Business Context and Reporting Period
This Form 8-K was filed by Select Energy Services, Inc. (ticker: WTTR) on January 24, 2020, reporting events occurring on January 22, 2020. The registrant is incorporated in Delaware and operates under the NYSE. Note: The input metadata references "Select Water Solutions, Inc.," but the filing text explicitly identifies the registrant as "Select Energy Services, Inc."
Key Financial Metrics
The filing does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on a corporate governance matter regarding executive compensation.
Material Changes
On January 22, 2020, the Compensation Committee approved a global amendment (the "PSU Amendment") to award agreements for performance share units (PSUs) granted in 2018 and 2019. This amendment corrects an inconsistency in the treatment of financial metrics used to calculate the numerator and denominator for the performance metric applicable to these PSUs under the 2016 Equity Incentive Plan.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on business outlook, or discussion of general risks. The only contingency noted is that the summary of the PSU Amendment is qualified by the complete terms and conditions found in the attached Exhibit 10.1.
Investor Verification Checklist
- Verify the exact nature of the "inconsistency" in financial metrics corrected by the PSU Amendment by reviewing Exhibit 10.1.
- Confirm the impact of this amendment on the vesting conditions for 2018 and 2019 performance share units.
- Ensure the registrant name is correctly identified as Select Energy Services, Inc., not Select Water Solutions, Inc.