Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plan

v3.20.4
Employee Benefit Plan
12 Months Ended
Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plan

NOTE 14 – EMPLOYEE BENEFIT PLAN

 

On March 1, 2013, the Company established the U.S. Well Services 401(k) Plan. The Company matched 100% of employee contributions up to 6% of the employee’s salary, subject to cliff vesting after two years of service. At the end of the first quarter of 2020, the Company suspended its match of employee contributions. Our matching contributions were $976 and $3,843 for the years ended December 31, 2020 and 2019, respectively, and included in cost of services and selling, general and administrative expenses in the statements of operations.