DEF 14A of Select Water Solutions, Inc., Mar 24, 2026

DEF 14A of Select Water Solutions, Inc.

Filed Mar 24, 2026 · FY20250001104659-26-033864

Open on EDGAR

  1. Strategic Focus

    | NAME | FEES EARNED OR PAID IN CASH ($) | STOCK AWARDS ($)(1) | TOTAL ($) | | Gayle L. Burleson | $89,441 | $147,739 | $237,180 | | Richard A. Burnett(2) | $114,441 | $147,739 | $262,180 | | Bruce E. Cope | $70,000 | $147,739 | $217,739 | | Luis Fernandez-Moreno | $74,441 | $147,739 | $222,180 | | Robin H. Fielder | $74,441 | $147,739 | $222,180 | | Timothy A. Roberts | $70,000 | $147,739 | $217,739 | | Troy W. Thacker(3) | $28,095 | — | $28,095 | | Douglas J. Wall | $84,441 | $147,739 | $232,180 |

  2. BACKGROUND

    BACKGROUND • Has served as a member of our Board since November 2016 and our Lead Director. • Currently serves as the President and Chief Executive Officer of Silver Creek Exploration III, LLC, a privately held company focused on direct investments in non-operated working interests and royalties. Previously, Mr. Burnett served in the same roles at Silver Creek Oil & Gas, LLC, beginning in November 2019. • Previously served as the Chief Financial Officer of Covey Park Energy, a private exploration and production company sponsored by Denham Capital, from June 2017 to October 2019. Prior to joining Covey Park, served as Chief Financial Officer of Double Eagle Energy Holdings II, a U.S. onshore exploration and production partnership with Apollo Natural Resource Partners from August 2016 until its sale to

  3. BACKGROUND

    | 16 | Select Water Solutions |

  4. BACKGROUND

    Parsley Energy, Inc. during the first half of 2018. Prior to Double Eagle Energy Holdings II, Mr. Burnett served as Vice President, Chief Financial Officer and Chief Accounting Officer at EXCO Resources, Inc., a publicly traded U.S. onshore exploration and production company, from November 2013 through August 2016. From 2002 to November 2013, was at KPMG LLP, an international accounting firm, serving as a Partner beginning in 2007. Starting in June 2012, Mr. Burnett served as the Partner in charge of the Energy Audit Practice within the Dallas/Ft. Worth Business Unit. Prior to joining KPMG LLP in 2002, Mr. Burnett spent time at Arthur Andersen LLP and Marine Drilling Companies, Inc. • Mr. Burnett received a B.B.A. in Accounting from Texas Tech University. • Mr. Burnett served on the Board of Directors and as the Chairman of the Audit Committee for US Well Services, Inc., (NYSE: USWS) from 2018 through its sale in November 2022 and served on the board of directors for Ranger Oil Corporation (NYSE: ROCC) from to October 2021 to June 2023 when it was sold to Baytex Energy Corp. We believe Mr. Burnett’s extensive experience in capital formation and upstream oil and gas operations provides valuable financial and operational insight to our Board. He also brings important financial management, accounting and public company expertise. His service as our Lead Independent Director further strengthens our governance and makes him well-qualified to serve on our Board.

  5. BACKGROUND

    | | BRUCE E. COPE | | | COMMITTEES • Audit • Nominating, Governance, and Sustainability OTHER PUBLIC COMPANY BOARDS • None |

  6. BACKGROUND

    BACKGROUND • Has served as a member of our Board since January 2025. • Previously served as the Senior VP/Chief Accounting Officer at Hunt Consolidated Inc., a privately held exploration and production company, from 1993 to 2020. • Before joining Hunt, he held various positions of increasing responsibility at Pacific Enterprises Oil Company USA from 1988 to 1993 and Frates Enterprises from 1984 to 1988. • He has been involved with various professional organizations, including as a Board Member of the Dallas Petroleum Club from 2017 to 2019, including the role of Secretary in 2019, Past Advisory Board Member for the Institute of Petroleum Accounting at North Texas State University, Committee Member for the Energy Special Interest Group at Financial Executives International, and Member of the UT Dallas Institute for Excellence in Corporate Governance. • Mr. Cope received recognition from D-CEO Magazine as Controller of the Year for Large Private Companies in 2016. • Mr. Cope began his career with KMG Main Hurdman (now KPMG) where he worked as an Auditor from 1981 to 1984. • Mr. Cope holds a Bachelor of Business Administration degree in Accounting from Harding University and a Master of Business Administration degree from Oklahoma State University. • He is also an active Certified Public Accountant (CPA) in Arkansas. We believe Mr. Cope’s decades of experience as a senior finance executive provide important financial and audit expertise to our Board. He has deep experience in accounting, financial reporting and internal controls and has held leadership roles with increasing responsibility over his career. This background makes him well-qualified to serve on our Board and as a member of the Audit Committee.

  7. BACKGROUND

    | 2026 Proxy Statement | 17 |

  8. BACKGROUND

    | | LUIS FERNANDEZ-MORENO | | | COMMITTEES • Compensation • Nominating, Governance, and Sustainability OTHER PUBLIC COMPANY BOARDS • Ingevity Corporation (NYSE: NGVT) |

  9. BACKGROUND

    • Has served as a member of our Board since May 2022. • Currently has served as a board member of Ingevity Corporation (NYSE: NGVT), a products and technologies company, since October 2024. Served as Interim CEO of Ingevity from October 2024 to April 2025. • Currently serves as sole manager of Strat and Praxis, LLC (“Strat and Praxis”), a business and management consulting firm specializing in design of corporate strategy, development of processes, and organizational design, since May 2018. • Prior to founding Strat and Praxis, served as Senior Vice President of Ashland Company until February 2017, with responsibilities as president of its Chemicals group since April 2015. Mr. Fernandez-Moreno previously served as president of Ashland Specialty Ingredients from 2013 to 2015, and as president of Ashland Water Technologies from 2012 to 2013. Before joining Ashland, Mr. Fernandez-Moreno was executive vice president of HTH Water Products & Wood Protection for Arch Chemicals, Inc. from 2010 to 2011. • Spent approximately 25 years at Rohm & Haas Company until it was acquired by Dow Chemical Company, after which he managed the newly formed Dow Coatings Materials business until 2010. • Mr. Fernandez-Moreno serves as a director of Huber Engineered Materials and Hasa, Inc. and is a member of the Director’s Council at the University of Pennsylvania Museum of Archeology and Anthropology. Mr. Fernandez- Moreno previously served on the boards of Ascensus Specialties and OQ Chemicals. • Mr. Fernandez-Moreno received his B.S. in Chemical Engineering from Universidad Iberoamericana in Mexico City, Mexico and is a graduate from the University of Pennsylvania Wharton Management Program. We believe Mr. Fernandez-Moreno’s significant global chemical and industrial experience provides valuable perspective on our Chemical Technologies segment and broader business. He has extensive strategic and operational expertise from leading complex international operations and portfolios. These experiences make him well-qualified to serve on our Board.

  10. BACKGROUND

    | 18 | Select Water Solutions |

  11. BACKGROUND

    | | ROBIN H. FIELDER | | | COMMITTEES • Audit • Nominating, Governance, and Sustainability OTHER PUBLIC COMPANY BOARDS • None |

  12. BACKGROUND

    • Has served as a member of our Board since November 2022. • Currently serves as Chief Commercial Officer, Midstream, overseeing the unregulated natural gas portfolio at Kinder Morgan, Inc. (NYSE: KMI), a North American energy infrastructure company, since September 2025. • Served as the Executive Vice President, Low Carbon Strategy and Chief Sustainability Officer of Talos Energy Inc. (NYSE: TALO), an independent exploration and production company, from December 2021 through March 2024 where she oversaw ESG and sustainability initiatives and reporting obligations. She also served as the lead executive for Talos’ carbon capture and sequestration portfolio and business segment, Talos Low Carbon Solutions, which was divested to TotalEnergies. • Prior to joining Talos in December 2021, served as President, Chief Executive Officer and Director of the general partner of Noble Midstream Partners LP beginning in October 2020 after serving as its President and Chief Operating Officer, with Ms. Fielder’s appointment to such role in January 2020. • Previously served as President, Chief Executive Officer, and Director of the general partners of Western Midstream Operating LP (formerly Western Gas Partners LP) and Western Midstream Partners LP (NYSE: WES) (formerly Western Gas Equity Partners LP) from January 2019 to August 2019, and as President and Director of the general partners from November 2018 to January 2019. • Served as Senior Vice President, Midstream of Anadarko Petroleum Corporation from November 2018 to August 2019. Prior to these positions, Ms. Fielder served in positions of increasing responsibility at Anadarko, including Vice President, Investor Relations from September 2016 to November 2018, Midstream Corporate Planning Manager from December 2015 to September 2016, Director, Investor Relations from June 2014 to December 2015 and General Manager, Carthage/North Louisiana from June 2013 to June 2014. Prior to serving in these roles, Ms. Fielder held various exploration and operations engineering positions at Anadarko in both the U.S. onshore and the deepwater Gulf of Mexico. • Serves as a member of the PRAGMA (enabling a pragmatic approach to the Energy Transition through Investment, Technology, Talent and Advocacy) energy advisory board, the Women Corporate Directors and National Association of Corporate Directors, and has served as a member of the board of directors of the Greater Houston March of Dimes since 2019. She is also a member of the executive council of the KBH Energy Center at the McCombs School of Business at the University of Texas at Austin. • Ms. Fielder holds a Bachelor of Science in Petroleum Engineering from Texas A&M University and is a registered Professional Engineer in the State of Texas and a member of the Society of Petroleum Engineers. We believe Ms. Fielder’s extensive experience in the energy industry, including her leadership roles in the midstream sector and prior executive positions across the energy value chain, provides the Board with valuable operational and commercial insight. She also brings meaningful expertise with sustainability matters. These experiences make her well-qualified to serve on our Board.

  13. BACKGROUND

    | 2026 Proxy Statement | 19 |

  14. BACKGROUND

    | | TIMOTHY A. ROBERTS | | | COMMITTEES • Audit • Compensation OTHER PUBLIC COMPANY BOARDS • None |

  15. BACKGROUND

    • Has served as a member of our Board since January 2025. • Currently serves as Chief Executive Officer and Partner of Iron Horse Midstream, LLC (previously Cardinal Midstream III, LLC), a company that provides natural gas gathering, processing, compression, treating, and transmission services, since May 2017. • Previously held positions of increasing responsibility within the Iron Horse & Cardinal Midstream Family of Companies, including Chief Financial Officer & Partner at Cardinal Midstream II, LLC, and Vice President — Finance at Cardinal Midstream, LLC from April 2009 to April 2013. • Before joining Iron Horse & Cardinal Midstream, he worked at American Capita Ltd.’s Energy Group from July 2006 to April 2009, progressing from Associate to Vice President. • Started his career in investment banking as a Senior Analyst at Wachovia Energy Investment Banking Group in Houston from September 2003 to July 2006. • Began his professional journey as an Audit Associate at KPMG LLP Assurance and Advisory Services in Houston from September 2002 to August 2003. • Mr. Roberts holds a Master in Professional Accounting (MPA) from The University of Texas at Austin, McCombs School of Business, graduating summa cum laude, and a Bachelor of Arts in Business Administration, Accounting and Philosophy from the University of Notre Dame, graduating magna cum laude. We believe Mr. Roberts’ significant experience as a midstream executive and entrepreneur provides valuable insight into our customers, markets and infrastructure opportunities. He has led and grown midstream businesses and held senior commercial and leadership roles over his career. This industry knowledge and executive leadership experience make him well-qualified to serve on our Board. SUSTAINABILITY AND CORPORATE RESPONSIBILITY We are committed to a corporate strategy that not only supports the long-term viability of our business model but does it in a manner that focuses on and protects our people, our customers, the environment, and the communities in which we operate. Whether it’s about uniting our teams around providing safe and efficient end-to-end water solutions, creating sustainable partnerships with our customers, integrating and expanding large infrastructure networks, or being good stewards for our surrounding communities, our business is all about fostering connections. Whether it’s molecules or pipelines or people, we are all connected by water.

  16. BACKGROUND

    | 20 | Select Water Solutions |

  17. BACKGROUND

    We believe this focus helps our customers achieve their short-term and long-term sustainability goals, helps us attract and retain top talent, and furthers our efforts to generate stockholder returns. We believe our commitment to foster a culture of corporate responsibility is an important part of being a company with operations spanning the contiguous United States. Further, we believe being a good corporate steward is strategic to our ability to grow and will better allow us to develop solutions that both address the needs of our customers and contribute to sustainable business practices. As a leader in the water solutions industry, we place the utmost importance on the safe, environmentally-responsible management of water throughout its lifecycle. Additionally, we believe that responsibly managing water resources through our operations helps conserve and protect the environment in the communities in which we operate. This is paramount to our continued success and sustained growth. We have identified the following four priorities as part of our comprehensive corporate responsibility initiative: Environmental Consciousness; Health and Safety; Human Capital Management; and Community Outreach. As a solutions provider, we compete with various competitors based on certain factors, including safety and operational performance, technological innovation, process efficiencies and reputational awareness. We believe there is a strong link between these corporate responsibility initiatives and our ability to provide value to our customers and to our industry. Sustainability-Linked Credit Facility In January 2025, SES Holdings and Select Water Solutions, LLC (“Select LLC”) entered into a new five-year senior secured sustainability-linked credit facility (“Sustainability-Linked Credit Facility”), which initially provides for $300 million of revolving commitments and $250 million of term loan commitments that replaced our previous sustainability-linked credit facility. Under the Sustainability-Linked Credit Facility, the interest rate margin and the facility fee rates are subject to adjustments based on Select LLC’s performance of specified sustainability target thresholds with respect to (i) total recordable incident rate (“TRIR”), as the Employee Health and Safety Metric and (ii) barrels of produced water recycled at permanent or semi-permanent water treatment and recycling facilities owned or operated, as the Water Stewardship Metric, in each case, subject to limited assurance verification by a qualified independent external reviewer. The adjustment for the interest rate margin is a range of plus and minus 2.5 basis points for each of the Employee Health and Safety Metric and the Water Stewardship Metric, and the adjustment for the fee margin is a range of plus and minus 0.5 basis points for each of the Employee Health and Safety Metric and the Water Stewardship Metric, subject to the mechanics under the Sustainability-Linked Credit Facility. The threshold for TRIR and barrels of produced water recycled in 2025 were 0.80 and 207.0 million barrels, respectively. The target for TRIR and barrels of produced water recycled in 2025 were 0.70 and 211.5 million barrels, respectively. In 2025, we outperformed the target for each metric with a TRIR of 0.36 and approximately 246.7 million barrels of produced water recycled at our fixed facilities, achieving the maximum downward adjustment to our interest rate margin and fee margin. Environmental Consciousness As a public company whose primary focus is on the management of water and water logistics supporting the energy industry, we acknowledge our crucial role in responsibly handling water resources. Accordingly, the importance of water stewardship through our operations, including our growing water recycling efforts to help conserve fresh water and protect the environment, is integral to our continued success and sustained growth. We view our unique position as an opportunity to transform water management by leveraging all our business lines to develop innovative produced water management solutions that increase our customers’ ability to reuse produced water, adding value to their operations. For example, our Company was founded with a focus on water transfer through temporary and permanent pipeline, which substantially reduced the industry’s use of traditional trucking services for water transfer operations, thereby significantly reducing emissions generated by semi-trucks moving water and reducing the level of truck traffic on the roads in the areas in which we operate. We estimate that we eliminate approximately 4,000 truckloads of water during a single well completion job using our temporary and permanent pipeline solutions. We also work diligently to implement sustainability initiatives when possible that reduce our environmental footprint. It is with this same spirit that we continue to innovate our practices today and into the future. Our choice of environmentally friendly chemicals in our processes is another example. Our chemical technologies business routinely utilizes non-detectable solvents, which replace nonylphenol ethoxylates with alcohol ethoxylates, and replacing crude oil-derived raw materials with cleaner, natural gas derived materials. The practices have been developed to allow for extended use of produced water and the reuse of produced water without the need for extensive reconditioning measures. While we are proud of what we have accomplished, we are constantly striving to improve in these areas. We regularly interact with local, state, and federal governments in order to promote compliance with applicable laws, and we aim to develop partnerships with officials to enhance the responsible use of natural resources as oil and gas development matures.

  18. RICHARD A. BURNETT, CHAIR BRUCE E. COPE, MEMBER ROBIN H. FIELDER, MEMBER TIMOTHY A. ROBERTS, MEMBER

    | ✓ Emphasize at-risk pay and pay for performance ✓ Maintain robust stock ownership guidelines ✓ Engage an independent compensation consultant ✓ Perform annual risk assessments of compensation programs ✓ A significant portion of long-term incentives are performance-based and all long-term incentives are impacted by changes in stock price ✓ Underwater stock options may not be repriced or exchanged without stockholder approval | ✓ No dividends are paid on unearned performance-based equity awards and dividends on unvested time-based equity awards are subject to the same vesting conditions ✓ No NEOs receive significant perquisites or guaranteed annual bonuses ✓ Executives and employees are prohibited from hedging our securities ✓ Upon a change in control, no NEO is entitled to single-trigger cash payments or tax gross-ups ✓ Maintain a clawback policy applicable to all NEOs |

  19. RICHARD A. BURNETT, CHAIR BRUCE E. COPE, MEMBER ROBIN H. FIELDER, MEMBER TIMOTHY A. ROBERTS, MEMBER

    What Guides Our Compensation Structure Compensation Philosophy We generally reference the middle range of our competitive market for base salaries and target incentive opportunities, and the Compensation Committee maintains a focus on pay-for-performance and compensation in the form of equity awards to leverage the Company’s ability to attract, retain, and motivate key talent. The structure of our executive compensation program, including base pay and “at-risk” compensation (short- and long-term incentives), is intended to achieve the following objectives: • Align executive interests with the interests of our stockholders and our long-term strategy while discouraging undue risk taking by emphasizing long-term equity-based incentives and requiring executives to retain a significant portion of these incentives earned over time in common stock; • Foster a pay-for-performance culture by tying a significant portion of compensation directly to Select’s operating and financial performance and execution of strategic objectives, including annual operating performance and FCF, and linking a portion of compensation to individual performance, including accomplishment of strategic goals that align with company goals. A large percentage of target compensation is “at risk” (84% for our Chief Executive Officer (“CEO”) and an average of 73% for the other NEOs) and performance-related (51% for the CEO and an average of 47% for the other NEOs), as shown below:

  20. RICHARD A. BURNETT, CHAIR BRUCE E. COPE, MEMBER ROBIN H. FIELDER, MEMBER TIMOTHY A. ROBERTS, MEMBER

    | FEBRUARY/MARCH | | MAY | | AUGUST | | DECEMBER | | • Review & certify prior year performance • Approve any base salary adjustments • Establish financial and operational targets for annual incentive program • Grant annual long-term incentive awards | | • Compensation risk assessment • Annual assessment of compensation consultant independence • Review performance against incentive plans | | • Approve peer group for benchmarking for following year compensation levels • Review Compensation Committee charter and compensation policies | | • Review peer group benchmarking • Establish target annual incentives for the next year • Approve design of incentive programs for the next year |

  21. RICHARD A. BURNETT, CHAIR BRUCE E. COPE, MEMBER ROBIN H. FIELDER, MEMBER TIMOTHY A. ROBERTS, MEMBER

    Competitive compensation analysis for executive officers and non-employee directors. With respect to non-employee director compensation, the independent compensation consultant reviews the Company’s philosophy and practices regarding general Board compensation, committee compensation, committee chair compensation, and non-employee director equity award programs. In connection with these reviews, the independent compensation consultant provides the Compensation Committee with comparative market assessments of executive and non-employee director compensation levels, including information relative to compensation trends and prevailing practices. The Compensation Committee meets regularly in executive session with its independent compensation consultant outside the presence of management. The Compensation Committee regularly reviews the services provided by its outside consultants and, after considering all relevant factors, including the factors listed in Section 303A.05(c)(iv) of the New York Stock Exchange Listed Company Manual, believes that Meridian is independent in providing executive compensation consulting services. The Compensation Committee monitors the independence of its compensation consultant on a periodic basis. Based on these reviews and this monitoring, the Compensation Committee is not aware of any conflict of interest that has been raised by the work performed by Meridian during 2025. Role of Market Data — Our Compensation Committee relies in part, but not exclusively, on market data from its independent compensation consultants in determining appropriate levels of pay for our NEOs. Market data provided by Meridian in late 2024 included data from our peer group and other broader industry executive compensation data sources. The Compensation Committee reviews the composition of our peer group on an annual basis and, after consultation with its independent compensation consultant, revises the group as it deems appropriate. The information from the compensation peer group is used to help define the competitive market for executive pay in similarly situated companies in our industry for each of our NEOs, to the extent available, and information from compensation surveys more generally helps define the competitive market for executive pay for our other NEOs for which peer group information is unavailable. Meridian employed the following general approach when analyzing our 2025 peer group: 1. Focused the pool of potential peer companies on publicly-traded companies that operate in similar businesses to Select including oilfield services, midstream, and water and other infrastructure services. Meridian also reviewed direct competitors identified by management, companies identified as peers by our competitors, and companies listed in shareholder advisor reports. 2. Screened out potential additions based on a combination of the following: • Company size — Considered current enterprise value, market capitalization, assets, and revenues with a focus on companies within 1∕4 to 4x Select’s Enterprise Value as executive compensation levels are generally correlated with company financial size. • Financial/ Operating/ Business — Considered factors such as type of business, structure, geographic footprint, and corporate office location to ensure that peers are operating in similar areas or are located in areas where direct competition for executives is more pronounced. As a result of their review, the compensation consultant recommended, and our Compensation Committee approved, the removal of Forum Energy Technologies, Inc., KLX Energy Services Holdings, Inc. and Nine Energy Services, Inc. and the addition of Atlas Energy Solutions Inc., CECO Environmental Corp., and Solaris Oilfield Infrastructure, Inc. The following 15 peers comprised our compensation peer group for 2025:

  22. RICHARD A. BURNETT, CHAIR BRUCE E. COPE, MEMBER ROBIN H. FIELDER, MEMBER TIMOTHY A. ROBERTS, MEMBER

    Annual Cash Incentives Annual cash incentives for our NEOs are provided through our Short-Term Incentive Plan (“STI Plan”) and are structured to reward achievement relative to annual financial, operational, and individual performance objectives. Our Compensation Committee reviews and approves the annual cash incentive awards for each NEO based upon performance achievements established by the Compensation Committee at the beginning of the year. Our Compensation Committee established the target 2025 annual cash incentive awards for our NEOs based on the level of responsibility and ability to impact our overall results, as well as consideration of market pay practices. The target annual equity awards for 2025 were unchanged from 2024 targets. Each NEO’s 2025 target annual incentive, as a percentage of each NEO’s base salary as in effect on February 14, 2025 is set forth below:

  23. RICHARD A. BURNETT, CHAIR BRUCE E. COPE, MEMBER ROBIN H. FIELDER, MEMBER TIMOTHY A. ROBERTS, MEMBER

    | NAME | 2025 TARGET ANNUAL INCENTIVE (% OF BASE SALARY) | | John D. Schmitz | 115% | | Christopher K. George | 80% | | Michael C. Skarke | 80% | | Michael J. Lyons | 80% | | Cody J. Ortowski | 80% |

  24. RICHARD A. BURNETT, CHAIR BRUCE E. COPE, MEMBER ROBIN H. FIELDER, MEMBER TIMOTHY A. ROBERTS, MEMBER

    The Compensation Committee annually evaluates the appropriate performance metrics, and relative weighting of those metrics, for our STI Plan based on financial goals, operational goals, and strategic plans for the Company.. For the 2025 annual cash incentive awards, the Compensation Committee selected the below metrics, which are based on fully consolidated Company results for each of our NEOs. These weightings were unchanged from the 2024 annual cash incentive plan.

  25. RICHARD A. BURNETT, CHAIR BRUCE E. COPE, MEMBER ROBIN H. FIELDER, MEMBER TIMOTHY A. ROBERTS, MEMBER

    | WEIGHT | PERFORMANCE METRIC | | | Adjusted EBITDA(1): Adjusted EBITDA is a core measure of our operating performance that excludes the impact of financing decisions, tax structure, non-cash charges, and unusual or non-recurring items. It enables the Compensation Committee to assess how effectively management is driving the underlying earnings power of the business from period to period, independent of capital structure and accounting decisions. Because Adjusted EBITDA is widely used by investors and analysts to value companies in our industry, delivering on our Adjusted EBITDA goals and growing sustainable Adjusted EBITDA over time is intended to support long-term stockholder value creation. | | | Free Cash Flow (FCF)(2): Free cash flow is a key indicator of the cash our business generates that is available to reinvest in growth, reduce debt, and return capital to stockholders. By focusing on free cash flow, the Compensation Committee encourages disciplined working capital management and capital expenditure decisions that support our long-term strategy. Consistently generating strong free cash flow provides us with the flexibility to fund strategic investments, pursue value-enhancing transactions, and maintain a strong balance sheet, which we believe are important drivers of stockholder value over time. | | | Safety: Based on TRIR, which is calculated as total number of recordable incidents multiplied by 200,000 divided by total number of hours worked by all employees, and LTIR, which is calculated as total number of lost time incidents multiplied by 200,000 divided by total number of hours worked by all employees. If the TRIR target is achieved, the payout percentage for this metric may be increased by up to 20%.These measures reflect our commitment to protecting our employees and contractors and to maintaining a strong safety culture, which we believe is fundamental to operational excellence and long-term stockholder value. If the TRIR target is achieved, the payout percentage for this metric may be increased by up to 20% to reinforce outperformance on this key operational priority. | | | Environmental and Sustainability: Based on recycled water volumes, which is calculated as the volume metered and received into our water recycling facilities that is ultimately put back to reuse. This metric supports our strategy of minimizing our environmental footprint, promoting responsible water stewardship, and enhancing our license to operate in the communities where we work, which we believe are important to sustainable value creation. | | | Strategic Individual Goals: Accomplishment of strategic goals that are aligned to the overall company goals and within the NEO’s areas of responsibility. Tying a portion of incentive opportunity to these individualized objectives allows the Compensation Committee to recognize leadership in advancing critical initiatives — such as growth, operational efficiency, customer relationships, talent development, or transformation projects — that directly support our long-term business strategy and stockholder interests. |

  26. RICHARD A. BURNETT, CHAIR BRUCE E. COPE, MEMBER ROBIN H. FIELDER, MEMBER TIMOTHY A. ROBERTS, MEMBER

    Consolidated earnings before interest, taxes, depreciation, and amortization (“EBITDA”), plus/(minus) loss/(income) from discontinued operations, plus any impairment and abandonment charges or asset write-offs, plus non-cash losses on the sale of assets or subsidiaries, non-recurring compensation expense, non-cash compensation expense, and other non-recurring or unusual expenses or charges, including severance expenses, transaction costs, or facilities-related exit and disposal-related expenditures, plus/(minus) foreign currency losses/(gains), plus/(minus) losses/ (gains) on unconsolidated entities and plus tax receivable agreements expense less bargain purchase gains from business combinations. (2) Calculated based on our cash flow from operations, determined in accordance with generally accepted accounting principles (“GAAP”) or on a non-GAAP basis consistent with our practices (as determined by our Compensation Committee), as net cash provided by (used in) operating activities less purchases of property and equipment, plus proceeds received from sale of property and equipment. For additional information regarding our use of non-GAAP financial measures, including free cash flow, see ‘Forward-Looking Statements and Website References’ in this Proxy Statement. The following table sets forth threshold, target and maximum performance goals established by the Compensation Committee with respect to the company-wide Adjusted EBITDA, Free Cash Flow, safety and environmental metrics, as well as our actual achievement with respect to those performance metrics. If threshold performance is not achieved on any metric, no payout is earned for that metric. If threshold financial performance is achieved, then 50% of the target annual incentive awards will be earned by the NEOs, and if maximum financial performance is achieved under the STI Plan, then 200% of the target annual incentive awards will be earned by the NEOs. The payout percentage for safety performance ranges from 100% (threshold and target) to 120% (maximum) of the target annual incentive awards, and the payout percentage for environmental and sustainability performance ranges from 50% (threshold) to 120% (maximum). There is an opportunity for safety and environmental and sustainability payouts above the 120% maximum and Strategic Individual Goals above 100% when Adjusted EBITDA exceeds a 120% and 100% payout, respectively.

  27. Company-Wide Metrics

    | PERFORMANCE METRIC | THRESHOLD | TARGET | MAXIMUM | 2025 ACTUAL PERFORMANCE | PERCENT OF TARGET METRIC EARNED | WEIGHT | PERCENT OF TARGET BONUS EARNED | | Adjusted EBITDA(1) | $195.6 mm | $279.4 mm | $335.3 mm | $260.3 mm | 88.7%x | 40% | 35.5% | | FCF(1) | $23.0 mm | $45.9 mm | $68.9 mm | $40.7 mm | 88.6%x | 30% | 26.6% | | Safety | | | | | 120.0%x | 5% | 6.0% | | TRIR | — | 0.66 | — | 0.36 | | | | | LTIR | — | 0.24 | 0.20 | 0.19 | | | | | Recycled Water Volumes | 105.8 mmbbls | 211.5 mmbbls | 253.8 mmbbls | 327.2 mmbbls | 120.0%x | 5% | 6.0% |

  28. 2025 Annual Incentive Payouts

    2025 Annual Incentive Payouts While we delivered record revenue and modest Adjusted EBITDA growth in 2025, we did not fully achieve our internal financial targets, and resulting Company-wide financial metric achievement under the STI Plan was below target, which reduced overall annual incentive payouts for our NEOs.

  29. 2025 Annual Incentive Payouts

    | 2026 Proxy Statement | 37 |

  30. 2025 Annual Incentive Payouts

    Based on the results above, the Compensation Committee approved the following STI Plan payments:

  31. 2025 Annual Incentive Payouts

    | NAME | TARGET BONUS | COMPANYWIDE METRICS ACHIEVEMENT (WEIGHTED) | | INDIVIDUAL ACHIEVEMENT (WEIGHTED) | | TOTAL PERCENT OF TARGET EARNED | APPROVED 2024 ANNUAL INCENTIVE PAYOUT | | John D. Schmitz | $920,000 | 74.1% | + | 14% | = | 88.1% | $810,152 | | Christopher K. George | $328,000 | 74.1% | + | 12% | = | 86.1% | $282,277 | | Michael C. Skarke | $312,000 | 74.1% | + | 12% | = | 86.1% | $268,507 | | Michael J. Lyons | $312,000 | 74.1% | + | 12% | = | 86.1% | $268,507 | | Cody J. Ortowski | $292,000 | 74.1% | + | 12% | = | 86.1% | $251,295 |

  32. 2025 Annual Incentive Payouts

    Long-Term Incentives

  33. 2025 Annual Grants

    | Our Compensation Committee reviews and approves annual equity awards for each NEO. For 2025, these awards were granted under our 2024 Equity Incentive Plan (the “2024 Plan”). Our Compensation Committee uses equity awards to align the executives’ interests with those of our stockholders, retaining our high performing executives and focusing executives on those long-term measures that are critical to long-term Company performance. The 2025 grants were comprised 50% of time-based restricted shares that vest ratably over three years and 50% of performance share units (“PSUs”) that vest based on the Company’s relative TSR performance over a three-year performance period with an absolute TSR modifier. Our Compensation Committee selected relative TSR, with an absolute TSR modifier, as the performance metrics for the 2025 PSUs because they: • Align compensation with stockholder returns by tying payouts to the Company’s total shareholder return performance; | |

  34. 2025 Annual Grants

    | NAME | 2025 RESTRICTED SHARES (50% OF GRANT) ($) | 2025 TSR PSUS (50% OF GRANT) ($) | 2025 TOTAL ($) | | John D. Schmitz | $1,580,000 | $1,580,000 | $3,160,000 | | Christopher K. George | $389,500 | $389,500 | $779,000 | | Michael C. Skarke | $370,500 | $370,500 | $741,000 | | Michael J. Lyons | $370,500 | $370,500 | $741,000 | | Cody J. Ortowski | $346,750 | $346,750 | $693,500 |

  35. TSR PSUs

    TSR PSUs The TSR PSUs will become earned based on our Annualized Total Shareholder Return over the three-year performance period beginning January 1, 2025 and ending December 31, 2027 as compared to the following peer companies (the “Performance Peer Group”):

  36. TSR PSUs

    | • Alerian Midstream Energy Index | • Liberty Energy Inc. | • RPC, Inc. | | • Aris Water Solutions, Inc. | • NGL Energy Partners LP | • Summit Midstream Corporation | | • Atlas Energy Solutions Inc. | • Patterson-UTI Energy, Inc. | • TETRA Technologies, Inc. | | • Helmerich & Payne, Inc. | • ProFrac Holding Corp. | • VanEck Oil Services ETF | | • KLX Energy Services Holdings, Inc. | • ProPetro Holding Corp. | | | • Kodiak Gas Services, Inc. | • Ranger Energy Services, Inc. | |

  37. TSR PSUs

    Annualized TSR for the Company and for each member of the Performance Peer Group is calculated by the following formula: For purposes of the formula, the share price is determined based on the volume-weighted average price per share for the 20 consecutive trading days preceding the beginning and end of the performance period. The amount of dividends and other distributions declared on a share of stock during the performance period will be treated as if it were reinvested in the Company as of the applicable ex-dividend date. To determine the Company’s ranking for the performance period, TSR will be calculated for the Company and each entity in the Performance Peer Group. The entities will be arranged by their respective TSR (highest to lowest) and the rank of the Company within the Performance Peer Group will be determined.

  38. TSR PSUs

    | 2026 Proxy Statement | 39 |

  39. TSR PSUs

    Achievement of the TSR PSUs at the end of the three-year performance period is determined based on the following table:

  40. TSR PSUs

    | Level of Achievement | Relative TSR (Percentile Rank versus Performance Peer Group) | Annualized Absolute TSR is Less than or Equal to 15% and Greater than or Equal to 0%* | Annualized Absolute TSR is Greater than 15% | Annualized Absolute TSR is Less than 0% | | Maximum | ≥ 80th Percentile | 200% | 200% | 100% | | Target | 55th Percentile | 100% | 100% | 100% | | Threshold | 25th Percentile | 50% | 50% | 50% | | Below Threshold | <25th Percentile | 0% | 50% | 0% |

  41. Results of the 2023-2025 PSUs

    Results of the 2023-2025 PSUs During 2023, each of our NEOs received grants of Relative ROA PSUs and FCF PSUs with three-year performance periods ending December 31, 2025. The terms of these awards are described in our proxy describing 2023 compensation. With respect to the Relative ROA PSUs, our ROA of 10.5% ranked 5 out of the 12 members of the performance peer group (adjusted to remove members of the performance peer group that were acquired or otherwise no longer publicly traded prior to December 31, 2025) and our total shareholder return over the performance period was 22.72%. As a result of the positive total shareholder return and Relative ROA ranking over the three-year period, the target PSUs earned equaled 124% of the target award. Under the FCF PSUs, the following table sets forth the target FCF per share for each year during the performance period, the actual FCF per share achieved for each year, and the resulting FCF Performance Percentage, which resulted in 90% of the target FCF PSUs becoming earned, as determined by our Compensation Committee. The FCF used in the per-share calculation is consistent with the FCF definition outlined in the STI Plan.

  42. Results of the 2023-2025 PSUs

    | YEAR | FCF TARGET | ACTUAL FCF | FCF PERFORMANCE PERCENTAGE(1) | | 2023 | $1.51 | $1.41 | — | | 2024 | $0.85 | $0.83 | — | | 2025 | $0.38 | $0.34 | — | | TOTAL | $2.74 | $2.57 | 90% |

  43. Results of the 2023-2025 PSUs

    (1) This column represents the percentage of equity awards that vest based on meeting service requirements where vesting is contingent on free cash flow performance targets. The percentage shown indicates the proportion of awards that become available to the recipient over time, not the actual level of free cash flow performance achieved. Other Compensation Elements Employment Agreements — In May 2023, we entered into an employment agreement with Mr. Schmitz, which provides for an initial term ending December 31, 2025, with automatic renewals for successive one-year periods unless either party provides at least 60 days advance written notice of non-renewal. The employment agreement with Mr. Schmitz provides for an annualized base salary of $800,000, a target annual incentive of 115% of his base salary and eligibility to receive annual equity awards. We also maintain an employment agreement with Mr. Skarke that provides for an initial term of three years, with automatic renewals for successive one-year periods unless either party provides at least 60 days advance written notice of non-renewal. Our other NEOs are not party to an employment agreement. The employment agreements contain certain restrictive covenants, including provisions that prohibit, with certain limitations, the NEO from competing with the Company and its affiliates, soliciting any of the Company’s or its affiliates’

  44. Results of the 2023-2025 PSUs

    | 40 | Select Water Solutions |

  45. Results of the 2023-2025 PSUs

    customers, or soliciting or hiring any of the Company’s or its affiliates’ employees or inducing them to terminate their employment with the Company and its affiliates. These restrictions will generally apply during the term of the NEO’s employment with the Company and for one year following the termination date. The employment agreements each provide for severance payments and benefits upon certain qualifying terminations of employment, as described below under “2025 Executive Compensation Tables — Potential Payments Upon Termination or Change in Control.” Severance Agreements — In October 2025, we entered into severance agreements with each of our NEOs other than Mr. Schmitz (each, a “Severance Agreement”). The Severance Agreements provide the NEOs with certain severance benefits in connection with a termination of employment under certain circumstances, including in connection with a “Change in Control.” Under the Severance Agreements, in the event of (i) a termination of the NEO’s employment by the Company without “Cause” or (ii) a termination of the NEO’s employment by the NEO for “Good Reason” (as defined in the Severance Agreement) (each, a “Qualifying Termination”), the NEO will be entitled to receive any accrued but unpaid base salary through the date of termination, accrued but unpaid annual cash bonus earned for any performance period completed prior to the date of termination, and unreimbursed business expenses properly incurred prior to the date of termination (collectively, the “Accrued Obligations”). Subject to the NEO executing, and not revoking, a release of claims in favor of the Company and otherwise satisfying the terms of the Severance Agreement, the NEO will also be entitled to receive (a) a severance payment in an amount equal to one times (1x) the sum of (1) the NEO’s annualized base salary immediately prior to the date of termination (the “Base Salary”) plus (2) an amount equal to (x) the NEO’s Base Salary multiplied by (y) the NEO’s bonus opportunity percentage under the Company’s short-term incentive plan, if any, for the year in which the date of termination occurs, (b) an amount equal to the annual cash bonus that the NEO would have been entitled to receive for the year in which the date of termination occurs, based on actual performance and pro-rated based on the number of days in such year for which the NEO was employed by the Company (the “Pro-Rata Bonus”), and (c) premium reimbursement for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, at the applicable employee premium rate (the “COBRA Reimbursement”) for a period of up to twelve (12) months following the date of termination. Under the Severance Agreements, in the event the NEO experiences a Qualifying Termination within twenty-four (24) months following a Change in Control, the NEO will be entitled to receive the Accrued Obligations. Subject to the NEO executing, and not revoking, a release of claims in favor of the Company and otherwise satisfying the terms of the Severance Agreement, the NEO will also be entitled to receive (a) a severance payment in an amount equal to two times (2x) the sum of (1) the NEO’s annualized base salary immediately prior to the date of termination plus (2) an amount equal to (x) the NEO’s Base Salary multiplied by (y) the NEO’s bonus opportunity percentage under the Company’s short-term incentive plan, if any, for the year in which the date of termination occurs, (b) the Pro-Rata Bonus, and (c) the COBRA Reimbursement for a period of up to twenty-four (24) months following the date of termination. For additional information regarding these Severance Agreements, including a more detailed description of the Change in Control — related benefits, see the Company’s Current Report on Form 8-K filed on October 9, 2025. As used in the Severance Agreements: • “Cause” generally means that the NEO has (i) engaged in gross negligence or willful misconduct in the performance of the NEO’s duties, (ii) materially breached any material provision of a written agreement between the NEO and the Company or corporate policy or code of conduct, willfully engaged in conduct that is materially injurious to the Company or its affiliates, or been convicted of, pleaded no contest to or received adjudicated probation or deferred adjudication in connection with, a felony involving fraud, dishonesty or moral turpitude. • “Change in Control” generally has the same meaning set forth below under “Potential Payments Upon Termination or Change in Control — Equity Incentive Plan Awards.” “Good Reason” generally means (i) a material diminution in the NEO’s base salary (other than as part of one or more decreases that shall not exceed, in the aggregate, more than ten percent (10%) of the NEO’s base salary as in effect at the time of such reduction and that are applied to all of the Company’s similarly situated executives), or (ii) a material diminution in the NEO’s title, authority, duties or responsibilities, (iii) a material reduction in the NEO’s target bonus opportunity (other than as part of one or more decreases that are applied to all of the Company’s similarly situated executives), or (iv) a geographic relocation of the NEO’s principal place of employment by more than 50 miles, subject, in each case, to notice and cure provisions.

  46. Results of the 2023-2025 PSUs

    | 2026 Proxy Statement | 41 |

  47. Results of the 2023-2025 PSUs

    The Severance Agreements also contain certain restrictive covenants, including, for Messrs. George, Skarke and Lyons, certain non-competition and non-solicitation obligations while the NEO is employed by the Company and for twelve (12) months thereafter, and, for Messrs. George, Skarke, Lyons and Ortowski, a confidentiality obligation while the NEO is employed by the Company and thereafter. The Severance Agreement between the Company and Mr. Skarke also terminated and superseded the Amended and Restated Employment Agreement previously entered into between Mr. Skarke and the Company dated March 1, 2021. Benefit Plans — We offer participation in broad-based retirement, health and welfare plans to all our employees. We currently maintain a plan intended to provide benefits under section 401(k) of the Code (the “401(k) Plan”), where employees are allowed to contribute portions of their base compensation into a retirement account in order to encourage all employees, including any participating NEO, to save for the future. During 2025, the 401(k) Plan provided a matching contribution in an amount up to 4% of a participant’s eligible compensation. We have not maintained and do not currently maintain a defined benefit pension plan or nonqualified deferred compensation plan. Other Compensation-Related Guidelines and Policies Clawback Policy We maintain the Select Water Solutions, Inc. Clawback Policy, which complies with the requirements of both NYSE Listing Standard 303A.14 and the Rules of NYSE Texas, Article 22, Rule 25, each implementing Exchange Act Rule 10D-1. In the event we are required to prepare an accounting restatement of our financial statements due to material non-compliance with any financial reporting requirement under the federal securities laws or that corrects an error that is not material to previously issued financial statements, but would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period, we will recover the excess incentive-based compensation received by any covered executive officer, including the NEOs, during the prior three fiscal years that exceeds the amount that the executive otherwise would have received had the incentive-based compensation been determined based on the restated amounts. Stock Ownership and Retention Guidelines We maintain stock ownership and retention guidelines for all executive officers and directors of the Company. The guidelines are determined by using a multiple of the executive officer’s annual base salary or the non-employee director’s base annual retainer and converting it into a fixed number of shares. The minimum levels of stock ownership are outlined below:

  48. Results of the 2023-2025 PSUs

    | TITLE | OWNERSHIP GUIDELINE | | Chief Executive Officer | 5x annual base salary | | Chief Operating Officer | 3x annual base salary | | Chief Financial Officer | 3x annual base salary | | Executive Vice President | 3x annual base salary | | Senior Vice President | 3x annual base salary | | Chief Accounting Officer | 1.5x annual base salary | | Non-Employee Director | 5x annual base retainer |

  49. Results of the 2023-2025 PSUs

    Stock ownership levels must be achieved by the later of five years after the initial adoption of the guidelines or five years after the individual’s first appointment as an executive officer or non-employee director. Following any change in title or change in base salary of any executive officer, the corresponding ownership guideline for such person shall be revised accordingly. The executive officer must achieve the new stock ownership level within five years of the effective date of such change in title or base salary. Executive officers must retain all net shares received until the stock ownership guideline is attained unless approval is received from the Board of Directors.

  50. Results of the 2023-2025 PSUs

    | 42 | Select Water Solutions |

  51. Results of the 2023-2025 PSUs

    Shares owned directly or indirectly (including, for non-employee directors, shares directly owned by entities, or their affiliates, which are the primary employers of such non-employee directors) by the executive officer or non-employee director and time-vesting restricted shares are counted towards satisfaction of the guidelines. Unexercised stock options and unearned performance-based awards are not counted. All executive officers and Non-Employee Directors subject to these guidelines have satisfied the minimum ownership level or are on track to satisfy the guideline by the end of the five-year compliance period. Equity Grant Timing The Compensation Committee grants annual equity awards each year on February 24 following our annual earnings release and the filing of our Annual Report on Form 10-K. The Compensation Committee may also consider and approve interim or mid-year grants, from time to time based on business needs. During 2025, the Compensation Committee did not take material nonpublic information into account when determining the timing and terms of equity awards, and we did not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. Insider Trading and Anti-Hedging Policy Our Board adopted a securities and insider trading policy (the “Insider Trading Policy”), which governs the purchase, sale and other dispositions of our securities by directors, officers and employees (including, as applicable, their family members and controlled entities, in each case, as defined in the Insider Trading Policy) and the Company and is designed to promote compliance with insider trading, rules and regulations, and the NYSE and NYSE Texas listing standards. Because hedging transactions can present the appearance of a bet against the Company, hedging or monetization transactions, whether direct or indirect, involving any of the Company’s securities are completely prohibited with respect to all directors, officers, other employees, and consultants of the Company and its subsidiaries. In particular, “short sales” (sales of securities that the seller either does not own at the time of the sale or will not be delivered within 20 days of the sale) are prohibited under the Company’s Insider Trading Policy. Our Insider Trading Policy generally prohibits all transactions involving Company-based derivative securities, other than holding, exercising, or settling awards such as options, restricted stock, restricted stock units, or other derivative securities granted under a Company equity incentive plan or other substantially similar or related compensation-related transactions as otherwise expressly permitted by the Policy. In addition, purchasing the Company’s common stock on margin (for example, borrowing money from a brokerage firm or other third party to fund the stock purchase) is strictly prohibited by the Insider Trading Policy, and pledging Company securities as collateral for a loan requires pre-approval from the Audit Committee. The foregoing summary of the Insider Trading Policy does not purport to be complete and is qualified in its entirety by reference to the full text of the Insider Trading Policy, which is included as Exhibit 19.1 in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 18, 2026. Risk Management The Compensation Committee has reviewed our compensation policies as generally applicable to our employees and believes that our policies do not encourage excessive and unnecessary risk-taking, and that the level of risk that they do encourage is not reasonably likely to have a material adverse effect on the Company. Our management team regularly assesses the risks arising from our compensation policies and practices by reviewing and discussing the design features, characteristics, performance metrics at the company and segment levels and approval mechanisms of total compensation for all employees, including salaries, incentive plans, and equity-based compensation awards, to determine whether any of these policies or programs could create risks that are reasonably likely to have a material adverse effect on the Company. Our compensation philosophy and culture support the use of base salary, performance-based compensation, and benefits that are generally uniform in design and operation throughout our organization and across similarly-situated levels of employees. In addition, the following specific factors applicable to senior management, in particular, reduce the likelihood of excessive risk-taking:

  52. Results of the 2023-2025 PSUs

    | 2026 Proxy Statement | 43 |

  53. Results of the 2023-2025 PSUs

    Our compensation mix is balanced among (i) fixed components like salary and benefits, (ii) annual incentives that reward our overall short-term financial performance, business unit financial performance, operational measures, and individual performance, and (iii) a portfolio approach for equity-based awards, primarily consisting of ratable vesting and cliff vesting, each over a three-year period. • A significant portion of our executive compensation is tied to how our stock price performs over a period of multiple years, with equity-based awards generally vesting over a three-year period. This minimizes the benefit of a temporary spike in stock price. • The Compensation Committee has discretion to reduce performance-based awards when it determines that such adjustments would be appropriate based on our interests and the interests of our stockholders. • Executive officers are subject to certain holding requirements and our Insider Trading Policy. Although a significant portion of the compensation provided to NEOs is performance-based, these programs are designed to encourage employees to remain focused on both our short- and long-term operational and financial goals that are reasonable in light of our past performance and market conditions. A portion of the variable compensation we provide is comprised of long-term incentives in the form of time-based restricted shares, which retain value even in a depressed market, so executives are less likely to take unreasonable risks. REPORT OF THE COMPENSATION COMMITTEE The following report of the Compensation Committee of the Company shall not be deemed to be “soliciting material” or to be “filed” with the SEC, nor shall this report be incorporated by reference into any filing made by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. The Compensation Committee has reviewed and discussed the above Compensation Discussion and Analysis with management and, based on such review and discussions, the Compensation Committee recommended to our Board that the Compensation Discussion and Analysis be included in this Proxy Statement and incorporated by reference to our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 18, 2026. Compensation Committee of the Board of Directors,

  54. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    | NAME AND PRINCIPAL POSITION | YEAR | SALARY ($) | BONUS ($)(1) | STOCK AWARDS ($)(2) | NON-EQUITY INCENTIVE PLAN COMPENSATION ($)(3) | ALL OTHER COMPENSATION ($)(4) | TOTAL ($) | | John D. Schmitz Chairman, President, and Chief Executive Officer | 2025 | $800,000 | $128,800 | $3,245,526 | $681,352 | $20,351 | $4,876,029 | | | 2024 | $800,000 | $184,000 | $3,214,772 | $691,196 | $18,696 | $4,908,674 | | | 2023 | $792,308 | $230,000 | $2,787,281 | $566,628 | $13,289 | $4,389,506 | | Christopher K. George Executive Vice President and Chief Financial Officer | 2025 | $410,000 | $39,360 | $800,093 | $242,917 | $14,108 | $1,506,478 | | | 2024 | $381,154 | $65,600 | $804,565 | $246,426 | $13,889 | $1,511,634 | | | 2023 | $340,000 | $68,000 | $569,802 | $167,525 | $13,289 | $1,158,616 | | Michael C. Skarke Executive Vice President and Chief Operating Officer | 2025 | $390,000 | $37,440 | $761,050 | $231,067 | $106,768 | $1,526,325 | | | 2024 | $390,000 | $62,400 | $753,852 | $234,406 | $24,689 | $1,465,347 | | | 2023 | $388,846 | $68,640 | $653,600 | $192,161 | $24,089 | $1,327,336 | | Michael J. Lyons Executive Vice President and Chief Strategy & Technology Officer | 2025 | $390,000 | $37,440 | $761,050 | $231,067 | $14,120 | $1,433,678 | | | 2024 | $390,000 | $62,400 | $753,852 | $234,406 | $13,889 | $1,454,547 | | Cody J. Ortowski Executive Vice President, Business and Regulatory Affairs | 2025 | $365,000 | $35,040 | $712,260 | $216,255 | $14,180 | $1,342,735 | | | 2024 | $365,000 | $58,400 | $705,517 | $219,380 | $13,889 | $1,362,186 | | | 2023 | $365,000 | $73,000 | $611,702 | $179,843 | $13,289 | $1,242,834 |

  55. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    | Year | Summary Compensation Table: Total for Schmitz ($)(1) | Summary Compensation Table: Total for Ladhani ($)(1) | Compensation Actually Paid to Schmitz ($)(1)(2) | Compensation Actually Paid to Ladhani ($)(1)(2) | Average Summary Compensation Table Total for Non-PEO NEOs ($)(3) | Average Compensation Actually Paid to Non-PEO NEOs ($)(2)(3) | Value of Initial Fixed $100 Investment Based On: TSR ($)(4) | Value of Initial Fixed $100 Investment Based On: Peer Group ($)(5) | Net Income (loss) ($m)(6) | Adjusted EBITDA ($m)(7) | | 2025 | $4,876,029 | N/A | $3,105,127 | N/A | $1,452,304 | $1,000,249 | $269.51 | $165.42 | $21.5 | $260.3 | | 2024 | $4,908,674 | N/A | $10,464,099 | N/A | $1,426,771 | $2,771,538 | $335.12 | $163.77 | $35.5 | $258.4 | | 2023 | $4,389,506 | N/A | $720,873 | N/A | $1,233,654 | $667,885 | $196.34 | $189.22 | $79.2 | $258.3 | | 2022 | $7,619,917 | N/A | $10,654,475 | N/A | $2,161,293 | $1,783,376 | $232.68 | $189.17 | $54.9 | $194.8 | | 2021 | $7,771,502 | $3,265,117 | $7,349,150 | $3,185,568 | $1,366,099 | $1,447,609 | $158.05 | $118.93 | $(50.1) | $50.0 |

  56. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    Mr. Schmitz was appointed Chief Executive Officer effective January 3, 2021. Ms. Holli C. Ladhani served as the Company’s President and Chief Executive Officer from October 31, 2017, when the merger with Rockwater closed and she was appointed CEO of the combined company, through January 3, 2021, when Ms. Ladhani’s employment and service relationship with the Company terminated. Mr. Schmitz served as our PEO in 2023 and 2022. Mr. Schmitz and Ms. Ladhani each served as our PEO during a portion of 2021. Amounts reported in the “Summary Compensation Table: Total for Mr. Schmitz” and “Compensation Actually Paid to Schmitz” columns for 2021, 2022, and 2024 have been revised to reflect reimbursements for annual physical exams paid to Mr. Schmitz in the following amounts: 2021, $4,650; 2022, $4,650; and 2024, $4,816. Accordingly, the compensation actually paid to Mr. Schmitz for 2021 was $4,650 greater than previously reported, for 2022 was $4,650 greater than previously reported, and for 2024 was $4,816 greater than previously reported. The amount for 2021 is an estimate based on the cost of exams in subsequent years. The revisions impacted only the total compensation for the covered fiscal year for Mr. Schmitz and did not impact any of the items to be added to or deducted from such total pursuant to Item 402(v)(2)(iii) of Regulation S-K in determining compensation actually paid. (2) In accordance with Item 402(v) of Regulation S-K, the Company deducted from and added to the Summary Compensation Table total compensation the following amounts to calculate compensation actually paid for our PEO and average compensation actually paid for our Non-PEO NEOs in each respective year. As the NEOs do not participate in any defined benefit plans, no pension value was reported in the Summary Compensation Table total and thus no adjustments were required for pension service cost. There are no material differences between the assumptions used to compute the valuation of the equity awards for calculating the compensation actually paid from the assumptions used to compute the valuation of such equity awards as of the grant date.

  57. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    | | SCHMITZ | | AVERAGE NON-PEO NEOS | | | | 2025 | 2024 | 2025 | 2024 | | Total Compensation from Summary Compensation Table | $4,876,029 | $4,908,674 | $1,452,304 | $1,426,771 | | Adjustments for Equity Awards | | | | | | Less, grant-date fair values in the Summary Compensation Table | $(3,245,526) | $(3,214,772) | $(758,613) | $(742,728) | | Plus, year-end fair value of unvested awards granted in the current year | $3,040,236 | $4,704,725 | $710,629 | $1,083,330 | | Plus (less), year-over-year difference of year-end fair values for unvested awards granted in prior years | $(1,067,108) | $2,396,303 | $(240,581) | 464,817 | | Plus (less), difference between prior year-end fair values and vesting date fair values for awards granted in prior years that vested in current year | $(498,504) | $1,669,169 | $(163,489) | $343,569 | | Less, forfeitures during current year equal to prior year-end fair value | — | — | — | $195,779 | | Total Adjustments for Equity Awards | $(1,770,902) | $5,555,425 | $(452,055) | $1,344,767 | | Compensation Actually Paid | $3,105,127 | $10,464,099 | $1,000,249 | $2,771,538 |

  58. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    (3) The Average Summary Compensation Table Total for Non-PEO NEOs and Average Compensation Actually Paid to Non-PEO NEOs reflect the average compensation for 2025 (Messrs. George, Skarke, Lyons, and Ortowski), 2024 (Messrs. George, Skarke, Lyons, Ortowski and Nick Swyka), 2023 (Messrs. George, Skarke, Ortowski, and Swyka), 2022 (Messrs. George, Skarke, Ortowski, Swyka, and Adam Law), and 2021 (Messrs. Skarke, Ortowski, Swyka, and Law). (4) Total Shareholder Return (TSR) is calculated by dividing (a) the sum of (i) the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and (ii) the difference between the Company’s share price at the end of each fiscal year shown and the beginning of the measurement period, and the beginning of the measurement period by (b) the Company’s share price at the beginning of the measurement period. The beginning of the measurement period for each year in the table is December 31, 2020. (5) The peer group is comprised of companies in the PHLX Oil Service Index. The amounts in this column represent net income reflected in the Company’s audited financial statements for the applicable year.

  59. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    | 52 | Select Water Solutions |

  60. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    The amounts in this column represent the amount of Adjusted EBITDA, which is calculated as consolidated earnings before interest, taxes, depreciation, and amortization, plus/(minus) loss/(income) from discontinued operations, plus any impairment and abandonment charges or asset write-offs, plus non-cash losses on the sale of assets or subsidiaries, non-recurring compensation expense, non-cash compensation expense, and non-recurring or unusual expenses or charges, including severance expenses, transaction costs, or facilities-related exit and disposal-related expenditures, plus/(minus) foreign currency losses/(gains), plus/(minus) losses/(gains) on unconsolidated entities and plus tax receivable agreements expense less bargain purchase gains from business combinations. Graphical Disclosure to Pay Versus Performance Table The illustrations below provide a graphical description of CAP (as calculated in accordance with the SEC rules) and the following measures: • the Company’s cumulative TSR and the Peer Group’s cumulative TSR; • the Company’s net income; and • the Company Selected Measure, which for Select is Adjusted EBITDA. CAP, Company TSR & Peer Group TSR CAP and Net Income

  61. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    | 2026 Proxy Statement | 53 |

  62. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    CAP and Adjusted EBITDA Disclosure of Most Important Performance Measures for 2025 Fiscal Year The measures listed below represent the most important financial performance measures that we used to determine compensation actually paid to our NEOs for fiscal year 2025. For more detail regarding these financial performance measures, please see “Compensation Discussion and Analysis — 2025 Executive Compensation Program” above.

  63. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    | MOST IMPORTANT FINANCIAL PERFORMANCE MEASURES | | | | • Adjusted EBITDA | • Free Cash Flow | • Total Shareholder Return |

  64. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    CEO PAY RATIO Our CEO had annual total compensation for 2025 of $4,871,202, as reflected in the 2025 Summary Compensation Table (“CEO Compensation”). We estimate that the annual total compensation of the median compensated of all employees of the Company and its consolidated subsidiaries as of December 31, 2025 (the “Determination Date”), excluding our CEO, was $86,166, which amount comprises all applicable elements of compensation for 2025 in accordance with Item 402(c)(2)(x) of Regulation S-K (the “Median Annual Compensation”). The ratio of the CEO Compensation to the Median Annual Compensation was approximately 57:1. To identify the employee who received the Median Annual Compensation (the “Median Employee”), we measured annual base pay (consisting of regular base earnings and overtime) based on payroll records for 3,223 employees, representing all full-time, part-time, seasonal, temporary and contract employees (whose compensation is determined by the Company) of the Company, excluding our CEO, and our consolidated subsidiaries as of the Determination Date. In determining the Median Employee, we did not annualize compensation for employees who worked less than all of 2025. The SEC’s rules for identifying the median compensated employee and calculating the pay ratio based on that employee’s annual total compensation allow companies to adopt a variety of methodologies, to apply certain exclusions, and to make reasonable estimates and assumptions that reflect their employee populations and compensation practices. As a result, the pay ratio reported by other companies may not be comparable to the pay ratio reported above, as other companies have different employee populations and compensation practices and may utilize different methodologies, exclusions, estimates and assumptions in calculating their pay ratios.

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    COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION Our Compensation Committee currently consists of Ms. Burleson and Messrs. Fernandez-Moreno, Roberts and Wall. Our Chairman, President and Chief Executive Officer, Mr. Schmitz sits on the board of directors of Silver Creek Exploration III, LLC, an entity for which one of our directors, Mr. Burnett, serves as President and Chief Executive Officer. In addition, our Chairman, President and Chief Executive Officer, Mr. Schmitz, sits on the board of directors of Endurance Lift Holdings, LLC, and serves as its Chief Executive Officer. None of our other executive officers serve on the board of directors or compensation committee of a company that has an executive officer that serves on our Board or Compensation Committee. No other member of our Board is an executive officer of a company in which one of our executive officers serves as a member of the board of directors or compensation committee of that company. For additional information, please see “Certain Relationships and Related Party Transactions — Historical Transactions with Related Parties” below. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS Policies and Procedures for Review of Related Person Transactions A “Related Party Transaction” is a transaction, arrangement, or relationship in which we or any of our subsidiaries was, is or will be a participant, the amount of which involved exceeds $120,000, and in which any related person had, has, or will have a direct or indirect material interest. A “Related Person” means: • Any person who is, or at any time during the applicable period was, one of our executive officers or one of our directors; • Any person who is known by us to be the beneficial owner of more than 5% of our Class A common stock; • Any immediate family member of any of the foregoing persons, which means any family relationships, of first cousins or closer, among the Company’s directors and executive officers, by blood, marriage or adoption, including child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law of a director, executive officer or a beneficial owner of more than 5% of our Class A common stock, and any person (other than a tenant or employee) sharing the household of such director, executive officer or beneficial owner of more than 5% of our Class A common stock; and • Any firm, corporation, or other entity in which any of the foregoing persons is a partner or principal or in a similar position or in which such person has a substantial ownership interest or control of the entity. Our Board adopted a written related party transactions policy prior to the completion of our initial public offering in 2017. Pursuant to this policy, our Audit Committee will review all material facts of Related Party Transactions and either approve or disapprove entry into the Related Party Transaction, subject to certain limited exceptions. In determining whether to approve or disapprove entry into a Related Party Transaction, our Audit Committee shall consider, among other factors, the following: (i) whether the Related Party Transaction is on terms no less favorable than terms generally available to an unaffiliated third-party under the same or similar circumstances; and (ii) the extent of the Related Person’s interest in the transaction. Further, the policy requires that all Related Party Transactions be disclosed in our SEC filings in accordance with applicable laws, rules, and regulations. Related Party Transactions SES Holdings Agreement Exchange Rights. Each holder of SES Holdings Units (other than us and our subsidiaries) holds one share of our Class B common stock for each SES Holdings Unit held by such holder. Subject to certain limitations, pursuant to the Eighth Amended and Restated Limited Liability Company Agreement of SES Holdings, as amended from time to time (the “SES Holdings Agreement”), holders of SES Holdings Units other than us and our subsidiaries have the right (the “Exchange Right”) to exchange such holder’s SES Holdings Units for, at SES Holdings’ election, (i) shares of our Class A common stock on a one-for-one basis, subject to conversion rate adjustments for stock splits, stock dividends, reclassification and other similar transactions, or (ii) cash in an amount equal to the Cash Election Value (as defined below) of such Class A common stock. Alternatively, upon any exercise of any Exchange Right, we (instead of SES Holdings) will have the right (our “Call Right”) to acquire the tendered SES Holdings Units from the exchanging unitholder

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  68. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    for, at our election, (i) the number of shares of our Class A common stock the exchanging unitholder would have received pursuant to the Exchange Right, or (ii) cash in an amount equal to the Cash Election Value. In connection with any exchange of SES Holdings Units pursuant to an Exchange Right or our Call Right, the corresponding number of shares of Class B common stock will be cancelled. As holders exchange their SES Holdings Units, our membership interest in SES Holdings will be correspondingly increased, the number of shares of Class A common stock outstanding will be increased, and the number of shares of Class B common stock outstanding will be reduced. “Cash Election Value” means, with respect to the shares of Class A common stock to be delivered to the exchanging unitholder by us pursuant to our Call Right, (i) if our Class A common stock is then admitted to trading on a national securities exchange, the amount that would be received if the number of shares of Class A common stock to which the exchanging unitholder would otherwise be entitled were sold at a per share price equal to the trailing 10-day volume weighted average price of a share of Class A common stock the day prior to the relevant exchange notice date, net of actual or deemed offering expenses, or (ii) if our Class A common stock is not then admitted to trading on a national securities exchange, the value that would be obtained in an arm’s length transaction for cash between an informed and willing buyer and an informed and willing seller, neither of whom is under any compulsion to purchase or sell, respectively, and without regard to the particular circumstances of the buyer and the seller, as determined by us, net of deemed offering expenses. We are required to pay any stamp or other similar tax in respect of any issuance of our securities upon the exercise of the Exchange Right or our Call Right, except for transfer taxes in the event such securities are to be issued in a name other than that of the exchanging unitholder. Tax Receivable Agreements In connection with the closing of our December 2016 private placement of 16,100,000 shares of our Class A-1 common stock at $20.00 per share (the “Select 144A Offering”), the Company entered into two Tax Receivable Agreements with certain affiliates of Legacy Owner Holdco, Crestview GP, and Crestview Holdings B (the “TRA Holders”). The payment obligations under the Tax Receivable Agreements are our obligations and not obligations of SES Holdings, and we expect that the payments we will be required to make under the Tax Receivable Agreements will be substantial. In connection with the closing of the Select 144A Offering, we entered into two Tax Receivable Agreements with the TRA Holders. On July 18, 2017, our Board approved amendments to each of the Tax Receivable Agreements, which revised the definition of “change of control” for purposes of the Tax Receivable Agreements and acknowledged that the Rockwater Merger would not result in a change of control. The first of the Tax Receivable Agreements, which the Company entered into with Legacy Owner Holdco and Crestview GP, generally provides for the payment by the Company to such TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income and franchise tax that the Company actually realizes (computed using simplifying assumptions to address the impact of state and local taxes) or is deemed to realize in certain circumstances in periods after the Select 144A Offering as a result of, as applicable to each such TRA Holder, (i) certain increases in tax basis that occur as a result of the Company’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such TRA Holder’s SES Holdings Units in connection with the Select 144A Offering or pursuant to the exercise of the Exchange Right or the Call Right and (ii) imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, any payments made under such Tax Receivable Agreement. The second of the Tax Receivable Agreements, which the Company entered into with certain of the existing owners of outstanding membership interests in SES Holdings prior to the Select 144A Offering and related reorganization who received shares of our Class A common stock in exchange for their SES Holdings Units received in connection with the restructuring transactions completed in connection with the Select 144A Offering (the “Contributing Legacy Owners”), generally provides for the payment by the Company to such TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income and franchise tax that the Company actually realizes (computed using simplifying assumptions to address the impact of state and local taxes) or is deemed to realize in certain circumstances in periods after the Select 144A Offering as a result of, as applicable to each such TRA Holder, (i) any net operating losses available to the Company as a result of certain reorganization transactions entered into in connection with the Select 144A Offering and (ii) imputed interest deemed to be paid by the Company as a result of any payments made under such Tax Receivable Agreement. Under both Tax Receivable Agreements, the Company will retain the benefit of the remaining 15% of these cash savings.

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  70. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    The Tax Receivable Agreements, as amended, are filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 18, 2026, and the foregoing descriptions of the Tax Receivable Agreements are qualified by reference thereto. Future unitholders may become party to one or more tax receivable agreements entered into in connection with future acquisitions by SES Holdings. During the fiscal year ended December 31, 2025, there were no payments made pursuant to the Tax Receivable Agreements to Related Parties. Registration Rights Agreement for the Benefit of the Registration Rights Holders On December 20, 2016, we entered into a registration rights agreement with the Contributing Legacy Owners and Legacy Owner Holdco. In connection with the execution of the merger agreement in connection with the Rockwater Merger, we entered into an amended and restated registration rights agreement with Legacy Owner Holdco, Crestview Holdings B, the SCF Group and WDC Aggregate LLC (collectively, the “Registration Rights Holders”), which, effective as of the closing of the Rockwater Merger, amends and restates the December 20, 2016 registration rights agreement. Pursuant to such agreement, among other things, (i) we will provide the rights for the Registration Rights Holders to participate in certain future underwritten public offerings of our Class A common stock, (ii) certain Registration Rights Holders will have the right to initiate an underwritten offering of our Class A common stock and (iii) the Registration Rights Holders will have certain customary “piggyback” registration rights, in each case subject to certain conditions. We will not be required to effect (x) more than five demand registrations delivered in the aggregate, (y) more than two demand registrations delivered by the Registration Rights Holders in any 12-month period or (z) a demand registration within 100 days of the pricing of a previous demand registration or a primary offering of our Class A common stock. At any time, a party to the registration rights agreement will have the right to require us by written notice to demand registration of its registrable shares. Our obligations under this agreement include short-form, long-form and shelf registration statements, subject to certain restrictions as to number of demands, timing, and value of sales to be registered or shares to be sold in an underwritten offering. If, at any time, we propose to register or conduct an underwritten offering of our securities (subject to certain exceptions) for our own account or for the account of any stockholder other than the parties to our registration rights agreement entered in connection with the Select 144A Offering or their permitted transferees, then we must give notice to the parties to the registration rights agreement or their permitted transferees to allow them to participate, or piggyback, in that registration statement or offering. In addition, any party to the registration rights agreement shall have the right to piggyback in any registration statement or offering effected at the request of any other party to the registration rights agreement. The registration rights granted to the parties to the registration rights agreement may be freely assigned, including to their transferees. Historical Transactions with Related Parties Aquacore Rental Company LLC — For the year ended December 31, 2025, we rented pumps and filter pod trailers for use in our operations at a cost of $18.1 million and recorded sales in the amount of $36,000 to Aquacore Rental Company LLC, an entity indirectly owned by Cody Ortowski, our Executive Vice President, Business and Regulatory Affairs, and Cole Ortowski, an employee of the Company. Axis Energy Services LLC — For the year ended December 31, 2025, we paid property rental fees in the amount of $2.3 million and recorded sales in the amount of $331,000 to Axis Energy Services, an entity owned by Mr. Schmitz, our Chairman of the Board, President and Chief Executive Officer. B-29 Ups and Downs, LLC — For the year ended December 31, 2025, we incurred charges totaling $1.2 million for aviation services for use by our management team for business-related travel from B-29 Ups and Downs, LLC. B-29 Ups & Downs, LLC is owned by B-29 Family Holdings, LLC, an entity directly owned and controlled by Mr. Schmitz. Bell Supply Company LLC — For the year ended December 31, 2025, we purchased parts and supplies from Bell Supply Company (“Bell”) totaling $1.6 million. Bell is owned by Endurance Lift Holdings, LLC, an entity controlled by Mr. Schmitz. Cole Ortowski — Cole Ortowski, who is the brother of Cody Ortowski, the Company’s Executive Vice President, Business and Regulatory Affairs, is employed by the Company as President, Water Transfer Services. In 2025, Cole Ortowski earned $225,000 in salary and $143,292 in bonus. He was also granted equity awards of $168,750 (or 13,051 shares) in Restricted Stock Awards which vests ratably over 3 years, $56,250 (or 4,350 shares) in Performance Share Units which

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    vests over a 3-year performance period based on Relative Total Shareholder Return. His compensation is consistent with the total compensation provided to other employees of the same level with similar responsibilities. Merit Advisors, LLC — For the year ended December 31, 2025, we incurred charges totaling $2.3 million for appraisal services and tax consulting from Merit Appraisal & Tax Consulting, LP (“Merit”). B-29 Family Holdings, LLC, an entity controlled by Mr. Schmitz, controls and partially owns Merit. MyWorkDoc Technologies LLC — For the year ended December 31, 2025, we incurred charges totaling $954,000 for MyWorkDoc Technologies LLC, which is owned by B-29 Family Holdings, LLC, an entity controlled by Mr. Schmitz. Orteq Energy Technologies — For the year ended December 31, 2025, we purchased pumps and related equipment for our operations totaling $2.4 million from Orteq Energy Technologies, which is indirectly owned by Cody Ortowski and Cole Ortowski. United Surface and Minerals LLC — For the year ended December 31, 2025, we paid property rental fees in the amount of $122,000 to United Surface and Minerals LLC, an entity owned by Mr. Schmitz, and Cody Ortowski. See “Certain Relationships and Related Party Transactions — Related Party Transactions — Tax Receivable Agreements” above for more information. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth information regarding the beneficial ownership of our common stock as of March 10, 2026, the record date, based on information filed with the SEC or obtained from the persons named below, with respect to the beneficial ownership of shares of our common stock by: • each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock; • each of our Named Executive Officers and directors (including our nominees) that beneficially owns shares of our common stock; and • all of our current executive officers and directors as a group. Unless otherwise indicated and subject to applicable community property rules, we believe that all persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially owned by them. Other than as specifically noted below, the mailing address for each listed beneficial owner is in care of Select Water Solutions, Inc., 1820 N I-35, Gainesville, TX 76240. The percentages are based on 121,843,494 shares of Class A common stock and 16,221,101 shares of Class B common stock outstanding.

  73. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    | Name of Beneficial Owner | Class A Common Stock | | Class B Common Stock | | Combined Voting Power(1)(2) | | | | (#) | (%) | (#) | (%) | (#) | (%) | | Greater Than 5% Stockholders: | | | | | | | | SES Legacy Holdings, LLC(3)(4) | — | — | 16,221,101 | 100.0% | 16,221,101 | 11.7% | | Crestview Partners II GP, LP(5) | 3,802,972 | 3.1% | 16,221,101 | 100.0% | 20,024,073 | 14.5% | | Franklin Mutual Advisors, LLC(6) | 7,553,093 | 6.2% | | | 7,553,093 | 5.5% | | BlackRock, Inc.(7) | 6,618,849 | 5.4% | — | — | 6,618,849 | 4.8% | | Dimensional Fund Advisors LP(8) | 6,364,488 | 5.2% | — | — | 6,364,488 | 4.6% | | The Vanguard Group(9) | 6,072,722 | 5.0% | — | — | 6,072,722 | 4.4% | | Directors, Director Nominees and Named Executive Officers: | | | | | | | | John D. Schmitz(10) | 4,362,636 | 3.6% | — | — | 4,362,636 | 3.2% | | Gayle L. Burleson | 85,768 | * | — | — | 85,768 | * |

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  75. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    | Name of Beneficial Owner | Class A Common Stock | | Class B Common Stock | | Combined Voting Power(1)(2) | | | | (#) | (%) | (#) | (%) | (#) | (%) | | Richard A. Burnett(11) | 132,466 | * | — | — | 132,466 | * | | Bruce E. Cope | 17,422 | * | — | — | 17,422 | * | | Luis Fernandez-Moreno | 69,206 | * | — | — | 69,206 | * | | Robin H. Fielder | 60,879 | * | — | — | 60,879 | * | | Timothy A. Roberts | 17,422 | * | — | — | 17,422 | * | | Douglas J. Wall(12) | 128,058 | * | — | — | 128,058 | * | | Christopher K. George(13) | 343,139 | * | — | — | 343,139 | * | | Michael C. Skarke | 470,738 | * | — | — | 470,738 | * | | Michael J. Lyons | 144,595 | * | — | — | 144,595 | * | | Cody J. Ortowski(14) | 1,539,524 | 1.3% | — | — | 1,539,524 | 1.1% | | All Current Executive Officers, Directors and Director Nominees as a Group (14 persons)(15) | 7,506,605 | 6.2% | — | — | 7,506,605 | 5.4% |

  76. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    * Represents less than 1% of the outstanding shares of common stock. (1) For each stockholder, in accordance with Rule 13d-3 promulgated under the Exchange Act, this percentage is determined by assuming the named stockholder exercises all options, warrants and other instruments pursuant to which the stockholder has the right to acquire shares of our common stock within 60 days, but that no other person exercises any options, warrants or other purchase rights (except with respect to the calculation of the beneficial ownership of all directors and executive officers as a group, for which the percentage assumes that all directors and executive officers exercise any options, warrants or other purchase rights). (2) Represents percentage of voting power of our Class A common stock and Class B common stock voting together as a single class. Each holder of limited liability company units in SES Holdings (each, an “SES Holdings Unit”) will hold one share of Class B common stock for each SES Holdings Unit that it owns. Each share of Class B common stock has no economic rights, but entitles the holder thereof to one vote. (3) Subject to the terms of the SES Holdings Agreement (as defined below), SES Legacy Holdings (“Legacy Owner Holdco”) (or its members) (and its permitted transferees, including certain members of Legacy Owner Holdco, under the SES Holdings Agreement) has the right to exchange all or a portion of its SES Holdings Units (together with the surrender for cancellation of a corresponding number of shares of Class B common stock) for Class A common stock at an exchange ratio of one share of Class A common stock for each SES Holdings Unit exchanged. The exchange of all the outstanding SES Holdings Units (together with the surrender for cancellation of all of our outstanding shares of Class B common stock) for shares of Class A common stock would result in the issuance of an additional 16,221,101 shares of Class A common stock. See “Certain Relationships and Related Party Transactions — SES Holdings Agreement” above for more information. Pursuant to Rule 13d-3 under the Exchange Act, a person has beneficial ownership of a security as to which that person, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares voting power and/or investment power of such security and as to which that person has the right to acquire beneficial ownership of such security within 60 days. The Company has the option to deliver cash in lieu of shares of Class A common stock upon the exercise by Legacy Owner Holdco (or any transferee) of its Exchange Right (as defined below). As a result, beneficial ownership of Class B common stock and SES Holdings Units is not reflected as beneficial ownership of shares of our Class A common stock for which such units and stock may be exchanged. The address for SES Legacy Holdings, LLC is c/o Select Energy Services, Inc., 1820 N I-35, Gainesville, TX 76240. (4) The board of managers of Legacy Owner Holdco has voting and dispositive power over the shares held by it. The board of managers of Legacy Owner Holdco consists of two representatives of Crestview Partners II SES Investment, LLC (“Crestview Holdings A”) and Mr. Schmitz, and is controlled by Crestview Partners II GP, L.P. (“Crestview GP”). Based on information obtained from a Schedule 13G/A jointly filed with the SEC on February 14, 2025 by Crestview Partners II GP, L.P. (“Crestview GP”), Crestview Partners II SES Investment B, LLC (“Crestview Holdings B”), Crestview Partners II SES Investment, LLC, and Crestview Advisors, L.L.C. (“Crestview Advisors” and together with Crestview GP, Crestview Holdings B and Crestview Partners II SES Investment, LLC, “Crestview Partners”), Crestview Partners has voting and dispositive power with respect to 20,120,296 shares of our Class A common stock, which is composed of 16,221,101 Class B shares and corresponding SES Holdings Units held directly by Legacy Owner Holdco and 3,802,972 Class A shares held directly by Crestview Holdings B in each case for which Crestview Partners may be deemed to be the beneficial owner. Crestview GP has voting power over 16,221,101 Class B shares through its control of the board of managers of Legacy Owner Holdco. Crestview GP is the general partner of the investment funds which are members of Crestview Holdings B. Crestview Advisors provides investment advisory and management services to such funds. Decisions by Crestview GP to vote or dispose of the interests held by Crestview Holdings A and Crestview Holdings B require the approval of a majority of the seven members of its investment committee and the chairman of the investment committee. The investment committee is composed of the following individuals: Barry S. Volpert (chairman), Thomas S. Murphy, Jr., Robert V. Delaney, Jr., Brian P. Cassidy, Thomas S. Murphy, Jr., Bradford R. Williams, and Daniel G. Kilpatrick. None of the foregoing persons has the power individually

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    to vote or dispose of any of such interests. Each of the foregoing individuals disclaims beneficial ownership of all such interests. The address of each of the foregoing is c/o Crestview Partners, 590 Madison Avenue, 42nd Floor, New York, New York 10022. Based on information obtained from a Schedule 13G filed with the SEC on January 29, 2026. According to the Schedule 13G, Franklin Mutual Advisers, LLC has sole voting power over 7,121,555 shares and sole dispositive power over 7,553,093 shares. The address for Franklin Mutual Advisers, LLC is 101 John F. Kennedy Parkway, Short Hills, NJ 07078-2789. (7) Based on information obtained from a Schedule 13G/A filed with the SEC on November 8, 2024. According to the Schedule 13G/A, BlackRock, Inc. has sole voting power over 8,656,346 shares and shared dispositive power over 8,842,944 shares of our Class A common stock. The address for BlackRock, Inc. is 50 Hudson Yards, New York, NY 10001. (8) Based on information obtained from a Schedule 13G filed with the SEC on February 9, 2024. According to the Schedule 13G, Dimensional Fund Advisors LP has sole voting power over 5,922,533 shares and sole dispositive power over 6,031,868 shares. The address for Dimensional Fund Advisors LP is 6300 Bee Cave Road, Building One, Austin, TX 78746. (9) Based on information obtained from a Schedule 13G filed with the SEC on February 13, 2024. According to the Schedule 13G, The Vanguard Group has shared voting power over 96,499 shares, sole dispositive power over 5,261,138 shares and shared dispositive power over 169,771 shares. The address for The Vanguard Group is 100 Vanguard Blvd., Malvern, Pennsylvania 19355. (10) Represents (i) 1,017,034 shares of Class A common stock held directly by Mr. Schmitz, (ii) 584,846 shares of Class A common stock that are deemed beneficially owned by Mr. Schmitz pursuant to the outstanding options that Mr. Schmitz owns, (iii) 265,250 shares of Class A common stock held in a brokerage account for his spouse, Sandy Schmitz, the beneficial ownership of which is attributed to Mr. Schmitz, (iv) 249,243 shares of Class A common stock held directly by B-29 Investments, LP, over which Mr. Schmitz has voting and dispositive power, (v) 13,126 shares of Class A common stock held directly by B-29 GP, LLC, over which Mr. Schmitz has voting and dispositive power, and (vi) an aggregate of 2,233,137 shares of Class A common stock held by various family trusts, of which Mr. Schmitz is the trustee. (11) Of the 132,466 shares of Class A common stock beneficially owned by Mr. Burnett, 5,334 are underlying options held by Mr. Burnett. (12) Of the 128,058 shares of Class A common stock beneficially owned by Mr. Wall, 5,334 are underlying options held by Mr. Wall. (13) Of the 327,568 shares of Class A common stock beneficially owned by Mr. George, 2,134 are underlying options held by Mr. George. (14) Of the 1,522,809 shares of Class A common stock beneficially owned by Mr. Ortowski, 1,120,437 shares of Class A common stock are held directly by Proactive Investments, LP, over which Mr. Ortowski has voting and dispositive power. (15) Of the 7,506,605 shares of Class A common stock beneficially owned by all current executive officers, directors, and director nominees as a group (14 persons), Mr. Robert A. Wilson, the Company’s new Senior Vice President, General Counsel, and Chief Compliance Officer, is included in the group but does not beneficially own any shares as of the Record Date. Delinquent Section 16(a) Reports The rules of the SEC require that the Company disclose late filings of reports of stock ownership (and changes in stock ownership) by its directors, executive officers, and beneficial owners of more than ten percent of the Company’s stock. The Company has undertaken responsibility for preparing and filing the stock ownership forms required under Section 16(a) of the Securities and Exchange Act of 1934, as amended, on behalf of its officers and directors. Based upon a review of forms filed and information provided by the Company’s officers and directors, we believe that all Section 16(a) reporting requirements were met during fiscal year end 2025, except that Messrs. Cope and Roberts each filed one Form 3 after its prescribed due date, which the Company believes was solely the result of administrative delays in the SEC’s processing of their EDGAR credentials and not any action or inaction by the reporting persons or the Company.

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  80. GAYLE L. BURLESON, CHAIR LUIS FERNANDEZ-MORENO TIMOTHY A. ROBERTS DOUGLAS J. WALL

    QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING INFORMATION ABOUT THE PROXY PROCESS AND VOTING