Document:

EX-10.3

 Exhibit 10.3 

EXCHANGE AGREEMENT 

EXCHANGE AGREEMENT (this “Agreement”), dated as of [●], 2018, among Vista Proppants and Logistics Inc., a Delaware
corporation, Vista Proppants and Logistics, LLC, a Delaware limited liability company, and the holders, other than the Corporation, of LLC Units (as defined herein) from time to time party hereto. 

WHEREAS, the parties hereto desire to provide for the exchange of LLC Units for shares of Class A Common Stock (as defined herein), on
the terms and subject to the conditions set forth herein; 
 NOW, THEREFORE, in consideration of the mutual covenants and undertakings
contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 SECTION
1.1.    Definitions 
 The following definitions shall be for all purposes, unless otherwise clearly indicated to
the contrary, applied to the terms used in this Agreement. 
 “Class A Common Stock” means the
Class A common stock, par value $0.01 per share, of the Corporation. 
 “Code” means the Internal Revenue Code of
1986, as amended. 
 “Corporation” means Vista Proppants and Logistics Inc., a Delaware corporation, and any successor
thereto. 
 “Exchange” has the meaning set forth in Section 2.1(a) of this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Rate” means the number of shares of Class A Common Stock for which a LLC Unit is entitled to be exchanged. On
the date of this Agreement, the Exchange Rate shall be 1 for 1, subject to adjustment pursuant to Section 2.2 of this Agreement. 

“Exchanging LLC Unitholder” means an LLC Unitholder initiating an Exchange. 

“IPO” has the meaning set forth in Section 2.1(a) of this Agreement. 

“LLC Unit” means (i) each Class A Unit (as such term is defined in the Vista Proppants and Logistics, LLC
Agreement) issued as of the date hereof and (ii) each Class A Unit or other interest in Vista Proppants and Logistics, LLC that may be issued by Vista Proppants and Logistics, LLC in the future that is designated by the Corporation as a
“LLC Unit.” 
 “LLC Unitholder” means each holder of one or more LLC Units that may from time to time be a party
to this Agreement. 

 “Permitted Transferee” has the meaning given to such term in Section 3.1 of
this Agreement. 
 “Unvested Units” has the meaning given to such term in the Vista Proppants and Logistics, LLC Agreement.

 “Vista Proppants and Logistics, LLC” means Vista Proppants and Logistics, LLC, a Delaware limited liability company, and
any successor thereto. 
 “Vista Proppants and Logistics, LLC Agreement” means the Third Amended and Restated Limited
Liability Company Agreement of Vista Proppants and Logistics, LLC, dated on or about the date hereof, as such agreement may be amended from time to time. 

ARTICLE II 
 SECTION
2.1.    Exchange of LLC Units for Class A Common Stock. 

(a)    From and after the closing of the initial public offering and sale of Class A Common Stock (as contemplated by
the Corporation’s Registration Statement on Form S-1 (File
No. 333-                    )) (the “IPO”), subject to the expiration or waiver of any
applicable lock-up agreement in connection with the IPO, each LLC Unitholder shall be entitled at any time and from time to time, upon the terms and subject to the conditions hereof, to surrender LLC Units
(other than Unvested Units) to Vista Proppants and Logistics, LLC in exchange for the delivery to the exchanging LLC Unitholder of a number of shares of Class A Common Stock that is equal to the product of the number of LLC Units surrendered
multiplied by the Exchange Rate (such exchange, an “Exchange”); provided that any such Exchange is for a minimum of the lesser of 250,000 LLC Units or all of the LLC Units (other than Unvested Units) held by such LLC Unitholder. 

(b)    A LLC Unitholder shall exercise its right to make an Exchange as set forth in Section 2.1(a) above by
delivering to the Corporation and to Vista Proppants and Logistics, LLC a written election of exchange in respect of the LLC Units to be exchanged substantially in the form of Exhibit A hereto, duly executed by such holder or such
holder’s duly authorized attorney, in each case delivered during normal business hours at the principal executive offices of the Corporation and of Vista Proppants and Logistics, LLC. As promptly as practicable following the delivery of such a
written election of exchange, Vista Proppants and Logistics, LLC shall deliver or cause to be delivered at the offices of the then-acting registrar and transfer agent of the Class A Common Stock or, if there is no then-acting registrar and
transfer agent of the Class A Common Stock, at the principal executive offices of the Corporation, the number of shares of Class A Common Stock deliverable upon such Exchange registered in the name of the relevant exchanging LLC
Unitholder. To the extent the Class A Common Stock is settled through the facilities of The Depository Trust Company, Vista Proppants and Logistics, LLC will, subject to Section 2.1(c) below, upon the written instruction of an exchanging
LLC Unitholder, use its reasonable best efforts to deliver the shares of Class A Common Stock deliverable to such exchanging LLC Unitholder, through the facilities of The Depository Trust Company, to the account of the participant of The
Depository Trust Company designated by 

 
such exchanging LLC Unitholder. The Corporation, including in its capacity as the Managing Member of Vista Proppants and Logistics, LLC, shall take such actions as may be required to ensure the
performance by Vista Proppants and Logistics, LLC of its obligations under this Section 2(b) and the foregoing Section 2(a), including the issuance and sale of shares of Class A Common Stock to or for the account of Vista Proppants
and Logistics, LLC in exchange for the delivery to the Corporation of a number of LLC Units that is equal to the number of LLC Units surrendered by an exchanging LLC Unitholder. 

(c)    Vista Proppants and Logistics, LLC and each Exchanging LLC Unitholder shall bear their own expenses in connection
with the consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except that Vista Proppants and Logistics, LLC shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or
arising by reason of, any Exchange; provided, however, that if any shares of Class A Common Stock are to be delivered in a name other than that of the LLC Unitholder that requested the Exchange, then such LLC Unitholder and/or the person in
whose name such shares are to be delivered shall pay to Vista Proppants and Logistics, LLC the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish
to the reasonable satisfaction of Vista Proppants and Logistics, LLC that such tax has been paid or is not payable. 

(d)    Notwithstanding anything to the contrary herein, to the extent the Corporation or Vista Proppants and Logistics,
LLC shall determine that LLC Units do not meet the requirements of Treasury Regulation section 1.7704-1(h), the Corporation or Vista Proppants and Logistics, LLC may impose such restrictions on Exchange as the
Corporation or Vista Proppants and Logistics, LLC may determine to be necessary or advisable so that Vista Proppants and Logistics, LLC is not treated as a “publicly traded partnership” under Section 7704 of the Code. Notwithstanding
anything to the contrary herein, no Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith determination of the Corporation or of Vista Proppants and Logistics, LLC, such an Exchange would pose a
material risk that Vista Proppants and Logistics, LLC would be a “publicly traded partnership” under Section 7704 of the Code. 

(e)    For the avoidance of doubt, and notwithstanding anything to the contrary herein, a LLC Unitholder shall not be
entitled to effect an Exchange to the extent the Corporation determines that such Exchange (i) would be prohibited by law or regulation (including, without limitation, the unavailability of any requisite registration statement filed
under the U.S. Securities Act of 1933, as amended, or any exemption from the registration requirements thereunder) or (ii) would not be permitted under any other agreements with the Corporation or its subsidiaries to which such LLC Unitholder
may be party (including, without limitation, the Vista Proppants and Logistics, LLC Agreement) or any written policies of the Corporation related to unlawful or inappropriate trading applicable to its directors, officers or other personnel. 

(f)    The Corporation may adopt reasonable procedures for the implementation of the exchange provisions set forth in this
Article II, including, without limitation, procedures for the giving of notice of an election of exchange. 

 (g)    Notwithstanding anything to the contrary herein, the Corporation may
in its sole discretion elect to settle any Exchange hereunder by delivering shares of Class A Common Stock directly to an exchanging LLC Unitholder in exchange for such LLC Unitholder’s delivery to the Corporation of the corresponding LLC
Units. Any such transaction shall otherwise be effected on the terms and in the manner provided herein and shall constitute an “Exchange” for all purposes of this Agreement. 

SECTION 2.2.    Adjustment.  

(a)    The Exchange Rate shall be adjusted accordingly if there is: (a) any subdivision (by any unit split, unit
distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit split, reclassification, reorganization, recapitalization or otherwise) of the LLC Units that is not accompanied by an identical
subdivision or combination of the Class A Common Stock; or (b) any subdivision (by any stock split, stock dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock split,
reclassification, reorganization, recapitalization or otherwise) of the Class A Common Stock that is not accompanied by an identical subdivision or combination of the LLC Units. If there is any reclassification, reorganization, recapitalization
or other similar transaction in which the Class A Common Stock are converted or changed into another security, securities or other property, then upon any subsequent Exchange, an exchanging LLC Unitholder shall be entitled to receive the amount
of such security, securities or other property that such exchanging LLC Unitholder would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar
transaction, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification,
recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. Except as may be required in the immediately
preceding sentence, no adjustments in respect of distributions shall be made upon the exchange of any LLC Unit. 
 SECTION
2.3.    Class A Common Stock to be Issued.  
 (a)    The
Corporation shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon an Exchange, such number of shares of Class A Common Stock as shall be deliverable
upon any such Exchange; provided that nothing contained herein shall be construed to preclude Vista Proppants and Logistics, LLC from satisfying its obligations in respect of the Exchange of the LLC Units by delivery of shares of Class A Common
Stock which are held in the treasury of the Corporation or Vista Proppants and Logistics, LLC or any of their subsidiaries or by delivery of purchased shares of Class A Common Stock (which may or may not be held in the treasury of the
Corporation or any subsidiary thereof). The Corporation and Vista Proppants and Logistics, LLC covenant that all Class A Common Stock issued upon an Exchange will, upon issuance, be validly issued, fully paid and
non-assessable. 
 (b)    The Corporation and Vista Proppants and Logistics, LLC
covenant and agree that, to the extent that a registration statement under the Securities Act is effective and 

 
available for shares of Class A Common Stock to be delivered with respect to any Exchange, shares that have been registered under the Securities Act shall be delivered in respect of such
Exchange. In the event that any Exchange in accordance with this Agreement is to be effected at a time when any required registration has not become effective or otherwise is unavailable, upon the request and with the reasonable cooperation of the
LLC Unitholder requesting such Exchange, the Corporation and Vista Proppants and Logistics, LLC shall use commercially reasonable efforts to promptly facilitate such Exchange pursuant to any reasonably available exemption from such registration
requirements. The Corporation and Vista Proppants and Logistics, LLC shall use commercially reasonable efforts to list the Class A Common Stock required to be delivered upon exchange prior to such delivery upon each national securities exchange
or inter-dealer quotation system upon which the outstanding Class A Common Stock may be listed or traded at the time of such delivery. 

ARTICLE III 
 SECTION
3.1.    Additional LLC Unitholders. To the extent a LLC Unitholder validly transfers any or all of such holder’s LLC Units to another person in a transaction in accordance with, and not in contravention of, the Vista
Proppants and Logistics, LLC Agreement or any other agreement or agreements with the Corporation or any of its subsidiaries to which a transferring LLC Unitholder may be party, then such transferee (each, a “Permitted Transferee”)
shall have the right to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such Permitted Transferee shall become a LLC Unitholder hereunder. To the extent Vista Proppants and Logistics,
LLC issues LLC Units in the future, Vista Proppants and Logistics, LLC shall be entitled, in its sole discretion, to make any holder of such LLC Units an LLC Unitholder hereunder through such holder’s execution and delivery of a joinder to this
Agreement, substantially in the form of Exhibit B hereto. 
 SECTION 3.2.    Addresses and Notices. All notices,
requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt
requested) or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this
Section 3.2): 
 (a) If to the Corporation, to: 

Vista Proppants and Logistics Inc. 

4413 Carey Street 
 Fort Worth,
Texas 76119 
 Attention: Chief Financial Officer 

Email: ksmith@vprop.com 
 With
a copy to 
 Vista Proppants and Logistics, LLC 

c/o Vista Proppants and Logistics Inc. 

4413 Carey Street 
 Fort Worth,
Texas 76119 
 Attention: Chief Executive Officer 

Email: ghumphreys@vprop.com 

 (b) If to Vista Proppants and Logistics, LLC, to: 

Vista Proppants and Logistics, LLC 

c/o Vista Proppants and Logistics Inc. 

4413 Carey Street 
 Fort Worth,
Texas 76119 
 Attention: Chief Financial Officer 

Email: ksmith@vprop.com 
 With
a copy to 
 Vista Proppants and Logistics, LLC 

c/o Vista Proppants and Logistics Inc. 

4413 Carey Street 
 Fort Worth,
Texas 76119 
 Attention: Chief Executive Officer 

Email: ghumphreys@vprop.com 

(c) If to any LLC Unitholder, to the address and other contact information set forth in the records of Vista Proppants and Logistics, LLC from
time to time. 
 SECTION 3.3.    Further Action. The parties shall execute and deliver all documents, provide all
information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 SECTION
3.4.    Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal
representatives and assigns. 
 SECTION 3.5.    Severability. If any term or other provision of this Agreement is
held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of
the transactions is not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

SECTION 3.6.    Amendment. The provisions of this Agreement may be amended only by the affirmative vote or written
consent of each of (i) the Corporation, (ii) Vista Proppants and Logistics, LLC and (iii) LLC Unitholders holding a majority of the then outstanding LLC 

 
Units (excluding LLC Units held by the Corporation); provided, however, that no amendment may materially and adversely affect the rights of a Stockholder Party (as defined in the Vista
Proppants and Logistics, LLC Agreement) without the consent of such Stockholder Party. 
 SECTION 3.7.    Waiver.
No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other
covenant, duty, agreement or condition. 
 SECTION 3.8.    Submission to Jurisdiction; Waiver of Jury Trial. 

(a)    Any and all disputes which cannot be settled amicably with respect to this Agreement, including any action (at law
or in equity), claim, litigation, suit, arbitration, hearing, audit, review, inquiry, proceeding or investigation or ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution,
interpretation, performance or non-performance of this Agreement or any matter arising out of or in connection with this Agreement and the rights and obligations arising hereunder or thereunder, or for
recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder or thereunder brought by a party hereto or its successors or assigns, shall be brought and determined exclusively in the
Delaware Chancery Court, if such court shall not have jurisdiction, any federal court located in the State of Delaware, or, if neither of such courts shall have jurisdiction, any other Delaware state court. Each of the parties hereby irrevocably
submits with regard to any such dispute for itself and in respect of its property, generally and unconditionally, to the sole and exclusive personal jurisdiction of the aforesaid courts and agrees that it will not bring any dispute relating to this
Agreement or any of the transactions contemplated by this Agreement in any court other than the aforesaid courts. Each party irrevocably consents to service of process in any dispute in any of the aforesaid courts by the mailing of copies thereof by
registered or certified mail, postage prepaid, or by recognized overnight delivery service, to such party at such party’s address referred to in Section 3.2. Each party hereby irrevocably and unconditionally waives, and agrees not to
assert as a defense, counterclaim or otherwise, in any action brought by any party with respect to this Agreement (i) any claim that it is not personally subject to the jurisdiction of the aforesaid courts for any reason other than the failure
to serve process in accordance with this Section 3.8; (ii) any claim that it or its property is exempt or immune from the jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice,
attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise); or (iii) any objection which such party may now or hereafter have (A) to the laying of venue of any of the aforesaid actions
arising out of or in connection with this Agreement brought in the courts referred to above; (B) that such action brought in any such court has been brought in an inconvenient forum and (C) that this Agreement, or the subject matter hereof
or thereof, may not be enforced in or by such courts. 
 (b)    To the extent that any party has or hereafter may
acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself, or to such party’s
property, each such party hereby irrevocably waives such immunity in respect of such party’s obligations with respect to this Agreement. 

 (c)    EACH PARTY ACKNOWLEDGES
THAT IT IS KNOWINGLY AND VOLUNTARILY AGREEING TO THE CHOICE OF
DELAWARE LAW TO GOVERN THIS AGREEMENT AND TO THE JURISDICTION OF
DELAWARE COURTS IN CONNECTION WITH PROCEEDINGS BROUGHT HEREUNDER. THE PARTIES INTEND
THIS TO BE AN EFFECTIVE CHOICE OF DELAWARE LAW AND AN EFFECTIVE
CONSENT TO JURISDICTION AND SERVICE OF PROCESS UNDER 6 DEL. C. § 2708. 

(d)    EACH PARTY, FOR ITSELF AND
ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING
OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES OR THEIR
RESPECTIVE AFFILIATES PURSUANT TO THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS
IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF. 

SECTION 3.9.    Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or
by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed
to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file
or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 3.9. 

SECTION 3.10.    Tax Treatment. This Agreement shall be treated as part of the partnership agreement of Vista
Proppants and Logistics, LLC as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations
promulgated thereunder. As required by the Code and the Treasury Regulations, the parties shall report any Exchange consummated hereunder as a taxable sale of the LLC Units by a LLC Unitholder to the Corporation, and no party shall take a contrary
position on any income tax return, amendment thereof or communication with a taxing authority unless an alternate position is permitted under the Code and Treasury Regulations and the Corporation consents in writing. 

SECTION 3.11.    Specific Performance. The parties hereto agree that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to specific performance of the terms and provisions
hereof, in addition to any other remedy to which they are entitled at law or in equity. 
 SECTION
3.12.    Independent Nature of LLC Unitholders’ Rights and Obligations. The obligations of each LLC Unitholder hereunder are several and not joint with the obligations of any other LLC Unitholder, and no LLC
Unitholder shall be responsible in any way for the performance of the obligations of any other LLC Unitholder hereunder. The decision of each LLC Unitholder to enter into to this Agreement has been made by such LLC Unitholder independently of any
other LLC Unitholder. Nothing contained herein, and no action taken by any LLC Unitholder pursuant hereto, shall be deemed to constitute the LLC Unitholders as a partnership, an association, a joint venture or any other kind of entity, or create a
presumption that the LLC Unitholders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby and the Corporation acknowledges that the LLC Unitholders are not acting in concert or as a
group, and the Corporation will not assert any such claim, with respect to such obligations or the transactions contemplated hereby. 

 SECTION 3.13.    Applicable Law. This Agreement shall be governed by,
and construed in accordance with, the law of the State of Delaware, without regards to its principles of conflicts of laws. 
 [Remainder of
Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered, all
as of the date first set forth above. 
  

			
	 VISTA PROPPANTS AND LOGISTICS INC.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 VISTA PROPPANTS AND LOGISTICS, LLC

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 LLC UNITHOLDERS

	
	  

	 Name:

	
	  

	 Name:

	
	  

	 Name:

	
	  

	 Name:

	
	  

	 Name:

 [Signature Page – Exchange Agreement] 

 EXHIBIT A 

[FORM OF] 
 ELECTION OF EXCHANGE

 Vista Proppants and Logistics Inc. 
 4413 Carey Street 

Fort Worth, Texas 76119 
 Attention: Chief Financial Officer 

Vista Proppants and Logistics, LLC 
 c/o Vista Proppants and
Logistics Inc. 
 4413 Carey Street 
 Fort Worth, Texas 76119

 Attention: Chief Financial Officer 

Reference is hereby made to the Exchange Agreement, dated as of
                     (the “Exchange Agreement”), among Vista Proppants and Logistics Inc., a Delaware corporation, Vista
Proppants and Logistics, LLC, a Delaware limited liability company, and the holders of LLC Units (as defined herein) from time to time party thereto. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange
Agreement. 
 The undersigned LLC Unitholder hereby transfers to the Corporation, for the account of Vista Proppants and Logistics, LLC, the
number of LLC Units set forth below in exchange for shares of Class A Common Stock to be issued in its name as set forth below, as set forth in the Exchange Agreement. 

Legal Name of LLC Unitholder:
                                         
                                         
                       
 Address:
                                         
                                         
                                         
                              

Number of LLC Units to be exchanged:
                                         
                    
 The undersigned
hereby represents and warrants that (i) the undersigned has full legal capacity to execute and deliver this Election of Exchange and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly
executed and delivered by the undersigned and is the legal, valid and binding obligation of the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors’ rights generally and the availability of equitable remedies; (iii) the LLC Units subject to this Election of Exchange are being transferred to the Corporation free and clear of any pledge, lien, security
interest, encumbrance, equities or claim; and (iv) no consent, approval, authorization, order, registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the LLC
Units subject to this Election of Exchange is required to be obtained by the undersigned for the transfer of such LLC Units to the Corporation. 

 The undersigned hereby irrevocably constitutes and appoints any officer of the Corporation or of
Vista Proppants and Logistics, LLC as the attorney of the undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to transfer to the Corporation,
for the account of either the Corporation or Vista Proppants and Logistics, LLC, the LLC Units subject to this Election of Exchange and to deliver to the undersigned the shares of Class A Common Stock to be delivered in exchange therefor. 

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Election of Exchange to be executed and delivered by the
undersigned or by its duly authorized attorney. 
  

					
	  

	Name:
			
		 	Dated: 	 	  

 EXHIBIT B 

[FORM OF] 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of
                     (the “Agreement”), among Vista Proppants and Logistics Inc., a Delaware corporation (the
“Corporation”), Vista Proppants and Logistics, LLC, a Delaware limited liability company, and each of the LLC Unitholders from time to time party thereto. Capitalized terms used but not defined in this Joinder Agreement shall have
their meanings given to them in the Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware. In the event of any conflict between this Joinder Agreement and the Agreement, the terms
of this Joinder Agreement shall control. 
 The undersigned hereby joins and enters into the Agreement having acquired LLC Units in Vista
Proppants and Logistics, LLC. By signing and returning this Joinder Agreement to the Corporation, the undersigned accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements of a LLC Unitholder contained in the
Agreement, with all attendant rights, duties and obligations of a LLC Unitholder thereunder. The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of the Agreement by the
undersigned and, upon receipt of this Joinder Agreement by the Corporation and by Vista Proppants and Logistics, LLC, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement.

  

					
	Name: 	  	  
	  	

							
			
	Address for Notices:	  		  	With copies to:
			
	  
	  		  	  

			
	  
	  		  	  

			
	  
	  		  	  

				
	Attention:	  	
                     
                                         
       
	  		  	  

 [INSERT APPROPRIATE INDIVIDUAL OR ENTITY SIGNATURE BLOCK FOR JOINING PARTY]EX-10.4

 Exhibit 10.4 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (as amended from time to time, this “Agreement”) is dated as of [●], 2018,
and is by and among Vista Proppants and Logistics Inc., a Delaware corporation (the “Company”), FR Sand Holdings LLC and its related vehicles (“First Reserve”) and each of the stockholders identified
on the signature pages hereto (together with First Reserve, the “Stockholders”, and individually a “Stockholder”). References to First Reserve include all of its affiliated private equity funds,
including co-invest and side-by-side entities, that hold shares of Common Stock. References to Stockholders also include
transferees to whom a Stockholder transfers shares and related rights under this Agreement in accordance with Section 6.1 of this Agreement. 

ARTICLE I 
 DEFINITIONS

 In this Agreement: 

“Business Day” means a day other than Saturday, Sunday or any other day which commercial banks in New York, New York
are authorized or required by law to close. 
 “Common Stock” means the Company’s Class A common
stock, par value $0.01 per share. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Initial Public Offering” has the meaning given to that term in the LLC Agreement. 

“LLC Agreement” means the Third Amended and Restated Limited Liability Company Agreement of Vista OpCo, dated
on or about the date hereof, as amended. 
 “LLC Unit” means (i) each Class A Unit (as such term is
defined in the LLC Agreement) issued as of the date hereof and (ii) each Class A Unit or other interest in Vista OpCo that may be issued by Vista OpCo in the future that is designated by the Company as a “LLC Unit.” 

“Marketed Underwritten Shelf Takedown” has the meaning assigned thereto in Section 2.4
below. 
 “Non-Sponsor Majority Holders” means one or more
Stockholders holding a majority of the shares collectively held by all Stockholders (other than First Reserve). 
 “Original LLC
Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Vista OpCo, dated as of March 20, 2017, as amended. 

“SEC” means the U.S. Securities and Exchange Commission. 

 “Securities Act” means the Securities Act of 1933, as amended. 

“shares” means shares of Common Stock and any securities issued in respect thereof, or in substitution therefor, in
connection with any exchange, stock split, dividend or combination, or into which the shares may be converted or exchanged pursuant to any reclassification, recapitalization, merger, consolidation, sale of all or any part of its assets, corporate
conversion or other extraordinary transaction of the Company held by a Stockholder (whether now held or hereafter acquired), and including any Common Stock or securities issuable to or received by a Stockholder upon the conversion or exchange of, or
pursuant to such a transaction with respect to, other securities held by such Stockholder, including LLC Units. 
 For purposes of this
Agreement, such shares of Common Stock or other securities will not be considered “shares” for purposes of this Agreement when: 
  

	 	(a)	a registration statement covering such securities has been declared effective and such securities have been disposed of pursuant to such effective registration statement; 

 

	 	(b)	such securities shall have been sold pursuant to Section 4(a)(1), Rule 144 or 145 (or any similar provision then in effect) under the Securities Act; 

 

	 	(c)	such securities shall have been transferred in a private transaction in which the transferor’s registration rights under this Agreement are not assigned to the transferee of the securities; or 

 

	 	(d)	such securities cease to be outstanding. 

 “Vista OpCo” means Vista
Proppants and Logistics, LLC, a Delaware limited liability company, and any successor thereto. 
 “WKSI” means a
well-known seasoned issuer, as defined in Rule 405 under the Securities Act. 
 ARTICLE II 

DEMAND AND PIGGYBACK RIGHTS 

2.1    Right to Demand a Non-Shelf Registered Offering. 

Subject to the limitations set forth in this Agreement, upon the demand of First Reserve or the
Non-Sponsor Majority Holders, made at any time and from time to time, the Company will facilitate in the manner described in this Agreement an underwritten non-shelf
registered offering of the shares requested by First Reserve or the Non-Sponsor Majority Holders to be included in such offering. Any demanded non-shelf registered
offering may, at the Company’s option, include shares to be sold by the Company for its own account and will also include shares to be sold by Stockholders that exercise their related piggyback rights under Section 2.2
on a timely basis in accordance with Section 3.2 hereof. 

  
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 2.2    Right to Piggyback on a
Non-Shelf Registered Offering. In connection with any registered underwritten offering of Common Stock covered by a non-shelf registration statement (whether
pursuant to the exercise of demand rights or at the initiative of the Company), each Stockholder may, except as provided in Section 2.6 and subject to Section 3.5, exercise piggyback rights to have
included in such offering shares held by each such Stockholder. The Company will facilitate in the manner described in this Agreement any such non-shelf registered offering. 

2.3    Right to be Included in a Shelf Registration. After having consulted with the other
Stockholders, at the request of First Reserve or the Non-Sponsor Majority Holders made at any time and from time to time when the Company is eligible to utilize Form S-3
or a successor form to sell shares in a secondary offering on a delayed or continuous basis in accordance with Rule 415 under the Securities Act, the Company will facilitate in the manner described in this Agreement a shelf registration of shares
held by the Stockholders. Any shelf registration statement filed by the Company covering shares (whether pursuant to a Stockholder demand or at the initiative of the Company) will cover sufficient shares to allow each of the Stockholders to register
the same percentage of their respective holdings as are being registered by First Reserve or the Non-Sponsor Majority Holders, as applicable. If at the time of such request the Company is a WKSI, such shelf
registration statement may, at the request of First Reserve or the Non-Sponsor Majority Holders, cover an unspecified number of shares to be sold by the Company and the Stockholders. 

2.4    Demand and Piggyback Rights for Shelf Takedowns. Subject to the limitations set forth in this
Agreement, including Section 3.5, upon the demand of First Reserve or the Non-Sponsor Majority Holders made at any time and from time to time, the Company will facilitate in the
manner described in this Agreement a “takedown” of shares off of an effective shelf registration statement. In connection with any underwritten shelf takedown where the contemplated plan of distribution includes a customary “road
show” or other substantial marketing effort by the Company and the underwriters (a “Marketed Underwritten Shelf Takedown”) (whether pursuant to the exercise of such demand rights or at the initiative of the Company), the
Stockholders may exercise piggyback rights to have included in such takedown shares held by them that are registered on such shelf registration statement. 

2.5    Right to Reload a Shelf. Upon the written request of First Reserve or the Non-Sponsor Majority Holders, the Company will file and seek the effectiveness of a post-effective amendment to an existing shelf registration statement in order to register up to the number of shares previously
taken down off of such shelf registration statement by each of the Stockholders and not yet “reloaded” onto such shelf registration statement, plus a common percentage, as specified by First Reserve or the
Non-Sponsor Majority Holders, as applicable, of any additional shares still held by the Stockholders after such “reload.” The Stockholders and the Company will consult and coordinate with each other
in order to accomplish such replenishments from time to time in a sensible manner. 
 2.6    Limitations on Demand
and Piggyback Rights 
 (a)    Notwithstanding anything to the contrary herein, (i) First Reserve shall
not, without the prior consent of the Company, be entitled on more than four (4) occasions to 

  
 3 

 
demand either a non-shelf registered offering or a Marketed Underwritten Shelf Takedown, and (ii) the
Non-Sponsor Majority Holders shall not, without the prior consent of the Company, be entitled on more than four (4) occasions to demand either a non-shelf
registered offering or a Marketed Underwritten Shelf Takedown; provided, that in the event cutbacks are applied such that First Reserve or the Non-Sponsor Majority Holders, as the case may be, sell less than
50% of the shares sought to be sold by such Stockholders in the relevant demanded offering, such offering will not constitute a demand for the purposes of this Section 2.6(a). 

(b)    Any demand for the filing of a registration statement or for a registered offering or takedown will be subject to
the constraints of any applicable lockup arrangements, including the lockup period applicable to the Company’s Initial Public Offering, and such demand must be deferred until such lockup arrangements no longer apply. If a demand has been made
for a non-shelf registered offering or for an underwritten shelf takedown, no further demands may be made so long as the related offering is still being pursued. Notwithstanding anything in this Agreement to
the contrary, the Stockholders will not have piggyback or other registration rights with respect to registered primary offerings by the Company (i) covered by a Form S-8 registration statement or a
successor form applicable to employee benefit-related offers and sales, (ii) where the shares are not being sold for cash or (iii) where the offering is a bona fide offering of securities other than shares, even if such securities are
convertible into or exchangeable or exercisable for shares. In addition, notwithstanding anything in this Agreement to the contrary, the Stockholders will not have piggyback rights with respect to any shelf takedown (whether pursuant to the exercise
of demand rights or at the initiative of the Company) that does not constitute a Marketed Underwritten Shelf Takedown, including, without limitation, any block trade, bought deal or similar transaction. 

(c)    The Company may postpone the filing of a demanded registration statement or suspend the effectiveness of any shelf
registration statement, or defer initiating the process for a demanded shelf takedown, for a reasonable “blackout period” not in excess of 75 days if the board of directors of the Company determines that such registration or offering or
takedown could materially interfere with a bona fide business or financing transaction of the Company or is reasonably likely to require premature disclosure of information, the premature disclosure of which could materially and adversely affect the
Company. The blackout period will end upon the earlier to occur of, (i) in the case of a bona fide business or financing transaction, a date not later than 75 days from the date such deferral commenced, and (ii) in the case of disclosure
of non-public information, the earlier to occur of (x) the filing by the Company of its next succeeding Form 10-K or Form
10-Q, or (y) the date upon which such information is otherwise disclosed; provided that the number of any such delays shall not exceed one in any twelve (12) month period. 

ARTICLE III 
 NOTICES,
CUTBACKS AND OTHER MATTERS 
 3.1    Prior Consultation and Notifications Regarding Registration
Statements. Prior to exercising demand rights for a non-shelf registered offering, a shelf registration or a Marketed Underwritten Shelf Takedown, the Stockholders will consult with each other in this
regard. In order for one or more Stockholders to exercise their right to demand 

  
 4 

 
that a registration statement be filed, they must so notify the Company in writing indicating the number of shares sought to be registered and the proposed plan of distribution. The Company will
keep the Stockholders contemporaneously apprised of all pertinent aspects of any registration, whether pursuant to a Stockholder demand or otherwise, with respect to which a piggyback opportunity is available. Pending any required public disclosure
and subject to applicable legal requirements, the parties will maintain the confidentiality of these discussions. 

3.2    Notifications Regarding Registration Piggyback Rights. Any Stockholder wishing to exercise its
piggyback rights with respect to a non-shelf registration statement must notify the Company and the other Stockholders of the number of shares it seeks to have included in such registration statement. Such
notice must be given as soon as practicable, but in no event later than 5:00 pm, New York City time, on the second trading day prior to (i) if applicable, the date on which the preliminary prospectus intended to be used in connection with pre-effective marketing efforts for the relevant offering is expected to be finalized, and (ii) in any case, the date on which the pricing of the relevant offering is expected to occur. No such notice is
required in connection with a shelf registration statement, as shares held by all Stockholders will be included up to the applicable percentage. 

3.3    Prior Consultation and Notifications Regarding Demanded Underwritten Takedowns 

(a)    Prior to exercising their demand rights for an underwritten takedown of shares off of a shelf registration
statement, the Stockholders will consult with each other in this regard. The Company will keep the Stockholders contemporaneously apprised of all pertinent aspects of any Marketed Underwritten Shelf Takedown in order that they may have a reasonable
opportunity to exercise their related piggyback rights. Without limiting the Company’s obligation as described in the preceding sentence, having a reasonable opportunity requires that the Stockholders be notified by the Company of an
anticipated Marketed Underwritten Shelf Takedown (whether pursuant to a demand made by a Stockholder or made at the Company’s own initiative) no later than 5:00 pm, New York City time, on (i) if applicable, the fifth trading day prior to
the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with pre-pricing marketing efforts for such takedown is finalized, and (ii) in all cases, the fifth
trading day prior to the date on which the pricing of the relevant takedown occurs. 
 (b)    Any Stockholder wishing to
exercise its piggyback rights with respect to a Marketed Underwritten Shelf Takedown must notify the Company and the other Stockholders of the number of shares it seeks to have included in such takedown. Such notice must be given as soon as
practicable, but in no event later than 5:00 pm, New York City time, on (i) if applicable, the first trading day prior to the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with marketing
efforts for the relevant offering is expected to be finalized, and (ii) in all cases, the first trading day prior to the date on which the pricing of the relevant takedown occurs. 

(c)    Pending any required public disclosure and subject to applicable legal requirements, the parties will maintain
appropriate confidentiality of their discussions regarding a prospective Marketed Shelf Underwriting Takedown. 

  
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 3.4    Plan of Distribution, Underwriters and Counsel.
If a majority of the shares proposed to be sold in an underwritten offering through a non-shelf registration statement or through a shelf takedown is being sold by the Company for its own account (for clarity,
excluding shares to be sold by the Company for its own account to the extent the proceeds from such sale will be used to purchase LLC Units from Stockholders), the Company will be entitled to determine the plan of distribution and select the
managing underwriters for such offering. Otherwise, Stockholders holding a majority of the shares requested to be included in such offering, having consulted with the other Stockholders, will be entitled to determine the plan of distribution and
select the managing underwriters, and such Stockholders will also be entitled to select a common counsel for the selling Stockholders (which may be the same as counsel for the Company). In the case of a shelf registration statement, the plan of
distribution will provide as much flexibility as is reasonably possible, including with respect to resales by transferee Stockholders. 

3.5    Cutbacks. If the managing underwriters advise the Company and the selling Stockholders that,
in their opinion, the number of shares requested to be included in an underwritten offering exceeds the amount that can be sold in such offering without adversely affecting the distribution of the shares being offered, such offering will include
only the number of shares that the underwriters advise can be sold in such offering. If the underwritten offering is one that was requested by First Reserve and First Reserve designates such offering as a priority offering, then First Reserve will
have first priority in such offering; provided that First Reserve may not designate more than two such offerings as priority offerings. To the extent of any remaining capacity in a priority offering, the selling Stockholders (other than First
Reserve) will have priority over shares that the Company desires to sell for its own account and will be subject to cutback pro rata based on the number of shares initially requested by the selling Stockholders to be included in such offering. If
the underwritten offerings is not a priority offering but is requested by First Reserve or the Non-Sponsor Majority Holders, the selling Stockholders will have priority over shares that the Company desires to
sell for its own account and will be subject to cutback pro rata based on the number of shares initially requested by the selling Stockholders to be included in such offering, without distinguishing between Stockholders based on who made the demand
for such offering. If the underwritten offering is one initiated by the Company and was not requested by First Reserve or the Non-Sponsor Majority Holders, then the Company will have first priority in such
offering; to the extent of any remaining capacity, the selling Stockholders will be subject to cutback pro rata based on the number of shares initially requested by the selling Stockholders to be included in such offering. Except as
contemplated by Section 6.1(b), shares held by other selling holders who are not Stockholders will be included in an underwritten offering only with the consent of Stockholders holding a majority of the shares being sold in
such offering. 
 3.6    Withdrawals. Even if shares held by a Stockholder have been part of a
registered underwritten offering, such Stockholder may, no later than the time at which the public offering price and underwriters’ discount are determined with the managing underwriter, decline to sell all or any portion of the shares being
offered for its account. 
 3.7    Lockups. In connection with any underwritten offering of shares,
the Company and each Stockholder will agree (in the case of Stockholders, with respect to shares respectively held by them) to be bound by the underwriting agreement’s lockup restrictions 

  
 6 

 
(which must apply in like manner to all of them) that are agreed to (a) if the underwritten offering was requested by a Stockholder, by the Stockholder who made such request, or (b) if
the underwritten offering was not requested by a Stockholder, by the Company. Pending execution and delivery of the relevant underwriting agreement, upon being notified of a proposed or requested underwritten offering with respect to which the
piggyback rights described in this Agreement will apply, the Stockholders will immediately be bound by the lockup provisions set forth in the underwriting agreement for the Company’s Initial Public Offering as though they were then applicable
for so long as the proposed or requested offering is being pursued. 
 3.8    Expenses. All
expenses incurred in connection with any registration statement or registered offering covering shares held by Stockholders, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel
(including the fees and disbursements of a single outside counsel firm for Stockholders) and of the independent certified public accountants, and the expense of qualifying such shares under state blue sky laws, will be borne by the Company. However,
underwriters’, brokers’ and dealers’ discounts and commissions applicable to shares sold for the account of a Stockholder will be borne by such Stockholder. 

ARTICLE IV 

FACILITATING REGISTRATIONS AND OFFERINGS 

4.1    General. If the Company becomes obligated under this Agreement to facilitate a registration
and offering of shares on behalf of Stockholders, the Company will do so with the same degree of care and dispatch as would reasonably be expected in the case of a registration and offering by the Company of shares for its own account. Without
limiting this general obligation, the Company will fulfill its specific obligations as described in this ARTICLE IV. 

4.2    Registration Statements. In connection with each registration statement that is demanded by
Stockholders or as to which piggyback rights otherwise apply, the Company will: 
 (a)    (i) prepare and file with the
SEC a registration statement covering the applicable shares, (ii) file pre- and post-effective amendments thereto as warranted, (iii) seek the effectiveness thereof, and (iv) file with the SEC
prospectuses and prospectus supplements as may be required, all in consultation with the Stockholders and as reasonably necessary in order to permit the offer and sale of the such shares in accordance with the applicable plan of distribution; 

(b)    (1) within a reasonable time prior to the filing of any registration statement, any prospectus, any amendment to a
registration statement, amendment or supplement to a prospectus or any free writing prospectus, provide copies of such documents to the selling Stockholders and to the underwriter or underwriters of an underwritten offering, if applicable, and to
their respective counsel; fairly consider such reasonable changes in any such documents prior to or after the filing thereof as the counsel to the Stockholders or the underwriter or the underwriters may request; and make such of the representatives
of the Company as shall be reasonably requested by the selling Stockholders or any underwriter available for discussion of such documents; 

  
 7 

 (2)    within a reasonable time prior to the filing of any document which is
to be incorporated by reference into a registration statement or a prospectus, provide copies of such document to counsel for the Stockholders and underwriters; fairly consider such reasonable changes in such document prior to or after the filing
thereof as counsel for such Stockholders or such underwriter shall request; and make such of the representatives of the Company as shall be reasonably requested by such counsel available for discussion of such document; 

(c)    use all reasonable efforts to cause each registration statement and the related prospectus and any amendment or
supplement thereto, as of the effective date of such registration statement, amendment or supplement and during the distribution of the registered shares (x) to comply in all material respects with the requirements of the Securities Act and the
rules and regulations of the SEC and (y) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 

(d)    notify each Stockholder promptly, and, if requested by such Stockholder, confirm such advice in writing,
(i) when a registration statement has become effective and when any post-effective amendments and supplements thereto become effective if such registration statement or post-effective amendment is not automatically effective upon filing
pursuant to Rule 462 under the Securities Act, (ii) of the issuance by the SEC or any state securities authority of any stop order, injunction or other order or requirement suspending the effectiveness of a registration statement or the
initiation of any proceedings for that purpose, (iii) if, between the effective date of a registration statement and the closing of any sale of securities covered thereby pursuant to any agreement to which the Company is a party, the
representations and warranties of the Company contained in such agreement cease to be true and correct in all material respects or if the Company receives any notification with respect to the suspension of the qualification of the shares for sale in
any jurisdiction or the initiation of any proceeding for such purpose, and (iv) of the happening of any event during the period a registration statement is effective as a result of which such registration statement or the related Prospectus
contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading; 

(e)    furnish counsel for each underwriter, if any, and for the Stockholders copies of any correspondence with the SEC or
any state securities authority relating to the registration statement or prospectus; 
 (f)    otherwise use all
reasonable efforts to comply with all applicable rules and regulations of the SEC, including making available to its security holders an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder (or any similar provision then in force); 
 (g)    use all reasonable efforts to
obtain the withdrawal of any order suspending the effectiveness of a registration statement at the earliest possible time; 

  
 8 

 4.3    Non-Shelf
Registered Offerings and Shelf Takedowns. In connection with any non-shelf registered offering or shelf takedown that is demanded by Stockholders or as to which piggyback rights otherwise apply, the
Company will: 
 (a)    cooperate with the selling Stockholders offering shares and the sole underwriter or managing
underwriter of an underwritten offering shares, if any, to facilitate the timely preparation and delivery of certificates representing the shares to be sold and not bearing any restrictive legends; and enable such shares to be in such denominations
(consistent with the provisions of the governing documents thereof) and registered in such names as the selling Stockholders or the sole underwriter or managing underwriter of an underwritten offering of shares, if any, may reasonably request at
least three days prior to any sale of such shares; 
 (b)    furnish to each Stockholder and to each underwriter, if
any, participating in the relevant offering, without charge, as many copies of the applicable prospectus, including each preliminary prospectus, and any amendment or supplement thereto and such other documents as such Stockholder or underwriter may
reasonably request in order to facilitate the public sale or other disposition of the shares; the Company hereby consents to the use of the prospectus, including each preliminary prospectus, by each such Stockholder and underwriter in connection
with the offering and sale of the shares covered by the prospectus or the preliminary prospectus; 
 (c)    (i) use all
reasonable efforts to register or qualify the shares being offered and sold, no later than the time the applicable registration statement becomes effective, under all applicable state securities or “blue sky” laws of such jurisdictions as
each underwriter, if any, or any Stockholder holding shares covered by a registration statement, shall reasonably request; (ii) use all reasonable efforts to keep each such registration or qualification effective during the period such
registration statement is required to be kept effective; and (iii) do any and all other acts and things which may be reasonably necessary or advisable to enable each such underwriter, if any, and Stockholder to consummate the disposition in
each such jurisdiction of such shares owned by such Stockholder; provided, however, that the Company shall not be obligated to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so
qualified or to consent to be subject to general service of process (other than service of process in connection with such registration or qualification or any sale of shares in connection therewith) in any such jurisdiction; 

(d)    cause all shares being sold to be qualified for inclusion in or listed on The New York Stock Exchange, the Nasdaq
Global Market or any securities exchange on which shares issued by the Company are then so qualified or listed if so requested by the Stockholders, or if so requested by the underwriter or underwriters of an underwritten offering of shares, if any;

 (e)    cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence
investigation by any underwriter in an underwritten offering; 
 (f)    use all reasonable efforts to facilitate the
distribution and sale of any shares to be offered pursuant to this Agreement, including without limitation by making road show presentations, holding meetings with and making calls to potential investors and taking such other actions as shall be
requested by the Stockholders or the lead managing underwriter of an underwritten offering; and 

  
 9 

 (g)    enter into customary agreements (including, in the case of an
underwritten offering, underwriting agreements in customary form, and including provisions with respect to indemnification and contribution in customary form and consistent with the provisions relating to indemnification and contribution contained
herein) and take all other customary and appropriate actions in order to expedite or facilitate the disposition of such shares and in connection therewith: 

1.    make such representations and warranties to the selling Stockholders and the underwriters, if any, in
form, substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings; 

2.    obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form,
scope and substance) shall be reasonably satisfactory to the lead managing underwriter, if any) addressed to each selling Stockholder and the underwriters, if any, covering the matters customarily covered in opinions requested in sales of securities
or underwritten offerings and such other matters as may be reasonably requested by such Stockholders and underwriters; 

3.    obtain comfort letters and updates thereof from the Company’s independent certified public
accountants addressed to the selling Stockholders, if permissible, and the underwriters, if any, which letters shall be customary in form and shall cover matters of the type customarily covered in comfort letters to underwriters in connection with
primary underwritten offerings; 
 4.    to the extent requested and customary for the relevant
transaction, enter into a securities sales agreement with the Stockholders providing for, among other things, the appointment of such representative as agent for the selling Stockholders for the purpose of soliciting purchases of shares, which
agreement shall be customary in form, substance and scope and shall contain customary representations, warranties and covenants. 
 The above shall be done
at such times as customarily occur in similar registered offerings or shelf takedowns. 
 4.4    Due
Diligence. In connection with each registration and offering of shares to be sold by Stockholders, the Company will, in accordance with customary practice, make available for inspection by representatives of the Stockholders and underwriters
and any counsel or accountant retained by such Stockholder or underwriters all relevant financial and other records, pertinent corporate documents and properties of the Company and cause appropriate officers, managers and employees of the Company to
supply all information reasonably requested by any such representative, underwriter, counsel or accountant in connection with their due diligence exercise. 

4.5    Information from Stockholders. Each Stockholder that holds shares covered by any registration
statement will furnish to the Company such information regarding itself as is required to be included in the registration statement, the ownership of shares by such Stockholder and the proposed distribution by such Stockholder of such shares as the
Company may from time to time reasonably request in writing. 

  
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 ARTICLE V 

INDEMNIFICATION 

5.1    Indemnification by the Company. In the event of any registration under the Securities Act by
any registration statement pursuant to rights granted in this Agreement of shares held by Stockholders, the Company will hold harmless Stockholders and each underwriter of such securities and each other person, if any, who controls any Stockholder
or such underwriter within the meaning of the Securities Act, against any losses, claims, damages, or liabilities (including legal fees and costs of court), joint or several, to which Stockholders or such underwriter or controlling person may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages, or liabilities (or any actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact
(i) contained, on its effective date, in any registration statement under which such securities were registered under the Securities Act or any amendment or supplement to any of the foregoing, or which arise out of or are based upon the
omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) contained in any preliminary prospectus, if used prior to the effective date of such
registration statement, or in the final prospectus (as amended or supplemented if the Company shall have filed with the SEC any amendment or supplement to the final prospectus), or which arise out of or are based upon the omission or alleged
omission (if so used) to state a material fact required to be stated in such prospectus or necessary to make the statements in such prospectus not misleading; and will reimburse Stockholders and each such underwriter and each such controlling person
for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, or liability; provided, however, that the Company shall not be liable to any Stockholder or its underwriters
or controlling persons in any such case to the extent that any such loss, claim, damage, or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement
or such amendment or supplement, in reliance upon and in conformity with information furnished to the Company through a written instrument duly executed by Stockholders or such underwriter specifically for use in the preparation thereof. 

5.2    Indemnification by Stockholders. Each Stockholder will indemnify and hold harmless (in the
same manner and to the same extent as set forth in Section 5.1) the Company, each director of the Company, each officer of the Company who shall sign the registration statement, and any person who controls the Company
within the meaning of the Securities Act, (i) with respect to any statement or omission from such registration statement, or any amendment or supplement to it, if such statement or omission was made in reliance upon and in conformity with
information furnished to the Company through a written instrument duly executed by such Stockholder specifically regarding such Stockholder for use in the preparation of such registration statement or amendment or supplement, and (ii) with
respect to compliance by Stockholders with applicable laws in effecting the sale or other disposition of the securities covered by such registration statement. 

  
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 5.3    Indemnification Procedures. Promptly after
receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in the preceding Sections of this ARTICLE V, the indemnified party will, if a resulting claim is to be made or may be made against and
indemnifying party, give written notice to the indemnifying party of the commencement of the action. The failure of any indemnified party to give notice shall not relieve the indemnifying party of its obligations in this ARTICLE V,
except to the extent that the indemnifying party is actually prejudiced by the failure to give notice. If any such action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense of
the action with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to such indemnified party of its election to assume defense of the action, the indemnifying party will not be liable to such
indemnified party for any legal or other expenses incurred by the latter in connection with the action’s defense. An indemnified party shall have the right to employ separate counsel in any action or proceeding and participate in the defense
thereof, but the fees and expenses of such counsel shall be at such indemnified party’s expense unless (a) the employment of such counsel has been specifically authorized in writing by the indemnifying party, which authorization shall not
be unreasonably withheld, (b) the indemnifying party has not assumed the defense and employed counsel reasonably satisfactory to the indemnified party within 30 days after notice of any such action or proceeding, or (c) the named parties
to any such action or proceeding (including any impleaded parties) include the indemnified party and the indemnifying party and the indemnified party shall have been advised by such counsel that there may be one or more legal defenses available to
the indemnified party that are different from or additional to those available to the indemnifying party (in which case the indemnifying party shall not have the right to assume the defense of such action or proceeding on behalf of the indemnified
party), it being understood, however, that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to all local counsel which is necessary, in the good faith opinion of both counsel for the indemnifying party and counsel for the
indemnified party in order to adequately represent the indemnified parties) for the indemnified party and that all such fees and expenses shall be reimbursed as they are incurred upon written request and presentation of invoices. Whether or not a
defense is assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its consent. No indemnifying party will consent to entry of any judgment or enter into any settlement which
(i) does not include as an unconditional term the giving by the claimant or plaintiff, to the indemnified party, of a release from all liability in respect of such claim or litigation or (ii) involves the imposition of equitable remedies
or the imposition of any non-financial obligations on the indemnified party. 

5.4    Contribution. If the indemnification required by this ARTICLE V from the indemnifying
party is unavailable to or insufficient to hold harmless an indemnified party in respect of any indemnifiable losses, claims, damages, liabilities, or expenses, then the indemnifying party shall contribute to the amount paid or payable by the
indemnified party as a result of such losses, claims, damages, liabilities, or expenses in such proportion as is appropriate to reflect (i) the relative benefit of the indemnifying and indemnified parties and (ii) if the allocation in
clause (i) is not permitted by applicable law, in such proportion as is appropriate 

  
 12 

 
to reflect the relative benefit referred to in clause (i) and also the relative fault of the indemnified and indemnifying parties, in connection with the actions which resulted in such
losses, claims, damages, liabilities, or expenses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and the indemnified party shall be determined by reference to, among other things, whether any
action in question, including any untrue or alleged untrue statement of a material fact, has been made by, or relates to information supplied by, such indemnifying party or parties, and the parties’ relative intent, knowledge, access to
information, and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses, claims, damage, liabilities, and expenses referred to above shall be deemed to include any legal or other fees or
expenses reasonably incurred by such party in connection with any investigation or proceeding. The Company and the Stockholders agree that it would not be just and equitable if contribution pursuant to this Section 5.4 were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the prior provisions of this Section 5.4. 

Notwithstanding the provisions of this Section 5.4, no indemnifying party shall be required to contribute any amount
in excess of the amount by which the total price at which the securities were offered to the public by the indemnifying party exceeds the amount of any damages which the indemnifying party has otherwise been required to pay by reason of an untrue
statement or omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such a fraudulent misrepresentation.

 ARTICLE VI 
 OTHER
AGREEMENTS 
 6.1    Transfer of Rights; No Inconsistent Agreements; Additional Rights. 

(a)    Any Stockholder may transfer all or any portion of its rights under this Agreement to any transferee of shares held
by such Stockholder, which transfer is otherwise permissible under the governing documents of the Company (or, in the case of a transfer of LLC Units, the governing documents of Vista OpCo). Any such transfer of registration rights will be effective
upon receipt by the Company of (i) written notice from such Stockholder stating the name and address of any transferee and identifying the number of shares with respect to which rights under this Agreement are being transferred and the nature
of the rights so transferred, and (ii) a written agreement from such Stockholder to be bound by the terms of this Agreement. However, if such transferees are receiving shares through an in-kind
distribution with an ability to resell shares from a shelf registration statement, no such written agreement is required, and such in-kind transferees will, as transferee Stockholders, be entitled as third
party beneficiaries to the rights under this Agreement so transferred. In that regard, in-kind transferees will not be given demand or piggyback rights; rather, their means of registered resale will be limited
to sales from a shelf registration statement with respect to which no special actions are required by the Company or the other Stockholders. The Company and the transferring Stockholder will notify the other Stockholders as to who the transferees
are and the nature of the rights so transferred. 

  
 13 

 (b)    The Company has not entered into any agreement with respect to its
securities which is inconsistent with the rights granted to the Stockholders in this Agreement. The Company shall not, without the prior written consent of First Reserve and the Non-Sponsor Majority Holders,
enter into any agreement with any holder or prospective holder of any securities of the Company giving such holder or prospective holder any registration rights, unless such rights are subordinate to those of the Stockholders. 

(c)    In the event the Company engages in a merger or consolidation in which the shares are converted into securities of
another company, appropriate arrangements will be made so that the registration rights provided under this Agreement continue to be provided to Stockholders by the issuer of such securities. To the extent such new issuer, or any other company
acquired by the Company in a merger or consolidation, was bound by registration rights obligations that would conflict with the provisions of this Agreement, the Company will, unless Stockholders then holding a majority of the shares otherwise
agree, use its best efforts to modify any such “inherited” registration rights obligations so as not to interfere in any material respects with the rights provided under this Agreement. 

(d)    In the event that the Company effects the separation of any portion of its business into one or more entities
(each, a “NewCo”), whether existing or newly formed, including without limitation by way of spin-off, split-off,
carve-out, demerger, recapitalization, reorganization or similar transaction, and any Stockholder will receive equity interests in any such NewCo as part of such separation, the Company shall cause any such
NewCo to enter into a registration rights agreement with each such Stockholder that provides each such Stockholder with registration rights vis-á-vis such NewCo that are substantially identical to those set forth in this Agreement. 

6.2    Limited Liability. Notwithstanding any other provision of this Agreement, neither the members,
general partners, limited partners or managing directors, or any directors or officers of any members, general or limited partner, advisory director, nor any future members, general partners, limited partners, advisory directors, or managing
directors, if any, of any Stockholder shall have any personal liability for performance of any obligation of such Stockholder under this Agreement in excess of the respective capital contributions of such members, general partners, limited partners,
advisory directors or managing directors to such Stockholder. 
 6.3    Rule 144. If the Company is
subject to the requirements of Section 13, 14 or 15(d) of the Exchange Act, the Company covenants that it will file any reports required to be filed by it under the Securities Act and the Exchange Act (or, if the Company is subject to the
requirements of Section 13, 14 or 15(d) of the Exchange Act but is not required to file such reports, it will, upon the request of any Stockholder, make publicly available such information) and it will take such further action as any
Stockholder may reasonably request, so as to enable such Stockholder to sell shares without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such Rule may
be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Stockholder, the Company will deliver to such Stockholder a written statement as to whether it has complied with such
requirements. 

  
 14 

 6.4    In-Kind
Distributions. If any Stockholder seeks to effectuate an in-kind distribution of all or part of its shares to its direct or indirect equityholders, the Company will, subject to applicable lockups, work
with such Stockholder and the Company’s transfer agent to facilitate such in-kind distribution in the manner reasonably requested by such Stockholder, subject to applicable legal and regulatory
requirements. 
 ARTICLE VII 

MISCELLANEOUS 

7.1    Notices. All notices, requests, demands and other communications required or permitted
hereunder shall be made in writing by hand-delivery, registered first-class mail, telex, fax or air courier guaranteeing delivery: 

(a)    If to the Company, to the address of its principal executive offices; and 

(b)    If to any Stockholder, at such Stockholder’s address as set forth in the Company’s records. 

All such notices, requests, demands and other communications shall be deemed to have been duly given: at the time of delivery by hand, if
personally delivered; five business days after being deposited in the mail, postage prepaid, if mailed domestically in the United States (and seven Business Days if mailed internationally); when answered back, if telexed; when receipt acknowledged,
if telecopied; and on the business day for which delivery is guaranteed, if timely delivered to an air courier guaranteeing such delivery. 

7.2    Section Headings. The article and section headings in this Agreement are for reference
purposes only and shall not affect the meaning or interpretation of this Agreement. References in this Agreement to a designated “Article” or “Section” refer to an Article or Section of this Agreement unless otherwise
specifically indicated. 
 7.3    Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York. 
 7.4    Waiver of Jury Trial. Each of
the parties hereto hereby irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby. 

7.5    Consent to Jurisdiction and Service of Process. The parties to this Agreement hereby agree to
submit to the jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof in any action or proceeding arising out of or relating to this
Agreement. 
 7.6    Amendments. This Agreement may be amended only by an instrument in writing
executed by the Company, First Reserve and Non-Sponsor Majority Holders. Except with respect to any indemnification or contribution rights or obligations under ARTICLE V, which shall survive, this
Agreement will terminate as to any Stockholder when it no longer holds any shares. 

  
 15 

 7.7    Entire Agreement. This Agreement constitutes the
entire agreement and understanding of the parties with respect to the transactions contemplated hereby and thereby. The registration rights granted under this Agreement supersede any registration, qualification or similar rights with respect to any
of the shares granted under any other agreement, and any of such preexisting registration rights are hereby terminated. 

7.8    Severability. The invalidity or unenforceability of any specific provision of this Agreement
shall not invalidate or render unenforceable any of its other provisions. Any provision of this Agreement held invalid or unenforceable shall be deemed reformed, if practicable, to the extent necessary to render it valid and enforceable and to the
extent permitted by law and consistent with the intent of the parties to this Agreement. 

7.9    Counterparts. This Agreement may be executed in multiple counterparts, including by means of
facsimile, each of which shall be deemed an original, but all of which together shall constitute the same instrument. 
 [Remainder of
page intentionally left blank. Signature page follows.] 

  
 16 

 So agreed: 

 

			
	VISTA PROPPANTS AND LOGISTICS INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 STOCKHOLDERS:
  

FUTURE NEW DEAL, LTD.
  

    By: Future New Deal II, LLC, its general partner

		
	    By:	 	 
		 	Name:
		 	Title:

  

			
	 M&J PARTNERSHIP, LTD.
  

By: T.Y.F. Holdings, LLC, its general partner

		
	    By:	 	 
		 	Name:
		 	Title:

  

	
	   

	Gary B. Humphreys

  

	
	   

	Martin W. Robertson

  

			
	LONESTAR PROSPECTS HOLDING COMPANY, L.L.C.
		
	By:	 	 
		 	Name:
		 	Title:

 [Registration Rights Agreement] 

 
			
	FR SAND HOLDINGS LLC
		
	By:	 	 
		 	Name:
		 	Title:

 [Registration Rights Agreement]

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