Form 4: Patterson-UTI Energy Inc. Executive Matthew Gillard Reports Stock Transactions

Matthew Gillard, President-Completions at Patterson-UTI Energy Inc., reports the vesting and disposal of restricted stock units to cover tax obligations.

Summary

• On January 2, 2024, Matthew Gillard vested 18,682 restricted stock units (RSUs) into common stock and disposed of 5,515 shares to cover withholding taxes at a price of $10.83 per share.
• On January 3, 2024, Gillard vested 40,406 RSUs into common stock and disposed of 9,839 shares to cover withholding taxes at a price of $10.82 per share.
• Following these transactions, Gillard directly owns 108,792 shares of Patterson-UTI Energy Inc. common stock and 211,382 restricted stock units.
• The remaining RSUs will vest in installments on August 16, 2024, January 2, 2025, January 3, 2025, December 31, 2025, and January 2, 2026.

Sentiment

Score: 5

Explanation: This is a neutral report on stock transactions by an executive, with no inherent positive or negative implications for the company's performance.

Future Outlook

The remaining Restricted Stock Units will vest in accordance with the following schedule: (i) 24,816 on August 16, 2024, (ii) 18,133 on January 2, 2025, (iii) 40,407 on January 3, 2025, (iv) 109,894 on December 31, 2025, and (v) 18,132 on January 2, 2026.

Industry Context

This filing is a routine disclosure of stock transactions by a company executive, which is common in publicly traded companies. It provides transparency into the executive's holdings and transactions in the company's stock.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they involve the vesting of previously granted equity compensation.
• Employees holding RSUs may be interested in the vesting schedule and tax implications.

Key Dates