unvested
Phantom Shares (and all rights arising from such Phantom Shares and from being a holder thereof) will terminate automatically
without any further action by the Company and will be forfeited without further notice and at no cost to the Company.

 

(b)
Notwithstanding anything in the Grant Notice, this Agreement or the Plan to the contrary and subject to the Participant’s
execution of a wavier and release of claims of the Company, its affiliates and related persons within the time frame provided
by the Company and in the form provided by the Company:

 

(i)
if the Participant ceases to serve as Chairman of the Board by reason of the Participant’s death or Disability, (A) any
unvested Phantom Shares for which the applicable Share Price Trigger has been satisfied as of the date of such cessation shall
immediately become fully vested effective as of the date of such cessation and (B) any unvested Phantom Shares for which the applicable
Share Price Trigger has not been satisfied as of the date of such cessation will terminate automatically without any further action
by the Company and will be forfeited without further notice and at no cost to the Company; and

 

(ii)
if a Change of Control occurs on or before the date that the Participant ceases to serve as Chairman of the Board, (A) any unvested
Phantom Shares for which the applicable Share Price Trigger has been satisfied as of the date of such Change of Control shall
immediately become fully vested effective as of the date upon which the Change of Control occurs and (B) any unvested Phantom
Shares for which the applicable Share Price Trigger has not been satisfied as of the date of such Change of Control will terminate
automatically without any further action by the Company and will be forfeited without further notice and at no cost to the Company.

 

    	 	A-2	 

     

    

 

4.
Settlement of Phantom Shares. As soon as administratively practicable following the vesting of Phantom Shares pursuant
to Section 3, but in no event later than 30 days after such vesting date, the Company shall deliver to the Participant
a number of shares of Common Stock equal to the number of Phantom Shares subject to this Award. All shares of Common Stock issued
hereunder shall be delivered either by delivering one or more certificates for such shares to the Participant or by entering such
shares in book-entry form, as determined by the Committee in its sole discretion. The value of shares of Common Stock shall not
bear any interest owing to the passage of time. Neither this Section 4 nor any action taken pursuant to or in accordance
with this Agreement shall be construed to create a trust or a funded or secured obligation of any kind.

 

5.
Dividend Equivalents. Each Phantom Share subject to this Award is hereby granted in tandem with a corresponding
dividend equivalent (“DER”), which DER shall remain outstanding from the Date of Grant until the earlier
of the settlement or forfeiture of the Phantom Share to which the DER corresponds. Each vested DER entitles the Participant to
receive payments, subject to and in accordance with this Agreement, in an amount equal to any dividends paid by the Company in
respect of the share of Common Stock underlying the Phantom Share to which such DER relates. The Company shall establish, with
respect to each Phantom Share, a separate DER bookkeeping account for such Phantom Share (a “DER Account”),
which shall be credited (without interest) on the applicable dividend payment dates with an amount equal to any dividends paid
during the period that such Phantom Share remains outstanding with respect to the share of Common Stock underlying the Phantom
Share to which such DER relates. Upon the vesting of a Phantom Share, the DER (and the DER Account) with respect to such vested
Phantom Share shall also become vested. Similarly, upon the forfeiture of a Phantom Share, the DER (and the DER Account) with
respect to such forfeited Phantom Share shall also be forfeited. DERs shall not entitled the Participant to any payments relating
to dividends paid after the earlier to occur of the applicable Phantom Share settlement date or the forfeiture of the Phantom
Share underlying such DER. Payments with respect to vested DERs shall be made as soon as practicable, and within 60 days, after
the date that such DER vests.

 

6.
Tax Withholding. The Participant is responsible for all tax obligations that arise in connection with this Award.
To the extent that the Company is required to withhold any taxes in connection with the receipt, vesting or settlement of this
Award, the Participant shall make arrangements satisfactory to the Company for the satisfaction of obligations for the payment
of withholding taxes and other tax obligations relating to this Award, which arrangements include the delivery of cash or cash
equivalents, Common Stock (including previously owned Common Stock, net settlement, a broker-assisted sale, or other cashless
withholding or reduction of the shares of Common Stock otherwise issuable or delivered pursuant to this Award), other property,
or any other legal consideration the Committee deems appropriate. If such tax obligations are satisfied through net settlement
or the surrender of previously owned Common Stock, the number of shares of Common Stock that may be so withheld (or surrendered)
shall be the number of shares of Common Stock that have an aggregate Fair Market Value on the date of withholding or surrender
equal to the aggregate amount of such tax liabilities determined based on the minimum withholding rates for federal, state, local
and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting, tax or other consequences
for the Company with respect to this Award, as determined by the Committee. The Participant acknowledges that there may be adverse
tax consequences upon the receipt, vesting or settlement of this Award or disposition of the underlying shares and that the Participant
has been advised, and hereby is advised, to consult a tax advisor. The Participant represents that he is in no manner relying
on the Board, the Committee, the Company or any of its Affiliates or any of their respective managers, directors, officers, employees
or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective
lenders and financial representatives) for tax advice or an assessment of such tax consequences.

 

    	 	A-3	 

     

    

 

7.
FCPA. The Participant shall perform all duties on behalf of the Company in strict compliance with the laws of the
State of Texas and the United States of America in effect from time to time, including without limitation, the Foreign Corrupt
Practices Act of 1977 and amendments thereto (“FCPA”) and the export control and anti-boycott laws and
regulations of the United States in effect from time to time while this Agreement is in effect. The Participant acknowledges having
received and reviewed a copy of the Company’s FCPA compliance policy in effect as of the date of this Agreement. The Participant
acknowledges that the FCPA in general makes it a crime under United States law for a U.S. firm such as the Company knowingly to
make payments to a foreign governmental official, or political party or candidate, directly or indirectly, in order to receive
or retain business. Accordingly, the Participant shall not make on behalf of the Company any payments, loans or gifts or promises
or offers of payments, loans or gifts of any money or anything of value, directly or indirectly,

 

(a)
to or for the use or benefit of any official or employee of any United States or foreign government or the agency or instrumentalities
of any such government

 

(b)
to any political party or official or candidate thereof

 

(c)
to any other person if the Participant knows or has reason to suspect that any part of such payment, loan or gift will be directly
or indirectly given or paid to any such governmental official or political party or candidate or official thereof, or

 

(d)
to any other person or entity, the payment of which would violate either the laws or policies of United States any foreign country.

 

The
Participant represents and warrants that on the date of this Agreement neither the Participant nor any family member living in
the Participant’s household is an official or employee of (i) any foreign government or an international organization covered
by the FCPA or similar laws, or any department, agency, or instrumentality thereof, (ii) a political party in any foreign country
or an official thereof, (iii) a candidate for political office in any foreign country, or (iv) a person acting in an official
capacity for or on behalf of any foreign government or any international organization covered by the FCPA or similar laws, or
any department, agency, or instrumentality thereof.

 

    	 	A-4	 

     

    

 

8.
Non-Transferability. During the lifetime of the Participant, the Phantom Shares may not be sold, pledged, assigned
or transferred in any manner other than by will or the laws of descent and distribution, unless and until the shares of Common
Stock underlying the Phantom Shares have been issued, and all restrictions applicable to such shares have lapsed. Neither the
Phantom Shares nor any interest or right therein shall be liable for the debts, contracts or engagements of the Participant or
his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance,
assignment or any other means, whether such disposition be voluntary or involuntary or by operation of law by judgment, levy,
attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof
shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.

 

9.
Compliance with Applicable Law. Notwithstanding any provision of this Agreement to the contrary, the issuance of
shares of Common Stock hereunder will be subject to compliance with all applicable requirements of applicable law with respect
to such securities and with the requirements of any stock exchange or market system upon which the Common Stock may then be listed.
No shares of Common Stock will be issued hereunder if such issuance would constitute a violation of any applicable law or regulation
or the requirements of any stock exchange or market system upon which the Common Stock may then be listed. In addition, shares
of Common Stock will not be issued hereunder unless (a) a registration statement under the Securities Act is in effect at the
time of such issuance with respect to the shares to be issued or (b) in the opinion of legal counsel to the Company, the shares
to be issued are permitted to be issued in accordance with the terms of an applicable exemption from the registration requirements
of the Securities Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any,
deemed by the Company’s legal counsel to be necessary for the lawful issuance and sale of any shares of Common Stock hereunder
will relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority
has not been obtained. As a condition to any issuance of Common Stock hereunder, the Company may require the Participant to satisfy
any requirements that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make
any representation or warranty with respect to such compliance as may be requested by the Company.

 

10.
Legends. If a stock certificate is issued with respect to shares of Common Stock delivered hereunder, such certificate
shall bear such legend or legends as the Committee deems appropriate in order to reflect the restrictions set forth in this Agreement
and to ensure compliance with the terms and provisions of this Agreement, the rules, regulations and other requirements of the
Securities and Exchange Commission, any applicable laws or the requirements of any stock exchange on which the Common Stock is
then listed. If the shares of Common Stock issued hereunder are held in book-entry form, then such entry will reflect that the
shares are subject to the restrictions set forth in this Agreement.

 

11.
Rights as a Stockholder; Stockholder Rights Agreement. The Participant shall have no rights as a stockholder of
the Company with respect to any shares of Common Stock that may become deliverable hereunder unless and until the Participant
has become the holder of record of such shares of Common Stock, and, if required by the Company, being subject to and bound by,
the Company’s Amended and Restated Stockholder Rights Agreement (as amended from time to time), among the Company and its
stockholders (the “Stockholder Rights Agreement”), and no adjustments shall be made for dividends in cash or other
property, distributions or other rights in respect of any such shares of Common Stock, except as otherwise specifically provided
for in the Plan or this Agreement. The Participant acknowledges that the shares of Common Stock delivered hereunder shall be subject
to the terms of the Stockholder Rights Agreement.

 

    	 	A-5	 

     

    

 

12.
Execution of Receipts and Releases. Any issuance or transfer of shares of Common Stock or other property to the
Participant or the Participant’s legal representative, heir, legatee or distributee, in accordance with this Agreement shall
be in full satisfaction of all claims of such person hereunder. As a condition precedent to such payment or issuance, the Company
may require the Participant or the Participant’s legal representative, heir, legatee or distributee to execute (and not
revoke within any time provided to do so) a release and receipt therefor in such form as it shall determine appropriate; provided,
however, that any review period under such release will not modify the date of settlement with respect to vested Phantom Shares.

 

13.
No Right to Continued Service or Awards. Nothing in the adoption of the Plan, nor the award of the Phantom Shares
thereunder pursuant to the Grant Notice and this Agreement, shall confer upon the Participant the right to continued service as
Chairman of the Board. The grant of the Phantom Shares is a one-time benefit and does not create any contractual or other right
to receive a grant of Awards or benefits in lieu of Awards in the future. Any future Awards will be granted at the sole discretion
of the Company.

 

14.
Lock-Up Period. If so requested by the Company or any representative of the underwriters in connection with an underwritten
public offering of the Company’s securities (a “Public Offering”), the Participant (or other holder)
shall not sell or otherwise transfer or distribute any Common Stock or other securities of the Company (or any securities convertible
or exchangeable or exercisable for Common Stock or engage in any hedging transactions relating to Common Stock) during the period
beginning 14 days prior to the expected date of the “pricing” of such Public Offering and continuing for the 180-day
period (or such other period as may be requested in writing by such underwriters and agreed to in writing by the Company) following
the effective date of such Public Offering. The Company may impose stop-transfer instructions with respect to securities subject
to the foregoing restrictions until the end of such period.

 

15.
Legal and Equitable Remedies. The
Participant acknowledges that a violation or attempted breach of any of the Participant’s covenants and agreements in this
Agreement will cause such damage as will be irreparable, the exact amount of which would be difficult to ascertain and for which
there will be no adequate remedy at law, and accordingly, the parties hereto agree that the Company and its Affiliates shall be
entitled as a matter of right to an injunction issued by any court of competent jurisdiction, restraining the Participant or the
affiliates, partners or agents of the Participant from such breach or attempted violation of such covenants and agreements, as
well as to recover from the Participant any and all costs and expenses sustained or incurred by the Company or any of its Affiliates
in obtaining such an injunction, including, without limitation, reasonable attorneys’ fees. The parties to this Agreement
agree that no bond or other security shall be required in connection with such injunction. Any exercise by either of the parties
to this Agreement of its rights pursuant to this Section 15 shall be cumulative and in addition to any other remedies to
which such party may be entitled.

 

16.
Notices. All notices and other communications under this Agreement shall be in writing and shall be delivered to
the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

 

    	 	A-6	 

     

    

 

If
to the Company, unless otherwise designated by the Company in a written notice to the Participant (or other holder):

 

Eco-Stim
Energy Solutions, Inc.

Attn:
General Counsel

2930
W. Sam Houston Pkwy N., Suite 275

Houston,
TX 77043

 

If
to the Participant, to the address for the Participant indicated on the signature page to this Agreement (as such address may
be updated by the Participant providing written notice to such effect to the Company).

 

Any
notice that is delivered personally or by overnight courier or telecopier in the manner provided herein shall be deemed to have
been duly given to the Participant when it is mailed by the Company or, if such notice is not mailed to the Participant, upon
receipt by the Participant. Any notice that is addressed and mailed in the manner herein provided shall be conclusively presumed
to have been given to the party to whom it is addressed at the close of business, local time of the recipient, on the fourth day
after the day it is so placed in the mail.

 

17.
Consent to Electronic Delivery; Electronic
Signature. In lieu of receiving documents in paper format, the Participant agrees, to the fullest extent permitted by
law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to,
prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports
and all other forms of communications) in connection with this and any other Award made or offered by the Company. Electronic
delivery may be via a Company electronic mail system or by reference to a location on a Company intranet to which the Participant
has access. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic
signature system for delivery and acceptance of any such documents that the Company may be required to deliver, and agrees that
his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature.

 

18.
Agreement to Furnish Information. The Participant agrees to furnish to the Company all information requested by
the Company to enable it to comply with any reporting or other requirement imposed upon the Company by or under any applicable
statute or regulation.

 

19.
Entire Agreement; Amendment. This Agreement constitutes the entire agreement of the parties with regard to the subject
matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect
to the Phantom Shares granted hereby; provided ̧ however, that the terms of this Agreement shall not modify and shall be
subject to the terms and conditions of any service or consulting agreement between the Company (or any of its Affiliate or other
entity) and the Participant in effect as of the date a determination is to be made under this Agreement. Without limiting the
scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties
hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. The Committee may, in
its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however,
that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of the
Participant shall be effective only if it is in writing and signed by both the Participant and an authorized officer of the Company.

 

    	 	A-7	 

     

    

 

20.
Severability and Waiver. If a court of competent jurisdiction determines that any provision of this Agreement is
invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability
of any other provision of this Agreement, and all other provisions shall remain in full force and effect. Waiver by any party
of any breach of this Agreement or failure to exercise any right hereunder shall not be deemed to be a waiver of any other breach
or right. The failure of any party to take action by reason of such breach or to exercise any such right shall not deprive the
party of the right to take action at any time while or after such breach or condition giving rise to such rights continues.

 

21.
Clawback. Notwithstanding any provision
in the Grant Notice, this Agreement or the Plan to the contrary, to the extent required by (a) applicable law, including, without
limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any Securities and Exchange
Commission rule or any applicable securities exchange listing standards and/or (b) any policy that may be adopted or amended by
the Board from time to time, all shares of Common Stock issued hereunder shall be subject to forfeiture, repurchase, recoupment
and/or cancellation to the extent necessary to comply with such law(s) and/or policy.

 

22.
Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of TEXAS applicable to contracts made and to be performed therein, exclusive of the conflict of laws
provisions of TEXAS LAW.

 

23.
Successors and Assigns. The Company
may assign any of its rights under this Agreement without the Participant’s consent. This Agreement will be binding upon
and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein
and in the Plan, this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors, administrators
and the person(s) to whom the Phantom Shares may be transferred by will or the laws of descent or distribution.

 

24.
Headings. Headings are for convenience only and are not deemed to be part of this Agreement.

 

25.
Counterparts. The Grant Notice may be executed in one or more counterparts, each of which shall be deemed an original
and all of which together shall constitute one instrument. Delivery of an executed counterpart of the Grant Notice by facsimile
or portable document format (.pdf) attachment to electronic mail shall be effective as delivery of a manually executed counterpart
of the Grant Notice.

 

26.
Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the Phantom Shares granted pursuant
to this Agreement are intended to be exempt from the applicable requirements of Section 409A of the Code, as amended from time
to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto
(the “Nonqualified Deferred Compensation Rules”), and shall be limited, construed and interpreted in
accordance with such intent. Notwithstanding the foregoing, the Company and its Affiliates make no representations that the Phantom
Shares provided under this Agreement are exempt from or compliant with the Nonqualified Deferred Compensation Rules and in no
event shall the Company or any of its Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses
that may be incurred by the Participant on account of non-compliance with the Nonqualified Deferred Compensation Rules.

 

    	 	A-8January
2, 2018

 

Brian
R. Stewart

c/o
Eco-Stim Energy Solutions, Inc.

2930
W. Sam Houston Pkwy N.

Suite
275

Houston,
Texas 77043

 

	Re:
    	Appointment
    as Chairman of the Board of Directors of Eco-Stim Energy Solutions, Inc.

 

Dear
Mr. Stewart:

 

This
letter is to confirm your compensation arrangements in connection with your appointment as chairman (“Chairman”)
of the board of directors (the “Board”) of Eco-Stim Energy Solutions, Inc., a Nevada corporation (the “Company”).
Your execution of this letter agreement constitutes your acceptance of your appointment as Chairman and your agreement to the
compensation and other terms set forth in this letter agreement. Your service as Chairman will continue until such time as (i)
you resign from your role as Chairman or from the Board or (ii) you are removed from your role as Chairman or from the Board,
which includes your failure to be re-elected, or nominated for re-election, to the Board. The period during which you continue
to serve as Chairman is referred to in this letter agreement as the “Term”.

 

In
consideration of your appointment as Chairman and continued service during the Term, the Company intends to grant you, under the
Eco-Stim Energy Solutions, Inc. 2015 Stock Incentive Plan, as amended from time to time, or any other equity incentive plan, program
or arrangement made available to other members of the Board (as applicable, the “Plan”):

 

	 	●	A
    one-time phantom stock award (the “First Grant”) with respect to 300,000 shares of Company common stock,
    par value $0.001 (the “Common Stock”), with a grant date of December 18, 2017, with the following vesting
    terms:

 

	 	o	1/3
    of the First Grant will vest on the first business day following the last day of the First Grant Performance Period (as defined
    below) if both: (i) the closing price of the Common Stock has equaled or exceeded $2.00 per share for twenty consecutive trading
    days during the one year period commencing on the grant date for the First Grant and ending on the one year anniversary of
    the grant date for the First Grant (the “First Grant Performance Period”); and (ii) you have served continuously
    as the Chairman through at least the last day of the First Grant Performance Period;

 

    	 

     

    

 

Brian
R. Stewart

January
2, 2018

Page
2

 

	 	o	1/3
    of the First Grant will vest on the first business day following the last day of the First Grant Performance Period if both:
    (i) the closing price of the Common Stock has equaled or exceeded $2.50 per share for twenty consecutive trading days during
    the First Grant Performance Period; and (ii) you have served continuously as the Chairman through at least the last day of
    the First Grant Performance Period; and
	 	 	 
	 	o	1/3
    of the First Grant will vest on the first business day following the last day of the First Grant Performance Period if both:
    (i) the closing price of the Common Stock has equaled or exceeded $3.00 per share for twenty consecutive trading days during
    the First Grant Performance Period; and (ii) you have served continuously as the Chairman through at least the last day of
    the First Grant Performance Period. 

 

	 	●	A
    one-time phantom stock award (the “Second Grant”) with respect to 150,000 shares of Common Stock to be
    granted on or around April 15, 2018, subject to: (i) your continuous service as Chairman through the applicable date of the
    Second Grant; (ii) compliance with the terms and conditions of the Plan (including but not limited to applicable award limitations
    and sufficient shares of Common Stock being available under the Plan); and (iii) the prior approval of the Second Grant by
    the compensation committee of the Board (the “Compensation Committee”). The Second Grant will have the
    following vesting terms:

 

	 	o	1/3
    of the Second Grant will vest on the first business day following the last day of the Second Grant Performance Period (as
    defined below) if both: (i) the closing price of the Common Stock has equaled or exceeded $2.00 per share for twenty consecutive
    trading days during the one year period commencing on the grant date for the Second Grant and ending on the one year anniversary
    of the grant date for the Second Grant (the “Second Grant Performance Period”); and (ii) you have served
    continuously as the Chairman through at least the last day of the Second Grant Performance Period;
	 	 	 
	 	o	1/3
    of the Second Grant will vest on the first business day following the last day of the Second Grant Performance Period if both:
    (i) the closing price of the Common Stock has equaled or exceeded $2.50 per share for twenty consecutive trading days during
    the Second Grant Performance Period; and (ii) you have served continuously as the Chairman through at least the last day of
    the Second Grant Performance Period; and
	 	 	 
	 	o	1/3
    of the Second Grant will vest on the first business day following the last day of the Second Grant Performance Period if both:
    (i) the closing price of the Common Stock has equaled or exceeded $3.00 per share for twenty consecutive trading days during
    the Second Grant Performance Period; and (ii) you have served continuously as the Chairman through at least the last day of
    the Second Grant Performance Period;

 

    	 

     

    

 

Brian
R. Stewart

January
2, 2018

Page
3

 

	 	o	provided,
    however, if the Common Stock is trading at or above one or more of the stock price based vesting trigger levels provided
    above at the time of the Second Grant, the Compensation Committee shall have the discretion to change the vesting terms for
    the applicable portion(s) of the Second Grant to time-based vesting tied to your continuing service as Chairman (with a vesting
    period to be no-longer than 12 months following the grant date for the Second Grant).

 

	 	●	A
    one-time phantom stock award (the “Third Grant”) with respect to 300,000 shares of Common Stock to be granted
    on or around July 15, 2018, subject to: (i) your continuous service as Chairman through the applicable date of the Third Grant;
    (ii) compliance with the terms and conditions of the Plan (including but not limited to applicable award limitations and sufficient
    shares of Common Stock being available under the Plan); and (iii) the prior approval of the Third Grant by the Compensation
    Committee. The Third Grant will have the following vesting terms:

 

	 	o	 1/3
    of the Third Grant will vest on the first business day following the last day of the Third Grant Performance Period (as defined
    below) if both: (i) the closing price of the Common Stock has equaled or exceeded $2.00 per share for twenty consecutive trading
    days during the one year period commencing on the grant date for the Third Grant and ending on the one year anniversary of
    the grant date for the Third Grant (the “Third Grant Performance Period”); and (ii) you have served continuously
    as the Chairman through at least the last day of the Third Grant Performance Period;
	 	 	 
	 	o	1/3
    of the Third Grant will vest on the first business day following the last day of the Third Grant Performance Period if both:
    (i) the closing price of the Common Stock has equaled or exceeded $2.50 per share for twenty consecutive trading days during
    the Third Grant Performance Period; and (ii) you have served continuously as the Chairman through at least the last day of
    the Third Grant Performance Period; and
	 	 	 
	 	o	1/3
    of the Third Grant will vest on the first business day following the last day of the Third Grant Performance Period if both:
    (i) the closing price of the Common Stock has equaled or exceeded $3.00 per share for twenty consecutive trading days during
    the Third Grant Performance Period; and (ii) you have served continuously as the Chairman through at least the last day of
    the Third Grant Performance Period;
	 	 	 
	 	o	provided,
    however, if the Common Stock is trading at or above one or more of the stock price based vesting trigger levels provided
    above at the time of the Third Grant, the Compensation Committee shall have the discretion to change the vesting terms for
    the applicable portion(s) of the Third Grant to time-based vesting tied to your continuing service as Chairman (with a vesting
    period to be no-longer than 12 months following the grant date for the Third Grant)

 

    	 

     

    

 

Brian
R. Stewart

January
2, 2018

Page
4

 

In
consideration of your service on the Board during the Term, you will also be eligible to receive standard compensation payable
by the Company with respect to other non-employee directors of the Board in the ordinary course (including but not limited to
applicable cash retainers and equity-based awards). The Company will also reimburse you for all reasonable out-of-pocket expenses
that you incur in the performance of services as Chairman.

 

You
acknowledge and agree that, at all times during the Term, you will be an independent contractor of the Company. In no event will
you be deemed to be an employee of the Company or any of its affiliates, and you will not at any time be entitled to any employment
rights from the Company. You acknowledge and agree that, as a non-employee, you are not eligible for any benefits made available
to employees of the Company and its affiliates and, accordingly, you will not participate in any employee benefit plans, programs
or arrangements of the Company or any of its affiliates. It is not the purpose or intention of this letter agreement or the parties
to create, and the same shall not be construed as creating, any partnership, joint venture, agency, or employment relationship.

 

By
accepting this appointment, you agree to comply with all of the Company’s policies and procedures as may be issued or amended
from time to time, including, but not limited to, the Company’s Code of Business Conduct and Ethics.

 

You
further acknowledge and agree that (i) the Company is not required to withhold federal or state income, gross receipts or similar
taxes from any amounts paid to you in respect of your service as Chairman or to otherwise comply with any state or federal law
concerning the collection of income, gross receipts or similar taxes at the source of payment of wages, (ii) the Company is not
required under the Federal Unemployment Tax Act or the Federal Insurance Contribution Act to pay or withhold taxes for unemployment
compensation or for social security on your behalf with respect to any amounts paid to you hereunder, (iii) the Company is not
required under the laws of any state to obtain workers’ compensation insurance or to make state unemployment compensation
contributions on your behalf and (iv) you are solely responsible for making all applicable tax filings and remittances with respect
to amounts paid to you hereunder and shall indemnify and hold harmless the Company and its affiliates for all claims, damages,
costs and liabilities arising from your failure to do so.

 

You
expressly represent and warrant to the Company that (i) you do not have any agreement with any current or prior employer or other
third party that will prohibit you from serving as Chairman, and (ii) you have complied with, and will comply with, any and all
non-competition, non-solicitation, and confidentiality duties imposed on you with respect to your current and former employers
and other third parties. By signing below, you agree that you will not provide the Company with documents or materials belonging
to a prior or current employer or other third party and you expressly promise that in the course of your service as Chairman,
you will not use or disclose any non-public, confidential or proprietary information or materials belonging to any current or
former employer or other third party.

 

By
accepting this appointment, you also acknowledge and agree that you may be removed or replaced as Chairman, with or without cause,
at any time. Your acceptance also confirms your acknowledgement and agreement that this letter agreement and with respect to the
First Grant, Second Grant and Third Grant, any applicable award agreement(s) contain our complete understanding and agreement
regarding the terms and conditions of your service as Chairman. For the avoidance of doubt, as of the date of this letter agreement,
this letter agreement will completely supersede and replace any other previous agreement, understanding or arrangement between
you and the Company or any of its affiliates regarding the terms of your service as Chairman and you acknowledge and agree that,
as of the date of this letter agreement, the Company and each of its affiliates shall be deemed to have satisfied any and all
obligations owed to you or that could ever be owed to you, except as set forth in this letter agreement.

 

*
* *

 

    	 

     

    

 

If
the foregoing correctly sets forth our agreement, please confirm by executing this letter agreement in the space provided below.
We look forward to having you serve as Chairman of the Board and to the valuable contributions we expect you to make to the Company’s
development and success. Should you have any questions, please contact Christopher J. Arntzen, Vice President, General Counsel
and Secretary at (713) 979-9136 (email: carntzen@ecostim-es.com).

 

	 	Very
    truly yours,
	 	 
	 	ECO-STIM
    ENERGY SOLUTIONS, INC.
	 	 	 
	 	By:
    	/s/
    J. Chris Boswell
	 	Name:	J. Chris Boswell
	 	Title:	President and Chief Executive Officer

 

	AGREED
    TO AND ACCEPTED	 
	this
    2nd day of January, 2018:	 
	 	 
	/s/
    Brian R. Stewart	 
	Brian
    R. Stewart

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00281-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00281-of-00352.parquet"}]]