Document:

Exhibit

Exhibit 10.1

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE NOT MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. SUCH TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH THREE ASTERISKS (***)

FIRST AMENDMENT TO MASTER PRODUCT PURCHASE AGREEMENT AND FIRST AMENDMENT TO RAILCAR USAGE AGREEMENT

This First Amendment to Master Product Purchase Agreement and First Amendment to Railcar Usage Agreement (the “Amendment”) is entered into on June 21, 2019, by and between Smart Sand, Inc., a Delaware corporation (“Smart Sand”), and Rice Drilling B LLC, a Delaware limited liability company (“Buyer”).
Recitals
Whereas, Smart Sand and Buyer have entered into (i) a Master Product Purchase Agreement, dated effective as of January 1, 2017 (the “PPA”), and (ii) a Railcar Usage Agreement, dated effective as of January 1, 2017 (the “RUA”, and together with the PPA, the “Agreements”);
Whereas, Smart Sand and Buyer desire to amend the PPA and RUA; and
Whereas, pursuant to Section 15.1 of the PPA and Section 8 of the RUA, the Agreements may not be changed or amended except by a writing executed by both parties.
Now, Therefore, in consideration of the foregoing recitals and the mutual promises set forth herein, sufficiency of which is acknowledged by the undersigned, the Buyer and Smart Sand hereby agree as follows:
1.    Amendment to the PPA.  The PPA shall be amended as follows:
1.1    The table contained in Section 1.1 of the PPA shall be deleted in its entirety and restated as follows:

	
		
	Contract Year
	Minimum
Tons per Year

	1
	***

	2 
	***

	3 
	***

	4 
	***

1.2    Section 1.4 of the PPA shall be deleted in its entirety and replaced with the following:
“    1.4    So long as all Monthly Reservation Charges have been (and continue to be) paid in full, Buyer may defer (to no later than the end of the Term) the purchase of up to *** tons of Products (“Deferred Tons”), and an amount equal to the product of the number of Deferred Tons multiplied by $*** shall be applied as a credit towards the purchase of such Deferred Tons in the future (such credit, the “Deferral Balance”). If Buyer purchases less than *** in any given month (the “ Monthly Benchmark”), then, subject to the maximum number of Deferred Tons set forth in the first sentence of this Section, the difference between the Monthly Benchmark and the tons purchased during such month shall automatically become Deferred Tons, and the Deferral Balance shall increase by an amount equal to the product of such newly designated Deferred Tons multiplied by $***. If Buyer purchases 

more than the Monthly Benchmark in any given month when there are Deferred Tons outstanding, then the outstanding Deferred Tons shall automatically decrease by such excess amount of Products purchased (but in no event shall the Deferred Tons be decreased to below ***), and the outstanding Deferral Balance shall be reduced by an amount equal to the product of $*** multiplied by such excess amount of Products purchased (but in no event shall the Deferral Balance be decreased to below $***). Within *** days after completion of the Term or earlier termination of this Agreement (the “Determination Date”), Buyer shall pay to Smart Sand (the “Deferment Payment”) an amount equal to the product of the outstanding Deferred Tons as of the Determination Date multiplied by the Contract Price in effect at the end of the Term, minus the Deferral Balance (i.e. Deferment Payment = (outstanding Deferred Tons * current Contract Price) - Deferral Balance).

Within *** days of receiving the Deferment Payment, Smart Sand shall deliver to Buyer, in one or more shipments to be determined in Smart Sand’s sole discretion, the Deferred Tons. Buyer may, at its option, choose to not take delivery of some or all of the Deferred Tons; provided, however, that if Buyer chooses to not take delivery of such Products, Buyer shall not be entitled to any refund of any portion of the Deferment Payment or Monthly Reservation Charges paid to Smart Sand. Buyer’s choice to not take delivery shall be irrevocable and Buyer shall forfeit any title to or right to receive the Products that Buyer has chosen not to receive.  If Buyer purchases less than the Minimum Tons per Year in any Contract Year, as adjusted by application of Deferred Tons (the “Shortfall Amount”), Smart Sand shall retain the Monthly Reservation Charges paid during such Contract Year that have not been applied towards the Deferral Bank or the $*** payment reduction set forth in Section 2.5, and Seller shall not be obligated to deliver to Buyer all or any portion of any Shortfall Amount. Buyer shall not be entitled to any refund in connection with a Shortfall Amount.”

1.3    The last two sentences of Section 2.5 shall be deleted in their entirety and replaced with the following:
“Each Monthly Reservation Charge received by Smart Sand shall be used by Smart Sand to reduce the amount payable by Buyer for Products ordered by $*** per ton in the applicable month for which such Monthly Reservation Charge relates (or such other months as determined in accordance with Section 1.4). The foregoing payment reduction shall cease in any month of each Contract Year when the aggregate payment reductions for Products purchased during such month is equal to ***, subject to adjustments to the Deferred Tons and Deferral Balance as set forth in Section 1.4.”
1.4    The reference to “December 31, 2019” in Section 4.2 of the PPA shall be deleted and replaced with “December 31, 2020”.
1.5    The reference in Section 7.1 of the PPA to “Contract Year 3” shall be deleted and replaced with “Contract Year 4”.
1.6     The term “1.4 (Deferrals),” shall be added to Section 7.3 of the PPA immediately prior to the term “2.2 (Taxes)”. 
1.7    The contact information for Smart Sand in Section 12 of the PPA shall be deleted in its entirety and replaced with “Smart Sand, Inc., 1000 Floral Vale Boulevard, Suite 225, Yardley, Pennsylvania 19067, Attention: James D. Young, Facsimile: 215.295.7911”.
2.    Amendment to the RUA.  The RUA shall be amended as follows:
2.1    The reference to “December 31, 2019” in Section 2 of the RUA shall be deleted and replaced with “December 31, 2020”.

3.    General Provisions.
3.1    Defined Terms.  Capitalized terms used and not defined herein shall have those definitions as set forth in the Agreements.
3.2    Credit Memo.  Promptly after the execution of this Amendment, Seller shall issue to Buyer a credit memo in the amount of $***. Smart Sand and Buyer each acknowledges and agrees that, as of the date of this Amendment, the outstanding Deferred Tons is *** tons and the Deferral Balance is $***.

3.3    Successors and Assigns.  The terms and conditions of this Amendment shall inure to the benefit of and be binding upon the respective successors and assigns of the parties.  Nothing in this Amendment, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Amendment, except as expressly provided in this Amendment.

3.4    Counterparts; Facsimile.  This Amendment may be executed and delivered by facsimile or pdf signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
3.5    Severability.  The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
3.6    No Other Changes.  Except as expressly amended by this Amendment, all of the terms of the Agreements shall remain in full force and effect.
3.7    Entire Agreement.  This Amendment, the Agreements and the agreements and documents referred to herein, together with all the Exhibits hereto and thereto, constitute the entire agreement and understanding of the parties with respect to the subject matter of this Amendment, and supersede any and all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof.
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In Witness Whereof, the parties hereto have executed this First Amendment to Master Product Purchase Agreement and First Amendment to Railcar Usage Agreement as of the date first written above.

SMART SAND, INC.

By:  /s/ John Young        
Name:  John Young
Title:     COO

RICE DRILLING B, LLC

By:  /s/ Bradley Maddox        
Name:  Bradley Maddox
Title:     VP Drilling & CompletionsEX-10.1

 Exhibit 10.1 

NOTICE OF GRANT OF RESTRICTED SHARE UNITS 

PURSUANT TO THE UNIVERSAL INSURANCE HOLDINGS, INC. 

2009 OMNIBUS INCENTIVE PLAN 
 FOR GOOD AND
VALUABLE CONSIDERATION, Universal Insurance Holdings, Inc., a Delaware corporation (the “Company”), hereby awards (the “Award”) to the Participant designated in Section A of this Notice of Grant
(the “Notice”) the number of restricted share units set forth below (the “RSUs”). 
 This Award is made pursuant
to the provisions of the Company’s 2009 Omnibus Incentive Plan, as amended (the “Plan”) and is subject to the restrictions in this Notice and the additional provisions set forth in the attached Terms and Conditions
(collectively, the “Agreement”). 
 The Participant acknowledges receipt of the information statement describing the provisions of the
Plan. 
  

	A.	 Award Specifics 

 

			
	Participant: Stephen J. Donaghy	  	
	Date of Grant: August, 5th, 2019	  	Number of RSUs: 50,000

  

	B.	 Vesting 

25,000 RSUs will vest on each of September 1, 2019 and September 1, 2020 (each, a “Vesting Date”). Except as otherwise provided in
the Terms and Conditions, vesting is conditioned upon continued employment by the Participant through each Vesting Date. 
 By signing below, the
Participant agrees that this Award is granted under and governed by the terms and conditions of the Plan and this Agreement. 
  

							
	Participant	 		 	 UNIVERSAL INSURANCE HOLDINGS, INC.

a Delaware corporation

	 /s/ Stephen J. Donaghy
	 		 	By:	 	 /s/ JON W. SPRINGER

	Signature	 	
				
	 Stephen J. Donaghy
	 		 	Name:	 	 Jon W. Springer

	Print Name	 	
				
	1110 W. Commercial Blvd.	 		 	Its:	 	 President and Chief Risk Officer

	Fort Lauderdale, FL 33309	 		 		 	
	Address	 		 		 	

 TERMS AND CONDITIONS OF 

RESTRICTED SHARE UNIT AWARD 
  

	1.	 General Provisions. 

The Company intends that the payment and settlement of the RSUs shall comply with the applicable requirements of Section 409A of the Internal Revenue Code
of 1986, as amended, and the regulations promulgated thereunder (the “Code”) to the extent the RSUs constitute “non-qualified deferred compensation” within the meaning of
Section 409A of the Code. 
  

	2.	 Payment. 

Each RSU represents the right of the Participant to receive, following each Vesting Date, one share of the Common Stock, par value $0.01 per share, of the
Company (the “Common Stock”), subject to the vesting and other terms and conditions hereof. 
 Subject to Section 8, in connection
with the vesting of the RSU, the Company will issue to the Participant one share of Common Stock plus any accumulated dividend equivalents credited to the RSU within 30 days following each Vesting Date, and such vested RSU will thereupon terminate
on each such applicable Vesting Date. 
 The Company shall deliver the shares through book entry transfer to an account in the Participant’s name at a
financial institution that is selected by the Company and approved by the Participant. Share certificates representing distributed shares shall not be issued by the Company until such shares have been delivered to the Participant’s account as
specified above. The Company shall pay all original issue or transfer taxes and all fees and expenses incident to the delivery of any shares of Common Stock hereunder; provided, however, that the Company shall not pay the expenses
related to any sale of shares received in connection with the vesting of any RSUs, regardless of whether such sale is made to satisfy expenses, withholding, or other taxes. 
  

	3.	 Dividend Equivalents. 

The Participant shall be credited with a cash amount equal to the ordinary cash dividends declared and paid on the corresponding number of shares of the
Company’s Common Stock during the period beginning on the Date of Grant and ending on each applicable Vesting Date. Such cash amount shall be subject to the same time-vesting conditions as the RSUs and shall be paid to the Participant in cash
(without interest) at the time that the shares of the Common Stock are delivered to the Participant in settlement of the RSU. 
 No dividend or dividend
equivalents shall be paid in respect of any forfeited RSUs, even if such dividends or dividend equivalents are credited on the RSU on or prior to forfeiture. 
  

	4.	 Effect of Termination of Service on Vesting. 

If the Participant’s employment with the Company is terminated for any reason, any then outstanding unvested RSUs shall be immediately forfeited as of the
Participant’s date of termination. 

  
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	5.	 No Rights as a Stockholder. 

Until any RSU subject to this Award has vested and the applicable underlying shares have been issued to the Participant in accordance with Section 2, the
Participant shall have no rights as a stockholder with respect to such RSUs or the underlying shares, including, without limitation, any right to vote the shares or, except as expressly set forth in Section 3 above, to receive any dividends on
the underlying shares or distribution equivalents on such RSUs. 
  

	6.	 Compliance with Law. 

This Award is subject to the condition that, if the listing, registration or qualification of the shares of Common Stock delivered with respect to RSUs subject
to this Award upon any securities exchange or under any law, or the consent or approval of any governmental body, is necessary or desirable as a condition of, or in connection with, the vesting of RSUs or delivery and settlement of the underlying
shares hereunder, the RSUs or underlying shares of Common Stock may not be delivered, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained. The Company agrees to make
reasonable efforts to effect or obtain any such listing, registration, qualification, consent or approval. 
  

	7.	 Non-Transferability of Award. 

This Award may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be
subject to execution, attachment or similar process. Any such attempted sale, transfer, assignment, pledge, hypothecation or encumbrance, or other disposition of this Award shall be null and void. 

 

	8.	 Withholding. 

The Committee shall determine the amount of any withholding or other tax required by law to be withheld or paid by the Company with respect to any income
recognized by the Participant with respect to the Award. The Participant shall be required to meet any applicable tax withholding obligation in accordance with the provisions of Section 11.05 of the Plan. The Participant shall have the right to
elect to meet any withholding requirement: (i) by having withheld from this Award at the appropriate time that number of whole shares of Common Stock whose fair market value is equal to the amount of any taxes required to be withheld with
respect to such Award, (ii) by direct payment to the Company in cash of the amount of any taxes required to be withheld with respect to such Award or (iii) by a combination of shares of Common Stock and cash. 

 

	9.	 Participant Representations. 

The Participant hereby represents to the Company that the Participant has read and fully understands the provisions of the Notice, these Terms and Conditions
and the Plan, and the Participant’s decision to participate in the Plan is completely voluntary. Further, the Participant acknowledges that the Participant is relying solely on his own advisers with respect to the tax consequences of this
Award. 

  
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	10.	 Miscellaneous. 

(a)    Notices. All notices, requests, deliveries, payments, demands and other communications which are required or permitted to be
given under this Agreement shall be in writing and shall be either delivered personally or sent by registered or certified mail, or by private courier, return receipt requested, postage prepaid to the parties at their respective addresses set forth
herein, or to such other address as either shall have specified by notice in writing to the other. Notice shall be deemed duly given hereunder when delivered or mailed as provided herein. 

(b)    Waiver. The waiver by either party to this Award of a breach of any provision of this Agreement shall not operate or be
construed as a waiver of any other or subsequent breach. 
 (c)    Entire Agreement. This Agreement and the Plan constitute the
entire agreement between the parties with respect to the subject matter hereof. 
 (d)    Binding Effect; Successors. This
Agreement shall inure to the benefit of and be binding upon the parties hereto and to the extent not prohibited herein, their respective heirs, successors, assigns and representatives. Nothing in this Agreement, express or implied, is intended to
confer on any person other than the parties hereto and, as provided above, their respective heirs, successors, assigns and representatives any rights, remedies, obligations or liabilities. 

(e)    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware
applicable to contracts fully executed and performed in such State. 
 (f)    Headings. The headings contained in this Agreement
are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement. 

(g)    Terms and Construction. In the event of any conflict between the provisions of this Agreement and the Plan, the provisions
of the Plan shall control. 
 (h)    Amendment. This Agreement may be amended at any time by written agreement of the parties
hereto. 
 (i)    No Right to Continued Employment. Nothing in this Agreement shall confer upon the Participant any right to
continue in the employ or service of the Company or affect the right of the Company to terminate the Participant’s employment or service at any time. 

(j)    Further Assurances. The Participant agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver
and perform all additional documents, instruments and agreements which may be reasonably required by the Company or the Committee, as the case may be, to implement the provisions and purposes of this Agreement and the Plan. 

  
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