[Form 4] Select Water Solutions, Inc. Insider Trading Activity

Rhea-AI Filing Summary

EchoStar Corporation (SATS) – Form 4 insider transaction filed 07/03/2025

Director R. Stanton Dodge automatically exercised 5,000 non-employee director stock options on 07/01/2025 at an exercise price of $27.28 per share under the company’s 2017 NED Stock Option Plan. Upon exercise, the company withheld 4,810 shares at a market price of $28.36 to cover the option cost and related taxes (transaction code F). Net of withholding, Dodge’s direct ownership increased by only ≈190 shares, bringing his direct holding to 26,365 Class A common shares; he also holds 1,642 shares indirectly through a 401(k). All derivative securities reported in this filing were fully settled, leaving the insider with zero remaining options from this grant.

The transaction was automatic and executed on the option’s expiration date, implying no discretionary open-market buying or selling. The minimal net share addition and tax-related share withholding make the economic impact to Dodge and to outside investors modest.

Insights

Financial Analyst

TL;DR Neutral: automatic option exercise; tiny net share gain, no open-market purchase, limited signalling value.

The filing shows a routine cashless exercise tied to the expiration of director options. While Dodge eliminates a derivative position and slightly increases his direct equity stake, the 190-share net addition is immaterial relative to his existing holdings and EchoStar’s 270 m shares outstanding. Because the transaction is non-discretionary and executed under plan terms, it provides little incremental information about management’s view of valuation. I regard the capital-markets impact as negligible.

Corporate Governance Expert

TL;DR Standard expiry-driven exercise; aligns director equity with shareholders but not materially impactful.

From a governance perspective, settling expiring options into shares rather than allowing lapse maintains incentive alignment. The automatic withholding for taxes is consistent with best practices, avoiding insider trading windows. No new derivative grants or sales were disclosed, and Dodge remains a director—not a 10% owner—so Section 16 obligations continue. Overall, the event is procedural, signalling neither concern nor enthusiasm.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

George Christopher Kile

(Last) (First) (Middle)

1820 N-I35

(Street)

GAINESVILLE TX 76240

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Select Water Solutions, Inc. [ WTTR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/02/2025		F(1)		730	D	$9.04	284,576	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares to be withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of certain restricted stock.

Remarks:

	/s/ George, Christopher Kile by Christina M. Ibrahim, as Attorney-in-Fact	07/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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