U.S. WELL SERVICES, INC.
EX-10.4
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<DESCRIPTION>EX-10.4
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIRST AMENDMENT TO EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">U.S. Well Services, Inc., a Delaware corporation f/k/a Matlin&nbsp;&amp; Partners Acquisition Corporation (the
&#147;<B><I>Company</I></B>&#148;), and Kyle O&#146;Neill (the &#147;<B><I>Executive</I></B>&#148;) are parties to that certain Employment Agreement dated July&nbsp;13, 2018 (the &#147;<B><I>Employment Agreement</I></B>&#148;). The Company and the
Executive hereby voluntarily enter into this First Amendment to Employment Agreement (the &#147;<B><I>First Amendment</I></B>&#148;) effective April&nbsp;30, 2022 (the &#147;<B><I>Effective Date</I></B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B><U>Duties</U></B>. Section&nbsp;2.01 of the Employment Agreement is hereby deleted in its entirety and replaced with the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">2.01 The Company hereby employs Executive, and Executive hereby accepts employment, as the President and Chief Executive Officer of the Company
subject to the terms and conditions hereof. Executive shall have the normal duties, responsibilities and authority of such position, subject to the power of the Board of Directors of the Company (the &#147;<U>Board</U>&#148;) to limit such duties,
responsibilities and authority and to override actions of such position. In connection with the duties to be performed pursuant to this Agreement, Executive shall report directly to the Board. Executive will promote the interests, within the scope
of his duties, of the Company and the members of the Company Group and devote substantially his full working time and efforts to the business and affairs of the Company and Company Group. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <B><U>Compensation &#150; Base Salary</U></B>. Section&nbsp;3.01 of the Employment Agreement is hereby deleted in its entirety and replaced
with the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">3.01 <U>Base Salary</U>. The Company will compensate Executive for the duties performed by him hereunder by payment of
a base salary at the rate of five hundred forty thousand dollars ($540,000.00) per annum (the &#147;<U>Base Salary</U>&#148;). The Company shall pay the Base Salary in accordance with the Company&#146;s regular payroll schedule, subject to customary
withholding for federal, state, and local taxes and other normal and customary withholding items. The Base Salary may be adjusted annually, in the sole discretion of the Board, but not to be reduced unless part of a general reduction in the
Company&#146;s compensation to other executives. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <B><U>Compensation &#150; Annual Incentive Plan</U></B>. Section&nbsp;3.02 of the
Employment Agreement is hereby deleted in its entirety and replaced with the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">3.02 <U>Annual Bonus</U>. In addition to the Base
Salary, Executive shall be eligible to participate in the Company&#146;s Annual Incentive Plan or a similar or replacement annual incentive plan adopted by the Board and in which other key executive employees of the Company participate
(&#147;<U>AIP</U>&#148;) at the discretion of the Board; provided that Executive shall have an annual target bonus under the AIP of one hundred percent (100%) of the then-current Base Salary. During the fourth quarter of each calendar year, the
Board shall make good faith efforts to finalize the AIP that will be applicable for the following calendar year. Except as otherwise </P>
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provided herein, the earned and vested portion of Executive&#146;s annual bonus shall be paid to Executive during the calendar year immediately following the performance calendar year to which
the bonus relates, within 60 days following the finalization of the Company&#146;s annual financial statements, but no later than the last day of the calendar year in which such financial statements are finalized, provided that Executive has
remained continuously and actively employed with the Company through the date of payment, and provided further that the Company may delay such payment if, pursuant to its reasonable judgment, the making of the payment would jeopardize the ability of
the Company to continue as a going concern. If this provision is applicable, such payment (with reasonable interest thereon) will then occur in the first taxable year in which the making of the payment would not have such effect. To the extent the
payments under this bonus are or become subject to Section&nbsp;409A of the Internal Revenue Code of 1986, as amended (&#147;<U>Code Section</U><U></U><U>&nbsp;409A</U>&#148;), this provision will be administered consistent with Code
Section&nbsp;409A. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <B><U>Definition of Cause</U></B>. Section&nbsp;5.03(a) of the Employment Agreement is hereby deleted in its
entirety and replaced with the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">(a) Executive&#146;s failure or refusal to perform specific directives from the Board that are
consistent with the scope and nature of Executive&#146;s duties and responsibilities under this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <B><U>Termination
Obligations&#151;Termination by Company Without Cause or Termination by Executive for Good Reason</U></B>. Section&nbsp;5.05(c)(ii) of the Employment Agreement is hereby deleted in its entirety and replaced with the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">(ii) a lump sum cash payment equal to one and a half (1.5) times the sum of (x)&nbsp;Executive&#146;s then-current Base Salary, and
(y)&nbsp;either (A) if the Termination Date occurs on or before April&nbsp;30, 2024, Executive&#146;s target bonus under the AIP for the performance year in which the Termination Date occurs, or (B)&nbsp;if the Termination Date occurs after
April&nbsp;30, 2024, Executive&#146;s average annual bonus during the prior two calendar years under the AIP (or such shorter period, as applicable), subject to applicable taxes and withholdings and payable on the sixtieth (60<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>) day following the Termination Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <B><U>Board Appointment</U></B>. Executive
shall be named to the Board promptly following the Effective Date. Executive shall perform such duties under his Board appointment for no additional compensation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except as specifically modified herein, the Employment Agreement shall remain in full force and effect in accordance with all of the terms and conditions
thereof. This First Amendment may be executed in separate counterparts, each of which will deemed an original, but all of which together will constitute one and the same instrument. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company and Executive have executed this First Amendment on the
Effective Date set forth herein. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>The Company:</B></TD>
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<TD VALIGN="top"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
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<TD VALIGN="top"><B>The Executive:</B></TD></TR>
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<TD VALIGN="top"><B>US Well Services Inc.</B></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Kyle O&#146;Neill</B></TD></TR>
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<TD VALIGN="top">Joel Broussard, Member of the Board</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Joel Broussard</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kyle O&#146;Neill</P></TD></TR>
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<TD VALIGN="top">Signature</TD>
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<TD VALIGN="top">Signature</TD></TR>
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<TD VALIGN="top">Date: 4/29/2022</TD>
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<TD VALIGN="top">Date: 4/29/2022</TD></TR>
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