Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plan

v3.20.2
Employee Benefit Plan
9 Months Ended
Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plan

NOTE 14 – EMPLOYEE BENEFIT PLAN

In 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. For the three months ended September 30, 2020 and 2019, matching contributions were $0.0 million and $1.1 million, respectively. For the nine months ended September 30, 2020 and 2019, matching contributions were $1.0 million and $3.8 million, respectively. The matching contributions were included in cost of services and selling, general and administrative expenses in the condensed consolidated statement of operations.