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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