Sean Elliott
About Sean Elliott
R. Sean Elliott, age 50, serves as Chief Legal Officer (since January 2023) and Corporate Secretary (since 2018); previously Vice President & General Counsel (since March 2017). Prior roles include Assistant General Counsel at USAA Real Estate Company (2016–2017), Counsel at Haynes and Boone, LLP (2015–2016), and VP/General Counsel/Corporate Secretary/Chief Compliance Officer at CARBO Ceramics Inc. (2007–2015). He holds a B.A. in Economics and Business Administration from Austin College and a J.D. from the University of Texas at Austin . Company performance metrics used to drive incentives during his tenure include Adjusted ROCE and Comparative ROCE; Liberty delivered 2024 Adjusted ROCE of 19.6% and ranked 1 of 10 on Comparative ROCE, and the value of an initial fixed $100 investment was $188.06 in 2024 versus $101.68 for the peer index .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CARBO Ceramics Inc. | VP, General Counsel, Corporate Secretary, Chief Compliance Officer | Nov 2007–May 2015 | Led legal/compliance for oilfield services; governance and regulatory oversight |
| Haynes and Boone, LLP | Counsel | Jun 2015–Sep 2016 | Corporate legal advisory at international law firm |
| USAA Real Estate Company | Assistant General Counsel | Sep 2016–Mar 2017 | Real estate investment legal support |
| Liberty Energy Inc. | VP & General Counsel | Mar 2017–Jan 2023 | Built internal legal function; supported capital markets and corporate governance |
| Liberty Energy Inc. | Corporate Secretary | 2018–Present | Board governance, shareholder communications |
| Liberty Energy Inc. | Chief Legal Officer | Jan 2023–Present | Oversees legal, governance, and compliance; signatory on filings |
External Roles
No public company directorships or external board roles disclosed for Sean Elliott .
Fixed Compensation
Multi-year compensation (actual reported pay per SEC Summary Compensation Table):
| Metric ($USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | 394,954 | 416,923 | 454,731 |
| Bonus (discretionary) | 150,000 | 135,000 | 96,400 |
| All Other Compensation (primarily 401(k) match) | 18,300 | 20,800 | 22,468 |
| Total | 2,071,671 | 2,054,504 | 2,119,616 |
Additional fixed-pay program elements:
- 401(k) match: $1.00 per $1.00 up to the lower of 6% of salary or IRS limits .
- Perquisites: Limited; no car allowances .
- 2024 base salary rate (annualized): $441,000 (5% YoY increase from 2023) .
Performance Compensation
Annual Incentive Structure (2024)
| Metric | Weight | Threshold (50%) | Target (100%) | Max (200%) | Actual | Payout % of Target |
|---|---|---|---|---|---|---|
| Adjusted Pre-Tax EPS | 25% | $1.05 | $3.23 | $5.42 | $2.40 | 80.9% |
| Adjusted ROCE | 25% | 9% | 27% | 42% | 19.6% | 79.6% |
| Comparative ROCE (rank vs ROCE peer group) | 30% | Matrix | Matrix | Matrix | 1 of 10 | 200% |
| Discretionary | 20% | N/A | N/A | N/A | 20% award | 100% |
Target vs actual payout:
- Target annual incentive: 109.3% of base salary ($482,000) .
- Actual FY2024 payout: $578,762 at 120.1% of target .
Long-Term Incentives (RSUs)
2024 grants (Grant Date: Jan 22, 2024):
| Award Type | Grant Date | Units | Fair Value ($) |
|---|---|---|---|
| Performance-based RSUs (target) | 1/22/2024 | 20,266 (threshold 10,133; max 40,532) | 351,007 |
| Time-based RSUs | 1/22/2024 | 41,146 | 712,649 |
Outstanding equity awards as of Dec 31, 2024 (and vesting schedule):
| Grant Cohort | Type | Units Unvested | Vesting Dates |
|---|---|---|---|
| 1/18/2022 | Time-based RSUs | 17,058 | Cliff on Apr 1, 2025 |
| 2/8/2023 | Time-based RSUs | 28,458 | 50% on Apr 1, 2025; 50% on Apr 1, 2026 |
| 1/22/2024 | Time-based RSUs | 41,146 | One-third on Apr 1, 2025/2026/2027 |
| 1/18/2022 | Performance RSUs | 50,408 (reported at max) | Performance vest on Apr 1, 2025 |
| 2/8/2023 | Performance RSUs | 42,050 (reported at max) | Performance vest on Apr 1, 2026 |
| 1/22/2024 | Performance RSUs | 40,532 (reported at max) | Performance vest on Apr 1, 2027 |
Performance vesting history and outlook:
- 2022–2024 3-year average Adjusted ROCE: 33.2% with rank 1 of 10; 2022 cohort pays at 200% on Apr 1, 2025 .
- 2024 vesting realized: 181,128 shares vested (time- and performance-based) valued at $3,798,261 on Apr 1, 2024 (share price $20.97) .
Equity Ownership & Alignment
| Ownership Metric | Value |
|---|---|
| Beneficial ownership (Feb 19, 2025) | 267,854 shares; <1% of outstanding |
| Near-term issuances (within 60 days of record date) | 45,002 time-based RSUs and 50,408 performance RSUs scheduled by Apr 1, 2025 |
| Unvested time-based RSUs | 17,058 (2022), 28,458 (2023), 41,146 (2024) |
| Unvested performance RSUs (SEC-reported at max) | 50,408 (2022), 42,050 (2023), 40,532 (2024) |
| Stock ownership guidelines | 2x base salary for executive officers; CEO 6x; compliance achieved by all execs as of record date |
| Hedging/pledging | Prohibited under Insider Trading Policy; exceptions require Audit Committee approval |
Notes:
- Performance RSU quantities in Outstanding Equity table are presented at maximum per SEC rules due to above-target trend and may vest lower than shown .
- Anti-hedging/pledging policy reduces misalignment and selling/hedging risk .
Employment Terms
Change-in-control (CIC) Agreement (double-trigger; Elliott-specific):
- Cash severance: 2x (base salary + higher of current target bonus or 3-year average target bonus); pro-rated target bonus for year of termination .
- Benefits: COBRA reimbursement up to 18 months plus lump sum equal to six times monthly amount .
- Equity: Accelerated vesting of all time- and performance-based equity at higher of target or actual performance through termination date .
- No excise tax gross-ups; no single-trigger severance; LTI uses double-trigger vesting on change in control .
Illustrative estimated payments at Dec 31, 2024:
| Scenario | Cash Severance ($) | Benefits ($) | Equity Acceleration ($) |
|---|---|---|---|
| CIC termination (without cause / good reason within 18 months) | 2,328,000 | 27,141 | 4,368,879 |
| Death/Disability | — | — | 4,368,879 |
Clawback: 3-year lookback for recovery of erroneously awarded incentive compensation (annual cash incentive and LTI) upon a financial restatement .
Non-compete / non-solicit: Not disclosed in proxy .
Performance & Track Record
Pay-versus-performance and enterprise outcomes:
| Year | Co. TSR ($100 initial) | Peer Index TSR (OSX) | Net Income ($000s) | Adjusted ROCE |
|---|---|---|---|---|
| 2022 | 147.11 | 112.94 | 399,602 | 34.0% |
| 2023 | 169.06 | 115.11 | 556,317 | 42.9% |
| 2024 | 188.06 | 101.68 | 316,010 | 19.6% |
The Compensation Committee targets the 50th percentile for total compensation using a peer group of related drilling/oilfield services/manufacturing businesses; RSUs blend time-based and performance-based vesting to align with ROCE outcomes . 2024 Say-on-Pay approval was ~95%, signaling shareholder support for the pay design and outcomes .
Compensation Committee Analysis (Program Quality Signals)
- Pay mix: Majority of NEO total target compensation is variable; average 81% for non-PEO NEOs (Sean Elliott included in that average) .
- Governance: No excise tax gross-ups; no single-trigger severance; compensation recovery policy; hedging/pledging ban; double-trigger LTI vesting on CIC .
- Performance metrics: Adjusted Pre-Tax EPS, Adjusted ROCE, and Comparative ROCE drive annual incentive and PSU vesting; 2024 Comparative ROCE ranked 1 of 10, paying at 200% for that component .
Investment Implications
- Near-term supply of shares: Significant vesting on Apr 1, 2025 (time-based RSUs and 2022 PSUs paying at 200%) may create insider selling pressure for liquidity/tax, including 50,408 performance RSUs and 17,058 time-based RSUs scheduled for Elliott; his 2024 vesting was 181,128 shares with $3.8M realized value, indicating meaningful annual vest flows .
- Alignment and retention: Ownership guidelines (2x salary), hedging/pledging bans, and double-trigger CIC reduce misalignment and single-trigger departure risk; CIC economics for Elliott are sizable but structured with good reason/without cause requirements and performance-conditioned equity vesting .
- Pay-for-performance: Strong linkage via ROCE/Comparative ROCE; 2024 annual incentive paid at ~120% of target for Elliott with explicit metric outcomes; continued use of ROCE in PSUs sustains capital discipline signals .
- Governance sentiment: ~95% Say-on-Pay support and robust compensation “best practices” indicate low governance overhang; ongoing declassification/supermajority removal proposals further modernize governance posture (context for equity market perception) .
Citations:
- Executive background, age, roles: **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:21]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:22]**
- Annual meeting/board proposals context: **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:0]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:5]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:6]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:7]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:50]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:52]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:54]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:56]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:59]**
- Compensation tables and specifics: **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:26]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:27]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:28]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:29]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:32]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:33]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:34]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:35]**
- Ownership and RSU near-term issuance: **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:60]** **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:61]**
- Hedging/pledging, 401(k), perqs: **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:30]**
- Ownership guidelines and compliance: **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:31]**
- Clawback policy: **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:20]**
- Pay vs performance metrics: **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:42]**
- Say-on-Pay approval: **[1694028_0001839882-25-014204_liberty-def14a_041525.htm:23]**