Document:

Exhibit 10.1

 

 

EMPLOYMENT AGREEMENT

US Well Services, Inc. and US Well Services
LLC (the “Company”) and Nathan Houston (the “Executive”), previously entered into that certain Employment
Agreement dated July 13, 2018 (the “Employment Agreement1”). Article
VIII of the Employment Agreement provides that the Employment Agreement may be amended provided such amendment is in writing and
signed by both parties. As such, the Company and the Executive hereby voluntarily enter into this First Amendment to the Employment
Agreement (the “First Amendment”) effective March 19, 2020 (the “Effective Date”) as follows:

 

		1.	Section 5.05 (c) of the Employment Agreement, “Termination Obligations,” shall be amended
as follows:

 

(c)       Termination
by the Company Without Cause or Termination by Executive for Good Reason. If the Company terminates the employment of
Executive prior to the end of the then applicable Term of this Agreement for any reason other than for Cause, or if Executive
terminates his employment with the Company for Good Reason prior to the end of the Term of this Agreement, Executive shall be
entitled to:

 

		(i)	Base Salary and any other accrued compensation or vested benefits owed to
Executive as of the Termination Date (for the avoidance of doubt, this amount does not include the yet to be earned Base Salary
that Executive would have earned had his employment not terminated prior to the expiration of the then applicable Term);

 

		(ii)	cash payments equal to one and a half (1.5) times the sum of (x) Executive’s
then-current Base Salary, and (y) average annual bonus during the prior two calendar years under the AIP (or such shorter period,
as applicable), subject to applicable taxes and withholdings;

 

		(iii)	reimbursement for expenses incurred by Executive through the Termination
Date that are reimbursable pursuant to Section 4.03;

 

		(iv)	if the Termination Date occurs after December 31 of a performance year under
the AIP but before any bonus for such performance year has been paid, such unpaid bonus under the AIP, to the extent earned, payable
in a lump sum, subject to applicable taxes and withholdings, at the time bonuses are paid under the AIP;

 

		(v)	if approved by the Company, a payment equal to the product of (x) the target
bonus under the AIP for the performance year in which the Termination Date occurs and (y) a fraction, the numerator of which is
the number of days Executive was employed by the Company during the year of termination and the denominator of which is 365, payable
in a lump sum, subject to applicable taxes and withholdings, on the sixtieth (60th) day following the Termination Date; and

 

_________________________

1 All capitalized terms not defined
herein are defined in the Employment Agreement.

 

     

     

    

		(vi)	if Executive timely and properly elects health continuation coverage under
the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company shall reimburse Executive for the
monthly COBRA premium paid by Executive for himself and his dependents. Such reimbursement shall be paid to the Executive on or
before the 15th day of the month immediately following the month in which Executive timely remits the premium payment. Executive
shall be eligible to receive such reimbursement until the earlier of: (A) the eighteen (18)-month anniversary of the Termination
Date; or (B) the date Executive is no longer eligible to receive COBRA continuation coverage.

 

For the avoidance of doubt, payments due to the
Executive under (i), (iii) (iv) and (v) immediately above will be paid to Executive, if at all, on or before the sixtieth (60th)
day following the Termination Date. Payments due to the Executive under (ii) immediately above will be paid to Executive in thirty-six
(36) semi-monthly payments (subject to customary withholding taxes and other employment taxes as required) to begin on the 15th
day of the first calendar month after the effective date of the Company’s release agreement (as referenced in Section 5.06,
provided such release is not timely revoked). Such payments will be made pursuant to Schedule A attached hereto.
Pursuant to Section 9.04(c) Company and Executive understand and agree that Executive is a “specified employee” within
the meaning of Code Section 409A. As such, if any portion of the payments to be received under (ii) immediately above are determined
to be a “deferral of compensation” within the meaning of Code Section 409A, then such payment shall be delayed and
paid to the Executive in installment payments which shall begin on the earlier of (x) the date which is six (6) months and one
(1) day after Executive’s separation from service (as such term is defined in Code Section 409A) for any reason other than
death, and (y) the date of Executive’s death. Prior to the date the Executive, as a “specified employee,” may
receive a “deferral of compensation” within the meaning of Code Section 409A, his semi-monthly payments shall consist
solely of amounts that are determined not to be “deferrals of compensation” within the meaning of Code Section 409A.

 

		2.	Section 6.01 of the Employment Agreement, “Competition/Solicitation,” shall be deleted
in its entirety and any reference to Section 6.01 in the reminder of the Employment Agreement shall be struck. The other sections
in Article VI shall be renumbered accordingly.

 

		3.	A new Section 6.08 (as renumbered for the deletion of existing Section 6.01) shall be added to
the Employment Agreement and shall read as follows:

 

     

     

    

6.08         
 Cooperation with Litigation. For a period commencing on the Effective Date and continuing indefinitely, Executive
hereby covenants and agrees that he shall continue to assist Company with any actions, suits, claims, investigations, proceedings,
charges, complaints, or other legal proceedings for which he is a witness or has material information. After the Executive’s
Termination, Company hereby agrees to compensate Executive, as an independent contractor, Two Hundred Sixteen Dollars ($216) per
hour for every hour that Company requires Executive’s cooperation under this Section. Company and Executive shall mutually
agree on the number of hours expended by Executive under this Section on a weekly basis. Company shall pay Executive any amounts
accrued under this Section on a semi-monthly basis. Executive will, in all events, be treated as an independent contractor for
purposes of these payments. However, in no event shall Executive perform any services that exceed more than 20% of the average
level of services he performed in the previous 36 month prior to Termination.

 

		4.	In all other respects, the parties agree that the terms of the Employment Agreement shall be deemed
ratified and confirmed.

 

		5.	By execution below, Executive further agrees that the amendment of his Employment Agreement as
provided herein shall not constitute an event or condition giving rise to a claim of Good Reason for a termination by Executive
as defined in Section 5(c) of the Employment Agreement.

 

 

This First Amendment may be executed in multiple counterparts,
including by means of facsimile or “PDF” transmission, each of which shall be deemed an original and all of which taken
together shall constitute one and the same agreement.

 

 

 

 

 

**********************************

 

 

 

 

 

 

 

 

     

     

    

IN WITNESS WHEREOF, the Company and Executive
have executed this First Amendment on the Effective Date set forth herein.

 

	
         

         

         

         

         

         

        The Company:

         
	
         

         

         

         

         

         

        The Executive:

         

	
        US Well Services LLC

         

        Joel Broussard, President and CEO

         
	
         

         

        Nathan Houston

         

	
         

         

        ________________________________

        
        Signature

         
	
         

         

        ________________________________

        Signature

         

	
         

         

        Date: ____________________________

         
	
         

         

        Date: ____________________________Exhibit 4.3

 

DESCRIPTION OF COMMON STOCK  

The following description summarizes the most important terms of our common stock.
Because it is only a summary, it does not contain all the information that may be important to you. For a complete description
of the matters set forth in this “Description of Common Stock,” you should refer to our sixth amended and restated
certificate of incorporation, as amended (the “certificate of incorporation”), and second amended and restated bylaws
(the “bylaws”), which are included as exhibits to our Annual Report on Form 10-K, and to the applicable provisions
of Delaware law. Our authorized capital stock consists of 100,000,000 shares of common stock, $0.001 par value per share,
3,880 shares of Series 1 Preferred Stock, $0.001 par value per share, 22,000 shares of Series A Convertible Preferred Stock, $0.001
par value per share and 9,974,200shares of undesignated preferred stock, $0.001 par value per share. Our board of directors is
authorized, without stockholder approval, except as required by the listing standards of The Nasdaq Stock Market LLC, to issue
additional shares of our capital stock.  In addition, our board of directors may, without further action by our stockholders,
designate the rights, preferences, privileges, and restrictions of our preferred stock in one or more series.

Voting Rights. Each holder of our common stock is entitled to one
vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Our stockholders
do not have cumulative voting rights in the election of directors. An election of directors by our stockholders shall be determined
by a plurality of votes cast by the stockholders entitled to vote on the election.

Dividends. Subject to preferences that may be applicable to any then
outstanding preferred stock, holders of our common stock are entitled to receive dividends, if any, as may be declared from time
to time by the board of directors out of legally available funds.

Liquidation. In the event of our liquidation, dissolution or winding
up, holders of our common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders
after the payment of all of our debts and other liabilities and the satisfaction of any liquidation preference granted to the holders
of any then outstanding shares of preferred stock.

Rights and Preferences. Holders of common stock have no preemptive,
conversion or subscription rights and there are no redemption or sinking fund provisions applicable to the common stock. The rights,
preferences and privileges of the holders of common stock are subject to, and may be adversely affected by, the rights of the holders
of shares of any series of preferred stock that we may designate in the future.

Delaware Anti-Takeover Law and Provisions of Our Amended and Restated Certificate of Incorporation,
as amended, and Bylaws, as amended

 

Our certificate of incorporation and our bylaws contain certain provisions that could have
the effect of delaying, deterring or preventing another party from acquiring control of us, and therefore could adversely affect
the market price of our common stock. These provisions and certain provisions of Delaware General Corporation Law (the “DGCL”),
which are summarized below, may also discourage coercive takeover practices and inadequate takeover bids, and are designed, in
part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the
benefits of increased protection of our potential ability to negotiate more favorable terms with an unfriendly or unsolicited acquirer
outweigh the disadvantages of potentially discouraging a proposal to acquire us.

 

Delaware Anti-Takeover Law

 

We are subject to Section 203 of the DGCL (“Section 203”). Section 203
generally prohibits a public Delaware corporation from engaging in a “business combination” with an “interested
stockholder” for a period of three years following the time that such stockholder became an interested stockholder, unless:

 

     

     

    

	prior to such time the board of directors of the corporation approved either the business
combination or the transaction which resulted in the stockholder becoming an interested stockholder;

	upon consummation of the transaction which resulted in the stockholder becoming an interested
stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction
commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the
interested stockholder) those shares owned (i) by persons who are directors and also officers and (ii) employee stock
plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan
will be tendered in a tender or exchange offer; or

	at or subsequent to such time the business combination is approved by the board of directors
and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least
66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

Section 203 defines a business combination to include:

 

	any merger or consolidation involving the corporation and the interested stockholder;

	any sale, transfer, pledge or other disposition involving the interested stockholder of
10% or more of the assets of the corporation;

	subject to exceptions, any transaction that results in the issuance or transfer by the corporation
of any stock of the corporation to the interested stockholder;

	subject to exceptions, any transaction involving the corporation that has the effect of
increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested
stockholder; and

	the receipt by the interested stockholder of the benefit of any loans, advances, guarantees,
pledges or other financial benefits provided by or through the corporation.

In general, Section 203 defines an interested stockholder as any entity or person beneficially
owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or
controlled by the entity or person.

 

Certificate of Incorporation and Bylaws

 

Our certificate of incorporation and bylaws contain certain provisions that are intended
to enhance the likelihood of continuity and stability in the composition of the board of directors and which may have the effect
of delaying, deferring or preventing a future takeover or change in control unless such takeover or change in control is approved
by the board of directors.  In addition, the authorization of undesignated preferred stock makes it possible for our board
of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to
change our control. These provisions include:

 

     

     

    

Classified board of directors.

 

Our certificate of incorporation provides that the board of directors is divided into three
classes of directors, with the classes as nearly equal in number as possible. Any additional directorships resulting from an increase
in the number of directors will be apportioned by the board of directors among the three classes. The classification of directors
will have the effect of making it more difficult for stockholders to change the composition of the board of directors.

Our certificate of incorporation provides that, subject to any rights of holders
of preferred stock to elect additional directors under specified circumstances, the number of directors will be fixed exclusively
pursuant to a resolution adopted by the board of directors. Any additional directorships resulting from an increase in the number
of directors will be distributed among the three classes so that, as nearly as possible, each class shall consist of one third
of the board of directors.

Action by Written Consent; Special Meetings of Stockholders.

Our certificate of incorporation provides that stockholder action can be taken only
at an annual or special meeting of stockholders and cannot be taken by written consent in lieu of a meeting. Our certificate of
incorporation and bylaws also provide that, except as otherwise required by law, special meetings of the stockholders can be called
only by or at the direction of the board of directors pursuant to a resolution adopted by a majority of the total number of directors.
Except as described above, stockholders will not be permitted to call a special meeting or to require the board of directors to
call a special meeting.

Removal of Directors.

Our certificate of incorporation provides that our directors may be removed only
for cause by the affirmative vote of at least 75% of the voting power of our outstanding shares of capital stock, voting together
as a single class and entitled to vote in the election of directors. This requirement of a supermajority vote to remove directors
could enable a minority of our stockholders to prevent a change in the composition of the board of directors.

Advance Notice Procedures.

Our bylaws include an advance notice procedure for stockholder proposals to be brought
before an annual meeting of our stockholders, including proposed nominations of persons for election to the board of directors.
Stockholders at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting or
brought before the meeting by or at the direction of the board of directors or by a stockholder who was a stockholder of record
on the record date for the meeting, who is entitled to vote at the meeting and who has given our Secretary timely written notice,
in proper form, of the stockholder's intention to bring that business before the meeting. Although the bylaws do not give the board
of directors the power to approve or disapprove stockholder nominations of candidates or proposals regarding other business to
be conducted at a special or annual meeting, the bylaws may have the effect of precluding the conduct of certain business at a
meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation
of proxies to elect its own slate of directors or otherwise attempting to obtain control of us.

Super Majority Approval Requirements.

     

     

    

The Delaware General Corporation Law generally provides that the affirmative vote
of a majority of the shares entitled to vote on any matter is required to amend a corporation's certificate of incorporation or
bylaws, unless either a corporation's certificate of incorporation or bylaws requires a greater percentage. Our certificate of
incorporation and bylaws provide that the affirmative vote of holders of at least 75% of the outstanding shares of capital stock,
voting together as a single class and entitled to vote in the election of directors will be required to amend, alter, change or
repeal the bylaws and the certificate of incorporation. This requirement of a supermajority vote to approve amendments to our bylaws
could enable a minority of our stockholders to exercise veto power over any such amendments.

Authorized but Unissued Shares.

Our authorized but unissued shares of common stock will be available for future
issuance without stockholder approval. These additional shares may be utilized for a variety of corporate purposes, including future
public offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but
unissued shares of common stock could render more difficult or discourage an attempt to obtain control of a majority of our common
stock by means of a proxy contest, tender offer, merger or otherwise.

Exclusive Forum.

Our certificate of incorporation provides that, subject to limited exceptions, the
state or federal courts located in the State of Delaware will be the sole and exclusive forum for (i) any derivative action or
proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors,
officers or other employees to us or our stockholders, (iii) any action asserting a claim against us arising pursuant to any provision
of the Delaware General Corporation Law, our certificate of incorporation or our bylaws, or (iv) any other action asserting a claim
against our that is governed by the internal affairs doctrine; provided, that these provisions will not apply to actions or proceedings
brought to enforce a duty or liability created by the Securities Act of 1933, as amended, the Securities Exchange Act of 1934,
as amended, or any other claim for which the federal courts have exclusive jurisdiction. Any person or entity purchasing or otherwise
acquiring any interest in shares of our capital stock shall be deemed to have notice of and to have consented to the provisions
of our certificate of incorporation described above. Although we believes these provisions benefit us by providing increased consistency
in the application of Delaware law for the specified types of actions and proceedings, the provisions may have the effect of discouraging
lawsuits against our directors and officers. The enforceability of similar choice of forum provisions in other companies' certificates
of incorporation has been challenged in legal proceedings, and it is possible that, in connection with one or more actions or proceedings
described above, a court could find the choice of forum provisions contained in our certificate of incorporation to be inapplicable
or unenforceable.

Transfer Agent and Registrar 

The transfer agent and registrar for our common stock is Computershare Trust Company,
N.A.

Listing

Our common stock is listed on The Nasdaq Capital Market under the symbol "TARA."

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