Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 TO 

EMPLOYMENT AGREEMENT 
 This
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this “Amendment”), is made and entered into as of October 18, 2019 (the “Amendment Effective Date”), by and between Flotek Industries, Inc., a Delaware corporation (the
“Company”), and John W. Chisholm (“Employee”) pursuant to that certain Employment Agreement between the Company and Employee dated May 20, 2019 (the “Employment Agreement). Capitalized terms used
but not defined in this Amendment shall have the meanings set forth in the Employment Agreement. 
 RECITALS 

WHEREAS, pursuant to Section 17 of the Employment Agreement, the Employment Agreement may be amended by written
instrument executed by the Company and Employee; and 
 WHEREAS, the Company and Employee are entering into this Amendment to provide the
Company with an express contractual right of offset with respect to payments due to Employee under the Employment Agreement and to amend certain provisions relating to the payment of severance under the Employment Agreement, all as set forth herein.

 NOW, THEREFORE, in consideration of the foregoing, and of the covenants and agreements contained herein, the parties agree as follows:

 1.    AMENDMENT TO SECTION 5(a)(i). Section 5(a)(i) of the Employment Agreement is
hereby amended and restated in its entirety to read as follows: 
  

	 	(i)	 The sum of $3,612,000, as adjusted as set forth in Section 19(b) below, which shall
be payable in twenty-four (24) monthly installments equal to one-twenty-fourth of such severance compensation as so adjusted, subject to Section 19(b) below, with the first
payment made on the last day of the month in which the Release Date falls, and subsequent payments on the last day of each of the next twenty-three (23) full calendar months following the Release Date, in each case subject to any required
withholding. 

 2.    ADDITION OF NEW SECTION 19. The Employment Agreement is hereby amended by
adding a new Section 19 as follows: 
 19. Express Right of Offset; Payment of Severance. 

 

	 	(a)	 Employee hereby grants the Company an express contractual right to offset any amounts (i) owed by Employee
to the Company under that certain Guaranty, dated May 8, 2019, made by Employee in favor of the Company (the “Guaranty”), (ii) previously overpaid to Employee for salary or bonus, whether hereunder or otherwise, and
(iii) underwithheld from Employee with respect to taxes, in each case against any amounts owed by the Company to Employee hereunder. 

	 	(b) (i)	 Without limiting the generality of, but in furtherance of, the offset right set forth in
Section 19(a), Employee and the Company agree that any amounts due to the Company from Employee under the Guaranty and any outstanding amounts previously overpaid to Employee as salary or bonus or underwithheld from
Employee with respect to taxes, in each case as of the Release Date, shall be deducted from the sum of $3,612,000 otherwise payable under Section 5(a)(i) above, and, to the extent applicable, Employee shall be deemed to
have paid such deducted amount to the Company under the Guaranty. 

  

	 	(ii)	 In addition, the Company may withhold from payment of any sums otherwise payable under
Section 5(a)(i) above, as reduced in accordance with this Section 19(b), any amounts that it reasonably determines may become payable by Employee to the Company under the Guaranty for so long as
the Company reasonably determines, and the Company shall increase or decrease the amount of the monthly payment required under Section 5(a)(i) above from time to time to reflect the Company’s then current reasonable
determination of amounts that then are or may become due to the Company from Employee under the Guaranty. 

  

	 	(iii)	 Upon any amounts becoming due to the Company from Employee under the Guaranty after the Release Date, the
Company shall deduct such amounts from the amounts previously withheld from Employee and, to the extent applicable, to be paid in the future under this Section 19(b) to Employee, and Employee shall be deemed to have paid
such deducted amount to the Company under the Guaranty. 

  

	 	(iv)	 To the extent that the Company has withheld any amounts from Employee pursuant to this
Section 19(b) and continues to withhold such amounts after the date of the last monthly payment under Section 5(a)(i) above and has not deducted such amounts pursuant to
Section 19(b)(iii), the Company shall, upon any determination thereafter that all or any portion of such withheld amounts are no longer potentially due to the Company under the Guaranty, promptly pay such amount to
Employee. 

  

	 	(c)	 Nothing herein shall be deemed to amend any of the terms of the Guaranty, and such Guaranty shall remain in
full force and effect notwithstanding the terms hereof. 

  

	 	(d)	 In no event shall Employee be credited with payments under the Guaranty pursuant to
Section 19(b) in excess of amounts relating to obligations under the Guaranty actually deducted by the Company from the $3,612,000 that would otherwise have been payable to Employee under Section 5(a)(i). The offset
provisions of this Section 19 shall not be the Company’s exclusive remedy for recovery from Employee of any and all amounts due from Employee to the Company under the Guaranty or otherwise. 

 3.    CONTINUED EFFECTIVENESS OF EMPLOYMENT AGREEMENT. Except as
specifically amended by this Amendment, the Employment Agreement shall continue in full force and effect in accordance with the provisions thereof as in existence on the Amendment Effective Date. 

4.    ENTIRE AGREEMENT. This Amendment, the Employment Agreement, and the Guaranty constitute the entire agreement
among the parties with respect to the subject matter hereof and supersede all prior agreements and understandings among the parties with respect thereto. 

5.    INCORPORATION OF CERTAIN PROVISIONS OF EMPLOYMENT AGREEMENT. The provisions of Sections 6, 7,
8, 9, 12, 13, 14, 15, 16, 17 and 18 of the Employment Agreement are hereby incorporated herein and shall govern this Amendment. 

[SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties have executed this Amendment and caused the same to be duly
delivered on their behalf as of the day and year first written above. 
  

			
	FLOTEK INDUSTRIES, INC.
		
	By:	 	/s/ Elizabeth T. Wilkinson
	Name: Elizabeth T. Wilkinson
	Title: Chief Financial Officer

  

			
	By:	 	/s/ John Chisholm
	Name: John W. Chisholm

  
 Amendment No. 1 to
Employment Agreement (Chisholm)EX-10.2

 Exhibit 10.2 

GUARANTY 
 This GUARANTY
(this “Guaranty”), dated as of May 8, 2019, is made by John Chisholm (the “Guarantor”), in favor and for the benefit of Flotek Industries, Inc., a Delaware corporation (the “Company”). 

Reference is made to the Fifth Amended and Restated Service Agreement, by and among Protechnics II, Inc., a Texas corporation
(“Protechnics”), Chisholm Management, Inc., a Texas corporation (“CMI,” and together with Protechnics, the “Chisholm Companies”), and the Company, dated effective as of March 30, 2014, as
amended by a letter agreement dated February 13, 2017 (as amended, the “Underlying Agreement”), pursuant to which the Chisholm Companies agree to indemnify and hold the Company harmless for any and all claims, losses, costs,
fees, liabilities, damages or injuries suffered by the Company arising out of the Chisholm Companies’ or Guarantor’s failure to properly discharge any and all of its obligations under federal, state or local laws, regulations or orders now
or hereafter in effect, relating to taxes, unemployment compensation or insurance, social security, workers’ compensation, disability pensions and tax withholdings. In consideration of the substantial direct and indirect benefits derived by
Guarantor from the Underlying Agreement, Guarantor hereby agrees as follows: 
 1.    Guaranty. Guarantor
absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, the full and punctual payment and performance of all present and future indemnifications, obligations, liabilities, covenants and agreements
required to be observed and performed, paid or reimbursed by the Chisholm Companies under or relating to the Underlying Agreement (collectively, the “Obligations”). 

2.    Guaranty Absolute and Unconditional. Guarantor agrees that its Obligations under this Guaranty are
irrevocable, continuing, absolute and unconditional and shall not be discharged or impaired or otherwise affected by, and Guarantor hereby irrevocably waives any defenses to enforcement it may have (now or in the future) by reason of: 

(a)    Any illegality, invalidity or unenforceability of any Obligation or the Underlying Agreement or any
related agreement or instrument, or any law, regulation, decree or order of any jurisdiction or any other event affecting any term of the Obligations. 

(b)    Any change in the time, place or manner of payment or performance of, or in any other term of the
Obligations, or any rescission, waiver, release, assignment, amendment or other modification of the Underlying Agreement. 

(c)    Any default, failure or delay, willful or otherwise, in the performance of the Obligations. 

(d)    Any change, restructuring or termination of the corporate structure, ownership or existence of the
Company or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Chisholm Companies or their assets or any resulting restructuring, release or discharge of any Obligations. 

 (e)    The failure of any other guarantor or third party
to execute or deliver this Guaranty or any other guaranty or agreement, or the release or reduction of liability of Guarantor or any other guarantor or surety with respect to the Obligations. 

(f)    The failure of the Company to assert any claim or demand or to exercise or enforce any right or
remedy under the provisions of any Underlying Agreement or otherwise. 
 (g)    The existence of any
claim, set-off, counterclaim, recoupment or other rights that Guarantor or the Chisholm Companies may have against the Company. 

(h)    Any other circumstance (including, without limitation, any statute of limitations), act, omission
or manner of administering the Underlying Agreement or any existence of or reliance upon any representation by the Company that might vary the risk of Guarantor or otherwise operate as a defense available to, or a legal or equitable discharge of,
Guarantor. 
 3.    Certain Waivers; Acknowledgments. Guarantor further acknowledges and agrees as follows: 

(a)    Guarantor hereby unconditionally and irrevocably waives any right to revoke this Guaranty and
acknowledges that this Guaranty is continuing in nature and applies to all presently existing and future Obligations, until the complete, irrevocable and indefeasible payment and satisfaction in full of the Obligations. 

(b)    This Guaranty is a guaranty of payment and performance and not of collection. The Company shall not
be obligated to enforce or exhaust its remedies against the Chisholm Companies or under the Underlying Agreement before proceeding to enforce this Guaranty. 

(c)    This Guaranty is a direct guaranty and independent of the obligations of the Chisholm Companies
under the Underlying Agreement. The Company may resort to Guarantor for payment and performance of the Obligations whether or not the Company shall have proceeded against the Chisholm Companies or any other guarantors with respect to the
Obligations. The Company may, at the Company’s option, proceed against Guarantor and the Chisholm Companies, jointly and severally, or against Guarantor only without having obtained a judgment against the Chisholm Companies. 

(d)    Guarantor hereby unconditionally and irrevocably waives promptness, diligence, notice of
acceptance, presentment, demand for performance, notice of non-performance, default, acceleration, protest or dishonor and any other notice with respect to any of the Obligations and this Guaranty and any requirement that the Company protect,
secure, perfect or insure any lien or any property subject thereto. 
 (e)    Guarantor agrees that its
guaranty hereunder shall continue to be effective or be reinstated, as the case may be, if at any time all or part of any payment of any Obligation is voided, rescinded or recovered or must otherwise be returned by the Company upon the insolvency,
bankruptcy or reorganization of either of the Chisholm Companies. 

 4.    Subrogation. Guarantor waives and shall not exercise any
rights that it may acquire by way of subrogation, contribution, reimbursement or indemnification for payments made under this Guaranty until all Obligations shall have been indefeasibly paid and discharged in full. 

5.    Notices. All notices, requests, consents, demands and other communications hereunder (each, a
“Notice”) shall be in writing and delivered to the parties at the addresses set forth in the Underlying Agreement or to such other address as may be designated by the receiving party in a Notice given in accordance with this
section. All Notices shall be delivered by personal delivery, nationally recognized overnight courier, or certified or registered mail (return receipt requested, postage prepaid). Except as otherwise provided in this Guaranty, a Notice is effective
only (a) with written confirmation of delivery or transmission; (b) upon receipt of the receiving party; and (c) if the party giving the Notice has complied with the requirements of this section. 

6.    Assignment. This Guaranty shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns; provided, however, that Guarantor may not, without the prior written consent of the Company, assign any of its rights, powers or obligations hereunder. The Company may assign this Guaranty and its rights hereunder
without the consent of Guarantor. Any attempted assignment in violation of this section shall be null and void. 

7.    Governing Law; Service of Process. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE
STATE OF TEXAS, WITHOUT REFERENCE TO ANY CHOICE OF LAW DOCTRINE. EACH PARTY IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 5 HEREOF AND AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY HERETO
TO SERVE PROCESS IN ANY MANNER PERMITTED BY APPLICABLE LAW. 
 8.    Waiver of Jury Trial. EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OF THE OBLIGATIONS HEREUNDER. 

9.    Cumulative Rights. Each right, remedy and power hereby granted to the Company or allowed it by applicable law
or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Company at any time or from time to time. 

10.    Severability. If any provision of this Guaranty is to any extent determined by final decision of a court of
competent jurisdiction to be unenforceable, then the remainder of this Guaranty shall not be affected thereby, and each provision of this Guaranty shall be valid and enforceable to the fullest extent permitted by law. 

 11.    Entire Agreement; Amendments; Headings; Effectiveness.
This Guaranty constitutes the sole and entire agreement of Guarantor and the Company with respect to the subject matter hereof (other than the Underlying Agreement) and supersedes all previous agreements or understandings, oral or written, with
respect to such subject matter. No amendment or waiver of any provision of this Guaranty shall be valid and binding unless it is in writing and signed, in the case of an amendment, by both parties, or in the case of a waiver, by the party against
which the waiver is to be effective. Section headings are for convenience of reference only and shall not define, modify, expand or limit any of the terms of this Guaranty. Delivery of this Guaranty by facsimile or in electronic (i.e., pdf or tif)
format shall be effective as delivery of a manually executed original of this Guaranty. 
 (SIGNATURE PAGE FOLLOWS) 

 IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the day and year first above
written. 
  

	
	GUARANTOR:
	
	John Chisholm
	
	/s/ John Chisholm

  
 Signature Page to
Guaranty

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