0001698514 2025-01-01 2025-12-31 0001698514 2021-12-31 2025-01-01 2025-12-31 0001698514 2024-01-01 2024-12-31 0001698514 2023-01-01 2023-12-31 0001698514 ecd:PeoMember 2025-01-01 2025-12-31 0001698514 NESR:DeductStockAwardsMember ecd:PeoMember 2025-01-01 2025-12-31 0001698514 NESR:IncludeYearEndEquityValueForAwardsGrantedDuringTheYearThatRemainUnvestedAsOfYearEndMember ecd:PeoMember 2025-01-01 2025-12-31 0001698514 NESR:IncludeChangeInValueOfPriorEquityAwardsVestingDuringYearMember ecd:PeoMember 2025-01-01 2025-12-31 0001698514 NESR:DeductValueOfPriorYearAwardsForfeitedDuringYearMember ecd:PeoMember 2025-01-01 2025-12-31 0001698514 NESR:IncludeChangeInValueOfPriorEquityAwardsNotVestedDuringYearMember ecd:PeoMember 2025-01-01 2025-12-31 0001698514 ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001698514 NESR:DeductStockAwardsMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001698514 NESR:IncludeYearEndEquityValueForAwardsGrantedDuringTheYearThatRemainUnvestedAsOfYearEndMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001698514 NESR:IncludeChangeInValueOfPriorEquityAwardsVestingDuringYearMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001698514 NESR:DeductValueOfPriorYearAwardsForfeitedDuringYearMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001698514 NESR:IncludeChangeInValueOfPriorEquityAwardsNotVestedDuringYearMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001698514 ecd:PeoMember 2024-01-01 2024-12-31 0001698514 NESR:DeductStockAwardsMember ecd:PeoMember 2024-01-01 2024-12-31 0001698514 NESR:IncludeYearEndEquityValueForAwardsGrantedDuringTheYearThatRemainUnvestedAsOfYearEndMember ecd:PeoMember 2024-01-01 2024-12-31 0001698514 NESR:IncludeChangeInValueOfPriorEquityAwardsVestingDuringYearMember ecd:PeoMember 2024-01-01 2024-12-31 0001698514 NESR:DeductValueOfPriorYearAwardsForfeitedDuringYearMember ecd:PeoMember 2024-01-01 2024-12-31 0001698514 NESR:IncludeChangeInValueOfPriorEquityAwardsNotVestedDuringYearMember ecd:PeoMember 2024-01-01 2024-12-31 0001698514 ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001698514 NESR:DeductStockAwardsMember ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001698514 NESR:IncludeYearEndEquityValueForAwardsGrantedDuringTheYearThatRemainUnvestedAsOfYearEndMember ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001698514 NESR:IncludeChangeInValueOfPriorEquityAwardsVestingDuringYearMember ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001698514 NESR:DeductValueOfPriorYearAwardsForfeitedDuringYearMember ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001698514 NESR:IncludeChangeInValueOfPriorEquityAwardsNotVestedDuringYearMember ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001698514 ecd:PeoMember 2023-01-01 2023-12-31 0001698514 NESR:DeductStockAwardsMember ecd:PeoMember 2023-01-01 2023-12-31 0001698514 NESR:IncludeYearEndEquityValueForAwardsGrantedDuringTheYearThatRemainUnvestedAsOfYearEndMember ecd:PeoMember 2023-01-01 2023-12-31 0001698514 NESR:IncludeChangeInValueOfPriorEquityAwardsVestingDuringYearMember ecd:PeoMember 2023-01-01 2023-12-31 0001698514 NESR:DeductValueOfPriorYearAwardsForfeitedDuringYearMember ecd:PeoMember 2023-01-01 2023-12-31 0001698514 NESR:IncludeChangeInValueOfPriorEquityAwardsNotVestedDuringYearMember ecd:PeoMember 2023-01-01 2023-12-31 0001698514 ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0001698514 NESR:DeductStockAwardsMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0001698514 NESR:IncludeYearEndEquityValueForAwardsGrantedDuringTheYearThatRemainUnvestedAsOfYearEndMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0001698514 NESR:IncludeChangeInValueOfPriorEquityAwardsVestingDuringYearMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0001698514 NESR:DeductValueOfPriorYearAwardsForfeitedDuringYearMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0001698514 NESR:IncludeChangeInValueOfPriorEquityAwardsNotVestedDuringYearMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 iso4217:USD false 0001698514 DEF 14A NATIONAL ENERGY SERVICES REUNITED CORP. DEF 14A NATIONAL ENERGY SERVICES REUNITED CORP. true The Company has adopted two recoupment (aka “clawback”) policies. The Company’s Dodd-Frank Clawback Policy, which was adopted effective as of the date the Company’s stock was relisted on Nasdaq, is compliant with the clawback rules and requirements adopted by the SEC and Nasdaq. Under that clawback policy, the Company is required to recoup, from certain current or former executive officers (the Company’s Chief Executive Officer, the Chief Financial Officer, the General Counsel, and the Chief Accounting Officer or Controller), any incentive-based compensation that was erroneously awarded during the three years preceding the date of any accounting restatement that is required due to material non-compliance with any financial reporting requirement under applicable U.S. federal securities laws. A copy of our Dodd-Frank Clawback Policy can be found as Exhibit 97 on our Annual Report on Form 10-K for the year ended December 31, 2025.<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s other clawback policy, which was adopted in 2021, applies to all NEOs and may further be applied to any employees, managers or executives of the Company designated by the CEO. Under that clawback policy, the Board may require any NEOs included in the Summary Compensation Table of this Proxy Statement to reimburse the Company for any incentive-based compensation plans, including any cash bonus and/or equity awards provided to the NEO where the Board determines that the NEO’s act or failure to act contributed to the need for the restatement of Company financial statements filed with the SEC and such action or inaction (a) willfully caused or was intended to cause a material violation of the policies of the Company or (b) resulted in the NEO’s termination of employment for cause. There is no intention to, nor shall there be, any duplicative recoupment of the same compensation under more than one policy, plan, award or agreement, however.</span></p> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span> <table cellpadding="0" cellspacing="0" id="xdx_88E_eecd--PvpTableTextBlock_zfFHBbxbZpM2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Pay vs Performance Disclosure"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> Year </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_485_eecd--PeoTotalCompAmt_z3LT8ag6ajl1" style="text-align: center">Summary Compensation Table Total for Principal Executive Officer (“PEO”) ($)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48D_eecd--PeoActuallyPaidCompAmt_zja3UVwRS1tc" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation Actually Paid to PEO ($)<sup id="xdx_F51_zAvAautwwP6d">(1)</sup></span></td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eecd--NonPeoNeoAvgTotalCompAmt_zSYCpZ1RHnGg" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average Summary Compensation Table for non-PEO Named Executive Officers ($)<sup id="xdx_F53_zrCeUplLgZFi">(2)</sup></span></td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eecd--NonPeoNeoAvgCompActuallyPaidAmt_zN1X32RkPmVf" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average Compensation Actually Paid to non-PEO Named Executive Officers($)<sup id="xdx_F5E_zmVzmRcIYn44">(2)</sup></span></td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_483_eecd--TotalShareholderRtnAmt_pp2d_z7ZnZoWHS1f9" style="text-align: center">Total Shareholder Return ($)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_486_eecd--PeerGroupTotalShareholderRtnAmt_pp2d_zIBrrjyOemH2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peer Group Total Shareholder Return ($)<sup id="xdx_F5B_z8YRfxXx9Vjl">(3)</sup></span></td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48D_eus-gaap--NetIncomeLoss_pn4n6_zUvfkF0ygnV8" style="text-align: center">Net Income ($) (in 000,000s)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eecd--CoSelectedMeasureAmt_pn4n6_uUSD_z6uzAG20aHc3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted EBITDA ($) (in 000,000s)<sup id="xdx_F5F_z5r7hstoJ0Wk">(4)</sup></span></td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Value of Initial Fixed $100 Investment Based On:</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center"> Year </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Summary Compensation Table Total for Principal Executive Officer (“PEO”) ($)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation Actually Paid to PEO ($)⁽¹⁾</span></td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average Summary Compensation Table for non-PEO Named Executive Officers ($)⁽²⁾</span></td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average Compensation Actually Paid to non-PEO Named Executive Officers($)⁽²⁾</span></td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total Shareholder Return ($)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peer Group Total Shareholder Return ($)⁽³⁾</span></td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Net Income ($) (in 000,000s)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>Adjusted EBITDA</span> ($) (in 000,000s)⁽⁴⁾</span></td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr id="xdx_41D_20250101__20251231_zN9DbZutnsE3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: center">2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">2,268,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">2,268,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">1,083,474</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">2,465,947</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">226</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">87</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">51.1</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">281.4</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_414_20240101__20241231_zZpDrQe13Eia" style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,268,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,268,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,648,765</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,616,772</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310.1</td><td style="text-align: left"> </td></tr> <tr id="xdx_41D_20230101__20231231_zb58VbZTXT64" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,100,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,100,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,236,355</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,960,780</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">262.3</td><td style="text-align: left"> </td></tr> </table> 2268000 2268000 1083474 2465947 226 87 51100000 281400000 2268000 2268000 1648765 2616772 129 87 76300000 310100000 2100000 2100000 1236355 1960780 88 100 12600000 262300000 <p id="xdx_89F_eecd--NamedExecutiveOfficersFnTextBlock_dU_zQIRlk2pL88e" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">⁽²⁾ The dollar amounts reported in this column represent the average of the amounts reported for the Company’s NEOs as a group, excluding our CEO. The NEOs for each applicable year as follows:</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025: Stefan Angeli, Jennifer Howard, Chokri Ben Amor, Naif Al-Hadrami;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024: Stefan Angeli, Jennifer Howard, Chokri Ben Amor, Naif Al-Hadrami;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023: Stevan Angeli, Dhiraj Dudeja, Chokri Ben Amor, Naif Al-Hadrami.</span></td></tr> </table> <p id="xdx_89C_eecd--PeerGroupIssuersFnTextBlock_dU_z7NOCSUyjRme" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">⁽³⁾ The peer group used for purpose is the Philadelphia Oil Service Index (“OSX”).</span></p> Adjusted EBITDA <p id="xdx_893_eecd--AdjToPeoCompFnTextBlock_dU_zvyBqMSR9oJf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><tr style="display: none; vertical-align: bottom"> <td style="text-align: center">Year</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center">Executive(s)</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_485_eecd--PeoTotalCompAmt_zdjCDpCX1zP9" style="text-align: center">Summary compensation table total ($)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_481_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--DeductStockAwardsMember_zYJSHxS88oRb" style="text-align: center">Deduct stock awards ($)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48B_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--IncludeYearEndEquityValueForAwardsGrantedDuringTheYearThatRemainUnvestedAsOfYearEndMember_zEXBLyRtfe4k" style="text-align: center">Include year-end equity value for awards granted during the year ($)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_483_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--IncludeChangeInValueOfPriorEquityAwardsVestingDuringYearMember_zjJPhtDZtlJg" style="text-align: center">Include Change in value of prior equity awards vesting during year ($)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_482_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--DeductValueOfPriorYearAwardsForfeitedDuringYearMember_zgVNf4bfFOZ8" style="text-align: center">Deduct value of prior year awards forfeited during year ($)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48E_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--IncludeChangeInValueOfPriorEquityAwardsNotVestedDuringYearMember_zTIi2WIaUB5e" style="text-align: center">Include Change in value of prior equity awards not vested during year ($)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48D_eecd--PeoActuallyPaidCompAmt_zOr8LawARdk8" style="text-align: center">Compensation Actually Paid ($)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"><td> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; text-align: center">Compensation Actually Paid: Adjustments</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Executive(s)</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Summary compensation table total ($)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Deduct stock awards ($)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Include year-end equity value for awards granted during the year that remain unvested as of year-end ($)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Include Change in value of prior equity awards vesting during year ($)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Deduct value of prior year awards forfeited during year ($)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Include Change in value of prior equity awards not vested during year ($)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Compensation Actually Paid ($)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_413_20250101__20251231__ecd--IndividualAxis__ecd--PeoMember_zIV4Nlhrd841" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 18%; text-align: center">2025</td><td style="width: 2%"> </td> <td style="width: 17%; text-align: center">CEO</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">2,268,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0057">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0058">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0059">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0060">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0061">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">2,268,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_419_20250101__20251231__ecd--IndividualAxis__ecd--NonPeoNeoMember_zYtjEOn2CKa1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td> </td> <td style="text-align: center">Other NEOs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,083,474</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(413,400</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">939,600</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">182,847</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(103,125</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">776,552</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,465,948</td><td style="text-align: left"> </td></tr> <tr id="xdx_41D_20240101__20241231__ecd--IndividualAxis__ecd--PeoMember_zp1RRk7hDhEc" style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2024</td><td> </td> <td style="text-align: center">CEO</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,268,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0071">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0072">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0073">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0074">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0075">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,268,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_417_20240101__20241231__ecd--IndividualAxis__ecd--NonPeoNeoMember_znnrPtTtQbh8" style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td> </td> <td style="text-align: center">Other NEOs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,648,765</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,098,125</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,097,600</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">977,698</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0081">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,167</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,616,771</td><td style="text-align: left"> </td></tr> <tr id="xdx_41F_20230101__20231231__ecd--IndividualAxis__ecd--PeoMember_zivVCT2sEV4c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2023</td><td> </td> <td style="text-align: center">CEO</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,100,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0085">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0086">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0087">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0088">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0089">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,100,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_41E_20230101__20231231__ecd--IndividualAxis__ecd--NonPeoNeoMember_zHpE2jeY2bPj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center; vertical-align: middle"> </td><td> </td> <td style="text-align: center">Other NEOs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,236,355</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(403,750</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">610,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,609</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0095">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">403,565</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,960,779</td></tr></table> 2268000 2268000 1083474 -413400 939600 182847 -103125 776552 2465948 2268000 2268000 1648765 -1098125 1097600 977698 -9167 2616771 2100000 2100000 1236355 -403750 610000 114609 403565 1960779 <p id="xdx_80D_eecd--TabularListTableTextBlock_dU_zew2wYdrCTC5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial Performance Measures</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As described in greater detail in the CD&amp;A, the Company’s executive compensation program reflects a commitment to pay-for-performance. Listed below are the financial performance measures which in our assessment represent the most important performance measures we used to link compensation actually paid to our NEOs, for the 2025 year, to Company performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted EBITDA</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Shareholder Return (“TSR”)</span></td></tr></table> <p id="xdx_80C_eecd--CompActuallyPaidVsNetIncomeTextBlock_dU_zfXBQUvDqRw5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net income</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="formdef14a_014.jpg"/></p> <p id="xdx_806_eecd--CompActuallyPaidVsCoSelectedMeasureTextBlock_dU_z822dRVEfs4b" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Adjusted EBITDA</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><img alt="" src="formdef14a_015.jpg"/></p> <p id="xdx_805_eecd--TotalShareholderRtnVsPeerGroupTextBlock_dU_zKEGx1eMRXV4" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><i>Total Shareholder Return</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><img alt="" src="formdef14a_016.jpg"/></p> “Compensation Actually Paid” to the CEO and the average “Compensation Actually Paid” to our other NEOs (excluding the CEO) reflect adjustments from Total Compensation reported in the Summary Compensation Table. Adjustments are detailed in the “Compensation Actually Paid: Adjustments” table below. The dollar amounts reported in this column represent the average of the amounts reported for the Company’s NEOs as a group, excluding our CEO. The NEOs for each applicable year as follows: The peer group used for purpose is the Philadelphia Oil Service Index (“OSX”). We have selected Adjusted EBITDA as the most important financial performance measure (that is not otherwise required to be disclosed in the table).