Patterson-UTI Enhances Long-Term Incentive Plan and Governance

Patterson-UTI (PTEN) has issued an announcement.

Patterson-UTI Energy, Inc. has successfully amended its 2021 Long-Term Incentive Plan, after receiving shareholder approval at the Annual Meeting held on June 6, 2024. This amendment increases the shares available for incentive programs by 20 million and introduces various stock-based awards, while also setting a cap on non-employee director compensation. The plan aims to motivate employees and directors through equity awards, with provisions for reissuing certain types of unallocated shares, ensuring a strong alignment with shareholders’ interests in the company’s performance and governance.

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