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|
Date and Time:
|
| | May 6, 2022, 1:00 p.m. local time | |
|
Location:
|
| | 1233 West Loop South, Suite 600, Houston, Texas 77027 | |
|
Record Date:
|
| | March 9, 2022 | |
|
Voting Methods:
|
| | | |
|
Internet
|
| |
Telephone
|
| |
Mail
|
| |
In Person
|
|
|
Visit www.proxyvote.com
Available until 11:59 p.m. Eastern time on May 5, 2022. You must have the control number that appears on your Notice of Internet Availability of Proxy Materials or proxy/voting instruction card. |
| |
Call 1-800-690-6903
Available until 11:59 p.m. Eastern time on May 5, 2022. You must have the control number that appears on your Notice of Internet Availability of Proxy Materials or proxy/voting instruction card. |
| |
Complete, sign and date your proxy/voting instruction card and mail in the postage-paid return envelope.
|
| |
If you plan to attend to vote in person, you will need to present at the meeting evidence of your share ownership and a valid, government-issued photo identification.
|
|
| • Over the Internet | | | • By mail | |
| • By telephone | | | • In person at the Annual Meeting | |
Name
|
| |
Age
|
| |
Position
|
|
John D. Schmitz | | |
61
|
| | Chairman of the Board, President and Chief Executive Officer | |
Robert V. Delaney | | |
64
|
| | Director | |
David C. Baldwin | | |
59
|
| | Director | |
Gayle L. Burleson | | |
56
|
| | Director | |
Luis Fernandez-Moreno | | |
60
|
| | Director | |
Douglas J. Wall | | |
69
|
| | Director | |
Richard A. Burnett | | |
48
|
| | Director | |
Troy W. Thacker | | |
49
|
| | Director | |
Name
|
| |
Age
|
| |
Position
|
|
John D. Schmitz | | |
61
|
| | Chairman of the Board, President, and Chief Executive Officer | |
Michael C. Skarke | | |
40
|
| | Executive Vice President and Chief Operating Officer | |
Nicholas L. Swyka | | |
42
|
| | Senior Vice President and Chief Financial Officer | |
Adam R. Law | | |
39
|
| |
Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary
|
|
Suzanne J. Colbert | | |
53
|
| | Senior Vice President and Chief Technology Officer | |
Cody J. Ortowski | | |
45
|
| | Executive Vice President-Business Strategy | |
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Combined Voting
Power(1)(2) |
| |||||||||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| ||||||||||||||||||
5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SCF Group(3)
|
| | | | 13,809,154 | | | | | | 13.7% | | | | | | — | | | | | | — | | | | | | 13,809,154 | | | | | | 11.8% | | |
SES Legacy Holdings, LLC(4)(5)
|
| | | | — | | | | | | — | | | | | | 16,221,101 | | | | | | 100.0% | | | | | | 16,221,101 | | | | | | 13.9% | | |
Crestview Partners(6)
|
| | | | 3,880,342 | | | | | | 3.9% | | | | | | 16,221,101 | | | | | | 100.0% | | | | | | 20,101,443 | | | | | | 17.2% | | |
BlackRock, Inc.(7)
|
| | | | 5,279,474 | | | | | | 5.3% | | | | | | — | | | | | | — | | | | | | 5,279,474 | | | | | | 4.5% | | |
Directors, Director Nominees and Named Executive Officers:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
John D. Schmitz(8)
|
| | | | 7,205,835 | | | | | | 7.2% | | | | | | — | | | | | | — | | | | | | 7,205,835 | | | | | | 6.2% | | |
Nick L. Swyka
|
| | | | 299,082 | | | | | | * | | | | | | — | | | | | | — | | | | | | 299,082 | | | | | | * | | |
Adam R. Law(9)
|
| | | | 281,969 | | | | | | * | | | | | | — | | | | | | — | | | | | | 281,969 | | | | | | * | | |
Michael Skarke(10)
|
| | | | 376,296 | | | | | | * | | | | | | — | | | | | | — | | | | | | 376,296 | | | | | | * | | |
Cody J. Ortowski(11)
|
| | | | 1,513,546 | | | | | | 1.5% | | | | | | — | | | | | | — | | | | | | 1,513,546 | | | | | | 1.3% | | |
Robert V. Delaney
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David C. Baldwin(12)
|
| | | | 60,136 | | | | | | * | | | | | | — | | | | | | — | | | | | | 60,136 | | | | | | * | | |
Douglas J. Wall(13)
|
| | | | 98,485 | | | | | | * | | | | | | — | | | | | | — | | | | | | 98,485 | | | | | | * | | |
Richard A. Burnett(14)
|
| | | | 70,720 | | | | | | * | | | | | | — | | | | | | — | | | | | | 70,720 | | | | | | * | | |
Troy W. Thacker
|
| | | | 43,739 | | | | | | * | | | | | | — | | | | | | — | | | | | | 43,739 | | | | | | * | | |
David A. Trice(15)
|
| | | | 94,731 | | | | | | * | | | | | | — | | | | | | — | | | | | | 94,731 | | | | | | * | | |
Gayle L. Burleson
|
| | | | 23,062 | | | | | | * | | | | | | — | | | | | | — | | | | | | 23,062 | | | | | | * | | |
Luis Fernandez-Moreno
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All Executive Officers, Directors and Director Nominees as
a Group (14 persons) |
| | | | 10,275,973 | | | | | | 10.2% | | | | | | — | | | | | | — | | | | | | 10,275,973 | | | | | | 8.8% | | |
| | |
Company, or its Predecessor
and the Previous Owners |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Audit Fees(1)
|
| | | $ | 1,504,594 | | | | | $ | 1,351,000 | | |
Audit-Related Fees
|
| | | | — | | | | | | — | | |
Tax Fees
|
| | | | — | | | | | | — | | |
All Other Fees
|
| | | | — | | | | | | — | | |
Total
|
| | | $ | 1,504,594 | | | | | $ | 1,351,000 | | |
Name
|
| |
Principal Position
|
|
John D. Schmitz | | | Chairman, President, and Chief Executive Officer | |
Holli C. Ladhani(1) | | | Former President and Chief Executive Officer | |
Nick L. Swyka | | | Senior Vice President and Chief Financial Officer | |
Adam R. Law(2) | | | Senior Vice President, General Counsel, Corporate Secretary, and Chief Compliance Officer | |
Michael C. Skarke(2) | | | Executive Vice President and Chief Operating Officer | |
Cody J. Ortowski | | | Executive Vice President, Business Strategy | |
| | | | | |
Primary Goals of our Executive
Compensation Program |
| ||||||
Principal Components of Executive Compensation Program
|
| |
Attract/
Retain/ Motivate |
| |
Pay for
Performance |
| |
Stockholder
Alignment |
| |||
Base Salary
|
| |
•
Salary is an essential factor in attracting and retaining qualified personnel
|
| |
✓
|
| | | | | | |
Annual Cash Incentives
|
| |
•
Awards are tied to achievement of specific annual financial, operational, safety and individual performance goals, all of which contribute to the creation of stockholder value as provided through the Select Energy Services Inc. Short Term Incentive Program (“STI Plan”)
|
| |
✓
|
| |
✓
|
| |
✓
|
|
Long-Term Incentives
|
| |
•
Promotes alignment with stockholders by tying the majority of executive compensation to creation of long-term stockholder value and encouraging executives to build meaningful equity ownership stakes through a combination of performance- and time-based equity awards
|
| |
✓
|
| |
✓
|
| |
✓
|
|
|
What We Do
|
| |
What We Do Not Do
|
|
|
✓
Emphasize at-risk pay and pay for performance
|
| |
×
Automatic base salary increases
|
|
|
✓
Maintain stock ownership guidelines
|
| |
×
Significant perquisites
|
|
|
✓
Engage an independent compensation consultant
|
| |
×
Guaranteed annual bonuses
|
|
|
✓
Perform annual risk assessments of compensation programs
|
| |
×
Dividends on unearned performance-based equity awards
|
|
|
✓
Half of long-term incentives are performance-based
|
| |
×
Hedging
|
|
|
✓
All long-term incentives are impacted by changes in stock price
|
| |
×
Tax gross-ups
|
|
| | | |
×
Single-trigger cash payments upon a change in control
|
|
|
•
Archrock, Inc.
|
| |
•
Newpark Resources Inc.
|
| |
•
RPC, Inc.
|
|
|
•
Cactus, Inc.
|
| |
•
Nine Energy Services, Inc.
|
| |
•
Secure Energy Services Inc.
|
|
|
•
CES Energy Solutions Corp.
|
| |
•
NOW, Inc.
|
| |
•
TETRA Technologies, Inc.
|
|
|
•
Exterran Corp.
|
| |
•
Oil States International, Inc.
|
| |
•
U.S. Silica Holdings Inc.
|
|
|
•
Forum Energy Technologies Inc.
|
| |
•
Precision Drilling Corporation
|
| | | |
|
•
Liberty Oilfield Services Inc.
|
| |
•
ProPetro Holding Corp.
|
| | | |
Executive
|
| |
2020 Pre-
Reduced Base Salary(1) |
| |
Adjusted Base
Salary as of June 1, 2020(1) |
| |
2021 Base
Salary(1) |
| |||||||||
John D. Schmitz
|
| | | | — | | | | | | — | | | | | $ | 600,000 | | |
Holli C. Ladhani(2)
|
| | | $ | 750,000 | | | | | $ | 600,000 | | | | | $ | 600,000 | | |
Nick L. Swyka
|
| | | $ | 360,000 | | | | | $ | 306,000 | | | | | $ | 306,000 | | |
Adam R. Law
|
| | | $ | 320,000 | | | | | $ | 272,000 | | | | | $ | 272,000 | | |
Michael C. Skarke
|
| | | $ | 310,000 | | | | | $ | 263,500 | | | | | $ | 263,500 | | |
Cody J. Ortowski
|
| | | $ | 430,000 | | | | | $ | 365,000 | | | | | $ | 365,000 | | |
Executive
|
| |
2021 Target
Annual Incentive (% of Base Salary)(1) |
| |||
John D. Schmitz
|
| | | | 115% | | |
Holli C. Ladhani
|
| | | | 115% | | |
Nick L. Swyka
|
| | | | 80% | | |
Adam R. Law
|
| | | | 75% | | |
Michael C. Skarke
|
| | | | 80% | | |
Cody J. Ortowski
|
| | | | 80% | | |
| | |
2021 Performance Goals
|
| | | | | | | ||||||||||||||||||
| | |
Threshold
(40% payout for EBITDA and 50% payout for FCF and Safety) |
| |
Target
(100% payout) |
| |
Maximum
(200% payout) |
| |
2021
Actual Performance |
| |
Percent
of Target Metric Earned |
| | | | |
Weight
|
| | | | |
Percent
of Target Bonus Earned |
|
EBITDA
|
| |
$30.4mm
|
| |
$67mm
|
| |
$91.3mm
|
| |
$49.7mm
|
| |
71.6%
|
| |
x
|
| |
50%
|
| |
=
|
| |
35.8%
|
|
FCF
|
| |
($51.1mm)
|
| |
$(1.1mm)
|
| |
$48.9mm
|
| |
$(43.7)mm
|
| |
48.8%
|
| |
x
|
| |
20%
|
| |
=
|
| |
9.76%
|
|
Safety
|
| |
0.70 TRIR
|
| |
0.70 TRIR
|
| |
0.70 TRIR
|
| |
0.66 TRIR
|
| |
115%
|
| |
x
|
| |
10%
|
| |
=
|
| |
11.5%
|
|
| | |
0.4125 LTIR
|
| |
0.275 LTIR
|
| |
.1375 LTIR
|
| |
0.19 LTIR
|
| | | | | | | | | | | |
| | | | | | | | |
Percent of Target Earned
|
| | | | | | | |||||||||||||||||||||||||||
Name
|
| |
Target
Bonus |
| |
Company-Wide
Metrics Achievement |
| | | | | | | |
Individual
Achievement (Weighted) |
| | | | | | | |
Total
Percent of Target Earned |
| |
Approved
2021 STI Plan Payout |
| |||||||||||||||
John D. Schmitz
|
| | | $ | 862,500 | | | | | | 57.06% | | | | | | + | | | | | | 20.0% | | | | | | = | | | | | | 77.06% | | | | | $ | 664,642.50 | | |
Holli C. Ladhani(1)
|
| | | $ | 862,500 | | | | | | 57.06% | | | | | | + | | | | | | 20.0% | | | | | | = | | | | | | 77.06% | | | | | $ | 664,642.50 | | |
Nick L. Swyka
|
| | | $ | 288,000 | | | | | | 57.06% | | | | | | + | | | | | | 20.0% | | | | | | = | | | | | | 77.06% | | | | | $ | 221,932.80 | | |
Adam R. Law
|
| | | $ | 240,000 | | | | | | 57.06% | | | | | | + | | | | | | 20.0% | | | | | | = | | | | | | 77.06% | | | | | $ | 184,944.00 | | |
Michael C. Skarke
|
| | | $ | 248,000 | | | | | | 57.06% | | | | | | + | | | | | | 20.0% | | | | | | = | | | | | | 77.06% | | | | | $ | 191,108.80 | | |
Cody J. Ortowski
|
| | | $ | 344,000 | | | | | | 57.06% | | | | | | + | | | | | | 20.0% | | | | | | = | | | | | | 77.06% | | | | | $ | 265,086.40 | | |
|
•
Basic Energy Services, Inc.
|
| |
•
Nine Energy Service Inc.
|
| |
•
Ranger Energy Services, Inc.
|
|
|
•
FTS International, Inc.
|
| |
•
Oil States International, Inc.
|
| |
•
RPC Inc.
|
|
|
•
Liberty Oilfield Services Inc.
|
| |
•
Patterson UTI Energy Inc.
|
| |
•
TETRA Technologies Inc.
|
|
|
•
Newpark Resources Inc.
|
| |
•
ProPetro Holding Corp.
|
| | | |
|
•
NexTier Oilfield Solutions Inc.
|
| |
•
Quintana Energy Services Inc.
|
| | | |
Level of Achievement
|
| |
Ranking among
Peer Group |
| |
Earned PSUs
(% of Target Subject to Relative ROA) |
|
Below Threshold
|
| |
Outside of Top 10
|
| |
0%
|
|
Threshold
|
| |
Top 10
|
| |
50%
|
|
Target
|
| |
Top 7
|
| |
100%
|
|
Maximum
|
| |
Top 3
|
| |
175%
|
|
Level of Achievement
|
| |
FCF Performance
Percentage |
| |
Earned PSUs
(% of Target Subject to FCF) |
|
Below Threshold
|
| |
Less than 70%
|
| |
0%
|
|
Threshold
|
| |
70%
|
| |
50%
|
|
Target
|
| |
100%
|
| |
100%
|
|
Maximum
|
| |
130%
|
| |
175%
|
|
Grant
|
| |
Shares (or Target
Shares for PSUs) |
| |||
2021 PSU Grant (FCF)
|
| | | | 108,398 | | |
2021 PSU Grant (ROA)
|
| | | | 108,398 | | |
2021 RSA Grant
|
| | | | 216,796 | | |
2021 Schmitz Special RSA
|
| | | | 600,000 | | |
Title
|
| |
Ownership Guideline
|
|
Chief Executive Officer
|
| |
5x annual base salary
|
|
Chief Financial Officer
|
| |
3x annual base salary
|
|
Executive Vice President
|
| |
2x annual base salary
|
|
Senior Vice President
|
| |
2x annual base salary
|
|
Non-Employee Director
|
| |
3x base annual retainer
|
|
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($)(2) |
| |
Stock
Awards ($)(3) |
| |
Option
Awards ($) |
| |
Non-Equity
Incentive Plan Compensation ($)(4) |
| |
All Other
Compensation ($)(5) |
| |
Total
($) |
| ||||||||||||||||||||||||
John D. Schmitz
Chairman, President, and Chief Executive Officer |
| | | | 2021 | | | | | | 576,923 | | | | | | 270,929 | | | | | | 6,521,966 | | | | | | — | | | | | | 393,714 | | | | | | 3,231 | | | | | | 7,766,762 | | |
| | | 2020 | | | | | | 14,639 | | | | | | — | | | | | | 89,210 | | | | | | — | | | | | | — | | | | | | — | | | | | | 103,849 | | | ||
| | | 2019 | | | | | | 543,750 | | | | | | 108,750 | | | | | | 1,999,621 | | | | | | — | | | | | | 329,512 | | | | | | — | | | | | | 2,981,633 | | | ||
Holli C. Ladhani
Former President, and Chief Executive Officer |
| | | | 2021 | | | | | | 34,654 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,230,463 | | | | | | 3,265,117 | | |
| | | 2020 | | | | | | 650,000 | | | | | | 129,375 | | | | | | 2,948,428 | | | | | | — | | | | | | 498,525 | | | | | | — | | | | | | 4,226,328 | | | ||
| | | 2019 | | | | | | 723,269 | | | | | | 145,000 | | | | | | 2,610,000 | | | | | | — | | | | | | 439,350 | | | | | | 11,200 | | | | | | 3,928,819 | | | ||
Nick L. Swyka
Chief Financial Officer and Senior Vice President |
| | | | 2021 | | | | | | 306,000 | | | | | | 57,600 | | | | | | 875,312 | | | | | | — | | | | | | 164,333 | | | | | | 3,060 | | | | | | 1,406,304 | | |
| | | 2020 | | | | | | 319,035 | | | | | | 43,200 | | | | | | 726,743 | | | | | | — | | | | | | 166,464 | | | | | | — | | | | | | 1,255,442 | | | ||
| | | 2019 | | | | | | 324,423 | | | | | | 59,800 | | | | | | 617,500 | | | | | | — | | | | | | 157,560 | | | | | | 11,200 | | | | | | 1,170,483 | | | ||
Adam R. Law
Senior Vice President and General Counsel, and Chief Compliance Officer |
| | | | 2021 | | | | | | 272,000 | | | | | | 48,000 | | | | | | 758,800 | | | | | | — | | | | | | 136,944 | | | | | | — | | | | | | 1,242,744 | | |
| | | 2020 | | | | | | 287,015 | | | | | | 36,000 | | | | | | 645,986 | | | | | | — | | | | | | 138,720 | | | | | | — | | | | | | 1,107,721 | | | ||
| | | 2019 | | | | | | 304,654 | | | | | | 50,750 | | | | | | 579,500 | | | | | | — | | | | | | 138,623 | | | | | | 9,564 | | | | | | 1,083,091 | | | ||
Michael C. Skarke
Chief Operating Officer and Executive Vice President |
| | | | 2021 | | | | | | 263,500 | | | | | | 49,600 | | | | | | 763,409 | | | | | | — | | | | | | 141,509 | | | | | | 2,635 | | | | | | 1,220,653 | | |
| | | 2020 | | | | | | 276,856 | | | | | | 37,200 | | | | | | 588,246 | | | | | | — | | | | | | 143,344 | | | | | | — | | | | | | 1,045,646 | | | ||
| | | 2019 | | | | | | 299,538 | | | | | | 248,400 | | | | | | 1,200,000 | | | | | | — | | | | | | 128,640 | | | | | | 25,983 | | | | | | 1,902,561 | | | ||
Cody J. Ortowski
Executive Vice President, Business Strategy |
| | | | 2021 | | | | | | 365,000 | | | | | | 68,800 | | | | | | 963,249 | | | | | | — | | | | | | 196,286 | | | | | | 1,091 | | | | | | 1,594,427 | | |
| | | 2020 | | | | | | 386,577 | | | | | | 51,600 | | | | | | 868,055 | | | | | | — | | | | | | 198,832 | | | | | | — | | | | | | 1,505,064 | | | ||
| | | 2019 | | | | | | 423,413 | | | | | | 54,400 | | | | | | 807,500 | | | | | | — | | | | | | 206,040 | | | | | | 11,200 | | | | | | 1,502,553 | | |
| | | | | | | | |
Estimated Possible Payouts
Under Non-Equity Incentive Plan Awards(1) |
| |
Estimated Future Payouts
Under Equity Incentive Plan Awards(2) |
| |
All Other
Stock Awards: Number of Shares of Stock or Units (#)(3) |
| |
Grant
Date Fair Value of Stock and Option Awards ($)(4) |
| | | ||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |
Threshold
(#) |
| |
Target
(#) |
| |
Maximum
(#) |
| | | | | | | |||||||||||||||||||||||||||||||||
John D. Schmitz
|
| | | | | | | | | | 276,000 | | | | | | 552,000 | | | | | | 1,104,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
PSU FCF
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | 54,199 | | | | | | 108,398 | | | | | | 189,697 | | | | | | | | | | | | 683,991 | | | | | ||||
PSU ROA
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | 54,199 | | | | | | 108,398 | | | | | | 189,697 | | | | | | | | | | | | 683,991 | | | | | ||||
RSA
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 216,796 | | | | | | 1,367,983 | | | | | ||||
2021 Schmitz Special RSA
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 600,000 | | | | | | 3,786,000 | | | | | ||||
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,521,966 | | | | | ||||
Holli C. Ladhani(5)
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | ||||
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | ||||
Nick L. Swyka
|
| | | | | | | | | | 115,200 | | | | | | 230,400 | | | | | | 460,800 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
PSU FCF
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | 13,359 | | | | | | 26,718 | | | | | | 46,757 | | | | | | | | | | | | 197,179 | | | | | ||||
PSU ROA
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | 13,359 | | | | | | 26,718 | | | | | | 46,757 | | | | | | | | | | | | 170,995 | | | | | ||||
Special PSU EBITDA(6)
|
| | | | 5/7/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,246 | | | | | | | | | | | | | | | | | | 56,650 | | | | | ||||
RSA
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 53,437 | | | | | | 337,187 | | | | | ||||
Special RSA
|
| | | | 5/7/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,492 | | | | | | 113,300 | | | | | ||||
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 875,312 | | | | | ||||
Adam R. Law
|
| | | | | | | | | | 96,000 | | | | | | 192,000 | | | | | | 384,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
PSU FCF
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | 11,875 | | | | | | 23,750 | | | | | | 41,563 | | | | | | | | | | | | 175,275 | | | | | ||||
PSU ROA
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | 11,875 | | | | | | 23,750 | | | | | | 41,563 | | | | | | | | | | | | 152,000 | | | | | ||||
Special PSU EBITDA(6)
|
| | | | 5/7/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,705 | | | | | | | | | | | | | | | | | | 52,933 | | | | | ||||
RSA
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 47,500 | | | | | | 299,725 | | | | | ||||
Special RSA
|
| | | | 5/7/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15,410 | | | | | | 105,867 | | | | | ||||
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 785,800 | | | | | ||||
Michael C. Skarke
|
| | | | | | | | | | 99,200 | | | | | | 198,400 | | | | | | 396,800 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
PSU FCF
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | 11,504 | | | | | | 23,007 | | | | | | 40,262 | | | | | | | | | | | | 169,792 | | | | | ||||
PSU ROA
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | 11,504 | | | | | | 23,007 | | | | | | 40,262 | | | | | | | | | | | | 147,245 | | | | | ||||
Special PSU EBITDA(6)
|
| | | | 5/7/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,570 | | | | | | | | | | | | | | | | | | 52,006 | | | | | ||||
RSA
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 46,015 | | | | | | 290,355 | | | | | ||||
Special RSA
|
| | | | 5/7/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15,140 | | | | | | 104,012 | | | | | ||||
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 763,409 | | | | |
| | | | | | | | |
Estimated Possible Payouts
Under Non-Equity Incentive Plan Awards(1) |
| |
Estimated Future Payouts
Under Equity Incentive Plan Awards(2) |
| |
All Other
Stock Awards: Number of Shares of Stock or Units (#)(3) |
| |
Grant
Date Fair Value of Stock and Option Awards ($)(4) |
| | | ||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |
Threshold
(#) |
| |
Target
(#) |
| |
Maximum
(#) |
| | | | | | | |||||||||||||||||||||||||||||||||
Cody J. Ortowski
|
| | | | | | | | | | 137,600 | | | | | | 275,200 | | | | | | 550,400 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
PSU FCF
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | 15,957 | | | | | | 31,914 | | | | | | 55,850 | | | | | | | | | | | | 235,525 | | | | | ||||
PSU ROA
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | 15,957 | | | | | | 31,914 | | | | | | 55,850 | | | | | | | | | | | | 204,250 | | | | | ||||
Special PSU EBITDA(6)
|
| | | | 5/7/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,857 | | | | | | | | | | | | | | | | | | 40,238 | | | | | ||||
RSA
|
| | | | 3/5/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 63,828 | | | | | | 402,755 | | | | | ||||
Special RSA
|
| | | | 5/7/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,715 | | | | | | 80,482 | | | | | ||||
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 963,249 | | | | | ||||
|
| | |
Option Awards
|
| |
Number of
Shares or Units of Stock That Have Not Vested (#)(2) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)(3) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have not Vested (#)(4) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have not Vested (#)(5) |
| | | | | |||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
John D. Schmitz
|
| | | | 216,853 | | | | | | — | | | | | $ | 30.75 | | | | | | 1/19/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | 195,749 | | | | | | — | | | | | $ | 25.63 | | | | | | 1/19/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | 172,244 | | | | | | — | | | | | $ | 20.50 | | | | | | 1/19/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 816,796 | | | | | | 5,088,639 | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 298,095 | | | | | | 1,857,132 | | | | | | | ||||||||
Holli C. Ladhani
|
| | | | 55,754(1) | | | | | | — | | | | | $ | 8.97 | | | | | | 12/14/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | 142,962 | | | | | | — | | | | | $ | 8.66 | | | | | | 12/10/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 166,074 | | | | | | 1,034,641 | | | | | | | ||||||||
Nick L. Swyka
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 123,232 | | | | | | 767,735 | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 114,410 | | | | | | 712,774 | | | | | | | ||||||||
Adam R. Law
|
| | | | 8,002 | | | | | | — | | | | | $ | 20.00 | | | | | | 2/20/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 110,904 | | | | | | 690,932 | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 101,698 | | | | | | 633,579 | | | | | | | ||||||||
Michael C. Skarke
|
| | | | 9,549 | | | | | | — | | | | | $ | 20.00 | | | | | | 1/23/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 190,499 | | | | | | 1,186,809 | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 98,518 | | | | | | 613,767 | | | | | | | ||||||||
Cody J. Ortowski
|
| | | | 45,235 | | | | | | — | | | | | $ | 14.33 | | | | | | 7/11/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | 43,163 | | | | | | — | | | | | $ | 14.33 | | | | | | 5/7/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 140,612 | | | | | | 876,013 | | | | | | | | | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 136,658 | | | | | | 851,379 | | | | | | |
Name
|
| |
Number of
Shares That Vest |
| |
Remaining Vesting Schedule
|
| |||
John D. Schmitz
|
| | | | 216,796 | | | |
One third on each of March 5, 2022, March 5, 2023, and March 5, 2024.
|
|
| | | | | 600,000 | | | | January 1, 2024 | |
Holli C. Ladhani
|
| | | | — | | | | | |
Nick L. Swyka
|
| | | | 12,369 | | | | January 19, 2022 | |
| | | | | 40,934 | | | | One half on each of March 5, 2022 and March 5, 2023 | |
| | | | | 53,437 | | | |
One third on each of March 5, 2022, March 5, 2023, and March 5, 2024.
|
|
| | | | | 16,492 | | | | May 7, 2022 | |
Adam R. Law
|
| | | | 11,608 | | | | January 19, 2022 | |
| | | | | 36,386 | | | | One half on each of March 5, 2022 and March 5, 2023 | |
| | | | | 47,500 | | | |
One third on each of March 5, 2022, March 5, 2023, and March 5, 2024.
|
|
| | | | | 15,410 | | | | May 7, 2022 | |
Michael C. Skarke
|
| | | | 82,677 | | | | January 14, 2022 | |
| | | | | 11,418 | | | | January 19, 2022 | |
| | | | | 35,249 | | | | One half on each of March 5, 2022 and March 5, 2023 | |
| | | | | 46,015 | | | |
One third on each of March 5, 2022, March 5, 2023, and March 5, 2024.
|
|
| | | | | 15,140 | | | | May 7, 2022 | |
Cody J. Ortowski
|
| | | | 16,175 | | | | January 19, 2022 | |
| | | | | 48,894 | | | | One half on each of March 5, 2022 and March 5, 2023 | |
| | | | | 63,828 | | | |
One third on each of March 5, 2022, March 5, 2023, and March 5, 2024.
|
|
| | | | | 11,715 | | | | May 7, 2022 | |
Name
|
| |
Number of PSUs
|
| |
Performance Period
|
| ||||||
John D. Schmitz
|
| | | | 216,796 | | | | | | January 1,2021 – December 31,2023 | | |
Holli C. Ladhani(a)
|
| | | | 221,432 | | | | | | January 1,2020 – December 31,2022 | | |
Nick L. Swyka
|
| | | | 54,580 | | | | | | January 1,2020 – December 31,2022 | | |
| | | | | 53,436 | | | | | | January 1,2021 – December 31,2023 | | |
Adam R. Law
|
| | | | 48,514 | | | | | | January 1,2020 – December 31,2022 | | |
| | | | | 47,500 | | | | | | January 1,2021 – December 31,2023 | | |
Michael C. Skarke
|
| | | | 46,998 | | | | | | January 1,2020 – December 31,2022 | | |
| | | | | 46,014 | | | | | | January 1,2021 – December 31,2023 | | |
Cody J. Ortowski
|
| | | | 65,192 | | | | | | January 1,2020 – December 31,2022 | | |
| | | | | 63,828 | | | | | | January 1,2021 – December 31,2023 | | |
| | |
Stock Awards
|
| |||||||||
Name
|
| |
Number of
Shares Acquired on Vesting (#) |
| |
Value Realized
on Vesting ($)(1) |
| ||||||
John D. Schmitz
|
| | | | 16,960 | | | | | | 101,014 | | |
Holli C. Ladhani
|
| | | | 70,250 | | | | | | 403,376 | | |
Nick L. Swyka
|
| | | | 45,931 | | | | | | 281,779 | | |
Adam R. Law
|
| | | | 33,714 | | | | | | 205,557 | | |
Michael C. Skarke
|
| | | | 33,027 | | | | | | 201,238 | | |
Cody J. Ortowski
|
| | | | 45,692 | | | | | | 278,450 | | |
Name
|
| |
Death or
Disability ($)(1) |
| |
Retirement ($)
|
| |
Termination
without Cause; Resignation for Good Reason ($) |
| |
Qualifying
Termination within the CIC Protection Period ($)(2) |
| |
Change in
Control ($)(3) |
| |||||||||||||||
John D. Schmitz | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Restricted Stock and Stock Options(7)
|
| | | | 5,088,639 | | | | | | — | | | | | | 5,088,639 | | | | | | 5,088,639 | | | | | | — | | |
PSUs(8)
|
| | | | 1,012,979 | | | | | | — | | | | | | 1,012,979 | | | | | | 1,012,979 | | | | | | 72,265 | | |
TOTAL
|
| | | | 6,101,618 | | | | | | 0 | | | | | | 6,101,618 | | | | | | 6,101,618 | | | | | | 72,265 | | |
Nick L. Swyka | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Severance(4)
|
| | | | 648,000 | | | | | | — | | | | | | 648,000 | | | | | | 972,000 | | | | | | — | | |
Prorated 2021 Bonus(5)
|
| | | | 288,000 | | | | | | — | | | | | | 288,000 | | | | | | 288,000 | | | | | | — | | |
COBRA Reimbursements(6)
|
| | | | 27,225 | | | | | | — | | | | | | 27,225 | | | | | | 27,225 | | | | | | — | | |
Restricted Stock and Stock Options(7)
|
| | | | 767,735 | | | | | | 752,616 | | | | | | — | | | | | | 767,735 | | | | | | — | | |
PSUs(8)
|
| | | | 334,688 | | | | | | 54,215 | | | | | | 334,688 | | | | | | 334,688 | | | | | | 54,215 | | |
TOTAL
|
| | | | 2,065,648 | | | | | | 806,831 | | | | | | 1,297,913 | | | | | | 2,389,648 | | | | | | 54,215 | | |
Adam R. Law | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Severance(4)
|
| | | | 560,000 | | | | | | — | | | | | | 560,000 | | | | | | 840,000 | | | | | | — | | |
Prorated 2021 Bonus(5)
|
| | | | 240,000 | | | | | | — | | | | | | 240,000 | | | | | | 240,000 | | | | | | — | | |
COBRA Reimbursements(6)
|
| | | | 25,603 | | | | | | — | | | | | | 25,603 | | | | | | 25,603 | | | | | | — | | |
Restricted Stock and Stock Options(7)
|
| | | | 690,932 | | | | | | 675,678 | | | | | | — | | | | | | 690,932 | | | | | | — | | |
PSUs(8)
|
| | | | 297,504 | | | | | | 48,191 | | | | | | 297,504 | | | | | | 297,504 | | | | | | 48,191 | | |
TOTAL
|
| | | | 1,814,039 | | | | | | 723,869 | | | | | | 1,123,107 | | | | | | 2,094,039 | | | | | | 48,191 | | |
Michael C. Skarke | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Severance(4)
|
| | | | 558,000 | | | | | | — | | | | | | 558,000 | | | | | | 837,000 | | | | | | — | | |
Prorated 2021 Bonus(5)
|
| | | | 248,000 | | | | | | — | | | | | | 248,000 | | | | | | 248,000 | | | | | | — | | |
COBRA Reimbursements(6)
|
| | | | 25,369 | | | | | | — | | | | | | 25,369 | | | | | | 25,369 | | | | | | — | | |
Restricted Stock and Stock Options(7)
|
| | | | 1,186,809 | | | | | | 1,153,184 | | | | | | — | | | | | | 1,186,809 | | | | | | — | | |
PSUs(8)
|
| | | | 288,200 | | | | | | 46,684 | | | | | | 288,200 | | | | | | 288,200 | | | | | | 46,684 | | |
TOTAL
|
| | | | 2,306,378 | | | | | | 1,199,868 | | | | | | 1,119,569 | | | | | | 2,585,378 | | | | | | 46,684 | | |
Cody J. Ortowski | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Restricted Stock and Stock Options(7)
|
| | | | 876,013 | | | | | | 874,818 | | | | | | — | | | | | | 876,013 | | | | | | — | | |
PSUs(8)
|
| | | | 399,773 | | | | | | 64,757 | | | | | | 399,773 | | | | | | 399,773 | | | | | | 64,757 | | |
TOTAL
|
| | | | 1,275,786 | | | | | | 939,575 | | | | | | 399,773 | | | | | | 1,275,786 | | | | | | 64,757 | | |
Type of Benefit
|
| |
Severance
Payments ($) |
| |||
Cash Severance
|
| | | | 3,225,000 | | |
2020 Actual Bonus
|
| | | | 627,900 | | |
2021 Prorated Bonus
|
| | | | 5,463 | | |
Vacation Pay Out
|
| | | | 11,538 | | |
COBRA Subsidy(1)
|
| | | | — | | |
Restricted Shares(2)
|
| | | | 409,558 | | |
PSUs(3) | | | | | 794,387 | | |
Total
|
| | | | 5,073,846 | | |
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Stock Awards
($)(1) |
| |
Total ($)
|
| |||||||||
Robert V. Delaney(2)
|
| | |
$
|
—
|
| | | |
$
|
185,737
|
| | | |
$
|
185,737
|
| |
David C. Baldwin
|
| | |
$
|
22,750
|
| | | |
$
|
185,737
|
| | | |
$
|
208,487
|
| |
Gayle L. Burleson(3)
|
| | |
$
|
22,750
|
| | | |
$
|
145,291
|
| | | |
$
|
168,041
|
| |
Richard A. Burnett
|
| | |
$
|
43,993
|
| | | |
$
|
185,737
|
| | | |
$
|
229,730
|
| |
Keith Rattie
|
| | |
$
|
14,933
|
| | | |
$
|
—
|
| | | |
$
|
14,933
|
| |
Troy W. Thacker
|
| | |
$
|
35,194
|
| | | |
$
|
185,737
|
| | | |
$
|
220,932
|
| |
David A. Trice
|
| | |
$
|
39,744
|
| | | |
$
|
185,737
|
| | | |
$
|
225,482
|
| |
Douglas J. Wall
|
| | |
$
|
35,194
|
| | | |
$
|
185,737
|
| | | |
$
|
220,932
|
| |
| | | |
By Order of the Board of Directors,
|
|
| | | |
Adam R. Law
Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary |
|
| Houston, Texas — March 25, 2022 | | | | |