Document:

EX-10.22

 Exhibit 10.22 

FOURTH AMENDMENT TO CREDIT AGREEMENT 

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (the “Amendment”) is dated as of June 30, 2021 (the
“Amendment Effective Date”) between BEST PUMP AND FLOW, LP (f/k/a Best Flow Line Equipment, L.P.) a Texas limited partnership, as borrower (“Borrower”) and EQUIFY FINANCIAL, LLC, a Texas
limited liability company, as lender (“Lender”). 
 R E C I T A L
S 
 A. Borrower and Lender are parties to a Credit Agreement dated as of February 4, 2019, as amended by that certain
First Amendment to Credit Agreement dated as of August 30, 2019, as amended by that certain Second Amendment to Credit Agreement dated as of October 16, 2019, and as further amended by that certain Third Amendment to Credit
Agreement dated as of January 28, 2021 (as amended, and as the same may be further amended, restated, supplemented or otherwise modified from to time, the “Credit Agreement”), pursuant to which Lender agreed to make
certain loans and other financial accommodations to Borrower. 
 B. Borrower and Lender have agreed to amend the Credit Agreement to, among
other things, reduce the amount of the Commitment available to Borrower. 
 NOW THEREFORE, in consideration of the foregoing and for other
good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

1. Same Terms. The terms used in this Amendment shall have the same meanings as provided therefor in the Credit Agreement, unless
the context hereof otherwise requires or provides. 
 2. Amendments to Credit Agreement. As of the Amendment Effective Date,
the Credit Agreement shall be amended as follows: 
 (a) The definition of “Borrowing Base” set forth in
Section 1.1 of the Credit Agreement is hereby amended and replaced in its entirety with the following: 

“Borrowing Base” means, as of any date, an amount equal to the sum of (a) eighty-five (85%) of the
value of Eligible Accounts, plus (b) twenty-five (25%) of the value of Eligible Inventory, minus (c) reserves established by Lender in its sole discretion. 

(b) The definition of “Commitment” set forth in Section 1.1 of the Credit Agreement
is hereby amended and replaced in its entirety with the following: 
 “Commitment” means the
obligation of Lender to make Advances pursuant to Section 2.1(a) in an aggregate principal amount at any time outstanding up to but not exceeding $9,000,000.00, subject, however, to termination pursuant
to Section 9.2. 
 (c) Exhibit A to the Credit Agreement is hereby
amended and replaced in its entirety to read as set forth on Exhibit A hereto. 
 3. Representations. Borrower
represents and warrants that, as of the date hereof: 

 (a) Enforceability. Borrower has full power and
authority to execute this Amendment, and this Amendment constitutes the legal, valid and binding obligation of Borrower, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or other laws of
general application relating to the enforcement of creditors’ rights. 
 (b) Approvals. No
authorization, approval, consent or other action by, notice to, or filing with, any governmental authority or other Person is required for the execution and delivery by Borrower of this Amendment, or the performance of this Amendment. 

(c) Constituent Documents. Each of Borrower and General Partner is duly organized or duly incorporated, as
applicable, validly existing and in good standing under the laws of the jurisdiction of formation. 
 (d) No
Default. No Default has occurred and is continuing on the date hereof. 
 (e) No Material Adverse
Event. No Material Adverse Event has occurred and no circumstance exists that could be a Material Adverse Event on the date hereof. 

4. Conditions Precedent. The transactions contemplated by this Amendment shall be deemed to be effective as of the Amendment
Effective Date, when the following conditions have been complied with to the satisfaction of Lender, unless waived in writing by Lender: 

(a) Amendment. This Amendment shall be fully executed by Borrower and Lender. 

(b) Evidence of Authority. Such certificates of resolutions or other action, incumbency certificates, Constituent
Documents of Borrower and Best Ventures, LLC, a Texas limited liability company (“General Partner”), and/or other certificates of Responsible Officers of Borrower and General Partner as Lender may require to establish the
identities of and verify the authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which it is a party. 

(c) Representations and Warranties. All representations and warranties contained herein or in the documents
referred to herein or otherwise made in writing in connection herewith or therewith shall be true and correct with the same force and effect as though such representations and warranties have been made on and as of this date. 

(d) Fees and Expenses. Lender shall have received payment of all reasonable
out-of-pocket fees and expenses (including reasonable attorneys’ fees and expenses) incurred by Lender in connection with the preparation, negotiation and execution
of the Amendment. 
 5. Confirmation of Continued Effectiveness of Security. Borrower hereby confirms and agrees that the
Security Documents executed by Borrower and the other Obligated Parties which presently secure the payment and performance of Borrower’s Obligations under the Credit Agreement, shall continue to secure the payment and performance of
Borrower’s Obligations under the Credit Agreement, as amended by this Amendment. 
 6. Ratification and Confirmation. It
is expressly agreed that the execution of this Amendment shall not alter or otherwise affect the terms, provisions and conditions of the Credit Agreement, the Note, or any other Loan Document, EXCEPT as expressly set forth herein. Borrower hereby
RATIFIES, CONFIRMS AND AGREES that the Credit Agreement, as amended hereby, and each other Loan Document continues to be in full force and effect to the same extent as provided therein. 

  
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 7. Counterparts. This Amendment may be executed in any number of counterparts,
each of which when executed and delivered shall be deemed an original, but all of which constitute one instrument. In making proof of this Amendment, it shall not be necessary to produce or account for more than one counterpart thereof signed by
each of the parties hereto. 
 8. Incorporation of Certain Provisions by Reference. The provisions of
Section 10.12 of the Credit Agreement captioned “Governing Law; Venue; Service of Process” and Section 10.19 of the Credit Agreement captioned “Waiver of Jury
Trial” are incorporated herein by reference for all purposes. 
 9. Release. IN CONSIDERATION OF THE AMENDMENTS
CONTAINED HEREIN, BORROWER HEREBY WAIVES AND RELEASES LENDER FROM ANY AND ALL CLAIMS AND DEFENSES, KNOWN OR UNKNOWN, WITH RESPECT TO THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED THEREBY. 

10. Limitation on Agreements. The modifications set forth herein are limited precisely as written and shall not be deemed
(a) to be an amendment to any other term or condition in the Credit Agreement, (b) to prejudice any right or rights which the Lender now has or may have in the future under or in connection with the Credit Agreement, as amended hereby, any
Loan Document, or any of the other documents referred to herein or therein, or (c) a course of dealing. This Amendment constitutes a Loan Document for all purposes. 

11. Entirety. The provisions of this Amendment shall be in addition to those of the other Loan Documents, and all of which shall
be construed as complementary to each other. Nothing herein contained shall prevent Lender from enforcing any of the Loan Documents, as modified hereby, in accordance with their respective terms. This instrument together with all of the other Loan
Documents embodies the entire agreement between the parties and supersedes all prior agreements and understandings relating to the subject matter hereof. THIS AMENDMENT AND ALL OF THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[Remainder of Page Intentionally Left Blank; Signatures Begin on Next Page] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first set
forth above. 
  

					
	BORROWER:
	
	BEST PUMP AND FLOW, LP
		
	By:	 	Best Ventures LLC, General Partner
			
		 	By:	 	 /s/ Dan Wilks

		 		 	Name: Dan Wilks
		 		 	Title: Manager

 Signature Page to 

Third Amendment to Credit Agreement 

(Equify/Best Flow) 

 
			
	LENDER:
	
	EQUIFY FINANCIAL, LLC
		
	By:	 	 /s/ Patrick Hoiby

		 	Name: Patrick Hoiby
		 	Title: Manager

 Signature Page to 

Third Amendment to Credit Agreement 

(Equify/Best Flow) 

 EXHIBIT A 

 EXHIBIT A 

BORROWING BASE REPORT 
 See
AttachedEX-10.23

 Exhibit 10.23 

 
 

 
 PROMISSORY NOTE 
  

					
	$15,878,100.00	  	Fort Worth, Texas 77026	  	January 28, 2021
	(Total of Note)	  	(City), (State) (Zip)	  	(Date)

 FOR VALUE RECEIVED, Best Pump and Flow, LP (“Maker”) promises to pay to the order of Equify Financial, LLC
(“Holder”), at 777 Main Street, Suite 3900, Fort Worth, TX 76102, or such other place as Holder may from time to time designate in writing, the amount of Fifteen Million Eight Hundred Seventy-Eight Thousand One Hundred and 00/100
Dollars ($15,878,100.00), which includes precomputed interest in the amount of $2,869.600.00, representing interest (at the “non-default interest rate”) from the date hereof on the unpaid
principal amount outstanding from time to time through the maturity of each installment (assuming that each installment will be received on its respective due date) (but in no event shall the interest exceed any maximum permitted by applicable law).
Both principal and interest shall be paid in 60 consecutive monthly installments, each in the amount of $264,635.00 beginning on March 01, 2021 and continuing on the same day of each month thereafter until maturity on February 01, 2026. Maker shall
also pay to Holder on demand, on each installment not fully paid prior to the tenth day (or such longer period as required by law) after its due date, a late charge equal to the maximum percentage of such overdue installment legally permitted as a
late charge, not to exceed five percent (5%); and after maturity of the entire indebtedness (whether by acceleration or otherwise), Maker shall pay, on demand, interest on the unpaid indebtedness (excluding accrued and unpaid interest and late
charges) at the maximum lawful daily rate, but not to exceed 0.0666% per day, until paid in full. Unless prohibited by applicable law, during any period of time when Maker is in default under the terms of this Note, Maker shall pay interest on the
unpaid principal amount outstanding from time to time at the maximum lawful daily rate, not to exceed 0.0666% per day, in place of the non-default interest rate set forth or implied in this Note, until the
default is cured. Interest shall be calculated on the basis of a 360 day year and for the actual number of days elapsed, unless such calculation would cause the effective interest rate to exceed the maximum rate allowed by applicable law, in which
case such calculation shall be on the basis of a 365 day year. Maker agrees to an effective rate of interest which is the rate stated or implied in this Note plus any additional sums or charges provided for herein or incident to the transaction of
which this Note forms a part which are or may be deemed to be interest under applicable law, but not more than the maximum amount permissible under applicable law. 

Upon nonpayment when due of any amount owing hereunder, or if default occurs under any other obligation of Maker to Holder or under any security agreement,
pledge, assignment, deed of trust, or any other instrument or document executed to evidence, secure, guarantee, govern or in any way pertain to the loan evidenced by this Note or any other obligation of Maker to Holder, Holder may, at its option,
without notice or demand, accelerate the maturity of the accrued and unpaid indebtedness then outstanding under this Note and declare same to be at once due and payable whereupon it shall be and become immediately due and payable. Maker, all
endorsers, guarantors and any other party liable on this Note also promise and agree to pay Holder’s costs, expenses and 

  

			
	2011 EQUITY FINANCIAL, LLC – PN1PC (2/13/12)	  	Page 1 of 3

 
reasonable attorneys’ fees incurred in enforcing and/or collecting this Note. Maker, all endorsers, guarantors and any other party liable on this Note waive presentment for payment, demand,
protest, notice of protest and notice of nonpayment, default and dishonor, notice of intent to accelerate, notice of acceleration, and further, to the extent allowed by law, waive all benefits of valuation, appraisement and exemption laws. Holder
may, without notice, extend the time of payment of this Note, postpone the enforcement hereof, grant any other indulgence, add or release any party primarily or secondarily liable hereon and/or release or change any collateral securing this Note
without affecting or diminishing Holder’s right of recourse against Maker, all endorsers, guarantors and other parties liable on this Note, which right is hereby expressly reserved. As used in this Note, the term “Holder” includes any
future holder of this Note. If more than one party signs this Note as Maker, the obligations of each of them shall be joint and several. 
 As a material
inducement to Holder to advance funds or otherwise provide financial accommodations to or for the benefit of Maker and/or in consideration of Holder having previously done so, Maker agrees that in the event of any prepayment of any of Maker’s
indebtedness for borrowed money now or hereafter owing to Holder (whether evidenced hereby or otherwise), whether voluntary or involuntary, Maker shall simultaneously pay a prepayment premium equal to the sum of nineteen hundredths of one percent
(0.19%) of the principal amount then being prepaid multiplied by the number of calendar months between the date of such prepayment and the scheduled final maturity date of the indebtedness being prepaid. Any partial prepayment shall be applied first
to accrued and unpaid late charges, then to any other fees or expenses payable hereunder, then to accrued and unpaid interest, with the remainder applied to reduction of principal; the amount and due date of the remaining scheduled installments
shall not be affected, but the number of remaining installments will be reduced as a result of said partial prepayment. 
 Notwithstanding anything to the
contrary in this Note or any related writing, all agreements between Maker and Holder, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of demand for payment or
acceleration of maturity or otherwise, shall the interest contracted for, charged or received by Holder exceed the maximum amount permissible under applicable law. The right to accelerate maturity of sums due under this Note does not include the
right to accelerate any interest which has not otherwise been earned on the date of such acceleration, and Holder does not intend to charge or collect any unearned interest in the event of acceleration, If, from any circumstance whatsoever, interest
would otherwise be payable to Holder in excess of the maximum lawful amount, the interest payable to Holder shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance Holder shall ever receive anything of
value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal hereof and not to the payment of interest, or if such excessive interest
exceeds the unpaid balance of the principal, such excess shall be refunded to Maker. All interest paid or agreed to be paid to Holder shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full
period until payment in full of the principal (including the period of any extension or renewal hereof) so that the interest hereon for such full period shall not exceed the maximum amount permitted by applicable law. This paragraph shall control
all agreements between Maker and Holder. 

  

			
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 The proceeds from the loan evidenced by this Note are to be used for business purposes only, and no part
thereof is to be used for primarily consumer, personal, family or household purposes. Maker acknowledges and agrees that Maker’s obligations hereunder shall be secured by any security agreement, mortgage, deed of trust or pledge executed by
Maker in favor of Holder, whether now existing or hereafter executed. 
 THIS WRITTEN AGREEMENT AND ALL OTHER DOCUMENTS EXECUTED IN CONNECTION HEREWITH
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES. THIS NOTE MAY NOT BE CHANGED OR
TERMINATED ORALLY. 
  

			
	MAKER:	 	Best Pump and Flow, LP
		 	By: Best Ventures LLC, General Partner
		
	By:	 	 /s/ Dan Wilks

		 	Name: Dan Wilks

  

			
	 /s/ Authorized Signatory

	Witness for all Makers

  

			
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