Flotek amends ProFrac supply deal; waives past shortfalls, sets 30-fleet ramp by June 2023

FLOTEK INDUSTRIES INC/CN/

Waived all order shortfall payments accrued before Jan 1, 2023 under the supply agreement with ProFrac.
Ramp-up period Jan–May 2023 to increase ProFrac's active fleets to 30, raising minimum purchase baseline.
Additional fees on certain products; margin increases linked to revenue percentage from non-ProFrac customers.
Flotek believes net present value of economic benefit from amendment exceeds the waived shortfall payments.
ProFrac affiliates hold convertible notes and prefunded warrants in Flotek.

item 1.01 item 9.01

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FLOTEK INDUSTRIES INC/CN/ amended Amendment No. 2 with ProFrac Services, LLC (effective 2023-01-01).

Action: amendment
Agreement: supply
Counterparty: ProFrac Services, LLC
Effective: 2023-01-01

Exact text from the filing

On February 1, 2023, Flotek Chemistry, LLC (“Flotek Chemistry”), a wholly owned subsidiary of Flotek Industries, Inc. (the “Company”), entered into an amendment (“Amendment No. 2”) to the Chemical Products Supply Agreement between Flotek Chemistry and ProFrac Services, LLC (“ProFrac”) dated February 2, 2022, as amended (the “Supply Agreement”).

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Source: SEC EDGAR

accession 0000928054-23-000020

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