Document:

EX-10.1

 Exhibit 10.1 

CHANGE IN CONTROL AGREEMENT 

This Change in Control Agreement (“Agreement”) is made and entered into by and between Liberty Oilfield Services LLC,
a Delaware limited liability company (the “Company”), and [NAME OF OFFICER] (“Executive”) effective as of [DATE] (the “Effective Date”). Liberty Oilfield Services Inc., a
Delaware corporation (“Parent”), enters into this Agreement for the limited purposes of acknowledging and agreeing to Sections 2(a)(iv) and 6 below. 

WHEREAS, Executive is currently employed by the Company and is an integral part of its management and the management of other members of the
Company Group; and 
 WHEREAS, the board of directors (the “Board”) of Parent has determined that appropriate steps
should be taken to reinforce and encourage Executive’s continued attention and dedication to Executive’s duties in the event of a Change in Control (as defined below). 

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants and agreements herein contained, and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1.
Definitions. The following terms shall have the following meanings: 
 (a) “Bonus Component” shall mean
the higher of (i) Executive’s Target Bonus for the calendar year in which the Termination Date occurs (or, if Executive’s Target Bonus for such calendar year is not yet determined as of the Termination Date, Executive’s Target
Bonus for the calendar year prior to the calendar year in which the Termination Date occurs) or (ii) the average of the Target Bonuses for the three most recent calendar years prior to the year in which the Termination Date occurs; provided,
however, that if Executive was not employed by the Company for each of such three most recent calendar years, then this clause (ii) will be equal to the average of Target Bonuses for such calendar years in which the Executive was employed by
the Company. 
 (b) “Cause” shall mean: 

(i) Executive’s material breach of this Agreement or any other written agreement between Executive and one or more members
of the Company Group, including Executive’s material breach of any representation, warranty or covenant made under any such agreement; 

(ii) Executive’s material breach of any policy or code of conduct established by a member of the Company Group and
applicable to Executive; 
 (iii) Executive’s violation of any law applicable to the workplace or employment
relationship (including any law regarding anti-harassment, anti-discrimination or anti-retaliation) that is (or can reasonably be expected to be) materially injurious to the Company; 

 (iv) Executive’s gross negligence, willful misconduct, willful breach
of fiduciary duty, fraud, theft or embezzlement in connection with Executive’s duties or responsibilities to any member of the Company Group; 

(v) the conviction or indictment of Executive for, or plea of nolo contendere by Executive to any felony (or state law
equivalent), or the conviction of Executive for, or plea of nolo contendere by Executive to, any crime involving moral turpitude; or 

(vi) Executive’s willful failure or refusal, other than due to Disability, to substantially perform Executive’s
obligations or to follow in any material respect any specific lawful directive from the Company or any other member of the Company Group. 

Notwithstanding the foregoing, if the basis for terminating Executive’s employment for Cause is the result of a violation or failure
described in clause (i), (ii), (iii) or (vi) of the foregoing definition of “Cause” and the majority of the Board determines in good faith that such violation or failure is capable of being remedied, the Board shall give
Executive 30 days’ prior written notice of the Company’s intent to terminate Executive’s employment for Cause, which notice shall set forth the violation or failure forming the basis for the determination to terminate
Executive’s employment for Cause. Executive shall have the right to remedy such violation or failure within a reasonable period of time (as determined by the Board); provided, that Executive begins to take appropriate steps to remedy
such violation or failure within 10 days following the date of such written notice and diligently prosecutes such efforts thereafter. Executive’s employment with the Company may not be terminated for Cause unless a majority of the Board
finds in good faith that termination for Cause is justified, and if the basis for terminating Executive’s employment for Cause arises as a result of a violation or failure described in clause (i), (ii) (iii) or (vi) of the definition
of “Cause”, that the violation or failure has not been remedied within the period of time designated by the Board or that there is no reasonable prospect that Executive will remedy the violation or failure forming the basis for terminating
Executive’s employment for Cause. 
 (c) “Change in Control” shall mean: 

(i) A “change in the ownership” of Parent within the meaning of Treasury Regulation § 1.409A-3(i)(5)(v), whereby any one person, or more than one person acting as a “group” (for purposes of this Section 1(c)(i), as such term is defined in Treasury Regulation §
1.409A-3(i)(5)(v)(B)), acquires beneficial ownership (as such term is defined in Rule 13d-3 promulgated under Section 13 of the Securities Exchange Act of 1934
(“Rule 13d-3”), directly or indirectly, of securities in Parent that, together with securities beneficially owned by such person or group, constitutes more than 50% of the total fair
market value or total voting power of the outstanding securities of Parent; 
 (ii) A “change in the effective
control” of Parent within the meaning of Treasury Regulation § 1.409A-3(i)(5)(vi), whereby either (A) any one person, or more than one person acting as a “group” (for purposes of this
Section 1(c)(ii), as such term is defined in Treasury Regulation § 1.409A-3(i)(5)(vi)(D)), acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition by such person or persons) 

  
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beneficial ownership (as such term is defined in Rule 13d-3), directly or indirectly, of securities of Parent possessing 30% or more of the total voting
power of the outstanding securities of Parent; [provided, however, that this clause (ii)(A) shall not apply to any acquisitions by funds affiliated with Riverstone Holdings LLC or any of their respective Affiliates (collectively, the
“Riverstone Holders”) until the first date after the Effective Date on which the Riverstone Holders beneficially own (as such term is defined in Rule 13d-3), directly or indirectly,
less than 20% of the total voting power of the outstanding securities of Parent;]1 or (B) a majority of the members of the Board are replaced during any
12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election; or 

(iii) A “change in the ownership of a substantial portion” of Parent’s assets within the meaning of Treasury
Regulation § 1.409A-3(i)(5)(vii), whereby any one person, or more than one person acting as a “group” (for purposes of this Section 1(c)(iii), as such term is defined
in Treasury Regulation § 1.409A-3(i)(5)(vii)(C)), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such
person or persons) assets of Parent that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all the assets of Parent immediately prior to such acquisition or acquisitions. 

(d) “Company Group” shall mean, collectively, Parent and its direct and indirect subsidiaries as may exist from time to
time, including the Company. 
 (e) “Comparable Offer” shall mean a written, legally binding offer of employment with
the purchaser (or its affiliate) in a Change in Control that includes each of: (i) a geographic location of the principal place of employment that is within 50 miles of the location of Executive’s principal place of employment as of the
time immediately prior to the Change in Control; (ii) Total Cash Compensation not less than Executive’s Total Cash Compensation in effect immediately prior to the Change in Control; (iii) authority, duties and responsibilities
(including titles and reporting relationships) that are not materially less than Executive’s authority, duties and responsibilities in effect immediately prior to the Change in Control and (iv) provides Executive with severance payments
and benefits that are at least as favorable to Executive as the Severance Benefits provided in this Agreement in the event of a Qualifying Termination. 

(f) “Disability” shall mean the Company’s determination that Executive is unable to perform the
essential functions of Executive’s position (after accounting for reasonable accommodation, if applicable and required by applicable law), due to physical or mental impairment that continues, or can reasonably be expected to continue, for a
period in excess of 120 consecutive days or 180 days, whether or not consecutive (or for any longer period as may be required by applicable law), in any 12-month period. 

(g) “Good Reason” shall mean: 

(i) a material diminution in Executive’s Total Cash Compensation; 

 

	1 	 Note to Draft: If, as of the date of entry into this agreement with a future executive officer,
Riverstone’s holdings have fallen below the requisite threshold, this proviso should be removed. 

  
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 (ii) a material diminution in Executive’s authority, duties or
responsibilities (including titles and reporting relationships) with the Company Group as a whole immediately prior to the Change in Control; 

(iii) the relocation of the geographic location of Executive’s principal place of employment by more than 50 miles from
the location of Executive’s principal place of employment as of the Effective Date; 
 (iv) a material breach of this
Agreement or any other written agreement with Executive by any member of the Company Group, including a material breach of any representation, warranty or covenant made under any such agreement; or 

(v) a failure to timely pay or provide any material payment, benefit or other consideration or compensation owed to Executive
in connection with Executive’s employment. 
 Notwithstanding the foregoing provisions of this Section 1(g) or any other
provision of this Agreement to the contrary, any assertion by Executive of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied: (A) the condition described in
Section 1(g)(i), (ii), (iii), (iv) or (v) giving rise to Executive’s termination of employment must have arisen without Executive’s prior written consent; (B) Executive must
provide written notice to the Company of the existence of such claimed condition(s) within 60 days after the initial occurrence of such condition(s); (C) the Company must not have cured the condition(s) specified in such notice within 30 days
following the Company’s receipt of such written notice; and (D) the date of Executive’s termination of employment must occur within 60 days after the end of the foregoing cure period. 

(h) “LTIP” shall mean the Liberty Oilfield Services Inc. Long Term Incentive Plan and any other equity compensation
plan of any member of the Company Group. 
 (i) “Qualifying Termination” shall mean (i) a termination of
employment without Cause (and not as a result of Executive’s death or Disability) or (ii) a resignation from employment for Good Reason, in each case, on, or within the 18-month period following, the
date of a Change in Control. 
 (j) “Restrictive Covenant Agreements” shall mean those certain Employee Non-Disclosure, Non-Solicitation, and Invention Assignment Agreements by and between any member of the Company Group and Executive and any other confidentiality, non-competition, non-solicitation or other similar restrictive covenant agreement or obligation with any member of the Company Group. 

(k) “Target Bonus” shall Executive’s target annual cash incentive bonus under Parent’s annual incentive
program, as in effect from time to time. 
 (l) “Termination Date” shall mean the date Executive’s employment
with the Company terminates such that, as a result of such termination, Executive is no longer employed by any member of the Company Group. 

  
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 (m) “Total Cash Compensation” shall mean the sum of Executive’s
annualized base salary and Target Bonus. 
 2. Effect of Termination in Connection with a Change in Control. 

(a) If Executive’s employment with the Company is terminated as a result of a Qualifying Termination, then so long as (and only if)
Executive: (x) executes and does not revoke a release of all claims that is substantially consistent with the form attached hereto as Exhibit A (the “Release”), which Release may be revised by the Company to
reflect changes required by law to make the Release effective and to the extent necessary to address any specific circumstances of Executive’s termination and which Release will be provided by the Company to Executive within three days
following the Termination Date; and (y) abides by the terms of the Restrictive Covenant Agreements (the following clauses (i) through (iv), collectively, the “Severance Benefits”): 

(i) the Company shall make severance payments to Executive in a total amount equal to two times the sum of
(A) Executive’s annualized base salary for the calendar year in which the Termination Date occurs (or, if greater, Executive’s annualized base salary in effect immediately prior to the Change in Control) and (B) the Bonus
Component (such total severance payments being referred to as the “Severance Payment”). The Severance Payment will be paid in a lump sum on the Company’s first regularly scheduled pay date that is on or after the date
that the Release becomes effective and irrevocable. 
 (ii) The Company shall pay Executive a
pro-rated portion of the Executive’s Target Bonus for the calendar year in which the Termination Date occurs (the “Pro-Rata Bonus
Payment”), which Pro-Rata Bonus Payment shall be calculated by multiplying (A) Executive’s Target Bonus for the calendar year in which the Termination Date occurs, by (B) a
fraction, the numerator of which is the number of days in the calendar year prior to the Termination Date and the denominator of which is 365. The Pro-Rata Bonus Payment shall be paid to Executive on the
Company’s first regularly scheduled pay date that is on or after the date that is 60 days after the Termination Date. 

(iii) During the portion, if any, of the 18-month period following the Termination Date
(the “Reimbursement Period”) that Executive elects to continue coverage for Executive and Executive’s spouse and eligible dependents, if any, under the Company’s group health plans pursuant to Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall promptly reimburse Executive on a monthly basis for the difference between the amount Executive pays to effect and continue such coverage and the
employee contribution amount that similarly situated employees of the Company pay for the same or similar coverage under such group health plans (the “COBRA Benefit”). Each payment of the COBRA Benefit shall be paid to
Executive on the Company’s first regularly scheduled pay date in the calendar month immediately following the calendar month in which Executive submits to the Company documentation of the applicable premium payment having been paid by
Executive, which documentation shall be submitted by Executive to the Company within 30 days following the date on which the applicable premium payment is paid. Executive shall be eligible to receive such reimbursement payments until the earliest
of: (A) the last day of the 

  
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Reimbursement Period; (B) the date Executive is no longer eligible to receive COBRA continuation coverage; and (C) the date on which Executive becomes eligible to receive coverage under
a group health plan sponsored by another employer of Executive (and any such eligibility shall be promptly reported to the Company by Executive); provided, however, that the election of COBRA continuation coverage and the payment of any
premiums due with respect to such COBRA continuation coverage shall remain Executive’s sole responsibility, and the Company shall not assume any obligation for payment of any such premiums relating to such COBRA continuation coverage. If
Executive has not become eligible to be covered under a group health plan sponsored by another employer of Executive by the earlier of the date that is 18 months after the Termination Date or December 1 of the calendar year following the
calendar year in which the Termination Date occurs (such earlier date, the “COBRA Payment Trigger Date”), then, on the Company’s first regularly scheduled pay date following the COBRA Payment Trigger Date (but in no
event later than 30 days following the COBRA Payment Trigger Date), the Company shall pay to Executive a lump sum cash payment equal to six times the difference between the amount Executive paid to effect and continue such coverage and the employee
contribution amount that similarly situated employees of the company paid for the same or similar coverage under such group health plans, if any, under the Company’s group health plan for the full calendar month preceding the COBRA Payment
Trigger Date. Notwithstanding the foregoing, if the provision of the benefits described in this paragraph cannot be provided in the manner described above without penalty, tax or other adverse impact on the Company or any other member of the Company
Group, then the Company and Executive shall negotiate in good faith to determine an alternative manner in which the Company shall provide substantially equivalent benefits to Executive without such adverse impact on the Company or such other member
of the Company Group. 
 (iv) Notwithstanding anything to the contrary in any applicable award agreement or notice of award,
effective as of the date that the Release becomes effective and irrevocable: (A) all of Executive’s outstanding time-based equity awards granted pursuant to any LTIP (including any such awards granted following a Change in Control) shall
be deemed to be fully vested effective as of the Termination Date and (B) all of Executive’s outstanding performance-based equity awards granted pursuant to any LTIP (including any such awards granted following a Change in Control) shall
become earned based on the higher of Executive’s target performance or actual performance through the Termination Date (collectively, the “Accelerated Equity Awards”). The Accelerated Equity Awards shall be settled by
Parent or such other member of Company Group that issued them in accordance with the settlement terms set forth in the applicable award agreement. 

(b) If the Release is not executed and returned to the Company and any required revocation period has not fully expired without revocation of
the Release by Executive, then Executive shall not be entitled to any portion of the Severance Benefits until the Release is so executed and returned and/or the revocation period has fully expired. 

  
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 (c) For the avoidance of doubt, Executive shall not be eligible for any Severance Benefits
(or any portion thereof) in the event that Executive’s employment with the Company terminates (A) by the Company for Cause, (B) due to death or Disability or (C) by Executive for other than Good Reason. Further, notwithstanding
the preceding provisions of this Section 2(c), Executive will not be eligible for any Severance Benefits (or any portions thereof) if: (x) Executive’s employment by the Company ends upon or following a Change in
Control, and (y) Executive has declined a Comparable Offer. 
 3. Withholdings; Deductions. The
Company may withhold and deduct from any benefits and payments made or to be made pursuant to this Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling and
(b) any deductions consented to in writing by Executive. 
 4. Title and Headings; Construction. Titles and
headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or otherwise affect the provisions hereof. Any and all Exhibits or Attachments referred to in this Agreement are, by such reference, incorporated
herein and made a part hereof for all purposes. Unless the context requires otherwise, all references to laws, regulations, contracts, agreements and instruments refer to such laws, regulations, contracts, agreements and instruments as they may be
amended from time to time, and references to particular provisions of laws or regulations include a reference to the corresponding provisions of any succeeding law or regulation. All references to “dollars” or “$” in this
Agreement refer to United States dollars. The word “or” is not exclusive. The words “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall refer to the entire Agreement,
including all Exhibits attached hereto, and not to any particular provision hereof. Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural and conversely. All references to
“including” shall be construed as meaning “including without limitation.” Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of
construction or otherwise. On the contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and
intentions of the parties hereto. 
 5. At-Will Employment. This Agreement is not an employment contract for any particular
term and nothing herein alters the at-will nature of Executive’s employment with the Company, as Executive or the Company (and, if Executive becomes employed by any other member of the Company Group, any
other member of the Company Group) may terminate the employment relationship at any time and for any reason not prohibited by applicable law or no reason at all. 

6. Applicable Law; Submission to Jurisdiction. This Agreement shall in all respects be construed according to the laws of the
State of Colorado without regard to its conflict of laws principles that would result in the application of the laws of another jurisdiction. With respect to any claim or dispute related to or arising under this Agreement, the parties hereby consent
to the exclusive jurisdiction, forum and venue of the state and federal courts (as applicable) located in Denver County, Colorado. 
 7.
Entire Agreement and Amendment. This Agreement contains the entire agreement of the parties with respect to the matters covered herein and supersedes all prior and contemporaneous agreements and understandings, oral or written,
between the parties hereto concerning the subject matter hereof. This Agreement may be amended only by a written instrument executed by both parties hereto. 

  
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 8. Waiver of Breach. Any waiver of this Agreement must be executed by
the party to be bound by such waiver. No waiver by either party hereto of a breach of any provision of this Agreement by the other party, or of compliance with any condition or provision of this Agreement to be performed by such other party,
will operate or be construed as a waiver of any subsequent breach by such other party or any similar or dissimilar provision or condition at the same or any subsequent time. The failure of either party hereto to take any action by reason of any
breach will not deprive such party of the right to take action at any time. 
 9. Assignment. This Agreement and the
rights and obligations hereunder, may not be assigned by the Company, Parent or the Executive without a written consent signed by all other parties, which consent shall not be unreasonably withheld, delayed or conditioned; provided,
however, that (a) the Company and Parent may assign this Agreement without Executive’s consent to any member of the Company Group that employs Executive so long as, following such assignment, the Company and Parent remain a
guarantor of their respective obligations under this Agreement and (b) the Company shall cause this Agreement to be assumed by any successor that continues the business of the Company, including any person or entity that acquires all or
substantially all of the assets of the Company.  
 10. Notices. Notices provided for in this Agreement shall be
in writing and shall be deemed to have been duly received (a) when delivered in person, (b) on the first Business Day after such notice is sent by express overnight courier service, or (c) on the second Business Day following deposit
with an internationally-recognized second-day courier service with proof of receipt maintained, in each case, to the following address, as applicable: 

If to the Company, addressed to: 

Liberty Oilfield Services, LLC 

950 17th Street, Suite 2000 

Denver, Colorado 80202 
 Attn:
Chief Executive Officer 
 If to Executive, addressed to Executive’s last known address on file with the Company. 

11. Counterparts. This Agreement may be executed in any number of counterparts, including by electronic mail or
facsimile, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a copy hereof containing multiple signature pages, each
signed by one party, but together signed by both parties hereto. 
 12. Deemed Resignations. Except as otherwise
determined by the Board or as otherwise agreed to in writing by Executive and any member of the Company Group prior to the termination of Executive’s employment with the Company or any member of the Company Group, any termination of
Executive’s employment shall constitute, as applicable, an automatic resignation of Executive: (a) as an officer of the Company and each member of the Company Group; (b) from the Board; and (c) from the board of directors or
board of managers (or similar 

  
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governing body) of any member of the Company Group and from the board of directors or board of managers (or similar governing body) of any corporation, limited liability entity, unlimited
liability entity or other entity in which any member of the Company Group holds an equity interest and with respect to which board of directors or board of managers (or similar governing body) Executive serves as such Company Group member’s
designee or other representative. 
 13. Section 409A.  

(a) Notwithstanding any provision of this Agreement to the contrary, all provisions of this Agreement are intended to comply with
Section 409A of the Internal Revenue Code of 1986 (the “Code”), and the applicable Treasury regulations and administrative guidance issued thereunder (collectively,
“Section 409A”) or an exemption therefrom and shall be construed and administered in accordance with such intent. Any payments under this Agreement that may be excluded from Section 409A
either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under
this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of Executive’s employment shall only be made if such termination of employment constitutes a “separation from
service” under Section 409A. 
 (b) To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified deferred compensation (within the meaning of Section 409A), (i) any such expense reimbursement shall be made by the Company no later than the last day of
Executive’s taxable year following the taxable year in which such expense was incurred by Executive, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or
exchange for another benefit, and (iii) the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by
Section 105(b) of the Code solely because such expenses are subject to a limit related to the period in which the arrangement is in effect. 

(c) Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be subject to
additional taxes and interest under Section 409A if Executive’s receipt of such payment or benefit is not delayed until the earlier of (i) the date of Executive’s death or (ii) the date that is six months after the
Termination Date (such date, the “Section 409A Payment Date”), then such payment or benefit shall not be provided to Executive (or Executive’s estate, if applicable) until the
Section 409A Payment Date. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement are exempt from, or compliant with, Section 409A and in no event shall any member
of the Company Group be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of non-compliance with Section 409A. 

  
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 14. Certain Excise Taxes. Notwithstanding anything to the contrary in
this Agreement, if Executive is a “disqualified individual” (as defined in Section 280G(c) of the Code), and the payments and benefits provided for in this Agreement, together with any other payments and benefits which Executive has
the right to receive from the Company or any of its affiliates, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for in this Agreement shall be either
(a) reduced (but not below zero) so that the present value of such total amounts and benefits received by Executive from the Company or any of its affiliates shall be one dollar ($1.00) less than three times Executive’s “base
amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by Executive shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full,
whichever produces the better net after-tax position to Executive (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The reduction of
payments and benefits hereunder, if applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that
would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a
similar order. The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by the Company in good faith. If a reduced payment or benefit is made or provided
and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from the Company or any of its affiliates used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than
three times Executive’s base amount, then Executive shall immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Section 14 shall require the Company to
be responsible for, or have any liability or obligation with respect to, Executive’s excise tax liabilities under Section 4999 of the Code. 

15. Clawback. To the extent required by applicable law or any applicable securities exchange listing standards, or as
otherwise determined by the Board (or a committee thereof) prior to and not in anticipation of a Change in Control, amounts paid or payable under this Agreement shall be subject to the provisions of any applicable clawback policies or procedures
adopted by the Company, which clawback policies or procedures may provide for forfeiture and/or recoupment of amounts paid or payable under this Agreement. Notwithstanding any provision of this Agreement to the contrary, the Company reserves
the right, without the consent of Executive, to adopt any such clawback policies and procedures, including such policies and procedures applicable to this Agreement with retroactive effect. 

16. Severability. If an arbitrator or court of competent jurisdiction determines that any provision of this Agreement (or
portion thereof) is invalid or unenforceable, then the invalidity or unenforceability of that provision (or portion thereof) shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall
remain in full force and effect. 
 [Remainder of Page Intentionally Blank; 

Signature Page Follows] 

  
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 IN WITNESS WHEREOF, Executive and the Company each have caused this Agreement to be
executed and effective as of the Effective Date. 
  

			
	EXECUTIVE
	
	  

	[NAME OF OFFICER]
	
	LIBERTY OILFIELD SERVICES LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	For the limited purposes of acknowledging and agreeing to Sections 2(a)(iv) and 6:
	
	LIBERTY OILFIELD SERVICES INC.
		
	By:	 	  

		 	Name:
		 	Title:

 SIGNATURE PAGE TO 

CHANGE IN CONTROL AGREEMENT 

 EXHIBIT A 

FORM OF RELEASE AGREEMENT 

THIS RELEASE AGREEMENT (this “Agreement”) is made by and between [NAME OF EXECUTIVE] (the
“Executive”) and Liberty Oilfield Services LLC, a Delaware limited liability company (the “Company”). This Agreement will become effective, enforceable and irrevocable on the eighth day after the date
on which it is executed by the Executive (the “Effective Date”). This Agreement is that Release referenced in that certain Change in Control Agreement, dated [DATE OF CIC AGREEMENT], by and among the Company, Liberty Oilfield
Services Inc. (“Parent”) and the Executive (the “Change in Control Agreement”). Capitalized terms used but not defined herein shall have the meaning provided to such terms in the Change in Control
Agreement. 
 WHEREAS, the Company employed the Executive as [TITLE] and the Executive and the Executive’s employment relationship with
the Company terminated effective as of [TERMINATION DATE] the “Termination Date”); 
 WHEREAS, the Executive and the
Company have entered into Restrictive Covenant Agreements which are incorporated herein by reference, and which shall remain in full force and effect; and 

WHEREAS, the parties desire to set forth each of their rights and obligations regarding the termination of the Executive’s employment
with the Company in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and conditions in the Agreement and for
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties, intending to be legally bound hereby, agree as follows: 

1. Termination of Employment. Subject to the provisions of Section 2, the parties hereby agree that the
Executive’s employment with the Company terminated on the Termination Date and, as of the Termination Date, the Executive was no longer employed or engaged by the Company or any of its subsidiaries or other affiliates. The Executive
acknowledges and agrees that, as of the Termination Date, the Executive is deemed to have automatically resigned as, to the extent applicable: (a) as an officer of the Company and each member of the Company Group; (b) from the Board; and
(c) from the board of directors or board of managers (or similar governing body) of any member of the Company Group and from the board of directors or board of managers (or similar governing body) of any corporation, limited liability entity,
unlimited liability entity or other entity in which any member of the Company Group holds an equity interest and with respect to which board of directors or board of managers (or similar governing body) the Executive serves as such Company Group
member’s designee or other representative. 
 2. Severance Benefits. Subject to Executive’s fulfillment of the obligations in this
Agreement, the Company will pay or provide the Executive with the Severance Benefits, in the manner and as defined under the Change in Control Agreement. The Severance Benefits will not be treated as compensation under the Company’s 401(k) Plan
or any other benefit or retirement plan. The Executive shall not be entitled to any additional or future salary or other compensation or severance benefits under any plan or program established by the Company or any of its affiliates, 

 

  
 EXHIBIT A

 
other than the Severance Benefits. The Executive expressly acknowledges and agrees that the Executive has received all leaves (paid and unpaid) to which the Executive has been entitled during the
Executive’s employment with the Company or any other Released Party, and the Executive has received all wages, bonuses and other compensation, been provided all benefits, and been afforded all rights and been paid all sums, that the Executive
has been owed by the Company or any other Released Party as of the date that the Executive signs this Agreement, other than the Severance Benefits. 
 3.
Outstanding Liabilities. Any liabilities the Executive may have to the Company or its affiliates, including, without limitation, any outstanding loans or advances by the Company and any liabilities to reimburse the Company for any
personal expenses that the Executive has charged to the Company, must be paid in full before payment of any Severance Benefits. Further, the Executive expressly authorizes the Company to deduct any such amounts from any payment to be made to the
Executive under this Agreement, to the extent permitted by applicable law. 
 4. General Release and Waiver. 

(a) In consideration of receipt of the payments and other consideration provided for in this Agreement and the Change in Control Agreement,
that being good and valuable consideration, the receipt, adequacy and sufficiency of which are acknowledged by the Executive, the Executive, on the Executive’s own behalf and on behalf of the Executive’s agents, administrators,
representatives, executors, successors, heirs, dependents, devisees and assigns (collectively, the “Releasing Parties”) hereby fully releases, holds harmless, remises, acquits and forever discharges the Company, Parent and
all of their respective affiliates, and each of the foregoing entities’ respective past, present and future officers, directors, shareholders, members, managers, partners, agents, employees, consultants, independent contractors, attorneys,
advisers, successors and assigns (collectively, the “Released Parties”), jointly and severally, from any and all claims, rights, demands, debts, obligations, losses, causes of action, suits, controversies, setoffs,
counterclaims, third party actions, damages, penalties, costs, expenses, attorneys’ fees, liabilities and indemnities of any kind or nature whatsoever (collectively, the “Claims”), whether known or unknown, suspected or
unsuspected, accrued or unaccrued, whether at law, equity, administrative, statutory or otherwise, and whether for injunctive relief, back pay, fringe benefits, reinstatement, reemployment, or compensatory, punitive or any other kind of damages,
which any of the Releasing Parties have ever had in the past or presently have against any of the Released Parties, and each of them, up to and including the date that the Executive signs this Agreement, including all such Claims arising from or
relating to the Executive’s employment with the Company or its affiliates or the termination of that employment or any circumstances related thereto, or any other matter, cause or thing whatsoever, including all claims arising under or relating
to employment, employment contracts (including any employment agreements), employee benefits or purported employment discrimination (of any kind) or harassment or violations of civil rights of whatever kind or nature, including: (i) all Claims
arising under the Age Discrimination in Employment Act (“ADEA”), the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Equal Pay Act of 1963, the Rehabilitation Act of 1973, Title VII of
the United States Civil Rights Act of 1964, 42 U.S.C. § 1981, the Civil Rights Act of 1991, the Civil Rights Acts of 1866 and/or 1871, the Employee Retirement Income Security Act of 1974 (“ERISA”), the WARN Act and state
equivalents, the Sarbanes-Oxley Act of 2002, under federal, state, municipal or local anti-discrimination or anti-retaliation law, including the Colorado Anti-Discrimination Act, any 

  
 A-2 

 
federal, state, municipal or local wage and hour law, or any other local, municipal, state, or federal law, regulation or ordinance, (ii) all Claims arising under any public policy, or any
contract, tort, or common law Claim, including Claims for breach of fiduciary duty, fraud, breach of implied or express contract, breach of implied covenant of good faith and fair dealing, wrongful discharge or termination, promissory estoppel,
infliction of emotional distress, or tortious interference; (iii) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in, or with respect to, any Claim; or (iv) any Claim, whether direct or derivative,
arising from, or relating to, the Executive’s status as a member or holder of any equity or other interests in the Company, the Parent, or any other Released Party. The Executive further agrees that the Executive will not file or permit to be
filed on the Executive’s behalf any such Claim. Notwithstanding the preceding sentence or any other provision of this Agreement, this release is not intended to interfere with the Executive’s right to file a charge with government agencies
such as the Equal Employment Opportunity Commission (the “EEOC”), the National Labor Relations Board (“NLRB”) or the Securities and Exchange Commission (“SEC”) in connection
with any claim the Executive believes it may have against the Company or its affiliates. However, by executing this Agreement, the Executive hereby waives the right to recover from any Released Party in any proceeding the Executive may bring before
such agency, including the EEOC or any state human rights commission or in any proceeding brought by the EEOC or any state human rights commission on the Executive’s behalf. Nothing herein prevents the Executive from receiving an award for
information provided to a governmental agency. 
 (b) This Agreement is not intended to or shall prevent, impede or interfere with
Executive’s non-waivable right, without prior notice to the Company, to provide information to the government, participate in investigations, file a complaint, testify in proceedings regarding the
Company’s past or future conduct, or to receive or fully retain a monetary award from a government administered whistleblower program for providing information directly to a government agency. Further, the Claims released herein do not include
(i) any rights or claims that may first arise after the time that the Executive executes this Agreement; (ii) any rights or claims under the Colorado Employment Security Act (Col. Rev. Stat. Ann. §§
8-70-101 to 8-82-105) or the Colorado Wage Act (Col. Rev. Stat. Ann. §§ 8-4-101 to 8-4-123); or (iii) any claim to vested benefits under an employee benefit plan
that is subject to ERISA. 
 (c) This release shall not apply to any obligation of the Company or its affiliates pursuant to this Agreement,
or any vested benefit to which the Executive is entitled under any tax qualified pension plan of the Company or its affiliates, COBRA continuation coverage benefits or any other similar benefits required to be provided by statute. 

(d) This release shall not apply to the obligations of Parent under that certain Indemnification Agreement, dated [DATE OF INDEMNIFICATION
AGREEMENT], by any between Parent and the Executive (the “Indemnification Agreement”) or indemnification rights that the Executive may have under the Company’s certificate of incorporation, bylaws or similar
organizational documents in connection with Executive’s service as an officer, director, manager or employee of Company, Parent or their respective affiliates. 

  
 A-3 

 5. Certain Forfeitures in Event of Breach. The Executive
acknowledges and agrees that, notwithstanding any other provision of this Agreement, in the event the Executive breaches any of the Executive’s obligations under this Agreement or if the Executive breaches the Restrictive Covenant Agreements,
the Executive forfeits the right to receive the payments and benefits described in Section 2 of this Agreement to the extent not theretofore paid to the Executive as of the date of such breach or ruling and, if already made
as of the time of such breach or ruling, the Executive agrees to reimburse the Company, promptly, for the amount of such payments and benefits. 
 6. Non-Disparagement. The Executive shall not make any statements, encourage others to make statements or release information that disparages or defames the Company, Parent, any of their affiliates or any of
their respective directors or officers. Notwithstanding the foregoing, nothing in this Section 6 shall prohibit either party from making truthful statements when required by order of a court or other body having
jurisdiction or as required by law. 
 7. Cooperation with Proceedings. The Executive agrees to reasonably cooperate (including attending
meetings) with respect to any claim, arbitral hearing, lawsuit, action or governmental, regulatory or internal investigation relating to the business of the Company or its affiliates. The Executive agrees to provide prompt disclosure to the Company
in response to any inquiry in connection with any such matters. The Company shall reimburse Executive for all reasonable out-of-pocket expenses incurred by Executive in
connection with this Section 7. 
 8. Entire Agreement. This Agreement contains the entire agreement between the
parties with respect to the Executive’s employment with the Company and the termination thereof effective as of the Effective Date and supersedes any and all prior understandings, agreements or correspondence between the parties regarding the
Executive’s employment with the Company and the termination thereof, except the Restrictive Covenant Agreements, the Change in Control Agreement and the Indemnification Agreement, which shall expressly survive this Agreement and continue in
full force and effect. 
 9. Knowing and Voluntary Waiver. Subject to the provisions of Section 11 below, the
Executive, by the Executive’s free and voluntary act of signing below, acknowledges that (a) the Executive has been given an opportunity to consider whether to agree to the terms contained herein, (b) acknowledges that the Executive
understands that this Agreement specifically releases and waives all claims the Executive may have against the Company and the Released Parties (except as otherwise expressly set forth herein), (c) represents that that the Executive has no
impairment of any kind which would prevent the Executive from understanding the terms of this Agreement; and (d) agrees to all of the terms of this Agreement and intends to be legally bound thereby. 

10. Return of Property. The Executive has, to the best of the Executive’s knowledge, returned to the Company’s Human Resources
Department (“Company HR”), or will return within seven days of the date on which the Executive signs this Agreement, all equipment and/or property, including all confidential information, computer software, computer access
codes, company credit cards, keys, and all original and copies of notes, documents, files or programs stored electronically or otherwise that relate or refer to the business, customers, financial statements, business contacts or sales of the
Company, Parent, or any of their affiliates. The Executive also agrees to return promptly to Company HR any such equipment and/or property subsequently discovered by the Executive. 

  
 A-4 

 11. Right To Consult Attorney And Voluntary Nature Of Agreement. 

(a) The Executive, by the Executive’s free and voluntary act of signing below, (i) acknowledges that the Executive has been given a
period of 21 days to consider whether to agree to the terms contained herein, (ii) acknowledges that the Executive has been advised, and is hereby advised in writing, to consult with an attorney prior to executing this Agreement,
(iii) acknowledges that the Executive understands that this Agreement specifically releases and waives all rights and claims it may have under the ADEA prior to the date on which the Executive signs this Agreement, and (iv) agrees to all
of the terms of this Agreement and intends to be legally bound thereby. The Executive acknowledges that, if the Executive chooses to sign this Agreement prior to the expiration of this 21-day period of
consideration, the Executive does so voluntarily and waives Executive’s right to the remainder of that period.2 

(b) The parties hereto acknowledge and agree that each party has reviewed and negotiated the terms and provisions of this Agreement and has
contributed to its preparation and had the opportunity to consult counsel. Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement.
Rather, the terms of this Agreement shall be construed fairly as to both parties hereto and not in favor of or against either party, regardless of which party generally was responsible for the preparation of this Agreement. 

12. Revocation. This Agreement will become effective, enforceable and irrevocable on the Effective Date. During the seven-day period prior to the Effective Date, the Executive may revoke the Executive’s acceptance of the Agreement by providing written notice to [NAME] at [ADDRESS] personally delivered or deposited in the
U.S. Mail before the expiration of the seven-day period. If the Executive exercises the right to revoke hereunder, the Executive shall forfeit the right to receive any of the payments or benefits provided for
herein, and to the extent such payments or benefits have already been made, the Executive agrees that the Executive will immediately reimburse the Company for the amounts of such payments and benefits. 

13. Change in Control Agreement. This Agreement shall be subject to the provisions of Sections 3, 4, 6,
8-11 and 13-16 of the Change in Control Agreement, which provisions are hereby incorporated by reference as part of this Agreement. 

IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by its duly authorized representative and the Executive has signed this
Agreement effective as of the day and year first above written. 
 PLEASE READ CAREFULLY AS THIS DOCUMENT INCLUDES A RELEASE OF ALL CLAIMS. THE EXECUTIVE
EXPRESSLY ACKNOWLEDGES AND AGREES THAT THIS RELEASE IS INTENDED TO INCLUDE NOT ONLY CLAIMS THAT THE EXECUTIVE KNOWS ABOUT, BUT ALSO THOSE THAT THE EXECUTIVE DOES NOT KNOW OR SUSPECT TO EXIST AS OF THE EFFECTIVE DATE OF THIS AGREEMENT. 

 

	2 	 Note to Draft: This provision will be removed or modified if Executive is under 40 years old at time of
release. Language to be customized at the time of separation depending on the applicable consideration period and disclosures required by the Age Discrimination in Employment Act. 

  
 A-5 

									
	EXECUTIVE:	 		 		 	
				
	  
	 		 	Date:	 	  

	[NAME OF EXECUTIVE]	 		 		 	
				
	Liberty Oilfield Services LLC:	 		 		 	
					
	By:	 	  
	 	                    	 	Date:	 	  

	Name:	 	  
	 		 		 	
	Title:	 	  
	 		 		 	

  
 A-6EX-10.1

 Exhibit 10.1 

CONFIDENTIAL SETTLEMENT AGREEMENT AND RELEASE 

This Confidential Settlement Agreement and Release (the “Agreement”) is made and entered as of August 30, 2019 (the “Effective Date”)
by and between Duke Energy Business Services LLC, as agent for and on behalf of Duke Energy Carolinas, LLC and Duke Energy Progress, LLC (formerly known as Duke Energy Progress, Inc.) (collectively, “Duke Energy”) and Charah, LLC
(formerly, Charah, Inc.) (“Charah”). 
 RECITALS 

WHEREAS, Duke Energy and Charah (each individually a “Party,” and collectively the “Parties”) are parties to that
certain Master Contract Number 8323, dated November 12, 2014, by and between Duke Energy Business Services LLC, as agent for and on behalf of Duke Energy Carolinas, LLC and Duke Energy Progress, Inc. and Charah, Inc., as amended pursuant to
that certain Amendment No. 1, dated January 7, 2015, that certain Amendment No. 2, dated May 4, 2015, that certain Amendment No. 3, dated June 25, 2015, that certain Amendment No. 4, dated August 20, 2015,
that certain Amendment No. 5, dated August 17, 2016, and that certain Amendment No. 6, dated March 5, 2018 (collectively, the “Contract”). Capitalized terms used but not defined herein shall have the meanings ascribed
to such terms in the Contract. 
 WHEREAS, the Contract terminated on May 29, 2019, based on the occurrence of a Deemed
Termination event as defined in Section 1.1 of Exhibit B to the Contract; 
 WHEREAS, following the termination of the Contract,
the Parties were required to mutually determine the Prorated Costs, if any, that were due to Charah, including the various components thereof, through cooperation in good faith; 

WHEREAS, the Contract defined the Prorated Costs as the amount of acquisition, development, closure, post-closure monitoring, and
leachate collection and disposal costs multiplied by the Prorated Percentage, which Prorated Percentage reduced such costs to the amount not recovered by Charah through Duke Energy’s payment of the “Unloading/Development/Placement”
portion of the applicable Per Ton Prices for the total tonnage of Beneficial Reuse Ash transported to the Brickhaven and Sanford Clay Mines, but did not define the terms “acquisition,” “development,” “closure,”
“post-closure monitoring,” and “leachate collection and disposal”; 
 WHEREAS, Charah was responsible under
Section 7.3(a) of Exhibit B to the Contract for providing Duke Energy with reasonable documentation to support any costs for which it sought reimbursement under the Prorated Costs determination and Duke Energy had the right under
Section 7.3(a) of Exhibit B of the Contract to verify such costs and the reasonable documentation thereof, and the right under Section 4.8 of Exhibit B to the Contract to inspect, copy, and audit Charah’s books and records relevant to
the Contract; 

 WHEREAS, notwithstanding Charah’s provision of documentation in support of the
costs for which it sought reimbursement and Duke Energy’s review of such costs and the documentation thereof, the Parties disagreed about the amount of acquisition, development, closure, post-closure monitoring, and leachate collection and
disposal costs that were properly included in the Prorated Costs determination, and thus disagreed on the total amount of Prorated Costs that Duke Energy was required to pay and Charah was entitled to receive; and 

WHEREAS, the Parties, without admissions of any kind, and desiring to avoid litigation, expense, delay, and uncertainty, and each
acting on its own good faith business judgment, have mutually agreed to resolve the disputes between them for good and valuable consideration on the terms set forth herein; 

AGREEMENT 
 NOW THEREFORE, in
consideration of the mutual promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 

1. Settlement Payment. Duke Energy will pay Charah the total sum of eighty million dollars ($80,000,000) (the “Settlement
Payment”) as provided in this Section 1. Concurrently with the execution of this Agreement, Charah shall provide Duke Energy with a written invoice, in a mutually-agreed upon form, for an aggregate amount equal to the Settlement Payment.
Duke Energy shall pay such invoice as follows: 
  

	 	a.	 Duke Energy will pay Charah seventy-two million five hundred thousand
($72,500,000) by electronic funds transfer within five (5) business days of the Effective Date or Duke Energy’s receipt of an invoice for payment of such amount from Charah, whichever is later. 

 

	 	b.	 Duke Energy will pay Charah seven million five hundred thousand ($7,500,000) by electronic funds transfer
within five (5) business days of : (i) Charah providing documentation to Duke Energy of Charah’s securing the Bond pursuant to Section 3(a) below or upon Certification (as defined in Section 3(a)), whichever occurs first;
(ii) Charah providing documentation to Duke Energy reflecting that Duke Energy Business Services LLC, Duke Energy Carolinas, LLC and Duke Energy Progress, LLC have been properly named as additional insureds under the insurance policies required
pursuant to Section 3(b) below, excluding Worker’s Compensation/Employer’s Liability and E&O insurance; and (iii) Duke Energy’s receipt of an invoice for payment of such amount from Charah. 

  
 2 

 2. Prorated Costs. The Parties acknowledge that the Settlement Payment, once made, in
addition to being consideration for this Agreement, will represent full payment of, and entirely discharge, any obligation on Duke Energy’s part to pay Prorated Costs under Section 7.3 of Exhibit B to the Contract, and will constitute
payment in full of, and fully satisfy, any right on Charah’s part to receive Prorated Costs under Section 7.3 of Exhibit B to the Contract, and that neither Party has any remaining outstanding obligation to pay the other for goods or
services provided under the Contract or any Purchase Order. 
 3. Performance Bonds and Insurance. 

 

	 	a.	 Charah shall maintain at all times in full force and effect any and all bonds required by applicable legal or
regulatory requirements. Additionally, contemporaneously herewith, Charah shall obtain and maintain a performance bond in the amount of SEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($7,500,000) in favor of Duke Energy and having terms and conditions
mutually and reasonably acceptable to the Parties (“Bond”) securing implementation of the reclamation plan required pursuant to the terms and conditions of the Solid Waste Management Facility Structural Fill, Mine Reclamation Permit
No. 1910 (“Structural Fill Permit”) issued by the Division of Waste Management to Construct and Operate the Brickhaven No. 2 Tract “A” Mine Structural Fill in conjunction with NCDENR DEMLR Mine Permit 19-25 (“Mining Permit”) issued by the Division of Energy, Mineral, and Land Resources on June 5, 2015, to change the method for reclaiming the mine by constructing structural fill using Coal
Combustion Byproducts in accordance with the provisions of the Coal Ash Management Act of 2014 issued by the Division of Energy, Mineral, and Land Resources on June 5, 2015, as the foregoing may be amended from time to time (the Structural Fill
Permit and the Mining Permit are collectively referred to herein as the “Permits”). Charah shall maintain the Bond from the issue date of the Bond until the Division of Energy, Mineral, and Land Resources issues a certification that
implementation of the reclamation plan required by the Permits, including all physical work required in connection therewith, is complete at the Brickhaven Clay Mine (“Certification”). The Bond shall include at least the minimum terms set
forth below in subparts (i) and (ii). Upon occurrence of Certification, Charah’s and the Surety’s obligations under this 

  
 3 

	 	
Section 3 and the Bond shall automatically expire and be discharged. In the event of a sale of the Brickhaven Clay Mine, the purchaser of the Brickhaven Clay Mine must agree in writing to
assume Charah’s obligations set forth in the Section 3 and must secure the required Bond prior to or contemporaneously with the purchase of the Brickhaven Clay Mine. 

 

	 	(i)	 The Bond shall become effective and shall remain in full force and effect thereafter for a period of at least
one (1) year and will automatically extend for additional periods of at least one (1) year from the expiry date thereof, or any future expiration date, unless the bond issuing entity (“Surety”) provides to Duke Energy not less
than ninety (90) days advance written notice of the Surety’s intent not to renew the Bond or unless the Bond is earlier canceled pursuant to the following. The Bond may be canceled at any time upon ninety (90) days advance written
notice from the Surety to Duke Energy. Such cancellation notice shall not discharge the Surety from its obligations under the Bond, provided the Demand (as defined below) for payment from Duke Energy is received prior to the effective date of such non-renewal or cancellation. It is understood and agreed that Duke Energy shall be entitled to recover the full amount of the Bond (less any previous amounts paid to Duke Energy under the Bond) if the Surety cancels
or nonrenews the Bond and, within thirty (30) days prior to the effective date of cancellation or nonrenewal, Duke Energy has not received (at no cost to Duke Energy) (1) an equivalent replacement bond or (2) other security or
combination thereof acceptable to Duke Energy (consistent with the terms and conditions of this Agreement) to replace the Bond (“Demand”). 

  

	 	(ii)	 Duke Energy agrees that Duke Energy may not make a demand against the Bond unless and until (1) the
Division of Solid Waste Management of the Department of Environmental Quality fully depletes the performance bond secured in its favor pursuant to the Structural Fill Permit for closure, post-closure, and potential assessment and corrective action
costs, which bond is currently in the total amount of $10,436,498.95. 

 b. Charah agrees to maintain the insurance policy
set forth in Section 13.1 of the Contract for a period of five (5) years following the Effective Date. 

  
 4 

 4. Costs. Each Party shall bear its own costs and attorneys’ fees incurred in
connection with this Agreement, including any fees, expenses, or costs relating to the negotiation, execution, and implementation of this Agreement, and each Party hereby waives and releases any claim against the other for costs or attorneys’
fees incurred in connection with this Agreement. 
 5. Limited Mutual Release. Subject to the conditions set forth herein, each Party
hereby irrevocably releases, acquits, and forever discharges the other, its respective predecessors, successors, and assigns, and its respective past and present parent companies, subsidiary companies, affiliates, partners, shareholders, directors,
officers, managers, members, employees, attorneys, agents, insurers, representatives, divisions and all other persons or entities acting for or on their behalf from any and all actions, causes of action, claims, demands, liabilities, damages of any
kind whatsoever, known or unknown, absolute or contingent, asserted or unasserted, accrued or unaccrued, which arise out of or concern any Party’s duty to pay or right to receive Prorated Costs under Section 7.3 of Exhibit B to the
Contract or any Party’s duty to pay or right to receive payment for goods or services provided under the Contract or any Purchase Order (“Released Claims”), and any liability for any expenses arising out of or relating to any Released
Claims, however denominated. 
 6. Survival of Claims, Rights, and Obligations. 

 

	 	(a)	 Notwithstanding the Parties’ mutual release of claims concerning any Party’s duty to pay or right to
receive Prorated Costs under Section 7.3 of Exhibit B to the Contract or any Party’s duty to pay or right to receive payment for goods or services provided under the Contract or any Purchase Order, to avoid any doubt, the Parties do not
release each other from any obligations that survived termination of the Contract, which remain in full force and effect, namely, Sections 3, 4.2, 4.9 (as modified herein, below), 5, 6.1, 7.4, 7.5, 7.6, 9 (as modified herein, below), 12, 13, 14, 15,
17, 19, 24, and 25 of Exhibit B to the Contract (“Surviving Terms”), which the Parties acknowledge and agree remain in effect pursuant to their terms; provided, however, to the extent any such surviving provisions of the Contract conflict
with the conditions, obligations or terms of this Agreement, the conditions, obligations or terms of this Agreement shall control. While the Parties have released each other from claims concerning Prorated Costs and payments for goods or services
provided, the Parties do not intend that such release extend to or encompass matters beyond their rights and obligations related to Prorated Costs under the Contract. 

  
 5 

	 	(b)	 Obligations pursuant to Section 4.9 of the Contract. 

 

	 	(i)	 Grounds for Demanding Adequate Assurance of Performance. Duke Energy may demand Charah provide Adequate
Assurance of Performance in the event of: (1) a material adverse change in Charah’s financial condition; (2) a material breach by Charah of this Agreement or the Surviving Terms; or (3) a claim is asserted or threatened against
Duke Energy arising from or related to Charah’s performance under this Agreement or the Surviving Terms (each of subparts (1), (2) and (3) being referred to as a “Trigger Event”), and, during the pendency of any Trigger Event,
there is a Material Financial Deficiency (“Adequate Assurance Event”). As used herein, “Material Financial Deficiency” means Charah is unable to demonstrate, through the provision of insurance, financial, or other related
information reasonably requested by Duke Energy as a result of such Triggering Event, that it has insurance coverage and/or liquidity reserves materially in excess of the potential liability commensurate with the risk arising from the Trigger Event.

  

	 	(ii)	 Duke Energy has the right to demand Adequate Assurance of Performance from Charah for a period of five
(5) years following the Effective Date. 

  

	 	(iii)	 The Adequate Assurance of Performance demanded by Duke Energy must be reasonably commensurate with the risk
arising from the occurrence of the Adequate Assurance Event. Further, Duke Energy cannot demand Charah to provide Adequate Assurance of Performance in a manner or amount that would place Charah in breach of an existing third-party obligation owed by
Charah or, solely as a result of such demand by Duke Energy, would cause Charah to become insolvent. 

  

	 	(c)	 Obligations pursuant to Section 9 of the Contract. 

 

	 	(i)	 Charah may assign its obligations under this Agreement and the Surviving Terms to (i) an affiliate or
successor of Charah, or (ii) a future purchaser of the Brickhaven Clay Mine if, in either case, such assignee has the same or better creditworthiness and financial condition as Charah and can reasonably demonstrate to Duke Energy’s
reasonable satisfaction that such future purchaser can make financial arrangements to fulfill the assigned obligations under this Agreement and the Surviving Terms. No such assignment

  
 6 

	 	
shall release Charah of its obligations under this Agreement and the Surviving Terms unless Charah has provided Duke Energy with at least thirty (30) days’ written notice prior to the
making of such assignment. Duke Energy shall have the right to reasonably object to such assignment by providing written notice of such objection to Charah within thirty (30) days of receiving Charah’s notice of assignment and setting
forth with reasonable specificity the grounds for such objection. In the event Duke Energy does not object within such thirty (30) day period or Duke Energy objects within such thirty (30) day period and such objections are resolved to
Duke Energy’s satisfaction, not to be unreasonably conditioned, delayed or withheld, and Charah proceeds to sell the Brickhaven Clay Mine to such assignee, provided the assignee agrees in writing to assume all of the then-existing obligations
of Charah set forth herein and the Surviving Terms as applicable to the Brickhaven Clay Mine, then Charah shall thereafter be released in full from its obligations hereunder and the Surviving Terms, but relative to the Brickhaven Clay Mine only.

  

	 	(ii)	 Section 9 of the Contract shall not apply to the Sanford Clay Mine and, in the event the Sanford Clay Mine
is sold to a third party unaffiliated with Charah, provided the purchaser of such property agrees in writing to assume all of the then-existing legal or regulatory requirements applicable to Charah, then Charah shall thereafter be released in full
from its obligations hereunder and the Surviving Terms, but relative to the Sanford Clay Mine only. 

 7. Closure
Obligations. Charah hereby acknowledges and agrees that it remains solely responsible for all costs and expenses with respect to closure, post-closure monitoring, and leachate collection and disposal at the Brickhaven Mine site in Moncure, North
Carolina and the Sanford Mine site in Sanford, North Carolina (“Closure Obligations”). Charah is solely responsible for complying and conforming with all Environmental Laws relating to the Closure Obligations, including without limitation
any requirements pertaining to obtaining permits, deed restrictions, compliance boundaries, notices, construction or operation of water supply wells, groundwater monitoring, leachate collection and disposal, remediation, closure, financial
assurances, and reporting. Charah further acknowledges and agrees that a portion of the Settlement Payment is intended to cover all future costs associated with the Closure Obligations and Charah has or shall accrue anticipated expenditures. 

  
 7 

 8. Termination of Options. The Parties acknowledge and agree that pursuant to
Section 7.3(b) of Exhibit B of the Contract, Duke Energy’s options to purchase the Brickhaven and Sanford clay mines have expired. Within five (5) business days following the Effective Date, Duke Energy shall execute and return to
Charah documents concerning the expiration and termination of its options to purchase real property in the forms attached hereto as Exhibit A and Exhibit B. 

9. Covenant Not to Sue. Each Party hereby agrees that it will not pursue, in any judicial or other forum or proceeding, or in any other
manner, any of the Released Claims. 
 10. Best Efforts. The Parties shall exercise their reasonable best efforts to obtain in a
timely manner all court approvals and orders, if any, necessary to carry out the provisions of this Agreement and shall work together in good faith in all other respects to carry out the provisions of this Agreement, including the preparation and
execution of all documents that may be reasonably necessary or desirable to effect the purposes of this Agreement. 
 11.
Confidentiality. The terms of this Agreement shall be kept confidential. Neither Party shall disclose or assist others in disclosing the terms of this Agreement to any third party, including but not limited to any media or press, except as
required by law, as ordered by a court of competent jurisdiction, or as necessary to enforce the terms of this Agreement. Notwithstanding this provision, (i) the Parties are permitted to disclose the terms of this Agreement to their financial
and legal advisors as necessary on the condition that recipients of such disclosures agree to be bound by the terms of this provision or are bound by confidentiality obligations to the disclosing Party that would have the same effect; (ii) Duke
Energy is permitted to disclose this Agreement to government regulatory bodies, including but not limited to the North Carolina Utilities Commission (and its Public Staff) and the South Carolina Public Services Commission, if it determines that such
disclosure is required or reasonably necessary; (iii) Duke Energy is permitted to disclose this Agreement to intervenors in regulatory proceedings, wholesale customers, or other customers or parties with audit and inspection rights that cover
the Contract or this Agreement, if it determines that such disclosure is required or reasonably necessary and such parties agree to maintain the confidentiality of such information; (iv) the Parties are permitted to disclose the terms of this
Agreement and the Contract in filings with the United States Securities and Exchange Commission; and (iv) each Party is permitted to disclose information concerning the terms of this Agreement subject to and after obtaining the specific written
consent of the other Party to such disclosure. No Party shall oppose any motion by another Party for a protective order, not inconsistent with this Section, protecting the confidentiality of the terms of this Agreement, and if any such Party so
requests and the court approves (in instances where court approval is a necessary prerequisite to filing under seal), then any court filing by any Party that discloses any terms of this Agreement shall be filed under seal. 

  
 8 

 12. Settlement of Disputed Claims; No Admission of Liability. This Agreement
constitutes a full and complete settlement (according to the terms stated herein) of the Released Claims. Neither the making nor the performance of this Agreement shall be construed as an admission of liability, fault, wrongdoing, misconduct,
negligence, or breach of duty of any kind by any Party hereto, all of which each Party denies. No statement in this Agreement or any document executed pursuant to this Agreement or in the negotiation or preparation of this Agreement may be offered
or construed as evidence in any proceeding except a proceeding to enforce the terms of this Agreement or any agreement or instrument delivered pursuant to this Agreement. 

13. Representations and Warranties. Each of the Parties represents that as of the date of execution of this Agreement: 

a. It is an entity duly organized, validly existing, and in good standing under the laws of the jurisdiction of its
incorporation or organization, having all requisite power, authority, and capacity to enter into this Agreement and perform its obligations hereunder; 

b. This Agreement is a legal, valid, and binding obligation of such Party, enforceable in accordance with its terms; 

c. It is not required to obtain any approval, consent, waiver, or authorization of or make any filing or registration with any
governmental or quasi-governmental authority or other party that is not a government or quasi-governmental authority for the execution, delivery, or performance of this Agreement or the transactions contemplated hereby; 

d. The execution, delivery, and performance of this Agreement will not (i) violate its Articles of Incorporation, Articles
of Organization, and/or Bylaws; (ii) violate any law, statute, or regulation, or any judgment, order, ruling, or other decision of any governmental or quasi-governmental authority, court, or arbitrator applicable to such Party; or
(iii) constitute a default under, or result in the breach or acceleration of performance of, any contract, commitment, instrument, or agreement to which such Party is bound; and 

e. It is not subject to any outstanding judgment, order, writ, injunction, or decree of any court or any administrative,
quasi-governmental or governmental body, which would materially impair its ability to execute and perform its obligations under this Agreement. 

14. Full Capacity; Binding Effect. The persons signing this Agreement each represent that they have full authority and representative
capacity to execute this Agreement in the capacities indicated below. This Agreement shall be binding upon and inure to the benefit of the Parties and all their successors, assigns, and legal representatives. 

15. No Oral Modifications. This Agreement may not be altered, amended, modified, or rescinded in any way except by written instrument
duly executed by the Parties. 

  
 9 

 16. Consultation with Counsel. The Parties acknowledge, by their
representatives’ signatures below, that their attorneys have explained to them the meaning of this document and the consequences of signing it, and each Party acknowledges that it has entered into this Agreement freely, voluntarily, and after
consultation with counsel. 
 17. Invalid Provisions. If any provision of this Agreement is subsequently held to be illegal, invalid,
or unenforceable, such provision shall be fully severable. If a provision cannot be fully severed, there shall be added a provision as similar in terms to such illegal, invalid, or unenforceable provision as is possible while making that provision
otherwise legal, valid, and enforceable. 
 18. Notices. Any notice, communication, request, reply, or advice (collectively,
“Notice”) required or permitted to be given by any Party to any other Party under this Agreement shall be in writing and shall be given or served by (i) deposit in the United States Mail, addressed to the Party to be notified, postage
prepaid, and registered or certified with return receipt requested; (ii) delivery in person to such Party; or (iii) any other method that provides actual and verifiable receipt by such Party. Notice deposited in the mail in the manner
hereinabove described shall be effective only if and when received or refused by the Party to be notified. For purposes of a Notice, the addresses of the Parties are as follows: 

If to Charah: 
 Charah, LLC 

12601 Plantside Drive 

Louisville, KY 40299 
 Attention:
President 
 With a copy to: 

Charah, LLC 
 12601 Plantside
Drive 
 Louisville, KY 40299 

Attention: Legal Department 
 If
to Duke Energy: 
 Duke Energy Business Services LLC 

400 S. Tryon Street, Mail Code ST06K 

Charlotte, North Carolina 28202 

Attention: Vice President, Coal Combustion Products 

  
 10 

 With a copy to: 

Duke Energy Corporation 
 550 S.
Tryon Street, 45th Floor 
 Charlotte, North Carolina 28202 

Attention: Deputy General Counsel 
 Any Party may
change the addresses listed above by providing Notice of the change of address to the other Party pursuant to the terms of this Section. 

19. Entire Agreement. This Agreement contains the entire agreement between the Parties concerning the subject matter of this Agreement.
All previous discussions and negotiations have been merged into this Agreement. No party to this Agreement has relied upon any oral or written representations, express or implied warranties, or agreements that are not expressly contained in this
Agreement. 
 20. Governing Law. This Agreement shall be interpreted and construed in accordance with the laws of the State of North
Carolina. Any and all claims, controversies, and causes of action arising out of or relating to this Agreement (including without limitation validity, enforceability, construction, interpretation, performance, breach, and remedies), whether sounding
in contract, tort, statute, or otherwise, shall be governed by the laws of the State of North Carolina, including its statutes of limitations, without giving effect to any
conflict-of-laws rule that would result in the application of the laws of a different jurisdiction. 

21. Exclusive Forum and Consent to Personal Jurisdiction. The Parties agree that the state and federal courts located in North Carolina
shall be the exclusive judicial forums for the adjudication of all disputes between them arising out of or relating to this Agreement, and the Parties each consent to the exercise of personal jurisdiction over them by such courts in any such
adjudication and waive any and all objections and defenses to such personal jurisdiction. To the fullest extent permitted by law, any action or proceeding filed in the state courts of North Carolina shall be designated to the North Carolina Business
Court, and the Parties hereby expressly consent and agree to such forum. 
 22. Captions. The captions of sections and subsections
hereof are for convenience only and shall not control or affect the meaning or construction of any of the provisions of this Agreement. 

23. Negotiated Agreement. The Parties acknowledge and agree that this Agreement was reached as the result of negotiation between
the Parties, each of which had equal bargaining power in those negotiations, and each of which had full access to the counsel of its choice in connection with the negotiation, drafting, and execution of this Agreement. No Party shall be considered
to be the drafter of this Agreement, or any provision hereof, for purposes of the construction of this Agreement, nor shall this Agreement or any of its provisions be construed against any Party by reason of its participation in the negotiation,
drafting, or execution of this Agreement or that provision. The Parties expressly agree that if a court of competent jurisdiction deems any of the language contained in this Agreement to be vague or ambiguous, such language shall not be
presumptively construed against any Party but shall instead be construed to give effect to the true intention of the Parties. 

  
 11 

 24. Execution. This Agreement may be signed in any number of counterparts, each of
which shall be deemed an original and all of which, taken together, shall constitute a single binding and enforceable agreement. Counterpart copies of this Agreement may be signed by a Party and exchanged by email or facsimile, and such copies shall
be fully binding. 
 IN WITNESS WHEREOF, the Parties, through their duly authorized officers, managers, and/or representatives, as
the case may be, hereby execute this Agreement. 
  

			
	CHARAH, LLC	  	DUKE ENERGY BUSINESS SERVICES, LLC as Agent for and on Behalf of DUKE ENERGY CAROLINAS, LLC and DUKE ENERGY PROGRESS, LLC

 

									
	By:	 	 /s/ Scott Sewell
	 		 	By:	 	 /s/ Melody Birmingham-Byrd

	 Name: Scott Sewell
 Title: President
and Chief Executive Officer
  
 Date: August 30, 2019
	 		 	 Name: Melody Birmingham-Byrd
 Title:
SVP, Chief Procurement Officer
  
 Date: August 30, 2019

  
 12

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