Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Robby Reeb as Vice President and General Counsel
Effective as of January 11, 2021, Robert "Robby" J. Reeb, III was appointed to
serve as Vice President and General Counsel of Basic Energy Services, Inc., a
Delaware corporation ("Basic" or the "Company").
Prior to joining the Company, Mr. Reeb, age 32, served as an attorney at Jackson
Walker LLP from September 2014 to January 4, 2021. Mr. Reeb received a J.D. from
Texas Tech University School of Law and B.B.A. in Accounting from University of
Texas at Austin.
Mr. Reeb has no family relationships with any director, executive officer, or
person nominated or chosen by the Company to become a director or executive
officer of the Company. Mr. Reeb is not a party to any transaction required to
be disclosed pursuant to Item 404(a) of Regulation S-K.
Robby Reeb Employment Agreement
The Company has entered into an employment agreement effective as of January 11,
2021 (the "Employment Agreement") with Mr. Reeb. The initial term of the
Employment Agreement is through December 31, 2021, and it will automatically
renew for subsequent one-year periods as of that date and each year thereafter
unless notice of termination is properly given by the Company or Mr. Reeb.
Pursuant to the Employment Agreement, Mr. Reeb is entitled to a base salary of
$300,000 per year. Mr. Reeb will also be entitled to an annual performance
bonus, with a target bonus equal to 50% of his base salary, if certain
performance criteria are met. Under the Employment Agreement, Mr. Reeb is
eligible from time to time to receive awards of long-term equity incentive
compensation under the Company's equity compensation plans. The current target
amount for such long-term incentive compensation is 100% of Mr. Reeb's base
salary.
If Mr. Reeb's employment is involuntarily terminated for certain reasons, he
would be entitled under the Employment Agreement to a lump sum severance payment
equal to 1.0 times the sum of his base salary plus his current annual incentive
target bonus for the full year in which the termination of employment occurred.
Additionally, if Mr. Reeb's employment is terminated for certain reasons within
the six months preceding or the twelve months following a change of control (as
defined in the Employment Agreement) of the Company, he would be entitled under
the Employment Agreement to a lump sum severance payment equal to 1.5 times the
sum of his base salary plus the higher of (i) his current annual incentive
target bonus for the full year in which the termination of employment occurred
or (ii) the highest annual incentive bonus received by him for any of the last
three completed fiscal years. In the event that within the six months preceding
or the twelve months following a change of control of the Company Mr. Reeb's
Employment Agreement is not renewed by the Company and a new employment
agreement has not been entered into, Mr. Reeb will be entitled to the same
severance benefits described above, subject to his timely execution and
non-revocation of a customary release of claims and certain other conditions.
Mr. Reeb has agreed in his Employment Agreement that, for a period of six months
following the termination of his employment by the Company without cause or by
him for good reason, and for a period of two years following the termination of
his employment for retirement or any other reason, he will not, among other
things, engage in any business competitive with the Company's business, render
services to any entity which is competitive with the Company or solicit business
from certain of the Company's customers or potential customers. These
non-competition and non-solicitation restrictions shall not apply in the event
that such termination is within twelve months of a change of control of the
Company. Additionally, Mr. Reeb has agreed not to solicit any of the Company's
employees to terminate, reduce, or adversely affect their employment with the
Company for a period of two years from his date of termination, for whatever
reason.
The above summary of the Employment Agreement is qualified in its entirety by
reference to the full text of such agreement, which is filed as Exhibit 10.1
hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d)      Exhibits.

    10.1                  Employment Agreement of     Robby Reeb    , dated     January 11    ,
                        202    1    .

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