<SEC-DOCUMENT>0001564590-18-008067.txt : 20180412
<SEC-HEADER>0001564590-18-008067.hdr.sgml : 20180412
<ACCEPTANCE-DATETIME>20180412171703
ACCESSION NUMBER:		0001564590-18-008067
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180406
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180412
DATE AS OF CHANGE:		20180412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Smart Sand, Inc.
		CENTRAL INDEX KEY:			0001529628
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				452809926
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37936
		FILM NUMBER:		18752716

	BUSINESS ADDRESS:	
		STREET 1:		24 WATERWAY AVENUE, SUITE 350
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380
		BUSINESS PHONE:		(281) 231-2660

	MAIL ADDRESS:	
		STREET 1:		24 WATERWAY AVENUE, SUITE 350
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>snd-8k_20180406.htm
<DESCRIPTION>8-K
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Washington, D.C. 20549</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM&#160;8-K</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:14pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section&#160;13 or 15(d)&#160;of the</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Securities Exchange Act of 1934</p>
<p style="text-align:center;margin-bottom:0pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-top:0pt;margin-left:37.39%;margin-right:37.39%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Date of Report (Date of earliest event reported): April 6, 2018</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SMART SAND, INC.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Exact name of registrant as specified in its charter)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">001-37936</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">45-2809926</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(State or other jurisdiction<br />of incorporation)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Commission<br />File Number)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(I.R.S. Employer<br />Identification No.)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1725 Hughes Landing Blvd, Suite 800</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">The Woodlands, Texas 77380</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Address of principal executive offices and zip code)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(281) 231-2660<font style="font-weight:normal;"> </font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Registrant&#8217;s telephone number, including area code)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Not Applicable</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Former name or former address, if changed since last report)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:5.24%;text-indent:-5.24%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.1pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:5.24%;text-indent:-5.24%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;letter-spacing:-0.1pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). <font style="color:#000000;font-size:8pt;font-family:'Times New Roman';"><font style="font-size:8pt;font-family:'Times New Roman'">&#9746;</font></font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Securities Act.&#160;&#160;&#160;&#160;<font style="color:#000000;font-size:8pt;font-family:'Times New Roman';"><font style="font-size:8pt;font-family:'Times New Roman'">&#9746;</font></font></p>
<p style="margin-bottom:0pt;margin-top:10pt;border-bottom:Solid 0.75pt #000000;padding-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="Background-color:#FFFFFF;">Item&#160;1.01. </font><font style="color:#000000;">Entry into a Material Definitive Agreement</font><font style="Background-color:#FFFFFF;">.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">As reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission on December 14, 2016, Smart Sand, Inc. (the &#8220;Company&#8221;) entered into a $45 million three-year senior secured revolving credit facility (the &#8220;Facility&#8221;) on December 8, 2016.&nbsp;&nbsp;The Facility contained a credit agreement among the Company, as the borrower, the lenders party thereto, and Jefferies Finance LLC, as administrative agent and collateral agent (the &#8220;Agent&#8221;).</font><font style="Background-color:#FFFFFF;margin-left:36pt;"></font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">On April 6, 2018, the Company and certain of its subsidiaries entered into a First Amendment to Credit Agreement and Incremental Assumption Agreement (the &#8220;Amendment&#8221;) with the lenders party thereto and the Agent. The purpose of the Amendment is to increase the amount available under the Facility by $15 million to $60 million. The Company agreed to pay the fees and expenses of the Agent incurred in connection with the Amendment.</font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. </font></p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item&#160;2.03. Creation of a Direct Financial Obligation under an Off-Balance Sheet Arrangement of a Registrant.</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">The description of the Amendment contained in Item 1.01 in this Current Report on Form 8-K is incorporated by reference into this Item 2.03. </font></p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">On April 9, 2018, the board of directors (the &#8220;Board&#8221;) of the Company promoted William John Young to the position of Chief Operating Officer of the Company. Prior to this promotion, Mr. Young was serving as the Company&#8217;s Executive Vice President of Sales and Logistics. Mr. Young&#8217;s annual base salary will be increased to $330,000, and his annual incentive bonus opportunity for 2018 will be targeted at 60% of his annual base salary. Mr. Young will also continue to be eligible to participate in the Company&#8217;s stock-based incentive plans and other benefit plans and arrangements available to Company officers and employees, as described in the Company&#8217;s Proxy Statement filed with the Securities and Exchange Commission on April 24, 2017.&nbsp;&nbsp;In connection with his employment during 2017, we paid to Mr. Young total cash compensation (including 401(k) matches and an automobile allowance) of approximately $458,000, and equity compensation having a grant date fair value of approximately $453,000.</font></p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Mr. Young was named Executive Vice President of Sales and Logistics of the Company in October 2016. Mr. Young served as Vice President of Sales and Logistics from May 2014 to September 2016 and Director of Sales of the Company from November 2011 to April 2014. Prior to joining the Company, Mr. Young was a Director of Sales for Comcast Corporation from 2002 to 2011. Mr. Young has over 20 years of experience in the mining, commercial telecommunications and broadband industries. Mr. Young received a BSc in Biology from Dalhousie University. </font></p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">There is no arrangement or understanding between Mr. Young and any other persons pursuant to which he was selected as Chief Operating Officer of the Company.&nbsp;&nbsp;Mr. Young is the brother of Charles E. Young, the Company&#8217;s Chief Executive Officer and a member of the Board, and James D. Young, the Company&#8217;s Executive Vice President, General Counsel and Secretary.</font></p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;"> </font><font style="font-weight:bold;">Item&#160;9.01. Financial Statements and Exhibits.</font></p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)&#160;&#160;&#160;&#160;Exhibits. The following exhibit is furnished herewith:</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit</p>
<p style="text-align:center;margin-bottom:1pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Number</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="width:2.02%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="width:86.42%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Description</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  BGCOLOR="#FFFFFF" style="width:88.44%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
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<td valign="top"  BGCOLOR="#FFFFFF" style="width:11.56%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.1</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="width:2.02%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</p></td>
<td valign="top"  BGCOLOR="#FFFFFF" style="width:86.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="snd-ex101_6.htm"><font style="text-decoration:underline;">First Amendment to Credit Agreement and Incremental Assumption Agreement, dated as of April 6, 2018, among Smart Sand, Inc., as borrower, the subsidiaries of Smart Sand, Inc. party thereto, as guarantors, the lenders party thereto, and Jefferies Finance LLC, as administrative agent and collateral agent</font></a></p></td>
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</table></div>
<hr style="page-break-after:always;width:100%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
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<td valign="bottom"  style="width:45.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="width:48.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SMART SAND, INC.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:45.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<td valign="bottom"  style="width:45.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:4.64%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:3.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="width:45.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<td valign="bottom"  style="width:45.82%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dated: April 12, 2018</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:44.8%; border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Lee E. Beckelman</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:0.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:44.8%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lee E. Beckelman</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chief Financial Officer</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>snd-ex101_6.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
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snd-ex101_6.htm
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<p style="text-align:left;text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:center;text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FIRST AMENDMENT TO CREDIT AGREEMENT AND INCREMENTAL ASSUMPTION AGREEMENT</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This FIRST AMENDMENT TO CREDIT AGREEMENT AND INCREMENTAL ASSUMPTION AGREEMENT, dated as of April 6, 2018 (this &#8220;<font style="font-weight:bold;">Amendment</font>&#8221;), by and among, <font style="color:#000000;">SMART SAND, INC., a Delaware corporation (the &#8220;</font><font style="color:#000000;font-weight:bold;">Borrower</font><font style="color:#000000;">&#8221;), the Subsidiary Guarantors party hereto (together with the Borrower, the &#8220;</font><font style="font-weight:bold;color:#000000;">Loan Parties</font><font style="color:#000000;">&#8221;), </font><font style="color:#000000;text-transform:uppercase;">Jefferies Finance LLC</font><font style="color:#000000;">, as administrative agent (in such capacity, including any successor thereto, the &#8220;</font><font style="color:#000000;font-weight:bold;">Administrative Agent</font><font style="color:#000000;">&#8221;), and collateral agent for the Secured Parties, </font>each financial institution party hereto as a Lender of <font style="color:#000000;">2018 Incremental Revolving Loans (as defined below) (</font>in such capacity, each a &#8220;<font style="font-weight:bold;">2018</font> <font style="font-weight:bold;">Incremental Revolving Credit Lender</font>&#8221; and collectively, the &#8220;<font style="font-weight:bold;">2018</font> <font style="font-weight:bold;">Incremental Revolving Credit Lenders</font>&#8221;<font style="color:#000000;">) and the Lenders that are party hereto</font>.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, reference is hereby made to the Credit Agreement, dated as of December 8, 2016 (as amended prior to the date hereof, the &#8220;<font style="font-weight:bold;">Credit Agreement</font>&#8221;), by and among, <font style="font-style:italic;">inter alios</font>, the Borrower, the Administrative Agent and the lenders party thereto from time to time (the &#8220;<font style="font-weight:bold;">Lenders</font>&#8221;); </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, (i) pursuant to Section 2.24(a) of the Credit Agreement, the Borrower has requested a Revolving Commitment Increase in an aggregate principal amount of $15,000,000 and (ii) the Borrower has requested that each 2018 Incremental Revolving Credit Lender provide, and each 2018 Incremental Revolving Credit Lender has agreed to provide, pursuant to Section 2.24(b) of the Credit Agreement, a 2018 Incremental Revolving Commitment under the Amended Credit Agreement (as defined below) as a Revolving Commitment Increase of the Revolving Credit Commitments made available to the Borrower on the Closing Date; and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the parties hereto desire to make certain other amendments to the Credit Agreement as set forth herein.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;">Section 1<font style="font-style:italic;font-weight:normal;text-transform:none;">.&nbsp;&nbsp;Defined Terms; References.&nbsp;&nbsp;</font><font style="font-weight:normal;text-transform:none;">Unless otherwise specifically defined herein, each term used herein which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.  Each reference to &#8220;hereof&#8221;, &#8220;hereunder&#8221;, &#8220;herein&#8221; and &#8220;hereby&#8221; and each other similar reference and each reference to &#8220;this Agreement&#8221; and each other similar reference contained in the Credit Agreement shall, as of and after the First Amendment Effective Date (as defined below), refer to the Credit Agreement, as amended by this Amendment (the &#8220;</font><font style="text-transform:none;">Amended Credit Agreement</font><font style="font-weight:normal;text-transform:none;">&#8221;).&nbsp;&nbsp;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;">Section 2<font style="font-style:italic;font-weight:normal;text-transform:none;">. Amendments to Credit Agreement. </font><font style="font-weight:normal;text-transform:none;"> </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:64pt;"></font>Effective on the First Amendment Effective Date (as defined below),<font style="font-style:italic;"> </font>the parties hereto agree that the Credit Agreement is amended as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent:11.54%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i)<font style="margin-left:108pt;"></font>Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of &#8220;Incremental Facility Amount&#8221; contained therein in its entirety and by substituting the following in lieu thereof:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;margin-right:7.69%;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8220;<font style="font-weight:bold;">Incremental Facility Amount</font>&#8221; shall mean, at any time, the remainder of:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:23.08%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:126pt;"></font><font style="font-size:11pt;margin-left:36pt;"></font>$5,000,000, <font style="font-style:italic;">plus</font></p>
<p style="margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;margin-right:7.69%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)</font><font style="margin-left:126pt;"></font><font style="font-size:11pt;margin-left:36pt;"></font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the aggregate amount of all permanent voluntary Revolving Credit Commitment reductions made pursuant to </font><font style="text-decoration:underline;">Section 2.09</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, </font><font style="font-style:italic;">minus</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:23.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;margin-right:7.69%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:126pt;"></font><font style="font-size:11pt;margin-left:36pt;">t</font>he aggregate amount of all Incremental Revolving Commitments established prior to such time pursuant to <font style="text-decoration:underline;">Section 2.24</font> <font style="font-size:11pt;">(other than the Incremental Revolving Commitments established pursuant to the First Amendment to Credit Agreement and Incremental Assumption Agreement, dated as of April 6, 2018, among, </font><font style="font-style:italic;font-size:11pt;">inter alios</font><font style="font-size:11pt;">, the Borrower, the Administrative Agent and the Incremental Revolving Credit Lenders party thereto).</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:23.08%;margin-right:7.69%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent:11.54%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii)<font style="margin-left:108pt;"></font>Section 5.12 of the Credit Agreement is hereby amended by deleting the reference to &#8220;<font style="text-decoration:underline;">Section 6.01(k)</font>&#8221; in paragraph (b) thereof and substituting &#8220;<font style="text-decoration:underline;">Section 6.04(k)</font>&#8221; in lieu thereof in each instance where such reference appears.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent:11.54%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(iii)<font style="margin-left:108pt;"></font>Section 6.01 of the Credit Agreement is hereby amended by deleting clause (g) thereof in its entirety and by substituting the following in lieu thereof:</p>
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<td valign="top" style="width:7.69%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
<td valign="top" style="width:7.69%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8220;(g) </font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">unsecured Indebtedness of the Borrower, and unsecured Guarantees thereof by the Subsidiary Guarantors in an aggregate principal amount not to exceed $20,000,000;&#8221;</p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:64pt;"></font>Except as specifically amended above, the Amended Credit Agreement and each of the other Loan Documents, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.&nbsp;&nbsp;Without limiting the generality of the foregoing, the Security Documents and all of the Collateral described therein shall continue to secure the payment of all Obligations of the Borrower, as amended by this Amendment.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:64pt;"></font>The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.&nbsp;&nbsp;On and after the First Amendment Effective Date, this Amendment shall for all purposes constitute a Loan Document.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;">Section 3<font style="text-transform:none;">.</font><font style="font-weight:normal;text-transform:none;">&nbsp;&nbsp;</font><font style="font-style:italic;font-weight:normal;text-transform:none;">2018 Incremental Revolving Loans. </font><font style="font-weight:normal;text-transform:none;"> </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:64pt;"></font>The Borrower hereby requests (and the parties hereto acknowledge and agree that this Amendment constitutes the notice required pursuant to Section 2.24 of the Credit Agreement and waive the requirement for a separate notice complying with the requirements of Section 2.24(a) of the Credit Agreement) a $15,000,000 Revolving Commitment Increase to be effective on April 6, 2018.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:64pt;"></font>Each 2018 Incremental Revolving Credit Lender severally agrees to make, from time to time on and after the First Amendment Effective Date until the Revolving Credit Maturity Date, Incremental Revolving Loans denominated in Dollars to the Borrower (each, a &#8220;<font style="font-weight:bold;">2018 Incremental Revolving Loan</font>&#8221; and, collectively, the &#8220;<font style="font-weight:bold;">2018 Incremental Revolving Loans</font>&#8221;) in an amount equal to the amount of such 2018 Incremental Revolving Credit Lender&#8217;s Incremental Revolving Commitment set forth on Schedule 1 hereto (each, a &#8220;<font style="font-weight:bold;">2018 Incremental Revolving Commitment</font>&#8221;).&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a>(c)<font style="margin-left:64pt;"></font>The 2018 Incremental Revolving Commitments shall constitute Incremental Revolving Commitments and a Revolving Commitment Increase of the Revolving Credit Commitments made </p>
<p style="margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</p>
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<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">available to the Borrower on the Closing Date, shall be of the same Class as such Revolving Credit Commitments and shall </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(together with the 2018 Incremental Revolving Loans) </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">otherwise be subject to </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the same terms and conditions (</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">including, and subject to clause (f) below, the same rights, remedies, protections, guarantees and collateral security afforded to the Obligations under the Amended Credit Agreement and the other Loan Documents) as the currently-existing Revolving Credit Commitments </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and Revolving Credit Loans </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as of the First Amendment Effective Date (immediately prior to the occurrence thereof)</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)<font style="margin-left:64pt;"></font>Upon the First Amendment Effective Date, each of the existing Revolving Credit Lenders shall automatically and without further act be deemed to have assigned to each of the 2018 Incremental Revolving Credit Lenders, and each of the 2018 Incremental Revolving Credit Lenders shall be deemed to have assumed from each of the existing Revolving Credit Lenders, at the par amount thereof, such interests in the Revolving Loans outstanding on the First Amendment Effective Date as shall be necessary in order that, after giving effect to such assignment and assumption, such Revolving Loans will be held by existing Revolving Credit Lenders and 2018 Incremental Revolving Credit Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of 2018 Incremental Revolving Commitments to the Revolving Credit Commitments.&nbsp;&nbsp;The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in the Credit Agreement shall not apply to the transactions effected pursuant this <font style="text-decoration:underline;">Section 3</font>.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(e)<font style="margin-left:64pt;"></font>Each 2018 Incremental Revolving Credit Lender: (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements delivered pursuant to Section 5.04 of the Credit Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or Agent and based on such documents and information as it shall deem appropriate at the time<font style="color:#000000;">, continue to make its own credit decisions in taking or not taking any action under the Loan Documents</font>; (iii) appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under the Amended Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent and the Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(f)<font style="margin-left:64pt;"></font>Each 2018 Incremental Revolving Credit Lender party hereto hereby agrees to make its 2018 Incremental Revolving Commitment on the following terms and conditions:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent:11.54%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i)<font style="margin-left:108pt;"></font><font style="font-style:italic;">Applicable Margin</font>.&nbsp;&nbsp;The Applicable Margin for each 2018 Incremental Revolving Loan shall be the Applicable Margin with respect to the Revolving Loans.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent:11.54%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii)<font style="margin-left:108pt;"></font><font style="font-style:italic;">Principal Payments</font>.&nbsp;&nbsp;The Borrower shall repay the principal amount of each 2018 Incremental Revolving Loan as set forth in Section 2.04 of the Credit Agreement for the Revolving Loans.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent:11.54%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(iii)<font style="margin-left:108pt;"></font><font style="font-style:italic;">Voluntary and Mandatory Prepayments</font>.&nbsp;&nbsp;The 2018 Incremental Revolving Loans shall be subject to the same terms and conditions regarding voluntary and mandatory prepayments as set forth in the Amended Credit Agreement for the Revolving Loans.</p>
<p style="margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p>
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<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(g)</font><font style="margin-left:64pt;"></font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Each </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Incremental </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revolving Credit</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Lender acknowledges and agrees that</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">,</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> upon its execution of this Amendment</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (and the making of 2018 Incremental Revolving Loans, if applicable)</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on the First Amendment Effective Date</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2018 </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Incremental </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revolving Credit</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Lender shall become </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">an &#8220;Incremental Revolving </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Credit </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lender&#8221;, </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8220;Revolving Credit </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lender&#8221;</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, a &#8220;Lender&#8221; and a &#8220;Secured Party&#8221;</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> under, and for all purposes of, the Amended Credit Agreement and the other </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loan Documents</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">n</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8220;Incremental Revolving</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Credit</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Lender&#8221;, a &#8220;Revolving Credit Lender&#8221;, a &#8220;Lender&#8221; and a &#8220;Secured Party&#8221; </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">thereunder.</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;"><a name="_Ref282698485"></a>Section 4<font style="font-weight:normal;text-transform:none;">.&nbsp;&nbsp;</font><font style="font-style:italic;font-weight:normal;text-transform:none;">Use of Proceeds</font><font style="font-weight:normal;text-transform:none;">.&nbsp;&nbsp;All proceeds of the 2018 Incremental Revolving Loans shall be used by the Borrower as provided for in the Credit Agreement with respect to Revolving Loans.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;">Section 5<font style="font-weight:normal;text-transform:none;">.&nbsp;&nbsp;</font><font style="font-style:italic;font-weight:normal;text-transform:none;">Severability</font><font style="font-weight:normal;text-transform:none;">.&nbsp;&nbsp;</font><font style="color:#000000;font-weight:normal;text-transform:none;">In the event any one or more of the provisions contained in this Amendment should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction).&nbsp;&nbsp;The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions</font><font style="font-weight:normal;text-transform:none;">.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;">Section 6<font style="font-weight:normal;text-transform:none;">.&nbsp;&nbsp;</font><font style="font-style:italic;font-weight:normal;text-transform:none;">Headings</font><font style="font-weight:normal;text-transform:none;">.&nbsp;&nbsp;</font><font style="color:#000000;font-weight:normal;text-transform:none;">Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment</font><font style="font-weight:normal;text-transform:none;">.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;">Section 7<font style="font-weight:normal;text-transform:none;">.&nbsp;&nbsp;</font><font style="font-style:italic;font-weight:normal;text-transform:none;">Entire Agreement</font><font style="font-weight:normal;text-transform:none;">.&nbsp;&nbsp;This Amendment, the Amended Credit Agreement and the other Loan Documents </font><font style="color:#000000;font-weight:normal;text-transform:none;">constitute the entire contract between the parties relative to the subject matter hereof. Any other previous agreement among the parties with respect to the subject matter hereof is superseded by this Amendment and the other Loan Documents.  Nothing in this Amendment or in the other Loan Documents, expressed or implied, is intended to confer upon any Person (other than the parties hereto and thereto, their respective successors and assigns permitted hereunder (including any Affiliate of any Issuing Bank that issues any Letter of Credit) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders) any rights, remedies, obligations or liabilities under or by reason of this Amendment or the other Loan Documents</font><font style="font-weight:normal;text-transform:none;">.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;text-transform:uppercase;font-size:12pt;font-family:Times New Roman;font-style:normal;font-variant: normal;">Section 8<font style="font-style:italic;font-size:11pt;font-weight:normal;text-transform:none;">.&nbsp;&nbsp;Ratification and Reaffirmation.</font><font style="font-size:11pt;font-weight:normal;text-transform:none;">&nbsp;&nbsp;Each Loan Party party hereto </font><font style="color:#000000;font-size:11pt;font-weight:normal;text-transform:none;">hereby ratifies and reaffirms (a) its Obligations under the Amended Credit Agreement and each of the other Loan Documents to which it is a party and all of the covenants, duties, guarantees, indemnities, indebtedness and liabilities under the Amended Credit Agreement and the other Loan Documents to which it is a party and (b) the Liens and security interests created in favor of the Collateral Agent and the Secured Parties pursuant to each Security Agreement, which Liens and security interests shall continue in full force and effect during the term of the Amended Credit Agreement, and shall continue to secure the Obligations (as defined in the Amended Credit Agreement). Each Loan Party party hereto confirms that the secured liabilities (however described in the Security Documents) cover the Obligations, in each case, on and subject to the terms and conditions set forth in the Amended Credit Agreement and the other Loan Documents.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;"><a name="representations_of_borrower"></a>Section 9<font style="font-style:italic;font-weight:normal;text-transform:none;"><a name="representations_of_borrower"></a>.&nbsp;&nbsp;Representations and Warranties.&nbsp;&nbsp;</font><font style="font-weight:normal;text-transform:none;">The Loan Parties hereby represent and warrant to the Administrative Agent, the 2018 Incremental Revolving Credit Lenders and the Lenders that:</font></p>
<p style="margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</p>
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<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)</font><font style="margin-left:64pt;"></font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Each Loan Party</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> party hereto</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">has </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">power and authority to </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">execute, deliver and perform its obligations under </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">t</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">his Amendment.</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The execution, delivery and performance of this Amendment have been duly authorized by all </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">requisite corporate, partnership, limited liability company, and, if required, stockholder, partner or member action, as applicable,</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> of </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">each Loan Party</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> party hereto</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.&nbsp;&nbsp;This Amendment has been duly executed and delivered by </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">each Loan Party</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">party hereto </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">constitutes the </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">legal</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">,</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> valid and binding obligation of </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such Loan Party</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, enforceable against </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such Loan Party</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in accordance with its terms, </font><font style="color:#000000;font-size:12pt;">subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors&#8217; rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.&nbsp;&nbsp;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:64pt;"></font>The execution, delivery and performance of this Amendment by each Loan Party do not require any consent or approval of, registration or filing with, certificate, certification, permit, license or authorization from, or any other action by any Governmental Authority, in each case, except for such as have been made or obtained and are in full force and effect.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:64pt;"></font>The execution, delivery and performance of this Amendment by each Loan Party party hereto and the consummation of the transactions contemplated hereby will not <font style="color:#000000;">(i) violate (A)&#160;any provision of law, statute, rule or regulation, (B) any order of or undertaking with any Governmental Authority or (C) any provision of any indenture, agreement or other instrument to which such Loan Party is a party or by which any of them or any of their property is bound, except such violation as could not reasonably be expected to have a Material Adverse Effect, (ii) result in the creation or imposition of </font>(or the obligation to create or impose)<font style="color:#000000;"> any Lien upon or with respect to any property or assets now owned or hereafter acquired by such Loan Party or (iii) violate any provision of the certificate or articles of incorporation or certificate of formation or other constitutive documents or by-laws, partnership agreement or limited liability company agreement of such Loan Party.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)<font style="margin-left:64pt;"></font>The representations and warranties set forth in Article III of the Amended Credit Agreement and in each other Loan Document are true and correct in all material respects on and as of First Amendment Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they were true and correct in all material respects as of such earlier date; <font style="font-style:italic;">provided</font>, that any representation and warranty that is qualified as to &#8220;materiality,&#8221; &#8220;Material Adverse Effect&#8221; or similar language is true and correct (after giving effect to any qualification contained therein) in all respects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(e)<font style="margin-left:64pt;"></font>On and immediately after the First Amendment Effective Date, no Default or Event of Default has occurred and is continuing.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;"><a name="_Ref388989856"></a>Section 10<font style="font-style:italic;font-weight:normal;text-transform:none;">.  Governing Law; Consent to Jurisdiction; Waiver of Jury Trial<a name="_Ref388989856"></a>.&nbsp;&nbsp;</font><font style="font-weight:normal;text-transform:none;">The terms of Section 9.07, 9.11 and 9.15 of the Credit Agreement are incorporated herein by reference, </font><font style="font-style:italic;font-weight:normal;text-transform:none;">mutatis mutandis</font><font style="font-weight:normal;text-transform:none;">, and the parties hereto agree to such terms.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;"><a name="counterparts"></a>Section 11<font style="font-style:italic;font-weight:normal;text-transform:none;"><a name="counterparts"></a>.&nbsp;&nbsp;Counterparts.&nbsp;&nbsp;</font><font style="color:#000000;font-weight:normal;text-transform:none;">This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract.&nbsp;&nbsp;Delivery of an executed signature page to this Amendment by facsimile or other customary means of electronic transmission, including by PDF file, shall be as effective as delivery of a manually signed counterpart of this Amendment.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;"><a name="_Ref282698461"></a><a name="effectiveness"></a>Section 12<font style="font-style:italic;font-weight:normal;text-transform:none;"><a name="effectiveness"></a>.&nbsp;&nbsp;Effectiveness.&nbsp;&nbsp;</font><font style="font-weight:normal;text-transform:none;">This Amendment shall become effective on the date on which each of the following conditions shall have been satisfied or waived (the &#8220;</font><font style="text-transform:none;">First Amendment Effective Date</font><font style="font-weight:normal;text-transform:none;">&#8221;):</font></p>
<p style="margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</p>
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<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)</font><font style="margin-left:64pt;"></font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the Administrative Agent shall ha</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ve received counterparts of </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">this Amendment executed by the Borrower, </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">each Subsidiary Guarantor, </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the Administrative Agent, </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the Collateral Agent, each Issuing Bank, the Swingline Lender, </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">each 2018 Incremental Revolving Credit </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lender</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and </font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the other</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Lender</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">s constituting the Required Lenders</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:64pt;"></font>the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying that the statements in Sections 9(d) and 9(e) are true as of the First Amendment Effective Date;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Ref338861173"></a>(c)<font style="margin-left:64pt;"></font>the Administrative Agent shall have received a solvency certificate from the chief financial officer of the Borrower in the form of Exhibit F to the Credit Agreement;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)<font style="margin-left:64pt;"></font>the Administrative Agent shall have received, on behalf of itself, the Collateral Agent and the 2018 Incremental Revolving Credit Lenders, a favorable written opinion of Alston &amp; Bird LLP, counsel for the Borrower dated the First Amendment Effective Date and in form and substance reasonably satisfactory to the Administrative Agent;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(e)<font style="margin-left:64pt;"></font>the Administrative Agent shall have received, (i) with respect to each Loan Party, certificates of good standing from the secretary of state of the state of organization of each Loan Party and (ii) with respect to the Borrower, a certificate of the Secretary or Assistant Secretary dated the First Amendment Effective Date and certifying (A) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors of the Borrower authorizing the execution, delivery and performance of the Amendment and the incurrence of the 2018 Incremental Revolving Loans, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (B) attaching a certified copy of the certificate of incorporation of the Borrower, certified as of a recent date prior hereto, and (C) as to the incumbency and specimen signature of each officer executing the Amendment or any other Loan Document or any other document delivered in connection herewith on behalf of the Borrower;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(f)<font style="margin-left:64pt;"></font>the Administrative Agent shall have received, for the ratable account of each 2018 Incremental Revolving Credit Lender, an upfront fee equal to 0.20% of the aggregate amount of the 2018 Incremental Revolving Commitments provided by each such 2018 Incremental Revolving Credit Lender on the First Amendment Effective Date; and </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:10%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(g)<font style="margin-left:64pt;"></font>all reasonable and documented out-of-pocket fees and expenses of the Administrative Agent incurred <font style="color:#000000;">in connection with the preparation, execution and delivery of this Amendment and any other instruments and documents to be delivered hereunder or in connection herewith</font>, shall have been paid.</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">[SIGNATURE PAGES FOLLOW]</p>
<p style="margin-top:12pt; clear:both;text-align:center;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6</p>
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<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">IN WI</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">TNESS WHEREOF, the parties hereto have caused this Amendment</font><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> to be duly executed by their respective authorized officers as of the day and year first above written.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:53.85%;text-indent:-3.85%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SMART SAND, INC., as Borrower</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:50%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;margin-left:50%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:<font style="text-decoration:underline;margin-left:36pt;"></font><font style="text-decoration:underline;">/s/ Lee E. Beckelman</font><font style="text-decoration:underline;margin-left:36pt;"></font><br />Name:&nbsp;&nbsp;Lee E. Beckelman<br />Title:&nbsp;&nbsp; Chief Financial Officer</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:-3.85%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SMART SAND HIXTON LLC, </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:53.85%;text-indent:-3.85%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as a Subsidiary Guarantor</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:50%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By: Smart Sand, Inc., its sole Member<br /></p>
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<p style="margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</font></p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">/s/ Lee E. Beckelman</font><br />Name:&nbsp;&nbsp;Lee E. Beckelman<br />Title:&nbsp;&nbsp; Chief Financial Officer </p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:-3.85%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SMART SAND HOLDINGS LLC, </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:53.85%;text-indent:-3.85%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as a Subsidiary Guarantor</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:50%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By: Smart Sand, Inc., its sole Member<br /></p>
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<p style="margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</font></p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">/s/ Lee E. Beckelman</font><br />Name:&nbsp;&nbsp;Lee E. Beckelman<br />Title: Chief Financial Officer&nbsp;&nbsp; </p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:-3.85%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FAIRVIEW CRANBERRY COMPANY, LLC,</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:53.85%;text-indent:-3.85%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as a Subsidiary Guarantor </p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:50%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By: Smart Sand, Inc., its Manager<br /></p>
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<p style="margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</font></p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">/s/ Lee E. Beckelman</font><br />Name:&nbsp;&nbsp;Lee E. Beckelman<br />Title: Chief Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:53.85%;text-indent:-3.85%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WILL LOGISTICS, LLC, </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:53.85%;text-indent:-3.85%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as a Subsidiary Guarantor </p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:50%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By: Smart Sand, Inc., its Manager<br /></p>
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<p style="margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</font></p></td>
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<p style="margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">/s/ Lee E. Beckelman</font><br />Name:&nbsp;&nbsp;Lee E. Beckelman<br />Title: Chief Financial Officer &nbsp;&nbsp;&nbsp;&nbsp;</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">[Signature page to First Amendment to Credit Agreement]<font style="font-size:12pt;font-style:normal;"> </font></p>
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<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">JEFFERIES FINANCE LLC, as </font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Administrative Agent, </font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Collateral Agent</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, </font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">an Issuing Bank, the Swingline Lender, </font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a Lender and a </font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2018 Incremental Revolving Credit Lender</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></font></p>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:46.15%;text-indent:0%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:<font style="text-decoration:underline;color:#000000;"> /s/ J. Paul McDonnell</font><font style="text-decoration:underline;margin-left:36pt;color:#000000;"></font><br />Name:<font style="margin-left:36pt;"></font>J. Paul McDonnell<br />Title:<font style="margin-left:36pt;">Managing Director </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">[Signature page to First Amendment to Credit Agreement]</p>
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<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CREDIT SUISSE AG, CAY</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MAN ISLAND</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">S</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> BRANCH, as a Lender </font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and a 2018 Incr</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">emental Revolving Credit Lender</font></p>
<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;font-size:11pt;">&nbsp;</p>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</font></p></td>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">/s/ Nupur Kumar</font><br />Name: Nupur Kumar<br />Title: Authorized Signatory</p></td></tr></table></div>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;font-size:11pt;">&nbsp;</p>
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<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</font></p></td>
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<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">/s/ Christopher Zybrick</font><br />Name: Christopher Zybrick<br />Title: Authorized Signatory </p></td></tr></table></div>
<p style="margin-top:12pt; clear:both;text-align:center;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">[Signature page to First Amendment to Credit Agreement]</p>
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<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GOLDMAN SACHS BANK USA</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, as a Lender </font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and a 2018 Incr</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">emental Revolving Credit Lender</font></p>
<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;font-size:11pt;">&nbsp;</p>
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<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="text-decoration:underline;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/</font><font style="text-decoration:underline;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="text-decoration:underline;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Josh Rosenthal </font></p></td>
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<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;"></font><br />Name: Josh Rosenthal <br />Title: Authorized Signatory </p></td></tr></table></div>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p></td>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td></tr></table></div>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">[Signature page to First Amendment to Credit Agreement]</p>
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<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">DEUTSCHE BANK A</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">G NEW YORK BRANCH, as a Lender </font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and a 2018 Incr</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">emental Revolving Credit Lender</font></p>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</font></p></td>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">/s/ Alicia Achug</font><br />Name: Alicia Schug<br />Title: Vice President</p></td></tr></table></div>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p></td>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td></tr></table></div>
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<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</font></p></td>
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<p style="text-align:left;margin-top:0pt;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">/s/ Marguerite Sutton</font><br />Name: Marguerite Sutton<br />Title: Vice President</p></td></tr></table></div>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">[Signature page to First Amendment to Credit Agreement]</p>
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<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;margin-left:46.15%;text-indent:0%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">IBERIABANK, </font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">s a</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 2018 Incr</font><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">emental Revolving Credit Lender</font></p>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</font></p></td>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">/s/ John Michael Robinson III_______</font><br />Name: John Michael Robinson III<br />Title: Assistant Vice President </p></td></tr></table></div>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p></td>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p></td>
<td valign="top">
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td></tr></table></div>
<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;margin-left:50%;text-indent:-3.85%;font-size:11pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">[Signature page to First Amendment to Credit Agreement]</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;"><font style="font-weight:bold;font-size:11pt;text-transform:uppercase;font-family:Times New Roman;font-style:normal;font-variant: normal;">SCHEDULE 1</font></p>
<p style="text-align:right;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">TO FIRST AMENDMENT TO CREDIT AGREEMENT</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:18pt;text-align:center;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018 Incremental Revolving Commitments</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr>
<td style="width:38.65%;"></td>
<td style="width:41.35%;"></td>
<td style="width:20%;"></td>
</tr>
<tr style="height:29.55pt;">
<td valign="middle"  BGCOLOR="#CCCCCC" style=" border-top:double 2.5pt #000000; border-bottom:solid 0.75pt #000000; border-left:double 2.5pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018 Incremental Revolving Credit Lender</p></td>
<td valign="middle"  BGCOLOR="#CCCCCC" style=" border-top:double 2.5pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018 Incremental Revolving Commitment</p></td>
<td valign="middle"  BGCOLOR="#CCCCCC" style=" border-top:double 2.5pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:double 2.5pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Pro Rata Share</p></td>
</tr>
<tr style="height:28.8pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:double 2.5pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Jefferies Finance LLC</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$1,666,666.67</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:double 2.5pt #000000;">
<p style="text-align:center;margin-bottom:3pt;margin-top:3pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11.1%</p></td>
</tr>
<tr style="height:28.8pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:double 2.5pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Credit Suisse AG, Cayman</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Islands Branch</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$1,666,666.67</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:double 2.5pt #000000;">
<p style="text-align:center;margin-bottom:3pt;margin-top:3pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11.1%</p></td>
</tr>
<tr style="height:28.8pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:double 2.5pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Goldman Sachs Bank USA</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$1,111,111.10</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:double 2.5pt #000000;">
<p style="text-align:center;margin-bottom:3pt;margin-top:3pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7.4%</p></td>
</tr>
<tr style="height:28.8pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:double 2.5pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Deutsche Bank AG New York</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Branch</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$555,555.56</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:double 2.5pt #000000;">
<p style="text-align:center;margin-bottom:3pt;margin-top:3pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.7%</p></td>
</tr>
<tr style="height:28.8pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:double 2.5pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Iberiabank</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$10,000,000.00</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:double 2.5pt #000000;">
<p style="text-align:center;margin-bottom:3pt;margin-top:3pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">66.7%</p></td>
</tr>
<tr style="height:28.8pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:double 2.5pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:3pt;margin-top:3pt;margin-left:72pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:3pt;margin-top:3pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">$15,000,000.00</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right:double 2.5pt #000000;">
<p style="text-align:center;margin-bottom:3pt;margin-top:3pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">100.0%</p></td>
</tr>
</table></div>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:7.5pt;">&nbsp;</p></body>
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