Select Water Solutions, Inc. — Director's Dealing 2017

Nov 3, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Select Energy Services, Inc. (WTTR)
CIK: 0001693256
Period of Report: 2017-11-01

Reporting Person: Ladhani Holli C. (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-11-01	Class A Common Stock	A	34849	—	Acquired	34849	Direct
2017-11-01	Class A Common Stock	A	54411	—	Acquired	89260	Indirect
2017-11-01	Class A Common Stock	A	54404	—	Acquired	143664	Indirect
2017-11-01	Class A Common Stock	A	46819	—	Acquired	190483	Direct
2017-11-01	Class A Common Stock	A	41573	—	Acquired	232056	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-11-01	Stock Options (right to buy)	$13.99	A	17984	Acquired	2021-03-14	Class A Common Stock (17984)	Direct
2017-11-01	Stock Options (right to buy)	$14.03	A	7391	Acquired	2021-03-14	Class A Common Stock (7391)	Direct
2017-11-01	Stock Options (right to buy)	$12.77	A	18327	Acquired	2021-03-14	Class A Common Stock (18327)	Direct
2017-11-01	Stock Options (right to buy)	$15.60	A	27076	Acquired	2021-03-14	Class A Common Stock (27076)	Direct
2017-11-01	Stock Options (right to buy)	$8.97	A	55754	Acquired	2025-12-14	Class A Common Stock (55754)	Direct
2017-11-01	Stock Options (right to buy)	$8.66	A	142962	Acquired	2026-12-10	Class A Common Stock (142962)	Direct

Footnotes

F1: Received in exchange for 45,543 shares of Class A common stock, $0.01 par value per share, of Rockwater Energy Solutions, Inc. ("Rockwater") in connection with the acquisition of Rockwater by Select Energy Services, Inc. (the "Merger").

F2: Received in exchange for 71,107 shares of Rockwater Class A Common Stock in connection with the Merger.

F3: Represents 54,411 shares of Class A common stock held by Holli Ladhani RES, LLC, of which Ms. Ladhani is the sole member.

F4: Received in exchange for 71,098 shares of Rockwater Class A Common Stock in connection with the Merger.

F5: Represents 54,404 shares of Class A common stock held by Shaheen Ladhani RES, LLC, of which the spouse of Ms. Ladhani is the sole member.

F6: These shares of restricted stock, granted as substitute awards under the Select Energy Services, Inc. 2016 Equity Incentive Plan (the "Plan"), will vest on September 16, 2018.

F7: These shares of restricted stock, granted as substitute awards under the Plan, will vest 1/2 on June 5, 2018, and 1/2 on June 5, 2019.

F8: These options, granted as substitute awards under the Plan, are all exercisable.

F9: These options, granted as substitute awards under the Plan, became exercisable as to 1/3 on November 1, 2017, and becomes exercisable to 1/3 on December 14, 2017, and 1/3 on December 14, 2018.

F10: These options, granted as substitute awards under the Plan, will become exercisable to 1/3 on each of December 10, 2017, December 10, 2018, and December 10, 2019.