LBRT

Business Context and Reporting Period

Company: Liberty Oilfield Services Inc. (Note: Input metadata referenced "Liberty Energy Inc.", but the filing text identifies the registrant as Liberty Oilfield Services Inc.)
Filing Type: Form 8-K (Current Report)
Date of Report: August 27, 2019
Reporting Period: Specific event date of August 27, 2019.
Context: The filing reports the execution of Change in Control Agreements with two senior executives.

Key Financial Metrics

This filing does not contain financial performance data. There are no reported values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation arrangements.

Material Changes

Executive Compensation Agreements: On August 27, 2019, the Company and its subsidiary, Liberty Oilfield Services LLC, entered into Change in Control Agreements with:

• R. Sean Elliott (Vice President, General Counsel, and Corporate Secretary)
• Ryan T. Gosney (Chief Accounting Officer)

Terms of Agreements: If employment is terminated without Cause or the executive resigns for Good Reason within 18 months of a Change in Control, the executive is entitled to:

• Severance Payment: Two times the sum of annualized base salary plus the higher of the current year's Target Bonus or the average of the Target Bonuses for the three most recent completed calendar years.
• Pro-Rata Bonus: A pro-rated portion of the Target Bonus for the calendar year of termination.
• Health Benefits: Reimbursement for COBRA premiums for up to 18 months, with a potential additional payment equal to six times the monthly premium amount.
• Equity Vesting: Immediate vesting of all outstanding time-based and performance-based equity awards (performance awards vested at the higher of target or actual performance).

Payment Timing: Severance is paid on the first regular pay date after a release is effective; Pro-Rata Bonus is paid on the first regular pay date at least 60 days after termination.

Guidance, Outlook, and Risks

Management Commentary: The filing contains no forward-looking guidance, outlook, or general management commentary regarding business operations.
Risks and Contingencies: The primary contingency described is the potential financial obligation triggered by a Change in Control followed by specific termination scenarios. The agreements are subject to the execution of a release and compliance with restrictive covenants.
Unusual Items: None reported beyond the standard executive compensation arrangements.

Investor Verification Checklist

• Verify the exact terms of the Change in Control Agreements in Exhibit 10.1 attached to the filing.
• Confirm the current status of the executives named (R. Sean Elliott and Ryan T. Gosney) to determine if any termination events have occurred.
• Review the Company's long-term incentive plans to understand the specific equity awards subject to immediate vesting under these agreements.
• Check for any subsequent filings regarding a Change in Control event for Liberty Oilfield Services Inc.