secwatch.observer — SEC 8-K summary
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Issuer:     PATTERSON UTI ENERGY INC (PTEN)
CIK:        0000889900
Form:       8-K
Filed at:   2024-09-03T23:59:59+00:00
Accession:  0000889900-24-000007
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889900/000088990024000007/0000889900-24-000007-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889900/000088990024000007/pten-20240827.htm
  HTML page:      https://secwatch.observer/filing/0000889900-24-000007

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer