Form 4: Patterson-UTI Energy Inc. Executive Seth Wexler Reports Changes in Beneficial Ownership
SEC Form 4 Filing
EVP/General Counsel/Secretary Seth David Wexler reports acquisition and disposal of Patterson-UTI Energy Inc. stock related to performance unit settlement and tax obligations.
Summary
- On May 9, 2024, Seth David Wexler, EVP/General Counsel/Secretary of Patterson-UTI Energy Inc., reported changes in beneficial ownership of the company's common stock.
- Wexler acquired 80,868 shares of common stock at $0.00 related to the settlement of a 2021 Performance Unit grant.
- He disposed of 31,822 shares at $11.16 to cover withholding taxes associated with the performance unit settlement.
- Wexler also acquired 79,000 restricted stock units that convert into common stock on a one-for-one basis.
- Following these transactions, Wexler beneficially owns 442,676 shares of Patterson-UTI Energy Inc. common stock.
- One-third of the restricted stock units vests on each of May 9, 2025, May 9, 2026 and May 9, 2027.
Sentiment
Score: 6
Explanation: Neutral sentiment as the filing reflects routine transactions related to executive compensation and does not indicate any significant positive or negative developments for the company.
Positives
- The acquisition of restricted stock units indicates a continued alignment of the executive's interests with the long-term performance of the company.
Future Outlook
The vesting schedule of the restricted stock units suggests a multi-year commitment by the executive to the company's success.
Industry Context
Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. This filing indicates changes in Seth Wexler's holdings of Patterson-UTI Energy Inc. stock.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units to align management's interests with shareholders, a common practice among companies like Schlumberger, Halliburton, and Baker Hughes.
- The vesting schedule of the restricted stock units is typical, with vesting occurring over a period of several years.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they are related to executive compensation and do not represent a significant change in the company's financial position.
Next Steps
- Monitor future Form 4 filings to track changes in insider ownership.
Key Dates
| Date | Description |
|---|---|
| 05/09/2024 | Date of the reported transactions (acquisition and disposal of shares). |
| 05/09/2025 | First vesting date for one-third of the restricted stock units. |
| 05/09/2026 | Second vesting date for one-third of the restricted stock units. |
| 05/09/2027 | Final vesting date for one-third of the restricted stock units. |
| 05/13/2024 | Date of signature for the Form 4 filing. |
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