Patterson-UTI Energy, Inc. 2003 Cash Bonus Plan Summary Description
Patterson-UTI Energy, Inc.'s Compensation Committee established a formal cash bonus plan for 2003, creating a bonus pool based on company earnings before interest, taxes, depreciation, depletion, and amortization. The Committee had full discretion to allocate the pool among executive officers and other employees. For fiscal year 2003, approximately $3.4 million was set aside, with $1.85 million awarded to top executives. Individual bonus amounts for each executive officer were specified, and the bonuses were granted under the company's Amended and Restated 1997 Long-Term Incentive Plan.
Exhibit 10.26
Summary Description of 2003 Cash Bonus Plan
Patterson-UTI’s Compensation Committee determined that Patterson-UTI should implement a formal cash bonus program and created a cash bonus plan for 2003-related performance of a bonus pool for certain employees, including the top executive officers, based on earnings before interest, income taxes and depreciation, depletion and amortization. The Compensation Committee retained the right to allocate the pool among the executive officers and other employees in its discretion. The Compensation Committee determined that a total cash bonus pool of approximately $3.4 million, of which $1.85 million was allocated for executive officers, be established and awarded cash bonuses for fiscal 2003 in April 2004 under the Amended and Restated Patterson-UTI Energy, Inc. 1997 Long-Term Incentive Plan, as amended, to the following persons in the following amounts:
| Name and Position | Cash Bonus | |||
Mark S. Siegel | $ | 411,530 | ||
Chairman of the Board | ||||
Cloyce A. Talbott | $ | 411,530 | ||
Chief Executive Officer | ||||
A. Glenn Patterson | $ | 411,530 | ||
President and Chief Operating Officer | ||||
Kenneth N. Berns | $ | 205,765 | ||
Senior Vice President and Director | ||||
Jonathan D. Nelson | $ | 205,765 | ||
Vice President, | ||||
Chief Financial Officer, Secretary and Treasurer | ||||
John E. Vollmer III | $ | 205,765 | ||
Senior Vice President - Corporate Development | ||||
TOTAL | $ | 1,851,885 | ||
