EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of equity option activity and related information


		For the year ended December 31, 2025
									Weighted-average
				Weighted-average			Weighted-average		Remaining Contractual	Aggregate Intrinsic
		Stock Options		Grant Date Value			Exercise Price		Term (Years)	Value (in thousands) ^(a)
Beginning balance, outstanding		1,030,595		$	9.38		$	19.89	2.5	$	1,399
Exercised		(146,458)			10.85			8.78			—
Expired		(28,045)			13.98			13.98			—
Ending balance, outstanding		856,092		$	8.98		$	21.98	1.7	$	302
Ending balance, exercisable		856,092		$	8.98		$	21.98	1.7	$	302
Nonvested as of December 31, 2025		—			N/A		$	—

(a)	Aggregate intrinsic value for stock options is based on the difference between the exercise price of the stock options and the quoted closing Class A common stock price of $10.52 and $13.24 as of December 31, 2025 and 2024, respectively.

Schedule of percentage of target PSUs earned


Performance Level	Relative TSR (%)	Absolute TSR between 0% and 15%*	Absolute TSR greater than 15%	Absolute TSR less than 0%
Maximum	Greater than or equal to 80%	200%	200%	100%
Target	55%	100%	100%	100%
Threshold	25%	50%	50%	50%
Below Threshold	Less than 25%	0%	50%	0%

*The percentage of target PSUs that become earned PSUs for performance that is between the values set forth in the table above, excluding between the third and fourth rows of the table, shall be linearly interpolated between the values in the table.

Summary of activity related to the units outstanding


		PSUs
Nonvested as of December 31, 2024		1,988,208
Target shares granted		376,397
Target shares vested ⁽¹⁾		(594,295)
Target shares added by performance factor		98,029
Target shares forfeited⁽¹⁾		(189,798)
Target shares outstanding as of December 31, 2025		1,678,541

(1)

The PSUs granted in 2022 related to ROA and FCF vested at 132% and 62% of target, respectively.

Restricted stock

Schedule of restricted stock activity


		For the year ended December 31, 2025
				Weighted-average
		Restricted Stock Awards		Grant Date Fair Value
Nonvested as of December 31, 2024		2,670,410		$	8.18
Granted		1,132,772			10.93
Vested		(1,401,067)			8.18
Forfeited		(156,165)			10.39
Nonvested as of December 31, 2025		2,245,950		$	9.41

Performance share units

Schedule of percentage of target PSUs earned


Ranking Among Peer Group		Percentage of Target Amount Earned
Outside of Top 10		0%
Top 10		50%
Top 7		100%
Top 3		175%


Adjusted FCF Performance Percentage		Percentage of Target Amount Earned
Less than 70%		0%
70%		50%
100%		100%
130%		175%


Ranking Among Peer Group		Percentage of Target Amount Earned
Outside of Top 10		0%
Top 10		50%
Top 7		100%
Top 3		200%


Performance Level	Absolute TSR (%)	Percentage of Target PSUs Earned
Below Threshold	Less than 0%	0%
Threshold	0%	50%
Target	10%	100%
Maximum	Greater than or equal to 30%	200%

Select Water Solutions, Inc. 10-K