Patterson-UTI EVP & CBO Holcomb to transition to advisor by 2026/2027, waives good reason

PATTERSON UTI ENERGY INC

James M. Holcomb to remain EVP & CBO until Dec 31, 2026 (if elected) or Dec 31, 2027; then advisor to Sep 30, 2030.
Advisor role reduced base salary to 55% of pre-transition level; no further bonuses or equity grants.
Holcomb waives ‘good reason’ termination rights due to NexTier merger-related role changes.
No severance upon separation on Sep 30, 2030; voluntary early resignation forfeits retiree benefits and retirement vesting.
Existing equity awards remain outstanding per plan terms; agreement dated August 27, 2024.

item 5.02 item 9.01

Executive movements

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Role change

James M. Holcomb

Executive Vice President and Chief Business Officer

PTEN · PATTERSON UTI ENERGY INC

Filed: September 3, 2024, 7:59 PM ET

Pursuant to the Holcomb Agreement, Mr. Holcomb will continue in his role as Executive Vice President and Chief Business Officer of the Company until (i) December 31, 2026 (if Mr. Holcomb so elects and provides at least three months’ prior notice to the Company), or (ii) December 31, 2027 (as applicable, the “Transition Date”). From the Transition Date through September 30, 2030, Mr. Holcomb has agreed to serve as a non-executive advisor

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

James M. Holcomb changed role as Executive Vice President and Chief Business Officer at PATTERSON UTI ENERGY INC.

Action: agreed to serve as a non-executive advisor
Role: Executive Vice President and Chief Business Officer

Exact text from the filing

Pursuant to the Holcomb Agreement, Mr. Holcomb will continue in his role as Executive Vice President and Chief Business Officer of the Company until (i) December 31, 2026 (if Mr. Holcomb so elects and provides at least three months’ prior notice to the Company), or (ii) December 31, 2027 (as applicable, the “Transition Date”). From the Transition Date through September 30, 2030, Mr. Holcomb has agreed to serve as a non-executive advisor

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PATTERSON UTI ENERGY INC filing history →

Source: SEC EDGAR

accession 0000889900-24-000007

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