The pay program is structured appropriately, with approximately 86% of the CEO's target compensation being variable or performance-based — well above the 50-60% minimum the policy requires — and the incentive metrics are meaningful, including return on capital employed benchmarked against peers over a 3-year period, adjusted pre-tax earnings per share, and a comparative peer ranking, all of which rewarded genuine outperformance. Pay-for-performance alignment is strong: LBRT ranked 3rd of 10 in the peer ROCE comparison for 2025 and 1st of 10 on a 3-year average basis, while the stock returned +139.7% over three years versus a peer median of +9.4%, meaning above-target incentive payouts are well-justified by shareholder outcomes. The company has received over 98% shareholder support on Say on Pay every year since its 2018 IPO, a clawback policy is in place, and no governance red flags are identified.

The proxy does not disclose a specific fee breakdown table in the extracted text provided, so the non-audit fee ratio trigger cannot be confirmed as firing; per policy, when fee data or tenure cannot be confirmed from the filing, the default vote is FOR. Deloitte is a Big 4 firm appropriate for a $5 billion market cap company, and no material restatements are disclosed. The absence of a confirmed tenure disclosure is noted as a minor negative factor but is insufficient to trigger a No vote under policy.