Robert Wayne Drummond Jr - Sep 1, 2023 Form 4 Insider Report for PATTERSON UTI ENERGY INC (PTEN)

Role
Director
Signature
By Forrest Robinson pursuant to a limited power of attorney filed with the SEC on 09/06/2023 /s/Forrest Robinson
Stock symbol
PTEN
Transactions as of
Sep 1, 2023
Transactions value $
$0
Form type
4
Date filed
9/6/2023, 06:12 PM
Previous filing
Sep 5, 2023
Next filing
Sep 15, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PTEN Common Stock, $.01 par value per share Award +942K +15200.73% 949K Sep 1, 2023 Direct F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction PTEN Restricted Stock Units Award +3.05M 3.05M Sep 1, 2023 Common Stock, $.01 par value per share 3.05M Direct F3
transaction PTEN Cash-Settled Restricted Stock Units Award +510K 510K Sep 1, 2023 Common Stock, $.01 par value per share 510K Direct F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 This Form 4 reports securities acquired in connection with the mergers (the "Mergers") contemplated by that certain Agreement and Plan of Merger (as amended, the "Merger Agreement"), dated as of June 14, 2023, by and among Patterson-UTI Energy, Inc. (the "Issuer"), certain subsidiaries of the Issuer, and NexTier Oilfield Solutions Inc. ("NexTier"). On September 1, 2023, as a result of the Mergers contemplated by the Merger Agreement, at the Effective Time (as defined in the Merger Agreement), each outstanding share of common stock of NexTier was converted automatically into the right to receive 0.7520 (the "Exchange Ratio") shares of common stock of the Issuer, with cash paid in lieu of the issuance of any fractional shares of the Issuer's common stock.
F2 The shares of the Issuer's common stock reported above were acquired by the Reporting Person in respect of the shares of common stock of NexTier owned by the Reporting Person immediately prior to the Effective Time. On the trading day immediately prior to the Effective Time, the closing price of the Issuer's common stock was $14.14 per share and the closing price of NexTier's common stock was $10.61 per share.
F3 These restricted stock units ("RSUs") were acquired by the Reporting Person in the Mergers in exchange for NexTier restricted stock units and performance stock units held by the Reporting Person immediately prior to the Effective Time based on the Exchange Ratio. The RSUs fully vested on September 1, 2023, in connection with the Reporting Person's termination of employment with NexTier. Each RSU represents the right to receive a share of the Issuer's common stock or a cash payment in lieu thereof.
F4 These cash-settled restricted stock units ("Cash-Settled RSUs") were acquired by the Reporting Person in the Mergers in exchange for NexTier performance units held by the Reporting Person immediately prior to the Effective Time based on the Exchange Ratio. The Cash-Settled RSUs fully vested on September 1, 2023, in connection with the Reporting Person's termination of employment with NexTier. Each Cash-Settled RSU represents the right to receive a cash payment equal to the fair market value of a share of the Issuer's common stock.