Document:

EX-10.1

 Exhibit 10.1 

U.S. WELL SERVICES, INC. 
  

 
 FIRST
AMENDMENT TO THE 
 CERTIFICATE OF DESIGNATIONS 

Pursuant to Section 151 of the General 

Corporation Law of the State of Delaware 
  

 
 SERIES A
REDEEMABLE CONVERTIBLE PREFERRED STOCK 
 (Par Value $0.0001 Per Share) 

U.S. Well Services, Inc. (the “Corporation”), a corporation organized and existing under and by virtue of the
provisions of the General Corporation Law of the State of Delaware (the “General Corporation Law”), hereby certifies that, pursuant to the authority expressly granted to and vested in the Board of Directors of the Corporation
(the “Board of Directors”) by the Second Amended and Restated Certificate of Incorporation of the Corporation (as amended from time to time in accordance with its terms and the General Corporation Law, the
“Certificate of Incorporation”), which authorizes the Board of Directors, by resolution, to provide out of the unissued shares of the preferred stock (the “Preferred Stock”) for one or more series of
Preferred Stock and to establish from time to time the number of shares to be included in each such series and to fix the voting rights (if any), designations, powers, preferences and relative, participating, optional, special and other rights (if
any) of each such series and any qualifications, limitations and restrictions thereof, and in accordance with the provisions of Section 151 of the General Corporation Law, the Board of Directors duly adopted on June 21, 2022 the following
recitals and resolutions: 
 WHEREAS, the Board of Directors previously fixed the rights, preferences, restrictions and other matters
relating to a Series A Redeemable Convertible Preferred Stock (hereinafter referred to as the “Series A Preferred Stock”), consisting of up to 55,000 shares of the Series A Preferred Stock which the Corporation has the
authority to issue, as set forth in that certain Certificate of Designations of the Series A Preferred Stock dated May 24, 2019 (the “Certificate of Designations”); 

WHEREAS, pursuant to Section 7.14(b) of the Purchase Agreement among the Corporation and the purchasers party thereto dated May 23,
2019, such parties agreed not to treat the Series A Preferred Stock as “preferred stock” within the meaning of Section 305 of the Internal Revenue Code of 1986, as amended, and U.S. Treasury Regulation § 1.305-5 for U.S. federal income tax and withholding tax purposes; 
 WHEREAS, on June 21, 2022, the
Corporation, ProFrac Holding Corp., a Delaware corporation (“Parent”), and Thunderclap Merger Sub I, Inc., a Delaware corporation and an indirect subsidiary of Parent (“Merger Sub Inc”), have entered
into an Agreement and Plan of Merger (as the same may be amended from time to time, the “Merger Agreement”), providing for, among other things, the merger of Merger Sub Inc. with and into the Corporation, with the Corporation
surviving the merger as the surviving corporation pursuant to the terms and conditions of the Merger Agreement. 

 WHEREAS, the Board of Directors wishes to amend the Certificate of Designations in
accordance with the General Corporation Law; and 
 WHEREAS, the Board of Directors has determined that the amendments to the terms of the
Series A Preferred Stock set forth in this First Amendment to the Certificate of Designations do not adversely affect the rights, preferences, privileges or powers of the Series A Preferred Stock. 

NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors does hereby amend the Certificate of Designations and the rights, preferences,
restrictions and other matters relating to the Series A Preferred Stock as follows: 
 1. Conversion. The Certificate of Designations is
hereby amended by adding a new Section 7(q) as follows: 
 (q) Each holder of Series A Preferred Stock shall have the option,
exercisable by delivery of a Conversion Notice to the Corporation, to convert all of such holder’s shares of Series A Preferred Stock into Class A Common Stock at the Merger Conversion Ratio (such conversion, a “Merger
Conversion”). The Corporation shall cause the effective date for the delivery of shares of Class A Common Stock issued in a Merger Conversion to be the Business Day on which the Conversion Notice is received. The “Merger
Conversion Ratio” means, for each share of Series A Preferred Stock, the quotient of (i) its Liquidation Preference as of the date of the conversion and (ii) Merger Conversion Price. The “Merger Conversion
Price” shall initially be $1.22, which may be adjusted from time to time in the same manner as the Conversion Price as set forth in Section 7(g). 

2. CoC Forced Conversion. The following shall be added at the beginning of Section 7(d) of the Certificate of Designations: “Subject
to a holder’s right to elect a Merger Conversion,”. 
 3. Effective Date. 

This First Amendment to the Certificate of Designations shall become effective on , 2022. 

[The Remainder of this Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, U.S. Well Services, Inc. has caused this First Amendment to the
Certificate of Designations to be duly executed this [●] day of, 2022. 
  

			
	U.S. WELL SERVICES, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Certificate of Designations]EX-10.2

 Exhibit 10.2 

Execution Version 
 FIRST
AMENDMENT 
 TO 

CONVERTIBLE SENIOR SECURED (THIRD LIEN) PIK NOTE 

This FIRST AMENDMENT TO CONVERTIBLE SENIOR SECURED (THIRD LIEN) PIK NOTE dated as of June 21, 2022 (this
“Amendment”) is entered into by and between U.S. WELL SERVICES, INC., a Delaware corporation (“Maker”), and _______________ (the “Payee”). 

WHEREAS, reference is made to those certain Convertible Senior Secured (Third Lien) PIK Notes dated as of ______________, in each case by and
between Maker and Payee (the “Note”); 
 WHEREAS, on June 21, 2022, Maker, ProFrac Holding Corp., a Delaware
corporation (“Parent”), and Thunderclap Merger Sub I, Inc., a Delaware corporation and an indirect subsidiary of Parent (“Merger Sub Inc.”), have entered into an Agreement and Plan of Merger (as the
same may be amended from time to time, the “Merger Agreement”), providing for, among other things, the merger of Merger Sub Inc. with and into Maker, with Maker surviving the merger as the surviving corporation pursuant to
the terms and conditions of the Merger Agreement; and 
 WHEREAS, Maker and Payee desire to amend certain provisions of the Note, as set
forth in greater detail and subject to the terms and conditions outlined in this Amendment. 
 NOW, THEREFORE, in consideration of the
foregoing and the agreements contained herein, the parties hereby agree as follows: 
 1. Capitalized Terms. Capitalized terms used in
this Amendment without definition that are defined in the Note shall have the same meanings herein as therein. 
 2. Interest. This
note is hereby amended by amending and restating Section 2 as follows: 
 Interest shall begin to accrue on the unpaid principal
balance of this Note, if any, commencing on June 24, 2021 and continuing through July 9, 2022 at the rate of sixteen percent (16%) per annum calculated on the basis of a 360 day year and actual days elapsed. Accrued and unpaid interest
shall be calculated on this Note on the last day of each March, June, September and December, commencing September 30, 2021, and on July 9, 2022 and the Merger Agreement Termination Date (as defined below), and shall be added on each such
date to the unpaid principal balance of this Note (rounded up to the nearest $1.00) (the “PIK Interest”). PIK Interest, upon being added to the unpaid principal balance of this Note, shall no longer be deemed to be accrued and
unpaid interest on the outstanding principal amount. References herein and in the Agreement to the “principal amount” of the Notes includes any increases in the principal amount of the outstanding Notes as a result of the PIK Interest.
Accrued and unpaid interest on this Note shall also be due and payable on the Maturity Date under the terms set forth in Section 3. Notwithstanding anything to the contrary herein, in the event that the Merger Agreement is terminated (the date
of such termination, the “Merger Agreement Termination Date”), interest shall be deemed to have accrued on the unpaid principal balance of this Note from July 9, 2022 through the Merger Agreement Termination Date and shall
accrue from the Merger Agreement Termination Date until repayment of this Note in full, and in each such case otherwise in accordance with the terms set forth in the preceding sentences of this Section 2. 

 3. Conversion. The Note is hereby amended by adding a new Section 6(f) as
follows: 
 (f) Notwithstanding anything to the contrary herein, subject to Maker obtaining the Company Stockholder Approval
(as defined in that certain Agreement and Plan of Merger, dated as of June 21, 2022, by and among ProFrac Holding Corp., a Delaware corporation, Maker and the other parties thereto (as the same may be amended from time to time, the
“Merger Agreement”)) and in accordance with Section 3.1(b) of the Merger Agreement, immediately prior to the Effective Time (as defined in the Merger Agreement), Maker shall convert all of the outstanding principal and interest
then owing under this Note into a number of shares of Class A Common Stock equal to the quotient obtained by dividing (A) the amount of such outstanding principal and interest owing through the date immediately prior to the date of
conversion, by (B) the Merger Conversion Price. The “Merger Conversion Price” shall initially be $1.22, which may be adjusted from time to time in the same manner as the Conversion Price as set forth in
Section 6(d). The issuance of Class A Common Stock pursuant to this Section 6(f) shall not require Maker to comply with the NASDAQ listing requirements in
Section 7(i) unless failure to do so would have an adverse effect on Payee. 
 4. Share Limitations. The
Note is hereby amended by amending and restating the first sentence of Section 7 as follows: 
 Notwithstanding the
provisions set forth in Section 3, Section 6 or anywhere else in this Note (but subject to the last sentence of Section 6(f)), (i) no shares of Class A Common Stock will be issued under
this Note unless and until the Company shall have submitted a Listing of Additional Shares to the NASDAQ covering all the shares of Class A Common Stock issuable pursuant to this Note (the “Listing Application”) and NASDAQ shall have
completed its review of, and approved, such listing application, (ii) no shares of Class A Common Stock will be issued under this Note to the extent such issuance would constitute a “change of control” under the Nasdaq’s
listing rules (the “Change of Control Limitation”) or would be in excess of the number of shares of Class A Common Stock authorized and available for issuance under the Company’s charter (the “Charter Limitation”), and
(iii) the total number of shares of Class A Common Stock that may be issued under the Equity Linked Notes at a price per share which is less than the Conversion Price, when combined with any other shares of Class A Common Stock which
may be aggregated with such issuances under applicable NASDAQ rules for this purpose, will not exceed the number permitted under such applicable NASDAQ rules (the “Exchange Cap”), unless stockholder approval is obtained in order to comply
with, satisfy or remove, as applicable, the Change of Control Limitation, the Charter Limitation, or the Exchange Cap, as applicable. 
 5.
Change of Control. The Note is hereby amended to add the following proviso at the end of the definition of “Change of Control” in Section 6(c): “; provided, further, that the transactions
contemplated by the Merger Agreement shall be deemed to not be a Change of Control”. 
 6. Tax Matters. Maker and Payee agree to
reasonably consult with each other regarding the reporting on any U.S. federal (or applicable state or local) income tax return with respect to the Note, including the accrual of any original issue discount on the Note. 

7. Miscellaneous. 
 (a)
This Amendment and any covenants and agreements contained herein shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

(b) Except as otherwise expressly set forth herein, nothing herein shall be deemed to constitute an amendment, modification or waiver of any
of the provisions of the Note which shall remain in full force and effect as of the date hereof. 

  
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 (c) This Amendment may be executed in any number of counterparts, each of which, when
executed and delivered, shall be an original, but all counterparts shall together constitute one instrument. The words “execution,” “signed,” “signature,” and words of similar import in this Amendment shall be deemed to
include electronic or digital signatures or electronic records, each of which shall be of the same effect, validity, and enforceability as manually executed signatures or a paper-based record-keeping system, as the case may be, to the extent and as
provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 U.S.C. §§ 7001 to 7031), the Uniform Electronic Transactions Act (UETA), or any state law based on the UETA. 

(d) This Amendment shall be governed by the laws of the State of Delaware, without giving effect to any choice or conflict of law
provision or rule (whether of the State of Delaware or of any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware, and shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns in accordance with the Note. 
 [Remainder of page intentionally
left blank] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

	
	MAKER:
	
	U.S. WELL SERVICES, INC.
	
	By__________________________________
	Name:
	Title:

  

  
 Signature Page to Note
Amendment 

			
	 PAYEE:

	 

			
		
	By:	 	 

			
	Name:	 	 

			
	Title:	 	 

  

  
 Signature Page to Note
Amendment

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