Document:

EX-4.3

 Exhibit 4.3 

STOCKHOLDERS’ AGREEMENT 

dated as of 
 [•], 2021 

among 
 PROFRAC HOLDING CORP.,

 THRC HOLDINGS, LP 
 and 

FARRIS WILKS 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	 	Certain Definitions	  	 	1	 
		
	 ARTICLE II TERM
	  	 	5	 
			
	 Section 2.1
	 	Term and Termination	  	 	5	 
		
	 ARTICLE III CORPORATE GOVERNANCE MATTERS
	  	 	6	 
			
	 Section 3.1
	 	Board Composition	  	 	6	 
	 Section 3.2
	 	Director Nomination Rights	  	 	7	 
	 Section 3.3
	 	Committees of the Company Board	  	 	8	 
	 Section 3.4
	 	Stockholders Agreement to Vote	  	 	8	 
		
	 ARTICLE IV OTHER AGREEMENTS
	  	 	9	 
			
	 Section 4.1
	 	Restrictions on Transferability and Acquisitions	  	 	9	 
	 Section 4.2
	 	Company Organizational Documents	  	 	9	 
		
	 ARTICLE V DISPUTE RESOLUTION
	  	 	9	 
			
	 Section 5.1
	 	General Provisions	  	 	9	 
		
	 ARTICLE VI MISCELLANEOUS
	  	 	10	 
			
	 Section 6.1
	 	Corporate Power	  	 	10	 
	 Section 6.2
	 	Governing Law	  	 	11	 
	 Section 6.3
	 	Notices	  	 	11	 
	 Section 6.4
	 	Severability	  	 	12	 
	 Section 6.5
	 	Entire Agreement	  	 	12	 
	 Section 6.6
	 	Assignment; No Third-Party Beneficiaries	  	 	12	 
	 Section 6.7
	 	Amendment; Waiver	  	 	12	 
	 Section 6.8
	 	Interpretations	  	 	12	 
	 Section 6.9
	 	Counterparts; Electronic Transmission of Signatures	  	 	13	 
	 Section 6.10
	 	Enforceable by the Company Independent Directors	  	 	13	 
	 Section 6.11
	 	THRC Representative	  	 	13	 
	 Section 6.12
	 	Farris Representative	  	 	13	 

  

  
 i 

 STOCKHOLDERS’ AGREEMENT 

This STOCKHOLDERS’ AGREEMENT (this “Agreement”) dated as of [•], 2021, is entered into by and among ProFrac Holding
Corp., a Delaware corporation (the “Company”), THRC Holdings, LP, a Texas limited partnership (“THRC” and, together with any other member of the THRC Group executing a joinder, the “THRC Parties”),
and Farris Wilks (“Farris” and, together with any other member of the Farris Group executing a joinder, the “Farris Parties”). The THRC Parties and the Farris Parties are each sometimes referred to herein
individually as a “Principal Stockholder” and collectively as the “Principal Stockholders” and the Principal Stockholders and the Company are sometimes referred to herein individually as a “Party”
and collectively as the “Parties.” 
 WHEREAS, on [•], 2021, ProFrac Holdings, LLC, a Texas limited liability company
(“ProFrac Holdings”), [•] and [•], entered into that certain Master Reorganization Agreement (the “Reorganization Agreement”); 

WHEREAS, pursuant to the transactions contemplated by the Master Reorganization Agreement, the Principal Stockholders were issued an aggregate
of [•] shares of Company Common Stock (as defined herein); and 
 WHEREAS, the Principal Stockholders and the Company desire to enter
into this Agreement in order to, inter alia, (i) set forth certain of their rights, duties and obligations as a result of the transactions contemplated by the Master Reorganization Agreement; (ii) provide for the management, operation and
governance of the Company; and (iii) set forth restrictions on certain activities in respect of the Company Common Stock, corporate governance, and other related corporate matters. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.1 Certain Definitions. For purposes of this Agreement, the following terms shall have the meanings specified in this
Section 1.1: 
 “Action” means any demand, action, claim, dispute, suit, countersuit,
arbitration, inquiry, proceeding or investigation by or before any federal, state, local, foreign or international Governmental Entity or any arbitration or mediation tribunal. 

“Additional Principal Stockholder” means any Other Stockholder that becomes a party to this Agreement by executing a joinder;
provided, however, for so long as a THRC Party or Farris Party is party to this Agreement, no Other Stockholder may become a party to this Agreement without the consent of the THRC Parties and the Farris Parties, as applicable; provided
further, that the consent of the Company shall not be required for any Other Stockholder to become an Additional Principal Stockholder. 

 “Affiliate” means, as to any Person, any other Person which, directly or
indirectly, controls, or is controlled by, or is under common control with, such Person. 
 “Agreement” has the meaning set
forth in the preamble. 
 “beneficial ownership,” including the correlative terms “beneficially own,”
“beneficial owner,” “own,” and “beneficially owning,” has the meaning ascribed to such term in Section 13(d) of the Exchange Act. 

“Business Day” means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking
institutions in the State of Texas or the State of New York are authorized or required to be closed by Law or governmental action. 

“Bylaws” means the Amended and Restated Bylaws of the Company, as amended and/or restated from time to time. 

“Chancery Court” shall have the meaning set forth in Section 5.1(a). 

“Charter” means the Amended and Restated Certificate of Incorporation of the Company, as amended and/or restated from time to
time. 
 “Class A Common Stock” means the Class A common stock, par value $0.01 per share, of the
Company. 
 “Class B Common Stock” means the Class B common stock, par value $0.01 per share, of the
Company. 
 “Closing” has the meaning given such term in the Reorganization Agreement. 

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

“Company Board” means the board of directors of the Company. 

“Company Common Stock” means the Class A Common Stock and Class B Common Stock, considered as a single class. 

“Company Group” means the Company, each Subsidiary of the Company from and after the Closing (in each case so long as such
Subsidiary remains a Subsidiary of the Company) and each other Person that is controlled either directly or indirectly by the Company immediately after the Closing (in each case for so long as such Person continues to be controlled either directly
or indirectly by the Company). 
 “Company Independent Director” means each director of the Company who (i) is an
Independent Director and (ii) without limiting (i), (A) is not a THRC Director or a Farris Director, (B) for so long as this Agreement has not terminated with respect to the THRC Parties, is not a current director, officer or employee
of, any member of the THRC Group, (C) for so long as this Agreement has not terminated with respect to the Farris Parties, is not a current director, officer or employee of, any member of the Farris Group, (D) for so long as this Agreement
has not terminated 

  
 2 

 
with respect to the THRC Parties, has been determined by the Company Board (or a committee thereof) in good faith not to have any relationship with any member of the THRC Group that would be
material to the director’s ability to be independent from the THRC Parties, (E) for so long as this Agreement has not terminated with respect to the Farris Parties, has been determined by the Company Board (or a committee thereof) in good
faith not to have any relationship with any member of the Farris Group that would be material to the director’s ability to be independent from the Farris Parties and (F) is designated by the Company Board (or a committee thereof) as a
Company Independent Director. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, together with the
rules and regulations promulgated thereunder. 
 “Farris” has the meaning set forth in the preamble. 

“Farris Designee” has the meaning set forth in Section 3.1(b). 

“Farris Director” has the meaning set forth in Section 3.1(b). 

“Farris Group” means (i) Farris Wilks, (ii) Mr. Farris Wilks’ estate, (iii) Mr. Farris Wilks’
spouse, lineal descendants (whether by blood or adoption) and heirs (whether by will or intestacy), (iv) any trust, family partnership or family limited liability company, the sole beneficiaries, partners or members or which are Mr. Farris
Wilks, Mr. Farris Wilks’ spouse or Mr. Farris Wilks’ lineal descendants (whether by blood or adoption) and heirs (whether by will or intestacy) and (v) any Affiliate of any of the Persons set forth in clauses
(i) through (iv) for so long as such Affiliate is controlled by any of the Persons set forth in clauses (i) through (iv). For purposes of this paragraph, Mr. Farris Wilks’ estate shall be deemed party to this Agreement, subject
to all rights and obligations hereof, pending settlement of such estate. 
 “Farris Parties” has the meaning set forth in
the preamble. 
 “Final Termination Date” has the meaning set forth in Section 2.1. 

“Governmental Entity” means any United States federal, state or local, or foreign, international or supranational,
government, court or tribunal, or administrative, executive, governmental or regulatory or self-regulatory body, agency or authority thereof. 

“Group” means the THRC Group, the Farris Group, the Principal Stockholder Group, or the Company Group, as the context
requires. 
 “Independent Director” means a director who is independent under the Nasdaq listing rules. 

“Initial Farris Group Shares” has the meaning set forth in the recitals. 

“Initial Stockholder Shares” has the meaning set forth in the recitals. 

“Law” means any federal, state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance,
code, rule, regulation, order, injunction, judgment, decree, ruling or other similar legally enforceable requirement enacted, adopted, promulgated or applied by a Governmental Entity. 

  
 3 

 “Nasdaq” means the Nasdaq Global Select Market. 

“Necessary Action” means, with respect to any party and a specified result, all actions (to the extent such actions are
permitted by Law and within such party’s control) necessary to cause such result, including (i) voting or providing a written consent or proxy with respect to the Company Common Stock owned by such party, (ii) causing the adoption of
stockholders’ resolutions and amendments to the organizational documents of the Company, (iii) executing agreements and instruments, and (iv) making, or causing to be made, with governmental, administrative or regulatory authorities,
all filings, registrations or similar actions that are required to achieve such result. 

“Non-Principal Stockholder Designee” has the meaning set forth in
Section 3.2(b). 
 “Other Stockholder” means a holder of Company Common Stock that is not a
member of the THRC Group or the Farris Group. 
 “Party” and collectively, “Parties”, has the meaning set
forth in the preamble. 
 “Person” means an individual, corporation, partnership, joint venture, association, trust,
unincorporated organization, limited liability company or governmental or other entity. 
 “Principal Stockholder
Designees” has the meaning set forth in Section 3.1(b). 
 “Principal Stockholder Directors” has the meaning
set forth in Section 3.1(b). 
 “Principal Stockholder Group” means the THRC Group, the Farris Group and any
Additional Principal Stockholder. 
 “Principal Stockholders” has the meaning set forth in the preamble. 

“ProFrac Holdings” has the meaning set forth in the recitals. 

“Related Party Transaction” means any transaction (including any merger or consolidation of the Company with any other entity
or association) or series of related transactions in which the Company or any member of the Company Group is a participant and any Principal Stockholder or any member of the Farris Group or the THRC Group (in each case, with respect to which this
Agreement has not terminated) or any director has a direct or indirect material interest (other than an interest as a stockholder in the Company proportionate to its Company Stock ownership) other than a transaction or series of related transactions
that involves goods, services, property or other consideration valued at less than $120,000 or that is otherwise de minimis in nature. 

“Reorganization Agreement” has the meaning set forth in the recitals. 

  
 4 

 “Subsidiary” means, with respect to a subject Person, any other Person of
which (i) at least 50% of the securities or ownership interests having by their terms ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions, (ii) a general partner interest, or
(iii) a managing member interest, is directly or indirectly owned or controlled by the subject Person or by one or more of its Subsidiaries. 

“Termination Date” has the meaning set forth in Section 2.1. 

“THRC” has the meaning set forth in the preamble. 

“THRC Designee” has the meaning set forth in Section 3.1(b). 

“THRC Director” has the meaning set forth in Section 3.1(b). 

“THRC Group” means [(i) THRC Holdings, LP and any successor entity, (ii) Dan Wilks, (iii) Mr. Dan Wilks’
estate, (iv) Mr. Dan Wilks’ spouse, lineal descendants (whether by blood or adoption) and heirs (whether by will or intestacy), (v) any trust, family partnership or family limited liability company, the sole beneficiaries, partners or
members or which are Mr. Dan Wilks, Mr. Dan Wilks’ spouse or Mr. Dan Wilks’ lineal descendants (whether by blood or adoption) and heirs (whether by will or intestacy) and (vi) any Affiliate of any of the Persons set
forth in clauses (i) through (v) for so long as such Affiliate is controlled by any of the Persons set forth in clauses (i) through (v). For purposes of this paragraph, Mr. Dan Wilks’ estate shall be deemed party to this
Agreement, subject to all rights and obligations hereof, pending settlement of such estate]. 
 “THRC Parties” has the
meaning set forth in the preamble. 
 “Transfer” means, directly or indirectly (whether by merger, operation of Law or
otherwise), to sell, transfer, assign, pledge, hypothecate or otherwise dispose of or encumber any direct or indirect economic, voting or other rights in or to any Company Common Stock, including by means of (i) the Transfer of an interest in a
Person that directly or indirectly holds such Company Common Stock or (ii) a hedge, swap or other derivative. “Transferred” and “Transferring” shall have correlative meanings. 

“Trigger Date” has the meaning given such term in the Charter. 

ARTICLE II 
 TERM

 Section 2.1 Term and Termination. This Agreement is effective as of the date hereof and shall terminate automatically
(a) with respect to the THRC Parties, on the first date that the THRC Parties, based on their collective ownership of Company Common Stock, would no longer have the right to nominate a THRC Designee pursuant to
Section 3.1(b), and (b) with respect to the Farris Parties, on the first date that the Farris Parties, based on their collective ownership of Company Common Stock, would no longer have the right to nominate a Farris
Designee pursuant to Section 3.1(b). Notwithstanding the foregoing, the provisions of Article V and Article VI, and any claim for breach of the covenants set forth in this
Agreement, shall survive the termination of this Agreement. The date that this Agreement terminates with respect to the THRC Parties or the Farris Parties, as applicable, is referred to herein as such Parties’ “Termination
Date.” The first date that this Agreement has terminated with respect to both the THRC Parties and the Farris Parties is referred to herein as the “Final Termination Date.” 

  
 5 

 ARTICLE III 

CORPORATE GOVERNANCE MATTERS 

Section 3.1 Board Composition. 

The Company, each Principal Stockholder and each Additional Principal Stockholder agree to take all Necessary Action such that: 

(a) The initial number of directors on the Company Board shall be five (5). The number of directors on the Company Board shall not be increased
or decreased without the prior written consent of the Principal Stockholders. The Company Board shall initially be comprised of Matthew Wilks, Sergei Krylov, Terry Glebocki, Stacy Nieuwoudt and Gerald Haddock. 

(b) Prior to the Trigger Date, the Company Board shall be comprised of (i) one director designated by the THRC Parties (a “THRC
Designee” and any THRC Designee serving on the Company Board, a “THRC Director”), (ii) one director designated by the Farris Parties (a “Farris Designee” and, together with the THRC Designee, the
“Principal Stockholder Designees” and any Farris Designee serving on the Company Board, a “Farris Director” and, together with the THRC Director, the “Principal Stockholder Directors”),
(iii) three Company Independent Directors designated by the Company. The initial THRC Designee is Matthew Wilks, who shall be the initial THRC Director, and the initial Farris Designee is Sergei Krylov, who shall be the initial Farris Director.
The initial Executive Chairman shall be Matthew Wilks. Prior to the Trigger Date, the Company’s Executive Chairman shall not be changed without the prior written consent of the Principal Stockholders. 

(c) On and after the Trigger Date, the directors contemplated by Section 3.1(b) shall be divided into three classes
in accordance with the Charter, each of which directors shall serve for staggered three-year terms, as follows: 
 (i) the
class I directors shall include: one Company Independent Director designated by the Company Board, which designation shall be made prior to the effectiveness of the Trigger Date; 

(ii) the class II directors shall include: two Company Independent Directors designated by the Company Board, which designation
shall be made prior to the effectiveness of the Trigger Date; and 
 (iii) the class III directors shall include:
(A) for so long as the THRC Group collectively owns Company Common Stock representing at least 5% of the outstanding shares of Company Common Stock, one THRC Designee, and (B) for so long as the Farris Group collectively owns Company
Common Stock representing at least 5% of the outstanding shares of Company Common Stock, one Farris Designee. 

  
 6 

 Notwithstanding the foregoing, the initial term of the class I directors shall expire at the first annual
meeting of stockholders of the Company held following the Trigger Date. The initial term of the class II directors shall expire at the second annual meeting of stockholders of the Company held following the Trigger Date. The initial term of the
class III directors shall expire at the third annual meeting of stockholders of the Company held following the Trigger Date. 

Section 3.2 Director Nomination Rights. 

(a) No Principal Stockholder shall designate any Principal Stockholder Designee who it believes does not satisfy the requirements for service
on the Company Board set forth in Section 2.9(A)(2)(d) (other than with respect to clause (ii)(B) of such Section) of the Bylaws or the rules and regulations of Nasdaq or applicable Law. Upon the identification of any Principal Stockholder
Designee by a Principal Stockholder, the Company Board (or a committee thereof) shall promptly and in good faith consider each Principal Stockholder Designee. In the event that the Company Board (or a committee thereof) determines that the Principal
Stockholder Designee fails to meet such requirements, such Principal Stockholder Designee shall not be nominated for election to the Company Board, and the applicable Principal Stockholder(s) shall have the right to designate an alternative
applicable Principal Stockholder Designee for consideration. Upon their nomination to the Company Board and from time to time thereafter if reasonably requested by any Principal Stockholder, the Company Board (or a committee thereof) shall in good
faith consider whether any Principal Stockholder Designee qualifies as a Company Independent Director. 
 (b) In connection with any annual
or special meeting of the stockholders of the Company at which directors shall be elected (or any action by stockholder consent to elect directors in lieu of a stockholder meeting), but subject to the allocation of designees among the classes of
directors pursuant to Section 3.1 for any annual or special meeting of the stockholders of the Company at which directors shall be elected (or any action by stockholder consent to elect directors in lieu of a stockholder
meeting) occurring on and after the Trigger Date, the Company Board (or a committee thereof) shall have the right to designate persons as nominees of the Company Board for election to each directorship for which a Principal Stockholder is not
entitled to designate a Principal Stockholder Designee (each such designee, a “Non-Principal Stockholder Designee”). 

(c) The Company shall cause each Principal Stockholder Designee and Non-Principal Stockholder Designee
to be included in the Company’s proxy materials and form of proxy disseminated to stockholders in connection with the election of directors (including at any special meeting of stockholders held for the election of directors), and the Company
Board (subject to its fiduciary duties) shall recommend such designees for election by the holders of Company Common Stock. Subject to the fiduciary duties of the Company Board, the Company shall use its reasonable best efforts to cause the election
of each such Principal Stockholder Designee and Non- Principal Stockholder Designee, including soliciting proxies in favor of the election of such persons. 

(d) From and after the date hereof, any vacancy on the Company Board that results from an increase in the number of directors or from the
death, resignation, retirement, disqualification or removal of any director from office or from any other cause shall, unless otherwise required by law, be filled (A) prior to the Trigger Date, by the affirmative vote of a majority of the total
number of directors then in office, even if less than a quorum, or by a sole remaining director, or by the affirmative vote of the holders of a majority of the voting power of 

  
 7 

 
the outstanding shares of Company Common Stock entitled to vote generally for the election of directors, voting as a single class and acting at a meeting of stockholders or by written consent in
accordance with the Delaware General Corporation Law, the Charter and the Bylaws, and (B) on or after the Trigger Date, solely by the vote of a majority of the total number of directors then in office, even if less than a quorum, or by a sole
remaining director, and shall not be filled by the stockholders. 
 (e) So long as the Principal Stockholder Group owns at least a majority
of the outstanding shares of Company Common Stock and the Company is otherwise eligible to avail itself of any available “controlled company” exceptions to the corporate governance listing standards of Nasdaq, the Company may avail itself
of any such exceptions, and, thereafter, the Company shall comply with the corporate governance listing standards of Nasdaq, including those relating to the composition of the committees of the Company Board. 

(f) For the avoidance of doubt, each Principal Stockholder shall have the right, in its sole discretion, to waive any and all of the rights
granted to it under this Section 3.2, by delivery of written notice to the Company. 
 Section 3.3
Committees of the Company Board. The Company, each Principal Stockholder and each Additional Principal Stockholder shall take all Necessary Action to cause the following committees of the Board of Directors to be comprised as set forth in
this Section 3.3. 
 (a) Audit Committee. The Company shall maintain an audit committee of the Company
Board (the “Audit Committee”), and shall cause the Audit Committee of the Company Board to consist solely of Company Independent Directors, and to otherwise satisfy the corporate governance listing standards of Nasdaq and applicable
Law, in each case subject to any permitted exceptions. 
 (b) Compensation Committee. Unless otherwise consented to by the Principal
Stockholders, the Company shall maintain a compensation committee of the Company Board (the “Compensation Committee”), which Compensation Committee, except as otherwise required from time to time by the corporate governance listing
standards of Nasdaq and applicable Law, in each case subject to any permitted exceptions, may consist of any combination of Company Independent Directors and Principal Stockholder Directors as the Company Board may determine, subject to the Charter
and Bylaws. 
 Section 3.4 Principal Stockholders Agreement to Vote. From and after the date hereof, each Principal Stockholder
shall: 
 (a) cause its respective shares of Company Common Stock to be present for quorum purposes at any Company stockholder meeting at
which directors shall be elected (or any action by stockholder consent to elect directors in lieu of a stockholder meeting); and 
 (b) cause
its respective shares of Company Common Stock to be voted in favor of the election of each Principal Stockholder Designee and each Company Independent Director designated and nominated for election at such meeting in accordance with this Agreement
(or any action by stockholder consent to elect directors in lieu of a stockholder meeting). 

  
 8 

 ARTICLE IV 

OTHER AGREEMENTS 

Section 4.1 Restrictions on Transferability and Acquisitions. 

(a) None of the Principal Stockholders or any THRC Party or Farris Party shall Transfer any shares of Company Common Stock to any other
Principal Stockholder or THRC Party or Farris Party unless such transferee executes a joinder to this Agreement, in form and substance reasonably acceptable to the Company, to become a party to this Agreement and be subject to the restrictions and
obligations applicable to the Person effecting the Transfer (or, in the case of a Transfer of Company Common Stock between members of the THRC Group and the Farris Group, to be subject to the restrictions and obligations applicable to the other
members of the receiving party’s Group) and otherwise become a party for all purposes of this Agreement; provided, that no such Transfer shall relieve the Principal Stockholders or any Person effecting the Transfer from its obligations
under this Agreement. Any Transfer in violation of this Agreement shall be void ab initio and of no force or effect. 
 (b) Each
certificate or book entry representing shares of Company Common Stock held of record by the Principal Stockholders or any member of a Principal Stockholder Group shall bear the following legend: 

“THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO RESTRICTIONS ON VOTING [AND TRANSFER] AND CERTAIN OTHER LIMITATIONS SET FORTH IN THE
STOCKHOLDERS’ AGREEMENT DATED AS OF [•], 2021 AMONG PROFRAC HOLDING CORP., THRC HOLDINGS, LP AND FARRIS WILKS, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND SHALL BE PROVIDED TO A STOCKHOLDER OF THE COMPANY FREE OF
CHARGE UPON A REQUEST THEREFOR.” 
 The legend set forth herein shall remain on all certificates representing such shares until the
applicable Termination Date. 
 Section 4.2 Company Organizational Documents. The Company agrees not to adopt or propose any
amendment, modification or restatement of or supplement to the Company’s Charter or Bylaws that would conflict with the provisions of this Agreement without the prior consent of the Principal Stockholders. 

ARTICLE V 
 DISPUTE
RESOLUTION 
 Section 5.1 General Provisions. 

(a) Each of the Parties (i) irrevocably consents to submit itself to the personal jurisdiction of the Court of Chancery of the State of
Delaware (the “Chancery Court”) or, if, but only if, the Chancery Court lacks subject matter jurisdiction, any federal court located in the State of Delaware with respect to any dispute arising out of, relating to or in connection
with this Agreement or any of the transactions contemplated by this Agreement, (ii) agrees that it will not 

  
 9 

 
attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (iii) agrees that it will not bring any action arising out of, relating to or
in connection with this Agreement or any of the transactions contemplated by this Agreement in any court other than the courts of the State of Delaware, as described above, and (iv) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY ACTION
RELATED TO OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. Nothing in this Section 5.1 shall prevent any Party from bringing an action or proceeding in any jurisdiction to enforce any
judgment of the Chancery Court or any federal court located in the State of Delaware, as applicable. The Parties hereby agree that mailing of process or other papers in connection with such action, suit, or proceeding in the manner provided by
Section 6.3 or in such other manner as may be permitted by Law shall be valid and sufficient service thereof. 

(b) The Parties agree that irreparable damage would occur and that the Parties would not have any adequate remedy at Law in the event that any
of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Each Party accordingly agrees that, in the event of any breach or threatened breach by any other Party of any covenant or
obligation contained in this Agreement, the non-breaching Party shall be entitled (in addition to any other remedy that may be available to it whether in Law or equity, including monetary damages) to
(i) a decree or order of specific performance to enforce the observance and performance of such covenant or obligation, and (ii) an injunction restraining such breach or threatened breach. In circumstances where a Party is obligated to
take action under this Agreement and such Party fails to take such action each of the Parties expressly acknowledges and agrees that the other Party shall have suffered irreparable harm, that monetary damages will be inadequate to compensate such
other Party, and that such other Party shall be entitled to enforce specifically the breaching Party’s obligations under this Agreement. Each Party accordingly agrees not to raise any objection to the availability of the equitable remedy of
specific performance to prevent or restrain breaches or threatened breaches of, or to enforce compliance with, the covenants and obligations of such Party under this Agreement all in accordance with the terms of this
Section 5.1(b). Each Party further agrees that no other Party and no other Person shall be required to obtain, furnish, or post any bond or similar instrument in connection with or as a condition to obtaining any remedy
referred to in this Section 5.1(b), and each Party irrevocably waives any right it may have to require the obtaining, furnishing, or posting of any such bond or similar instrument. 

ARTICLE VI 

MISCELLANEOUS 

Section 6.1 Corporate Power. 

(a) Each Principal Stockholder represents on behalf of itself and the Company represents on behalf of itself, as follows: 

(i) each such Person has the requisite corporate or other power and authority and has taken all corporate or other action
necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and 

  
 10 

 (ii) this Agreement has been duly executed and delivered by it and
constitutes a valid and binding agreement of it enforceable in accordance with the terms thereof. 
 Section 6.2 Governing Law.
This Agreement shall be governed by and construed and interpreted in accordance with the Laws of the State of Delaware, regardless of any Laws or legal principles that might otherwise govern under the applicable principles of conflicts of law
thereof. 
 Section 6.3 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing
and shall be given (and, in the case of delivery in person or by overnight mail, shall be deemed to have been duly given upon receipt) by delivery in person or overnight mail to the respective parties or delivery by electronic mail transmission
(providing confirmation of transmission) to the respective Parties. Any notice sent by electronic mail transmission shall be deemed to have been given and received at the time of confirmation of transmission. Any notice sent by electronic mail
transmission shall be followed reasonably promptly with a copy delivered by overnight mail. All notices, requests, claims, demands and other communications hereunder shall be addressed as follows, or to such other address or email address for a
Party as shall be specified in a notice given in accordance with this Section 6.3: 
 If to the THRC Parties, to:

 [•] 
 [with a copy to
(which shall not constitute notice): 
 [•] 

If to the Farris Parties, to: 

[•] 
 [with a copy to
(which shall not constitute notice): 
 [•] 

If to the Company, to: 
 ProFrac
Holding Corp. 
 333 Shops Boulevard, Suite 301 

Willow Park, Texas 76087 

Attention: [•] 
 Email:
[•] 

  
 11 

 with a copy to (which copy shall not constitute notice): 

Vinson & Elkins L.L.P. 

1001 Fannin St., Suite 2500 

Houston, Texas 77002 
 Attention:
        Michael S. Telle 
 Scott D. Rubinsky 

Email:             mtelle@velaw.com 

srubinsky@velaw.com 

Section 6.4 Severability. If any provision of this Agreement shall be held to be illegal, invalid or unenforceable under any
applicable Law, then such contravention or invalidity shall not invalidate the entire Agreement. Such provision shall be deemed to be modified to the extent necessary to render it legal, valid and enforceable, and if no such modification shall
render it legal, valid and enforceable, then this Agreement shall be construed as if not containing the provision held to be invalid, and the rights and obligations of the Parties shall be construed and enforced accordingly. 

Section 6.5 Entire Agreement. This Agreement (including the annexes, exhibits and letters hereto) together with the Charter and
Bylaws constitute the entire agreement, and supersede all other prior agreements and understandings (both written and oral), among the Parties with respect to the subject matter hereof and thereof. 

Section 6.6 Assignment; No Third-Party Beneficiaries. This Agreement shall not be assigned by any Party without the prior written
consent of each other Party hereto. This Agreement is for the sole benefit of the Parties to this Agreement and the members of their respective Group and their permitted successors and assigns and nothing in this Agreement, express or implied, is
intended to or shall confer upon any other Person or entity (other than the Company Independent Directors pursuant to Section 6.7 or Section 6.10) any legal or equitable right, benefit or remedy of
any nature whatsoever under or by reason of this Agreement 
 Section 6.7 Amendment; Waiver. No provision of this Agreement may
be amended or modified except by a written instrument signed by all the Parties to this Agreement; provided that any amendment or modification of this Agreement shall require the prior approval of a committee consisting solely of Company
Independent Directors. Either Principal Stockholder may, in its sole discretion, waive any and all rights granted to it in this Agreement; provided, that no waiver by any Party of any provision hereof shall be effective unless explicitly set
forth in writing and executed by the Party so waiving; provided, further, that any waiver of any or all of the Company’s rights granted under this Agreement shall require the prior written approval of a committee consisting solely
of Company Independent Directors. The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other subsequent breach. 

Section 6.8 Interpretations. When a reference is made in this Agreement to an Article, Section or Schedule, such reference shall
be to an Article, Section or Schedule to this Agreement unless otherwise indicated. The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without
limitation.” Any references in this Agreement to “the date hereof” refers to the date of execution of this Agreement. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement. References to “this Agreement,” “hereof,” “herein,” and “hereunder” refer to this Agreement as a whole and not to any particular

  
 12 

 
provision of this Agreement and include any schedules, annexes, exhibits or other attachments to this Agreement. The word “or” shall be deemed to mean “and/or.” All terms
defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are applicable to the singular
as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to
herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor
statutes and references to all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. The Parties have participated jointly in the negotiation and drafting of this Agreement
with the assistance of counsel and other advisors and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the Parties and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement or interim drafts of this Agreement. 

Section 6.9 Counterparts; Electronic Transmission of Signatures. This Agreement may be executed in any number of counterparts and
by different Parties in separate counterparts, and delivered by means of electronic mail transmission or otherwise, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute
one and the same agreement. 
 Section 6.10 Enforceable by the Company Independent Directors. All of the Company’s rights
under this Agreement may be enforced exclusively by the Company Independent Directors; provided, that nothing in this Agreement shall require the Company Independent Directors to act on behalf of, or enforce any rights of, the Company. Any
recovery in connection with an Action brought by the Company Independent Directors hereunder or thereunder shall be for the proportionate benefit of all Other Stockholders. 

Section 6.11 THRC Representative. Each THRC Party, by executing and delivering this Agreement or a joinder hereto, hereby appoints
THRC as the representative to act on behalf of the THRC Parties for all purposes under this Agreement (the “THRC Representative”), including the exercise of all rights of the THRC Parties hereunder and the making of all elections
and decisions to be made by the THRC Parties pursuant to this Agreement. The Company hereby acknowledges and agrees that the THRC Representative shall have the power and authority to act on behalf of the THRC Parties pursuant to this Agreement and
that the act of the THRC Representative shall constitute the act of each THRC Party for all purposes under this Agreement. The THRC Representative may assign the power and authority granted to the THRC Representative pursuant to this
Section 6.11 to any other THRC Party, who shall thereafter serve as the THRC Representative. The Company shall be entitled to rely on any act or writing executed by the THRC Representative. 

  
 13 

 Section 6.12 Farris Representative. Each Farris Party, by executing and
delivering this Agreement or a joinder hereto, hereby appoints Farris as the representative to act on behalf of the Farris Parties for all purposes under this Agreement (the “Farris Representative”), including the exercise of all
rights of the Farris Parties hereunder and the making of all elections and decisions to be made by the Farris Parties pursuant to this Agreement. The Company hereby acknowledges and agrees that the Farris Representative shall have the power and
authority to act on behalf of the Farris Parties pursuant to this Agreement and that the act of the Farris Representative shall constitute the act of each Farris Party for all purposes under this Agreement. The Farris Representative may assign the
power and authority granted to the Farris Representative pursuant to this Section 6.12 to any other Farris Party, who shall thereafter serve as the Farris Representative. The Company shall be entitled to rely on any act or
writing executed by the Farris Representative. 
 Section 6.13 Remedies; Proxy. It is specifically understood and agreed
that breach of the provisions of this Agreement by any Party may result in irreparable injury to the other parties, that the remedy at law alone may be an inadequate remedy for such breach, and that, in addition to any other remedies which they may
have, such other Parties may seek to enforce their respective rights by actions for specific performance (to the extent permitted by law). For purposes of enforcing certain covenants of the Principal Stockholders set forth in Sections
3.1, 3.2 and 3.4 of this Agreement and only in the event of a breach of such covenants by any or both Principal Stockholders, (i) in the event of a breach of such covenants by a Principal Stockholder (the “Breaching
Principal Stockholder”), such Breaching Principal Stockholder hereby irrevocably appoints the other Principal Stockholder as its proxy, and hereby authorizes such other Principal Stockholder to vote, and such other Principal Stockholder
shall vote, all the shares of Company Common Stock which the Breaching Principal Stockholder may be entitled to vote at any Company stockholder meeting at which directors shall be elected (or any action by stockholder consent to elect directors in
lieu of a stockholder meeting), with all powers which such Breaching Principal Stockholder would possess if personally present (or executing any such stockholder consent), in accordance with the provisions set forth in Sections 3.1,
3.2 and 3.4 of this Agreement and (ii) in the event of a breach of such covenants by both Principal Stockholders, each Principal Stockholder hereby irrevocably appoints the Executive Chairman and Secretary of the Company, each of
them acting singly and with the power to appoint his or her substitute, as its proxy, and hereby authorizes such officers to vote, and such officers shall vote, all the shares of Company Common Stock which each Principal Stockholder may be entitled
to vote at any Company stockholder meeting at which directors shall be elected (or any action by stockholder consent to elect directors in lieu of a stockholder meeting), with all powers which each Principal Stockholder would possess if personally
present (or executing any such stockholder consent), in accordance with the provisions set forth in Sections 3.1, 3.2 and 3.4 of this Agreement. 

[signature page follows] 

  
 14 

 IN WITNESS WHEREOF, each party hereto has caused this Agreement to be executed by its
respective representative thereunto duly authorized, all as of the date first written above. 
  

			
	PROFRAC HOLDING CORP.
		
	By:	 	          

	Name:	 	    
	Title:	 	
	
	THRC HOLDINGS, LP
		
	By:	 	THRC Management, LLC, its general partner
		
	By:	 	          

	Name:
	Title:
	
	  
 Farris
Wilks

 [Signature Page to Stockholders’ Agreement]EX-10.2

 Exhibit 10.2 

TAX RECEIVABLE AGREEMENT 

by and among 
 PROFRAC
HOLDING CORP., 
 CERTAIN OTHER PERSONS NAMED HEREIN, 

and 
 AGENTS 

DATED AS OF [●] 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of [●], is hereby entered into by and among ProFrac Holding
Corp., a Delaware corporation (“ProFrac Corp.”), the TRA Holders and the Agents. 
 RECITALS 

WHEREAS, the Corporate Taxpayer is the managing member of ProFrac Holdings, LLC, a Texas limited liability company (together with any
successor entity, “ProFrac LLC”), an entity classified as a partnership for U.S. federal income tax purposes, and holds membership interests in ProFrac LLC; 

WHEREAS, ProFrac LLC and each of its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes
will have in effect an election under Section 754 of the Code for each Taxable Year in which a Redemption occurs; 
 WHEREAS, the TRA
Holders currently hold Units and may transfer all or a portion of such Units in one or more Redemptions, and, as a result of such Redemptions, the Corporate Taxpayer is expected to obtain or be entitled to certain tax benefits as further described
herein; 
 WHEREAS, this Agreement is intended to set forth the agreement among the parties hereto regarding the sharing of the tax benefits
realized by the Corporate Taxpayer as a result of the Redemptions; 
 NOW, THEREFORE, in consideration of the foregoing and the respective
covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I

 DEFINITIONS 

Section 1.1    Definitions. As used in this Agreement, the terms set forth in this Article I shall have
the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 

“Accrued Amount” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Actual Tax Liability” means, with respect to any Taxable Year, the actual liability for U.S. federal income Taxes of
(i) the Corporate Taxpayer, and (ii) without duplication, ProFrac LLC and any of its Subsidiaries that are treated as a partnership for U.S. federal income tax purposes, but only with respect to Taxes imposed on ProFrac LLC and such
Subsidiaries that are allocable to the Corporate Taxpayer; provided that the actual liability for U.S. federal income Taxes of the Corporate Taxpayer shall be calculated assuming deductions of (and other impacts of) state and local income and
franchise Taxes are excluded. 
 “Affiliate” means, with respect to any Person, any other Person that directly or
indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

  
 2 

 “Agent” means, with respect to (i) Farris C. Wilks, for so long as he
is a TRA Holder, Farris C. Wilks, and (ii) with respect to all other TRA Holders, THRC or such other Person designated as such pursuant to Section 7.6(b). 

“Agreed Rate” means a per annum rate of SOFR plus 100 basis points. 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“Amended Schedule” has the meaning set forth in Section 2.3(b) of this Agreement. 

“Assumed State and Local Tax Rate” means, with respect to any Taxable Year, (i) the sum of the following amounts for
each state and local jurisdiction in which ProFrac LLC (or any of its direct or indirect subsidiaries that are treated as a partnership or disregarded entity) or the Corporate Taxpayer files an income or franchise tax return for the relevant Taxable
Year: (A) the Corporate Taxpayer’s income and franchise tax apportionment factor(s) for such applicable state or local jurisdiction, multiplied by (B) the highest corporate income and franchise tax rate(s) for such state or local
jurisdiction, reduced by (ii) the product of (A) the highest marginal U.S. federal income tax rate applicable to the Corporate Taxpayer for the relevant Taxable Year (determined based on the calculation of the Hypothetical Tax
Liability for the relevant Taxable Year) and (B) the aggregate rate calculated under clause (i). 
 “Attributable” has
the meaning set forth in Section 3.1(b) of this Agreement. 
 “Basis Adjustment” means any
adjustment to the Tax basis of a Reference Asset as a result of a Redemption and the payments made pursuant to this Agreement with respect to such Redemption (as calculated under Section 2.1 of this Agreement), including,
but not limited to: (i) under Sections 734(b) and 743(b) of the Code (including in situations where, following a Redemption, ProFrac LLC remains classified as a partnership for U.S. federal income tax purposes); and (ii) under Sections
732(b), 734(b) and 1012 of the Code (in situations where, as a result of one or more Redemptions, ProFrac LLC becomes an entity that is disregarded as separate from its owner for U.S. federal income tax purposes). Notwithstanding any other provision
of this Agreement, the amount of any Basis Adjustment resulting from an Redemption of Units shall be determined without regard to any Section 743(b) adjustment attributable to such Units prior to such Redemption and, further, payments made
under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest. 

“Board” means the board of directors of the Corporate Taxpayer. 

“Business Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of
the United States of America or the State of Texas shall not be regarded as a Business Day. 
 “Call Right” has the meaning
set forth in the ProFrac LLC Agreement. 
 “Change of Control” means the occurrence of any of the following events or
series of related events after the IPO Date: 
  

	 	(i)	 any Person (excluding (A) any Qualifying Owner or any group of Qualifying Owners acting together that
would constitute a “group” for purposes of Section 13(d) of the 

  
 3 

	 	
Exchange Act and (B) a corporation or other entity owned, directly or indirectly, by the stockholders of the Corporate Taxpayer in substantially the same proportions as their ownership of
the stock of the Corporate Taxpayer) is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the rules promulgated under the Exchange Act), directly or indirectly, of securities of the
Corporate Taxpayer representing more than 50% of the combined voting power of the Corporate Taxpayer’s then outstanding voting securities; or 

  

	 	(ii)	 there is consummated a merger or consolidation of the Corporate Taxpayer with any other corporation or other
entity, and, immediately after the consummation of such merger or consolidation, all of the Persons who were the respective “beneficial owners” (as defined above) of the voting securities of the Corporate Taxpayer immediately prior to such
merger or consolidation do not continue to beneficially own more than 50% of the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary,
the ultimate parent thereof; or 

  

	 	(iii)	 the stockholders of the Corporate Taxpayer approve a plan of complete liquidation or dissolution of the
Corporate Taxpayer or there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets, other
than such sale or other disposition by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by stockholders of
the Corporate Taxpayer in substantially the same proportions as their ownership of the Corporate Taxpayer immediately prior to such sale. 

Notwithstanding the foregoing, (a) except with respect to clause (ii) above, a “Change of Control” shall not be deemed to
have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Corporate Taxpayer immediately prior to such transaction or series of
transactions continue to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns, either directly or through a Subsidiary, all or substantially all of the assets of the Corporate
Taxpayer immediately following such transaction or series of transactions, and (b) a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions in
connection with an FTSI Reorganization (as defined in the ProFrac LLC Agreement). 
 “Class A Shares”
means shares of Class A common stock of the Corporate Taxpayer. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporate
Taxpayer” means ProFrac Corp., and any successor corporation, and shall include any other member of any Tax consolidated group of which ProFrac Corp. is a member. For the avoidance of doubt, this term as used in the definition of
“Board” and “Change of Control” means only ProFrac Corp. and any successor corporation. 

  
 4 

 “Corporate Taxpayer Return” means the U.S. federal income Tax Return of the
Corporate Taxpayer filed with respect to any Taxable Year. 
 “Cumulative Net Realized Tax Benefit” for a Taxable Year
means the cumulative amount (but not less than zero) of Realized Tax Benefits for all Taxable Years of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The
Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Payment Schedule or Amended Schedule, if any, in existence at the time of such determination. 

“Default Rate” means a per annum rate of SOFR plus 500 basis points. 

“Determination” has the meaning ascribed to such term in Section 1313(a) of the Code or any other event (including the
execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. 

“Dispute” has the meaning set forth in Section 7.9(a) of this Agreement. 

“Early Termination” has the meaning set forth in Section 4.1 of this Agreement. 

“Early Termination Date” means the date of an Early Termination Notice, or the date on which the Early Termination Notice is
deemed to have been delivered pursuant to Section 4.2 or Section 4.3, for purposes of determining the Early Termination Payment. 

“Early Termination Effective Date” has the meaning set forth in Section 4.4 of this Agreement. 

“Early Termination Notice” has the meaning set forth in Section 4.4 of this Agreement. 

“Early Termination Payment” has the meaning set forth in Section 4.5(b) of this Agreement. 

“Early Termination Rate” means a per annum rate of SOFR plus 150 basis points. 

“Early Termination Schedule” has the meaning set forth in Section 4.4 of this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the same
may be amended from time to time (or any corresponding provisions of succeeding law). 
 “Expert” means such nationally
recognized expert in the particular area of disagreement as is mutually acceptable to the Corporate Taxpayer and the Agents. 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability for U.S. federal income Taxes of
(i) the Corporate Taxpayer, and (ii) without duplication, ProFrac LLC and any of its Subsidiaries that are treated as a partnership for U.S. federal income tax purposes, but only with respect to Taxes imposed on ProFrac LLC and such
Subsidiaries that are allocable 

  
 5 

 
to the Corporate Taxpayer (using the same methods, elections, conventions, U.S. federal income tax rate and similar practices used on the relevant Corporate Taxpayer Return), but without taking
into account (A) any Basis Adjustments, (B) any deduction attributable to Imputed Interest for the Taxable Year, and (C) any Post-IPO TRA Benefits. For the avoidance of doubt, Hypothetical Tax
Liability shall be determined without taking into account the carryover or carryback of any U.S. federal income Tax item (or portions thereof) that is attributable to any Basis Adjustments, Imputed Interest or any
Post-IPO TRA Benefits. Furthermore, the Hypothetical Tax Liability shall be calculated assuming deductions of (and other impacts of) state and local income and franchise Taxes are excluded. 

“Imputed Interest” means any interest imputed under Section 1272, 1274 or 483 or other provision of the Code with
respect to the Corporate Taxpayer’s payment obligations under this Agreement. 
 “IPO” means the initial public
offering of Class A Shares by ProFrac Corp. 
 “IPO Date” means the closing date of the IPO. 

“IRS” means the U.S. Internal Revenue Service. 

“Majority TRA Holders” means, at the time of any determination, TRA Holders who would be entitled to receive more than fifty
percent (50%) of the aggregate amount of the Early Termination Payments payable to all TRA Holders hereunder (determined using such calculations of Early Termination Payments reasonably estimated by the Corporate Taxpayer) if the Corporate Taxpayer
had exercised its right of early termination on such date. 
 “Market Value” means the closing price of the Class A
Shares on the applicable Redemption Date on the national securities exchange or interdealer quotation system on which such Class A Shares are then traded or listed, as reported by Bloomberg L.P.; provided, that if the closing price is
not reported by Bloomberg L.P. for the applicable Redemption Date, then the Market Value means the closing price of the Class A Shares on the Business Day immediately preceding such Redemption Date on the national securities exchange or
interdealer quotation system on which such Class A Shares are then traded or listed, as reported by Bloomberg L.P.; provided further that if the Class A Shares are not then listed on a national securities exchange or interdealer
quotation system, “Market Value” means the fair market value of the Class A Shares, as determined by the Board in good faith. 

“Material Objection Notice” has the meaning set forth in Section 4.4 of this Agreement. 

“Net Tax Benefit” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Objection Notice” has the meaning set forth in Section 2.3(a) of this Agreement. 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 

  
 6 

 “Post-IPO TRA” means any tax
receivable agreement (or comparable agreement) entered into by the Corporate Taxpayer or any of its Subsidiaries pursuant to which the Corporate Taxpayer or any of its Subsidiaries is obligated to pay over amounts with respect to tax benefits
resulting from any increases in Tax basis, net operating losses or other tax attributes to which the Corporate Taxpayer or any of its Subsidiaries becomes entitled as a result of a transaction after the date of this Agreement. 

“Post-IPO TRA Benefits” means any tax benefits resulting from increases in Tax basis,
net operating losses or other tax attributes with respect to which the Corporate Taxpayer or any of its Subsidiaries is obligated to make payments under a Post-IPO TRA. 

“ProFrac LLC” has the meaning set forth in the Recitals to this Agreement. 

“ProFrac LLC Agreement” means the limited liability company agreement of ProFrac LLC, as amended from time to time. 

“Qualifying Owners” means (i) Farris C. Wilks, (ii) Dan H. Wilks, (iii) THRC, (iv) any spouse, lineal
descendant (whether by blood or adoption), heirs (whether by will or intestacy), legal guardian or other legal representative or estate of the Person named in clause (i) or (ii) above, (v) any trust or family limited liability company, the
sole beneficiary, partners or members of which are Persons described in clause (i) or (ii) above, such Person’s spouse, lineal descendant (whether by blood or adoption) and heirs (whether by will or intestacy), (vi) any trust of which at
least one of the trustees is a Person described in (i) or (ii) above, (vi) any affiliated funds, investment vehicles or special purpose entities managed by any of the Persons described in clause (i), (ii) or (iii) above, and
(vii) any general partner, managing member, principal or managing director of any of the Persons described in clause (i), (ii) or (iii) above. 

“Realized Tax Benefit” means, for a Taxable Year, the sum of (i) the excess, if any, of the Hypothetical Tax Liability
over the Actual Tax Liability and (ii) the State and Local Tax Benefit. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability and the
corresponding Hypothetical Tax Liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination with respect to such Actual Tax Liability. 

“Realized Tax Detriment” means, for a Taxable Year, the sum of (i) the excess, if any, of the Actual Tax Liability over
the Hypothetical Tax Liability and (ii) the State and Local Tax Detriment. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability and the
corresponding Hypothetical Tax Liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination with respect to such Actual Tax Liability. 

“Reconciliation Dispute” has the meaning set forth in Section 7.10 of this Agreement. 

“Reconciliation Procedures” means the procedures described in Section 7.10 of this Agreement. 

“Redemption” means any transfer of Units by a TRA Holder, or by a permitted transferee of such TRA Holder (as determined
pursuant to the ProFrac LLC Agreement), to ProFrac LLC or to the Corporate Taxpayer pursuant to the Redemption Right or the Call Right, as applicable. 

  
 7 

 “Redemption Date” means each date on which a Redemption occurs. 

“Redemption Notice” has the meaning given to the term “Redemption Notice” in the ProFrac LLC Agreement. 

“Redemption Right” means the redemption right of holders of Units set forth in Section 4.6 of the ProFrac LLC Agreement.

 “Reference Asset” means, with respect to any Redemption, an asset (other than cash or a cash equivalent) that is held by
ProFrac LLC, or by any of its direct or indirect Subsidiaries that is treated as a partnership or disregarded entity for U.S. federal income tax purposes (but only to the extent such Subsidiaries are not held through any entity treated as a
corporation for U.S. federal income tax purposes), at the time of such Redemption. A Reference Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset.

 “Resolution of Disputes Procedures” means the procedures described in Section 7.9 of this
Agreement. 
 “Schedule” means any of the following: (i) a Tax Attribute Schedule, (ii) a Tax Benefit Payment
Schedule, or (iii) the Early Termination Schedule. 
 “Senior Obligations” has the meaning set forth in
Section 5.1 of this Agreement. 
 “SOFR” means, during any period, an interest rate per annum
equal to the greater of (a) 0.25% and (b) the Secured Overnight Financing Rate reported, two Business Days prior to the first day of such period, by the Wall Street Journal (or if it shall cease to report such rate, as reported by any other
publicly available source of such market rate). If the Secured Overnight Financing Rate ceases to be published or otherwise is not available, the Corporate Taxpayer will select an alternate benchmark with similar characteristic that gives due
consideration to the prevailing market conventions for determining rates of interest in the United States at such time. Each determination by the Corporate Taxpayer of SOFR (including selecting an alternate benchmark to the Secured Overnight
Financing Rate) shall be conclusive and binding in the absence of manifest error. 
 “State and Local Tax Benefit” means,
for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability; provided that, for purposes of determining the State and Local Tax Benefit, each of the Hypothetical Tax Liability and the Actual Tax
Liability shall be calculated using the Assumed State and Local Tax Rate instead of the rate applicable for U.S. federal income tax purposes. 

“State and Local Tax Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the
Hypothetical Tax Liability; provided that, for purposes of determining the State and Local Tax Detriment, each of the Actual Tax Liability and the Hypothetical Tax Liability shall be calculated using the Assumed State and Local Tax Rate
instead of the rate applicable for U.S. federal income tax purposes. 
 “Subsidiaries” means, with respect to any Person,
as of any date of determination, any other Person as to which such Person, owns, directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing member or
similar interest of such Person. 

  
 8 

 “Tax Attribute Schedule” has the meaning set forth in
Section 2.1 of this Agreement. 
 “Tax Benefit Payment” has the meaning set forth in
Section 3.1(b) of this Agreement. 
 “Tax Benefit Payment Schedule” has the meaning set forth in
Section 2.2 of this Agreement. 
 “Tax Proceeding” has the meaning set forth in
Section 6.1 of this Agreement. 
 “Tax Receivable Agreements” means this Agreement and any Post-IPO TRA. 
 “Tax Return” means any return, declaration, report or similar statement
required to be filed with respect to Taxes (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Year” means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code (which, for the
avoidance of doubt, may include a period of less than twelve (12) months for which a Tax Return is made), ending on or after the IPO Date. 

“Taxes” means any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or measured
with respect to net income or profits, including franchise taxes, and any interest imposed in respect of such Tax under applicable law. 

“Taxing Authority” means the IRS and any U.S. federal, national, state, county or municipal or other local government, any
subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 

“THRC” means THRC Holdings, LP, a Texas limited partnership. 

“TRA Holder” means each of those Persons set forth on Schedule A and their respective successors and permitted assigns
pursuant to Section 7.6(a). 
 “Treasury Regulations” means the final, temporary and proposed
regulations under the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant Taxable Year. 

“Units” has the meaning set forth in the ProFrac LLC Agreement. 

“Valuation Assumptions” means, as of an Early Termination Date, the assumptions that: 

(i)    in each Taxable Year ending on or after such Early Termination Date, the Corporate Taxpayer will
have taxable income sufficient to fully utilize the deductions arising from all Basis Adjustments and Imputed Interest during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest
that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions, further assuming such future Tax Benefit Payments would be paid on the due date, without extensions, for filing the Corporate
Taxpayer Return for the applicable Taxable Year) in which such deductions would become available; 

  
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 (ii)    any loss or credit carryovers generated by
deductions or losses arising from any Basis Adjustment or Imputed Interest (including such Basis Adjustment and Imputed Interest generated as a result of payments under this Agreement) that are available in the Taxable Year that includes the Early
Termination Date will be utilized by the Corporate Taxpayer ratably in each Taxable Year over the five Taxable Years beginning with the Taxable Year that includes the Early Termination Date; provided that, in any year in which the Corporate
Taxpayer is prevented from fully using any net operating loss or credit carryover pursuant to Section 382 or Section 383 of the Code (or any successor provision), the amount utilized for purposes of this provision shall not exceed the
amount that would otherwise be utilized under Section 382 or Section 383 of the Code (or any successor provision) and the five Taxable Year period described in this clause (ii) shall be extended with respect to such net operating loss
or credit carryover to ten Taxable Years; 
 (iii)    the U.S. federal, state and local income and
franchise tax rates that will be in effect for each Taxable Year ending on or after such Early Termination Date will be those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, except to the
extent any change to such tax rates for such Taxable Year have already been enacted into law; 

(iv)    any Reference Asset (other than a Reference Asset described in clause (v)) that is not subject to
amortization, depletion, depreciation or other cost recovery deduction to which any Basis Adjustment is attributable will be disposed of in a fully taxable transaction for U.S. federal income tax purposes on the fifth anniversary of the Early
Termination Date for an amount sufficient to fully utilize the Basis Adjustment with respect to such Reference Asset; provided that, in the event of a Change of Control which includes a taxable sale of such Reference Asset (including the sale
of all of the equity interests in an entity classified as a partnership or disregarded entity that directly or indirectly owns such Reference Asset), such Reference Asset shall be deemed disposed of at the time of the Change of Control; 

(v)    any Reference Asset that is (A) stock or any other equity interest in a Subsidiary of ProFrac
LLC that is treated as a corporation for U.S. federal income tax purposes or (B) goodwill or going concern value (each within the meaning of Section 197(d)(1) of the Code and the associated Treasury Regulations) and subject to
Section 197(f)(9) of the Code will not be deemed to be disposed of unless actually directly disposed of (or treated as actually directly disposed of for U.S. federal income tax purposes) in a taxable sale; and 

(vi)    if, at the Early Termination Date, there are Units (other than those held by the Corporate Taxpayer
or its Subsidiaries) that have not been transferred in an Redemption, then all such Units shall be deemed to be transferred pursuant to the Redemption Right effective on the Early Termination Date. 

  
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 Section 1.2    Other Definitional and Interpretative
Provisions. The words “hereof,” “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. References to
Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of
this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to
include the plural, and any plural term the singular. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,”
whether or not they are in fact followed by those words or words of like import. “Writing,” “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible
form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of
that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. 

ARTICLE II 

DETERMINATION OF CERTAIN REALIZED TAX BENEFITS 

Section 2.1    Tax Attribute Schedules. Within ninety (90) calendar days after the filing of the relevant
Corporate Taxpayer Return for each Taxable Year, the Corporate Taxpayer shall deliver to each Agent a schedule (the “Tax Attribute Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this
Agreement, including with respect to each applicable TRA Holder, (i) the Basis Adjustments with respect to the Reference Assets as a result of the Redemptions effected by such TRA Holder in such Taxable Year and (ii) the period (or
periods) over which such Basis Adjustments are amortizable and/or depreciable. 
 Section 2.2    Tax Benefit
Payment Schedules. 
 (a)    Within ninety (90) calendar days after the filing of the Corporate Taxpayer Return
for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporate Taxpayer shall provide to each Agent: (i) a schedule showing, in reasonable detail, (A) the calculation of the Realized Tax Benefit or
Realized Tax Detriment for such Taxable Year, (B) the portion of the Net Tax Benefit, if any, that is Attributable to each TRA Holder who has participated in any Redemption, (C) the Accrued Amount with respect to any such Net Tax Benefit
that is Attributable to such TRA Holder, (D) the Tax Benefit Payment due to each such TRA Holder, and (E) the portion of such Tax Benefit Payment that the Corporate Taxpayer intends to treat as Imputed Interest (a “Tax Benefit
Payment Schedule”), (ii) a reasonably detailed calculation of the Hypothetical Tax Liability, (iii) a reasonably detailed calculation of the Actual Tax Liability, (iv) a copy of the Corporate Taxpayer Return for such Taxable
Year, and (v) any other work papers reasonably requested by any Agent. In addition, the Corporate Taxpayer shall allow each Agent reasonable access at no cost to the appropriate representatives of the Corporate Taxpayer in connection with a
review of such Tax Benefit Payment Schedule; provided that, in the event of a dispute governed by Section 7.9 or Section 7.10, any such costs shall be borne as set forth in such sections.
The Tax Benefit Payment Schedule will become final as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the procedures set forth in
Section 2.3(b)). 

  
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 (b)    For purposes of calculating the Realized Tax Benefit or Realized
Tax Detriment for any Taxable Year, carryovers or carrybacks of any U.S. federal income Tax item attributable to the Basis Adjustments, Imputed Interest and any Post-IPO TRA Benefits shall be considered to be
subject to the rules of the Code and the Treasury Regulations, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any U.S. federal income Tax item includes a
portion that is attributable to the Basis Adjustment, Imputed Interest or any Post-IPO TRA Benefits and another portion that is not so attributable, such respective portions shall be considered to be used in
accordance with the “with and without” methodology such that the portion that is not attributable to a Basis Adjustment or Imputed Interest is deemed utilized first. The parties agree that (i) any payment under this Agreement (to the
extent permitted by law and other than amounts accounted for as Imputed Interest) will be treated as a subsequent upward adjustment to the purchase price of the relevant Units and will have the effect of creating additional Basis Adjustments to
Reference Assets for the Corporate Taxpayer in the year of payment, and (ii) as a result, such additional Basis Adjustments will be incorporated into the current year calculation and into future year calculations, as appropriate. 

Section 2.3    Procedure; Amendments. 

(a)    An applicable Schedule or amendment thereto shall become final and binding on all parties thirty (30) calendar
days from the first date on which all Agents have received the applicable Schedule or amendment thereto unless (i) any Agent, within thirty (30) calendar days after receiving an applicable Schedule or amendment thereto, provides the
Corporate Taxpayer and each other Agent with notice of a material objection to such Schedule (“Objection Notice”) made in good faith or (ii) each Agent provides a written waiver of such right of any Objection Notice within the
period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date waivers from all Agents have been received by the Corporate Taxpayer. If the Corporate Taxpayer and the Agents, for any reason,
are unable to successfully resolve the issues raised in an Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of such Objection Notice, the Corporate Taxpayer and the Agents shall employ the Reconciliation
Procedures under Section 7.10 or Resolution of Disputes Procedures under Section 7.9, as applicable. 

(b)    The applicable Schedule for any Taxable Year may be amended from time to time by the Corporate Taxpayer (i) in
connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after the date the Schedule was provided to
the Agents, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or
carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Corporate Taxpayer Return filed for such Taxable Year
or (vi) to adjust a Tax Attribute Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). The Corporate Taxpayer shall provide an Amended Schedule

  
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to each Agent within sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through (vi) of the preceding sentence and shall, at the reasonable request of any
Agent, provide any other work papers relating to such Amended Schedule. For the avoidance of doubt, in the event a Schedule is amended after such Schedule becomes final pursuant to Section 2.3(a), the Amended Schedule shall
not be taken into account in calculating any Tax Benefit Payment in the Taxable Year to which the amendment relates but instead shall be taken into account in calculating the Cumulative Net Realized Tax Benefit for the Taxable Year in which the
amendment actually occurs. 
 Section 2.4    Section 754 Election. In its capacity as the sole managing
member of ProFrac LLC, the Corporate Taxpayer will (i) ensure that, on and after the date hereof and continuing throughout the term of this Agreement, ProFrac LLC and any of its eligible Subsidiaries will have in effect an election pursuant to
Section 754 of the Code (and under any similar provisions of applicable U.S. state or local law) and (ii) use commercially reasonable efforts to ensure that, on and after the date hereof and continuing throughout the term of this
Agreement, any entity in which ProFrac LLC holds a direct or indirect interest that is treated as a partnership for U.S. federal income tax purposes that does not meet the definition of “Subsidiary” herein, will have in effect an election
pursuant to Section 754 of the Code (and under any similar provisions of applicable U.S. state or local law). 
 ARTICLE III 

TAX BENEFIT PAYMENTS 

Section 3.1    Payments. 

(a)    Within five (5) Business Days after a Tax Benefit Payment Schedule delivered to the Agents becomes final in
accordance with Section 2.3(a), the Corporate Taxpayer shall pay to each TRA Holder the Tax Benefit Payment in respect of such TRA Holder determined pursuant to Section 3.1(b) for such Taxable
Year. Each such payment shall be made by check, by wire transfer of immediately available funds to the bank account previously designated by the TRA Holder to the Corporate Taxpayer, or as otherwise agreed by the Corporate Taxpayer and the TRA
Holder. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated Tax payments, including, without limitation, U.S. federal or state estimated income Tax payments. 

(b)    A “Tax Benefit Payment” in respect of a TRA Holder for a Taxable Year means an amount, not less
than zero, equal to the sum of the portion of the Net Tax Benefit Attributable to such TRA Holder and the Accrued Amount with respect thereto. The “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any,
of 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the sum of (i) the total amount of payments previously made under this Section 3.1 (excluding payments attributable to Accrued
Amounts) and (ii) the total amount of Tax Benefit Payments previously made under the corresponding provision of any Post-IPO TRA; provided, for the avoidance of doubt, that no TRA Holder shall be
required to return any portion of any previously made Tax Benefit Payment. Subject to Section 3.3, the portion of the Net Tax Benefit for a Taxable Year that is “Attributable” to a TRA Holder is the portion
of such Net Tax Benefit that is derived from (x) any Basis Adjustment that was attributable, at the time of the relevant Redemption, to the Units acquired or deemed acquired by the Corporate Taxpayer in a Redemption undertaken by or with
respect to such TRA Holder or 

  
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(y) any Imputed Interest with respect to Tax Benefit Payments made to such TRA Holder. The “Accrued Amount” with respect to any portion of a Net Tax Benefit shall equal an
amount determined in the same manner as interest on such portion of the Net Tax Benefit for a Taxable Year calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer Return for such Taxable Year until the
Payment Date. For the avoidance of doubt, for Tax purposes, the Accrued Amount shall not be treated as interest but shall instead be treated as additional consideration for the acquisition of Units in a Redemption, unless otherwise required by law.

 (c)     Notwithstanding any provision of this Agreement to the contrary, with respect to any Redemption, a TRA Holder
may elect, by notifying the Corporate Taxpayer in writing on or before the due date for providing the Redemption Notice with respect to such Redemption to limit the aggregate Tax Benefit Payments to be made to such TRA Holder with respect to such
Redemption to (i) 50%, or such other percentage such TRA Holder elects to apply in its written notification, of (ii) the amount equal to the sum of (A) any cash, excluding any Tax Benefit Payments, received by such TRA Holder in such
Redemption and (B) the aggregate Market Value of the Class A Shares received by such TRA Holder in such Redemption, provided, for the avoidance of doubt, that such amount shall not include any Imputed Interest with respect to such
Redemption. An election made by a TRA Holder pursuant to this Section 3.1(c) may not be revoked. 

Section 3.2    No Duplicative Payments. It is intended that the provisions of this Agreement will not result
in duplicative payment of any amount (including interest) required under the Tax Receivable Agreements. It is also intended that the provisions of the Tax Receivable Agreements will result in 85% of the Cumulative Net Realized Tax Benefit, and the
Accrued Amount thereon, being paid to the Persons to whom payments are due pursuant to the Tax Receivable Agreements. The provisions of this Agreement shall be construed in the appropriate manner to achieve these fundamental results. 

Section 3.3 Pro Rata Payments; Coordination of Benefits with Other Tax Receivable Agreements. 

(a)    Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate
amount of the Corporate Taxpayer’s tax benefit subject to the Tax Receivable Agreements is limited in a particular Taxable Year because the Corporate Taxpayer does not have sufficient taxable income in such Taxable Year to fully utilize
available deductions and other attributes, the limitation on the tax benefit for the Corporate Taxpayer shall be allocated as follows: (i) first among any Post-IPO TRAs (and among all Persons eligible for
payments thereunder in the manner set forth in such Post-IPO TRAs) and (ii) to the extent of any remaining limitation on tax benefit for the Corporate Taxpayer after application of clause (i), among this
Agreement (and among all Persons eligible for payments thereunder) in proportion to the respective amounts of Net Tax Benefit that would have been determined under this Agreement if the Corporate Taxpayer had sufficient taxable income so that there
was no such limitation. 
 (b)    After taking into account Section 3.3(a), if for any reason
the Corporate Taxpayer does not fully satisfy its payment obligations to make all Tax Benefit Payments due under the Tax Receivable Agreements in respect of a particular Taxable Year, then (i) the Corporate Taxpayer

  
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will pay the same proportion of each Tax Benefit Payment due to each Person to whom a payment is due under this Agreement (provided that, no Tax Benefit Payment shall be made in respect of
any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full) and (ii) after fulfilling the obligations set forth in clause (i) of this Section 3.3(b), the Corporate
Taxpayer will then pay all amounts due under any Post-IPO TRA in respect of such Taxable Year (provided that, no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit
Payments in respect of prior Taxable Years have been made in full). 
 (c)    To the extent the Corporate Taxpayer makes
a payment to a TRA Holder in respect of a particular Taxable Year under Section 3.1(a) of this Agreement (taking into account Section 3.3(a) and Section 3.3(b), but
excluding payments attributable to Accrued Amounts) in an amount in excess of the amount of such payment that should have been made to such TRA Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments
under Section 3.1(a) until such TRA Holder has foregone an amount of payments equal to such excess and any Accrued Amount attributable to such excess and (ii) the Corporate Taxpayer will pay the amount of such TRA
Holder’s foregone payments (other than any foregone payments in respect of Accrued Amounts) to the other Persons to whom a payment is due under the Tax Receivable Agreements (or if no such payments are due, shall retain such amounts for future
payments when they become due) in a manner such that each such Person to whom a payment is due under the Tax Receivable Agreements, to the maximum extent possible, receives aggregate payments under Section 3.1(a) or the
comparable section of the other Tax Receivable Agreement(s), as applicable (in each case, taking into account Section 3.3(a) and Section 3.3(b) or the comparable section of the other Tax Receivable
Agreement(s), but excluding payments attributable to Accrued Amounts) in the amount it would have received if there had been no excess payment to such TRA Holder. 

ARTICLE IV 

TERMINATION 

Section 4.1    Early Termination at Election of the Corporate Taxpayer. The Corporate Taxpayer may
terminate this Agreement at any time by paying to each TRA Holder the Early Termination Payment due to such TRA Holder pursuant to Section 4.5(b) (such termination, an “Early Termination”); provided
that the Corporate Taxpayer may withdraw any notice of exercise of its termination rights under this Section 4.1 prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination
Payment to each TRA Holder by the Corporate Taxpayer, the Corporate Taxpayer shall not have any further payment obligations under this Agreement, other than for (a) any Tax Benefit Payment agreed to by the Corporate Taxpayer and such TRA Holder
as due and payable but unpaid as of the Early Termination Notice and (b) except to the extent included in the Early Termination Payment or as a payment under clause (a) of this Section 4.1, any Tax Benefit Payment
due for any Taxable Year ending prior to, with or including the Early Termination Date. Upon payment of all amounts provided for in this Section 4.1, this Agreement shall terminate. 

Section 4.2    Early Termination upon Change of Control. In the event of a Change of Control, all payment
obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the closing date of the Change of Control and shall include, but not be limited to the following:
(a) payment of the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the 

  
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closing date of a Change of Control, (b) payment of any Tax Benefit Payment in respect of a TRA Holder agreed to by the Corporate Taxpayer and such TRA Holder as due and payable but unpaid
as of the deemed Early Termination Notice, and (c) except to the extent included in the Early Termination Payment or as a payment under clause (b) of this Section 4.2, payment of any Tax Benefit Payment due for
any Taxable Year ending prior to, with or including the closing date of a Change of Control. In the event of a Change of Control, the Early Termination Payment shall be calculated utilizing the Valuation Assumptions and by substituting in each case
the terms “the closing date of a Change of Control” for an “Early Termination Date.” Procedures similar to the procedures of Section 4.4 shall apply, mutatis mutandis, with respect to the determination
of the amount payable by the Corporate Taxpayer pursuant to this Section 4.2. 

Section 4.3    Breach of Agreement. 

(a)    In the event that the Corporate Taxpayer (i) breaches any of its material obligations under this Agreement,
whether as a result of failure to make any payment within three (3) months of the date when due, as a result of the failure to honor any other material obligation required hereunder, or by operation of law as a result of the rejection of this
Agreement in a case commenced under the United States Bankruptcy Code or otherwise or (ii) (A) shall commence any case, proceeding or other action (1) under any existing or future law of any jurisdiction, domestic or foreign, relating to
bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts or (2) seeking an appointment of a receiver, trustee, custodian, conservator or other similar official for it or
for all or any substantial part of its assets, or it shall make a general assignment for the benefit of creditors or (B) there shall be commenced against the Corporate Taxpayer any case, proceeding or other action of the nature referred to in
clause (A) above that remains undismissed or undischarged for a period of sixty (60) calendar days, all obligations hereunder shall be automatically accelerated and shall be immediately due and payable, and such obligations shall be
calculated as if an Early Termination Notice had been delivered on the date of such breach. Procedures similar to the procedures of Section 4.4 shall apply, mutatis mutandis, with respect to the determination of the amount
payable by the Corporate Taxpayer pursuant to this Section 4.3(a). Notwithstanding the foregoing, in the event that the Corporate Taxpayer breaches this Agreement, the Majority TRA Holders shall be entitled to elect jointly
on behalf of all TRA Holders for such TRA Holders to receive the amounts referred to in this Section 4.3(a) or to seek specific performance of the terms under this Agreement. 

(b)    The parties agree that the failure of the Corporate Taxpayer to make any payment due pursuant to this Agreement
within three (3) months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it shall not be considered to be a breach of a material obligation
under this Agreement to make a payment due pursuant to this Agreement within three (3) months of the date such payment is due. Notwithstanding anything in this Agreement to the contrary, except in the case of an Early Termination Payment or any
payment treated as an Early Termination Payment, it shall not be a breach of a material obligation under this Agreement if the Corporate Taxpayer fails to make any Tax Benefit Payment when due to the extent that the Corporate Taxpayer has
insufficient funds to make, or to the extent that the Corporate Taxpayer is contractually constrained from making, such payment in the Corporate Taxpayer’s sole judgement exercised in good faith;

  
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provided that the interest provisions of Section 5.2 shall apply to such late payment (unless the Corporate Taxpayer does not have sufficient cash to make such
payment as a result of limitations imposed by any credit agreement to which ProFrac LLC or any Subsidiary of ProFrac LLC is a party, in which case Section 5.2 shall apply, but the Default Rate shall be replaced by the
Agreed Rate); provided further that it shall be a breach of a material obligation under this Agreement, and the provisions of Section 4.3(a) shall apply as of the original due date of the Tax Benefit Payment, if the
Corporate Taxpayer makes any distribution of cash or other property (other than Class A Shares or other equity interests of the Corporate Taxpayer) to its stockholders while any Tax Benefit Payment is due and payable but unpaid. 

Section 4.4    Early Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early
termination under Section 4.1 above, the Corporate Taxpayer shall deliver to each Agent notice of such intention to exercise such right (the “Early Termination Notice”). Upon delivery of the Early
Termination Notice or the occurrence of an event described in Section 4.2 or Section 4.3(a), the Corporate Taxpayer shall deliver (i) a schedule showing in reasonable detail the
calculation of the Early Termination Payment (the “Early Termination Schedule”) and (ii) any other work papers related to the calculation of the Early Termination Payment reasonably requested by any Agent. In addition, the
Corporate Taxpayer shall allow each Agent reasonable access at no cost to the appropriate representatives of the Corporate Taxpayer in connection with a review of such Early Termination Schedule; provided that, in the event of a dispute
governed by Section 7.9 or Section 7.10, any such costs shall be borne as set forth in such sections. The Early Termination Schedule shall become final and binding on all parties thirty
(30) calendar days from the first date on which all Agents have received such Schedule or amendment thereto unless (x) any Agent, within thirty (30) calendar days after receiving the Early Termination Schedule, provides the Corporate
Taxpayer and each other Agent with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”) or (y) each Agent provides a written waiver of such right of a Material Objection Notice within
the period described in clause (x) above, in which case such Schedule becomes binding on the date waivers from all Agents have been received by the Corporate Taxpayer (the “Early Termination Effective Date”). If the Corporate
Taxpayer and the Agents, for any reason, are unable to successfully resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of the Material Objection Notice, the Corporate Taxpayer and
the Agents shall employ the Reconciliation Procedures under Section 7.10 or Resolution of Disputes Procedures under Section 7.9, as applicable. 

Section 4.5    Payment upon Early Termination. 

(a)    Subject to its right to withdraw any notice of Early Termination pursuant to Section 4.1,
within three (3) Business Days after the Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Holder its Early Termination Payment. Each such payment shall be made by check, by wire transfer of immediately available
funds to a bank account or accounts designated by the TRA Holder, or as otherwise agreed by the Corporate Taxpayer and the TRA Holder. 

(b)    A TRA Holder’s “Early Termination Payment” as of the Early Termination Date shall equal, with
respect to such TRA Holder, the present value, discounted at the Early Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that would be required to be paid by the Corporate Taxpayer to such TRA Holder beginning from the
Early Termination Date and assuming that the Valuation Assumptions are applied. 

  
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 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

Section 5.1    Subordination. Notwithstanding any other provision of this Agreement to the contrary, any
payment due under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness for borrowed money of the Corporate Taxpayer
and its Subsidiaries (such obligations, “Senior Obligations”) and shall rank pari passu in right of payment with all current or future unsecured obligations of the Corporate Taxpayer and its Subsidiaries that are not Senior
Obligations. For the avoidance of doubt, notwithstanding the above, the determination of whether it is a breach of a material obligation under this Agreement if the Corporate Taxpayer fails to make any Tax Benefit Payment or other payment under this
Agreement when due is governed by Section 4.3(b). To the extent that any payment under this Agreement is not permitted to be made at the time such payment is due as a result of this Section 5.1 and
the terms of the agreements governing Senior Obligations, such payment obligation nevertheless shall accrue for the benefit of the TRA Holders, and the Corporate Taxpayer shall make such payments at the first opportunity that such payments are
permitted to be made in accordance with the terms of the Senior Obligations. 
 Section 5.2    Late Payments by
the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement not made to any TRA Holder when due under the terms of this Agreement, whether as a result
of Section 5.1 and the terms of the Senior Obligations or otherwise, shall be payable together with any interest thereon, computed at the Default Rate (or, if so provided in Section 4.3(b), at the
Agreed Rate) and commencing from the date on which such Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement was due and payable to the date of actual payment. 

ARTICLE VI 
 NO
DISPUTES; CONSISTENCY; COOPERATION 
 Section 6.1    Participation in the Corporate
Taxpayer’s and ProFrac LLC’s Tax Matters. Except as otherwise provided herein or in the ProFrac LLC Agreement, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax
matters concerning the Corporate Taxpayer and ProFrac LLC, including without limitation preparing, filing or amending any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate
Taxpayer shall (a) notify each Agent of, and keep each Agent reasonably informed with respect to, the portion of any audit, examination, or any other administrative or judicial proceeding of the Corporate Taxpayer or ProFrac LLC by a Taxing
Authority the outcome of which is reasonably expected to materially affect the rights of the TRA Holders under this Agreement (a “Tax Proceeding”), (b) provide each Agent with reasonable opportunity to provide information and other
input to the Corporate Taxpayer, ProFrac LLC and their respective advisors concerning the conduct of any such portion of a Tax Proceeding, and (c) use commercially reasonable efforts to not, without the consent of the relevant Agent (which
consent shall not be 

  
 18 

 
unreasonably withheld, conditioned or delayed), settle or otherwise resolve any part of a Tax Proceeding that relates to a Basis Adjustment or the deduction of Imputed Interest (and, in each
case, that is reasonably expected to have a material effect on the amounts payable to the TRA Holders under this Agreement); provided, however, that the Corporate Taxpayer and ProFrac LLC shall not be required to take any action, or refrain
from taking any action, that is inconsistent with any provision of the ProFrac LLC Agreement. 

Section 6.2    Consistency. Unless there is a Determination or written opinion, reasonably acceptable to the
Corporate Taxpayer and ProFrac LLC, of legal counsel or a nationally recognized tax advisor to the contrary, the Corporate Taxpayer and each of the TRA Holders agree to report, and to cause their respective Subsidiaries to report, for all purposes,
including U.S. federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including, without limitation, the Basis Adjustments and each Tax Benefit Payment), but, for
financial reporting purposes, only in respect of items that are not explicitly characterized as “deemed” or in a similar manner by the terms of this Agreement, in a manner consistent with the description of any Tax characterization herein
(including as set forth in Section 2.2(b) and Section 3.1(b) and any Schedule required to be provided by or on behalf of the Corporate Taxpayer under this Agreement, as finally determined pursuant
to Section 2.3). If the Corporate Taxpayer and any TRA Holder, for any reason, are unable to successfully resolve any disagreement concerning such treatment within thirty (30) calendar days, the Corporate Taxpayer and
such TRA Holder shall employ the Reconciliation Procedures under Section 7.10 or Resolution of Disputes Procedures under Section 7.9, as applicable. 

Section 6.3    Cooperation. Each TRA Holder shall (i) furnish to the Corporate Taxpayer in a timely
manner such information, documents and other materials as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or
defending any Tax Proceeding, (ii) make itself available to the Corporate Taxpayer and its representatives to provide explanations of documents and materials and such other information as the Corporate Taxpayer or its representatives may
reasonably request in connection with any of the matters described in clause (i) above, and (iii) reasonably cooperate in connection with any such matter. The Corporate Taxpayer shall reimburse each TRA Holder for any reasonable
third-party costs and expenses incurred pursuant to this Section 6.3. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.1    Notices. All notices, requests, claims, demands and other communications hereunder shall be
sufficient in all respects if given in writing, in English and by personal delivery (if signed for receipt), by certified or registered United States mail (postage prepaid, return receipt requested), by a nationally recognized overnight delivery
service for next day delivery, transmitted via facsimile transmission or transmitted via electronic mail (following appropriate confirmation of receipt by return email, including an automated confirmation of receipt) and shall be deemed to have been
made and the receiving party charged with notice, when received except that if received after 5:00 p.m. (in the recipient’s time zone) on a Business Day or if received on a day that is not a Business Day, such notice, request or communication
will not be effective until the next 

  
 19 

 
succeeding Business Day. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

 If to the Corporate Taxpayer, to: 

ProFrac Holding Corp. 
 333 Shops
Boulevard, Suite 301 
 Willow Park, Texas 76087 

Facsimile: [●] 
 Electronic
mail: [●] 
 Attention: Legal 

with a copy (which shall not constitute notice to the Corporate Taxpayer) to: 

Vinson & Elkins L.L.P. 

1001 Fannin, Suite 2500 
 Houston,
TX 77002 
 Facsimile: 1.713.615.5651 

Electronic mail: mtelle@velaw.com 

Attention: Michael S. Telle 
 If
to the Agent for Farris C. Wilks, to: 
 Farris C. Wilks 

17018 Interstate Highway 20 

Cisco, Texas 76437 
 Facsimile:
[●] 
 Electronic mail: [●] 

Attention: Kalli Stacey 
 If to
the Agent for all other TRA Holders, to: 
 THRC Holdings, LP 

17018 Interstate Highway 20 

Cisco, Texas 76437 
 Facsimile:
[●] 
 Electronic mail: [●] 

Attention: Amanda Rodgers 
 If to
a TRA Holder, other than an Agent, that is or was a partner in ProFrac LLC, to: 
 The address set forth in the records of ProFrac LLC. 

Any party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above. 

Section 7.2    Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement and shall become 

  
 20 

 
effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.
Delivery of an executed signature page to this Agreement by facsimile transmission or otherwise (including an electronically executed signature page) shall be as effective as delivery of a manually signed counterpart of this Agreement. 

Section 7.3    Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement
and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their
respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 7.4    Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be
governed by, and construed in accordance with, the law of the State of New York, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

Section 7.5    Severability. If any term or other provision of this Agreement is invalid, illegal or incapable
of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

Section 7.6    Successors; Assignment. 

(a)    No TRA Holder may assign this Agreement to any Person without the prior written consent of the Corporate Taxpayer;
provided, however, that: 
 (i)     To the extent Units are transferred in accordance with
the terms of the ProFrac LLC Agreement, the transferring TRA Holder shall have the option to assign to the transferee of such Units the transferring TRA Holder’s rights under this Agreement with respect to such transferred Units without the
prior written consent of the Corporate Taxpayer, provided that, such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance reasonably
satisfactory to the Corporate Taxpayer, agreeing to become a “TRA Holder” for all purposes of this Agreement. For the avoidance of doubt, if a TRA Holder transfers Units but does not assign to the transferee of such Units the rights of
such TRA Holder under this Agreement with respect to such transferred Units, such TRA Holder shall continue to be entitled to receive the Tax Benefit Payments, if any, due hereunder with respect to, including any Tax Benefit Payments arising in
respect of a subsequent Redemption of, such Units. 

  
 21 

 (ii)    The right to receive any and all payments
payable or that may become payable to a TRA Holder pursuant to this Agreement that, once a Redemption has occurred, arise with respect to the Units transferred in such Redemption, may be assigned to any Person or Persons with the prior written
consent of the Corporate Taxpayer (not to be unreasonably withheld, conditioned or delayed) as long as any such Person has executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to this Agreement, in form
and substance reasonably satisfactory to the Corporate Taxpayer, agreeing to be bound by Section 7.13. 

(b)    The Person designated as the Agent for the TRA Holders other than Farris C. Wilks may not be changed without the
prior written consent of the Corporate Taxpayer and the Majority TRA Holders (for this purpose, calculated by excluding Farris C. Wilks and any of his Affiliates and assignees). 

(c)    Except as otherwise specifically provided herein, 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 Corporate Taxpayer shall cause any direct or
indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Corporate Taxpayer would be required to perform if no such succession had taken place. 

Section 7.7    Amendments; Waiver. No provision of this Agreement may be amended unless such amendment is
approved in writing by each of the Corporate Taxpayer and the Majority TRA Holders; provided, however, that no such amendment shall be effective if such amendment would have a disproportionate effect on the payments certain TRA Holders will
or may receive under this Agreement unless all such disproportionately affected TRA Holders consent in writing to such amendment. No provision of this Agreement may be waived unless such waiver is in writing and signed by the relevant Agent, in the
case of provisions relating to such Agent, or in the case of any other provision, by the party against whom the waiver is to be effective. 

Section 7.8    Titles and Subtitles. The titles of the sections and subsections of this Agreement are for
convenience of reference only and are not to be considered in construing this Agreement. 

Section 7.9    Resolution of Disputes. 

(a)    Any and all disputes which are not governed by Section 7.10, including any ancillary
claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and
enforceability of this Section 7.9 and Section 7.10) (each a “Dispute”) shall be governed by this Section 7.9. The parties hereto shall attempt in good
faith to resolve all Disputes by negotiation. If a Dispute between the parties hereto cannot be resolved in such manner, such Dispute shall be finally settled by arbitration conducted by a single arbitrator in accordance with the then-existing rules
of arbitration of the American Arbitration Association. If the parties to the Dispute fail to agree on the selection of an arbitrator within ten (10) calendar 

  
 22 

 
days of the receipt of the request for arbitration, the American Arbitration Association shall make the appointment. The arbitrator shall be a lawyer admitted to the practice of law in a U.S.
state, or a nationally recognized expert in the relevant subject matter, and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. In
addition to monetary damages, the arbitrator shall be empowered to award equitable relief, including an injunction and specific performance of any obligation under this Agreement. The arbitrator is not empowered to award damages in excess of
compensatory damages, and each party hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any Dispute. The award shall be the sole and exclusive remedy between the parties regarding any claims,
counterclaims, issues, or accounting presented to the arbitral tribunal. Judgment upon any award may be entered and enforced in any court having jurisdiction over a party or any of its assets. The parties involved in any Dispute shall each bear
their own costs and expenses of such Dispute unless, in the event of an arbitration, otherwise determined by the arbitrator in accordance with the then-existing rules of arbitration of the American Arbitration Association. 

(b)    Notwithstanding the provisions of Section 7.9(a), the Corporate Taxpayer may bring an
action or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the
purposes of this Section 7.9(b), each Agent and each TRA Holder (i) expressly consents to the application of Section 7.9(c) to any such action or proceeding, (ii) agrees that proof shall
not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the Corporate Taxpayer as agent of such party for
service of process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall promptly advise such party in writing of any such service of process, shall be deemed in every respect effective
service of process upon such party in any such action or proceeding. 
 (c)    EACH PARTY HEREBY IRREVOCABLY SUBMITS TO
THE JURISDICTION OF ANY COURTS LOCATED IN NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS SECTION 7.9 OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN
ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief
in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the fora designated by this Section 7.9(c) have a reasonable relation to this Agreement and to the parties’ relationship with one
another. 
 (d)    The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they
now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in Section 7.9(c) and such parties agree not to plead or claim
the same. 
 Section 7.10    Reconciliation. In the event that any Agent and the Corporate Taxpayer are
unable to resolve a disagreement with respect to the calculations required to produce the schedules 

  
 23 

 
described in Section 2.3, Section 4.4 and Section 6.2 (but not, for the avoidance doubt, with respect to any legal
interpretation with respect to such provisions or schedules) within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to the Expert. The
Expert shall be a partner or principal in a nationally recognized accounting or law firm, and unless the Corporate Taxpayer and such Agent agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material
relationship with the Corporate Taxpayer or such Agent or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a
Reconciliation Dispute, the Expert shall be appointed by the American Arbitration Association. The Expert shall resolve (a) any matter relating to the Tax Attribute Schedule or an amendment thereto or the Early Termination Schedule or an
amendment thereto within thirty (30) calendar days, (b) any matter relating to a Tax Benefit Payment Schedule or an amendment thereto within fifteen (15) calendar days , and (c) any matter related to treatment of any tax-related item as contemplated in Section 6.2 within fifteen (15) calendar days, or, in each case, as soon thereafter as is reasonably practicable after such matter has been
submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting
the subject of a disagreement is due, any portion of such payment that is not under dispute shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or
amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer except as provided in the next sentence. The Corporate Taxpayer and such Agent shall each
bear its own costs and expenses of such proceeding, unless (i) the Expert adopts such Agent’s position (as determined by the Expert), in which case the Corporate Taxpayer shall reimburse such Agent for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporate Taxpayer’s position (as determined by the Expert), in which case such
Agent shall reimburse the Corporate Taxpayer for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a
Reconciliation Dispute within the meaning of this Section 7.10 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this
Section 7.10 shall be binding on the Corporate Taxpayer and its Subsidiaries, the Agents, and the TRA Holders and may be entered and enforced in any court having jurisdiction. 

Section 7.11    Withholding. The Corporate Taxpayer shall be entitled to deduct and withhold from any payment
payable pursuant to this Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any provision of U.S. federal, state, local or
non-U.S. tax law; provided, that the Corporate Taxpayer shall (i) use its commercially reasonable efforts prior to effecting any withholding with respect to a TRA Holder to minimize any withholding
tax imposed on any amounts payable hereunder to a TRA Holder and (ii) shall reasonably cooperate with any TRA Holder with respect to such TRA Holder’s efforts to obtain necessary and available information for such TRA Holder to make
filings, applications or elections to obtain any exemption, exclusion, credit or refund associated with taxation (including withholding tax) on any amounts payable by the Corporate Taxpayer to such TRA Holder. To the extent that amounts are so
withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the relevant TRA Holder. Upon a TRA Holder’s request, the
Corporate Taxpayer shall provide evidence of any such payment to such TRA Holder. 

  
 24 

 Section 7.12    Admission of the Corporate Taxpayer into a
Consolidated Group; Transfers of Corporate Assets. 
 (a)    If the Corporate Taxpayer is or becomes a member of an
affiliated or consolidated group of corporations that files a consolidated income Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of U.S. state or local Tax law, then, subject to the application of the
Valuation Assumptions upon a Change of Control: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder
shall be computed with reference to the consolidated taxable income of the group as a whole. 
 (b)    If the Corporate
Taxpayer (or any member of a group described in Section 7.12(a)) transfers or is deemed to transfer any Unit or any Reference Asset to a transferee that is treated as a corporation for U.S. federal income tax purposes
(other than to a member of a group described in Section 7.12(a)) in a transaction in which the transferee’s basis in the property acquired is determined in whole or in part by reference to such transferor’s basis
in such property, then the Corporate Taxpayer shall cause such transferee to assume the obligation to make payments hereunder with respect to the applicable Basis Adjustments or Imputed Interest associated with any Reference Asset or interest
therein acquired (directly or indirectly) in such transfer (taking into account any gain recognized in the transaction) in a manner consistent with the terms of this Agreement as the transferee (or one of its Affiliates) actually realizes Tax
benefits from the Basis Adjustments or Imputed Interest, as applicable. 
 (c)    While ProFrac LLC is treated as a
partnership for U.S. federal income tax purposes, if ProFrac LLC (or any of ProFrac LLC’s direct or indirect Subsidiaries that is treated as a partnership or disregarded entity for U.S. federal income tax purposes (but only to the extent such
Subsidiaries are not held through any entity treated as a corporation for U.S. federal income tax purposes)) transfers (or is deemed to transfer for U.S. federal income tax purposes) any Reference Asset to a transferee that is treated as a
corporation for U. S. federal income tax purposes (other than a member of a group described in Section 7.12(a)) in a transaction in which the transferee’s basis in the property acquired is determined in whole or in
part by reference to such transferor’s basis in such property, ProFrac LLC (or such direct or indirect Subsidiary) shall be treated as having disposed of the Reference Asset in a wholly taxable transaction. The consideration deemed to be
received by ProFrac LLC (or such direct or indirect Subsidiary) in a transaction contemplated in the prior sentence shall be equal to the fair market value of the Reference Asset, plus, without duplication, (i) the amount of debt to which any
such Reference Asset is subject, in the case of a transfer of an encumbered Reference Asset, or (ii) the amount of debt allocated to any such Reference Asset, in the case of a transfer of a partnership interest. 

(d)    If any member of a group described in Section 7.12(a) that directly or indirectly owns
any Unit or other equity interest in ProFrac LLC ceases to be a member of such group (or the Corporate Taxpayer deconsolidates for U.S. federal income tax purposes from that group), then the Corporate Taxpayer shall cause such member (or the parent
of the consolidated group in a case where the Corporate Taxpayer deconsolidates from the group) to assume the obligation to make 

  
 25 

 
payments hereunder with respect to the applicable Basis Adjustments and Imputed Interest associated with any Reference Asset it owns (directly or indirectly) in a manner consistent with the terms
of this Agreement as the member (or one of its Affiliates) actually realizes Tax benefits from the Basis Adjustments or Imputed Interest, as applicable. 

(e)    For purposes of this Section 7.12, a transfer of a partnership interest shall be treated
as a transfer of the transferor’s share of each of the assets and liabilities of that partnership. 
 (f)    If a
transferee or a member of a group described in Section 7.12(a) assumes an obligation to make payments hereunder pursuant to either Section 7.12(b) or (d), then the initial obligor is
relieved of the obligation assumed. 
 Section 7.13    Confidentiality. 

(a)    Each Agent, each TRA Holder and each of such TRA Holder’s assignees acknowledges and agrees that the
information of the Corporate Taxpayer is confidential and, except in the course of performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, such
Person shall keep and retain in the strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporate Taxpayer and its Affiliates and successors, concerning ProFrac LLC and its
Affiliates and successors or the TRA Holders, learned by any Agent or any TRA Holder heretofore or hereafter; provided that, for the avoidance of doubt, any Agent may disclose information received by it in the ordinary course of such
Agent’s duties as Agent to the TRA Holder(s) for which it is the Agent. This Section 7.13 shall not apply to (i) any information that has been made publicly available by the Corporate Taxpayer or any of its
Affiliates, becomes public knowledge (except as a result of an act of an Agent or a TRA Holder in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information (A) as may be proper in
the course of performing such TRA Holder’s obligations, or monitoring or enforcing such TRA Holder’s rights, under this Agreement, (B) as part of such TRA Holder’s normal reporting, rating or review procedure (including normal
credit rating and pricing process), or in connection with such TRA Holder’s or such TRA Holder’s Affiliates’ normal fund raising, financing, marketing, informational or reporting activities, or to such TRA Holder’s (or any of its
Affiliates’) or its direct or indirect owners or Affiliates, auditors, accountants, employees, attorneys or other agents, (C) to any bona fide prospective assignee of such TRA Holder’s rights under this Agreement, or prospective
merger or other business combination partner of such TRA Holder, provided that such assignee or merger partner agrees to be bound by the provisions of this Section 7.13, (D) as is required to be disclosed by
order of a court of competent jurisdiction, administrative body or governmental body, or by subpoena, summons or legal process, or by law, rule or regulation; provided that any TRA Holder required to make any such disclosure to the extent
legally permissible shall provide the Corporate Taxpayer prompt notice of such disclosure, or to regulatory authorities or similar examiners conducting regulatory reviews or examinations (without any such notice to the Corporate Taxpayer), or
(E) to the extent necessary for a TRA Holder or its direct or indirect owners to prepare and file its Tax Returns, to respond to any inquiries regarding such Tax Returns from any Taxing Authority or to prosecute or defend any Tax Proceeding
with respect to such Tax Returns. Notwithstanding anything to the contrary herein, each Agent (and each employee, representative or other agent of such Agent or its assignees, as applicable) and each TRA Holder

  
 26 

 
and each of its assignees (and each employee, representative or other agent of such TRA Holder or its assignees, as applicable) may disclose to any and all Persons, without limitation of any
kind, the Tax treatment and Tax structure of the Corporate Taxpayer, ProFrac LLC, the Agents, the TRA Holders and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other Tax analyses) that are
provided to the Agents or any TRA Holder relating to such Tax treatment and Tax structure. 
 (b)    If an Agent or an
assignee or a TRA Holder or an assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.13, the Corporate Taxpayer shall have the right and remedy to have the provisions of this
Section 7.13 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or
threatened breach shall cause irreparable injury to the Corporate Taxpayer or any of its Subsidiaries or the TRA Holders and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition
to, and not in lieu of, any other rights and remedies available at law or in equity. 
 Section 7.14    No More
Favorable Terms. None of the Corporate Taxpayer nor any of its Subsidiaries shall enter into any additional agreement providing rights similar to this Agreement to any Person (including any agreement pursuant to which the Corporate Taxpayer is
obligated to pay amounts with respect to tax benefits resulting from any increases in Tax basis, net operating losses or other tax attributes to which the Corporate Taxpayer becomes entitled as a result of a transaction) if such agreement provides
terms that are more favorable to the counterparty under such agreement than those provided to the TRA Holders under this Agreement; provided, however, that the Corporate Taxpayer (or any of its Subsidiaries) may enter into such an agreement
if this Agreement is amended to make such more favorable terms available to the TRA Holders. 

Section 7.15    Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an
actual or proposed change in law, a TRA Holder reasonably believes that the existence of this Agreement (a) could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such TRA Holder upon any
Redemption that as of the date of this Agreement would be treated as capital gain to instead be treated as ordinary income or to be otherwise taxed at ordinary income rates for U.S. federal income tax purposes or (b) would have other material
adverse tax consequences to such TRA Holder and/or its direct or indirect owners, then, in either case, at the election of such TRA Holder and to the extent specified by such TRA Holder, this Agreement (i) shall cease to have further effect
with respect to such TRA Holder, (ii) shall not apply to a Redemption by such TRA Holder occurring after a date specified by it, or (iii) shall otherwise be amended in a manner determined by such TRA Holder to waive any benefits to which
such TRA Holder would otherwise be entitled under this Agreement, provided that such amendment shall not result in an increase in or acceleration of payments under this Agreement at any time as compared to the amounts and times of payments that
would have been due in the absence of such amendment. Further, notwithstanding anything herein to the contrary, any TRA Holder may, at any time, elect for this Agreement to cease to have further effect in its entirety with respect to such TRA
Holder, and the Corporate Taxpayer shall cease to have any further obligations in respect of such TRA Holder, in each case from and after the date specified by such TRA Holder. 

[Signature Page Follows] 

  
 27 

 IN WITNESS WHEREOF, the Corporate Taxpayer, the Agents, and the TRA Holders have duly executed this
Agreement as of the date first written above. 
  

			
	 CORPORATE TAXPAYER:

	
	 PROFRAC HOLDING
CORP.

 
			
		
	 By:
	 	  

 
			
		 	 Name:

		 	 Title:

 
			
	
	 AGENTS:

	
	 FARRIS C. WILKS

			
		
	 By:
	 	  

 
			
	
	 THRC HOLDINGS,
LP

 
			
		
	 By:
	 	  

 
			
		 	 Name:

		 	 Title:

 [The signatures of the TRA Holders are attached in Schedule A.] 

  
 28 

 SCHEDULE A 

TRA HOLDERS 
  

	
	 THRC HOLDINGS, LP

	
	
By:                  
                                         
 

	 Name:

	 Title:

	
	 FARRIS C. WILKS

  

                          
                                   

  
 Schedule A-1

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