Patterson-UTI (PTEN) EVP Wexler gets stock and RSU grants
Rhea-AI Filing Summary
PATTERSON-UTI Energy executive vice president and general counsel Seth David Wexler reported routine equity compensation and related settlements. On April 30, 2026, he received 49,300 shares of Common Stock and 32,900 restricted stock units that each convert into one share, vesting in equal installments on April 30 of 2027, 2028 and 2029. On May 1, 2026, 20,600 restricted stock units vested into Common Stock, and 11,438 shares were withheld to cover taxes. The filing also shows cash settlement of 20,600 cash-settled restricted stock units, recorded as a disposition to the company but with no actual shares issued or sold. After these events, Wexler directly held 543,130 Common shares and 74,100 cash-settled restricted stock units.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 37,862 shares
Net Buy
6 txns
Insider
Wexler Seth David
Role
EVP/General Counsel/Secretary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Cash-Settled Restricted Stock Units | 20,600 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Stock | 11,438 | $12.22 | $140K |
| Exercise | Common Stock | 20,600 | $0.00 | $0.00 |
| Disposition | Common Stock | 20,600 | $10.80 | $222K |
| Grant/Award | Cash-Settled Restricted Stock Units | 32,900 | $0.00 | $0.00 |
| Grant/Award | Common Stock | 49,300 | $0.00 | $0.00 |
Holdings After Transaction:
Cash-Settled Restricted Stock Units — 74,100 shares (Direct);
Common Stock — 543,130 shares (Direct)
Footnotes (5)
- F1. Restricted stock units that convert into shares of the Issuer's common stock, par value $0.01 per share ("Common Stock"), on a one-for-one basis. One-third of the restricted stock units vests on each of April 30, 2027, April 30, 2028 and April 30, 2029.
- F2. Shares disposed to pay applicable withholding taxes on Restricted Stock Units converted into Common Stock on May 1, 2026.
- F3. Reflects the settlement of cash-settled restricted stock units that vested on May 1, 2026.
- F4. No shares were actually issued, disposed or sold. Under applicable SEC guidance, cash settlement of restricted stock units is deemed to involve the conversion of the cash-settled restricted stock units into the underlying common stock and the simultaneous disposition of the common stock to the Company for cash. Accordingly, Table 1 uses Transaction Code D to report the cash-settled restricted stock unit settlement.
- F5. Each cash-settled restricted stock unit represents a contingent right to receive cash in an amount equal to the value of one share of Common Stock on the applicable vesting date. One-third of the cash-settled restricted stock units vests on each of April 30, 2027, April 30, 2028 and April 30, 2029.
Key Figures
Stock grant: 49,300 shares
RSU grant: 32,900 units
RSUs vested: 20,600 units
+3 more
6 metrics
Stock grant
49,300 shares
Common Stock award on April 30, 2026
RSU grant
32,900 units
Restricted stock units granted April 30, 2026, vesting 2027-2029
RSUs vested
20,600 units
Restricted stock units converted into Common Stock on May 1, 2026
Tax withholding shares
11,438 shares
Shares withheld to pay taxes on RSU vesting at $12.22 per share
Post-transaction holdings
543,130 shares
Common Stock directly owned after reported transactions
Cash-settled RSUs outstanding
74,100 units
Cash-settled restricted stock units remaining after May 1, 2026 settlement
Key Terms
restricted stock units, cash-settled restricted stock units, withholding taxes, Transaction Code D, +1 more
5 terms
restricted stock units financial
"Restricted stock units that convert into shares of the Issuer's common stock"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
cash-settled restricted stock units financial
"Each cash-settled restricted stock unit represents a contingent right to receive cash"
withholding taxes financial
"Shares disposed to pay applicable withholding taxes on Restricted Stock Units"
Withholding taxes are amounts a payer or government takes out of payments — such as wages, interest, or dividends — before the recipient gets the money, functioning like a cashier keeping part of a bill to pay taxes on your behalf. For investors this matters because it reduces the cash they actually receive, affects net returns and yield calculations, and may require additional paperwork or treaty claims to recover or offset the withheld amount against final tax bills.
Transaction Code D regulatory
"Table 1 uses Transaction Code D to report the cash-settled restricted stock unit settlement"
disposition to issuer financial
"simultaneous disposition of the common stock to the Company for cash"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What equity awards did PTEN executive Seth Wexler receive in this Form 4?
Seth Wexler received 49,300 shares of Common Stock and 32,900 restricted stock units. These units convert one-for-one into shares and vest in three equal installments on April 30 of 2027, 2028 and 2029, reflecting routine executive compensation grants.
What is the significance of the tax withholding in Seth Wexler’s PTEN filing?
The filing reports 11,438 shares of Common Stock disposed under code F to cover withholding taxes on vested restricted stock units. This is a standard, non-market transaction where shares are retained by the company to satisfy tax obligations rather than sold to third-party investors.
How do cash-settled restricted stock units work for PTEN’s Seth Wexler?
Each cash-settled restricted stock unit represents a right to receive cash equal to one share’s value on vesting. For Wexler, one-third of these units vest on April 30 of 2027, 2028 and 2029. Settlement is reported as a deemed conversion and disposition under SEC guidance, without issuing shares.
What vesting schedule applies to Seth Wexler’s new PTEN restricted stock units?
Both the stock-settled and cash-settled restricted stock units granted to Seth Wexler vest in three equal tranches. One-third vests on April 30, 2027, another third on April 30, 2028, and the final third on April 30, 2029, aligning with typical long-term incentive structures.