Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On May 21, 2018, Select Energy Services, Inc. (the Company) announced that the board of directors of the Company has appointed Brian Szymanski as Vice President and Chief Accounting Officer of the Company, effective as of May 30, 2018.
Mr. Szymanski, age 51, will join the Company on May 30, 2018. He most recently served as Interim Chief Accounting Officer at Berry Petroleum, a position he held since September 2017, where he primarily assisted the senior management team and accounting department in working through various issues and transactions following the companys emergence from bankruptcy and separation from Linn Energy as a stand-alone entity. From July 2014 through May 2017, Mr. Szymanski served as Vice President, Accounting and Chief Accounting Officer at Seventy Seven Energy, where he directed the Corporate Accounting and Consolidation, External and Internal Financial Reporting and Technical Accounting groups from spin-off by Chesapeake Energy, through bankruptcy and subsequent emergence, and until ultimate acquisition by Patterson-UTI, Inc. in May 2017. Prior to joining Seventy Seven Energy, Mr. Szymanski served as an Assistant Controller at Chesapeake Energy Corporation from May 2012 to June 2014 where he was in charge of the accounting group responsible for Chesapeake Oilfield Services. Mr. Szymanski also served as Senior Accounting Manager from October 2011 to May 2012 at Chesapeake Energy Corporation. Prior to his time at Chesapeake Energy Corporation, Mr. Szymanski held various roles at The Oklahoma Publishing Company, including Vice President Finance and Shared Services, from July 2000 to August 2011. Mr. Szymanski began his career at Arthur Andersen, LLP as an Audit Senior Manager from September 1989 to July 2000. Mr. Szymanski received his B.B.A. in Accounting from the College of William & Mary.
In connection with his appointment, Mr. Szymanski will receive (i) a restricted stock award under the Select Energy Services, Inc. 2016 Equity Incentive Plan (as amended, the Plan), which vests ratably over three years, and (ii) a performance share unit award under the Plan, which is subject to performance conditions and is eligible to be earned at the end of a three-year performance period, in each case, subject to Mr. Szymanskis continued employment through the applicable vesting date or performance period.
The Company expects to enter into an indemnification agreement with Mr. Szymanski (the Indemnification Agreement) in connection with his role as an officer of the Company. The Indemnification Agreement requires the Company to indemnify Mr. Szymanski to the fullest extent permitted by applicable law against liability that may arise by reason of his service to the Company and to advance expenses incurred as a result of any proceeding against him as to which he could be indemnified. The Indemnification Agreement will be in substantially the form referenced as Exhibit 10.1 to this Current Report on Form 8-K. The foregoing description is qualified in its entirety by reference to the full text of the form of Indemnification Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated into this Item 5.02 by reference.
There are no family relationships between Mr. Szymanski and any director or executive officer of the Company or any person nominated or chosen by the Company to become a director or executive officer. There are no arrangements or understandings between Mr. Szymanski and any other persons pursuant to which he was selected as Vice President and Chief Accounting Officer.