Document:

EX-10.5

 Exhibit 10.5 

STOCKHOLDERS AGREEMENT 

DATED AS OF [●], 2018 

AMONG 
 VISTA PROPPANTS
AND LOGISTICS INC. 
 AND 

THE OTHER PARTIES HERETO 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	 ARTICLE I
	 	INTRODUCTORY MATTERS	  	 	1	 
				
		 	1.1	  	Defined Terms	  	 	1	 
		 	1.2	  	Construction	  	 	4	 
			
	 ARTICLE II
	 	CORPORATE GOVERNANCE MATTERS	  	 	5	 
				
		 	2.1	  	Election of Directors	  	 	5	 
		 	2.2	  	Compensation	  	 	8	 
		 	2.3	  	Other Rights of Stockholder Designees	  	 	8	 
		 	2.4	  	Agreement to Vote	  	 	9	 
			
	 ARTICLE III
	 	INFORMATION; VCOC	  	 	9	 
				
		 	3.1	  	Books and Records; Access	  	 	9	 
		 	3.2	  	Certain Reports	  	 	9	 
		 	3.3	  	VCOC	  	 	10	 
		 	3.4	  	Confidentiality	  	 	10	 
		 	3.5	  	Information Sharing	  	 	10	 
			
	 ARTICLE IV
	 	ADDITIONAL COVENANTS	  	 	10	 
				
		 	4.1	  	Pledges	  	 	10	 
		 	4.2	  	Spin-Offs or Split-Offs	  	 	11	 
			
	 ARTICLE V
	 	GENERAL PROVISIONS	  	 	11	 
				
		 	5.1	  	Termination	  	 	11	 
		 	5.2	  	Notices	  	 	11	 
		 	5.3	  	Amendment; Waiver	  	 	12	 
		 	5.4	  	Further Assurances	  	 	12	 
		 	5.5	  	Assignment	  	 	12	 
		 	5.6	  	Third Parties	  	 	12	 
		 	5.7	  	Governing Law	  	 	12	 
		 	5.8	  	Jurisdiction; Waiver of Jury Trial	  	 	13	 
		 	5.9	  	Specific Performance	  	 	13	 
		 	5.10	  	Entire Agreement	  	 	13	 
		 	5.11	  	Severability	  	 	13	 
		 	5.12	  	Table of Contents, Headings and Captions	  	 	13	 
		 	5.13	  	Counterparts	  	 	13	 
		 	5.14	  	Effectiveness	  	 	13	 
		 	5.15	  	No Recourse	  	 	14	 
		 	5.16	  	Grant of Consent	  	 	14	 
			
	 ANNEX A
	 		  	 	A-1	 

  
 (i) 

 STOCKHOLDERS AGREEMENT 

This Stockholders Agreement is entered into as of [●], 2018, by and among Vista Proppants and Logistics Inc. (the
“Company”), and each of the other parties from time to time party hereto (collectively, the “Stockholders”). 

RECITALS: 
 WHEREAS, the
Company is effecting an underwritten initial public offering (“IPO”) of shares of its Class A Common Stock (as defined below); and 

WHEREAS, in connection with the IPO, the Company and the Stockholders wish to set forth certain understandings between such parties,
including with respect to certain governance matters. 
 NOW, THEREFORE, the parties agree as follows: 

ARTICLE I 
 INTRODUCTORY
MATTERS 
 1.1    Defined Terms. In addition to the terms defined elsewhere herein, the following terms have
the following meanings when used herein with initial capital letters: 
 “Affiliate” has the meaning set forth in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date hereof. 
 “Agreement”
means this Stockholders Agreement, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms hereof. 

“Beneficially Own” has the meaning set forth in Rule 13d-3 promulgated under the
Exchange Act. 
 “Board” means the Board of Directors of the Company. 

“Business Day” means a day other than a Saturday, Sunday, federal or Texas holiday or other day on which commercial banks in
Dallas, Texas are authorized or required by law to close. 
 “Certificate of Incorporation” means the Amended and Restated
Certificate of Incorporation of the Company (as further amended or restated from time-to-time). 

“Class A Common Stock” means the shares of Class A common stock, par value $0.01 per share, of the
Company, and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation or similar transaction. 

  
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 “Class B Common Stock” means the shares of Class B
common stock, par value $0.01 per share, of the Company, and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger,
consolidation or similar transaction. 
 “Closing Date” means the date of the closing of the IPO. 

“Company” has the meaning set forth in the Preamble. 

“Confidential Information” means any information concerning the Company or its Subsidiaries that is furnished after the date
of this Agreement by or on behalf of the Company or its Subsidiaries or their designated representatives to a Stockholder or its designated representatives, together with any notes, analyses, reports, models, compilations, studies, documents,
records or extracts thereof containing, based upon or derived from such information, in whole or in part; provided, however, that Confidential Information does not include information: 

(i)    that is or has become publicly available other than as a result of a disclosure by a Stockholder or
its designated representatives in violation of this Agreement; 
 (ii)    that was already known to a
Stockholder or its designated representatives or was in the possession of a Stockholder or its designated representatives prior to its being furnished by or on behalf of the Company or its designated representatives; 

(iii)    that is received by a Stockholder or its designated representatives from a source other than the
Company or its designated representatives, provided that the source of such information was not actually known by such Stockholder or designated representative to be bound by a confidentiality agreement with, or other contractual obligation of
confidentiality to, the Company; 
 (iv)    that was independently developed or acquired by a Stockholder
or its designated representatives or on its or their behalf without the violation of the terms of this Agreement; or 

(v)    that a Stockholder or its designated representatives is required, in the good faith determination of
legal counsel to such Stockholder or designated representative, to disclose by applicable law, regulation or legal process, provided that such Stockholder or designated representative: (a) promptly notify the Company in writing thereof prior to
such disclosure; and (b) takes reasonable steps to minimize the extent of any such required disclosure. 
 “Control”
(including its correlative meanings, “Controlled by” and “under common Control with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether
through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a Person. 

  
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 “Designator Committee” means a committee comprised of three members, of which
two shall be Persons selected by the Founder Group and one shall be a Person selected by the First Reserve Group; provided, however, that once an Investor Group no longer Beneficially Owns at least 10% of the voting power of all shares of the
Company’s outstanding capital stock entitled to vote generally in the election of directors, then: (i) such Investor Group will no longer be entitled to select any members to the Designator Committee; (ii) any members selected by such
Investor Group shall automatically be deemed to have resigned from the Designator Committee; and (iii) the number of members of the Designator Committee shall be reduced accordingly. Every act or decision done or made by a majority of the total
number of members of the Designator Committee shall be regarded as the act of the Designator Committee. Any action hereunder approved by the Designator Committee may be taken by any single member thereof on behalf of the Designator Committee. 

“Director” means any director of the Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time. 
 “First Reserve Group” means the Stockholders listed on the signature pages
hereto under the heading “First Reserve Group” and their respective successors and permitted assigns. 
 “Founder
Group” means the Stockholders listed on the signature pages hereto under the heading “Founder Group” and their respective successors and permitted assigns. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, and any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Investor
Group” shall mean the Founder Group or the First Reserve Group, as applicable. 
 “IPO” has the meaning set forth
in the Recitals. 
 “Law” means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental
approval, directive, requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority. 

“LLC Units” means the Class A units of limited liability company interest in Vista OpCo, and any securities issued in
respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation or similar transaction. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority. 

  
 3 

 “Pre-IPO Owners” means (x) the
Stockholders and (y) any other holders of outstanding shares of Class A Common Stock, Class B Common Stock, and/or LLC Units (other than the Company) immediately prior to the closing of the IPO and, in each case, any Affiliate of any
such holder that shall become a holder of such Class A Common Stock, Class B Common Stock and/or such LLC Units. 

“Stockholder Designee” has the meaning set forth in Section 2.1(c). 

“Stockholder Entities” means the Stockholders and their Affiliates and their respective successors. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or other
business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, representatives or trustees thereof is
at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or any combination thereof; or (ii) if a limited liability company, partnership, association or other business
entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at the time owned or Controlled, directly or indirectly, by that Person
or one or more Subsidiaries of that Person or any combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity
if such Person or Persons shall (a) be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or (b) Control the managing member, managing director or other
governing body or general partner of such limited liability company, partnership, association or other business entity. 
 “Total
Number of Directors” means the total number of directors comprising the Board. 
 “Transfer” (including its
correlative meanings, “Transferor”, “Transferee” and “Transferred”) shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge,
encumber, grant a security interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other
rights in or to such security. When used as a noun, “Transfer” shall have such correlative meaning as the context may require. 

“VCOC Investor” has the meaning set forth in Section 3.3. 

“Vista OpCo” means Vista Proppants and Logistics, LLC, a Delaware limited liability company. 

1.2    Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent, and no rule of strict construction will be applied against any party. Unless the context otherwise requires: (a) “or” is disjunctive but not exclusive, (b) words in the singular include the plural,
and in the plural include the 

  
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singular, and (c) the words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement refer to this
Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified. 

ARTICLE II 
 CORPORATE
GOVERNANCE MATTERS 
 2.1    Election of Directors. 

(a)    As of the Closing Date, the Board shall be comprised of five Directors, of whom (i) two (2) shall be designees
of the Founder Group, (ii) two (2) shall be designees of the First Reserve Group and one (1) shall be a designee of the Designator Committee, in each case in accordance with Section 2.1(f). The two initial
designees of the Founder Group shall be Gary B. Humphreys and Martin W. Robertson. The two initial designees of the First Reserve Group shall be Edward T. Bialas and Neil A. Wizel. The initial designee of the Designator Committee shall be [●].
The Certificate of Incorporation provides for a classified Board, and the initial designees to the Board shall be divided into the following classes of such staggered Board: (i) Gary B. Humphreys and Martin W. Robertson shall initially be
Class III directors (with an initial term as provided in the Certificate of Incorporation); (ii) Edward T. Bialas and Neil A. Wizel shall initially be Class II directors (with an initial term as provided in the Certificate of
Incorporation); and (iii) [●] shall initially be the Class I director (with an initial term as provided in the Certificate of Incorporation). 

(b)    Following the Closing Date, the Designator Committee shall have the right to designate, and the individuals
nominated for election as Directors by or at the direction of the Board or a duly-authorized committee thereof shall include, a number of individuals such that, following the election of any Directors and taking into account any Director continuing
to serve as such without the need for re-election, the number of Stockholder Designees (as defined below) serving as Directors of the Company will be equal to: 

(i)    if the Pre-IPO Owners collectively Beneficially Own 50% or
more of the voting power of all shares of the Company’s outstanding capital stock entitled to vote generally in the election of directors as of the record date for such meeting, the Total Number of Directors; 

(ii)    if the Pre-IPO Owners collectively Beneficially Own at
least 40% (but less than 50%) of the voting power of all shares of the Company’s outstanding capital stock entitled to vote generally in the election of directors as of the record date for such meeting, the lowest whole number that is greater
than 40% of the Total Number of Directors; 
 (iii)    if the
Pre-IPO Owners collectively Beneficially Own at least 30% (but less than 40%) of the voting power of all shares of the Company’s outstanding capital stock entitled to vote generally in the election of
directors as of the record date for such meeting, the lowest whole number that is greater than 30% of the Total Number of Directors; 

  
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 (iv)    if the
Pre-IPO Owners collectively Beneficially Own at least 20% (but less than 30%) of the voting power of all shares of the Company’s outstanding capital stock entitled to vote generally in the election of
directors as of the record date for such meeting, the lowest whole number that is greater than 20% of the Total Number of Directors; 

(v)    if the Pre-IPO Owners collectively Beneficially Own at least
10% (but less than 20%) of the voting power of all shares of the Company’s outstanding capital stock entitled to vote generally in the election of directors as of the record date for such meeting, the lowest whole number that is greater than
10% of the Total Number of Directors; and 
 (vi)    if the
Pre-IPO Owners collectively Beneficially Own less than 10% of the voting power of all shares of the Company’s outstanding capital stock entitled to vote generally in the election of directors as of the
record date for such meeting, then the Designator Committee shall not have the right to designate any individuals for election as Directors. 

(c)    If at any time the Designator Committee has designated fewer than the total number of individuals that the
Designator Committee is then entitled to designate pursuant to Section 2.1(b), the Designator Committee shall have the right, at any time and from time to time, to designate such additional individuals which it is entitled
to so designate, in which case, any individuals nominated by or at the direction of the Board or any duly-authorized committee thereof for election as Directors to fill any vacancy on the Board shall include such designees, and the Company shall use
its best efforts to (x) effect the election of such additional designees, whether by increasing the size of the Board or otherwise, and (y) cause the election of such additional designees to fill any such newly-created vacancies or to fill
any other existing vacancies. Each such individual whom the Designator Committee shall actually designate pursuant to this Section 2.1 and who is thereafter elected and qualifies to serve as a Director shall be referred to
herein as a “Stockholder Designee.” 
 (d)    In the event that a vacancy is created at any time by the
death, disability, retirement, removal or resignation of any Stockholder Designee, any individual nominated by or at the direction of the Board or any duly-authorized committee thereof to fill such vacancy shall be, and the Company shall use its
best efforts to cause such vacancy to be filled, as soon as possible, by a new designee of the Designator Committee, and the Company shall take or cause to be taken, to the fullest extent permitted by law, at any time and from time to time, all
actions necessary to accomplish the same. 
 (e)    The Company shall, to the fullest extent permitted by law, include
in the slate of nominees recommended by the Board at any meeting of stockholders called for the purpose of electing directors (or consent in lieu of meeting), the persons designated pursuant to this Section 2.1 and use its
best efforts to cause the election of each such designee to the Board, including nominating each such individual to be elected as a Director as provided herein, recommending such individual’s election and soliciting proxies or consents in favor
thereof. In the event that any Stockholder Designee shall fail to be elected to the Board at any meeting of stockholders called for the purpose of electing directors (or consent in lieu of meeting), the

  
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Company shall use its best efforts to cause such Stockholder Designee (or a new designee of the Designator Committee) to be elected to the Board, as soon as possible, and the Company shall take
or cause to be taken, to the fullest extent permitted by law, at any time and from time to time, all actions necessary to accomplish the same, including, without limitation, actions to effect an increase in the Total Number of Directors. 

(f)    Notwithstanding anything otherwise to the contrary herein, the determination of the individuals to be designated by
the Designator Committee pursuant to Section 2.1 shall be made in accordance with this Section 2.1(f). 

(i)    For so long as the Designator Committee shall have the right to designate a number of individuals
equal to the Total Number of Directors pursuant to Section 2.1(b) above, (x) the Founder Group shall have the right, but not the obligation, to cause the Designator Committee to, and the Designator Committee shall,
designate two (2) directors selected by the Founder Group in the Founder Group’s sole discretion; (y) the First Reserve Group shall have the right, but not the obligation, to cause the Designator Committee to, and the Designator
Committee shall, designate two (2) directors selected by the First Reserve Group in the First Reserve Group’s sole discretion; and (z) each other designee will be designated by the Designator Committee; provided, however, that
(A) each Investor Group shall only have the right to designate one (1) director if such Investor Group Beneficially Owns less than 15% of the voting power of all shares of the Company’s outstanding capital stock entitled to vote
generally in the election of directors, and at such time, the applicable Investor Group shall cause one of such Investor Group’s designees to resign from the Board (unless such resignation is rejected by all of the remaining members of the
Board); and (B) each Investor Group shall not have the right to designate any directors if such Investor Group Beneficially Owns less than 5% of the voting power of all shares of the Company’s outstanding capital stock entitled to vote
generally in the election of directors, and at such time, the applicable Investor Group shall cause all of such Investor Group’s designees to resign from the Board (unless such resignations are rejected by all of the remaining members of the
Board). 
 (ii)    At any time during which the Designator Committee shall have the right to designate a
number of directors that is greater than 10% of the Total Number of Directors but fewer than the Total Number of Directors, the Founder Group, on the one hand, and the First Reserve Group, on the other, shall have the right, but not the obligation,
to designate a portion of the total number of directors that the Designator Committee is then entitled to designate ratably in accordance with the respective percentage ownership of the total voting power of all shares of the Company’s
outstanding capital stock entitled to vote generally in the election of directors held collectively by the Stockholders. 

(iii)    Notwithstanding anything otherwise to the contrary herein, including
Section 2.1(f)(i)-(ii), each of the Founder Group and the First Reserve Group shall have the right, but not the obligation, to designate one director as long as such Investor Group Beneficially Owns at least 5% of the
voting power of all shares of the Company’s outstanding capital stock entitled to vote generally in the election of directors. 

  
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 (g)    Except with respect to Directors which the Founder Group or the First
Reserve Group are exclusively entitled to designate pursuant to Section 2.1(f), the Designator Committee may, acting by majority vote, elect to remove a Director designated by the Designator Committee at any time with or
without cause. With respect to Directors which the Founder Group or the First Reserve Group are exclusively entitled to designate pursuant to Section 2.1(f), the Investor Group that has a right to designate such Director
may elect to remove such Director at any time with or without cause and the Designator Committee shall take such action as is necessary to remove such Director as a designee. In the event a removal election is made in accordance with this
Section 2.1(g), the Stockholders agree to vote, in accordance with Section 2.4, to remove such Director at the next opportunity available under Certificate of Incorporation or Bylaws to the extent
consistent with applicable Law and the regulations of any applicable securities exchange. 
 (h)    In addition to any
vote or consent of the Board or the stockholders of the Company required by applicable Law or the Certificate of Incorporation or Bylaws of the Company, and notwithstanding anything to the contrary in this Agreement, for so long as this Agreement is
in effect, any action by the Board to increase the Total Number of Directors to more than seven (other than any increase in the Total Number of Directors in connection with the election of one or more directors elected exclusively by the holders of
one or more classes or series of the Company’s preferred stock) or to decrease the Total Number of Directors shall require the prior written consent of each Investor Group, delivered in accordance with Section 5.16 of
this Agreement. 
 2.2    Compensation. Except to the extent the Designator Committee, on behalf of the
applicable Investor Group, may otherwise notify the Company, any Stockholder Designee that is a non-employee Director shall be entitled to compensation consistent with the compensation received by other non-employee Directors, including any fees and equity awards, provided that (x) to the extent any Director compensation is payable in the form of equity awards, at the election of a Stockholder Designee,
in lieu of any equity award, such compensation shall be paid in an amount of cash equal to the value of the equity award as of the date of the award, with any such cash subject to the same vesting terms, if any, as the equity awarded to other
Directors and (y) at the election of a Stockholder Designee, any Director compensation (whether cash, equity awards and/or cash in lieu of equity as may be designated by the electing Stockholder Designee) shall be paid to a Stockholder or an
Affiliate thereof specified by such Stockholder Designee rather than to such Stockholder Designee. If the Company adopts a policy that Directors own a minimum amount of equity in the Company, no Stockholder Designee that is a non-employee Director shall be subject to such policy, except with the consent of the applicable Investor Group, delivered in accordance with Section 5.16 of this Agreement. 

2.3    Other Rights of Stockholder Designees. Except as provided in Section 2.2,
each Stockholder Designee serving on the Board shall be entitled to the same rights and privileges applicable to all other members of the Board generally or to which all such members of the Board are entitled. In furtherance of the foregoing, the
Company shall indemnify, exculpate, and reimburse fees and expenses of the Stockholder Designees (including by entering into an 

  
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indemnification agreement in a form substantially similar to the Company’s form director indemnification agreement) and provide the Stockholder Designees with director and officer insurance
to the same extent it indemnifies, exculpates, reimburses and provides insurance for the other members of the Board pursuant to the Certificate of Incorporation and Bylaws of the Company, applicable law or otherwise. 

2.4    Agreement to Vote. Each Stockholder agrees to vote, and to cause each of its applicable Stockholder
Entities to vote, in person or by proxy, or to act by written consent (if applicable) with respect to, all shares of Class A Common Stock and Class B Common Stock or other equity securities of the Company having the right to vote for the
election of Directors beneficially owned by it to cause the election of the designees of the Designator Committee and to take all other steps within such Person’s power to ensure that the composition of the Board is as set forth in
Section 2.1. Upon a Stockholder’s Transfer of any Class A Common Stock or Class B Common Stock or other equity securities of the Company having the right to vote for the election of Directors to another
Stockholder Entity, the Stockholder shall be required, as a condition to such Transfer, to cause the applicable Stockholder Entity to execute a joinder to this Agreement (in form reasonably acceptable to the Stockholders in the other Investor Group
and the Company) to agree to be bound by the provisions of this Section 2.4 with regards to voting of the Transferred equity securities. 

ARTICLE III 

INFORMATION; VCOC 

3.1    Books and Records; Access. The Company shall, and shall cause its Subsidiaries to, permit the Stockholder
Entities and their respective designated representatives, at reasonable times and upon reasonable prior notice to the Company, to review the books and records of the Company or any of such Subsidiaries and to discuss the affairs, finances and
condition of the Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary; provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as
the Company has used commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Stockholder Entities without the loss of any such privilege. 

3.2    Certain Reports. The Company shall deliver or cause to be delivered to the Stockholder Entities, at their
request: 
 (a)    to the extent otherwise prepared by the Company, operating and capital expenditure budgets and
periodic information packages relating to the operations and cash flows of the Company and its Subsidiaries; and 

(b)    to the extent otherwise prepared by the Company, such other reports and information as may be reasonably requested
by the Stockholder Entities; provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as the Company has used commercially reasonable efforts to enter into an arrangement
pursuant to which it may provide such information to the Stockholder Entities without the loss of any such privilege. 

  
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 3.3    VCOC. With respect to the First Reserve Group and, at the
request of the First Reserve Group, each Affiliate thereof that directly or indirectly has an investment in the Company that is intended to qualify its direct or indirect investment in the Company as a “venture capital investment” as
defined in the Department of Labor regulations codified at 29 CFR Section 2510.3-101 (each, a “VCOC Investor”), the Company shall, and shall cause Vista OpCo to, execute a side letter with each
VCOC Investor in the form attached hereto as Annex A and each VCOC Investor shall have the supplemental rights and obligations provided in such side letter. 

3.4    Confidentiality. Each Stockholder agrees that it will, and will direct its designated representatives to,
keep confidential and not disclose or use any Confidential Information and by receiving such Confidential Information, each designated representative shall be deemed to have agreed to do so; provided, however, that such Stockholder and its
designated representatives may disclose Confidential Information to the other Stockholders, to the Stockholder Designees and to (a) its attorneys, accountants, consultants, insurers and other advisors in connection with such Stockholder’s
investment in the Company, in each case, who have agreed to the restrictions set forth in this Section 3.4, (b) any prospective purchaser of Class A Common Stock, Class B Common Stock, and/or LLC Units, as long as
such Person has agreed to the restrictions set forth in this Section 3.4, (c) any of such Stockholder’s or its respective Affiliates’ partners, members, stockholders, directors, officers, employees or agents in
the ordinary course of business, in each case, as long as they have agreed to the restrictions set forth in this Section 3.4 (the Persons referenced in clauses (a), (b) and (c), a Stockholder’s “designated
representatives”) or (d) as the Company may otherwise agree in writing; provided, further, however, that each Stockholder agrees to be responsible for any breaches of this Section 3.4 by such
Stockholder’s designated representatives. 
 3.5    Information Sharing. Each party hereto acknowledges and
agrees that Stockholder Designees may share any information concerning the Company and its Subsidiaries received by them from or on behalf of the Company or its designated representatives with each Stockholder and its designated representatives
(subject to such Stockholder’s obligation to maintain the confidentiality of Confidential Information in accordance with Section 3.4). 

ARTICLE IV 
 ADDITIONAL
COVENANTS 
 4.1    Pledges. Subject to compliance with any insider trading policies of the Company then in
effect, at the request of any Stockholder on behalf of any of its Stockholder Entities that wishes to pledge, hypothecate or grant security interests in any or all of the Class A Common Stock, Class B Common Stock, and/or LLC Units held by
it, including to banks or financial institutions as collateral or security for loans, advances or extensions of credit, the Company agrees to cooperate with such Stockholder and each such Stockholder Entity in taking any action reasonably necessary
to consummate any such pledge, hypothecation or grant, including without limitation, delivery of letter agreements to lenders in form and substance reasonably satisfactory to such lenders (which may include agreements by the Company in respect of
the exercise of remedies by such lenders) and instructing the transfer agent to transfer any such Class A Common Stock, Class B Common Stock and/or LLC Units subject to the pledge, hypothecation or grant into the facilities of The
Depository Trust Company without restricted legends. 

  
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 4.2    Spin-Offs or Split-Offs. 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 stockholders agreement with the Stockholders that provides the Stockholder Entities with rights vis-á
-vis such NewCo that are substantially identical to those set forth in this Agreement. 
 ARTICLE
V 
 GENERAL PROVISIONS 

5.1    Termination. Except for Section 3.3, this Agreement shall terminate with respect
to a Stockholder at such time as both Investor Groups are no longer entitled to designate any Directors pursuant to Section 2.1. 

5.2    Notices. Any notice, designation, request, request for consent or consent provided for in this Agreement
shall be in writing and shall be either personally delivered, sent by facsimile or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to any other recipient at the address indicated on the
Company’s records, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Notices and other such documents will be deemed to have been given or made
hereunder when delivered personally, sent by facsimile (receipt confirmed), and one (1) Business Day after deposit with a reputable overnight courier service. 

The Company’s address is: 

Vista Proppants and Logistics Inc. 

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

Fax: [●] 
 The Founder
Group’s address is: 
 c/o Vista Proppants and Logistics Inc. 

4413 Carey Street 
 Fort Worth,
Texas 76119 
 Attention: Gary B. Humphreys; Martin W. Robertson 

Fax: [●] 
 The First
Reserve Group’s address is: 
 c/o First Reserve Corporation 

One Lafayette Place 
 Greenwich,
CT 06830 
 Attention: General Counsel 

Fax: [(203) 661-6729] 

  
 11 

 5.3    Amendment; Waiver. This Agreement may be amended, supplemented
or otherwise modified only by a written instrument executed by the Company and each of the Investor Groups then party hereto (with the consent of the Investor Groups being determined in accordance with Section 5.16).
Neither the failure nor delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege
preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power
or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

5.4    Further Assurances. The parties hereto will sign such further documents, cause such meetings to be held,
resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things reasonably necessary, proper or advisable in order to give full effect to this Agreement and every provision hereof. To the fullest extent
permitted by law, the Company shall not directly or indirectly take any action that is intended to, or would reasonably be expected to result in, the Stockholders or any Stockholder Entity being deprived of the rights contemplated by this Agreement.

 5.5    Assignment. 

(a)    This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any
attempted assignment, without such consents, will be null and void; provided, however, that, without the prior written consent of any other party hereto, a Stockholder may assign its rights and obligations under this Agreement, in
whole or in part, to any Affiliate, so long as such Affiliate, if not already a party to this Agreement, executes and delivers to the Company a joinder to this Agreement evidencing its agreement to be become a party to and to be bound by this
Agreement as a Stockholder hereunder, whereupon such Affiliate shall be deemed a “Stockholder” hereunder. This Agreement will inure to the benefit of and be binding on the parties hereto and their respective successors and permitted
assigns. 
 (b)    In the event that a Stockholder Transfers LLC Units to any Transferee that does not otherwise hold
any shares of the Company’s Class B Common Stock, the Company shall issue to such Transferee one share of the Company’s Class B Common Stock in exchange for consideration equal to the par value thereof. 

5.6    Third Parties. Except as provided for herein with respect to any Stockholder Entity, this Agreement does not
create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 

5.7    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without regard to principles of conflicts of laws thereof. 

  
 12 

 5.8    Jurisdiction; Waiver of Jury Trial. In any judicial proceeding
involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties unconditionally accepts the jurisdiction and venue of the Chancery Courts of the State of Delaware or if jurisdiction over the matter is
vested exclusively in federal courts, the United States District Court for the Northern District of Texas located in Dallas, Texas, and the appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding, the
parties agree that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by law, service of process may be made by delivery provided pursuant to the directions in
Section 5.2. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS
AGREEMENT. 
 5.9    Specific Performance. Each party hereto acknowledges and agrees that in the event of any
breach of this Agreement by any of them, the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific performance that a remedy at
law would be adequate and agrees that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of a bond. 

5.10    Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with
respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set forth herein and therein. This Agreement
supersedes all other prior agreements and understandings between the parties with respect to such subject matter. 

5.11    Severability. If any provision of this Agreement, or the application of such provision to any Person or
circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the fullest
extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by law and (iii) the application of such provision to
other Persons or circumstances or in other jurisdictions shall not be affected thereby. 
 5.12    Table of Contents,
Headings and Captions. The table of contents, headings, subheadings and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any
provision hereof. 
 5.13    Counterparts. This Agreement and any amendment hereto may be signed in any number of
separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 

5.14    Effectiveness. This Agreement shall become effective upon the Closing Date. 

  
 13 

 5.15    No Recourse. This Agreement may only be enforced against, and
any claims or cause of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, the transactions contemplated hereby or the subject matter hereof may only be made
against the parties hereto and no past, present or future Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney representative, family member or heirs of any party hereto or any past, present or
future Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney, representative of any of the foregoing (each, a “Non-Recourse Party”) shall
have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in respect of, or by reason of, the transactions contemplated hereby. Without limiting the rights of any party against the other
parties hereto, in no event shall any party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement against, or seek to recover monetary damages from, any
Non-Recourse Party. 
 5.16    Grant of Consent. Any vote, consent or
approval of an Investor Group hereunder shall be deemed to be given with respect to all members of such Investor Group if such vote, consent or approval is given by members of such Investor Group having record ownership of shares of the
Company’s capital stock representing a majority of the voting power of the shares of the Company’s outstanding capital stock entitled to vote generally in the election of directors held by all members of such Investor Group have record
ownership. 
 [Remainder Of Page Intentionally Left Blank] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year
first above written. 
  

			
	COMPANY:
	
	VISTA PROPPANTS AND LOGISTICS INC.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	STOCKHOLDERS:
	
	FOUNDER GROUP:
	
	FUTURE NEW DEAL, LTD

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	M&J PARTNERSHIP, LTD.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

	
	  

	 Gary Humphreys

  

	
	  

	 Marty Robertson

  

			
	LONESTAR PROSPECTS HOLDING COMPANY, L.L.C.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signature Page to Stockholders Agreement] 

 
			
	FIRST RESERVE GROUP:
	
	FR SAND HOLDINGS LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signature Page to Stockholders Agreement]EX-10.6

 Exhibit 10.6 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement is effective as of             , 2018 (this
“Agreement”) and is between Vista Proppants and Logistics Inc., a Delaware corporation (the “Company”), and the undersigned director/officer of the Company (“Indemnitee”). 

Background 
 The
Company believes that, in order to attract and retain highly competent persons to serve as directors or in other capacities, including as officers, it must provide such persons with adequate protection through indemnification against the risks of
claims and actions against them arising out of their services to and activities on behalf of the Company. 
 The Company desires and has
requested Indemnitee to serve as a director and/or officer of the Company and, in order to induce the Indemnitee to serve in such capacity, the Company is willing to grant the Indemnitee the indemnification provided for herein. Indemnitee is willing
to so serve on the basis that such indemnification be provided. 
 The parties by this Agreement desire to set forth their agreement
regarding indemnification and the advancement of expenses. 
 In consideration of Indemnitee’s service to the Company and the covenants
and agreements set forth below, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1. Indemnification. 

To the fullest extent permitted by the General Corporation Law of the State of Delaware (the “DGCL”): 

(a) The Company shall indemnify Indemnitee if Indemnitee was or is made or is threatened to be made a party to, or is otherwise involved in, as
a witness or otherwise, any threatened, pending or completed action, suit or proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative or investigative and whether formal or informal, including appeals,
by reason of the fact that Indemnitee is or was or has agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the
Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise, or by reason of any action alleged to have been taken or omitted in any such capacity. 
 (b) The
indemnification provided by this Section 1 shall be from and against all loss and liability suffered and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by or on behalf
of Indemnitee in connection with such action, suit or proceeding, including any appeals. 
 Section 2.
Advance Payment of Expenses. To the fullest extent permitted by the DGCL, expenses (including attorneys’ fees) incurred by Indemnitee in appearing at, participating in or defending any action, suit or proceeding or in
connection with an enforcement action as contemplated by Section 3(e), shall be paid by the Company in advance of the final disposition of such action, suit or proceeding within 20 days after receipt by the Company of a statement or statements
from Indemnitee requesting such advance or advances from time to time. The Indemnitee hereby undertakes to repay any amounts advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled under this
Agreement to be indemnified by the Company in respect thereof. No other form of undertaking shall be required of Indemnitee other than the execution of this Agreement. This Section 2 shall be subject to Section 3(b) and shall not apply to
any claim made by Indemnitee for which indemnity is excluded pursuant to Section 6. 

  

 Section 3. Procedure for Indemnification; Notification and Defense of Claim.

 (a) Promptly after receipt by Indemnitee of notice of the commencement of any action, suit or proceeding, Indemnitee shall, if a claim
in respect thereof is to be made against the Company hereunder, notify the Company in writing of the commencement thereof. The failure to promptly notify the Company of the commencement of the action, suit or proceeding, or of Indemnitee’s
request for indemnification, will not relieve the Company from any liability that it may have to Indemnitee hereunder, except to the extent the Company is actually and materially prejudiced in its defense of such action, suit or proceeding as a
result of such failure. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor including such documentation and information as is reasonably available to Indemnitee and is reasonably
necessary to enable the Company to determine whether and to what extent Indemnitee is entitled to indemnification. 
 (b) With respect to any
action, suit or proceeding of which the Company is so notified as provided in this Agreement, the Company shall, subject to the last two sentences of this paragraph, be entitled to assume the defense of such action, suit or proceeding, with counsel
reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will
not be liable to Indemnitee under this Agreement for any subsequently-incurred fees of separate counsel engaged by Indemnitee with respect to the same action, suit or proceeding unless the employment of separate counsel by Indemnitee has been
previously authorized in writing by the Company. Notwithstanding the foregoing, if Indemnitee, based on the advice of his or her counsel, shall have reasonably concluded (with written notice being given to the Company setting forth the basis for
such conclusion) that, in the conduct of any such defense, there is or is reasonably likely to be a conflict of interest or position between the Company and Indemnitee with respect to a significant issue, then the Company will not be entitled,
without the written consent of Indemnitee, to assume such defense. In addition, the Company will not be entitled, without the written consent of Indemnitee, to assume the defense of any claim brought by or in the right of the
Company.     
 (c) To the fullest extent permitted by the DGCL, the Company’s assumption of the defense of
an action, suit or proceeding in accordance with paragraph 3(b) will constitute an irrevocable acknowledgement by the Company that any loss and liability suffered by Indemnitee and expenses (including attorneys’ fees), judgments, fines and
amounts paid in settlement by or for the account of Indemnitee incurred in connection therewith are indemnifiable by the Company under Section 1 of this Agreement. 

(d) The determination whether to grant Indemnitee’s indemnification request shall be made promptly and in any event within 60 days
following the Company’s receipt of a request for indemnification in accordance with Section 3(a). If the Company determines that Indemnitee is entitled to such indemnification or, as contemplated by paragraph 3(c) the Company has
acknowledged such entitlement, the Company will make payment to Indemnitee of the indemnifiable amount within such 60 day period. If the Company is not deemed to have so acknowledged such entitlement or the Company’s determination of whether to
grant Indemnitee’s indemnification request shall not have been made within such 60 day period, the requisite determination of entitlement to indemnification shall, subject to Section 6, nonetheless be deemed to have been made and
Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the
request for indemnification, or (ii) a prohibition of such indemnification under the DGCL. 
 (e) In the event that (i) the Company
determines in accordance with this Section 3 that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company denies a request for indemnification, in whole or in part, or fails to respond or make a determination
of entitlement to indemnification within 60 days following receipt of a request for indemnification as described above, (iii) payment of indemnification is not made within such 60 day period, (iv) advancement of expenses is not timely made
in accordance with Section 2, or (v) the Company or any other person takes or threatens to take any action 

  
 2 

 
to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended
to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in any court of competent jurisdiction of his or her entitlement to such indemnification or advancement of expenses. Indemnitee’s expenses (including
attorneys’ fees) incurred in connection with successfully establishing Indemnitee’s right to indemnification or advancement of expenses, in whole or in part, in any such proceeding or otherwise shall also be indemnified by the Company to
the fullest extent permitted by the DGCL. 
 (f) Indemnitee shall be presumed to be entitled to indemnification and advancement of expenses
under this Agreement upon submission of a request therefor in accordance with Section 2 or Section 3 of this Agreement, as the case may be. The Company shall have the burden of proof in overcoming such presumption, and such presumption
shall be used as a basis for a determination of entitlement to indemnification and advancement of expenses unless the Company overcomes such presumption by clear and convincing evidence. 

Section 4. Insurance and Subrogation. 

(a) The Company shall use its commercially reasonable efforts to purchase and maintain a policy or policies of insurance with reputable
insurance companies with A.M. Best ratings of “A” or better, providing Indemnitee with coverage for any liability asserted against, and incurred by, Indemnitee or on Indemnitee’s behalf by reason of the fact that Indemnitee is or was
or has agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or
agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, or
arising out of Indemnitee’s status as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement. Such insurance policies shall have coverage terms and policy
limits at least as favorable to Indemnitee as the insurance coverage provided to any other director or officer of the Company. If the Company has such insurance in effect at the time the Company receives from Indemnitee any notice of the
commencement of an action, suit or proceeding, the Company shall give prompt notice of the commencement of such action, suit or proceeding to the insurers in accordance with the procedures set forth in the policy. The Company shall thereafter take
all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policy. 

(b) Subject to Section 9(b), in the event of any payment by the Company under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee with respect to any insurance policy. Indemnitee shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as
are necessary to enable the Company to bring suit to enforce such rights in accordance with the terms of such insurance policy. The Company shall pay or reimburse all expenses actually and reasonably incurred by Indemnitee in connection with such
subrogation. 
 (c) Subject to Section 9(b), the Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable hereunder (including, but not limited to, judgments, fines and amounts paid in settlement, and ERISA excise taxes or penalties) if and to the extent that Indemnitee has otherwise actually received such payment under this
Agreement or any insurance policy, contract, agreement or otherwise. 
 Section 5. Certain
Definitions. For purposes of this Agreement, the following definitions shall apply: 
 (a) The term “action, suit
or proceeding” shall be broadly construed and shall include, without limitation, the investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving of testimony in, any threatened, pending or
completed claim, action, suit, arbitration, alternative dispute mechanism or proceeding, whether civil, criminal, administrative or investigative. 

  
 3 

 (b) The term “by reason of the fact that Indemnitee is or was or has agreed to serve
as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent (which, for purposes
hereof, shall include a trustee, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise” shall be broadly construed and
shall include, without limitation, any actual or alleged act or omission to act. 
 (c) The term “expenses” shall be
broadly construed and shall include, without limitation, all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements, appeal bonds, other out-of-pocket costs and reasonable compensation for time spent by Indemnitee for which Indemnitee is not otherwise compensated by the Company or any third party), actually and
reasonably incurred by Indemnitee in connection with either the investigation, defense or appeal of an action, suit or proceeding or establishing or enforcing a right to indemnification under this Agreement or otherwise incurred in connection with a
claim that is indemnifiable hereunder. 
 (d) The term “judgments, fines and amounts paid in settlement” shall be
broadly construed and shall include, without limitation, all direct and indirect payments of any type or nature whatsoever, as well as any penalties or excise taxes assessed on a person with respect to an employee benefit plan. 

Section 6. Limitation on Indemnification. Notwithstanding any other provision herein to the
contrary, the Company shall not be obligated pursuant to this Agreement: 
 (a) Claims Initiated by Indemnitee. To indemnify or
advance expenses to Indemnitee with respect to an action, suit or proceeding (or part thereof), however denominated, initiated by Indemnitee, other than (i) an action, suit or proceeding brought to establish or enforce a right to
indemnification or advancement of expenses under this Agreement (which shall be governed by the provisions of Section 6(b) of this Agreement) and (ii) an action, suit or proceeding (or part thereof) that was authorized or consented to by
the Board of Directors of the Company, it being understood and agreed that such authorization or consent shall not be unreasonably withheld in connection with any compulsory counterclaim brought by Indemnitee in response to an action, suit or
proceeding otherwise indemnifiable under this agreement. 
 (b) Action for Indemnification. To indemnify Indemnitee for any expenses
incurred by Indemnitee with respect to any action, suit or proceeding instituted by Indemnitee to enforce or interpret this Agreement, unless Indemnitee is successful in such action, suit or proceeding in establishing Indemnitee’s right, in
whole or in part, to indemnification or advancement of expenses hereunder (in which case such indemnification or advancement shall be to the fullest extent permitted by the DGCL), or unless and to the extent that the court in such action, suit or
proceeding shall determine that, despite Indemnitee’s failure to establish their right to indemnification, Indemnitee is entitled to indemnity for such expenses; provided, however, that nothing in this Section 6(b) is intended to limit the
Company’s obligations with respect to the advancement of expenses to Indemnitee in connection with any such action, suit or proceeding instituted by Indemnitee to enforce or interpret this Agreement, as provided in Section 2. 

(c) Section 16(b) Matters. To indemnify Indemnitee on account of any suit in which judgment is rendered against
Indemnitee for disgorgement of profits made from the purchase or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended. 

(d) Fraud or Willful Misconduct. To indemnify Indemnitee on account of conduct by Indemnitee where such conduct has been determined by a
final (not interlocutory) judgment or other adjudication of a court or arbitration or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time within which an appeal must be filed has
expired without such filing to have been knowingly fraudulent or constitute willful misconduct. 

  
 4 

 (e) Prohibited by Law. To indemnify Indemnitee in any circumstance where such
indemnification has been determined by a final (not interlocutory) judgment or other adjudication of a court or arbitration or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time within
which an appeal must be filed has expired without such filing to be prohibited by law. 
 Section 7. Certain
Settlement Provisions. The Company shall have no obligation to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action, suit or proceeding without the Company’s prior written consent. The
Company shall not settle any action, suit or proceeding in any manner that would impose any fine or other obligation on Indemnitee without Indemnitee’s prior written consent. Neither the Company nor Indemnitee will unreasonably withhold his,
her, its or their consent to any proposed settlement. 
 Section 8. Savings Clause. If any
provision or provisions (or portion thereof) of this Agreement shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee if Indemnitee was or is made or is threatened to be
made a party or is otherwise involved in any threatened, pending or completed action, suit or proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative or investigative and whether formal or informal,
including appeals, by reason of the fact that Indemnitee is or was or has agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at
the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust,
employee benefit plan or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity, from and against all loss and liability suffered and expenses (including attorneys’ fees), judgments, fines and
amounts paid in settlement reasonably incurred by or on behalf of Indemnitee in connection with such action, suit or proceeding, including any appeals, to the fullest extent permitted by any applicable portion of this Agreement that shall not have
been invalidated. 
 Section 9. Contribution/Jointly Indemnifiable Claims. 

(a) In order to provide for just and equitable contribution in circumstances in which the indemnification provided for herein is held by a
court of competent jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed that, in such event, the Company shall, to the fullest extent permitted by the DGCL, contribute to the payment of all of Indemnitee’s loss and
liability suffered and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement reasonably incurred by or on behalf of Indemnitee in connection with any action, suit or proceeding, including any appeals, in an
amount that is just and equitable in the circumstances; provided that, without limiting the generality of the foregoing, such contribution shall not be required where such holding by the court is due to any limitation on indemnification set forth in
Section 4(c), 6 or 7. 
 (b) Given that certain jointly indemnifiable claims may arise due to the service of the Indemnitee as a
director and/or officer of the Company at the request of the Indemnitee-related entities, the Company acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to the Indemnitee in respect of indemnification
or advancement of expenses in connection with any such jointly indemnifiable claim, pursuant to and in accordance with the terms of this Agreement, irrespective of any right of recovery the Indemnitee may have from the Indemnitee-related entities.
Under no circumstance shall the Company be entitled to any right of subrogation against or contribution by the Indemnitee-related entities and no right of advancement, indemnification or recovery the Indemnitee may have from the Indemnitee-related
entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company hereunder. In the event that any of the Indemnitee-related entities shall make any payment to the Indemnitee in respect of indemnification or
advancement of expenses with respect to any jointly indemnifiable claim, the Indemnitee-related entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against the Company, and
Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-related entities
effectively to bring suit to enforce such rights. The Company and Indemnitee agree that each of the Indemnitee-related entities shall be third-party beneficiaries with respect to this Section 9(b), entitled to enforce this Section 9(b) as
though each such Indemnitee-related entity were a party to this Agreement. For purposes of this Section 9(b), the following terms shall have the following meanings: 

  
 5 

 (i) The term “Indemnitee-related entities” means any corporation, limited liability
company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company or any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise
Indemnitee has agreed, on behalf of the Company or at the Company’s request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described in this Agreement) from whom an Indemnitee may be entitled
to indemnification or advancement of expenses with respect to which, in whole or in part, the Company may also have an indemnification or advancement obligation (other than as a result of obligations under an insurance policy). 

(ii) The term “jointly indemnifiable claims” shall be broadly construed and shall include, without limitation, any action, suit or
proceeding for which the Indemnitee shall be entitled to indemnification or advancement of expenses from both the Indemnitee-related entities and the Company pursuant to the DGCL, any agreement or the certificate of incorporation, bylaws,
partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of the Company or the Indemnitee-related entities, as applicable. 

Section 10. Form and Delivery of Communications. All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand, upon receipt by the party to whom said notice or other communication shall have been directed, (b) mailed by
certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier, one day after deposit with such courier and with written verification of receipt,
or (d) sent by email or facsimile transmission, with receipt of oral confirmation that such transmission has been received. Notice to the Company shall be directed to Kristin Smith, Chief Financial Officer, by email at: ksmith@vprop.com
or by telephone at: 817-563-3539. Notice to Indemnitee shall be directed to Indemnitee’s contact information on file with the Company’s Corporate Secretary or
its Human Resources Department. 
 Section 11. Nonexclusivity. The provisions for
indemnification and advancement of expenses set forth in this Agreement shall not be deemed exclusive of any other rights which Indemnitee may have under any provision of law, in any court in which a proceeding is brought, the Company’s
certificate of incorporation or by-laws, other agreements or otherwise, and Indemnitee’s rights hereunder shall inure to the benefit of the heirs, executors and administrators of Indemnitee. No amendment
or alteration of the Company’s certificate of incorporation or by-laws or any other agreement shall adversely affect the rights provided to Indemnitee under this Agreement. 

Section 12. No Construction as Employment Agreement. Nothing contained herein shall be
construed as giving Indemnitee any right to be retained as a director of the Company or in the employ of the Company. For the avoidance of doubt, the indemnification and advancement of expenses provided under this Agreement shall continue as to the
Indemnitee even though he may have ceased to be a director, officer, employee or agent of the Company. 
 Section 13.
Interpretation of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by
the DGCL. 
 Section 14. Entire Agreement. This Agreement and the documents expressly
referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby
are expressly superseded by this Agreement. 

  
 6 

 Section 15. Modification and Waiver. No
supplement, modification, waiver or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. For the avoidance of doubt, this Agreement may not be terminated by the Company without Indemnitee’s prior written consent. 

Section 16. Successor and Assigns. All of the terms and provisions of this Agreement shall be
binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Company shall require and cause any direct or
indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of such Indemnitor, by written agreement in form and substance reasonably satisfactory to Indemnitee, expressly to
assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

Section 17. Service of Process and Venue. The Company and Indemnitee hereby irrevocably and
unconditionally (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any
other state or federal court in the United States of America or any court in any other country, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection
with this Agreement, (c) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808, as such
party’s agent in the State of Delaware for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of
Delaware, (d) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (e) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court
has been brought in an improper or inconvenient forum. 
 Section 18. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. If a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware govern
indemnification by the Company of Indemnitee, then the indemnification provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the
contrary. 
 Section 19. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart. 

Section 20. Headings and Section References. The section and subsection headings contained in
this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Section references are to this Agreement unless otherwise specified. 

  
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 This Indemnification Agreement has been duly executed and delivered to be effective as of the
date stated above. 
  

			
	VISTA PROPPANTS AND LOGISTICS INC.
		
	By	 	  

	Name:
	Title:

  

	
	INDEMNITEE:
	
	  
 Name:

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