Document:

Transition Agreement, dated March 5, 2012

 Exhibit 10.1 
 TRANSITION AGREEMENT 
 THIS TRANSITION AGREEMENT is made and entered into as of
March 5, 2012 (the “Effective Date”) by and between MOUNTAIN NATIONAL BANK (the “Bank”) and MOUNTAIN NATIONAL BANCSHARES, INC. (the “Company”), 300 E. Main Street, Sevierville, Tennessee 37862; and
DWIGHT GRIZZELL (“Grizzell”). 
 The Bank is organized and exists as a national bank under the laws of the United States
of America. The Company is a bank holding company under the laws of Tennessee. Grizzell serves as President/CEO of the Bank and the Company and as a member of their Boards of Directors. 

Grizzell is 61 years of age, and the Bank and the Company and Grizzell have agreed that it is appropriate to ensure continuity of management and
successful long-term performance of the Bank. 
 The Bank and Grizzell have agreed to a transition plan to accomplish those goals and are
entering into this Agreement to set forth the terms of the plan. 
 NOW, THEREFORE, in consideration of the mutual covenants herein
contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows: 
 1. POSITION AND
RESPONSIBILITIES. 
 (a) Effective the above date (the “Effective Date”), Grizzell would cease serving as President and
Chief Executive Officer of the Bank and the Company and would accept such other appropriate title and responsibilities as the Boards of the Company and the Bank may reasonably designate, commensurate with his years of experience and status in the
banking industry provided that such title and responsibilities shall not cause the position to be within the definition of “senior executive officer” in 12 CFR §5.51(a)(3). Grizzell also agrees that he will resign from the Boards of
the Bank and the Company on the Effective Date and will resign as President and Chief Executive Officer of the Company as soon as his successor shall be appointed. During the period from the date hereof to September 30, 2012, Grizzell will
provide information and advice to the persons succeeding him as CEO and as President of the Company and the Bank so as to maximize a coordinated transition of executive management, will provide services on a full-time basis as a non-executive
officer and employee of the Bank and be subject to the normal fiduciary and other duties of an officer and employee, including to act in the best interest of the Bank. Grizzell will continue to work with the Companys’ investment bankers
concerning capital injections and potential strategic alternatives such as mergers, acquisitions, branch sales or other strategic transactions, and with Bank personnel in connection with business development, marketing and customer and community
relations of the Company and the Bank, provided, however, that Grizzell shall not exercise significant influence over, or participate in, major policymaking decisions of the Bank or the Company. 

 

 (b) Grizzell agrees to retire as an officer and employee of the Bank and the Company with an effective
date of September 30, 2012 (the “Retirement Date”). 
 2. COMPENSATION AND REIMBURSEMENT. 

(a) Base Salary. The Bank and the Company shall pay Grizzell as compensation a salary at the rate of One Hundred and Ninety Eight Thousand
($198,000) Dollars per year (“Base Salary”). The Base Salary will be payable in accordance with the customary payroll practices of the Bank and will continue through September 30, 2012. 

(b) Benefits. While employed by the Bank and the Company, Grizzell shall be allowed to participate in any benefits offered to other
employees of the Bank and the Company on the same basis generally as other employees of the Bank and the Company. Grizzell shall continue to be permitted the use of the bank-owned vehicle he currently uses, under the Bank’s named vehicle use
policies, and shall surrender such vehicle upon his retirement. 
 (c) SERP Agreement. Grizzell and the Bank and the Company have
entered into an Amended and Restated Executive Salary Continuation Agreement dated January 19, 2007, which provides certain supplemental retirement benefits to Grizzell upon his retirement from the Bank. That Agreement was amended on
November 19, 2007 (as amended, the “SERP Agreement.”). The SERP Agreement satisfies the requirements of 12 CFR §359.1(d)(2) and 12 CFR §359.1(f)(2)(iii) and payments thereunder are not prohibited by 12 CFR §359.2. The
SERP Agreement is one of a series of similar agreements which provide certain benefits to members of senior management of the Bank, and the Bank intends to fund its obligations under those agreements through certain Bank-owned life insurance (the
“BOLI”). The Bank agrees to keep the BOLI in place and to permit the cash value of Grizzell’s portion of the BOLI to continue to increase pending his retirement. It is understood that by virtue of Grizzell’s agreement to retire
on the Retirement Date, no further accruals will be required in 2012 in order to fund the amounts that will be vested for Grizzell under the SERP Agreement upon such retirement, and the Bank will be able to recognize additional income from prior
overaccrual. It is the intention of the parties to structure Grizzell’s retirement in such a manner that he is entitled to the full benefits under the applicable early retirement provisions of the SERP Agreement and the related BOLI.

 3. RELEASE. 
 On
the Retirement Date, provided the Bank has continued to provide the compensation and benefits to Grizzell required herein, and provided the Bank confirms that Grizzell is entitled to receive continuing benefits in accordance with the SERP Agreement,
Grizzell agrees to execute a full release to the Bank, its officers, directors, successors and assigns, releasing any and all claims arising out of his employment with the Bank or the termination thereof, other

 
than his rights under the SERP Agreement and his rights to indemnification as a former officer and director of the Bank and the Company in the event of any assertion of third party claims in
accordance with the provisions hereof. 
 4. DISPUTE RESOLUTION 

(a) In the event of a dispute concerning this Agreement or Grizzell’s employment, the parties, recognizing the expense of litigation, prefer
an alternate resolution method. Therefore, neither party shall commence litigation prior to the completion of the resolution steps set forth below. Grizzell and the Bank shall have the right and option to elect to resolve any claim, controversy or
dispute arising out of or in connection with this Agreement, or relating to or arising out of Grizzell’s employment with the Bank, (a) by mediation, if the parties can agree, and in the event the parties cannot agree, (b) by
arbitration in Knoxville, Tennessee. If mediation is requested, the parties, through counsel, shall select a mediator who shall conduct the mediation in Knoxville, Tennessee or such other place as the parties agree. In the event mediation is not
chosen, the parties cannot agree, or after starting mediation, and issues cannot be resolved, then the parties agree to arbitration. Either party hereto may demand arbitration and such arbitration shall take place within ninety (90) days of
such demand unless the parties otherwise agree. 
 (b) In any dispute which is finally resolved through mediation, the expenses of such
mediation shall be borne as the parties agree. In the event arbitration is necessary, each party shall have responsibility for their fees and expenses, unless the arbitrator determines a party has acted in bad faith and, in such case, such party
shall bear the fees and expenses of the party not acting in bad faith. 
 (c) Any payments under this Agreement which are delayed due to a
dispute hereunder must be paid to Grizzell (if so determined to be due and owing to Grizzell as provided above) within ten (10) days after the Grizzell and the Bank enter into a legally binding settlement of such dispute, the Bank concedes that
such disputed amount is payable to Grizzell or the Bank is required to make such payment as a result of any determination of an arbitrator in any arbitration conducted pursuant to this Section 4. 

5. TERM. 
 The term of this
Agreement shall commence on the date hereof and shall continue until Grizzell’s retirement or Termination for cause, provided, however, that if approval of or non-objection to this Agreement of or by any bank regulator shall be required under
any regulation, order or regulatory agreement, the effectiveness of this Agreement shall be subject to such approval or non-objection. 

 6. BINDING EFFECT. 
 This Agreement shall be binding upon, and inure to the benefit of, Grizzell and the Bank and the Company and their respective successors, heirs, executors and assigns. 

7. MODIFICATION AND WAIVER. 

This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 

8. INDEMNIFICATION. 
 The
Bank and the Company shall indemnify Grizzell to the fullest extent permitted existing officers and directors under applicable Tennessee and federal law and their respective Articles and Bylaws against all expenses and liabilities reasonably
incurred by him in connection with or arising out of any action, suit or proceeding in which he or she may be involved by reason of his having been a director or officer of the Bank (whether or not he or she continues to be a director or officer at
the time of incurring such expenses or liabilities), such expenses and liabilities to include, but to be limited to, judgment, court costs and attorneys’ fees and the cost of reasonable settlements; provided however, that no indemnification
payment may be made in violation of Part 359 of the regulations of the Federal Deposit Insurance Corporation or applicable federal or Tennessee law. The Bank and the Company and shall continue to provide Grizzell with coverage provided to existing
directors and officers under a standard directors’ and officers’ liability insurance policy at its expense, and to provide comparable tail coverage following Grizzell’s retirement or termination for cause to the extent such coverage
is provided to the directors and officers of the Bank and the Company. 
 9. SUCCESSOR TO THE BANK AND THE COMPANY. 

The Bank and the Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to
all or substantially all the business or assets of the Bank and the Company, expressly and unconditionally to assume and agree to perform the Bank’s and/or the Company obligations under this Agreement, in the same manner and to the same extent
that the Bank and the Company would be required to perform if no such succession or assignment had taken place. 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and their seal
to be affixed hereunto by a duly authorized officer or director, and Grizzell has signed this Agreement, as of the Effective Date. 
  

							
		 		 	MOUNTAIN NATIONAL BANCSHARES, INC.
				
		 		 	By:	 	/s/ Charlie R. Johnson
		 		 	Name:	 	Charlie R. Johnson
		 		 	Title:	 	Chairman

  

							
		 		 	MOUNTAIN NATIONAL BANK
				
		 		 	By:	 	/s/ Charlie R. Johnson
		 		 	Name:	 	Charlie R. Johnson
		 		 	Title:	 	Chairman

							
			
		 		 	GRIZZELL:
			
		 		 	 /s/ Dwight B. Grizzell

		 		 	Dwight B. GrizzellAmendment No. 1, dated as of March 5, 2012

 Exhibit 10.1 
 AMENDMENT NO. 1 
 This AMENDMENT NO. 1 (the
“Amendment”) dated as of March 5, 2012 (the “Effective Date”) is among CARBO Ceramics Inc., a Delaware corporation (the “Borrower”), the Lenders (as defined below) and Wells Fargo Bank,
National Association, as administrative agent (in such capacity, the “Administrative Agent”), as swing line lender (the “Swing Line Lender”), and as issuing lender (in such capacity, the “Issuing
Lender”) for such Lenders. 
 RECITALS 
 A. The Borrower is party to that certain Credit Agreement dated as of January 29, 2010, among the Borrower, the lenders party thereto from time to time (the “Lenders”), the
Administrative Agent, the Swing Line Lender, and the Issuing Lender (as may be amended, restated or otherwise modified from time to time, the “Credit Agreement”). 

B. The Borrower, the Lenders, the Administrative Agent, the Swing Line Lender, and the Issuing Lender wish to, subject to the terms and
conditions of this Amendment, amend the Credit Agreement as provided herein. 
 THEREFORE, the Borrower, the Lenders, the
Administrative Agent, the Swing Line Lender, and the Issuing Lender hereby agree as follows: 
 Section 1. Defined
Terms. As used in this Amendment, each of the terms defined in the opening paragraph and the Recitals above shall have the meanings assigned to such terms therein. Each term defined in the Credit Agreement and used herein without definition
shall have the meaning assigned to such term in the Credit Agreement, unless expressly provided to the contrary. 
 Section
2. Other Definitional Provisions. Article, Section, Schedule, and Exhibit references are to Articles and Sections of and Schedules and Exhibits to this Amendment, unless otherwise specified. All references to instruments,
documents, contracts, and agreements are references to such instruments, documents, contracts, and agreements as the same may be amended, supplemented, and otherwise modified from time to time, unless otherwise specified. The words
“hereof”, “herein”, and “hereunder” and words of similar import when used in this Amendment shall refer to this Amendment as a whole and not to any particular provision of this Amendment. The term “including”
means “including, without limitation,”. Paragraph headings have been inserted in this Amendment as a matter of convenience for reference only and it is agreed that such paragraph headings are not a part of this Amendment and shall not be
used in the interpretation of any provision of this Amendment. 
 Section 3. Amendments to Credit
Agreement. 
  

	 	(a)	Section 1.1 of the Credit Agreement is hereby amended by restating the definition of “Maturity Date” in its entirety as follows:

 “Maturity Date” means the earlier of (a) July 29, 2013 and
(b) the earlier termination in whole of the Revolving Commitments pursuant to Section 2.1(b)(i) or Article 7. 
  

	 	(b)	Section 6.1 of the Credit Agreement is hereby amended by deleting the “and” at the end of clause (f), by deleting clause (g), and by adding the
following new clauses (g) and (h): 

  

	 	(g)	letters of credit issued by Wells Fargo Bank, National Association; and 

(h) Debt incurred pursuant to one or more loan agreements between the Borrower and CARBO Ceramics (Eurasia) LLC, a company duly
organized and existing under the laws of Russia; provided that (i) such Debt is unsecured, (ii) the aggregate principal amount of such Debt outstanding at any time shall not to exceed $6,000,000.00, and (iii) such Debt is
subordinated to the Debt under this Agreement and the other Credit Documents on terms reasonably acceptable to the Administrative Agent. 
  

	 	(c)	Schedules II, 4.7, and 4.10 to the Credit Agreement are hereby deleted in their entirety and replaced with Schedules II, 4.7, and 4.10 attached hereto.

 Section 4. Borrower Representations and Warranties. The Borrower represents and warrants
that: (a) the representations and warranties contained in the Credit Agreement, as amended hereby, and the representations and warranties contained in the other Credit Documents, are true and correct in all material respects on and as of the
Effective Date as if made on as and as of such date except to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case such representation or warranty is true and correct in all material respects
as of such earlier date; (b) no Default has occurred and is continuing; (c) the execution, delivery and performance of this Amendment are within the corporate power and authority of the Borrower and have been duly authorized by appropriate
corporate and governing action and proceedings; (d) this Amendment constitutes the legal, valid, and binding obligation of the Borrower enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity; and (e) there are no governmental or other third party consents, licenses and approvals required in connection with the
execution, delivery, performance, validity and enforceability of this Amendment. 
 Section 5. Conditions to
Effectiveness. This Amendment shall become effective on the Effective Date and enforceable against the parties hereto upon the occurrence of the following conditions precedent: 

 

	 	(a)	The Administrative Agent shall have received multiple original counterparts, as requested by the Administrative Agent, of: 

  
 5 

 (1) This Amendment duly and validly executed and delivered by duly authorized officers of
the Borrower, the Administrative Agent, the Swing Line Lender, the Issuing Lender, and the Lenders; 
 (2) a Note payable to
the order of each Lender in the amount of its Revolving Commitment duly and validly executed and delivered by a duly authorized officer of the Borrower; 
 (3) a secretary’s certificate from the Borrower certifying the Borrower’s authorizing resolutions and organizational documents; and 

(b) No Default shall have occurred and be continuing as of the Effective Date. 

(c) The representations and warranties in this Amendment shall be true and correct. 

(d) The Borrower shall have paid (i) to the Administrative Agent the fees described in that certain Commitment Increase Fee Letter
dated March 5, 2012 between the Borrower and the Administrative Agent and (ii) all other costs and expenses which have been invoiced and are payable pursuant to Section 10.1 of the Credit Agreement. 

Section 6. Acknowledgments and Agreements. 
 (a) The Borrower acknowledges that on the date hereof all Obligations are payable without defense, offset, counterclaim or recoupment. 

(b) The Administrative Agent and the Lenders hereby expressly reserve all of their rights, remedies, and claims under the Credit
Documents. Nothing in this Amendment shall constitute a waiver or relinquishment of (i) any Default or Event of Default under any of the Credit Documents, (ii) any of the agreements, terms or conditions contained in any of the Credit
Documents, (iii) any rights or remedies of the Administrative Agent or any Lender with respect to the Credit Documents or (iv) the rights of the Administrative Agent or any Lender to collect the full amounts owing to them under the Credit
Documents. 
 (c) Each of the Borrower, the Administrative Agent, the Swing Line Lender, the Issuing Lender and the Lenders does
hereby adopt, ratify, and confirm the Credit Agreement, as amended hereby, and acknowledges and agrees that the Credit Agreement, as amended hereby, is and remains in full force and effect, and the Borrower acknowledges and agrees that its
liabilities and obligations under the Credit Agreement, as amended hereby, are not impaired in any respect by this Amendment. 

  
 6 

 (d) From and after the Effective Date, all references to the Credit Agreement and the Credit
Documents shall mean such Credit Agreement and such Credit Documents as amended by this Amendment. 
 (e) This Amendment is a
Credit Document for the purposes of the provisions of the other Credit Documents. Without limiting the foregoing, any breach of representations, warranties, and covenants under this Amendment shall be a Default or Event of Default, as applicable,
under the Credit Agreement. 
 Section 7. Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be an original and all of which, taken together, constitute a single instrument. This Amendment may be executed by facsimile signature and all such signatures shall be effective as originals. 

Section 8. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted pursuant to the Credit Agreement. 
 Section 9.
Invalidity. In the event that any one or more of the provisions contained in this Amendment shall for any reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not
affect any other provision of this Amendment. 
 Section 10. Governing Law. This Amendment shall be deemed
to be a contract made under and shall be governed by and construed in accordance with the laws of the State of Texas. 

Section 11. Entire Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS AMENDMENT, THE NOTES, AND THE
OTHER CREDIT DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO. 

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 [signature pages follow] 

  
 7 

 EXECUTED effective as of the date first above written. 

 

			
	 BORROWER:

 

	CARBO CERAMICS INC.
		
	By:	 	/s/ Ernesto Bautista III
	Ernesto Bautista III
	Vice President and Chief Financial Officer

 
			
	ADMINISTRATIVE AGENT:
	
	 WELLS FARGO BANK,
 NATIONAL ASSOCIATION
 as Administrative Agent, Swing Line Lender

and Issuing Lender

	
	By:  /s/ Sarah
Sandercock                                      
      
	Sarah Sandercock
	Director

  

			
	LENDERS:
	
	 WELLS FARGO BANK,
 NATIONAL ASSOCIATION
 as a Lender

	
	By:  /s/ Sarah
Sandercock                                        
    
	Sarah Sandercock
	Director	 	

 SCHEDULE II 
 Commitments, Contact Information 
  

					
	 ADMINISTRATIVE AGENT

	 Wells Fargo Bank, National

Association
	 	 Address:
  

Attn:
 Telephone:

Facsimile:
  
 with a copy to:
 Address:

 
 Attn:
 Telephone:
 Facsimile:
	  	 1700 Lincoln St., 5th Floor

Denver, CO 80209
 MAC C7300-059

Wholesale Loan Servicing
 (303)
863-5378
 (303) 863-2729
  

1000 Louisiana,
9th Floor

MAC T5002-090
 Houston, Texas 77002

Carrie Carson, Vice President
 (713)
319-1325
 (713) 739-1087

	
	CREDIT PARTIES
	 Borrower/Guarantors
	 	Address for Notices:
		 	 Energy Center II

575 N. Dairy Ashford Rd., Ste 300
 Houston, TX
77079

		 	 Attn:
  

Telephone:

Facsimile:
	  	 Ernesto Bautista III

Chief Financial Officer
 (281)
931-8884
 (281) 931-8302

	
	LENDERS
	 Wells Fargo Bank, National
	 	Address for Notices:
	 Association

 
 Revolving Commitment:

$25,000,000
	 	  
  
 Attn:
 Telephone:
 Facsimile:
  
 with a
copy to:
 Address:
  

 
 Attn:
 Telephone:
 Facsimile:
	  	 1700 Lincoln St., 5th Floor

Denver, CO 80209
 MAC C7300-059

Wholesale Loan Servicing
 (303)
863-5378
 (303) 863-2729
  

 
 1000 Louisiana, 9th Floor
 MAC
T5002-090
 Houston, Texas 77002
 Carrie
Carson, Vice President
 (713) 319-1325

(713) 739-1087

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