Document:

EX-10.3

 Exhibit 10.3 

FOURTH AMENDMENT TO 

SENIOR SECURED TERM LOAN CREDIT AGREEMENT 

This FOURTH AMENDMENT TO SENIOR SECURED TERM LOAN CREDIT AGREEMENT, dated as of November 12, 2020 (this “Fourth
Amendment”), is made by and among U.S. Well Services, LLC, a Delaware limited liability company (the “Borrower”), U.S. Well Services, Inc., a Delaware corporation (the “Parent”), USWS Fleet 10, LLC, a
Delaware limited liability company (“USWS Fleet 10”), USWS Fleet 11, LLC, a Delaware limited liability company (“USWS Fleet 11”, together with USWS Fleet 10, the “Subsidiary Guarantors”), USWS
Holdings LLC, a Delaware limited liability company (the “Holdings”, together with the Parent, the Borrower and the Subsidiary Guarantors, the “Loan Parties” and each a “Loan Party”), CLMG Corp., as
Administrative Agent (the “Administrative Agent”), CLMG Corp., as Term Loan Collateral Agent (the “Collateral Agent”, and together with the Administrative Agent, the “Agents”), and the Lenders
(defined below) party hereto as signatories, and is made with reference to that certain Senior Secured Term Loan Credit Agreement, dated as of May 7, 2019 (as may be amended, restated, supplemented, or otherwise modified from time to time, the
“Credit Agreement”), among the Loan Parties, the Collateral Agent, the Administrative Agent, the lenders party thereto (the “Lenders”), and certain other financial institutions party thereto from time to time.
Capitalized terms used herein without definition shall have the meaning assigned to such terms in the Credit Agreement. 
 RECITALS:

 WHEREAS, the Loan Parties have informed the Administrative Agent and Lenders that the Borrower applied for loans from Greater
Nevada Credit Union (the “CARES Act Lender”) under the “Business and Industry CARES Act Program” in accordance with the terms of the CARES Act, and that the Borrower, Holdings and Parent have executed and delivered to the
CARES Act Lender certain Promissory Notes dated November 12, 2020, in the original principal amount of $25,000,000.00 in aggregate, pursuant to which the CARES Act Lender has made a loan to the Borrower, all on the terms and conditions set
forth therein and secured by CARES Act Loan Collateral (as defined below); 
 WHEREAS, the Loan Parties have informed the
Administrative Agent and Lenders that the Borrower may receive payments arising from unpaid outstanding receivables (the “Outstanding Receivables”) due from Sable Permian Resources LLC which initiated bankruptcy proceedings in
Southern District of Texas, Houston Division (the “Proceedings”) in June 2020, and the Borrower made a claim of approximately seventeen million and five hundred thousand dollars ($17,500,000.00) in the Proceedings arising from the
Outstanding Receivables; 
 WHEREAS, the Loan Parties have requested that the Administrative Agent and Lenders (i) consent to
the incurrence of debt under the CARES Act Loan (as defined below) and (ii) make certain modifications to the Credit Agreement, and Administrative Agent and Lenders have agreed to the foregoing requests of the Loan Parties, in each case on the
terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and
covenants herein contained, the parties hereto agree as follows: 
 AGREEMENT: 

SECTION 1.    AMENDMENTS TO CREDIT AGREEMENT. 
  

	 	(a)	 Section 1.01 of the Credit Agreement is amended to: 

	 	(A)	 add the following new defined terms in their appropriate alphabetical order: 

“Claim Proceeds” has the meaning specified in Section 2.04(b)(v). 

 “CARES Act Loan” means the loan made pursuant to the “Business and
Industry CARES Act Program” of the CARES Act under that certain Business Loan Agreement dated November 12, 2020, executed by the Borrower, Holdings, and Parent, as co-borrowers and made payable to
Greater Nevada Credit Union, as lender, providing for loans in the original principal amount of equal to $25,000,000.00 in aggregate and secured by CARES Act Loan Collateral. 

“CARES Act Loan Account” a deposit account opened and maintained at Greater Nevada Credit Union, exclusively used for
depositing the proceeds of the CARES Act Loan. 
 “CARES Act Loan Collateral” means each asset set forth on Schedule V and
any proceeds or products of such assets. 
 “Fourth Amendment” means the Fourth Amendment to the Senior Secured Term Loan
Credit Agreement, dated November 12, 2020, among the Loan Parties, the Agents and the Lenders. 
 “Fourth Amendment Effective
Date” means November 12, 2020. 
 “MG Finance Lease Agreement” means that certain Master Lease Agreement No. CW/1288-1, entered into on or around January 25, 2019, by and between the Parent, as lessee, and M/G Finance Co., Ltd., as lessor, pursuant to which certain assets set forth in Schedule V are leased to Parent.

 (B)    amend and restate in its entirety the definition of “Excluded Accounts” as follows:

 “Excluded Accounts” means (a) the Payroll Account; (b) the Workers Compensation Account; and (c) the CARES
Act Loan Account. 
 (C)    amend and restate in its entirety the definition of “Scheduled
Amortization Payment Date” as follows: 
 “Scheduled Amortization Payment Date” means, with respect to any Loan, the
last day of each March, June, September and December, commencing on December 31, 2020. 
  

	 	(b)	 Section 2.04(b)(i) of the Credit Agreement is amended and restated as follows: 

“Scheduled Amortization. 

(A) On each Scheduled Amortization Payment Date commencing on December 31, 2020 until June 30, 2022, the Borrower shall pay an amount
equal to $1,250,000.00, which amount shall be applied the Term B Loans; 

  
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 (B) On each Scheduled Amortization Payment Date commencing on June 30, 2022, the
Borrower shall pay: 
 (1) an aggregate principal amount of the Term A Loans in an amount equal to one half of one percent (0.50%) of the
sum of the initial principal amount of the Term A Loans advanced on the Effective Date; 
 (2) an aggregate principal amount of the Term B
Loans in an amount equal to one half of one percent (0.50%) of the sum of the initial principal amount of the Term B Loans advanced on the Effective Date; and 

(C) On May 31, 2021, the Borrower shall pay an amount equal to $2,500,000.00, which amount shall be applied to the Term B Loans.”

  

	 	(c)	 Section 2.04(b)(v) of the Credit Agreement is amended and restated as follows: 

“Termination Payments; Claim Payments. 

(A) Upon the termination, or the cancellation, of any Commercial Agreement, the Borrower shall prepay an aggregate principal to the Loans in an
aggregate amount equal to the Net Cash Proceeds thereof. Each such prepayment of the Loans shall be applied (1) to the scheduled principal payments of the Loans in inverse order of maturity in respect of each Facility and (2) first,
to the prepayment of Term A Loans in full in Cash, including the principal amount due on the Maturity Date and second, to the prepayment of Term B Loans in full in Cash, including the principal amount due on the Maturity Date; and 

(B) In the event that the Borrower receives any cash payments under its claim for the Outstanding Receivables in the Proceedings (the
“Claim Proceeds”), within five (5) Business Days of such receipt, the Borrower shall prepay an aggregate principal amount of the Loans in an amount equal to the Claim Proceeds received in the aggregate, which amount shall be
applied the Term B Loans, so long as the Borrower makes such prepayment in compliance with the ABL Credit Agreement, provided that if the Payment Conditions (used as defined under the ABL Credit Agreement effective as of the Fourth Amendment
Effective Date) are not satisfied on the date that the Claim Proceeds are required to be paid to prepay the Loans, the Borrower shall prepay Term B Loans as follows: (1) to the extent that no prepayment of the Claim Proceeds have been made as
of September 30, 2021, an amount equal to the lesser of (x) the Claim Proceeds; and (y) two million and five hundred thousand dollars ($2,500,000.00) shall be paid on September 30, 2021; and (2) at any time after
September 30, 2021, on the date that the Payment Conditions are satisfied, the Borrower shall prepay Term B Loan in the aggregate amount of the Claim Proceeds minus, to the extent applicable, any prepayments that were previously made in
accordance with this Section 2.04(b)(v)(B). 
  

	 	(d)	 Section 5.01 of the Credit Agreement is amended to add a new subsection (u) at the end of such
section as follows: 

  

	 	“(u)	 CARES Act Loan.  

 

	 	(i)	 keep detailed records of the Loan Parties’ utilization of the proceeds of the CARES Act Loan;

  

	 	(ii)	 shall apply proceeds of the CARES Act Loan, to the payment of obligations under the MG Finance Lease Agreement
when due and payable and for other purposes approved under the CARES Act Loan Agreement to the extent permissible under the CARES Act; 

  
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	 	(iii)	 shall use the CARES Act Loan Account solely for the purpose of depositing proceeds of the CARES Act Loan and
making payments in accordance with Section 5.01. 

  

	 	(iv)	 promptly upon repayment of the CARES Act Loan in full, all assets comprising the CARES Act Loan Collateral
shall become part of the Collateral and the Borrower shall make all filings and other actions necessary to perfect and protect the security interest in such assets pursuant to the terms of the Term Loan Collateral Documents; 

 

	 	(v)	 promptly provide Administrative Agent upon its request with copies of all material correspondence and
documentation regarding the CARES Act Loan; and 

  

	 	(vi)	 use commercially reasonably efforts to ensure that, at all times, an amount equal to no less than ninety
percent (90%) of the CARES Act Loan is guaranteed by the U.S. Department of Agriculture.” 

(e)    Section 5.02(a) of the Credit Agreement is amended to i) delete the “and” at the end of subsection
(x), (ii) delete the period at the end of subsection (xi) and replace it with “; and”, and (iii) add new subsection (xii) as follows: 

“(xii)     Liens on CARES Act Loan Collateral set forth in Schedule V securing the indebtedness
incurred under the CARES Act Loan as of the Effective Date.” 
 (f)    Section 5.02(b) of the Credit Agreement is
amended to (i) delete the “and” at the end of subsection (xiv), (ii) delete the period at the end of subsection (xiv) and replace it with “; and”, and (iii) add new subsection (xv) as
follows: 
 “(xv)    The CARES Act Loan, as in effect on November 12, 2020, provided
that the Borrower shall not enter into any amendment, restatement, renewal, extension or other modification of such CARES Act Loan without the prior written consent of the Required Lenders and provided further that the sole collateral that
maybe pledged under the CARES Act Loan is CARES Act Loan Collateral.” 
 (g)    Section 5.02(s) of the Credit
Agreement is amended to (i) delete paragraphs (C) and (D), (ii) add “and” after “;”, and (iii) add paragraphs (C) as follows: “the Excluded Accounts.” 

(h)    Schedule V shall be inserted after Schedule IV as set forth as Exhibit A hereto. 

SECTION 2.    CONDITION TO EFFECTIVENESS. 

This Fourth Amendment shall become effective as of the date hereof (“Fourth Amendment Effective Date”) only upon (a) due
execution of this Fourth Amendment by the Borrower, Administrative Agent, Collateral Agent, and the Lenders party hereto;(b) receipt by the Administrative Agent of a copy of the Third Amendment to the ABL Credit Agreement duly executed by the
parties thereto and on such terms and conditions as are satisfactory to the Administrative Agent; (c) receipt by the Administrative Agent of a copy of the CARES Act Loan duly executed by the parties thereto and on such terms and conditions as
are satisfactory to the Administrative Agent; and (d) payment, in full of the reasonable and documented out-of-pocket attorney’s fees incurred by the
Administrative Agent. 

  
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 SECTION 3.    REPRESENTATION AND WARRANTY. 

Each Loan Party hereby represents and warrants to the Administrative Agent, Collateral Agent, and Lenders party hereto that (i) after
giving effect to this Fourth Amendment all representations and warranties of each Loan Party contained in Article IV of the Credit Agreement are true and correct in all material respects (except to the extent any such representation and warranty
itself is qualified by “materiality”, “Material Adverse Effect” or similar qualifier, in which case, it shall be true and correct in all respects) on and as of the date of this Fourth Amendment as if made on and as of the date of
this Fourth Amendment (or if stated to have been made at an earlier date, were true and correct in all material respects as of such earlier date); and (iii) as of the Fourth Amendment Effective Date, no Default or Event of Default has occurred
and is continuing. 
 SECTION 4.    PARTIAL RELEASE; EFFECT ON AND RATIFICATION OF LOAN DOCUMENTS. 

 

	 	(a)	 Partial Release. Upon receipt of the proceeds of the CARES Act Loan by the borrowers under the CARES Act
Loan, the Agents’ liens and security interests on the CARES Act Loan Collateral granted by any Loan Party under any Loan Documents shall be automatically released. 

 

	 	(b)	 Ratification of Transaction Documents. The Credit Agreement, Loan Documents and all related ancillary
and collateral documentation shall remain in full force and effect and are hereby ratified, reaffirmed, and confirmed. In addition, all terms, conditions, covenants, representations and warranties contained in the Credit Agreement and other Loan
Documents, and all rights of the Lenders and the Administrative Agent, shall remain in full force and effect, and all of the Obligations remain in full force and effect. Each of the Borrower and the other Loan Parties hereby confirms that no such
party has any right of setoff, recoupment or other offset with respect to any of the Obligations. 

  

	 	(c)	 Ratification of Term Loan Collateral Documents. Each of the Loan Parties party to the Term Loan
Collateral Documents and the other Loan Documents (i) acknowledges and agrees that all of its pledges, grants of security interests and Liens and other obligations under the Term Loan Collateral Documents and the other Loan Documents to which
it is a party are reaffirmed, and remain in full force and effect on a continuous basis, (ii) reaffirms (x) each Lien granted by it to the Administrative Agent and/or Collateral Agent for the benefit of the Secured Parties and (y) the
guaranties made by it pursuant to the Loan Documents and such Liens and guaranties are, and shall remain in full force and effect on and after the Fourth Amendment Effective Date, and (iii) acknowledges and agrees that the grants of security
interests and Liens by and the guaranties of the Loan Parties contained in the Term Loan Collateral Documents are, and shall remain, in full force and effect on and after the Fourth Amendment Effective Date. 

 

	 	(d)	 No Other Amendment or Waiver. Except as specifically set forth herein, the execution, delivery and
performance of this Fourth Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender under the Loan Documents. The waivers contained herein are each limited to the
specific provisions and circumstances described and shall not be deemed to prejudice any rights not specifically addressed herein which any Agent or any Lender may now have or may have in the future under any Loan Document. 

 

	 	(e)	 Loan Documents. This Fourth Amendment shall be a Loan Document under the Credit Agreement.

  
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 SECTION 5.    RELEASE. 

AS A MATERIAL INDUCEMENT TO THE LENDERS, THE COLLATERAL AGENT AND THE ADMINISTRATIVE AGENT TO ENTER INTO THIS FOURTH AMENDMENT, THE
BORROWER, ON BEHALF OF ITSELF AND ITS OWNERS, SUCCESSORS, ASSIGNS AND LEGAL REPRESENTATIVES WHETHER OR NOT A PARTY HERETO (THE BORROWER, SUCH OWNERS, SUCCESSORS, ASSIGNS AND LEGAL REPRESENTATIVES BEING REFERRED TO HEREIN COLLECTIVELY AND
INDIVIDUALLY, AS “OBLIGORS, ET AL.”), AUTOMATICALLY, AND WITHOUT FURTHER ACTION BY ANY PERSON, HEREBY FULLY, FINALLY AND COMPLETELY RELEASE AND FOREVER DISCHARGE EACH LENDER, COLLATERAL AGENT AND ADMINISTRATIVE AGENT, AND THEIR RESPECTIVE
SUCCESSORS, ASSIGNS, AFFILIATES, SUBSIDIARIES, PARENTS, OFFICERS, SHAREHOLDERS, DIRECTORS, EMPLOYEES, ATTORNEYS AND AGENTS, PAST, PRESENT AND FUTURE, AND THEIR RESPECTIVE HEIRS, PREDECESSORS, SUCCESSORS AND ASSIGNS (COLLECTIVELY AND INDIVIDUALLY,
“LENDER, ET AL.”) OF AND FROM ANY AND ALL CLAIMS, CONTROVERSIES, DISPUTES, LIABILITIES, OBLIGATIONS, DEMANDS, DAMAGES, EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES), DEBTS, LIENS, ACTIONS AND CAUSES OF ACTION OF
ANY AND EVERY NATURE WHATSOEVER RELATING TO THE FACILITIES AND/OR THE LOAN DOCUMENTS, AND WAIVE AND RELEASE ANY DEFENSE, RIGHT OF COUNTERCLAIM, RIGHT OF SET-OFF OR DEDUCTION TO THE PAYMENT OF THE OBLIGATIONS
WHICH OBLIGORS, ET AL. NOW HAVE OR MAY CLAIM TO HAVE AGAINST ANY LENDER, ET AL., IN EACH CASE ARISING OUT OF, CONNECTED WITH OR RELATING TO ANY AND ALL ACTS, OMISSIONS OR EVENTS OCCURRING PRIOR TO THE EXECUTION OF THIS FOURTH AMENDMENT. 

SECTION 6.    INDEMNIFICATION. 

WITHOUT LIMITING ANY OF THE AGENT’S OR LENDERS’ RIGHTS, OR THE LOAN PARTIES’ OBLIGATIONS, UNDER SECTION 9.04 OF THE CREDIT
AGREEMENT (WHICH THE BORROWER AND THE OTHER LOAN PARTIES HEREBY RATIFY, REITERATE AND RECONFIRM), THE LOAN PARTIES HEREBY AGREE TO INDEMNIFY, DEFEND AND SAVE AND HOLD HARMLESS EACH AGENT, EACH LENDER, EACH OF THEIR AFFILIATES AND THE RESPECTIVE
OFFICERS, DIRECTORS, EMPLOYEES, TRUSTEES, AGENTS AND ADVISORS OF EACH OF THE FOREGOING (EACH, AN “INDEMNIFIED PARTY”) FROM AND AGAINST, AND SHALL PAY ON DEMAND, ANY AND ALL CLAIMS, DAMAGES, LOSSES, LIABILITIES AND EXPENSES
(INCLUDING, WITHOUT LIMITATION, REASONABLE FEES AND EXPENSES OF COUNSEL) THAT MAY BE INCURRED BY OR ASSERTED OR AWARDED AGAINST ANY INDEMNIFIED PARTY, IN EACH CASE ARISING OUT OF OR IN CONNECTION WITH OR BY REASON OF (INCLUDING, WITHOUT LIMITATION,
IN CONNECTION WITH ANY INVESTIGATION, LITIGATION OR PROCEEDING OR PREPARATION OF A DEFENSE IN CONNECTION THEREWITH) THIS FOURTH AMENDMENT, AND/ OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

SECTION 7.    LIMITATION ON LIABILITY. 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, AND NOTWITHSTANDING ANY OTHER PROVISION OF THIS FOURTH AMENDMENT OR THE OTHER LOAN DOCUMENTS:
(A) NONE OF THE ADMINISTRATIVE AGENT, THE LENDERS OR ANY INDEMNIFIED PARTY SHALL BE LIABLE TO ANY PARTY FOR ANY INDIRECT, SPECIAL, 

  
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PUNITIVE OR CONSEQUENTIAL DAMAGES IN CONNECTION WITH THEIR RESPECTIVE ACTIVITIES RELATED TO THIS FOURTH AMENDMENT, THE OTHER LOAN DOCUMENTS, THE TRANSACTIONS CONTEMPLATED THEREBY, THE LOANS, OR
OTHERWISE IN CONNECTION WITH THE FOREGOING; (B) WITHOUT LIMITING THE FOREGOING, NONE OF THE ADMINISTRATIVE AGENT, THE LENDERS OR ANY INDEMNIFIED PARTY SHALL BE SUBJECT TO ANY EQUITABLE REMEDY OR RELIEF, INCLUDING SPECIFIC PERFORMANCE OR
INJUNCTION ARISING OUT OF OR RELATING TO THIS FOURTH AMENDMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED THEREBY; (C) NONE OF THE ADMINISTRATIVE AGENT, THE LENDERS OR ANY INDEMNIFIED PARTY SHALL HAVE ANY LIABILITY TO THE LOAN
PARTIES, FOR DAMAGES OR OTHERWISE, ARISING OUT OF OR RELATING TO THIS FOURTH AMENDMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED THEREBY UNTIL THE EFFECTIVE DATE HAS OCCURRED; AND (D) IN NO EVENT SHALL LENDERS’ LIABILITY
TO THE LOAN PARTIES EXCEED ACTUAL DIRECT DAMAGES INCURRED BY THE LOAN PARTIES OF UP TO $10,000,000 IN THE AGGREGATE. 
 SECTION
8.    GOVERNING LAW. 
 THIS FOURTH AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO
THIS FOURTH AMENDMENT (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

SECTION 9.    WAIVER OF JURY TRIAL. 

EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER HEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP THAT EACH HAS ALREADY RELIED
ON THIS WAIVER IN ENTERING INTO THIS FOURTH AMENDMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH COUNSEL AND THAT IT
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO
THIS SECTION AND EXECUTED BY EACH OF THE PARTIES HERETO, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS FOURTH AMENDMENT MAY BE FILED AS A WRITTEN CONSENT TO
A TRIAL BY THE COURT. 

  
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 SECTION 10.    COUNTERPARTS. 

This Fourth Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original,
but all such counterparts together shall constitute but one and the same instrument. Delivery of an executed counterpart to this Fourth Amendment by facsimile transmission or electronic transmission in “.pdf” format shall be as effective
as delivery of a manually signed original. 
 SECTION 11.    MISCELLANEOUS. 

This Fourth Amendment, the Credit Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the
subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof. Capitalized terms defined herein in the preliminary
statements and/or recitals shall be incorporated as if set out in full in the operative provisions hereunder. Section 1.04 of the Credit Agreement is hereby incorporated herein as if set out in full hereunder, mutatis
mutandis. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be duly executed
by their respective authorized officers as of the day and year first written above. 
  

			
	U.S. WELL SERVICES, LLC, as Borrower
		
	By:	 	 /s/ Kyle O’Neill

	Name:	 	Kyle O’Neill
	Title:	 	Chief Financial Officer

  
 Page 9 

 
			
	U.S. WELL SERVICES, INC., as Parent
		
	By:	 	 /s/ Kyle O’Neill

	Name:	 	Kyle O’Neill
	Title:	 	Chief Financial Officer

  
 Page 10 

 
			
	USWS HOLDINGS LLC, as Holdings
		
	By:	 	 /s/ Kyle O’Neill

	Name:	 	Kyle O’Neill
	Title:	 	Chief Financial Officer

  
 Page 11 

 
			
	USWS FLEET 10, LLC, as Subsidiary Guarantor
		
	By:	 	 /s/ Kyle O’Neill

	Name:	 	Kyle O’Neill
	Title:	 	Chief Financial Officer

  
 Page 12 

 
			
	USWS FLEET 11, LLC, as Subsidiary Guarantor
		
	By:	 	 /s/ Kyle O’Neill

	Name:	 	Kyle O’Neill
	Title:	 	Chief Financial Officer

  
 Page 13 

 
			
	CLMG CORP., as Administrative Agent
		
	By:	 	 /s/ James Erwin

	Name:	 	James Erwin
	Title:	 	President

  
 Page 14 

 
			
	CLMG CORP., as Collateral Agent
		
	By:	 	 /s/ James Erwin

	Name:	 	James Erwin
	Title:	 	President

  
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 Acknowledged and agreed as of the day and year first written above: 

 

			
	LNV Corporation, as Lender
		
	By:	 	 /s/ James Erwin

	Name:	 	James Erwin
	Title:	 	Senior Vice President

  
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 Acknowledged and agreed as of the day and year first written above: 

 

			
	LPP Mortgage, Inc., as Lender
		
	By:	 	 /s/ James Erwin

	Name:	 	James Erwin
	Title:	 	Vice President

  
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 Exhibit A 

SCHEDULE V 
 CARES ACT LOAN COLLATERAL 

 

	 	1.	 Power Trailer Unit E5075, VIN 159B02041FH640355 

 

	 	2.	 Control Trailer, Unit E5076, VIN 13N248201F1568734 

 

	 	3.	 Jeep for Power Trailer, Unit E5076, VIN 5DDKJ3730K1009699 

 

	 	4.	 HP PUMP 2500 HP/9 SPEED, Unit F3234, VIN 1UNSF4631JB133791 

 

	 	5.	 HP PUMP 2500 HP/9 SPEED, Unit F3235, VIN 1UNSF4633JB133792 

 

	 	6.	 HP PUMP 2500 HP/9 SPEED, Unit F3236, VIN 1UNSF4630KB133668 

 

	 	7.	 HP PUMP 2500 HP/9 SPEED, Unit F3237, VIN 1UNSF4632KB133669 

 

	 	8.	 HP PUMP 2500 HP/9 SPEED, Unit F3238, VIN 1UNSF4633KB133762 

 

	 	9.	 HP PUMP 2500 HP/9 SPEED, Unit F3239, VIN 1UNSF4630KB133671 

 

	 	10.	 HP PUMP 2500 HP/9 SPEED, Unit F3240, VIN 1UNSF4631KB133761 

 

	 	11.	 HP PUMP 2500 HP/9 SPEED, Unit F3241, VIN 1UNSF4639KB133670 

 

	 	12.	 HP PUMP 2500 HP/9 SPEED, Unit F3242, VIN 1UNSF4637KB133666 

 

	 	13.	 HP PUMP 2500 HP/9 SPEED, Unit F3243, VIN 1UNSF4639KB133667 

  
 Page 18EX-10.4

 Exhibit 10.4 

Execution Copy 
 THIRD
AMENDMENT TO 
 ABL CREDIT AGREEMENT 

THIS THIRD AMENDMENT TO ABL CREDIT AGREEMENT (this “Amendment”), dated as of November 12, 2020, is by and among
U.S. WELL SERVICES, LLC, a Delaware limited liability company (the “Borrower”), each Guarantor (as defined in the below referenced Credit Agreement) party hereto, U.S. WELL SERVICES, INC., a Delaware corporation
(“Parent”), each Lender (as defined in the below referenced Credit Agreement) party hereto, and BANK OF AMERICA, N.A., as agent for the Lenders (“Administrative Agent”), a Swing Line Lender and an L/C Issuer.

 W I T N E S S E T H 

WHEREAS, Borrower is a party to that certain ABL Credit Agreement, dated as May 7, 2019 (as amended, restated, extended,
supplemented or otherwise modified, the “Credit Agreement”), among Borrower, the other Loan Parties party thereto, the Administrative Agent and the Lenders; 

WHEREAS, the Loan Parties have informed the Administrative Agent and Lenders that the Borrower applied for loans from Greater Nevada
Credit Union (the “CARES Act Lender”) under the “Business and Industry CARES Act Program” in accordance with the terms of the CARES Act and that the Borrower, Holdco and Parent have executed and delivered to the CARES Act
Lender certain Promissory Notes dated November 12, 2020, in the original principal amount of $25,000,000.00 in aggregate, pursuant to which the CARES Act Lender has made a loan to the Borrower, all on the terms and conditions set forth therein
and secured by CARES Act Loan Collateral (as defined below); 
 WHEREAS, the Loan Parties have requested that the Administrative
Agent and Lenders (i) consent to the incurrence of debt under the CARES Act Loan (as defined below) and (ii) make certain modifications to the Credit Agreement, and Administrative Agent and Lenders have agreed to the foregoing requests of
the Loan Parties, in each case on the terms and conditions set forth herein; and 
 WHEREAS, the Lenders are willing to make such
amendments to the Credit Agreement, in accordance with and subject to the terms and conditions set forth herein. 
 NOW, THEREFORE,
in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 AMENDMENTS TO
CREDIT AGREEMENT 
 1.1    Defined Terms. Any and all initially capitalized terms used
in this Amendment (including, without limitation, in the Recitals to this Amendment) without definition shall have the respective meanings specified in the Credit Agreement. 

 1.2    Amended and Restated Definitions. The
following definitions in Section 1.01 of the Credit Agreement are hereby amended and restated to read in their entirety as follows: 

“Excluded Accounts” means (a) an account exclusively used for tax withholding, payroll, payroll taxes,
employee benefits (including workers’ compensation, unemployed insurance or other forms of governmental insurance or benefits) and (b) the CARES Act Loan Account to the extent used solely for the purposes specified in
Section 6.20(iii) hereof. 
 “LIBOR Screen Rate” means the LIBOR quote on the
applicable screen page that the Administrative Agent designates to determine LIBOR (or such other commercially available source providing such quotations as designated by the Administrative Agent from time to time). 

“LIBOR Successor Rate” has the meaning specified in Section 3.03(b). 

“LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any
conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the
definition of Business Day, timing of borrowing requests or prepayment, conversion or continuation notices, and length of look-back periods) as may be appropriate, in the Administrative Agent’s discretion, to reflect the adoption and
implementation of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of
such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary in
connection with the administration of this Agreement and any other Loan Document). 
 1.3    New
Definitions. The following definitions are hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order: 

“CARES Act Loan” means the loan made pursuant to the “Business and Industry CARES Act Program” of
the CARES Act under the CARES Act Loan Agreement. 
 “CARES Act Loan Account” means a deposit account opened
and maintained at Greater Nevada Credit Union and used solely for the purposes specified in Section 6.20 hereof. 

  
 2 

 “Cares Act Loan Agreement” means that certain Business Loan
Agreement dated November 12, 2020, executed by the Borrower, Holdco and Parent, as co-borrowers and made payable to Greater Nevada Credit Union, as lender, providing for loans in the original principal
amount of equal to $25,000,000.00 in aggregate and secured by CARES Act Loan Collateral. 
 “CARES Act Loan
Collateral” means the “Collateral” as defined in the CARES Act Loan Agreement. 
 “ISDA
Definitions” means the 2006 Definitions (or successor definitional booklet for interest rate derivatives) published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time
to time.  
 “LIBOR Replacement Date” has the meaning specified in
Section 3.03(b). 
 “MG Finance Lease Agreement” means that certain Master Lease
Agreement No. CW/1288-1, entered into on or around January 25, 2019, by and between the Parent, as lessee, and M/G Finance Co., Ltd., as lessor, pursuant to which certain assets constituting a portion of
the CARES Act Loan Collateral are leased to Parent. 
 “Pre-Adjustment
Successor Rate” has the meaning specified in Section 3.03(b). 
 “Related
Adjustment” means, in determining any LIBOR Successor Rate, the first relevant available alternative set forth in the order below that can be determined by the Administrative Agent applicable to such LIBOR Successor Rate: (a) the
spread adjustment, or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the relevant Pre-Adjustment Successor Rate
(taking into account the interest period, interest payment date or payment period for interest calculated and/or tenor thereto) and which adjustment or method (i) is published on an information service as selected by the Administrative Agent
from time to time in its discretion or (ii) solely with respect to Term SOFR, if not currently published, which was previously so recommended for Term SOFR and published on an information service acceptable to the Administrative Agent; or
(b) the spread adjustment that would apply (or has previously been applied) to the fallback rate for a derivative transaction referencing the ISDA Definitions (taking into account the interest period, interest payment date or payment period for
interest calculated and/or tenor thereto). 
 “Relevant Governmental Body” means the Federal Reserve Board
and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York. 

  
 3 

 “SOFR” with respect to any Business Day means the secured
overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or any successor source) at
approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day and, in each case, that has been selected or recommended by the Relevant Governmental Body. 

“Term SOFR” means the forward-looking term rate for any period that is approximately (as determined by the
Administrative Agent) as long as any of the Interest Period options set forth in the definition of “Interest Period” and that is based on SOFR and that has been selected or recommended by the Relevant Governmental Body, in each case as
published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion. 

“Third Amendment Date” shall mean November 12, 2020. 

1.4    Amendment to Section 1.09.
Section 1.09 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “1.09
    [Reserved]” 
 1.5    Amendment to
Section 3.03. Section 3.03 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“3.03    Inability to Determine Rates. 

(a)     The Administrative Agent will promptly notify the Borrower and Lenders if, in connection with any
Loan or request with respect to a Loan, (a) Agent determines that (i) Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable Loan amount or Interest Period, or (ii) adequate and
reasonable means do not exist for determining LIBOR for the Loan or Interest Period (including with respect to calculation of the Base Rate); or (b) Agent or Required Lenders determine for any reason that LIBOR for the Interest Period does not
adequately and fairly reflect the cost to Lenders of funding or maintaining the Loan. Thereafter, Lenders’ obligations to make or maintain affected LIBOR Loans and utilization of the LIBOR component (if affected) in determining Base Rate shall
be suspended until Agent determines (or is instructed by Required Lenders) to withdraw the notice. Upon receipt of such notice, Borrower may revoke any pending request for funding, conversion or continuation of a LIBOR Loan or, failing that, will be
deemed to have requested a Base Rate Loan, and the Administrative Agent may (or shall upon request by Required Lenders) immediately convert any affected LIBOR Loan to a Base Rate Loan. 

  
 4 

 (b)    Notwithstanding anything to the contrary in this
Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with, in the case of the Required
Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable) have determined, that: 

(i)    adequate and reasonable means do not exist for ascertaining LIBOR for any Interest Period hereunder
or any other tenors of LIBOR, including, without limitation, because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; 

(ii)    the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the
Administrative Agent or such administrator has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans, provided that, at
the time of such statement, there is no successor administrator that is satisfactory to the Administrative Agent, that will continue to provide LIBOR after such specific date (such specific date, the “Scheduled Unavailability
Date”); 
 (iii) the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over
such administrator has made a public statement announcing that all Interest Periods and other tenors of LIBOR are no longer representative; or 

(iv) syndicated loans currently being executed, or that include language similar to that contained in this Section, are being
executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR; 
 then, in the case of
clauses (i)-(iii) above, on a date and time determined by the Administrative Agent (any such date, the “LIBOR Replacement Date”), which date shall be at the end of an Interest Period or on the relevant interest payment
date, as applicable, for interest calculated and shall occur reasonably promptly upon the occurrence of any of the events or circumstances under clauses (i), (ii) or (iii) above and, solely with respect to clause
(ii) above, no later than the Scheduled Unavailability Date, LIBOR will be replaced hereunder and under the other Loan Documents with, subject to the proviso below, the first available alternative set forth in the order below for any
payment period for interest calculated that can be determined by Agent, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document (“LIBOR Successor Rate”;
and any such rate before giving effect to the Related Adjustment, “Pre-Adjustment Successor Rate”): 

(x)    Term SOFR plus the Related Adjustment; and 

(y)     SOFR plus the Related Adjustment; 

and in the case of clause (iv) above, the Borrower and Administrative Agent may amend this Agreement solely for the purpose of
replacing LIBOR under this Agreement and 

  
 5 

 
under any other Loan Document in accordance with the definition of “LIBOR Successor Rate” and such amendment will become effective at 5:00 p.m., on the fifth Business Day after the
Administrative Agent shall have notified all Lenders and the Borrower of the occurrence of the circumstances described in clause (iv) above unless, prior to such time, Required Lenders have delivered to the Administrative Agent written
notice that such Required Lenders object to the implementation of a LIBOR Successor Rate pursuant to such clause; provided that, if the Administrative Agent determines that Term SOFR has become available, is administratively
feasible for the Administrative Agent and would have been identified as the Pre-Adjustment Successor Rate in accordance with the foregoing if it had been so available at the time that the LIBOR Successor Rate
then in effect was so identified, and notifies the Borrower and Lenders of such availability, then from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in each case,
commencing no less than 30 days after the date of such notice, the Pre-Adjustment Successor Rate shall be Term SOFR and the LIBOR Successor Rate shall be Term SOFR plus the relevant Related Adjustment.

 The Administrative Agent will promptly (in one or more notices) notify the Borrower and Lenders of (x) any occurrence
of any of the events, periods or circumstances under clauses (i) through (iii) above, (y) a LIBOR Replacement Date and (z) the LIBOR Successor Rate. Any LIBOR Successor Rate shall be applied in a manner consistent with
market practice; provided that to the extent such market practice is not administratively feasible for the Administrative Agent, such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative
Agent. Notwithstanding anything else herein, if at any time any LIBOR Successor Rate as so determined would otherwise be less than 1.0%, the LIBOR Successor Rate will be deemed to be 1.0% for the purposes of this Agreement and the other Loan
Documents. 
 In connection with the implementation of a LIBOR Successor Rate, the Administrative Agent will have the right
to make LIBOR Successor Rate Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such LIBOR Successor Rate Conforming Changes will become effective
without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall deliver each such amendment implementing such LIBOR Successor Rate
Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective. 
 If the
events or circumstances of the type described in clauses (i) through (iii) above have occurred with respect to the LIBOR Successor Rate then in effect, then the successor rate thereto shall be determined in accordance with the
definition of “LIBOR Successor Rate.” 
 (c)    Notwithstanding anything to the contrary
herein, (i) after any such determination by the Administrative Agent or receipt by the Administrative Agent of any such notice described under Section 3.03(b)(i)-(iii), as applicable, if the Administrative Agent
determines that none of the LIBOR Successor Rates is available on or prior to the LIBOR Replacement Date, (ii) if the events or circumstances described in Section  

  
 6 

 
3.03(b)(iv) have occurred but none of the LIBOR Successor Rates is available, or (iii) if the events or circumstances of the type described in
Section 3.03(b)(i)-(iii) have occurred with respect to the LIBOR Successor Rate then in effect and the Administrative Agent determines that none of the LIBOR Successor Rates is available, then in each case, the
Administrative Agent and the Borrower may amend this Agreement solely for the purpose of replacing LIBOR or any then current LIBOR Successor Rate in accordance with this Section at the end of any Interest Period, relevant interest payment date or
payment period for interest calculated, as applicable, with another alternate benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative
benchmarks and, in each case, including any Related Adjustments and any other mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated
credit facilities for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be
periodically updated. For the avoidance of doubt, any such proposed rate and adjustments shall constitute a LIBOR Successor Rate. Any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall
have delivered such proposed amendment to Lenders and the Borrower unless, prior to such time, the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object to such amendment. 

(d)    If, at the end of any Interest Period, relevant interest payment date or payment period for interest
calculated, no LIBOR Successor Rate has been determined in accordance with subsections 3.03(b) and (c) above and the circumstances under clauses (a)(i) or (b)(iii) of subsection 3.03(b) above exist or
the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain LIBOR Loans shall be suspended (to
the extent of the affected LIBOR Loans, Interest Periods, interest payment dates or payment periods), and (y) the LIBOR component shall no longer be utilized in determining Base Rate, until the LIBOR Successor Rate has been determined in
accordance with subsections 3.03(b) and (c) above. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of LIBOR Loans (to the extent of the affected LIBOR
Loans, Interest Periods, interest payment dates or payment periods) or, failing that, will be deemed to have converted such request into a request for a Base Rate Loan (subject to the foregoing clause (y)) in the amount specified
therein.” 
 1.6    Amendment to ACTICLE VI. ARTICLE VI is amended by adding a new
Section 6.20 to read in its entirety as follows: 
 “6.20 CARES Act Loan. 

(i)    keep detailed records of the Loan Parties’ utilization of the proceeds of the CARES Act Loan;

  
 7 

 (ii)    shall apply proceeds of the CARES Act Loan to
the payment of obligations under the MG Finance Lease Agreement when due and payable and for other purposes approved under the CARES Act Loan Agreement to the extent permissible under the CARES Act; 

(iii)    shall use the CARES Act Loan Account solely for the purpose of depositing proceeds of the CARES
Act Loan and making payments in accordance with this Section 6.20; 

(iv)    promptly upon repayment of the CARES Act Loan in full, all assets comprising the CARES Act Loan
Collateral shall become part of the Collateral and the Borrower shall make all filings and other actions necessary to perfect and protect the security interest in such assets pursuant to the terms of the Collateral Documents and the Intercreditor
Agreement; 
 (v)    promptly provide Administrative Agent upon its request with copies of all material
correspondence and documentation regarding the CARES Act Loan; and 
 (vi)    use commercially reasonably
efforts to ensure that, at all times, an amount equal to no less than ninety percent (90%) of the CARES Act Loan is guaranteed by the U.S. Department of Agriculture.” 

1.7    Amendment to Section 7.01.
Section 7.01 to the Credit Agreement is hereby amended by deleting “and” at the end of clause (r), substituting the “.” at the end of clause (s) for “; and” and inserting a new
clause (t) to read in its entirety as follows: 
 “(t) Liens on CARES Act Collateral securing the
indebtedness incurred under the CARES Act Loan Agreement as of the Third Amendment Date.” 

1.8    Amendment to Section 7.02(k).
Section 7.02(k) to the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(k) The CARES Act Loan, as in effect on November 12, 2020, provided that the Borrower shall not enter into
any amendment, restatement, renewal, extension or other modification of such CARES Act Loan without the prior written consent of the Administrative Agent and provided further that the sole collateral that maybe pledged under the CARES Act
Loan is CARES Act Loan Collateral.” 
 ARTICLE II 

CONDITIONS TO EFFECTIVENESS 

2.1    Closing Conditions. This Amendment shall become effective as of the Third Amendment Date upon
satisfaction of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent): 

(a)    Executed Amendment. The Administrative Agent shall have received a copy of this Amendment
duly executed by each of the Loan Parties, the Lenders and the Administrative Agent. 

  
 8 

 (b)    Copy of Executed Amendment to Term Credit
Agreement. The Administrative Agent shall have received a copy of the Fourth Amendment to the Term Credit Agreement duly executed by the parties thereto and on such terms and conditions as are satisfactory to the Administrative Agent. 

(c)    Copy of Executed CARES Act Loan Agreement. The Administrative Agent shall have received a
copy of the CARES Act Loan Agreement duly executed by the parties thereto and on such terms and conditions as are satisfactory to the Administrative Agent. 

(d)    Default. After giving effect to this Amendment, no Default or Event of Default shall exist.

 (e)    Fees and Expenses. The Administrative Agent shall have received from the Borrower such
other fees and expenses that are payable in connection with the consummation of the transactions contemplated hereby. 

(f)    Secretary’s Certificate. The Administrative Agent shall have received a certificate of
the secretary or assistant secretary or similar officer of each Loan Party dated the Third Amendment Date and certifying that (i) no changes have been made to the by-laws, limited partnership agreement,
limited liability company agreement or other equivalent governing document of each Loan Party since the Closing Date, (ii) each Loan Party is authorized to execute, deliver and perform under the Loan Documents as amended by this Amendment, and
(iii) no changes have been made to the articles of incorporation, certificate of limited partnership, certificate of formation or other equivalent governing document of each Loan Party since the Closing Date. 

(g)    Officer’s Certificate. The Administrative Agent shall have received an officer’s
certificate executed by a Responsible Officer attesting that as of the Third Amendment Date the representations and warranties set forth in the Credit Agreement are true and correct in all material respects (provided that any such representations
and warranties which are qualified by materiality, Material Adverse Effect or similar language shall be true and correct in all respects (after giving effect to such qualification)) as of such date, with the same effect as though made on and as of
such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects (provided that any such representations and
warranties which are qualified by materiality, Material Adverse Effect or similar language shall be true and correct in all respects (after giving effect to such qualification)) as of such earlier date). 

ARTICLE III 
 RELEASE

 Upon receipt of the proceeds of the CARES Act Loan by the borrowers under the CARES Act Loan Agreement, the Administrative Agent’s liens and
security interests on the CARES Act Loan Collateral granted by any Loan Party under any Loan Documents shall be automatically released. 

  
 9 

 ARTICLE IV 

MISCELLANEOUS 

4.1    Amended Terms. On and after the Third Amendment Date, all references to the Credit
Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full
force and effect according to its terms. 
 4.2    Representations and Warranties of Loan
Parties. Each of the Loan Parties represents and warrants as follows: 
 (a)    This
Amendment has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium,
reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and
(iii) implied covenants of good faith and fair dealing. 
 (b)    No action, consent or approval of,
registration or filing with, or any other action by, any Governmental Authority or any other Person is required in connection with the execution, delivery or performance by such Person of this Amendment, except for (a) the filing of Uniform
Commercial Code financing statements, (b) filings with the United States Patent and Trademark Office and the United States Copyright Office, (c) recordation of any Mortgages (or amendments thereto), (d) such as have been made or obtained
and are in full force and effect and (e) such actions, consents, approvals, registrations or filings the failure to obtain or make which would not reasonably be expected to have a Material Adverse Effect. 

(c)    Immediately after giving effect to this Amendment, no event has occurred and is continuing which
constitutes a Default or an Event of Default. 
 4.3    Reaffirmation of Obligations. Each
Loan Party hereby ratifies the Credit Agreement and other Loan Documents and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement and other Loan Documents applicable to it and (b) that it is responsible for
the observance and full performance of its respective Obligations (to the extent specified in the Credit Agreement and the other Loan Documents). 

4.4    Loan Document. This Amendment shall constitute a Loan Document under the terms of the
Credit Agreement. 
 4.5    Expenses. The Borrower agrees to pay all reasonable costs and
expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative Agent’s legal counsel, in each case in
accordance with Section 10.04 of the Credit Agreement. 

  
 10 

 4.6    Further Assurances. The Loan Parties
agree to promptly take such action, upon the request of the Administrative Agent, as is necessary to carry out the intent of this Amendment, in each case to the extent required by Section 6.15 of the Credit Agreement. 

4.7    Entirety. This Amendment and the other Loan Documents embody the entire agreement among
the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. 

4.8    Counterparts; Telecopy. This Amendment may be executed in any number of counterparts,
each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart to this Amendment by telecopy or other electronic means shall be effective as an
original and shall constitute a representation that an original will be delivered. 
 4.9    No Actions,
Claims, Etc. As of the date hereof, each of the Loan Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in
equity, against the Administrative Agent, the Lenders, or the Administrative Agent’s or the Lenders’ respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such
Persons to act under the Credit Agreement on or prior to the date hereof. 
 4.10    GOVERNING LAW. THIS
AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

4.11    Successors and Assigns. This Amendment shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns. 
 4.12    General Release.
In consideration of the Administrative Agent’s willingness to enter into this Amendment, on behalf of the Lenders, each Loan Party hereby releases and forever discharges the Administrative Agent, Swing Line Lender, the Lenders and the
Administrative Agent’s, the Swing Line Lender’s and each Lender’s respective predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives, and affiliates (hereinafter all of
the above collectively referred to as the “Bank Group”), from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, including, without
limitation, all claims, demands, and causes of action for contribution and indemnity, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or
contingent, foreseen or unforeseen, and whether or not heretofore asserted, which any Loan Party may have or claim to have against any of the Bank Group in any way related to or connected with the Loan Documents and the transactions contemplated
thereby; provided that the foregoing general release shall not be a release of any claim against any member of the Bank Group which arises from the gross negligence of willful misconduct of such member of the Bank Group. 

  
 11 

 4.13    Consent to Jurisdiction; Service of Process; Waiver
of Jury Trial. The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 10.14 and 10.15 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 12 

 IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the
date first above written.  
  

							
	BORROWER:	 		 	U.S. WELL SERVICES, LLC
				
		 		 	By:	 	 /s/ Kyle O’Neill

		 		 	Name:	 	Kyle O’Neill
		 		 	Title:	 	Chief Financial Officer
			
	PARENT:	 		 	U.S. WELL SERVICES, INC.
				
		 		 	By:	 	 /s/ Kyle O’Neill

		 		 	Name:	 	Kyle O’Neill
		 		 	Title:	 	Chief Financial Officer
			
	GUARANTORS:	 		 	USWS FLEET 10, LLC
				
		 		 	By:	 	 /s/ Kyle O’Neill

		 		 	Name:	 	Kyle O’Neill
		 		 	Title:	 	Chief Financial Officer
			
		 		 	USWS FLEET 11, LLC
				
		 		 	By:	 	 /s/ Kyle O’Neill

		 		 	Name:	 	Kyle O’Neill
		 		 	Title:	 	Chief Financial Officer
			
		 		 	USWS HOLDINGS LLC
				
		 		 	By:	 	 /s/ Kyle O’Neill

		 		 	Name:	 	Kyle O’Neill
		 		 	Title:	 	Chief Financial Officer

 (Signature Page to Third Amendment to ABL Credit Agreement) 

 
			
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent, a Lender, an L/C Issuer and a Swing Line Lender

		
	By:	 	 /s/ Tanner J. Pump

	Name:	 	Tanner J. Pump
	Title:	 	Senior Vice President

 (Signature Page to Third Amendment to ABL Credit Agreement)

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