PATTERSON UTI ENERGY INC
For the period ended Dec 31, 2024. Filed Apr 10, 2025.
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Dec 31, 2024 · Filed Apr 10, 2025
Contents
Qualified Retiree Program
During 2024, the Compensation Committee approved and adopted the Retiree Program, described above under “Employment-Related Agreements and Other Matters - Employment, Change in Control and Severance Agreements.” Under the Retiree Program, eligible retirees will receive: (1) continued vesting of any unvested equity-based awards outstanding as of the retirement date that are subject solely to time-based vesting conditions; and (2) continued eligibility to earn a pro-rata annual bonus for the year of retirement based on actual Company performance relative to all applicable performance objectives. As of December 31, 2024, each of Messrs. Hendricks, Holcomb and Berns met the age and service requirements under the Retiree Program. Had they delivered the requisite notice and retired on December 31, 2024, they would have been entitled to continued vesting in the following equity awards (that would have otherwise been unvested and forfeited; with the fair value based on the market price of Patterson-UTI common stock at December 31, 2024) and to receive the 2024 annual bonus amounts set forth in "Executive Compensation - Summary Compensation Table" above:
| Shares | Fair Value | |
|---|---|---|
| William Andrew Hendricks, Jr. | 593,800 | $4,904,788 |
| Kenneth N. Berns | 150,334 | $1,241,759 |
| James M. Holcomb | 145,734 | $1,203,763 |
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