Item 1.01 Entry Into a Material Definitive Agreement
On January 10, 2023, Flotek Industries, Inc. (the "Company") received
notification from PNC Bank, National Association ("PNC") that the U.S. Small
Business Administration had forgiven $4,400,376.69 in principal and $121,621.52
in interest of the Company's Paycheck Protection Program Loan. The remaining
outstanding principal amount of the loan of $387,723.31 has been converted to a
term loan amortizing over 18 months and bearing interest at 1% per annum,
payable in accordance with the terms of the Paycheck Protection Program Term
Note, dated April 16, 2020, in favor of PNC Bank, National Association (the "PPP
Note"), as filed with the Securities and Exchange Commission on a Current Report
on Form 8-K on April 17, 2020 (the "Prior Form 8-K"). The description of the
Company's Paycheck Protection Program Loan and the PPP Note in Item 1.01 of the
Prior Form 8-K is hereby incorporated by reference herein.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth above in Item 1.01 is hereby incorporated by reference
into this Item 2.03.
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