Common use of ADJUSTMENTS FOR STOCK SPLIT; STOCK DIVIDEND, ETC Clause in Contracts

ADJUSTMENTS FOR STOCK SPLIT; STOCK DIVIDEND, ETC. If, at any time subsequent to the effective date of this Agreement, the number of shares of Common Stock is increased or decreased, or changed into or exchanged for a different number or kind of shares of stock or other securities of the Company or of another corporation (whether as a result of a stock split, stock dividend, combination or exchange of shares, exchange for other securities, reclassification, reorganization, redesignation, merger, consolidation, recapitalization or otherwise): (i) there shall automatically be substituted for each share subject to an unexercised Option (in whole or in part) granted under this Agreement, the number and kind of shares of stock or other securities into which each outstanding share shall be changed or for which each such share shall be exchanged; and (ii) the Option Price per share or unit of securities shall be increased or decreased proportionately so that the aggregate purchase price for the securities subject to the Option shall remain the same as immediately prior to such event. In addition to the foregoing, the Committee shall be entitled in the event of any such increase, decrease or exchange of shares to make other adjustments to the securities subject to the Option, and this Agreement (including adjustments which may provide for the elimination of fractional shares), where necessary to preserve the terms and conditions of any grants hereunder. Adjustments under this section shall be made by the Committee, whose determinations with regard thereto shall be final and binding upon all parties to this Agreement. XXXXXXXXX-UTI ENERGY, INC.: By: ------------------------------------- Xxxxxx X. Xxxxxxx, Chief Executive Officer OPTIONEE: DATE OF GRANT: July 20, 2001 ---------------------------------------- Xxxxxxx X. Peak EXHIBIT A EXERCISE OF STOCK OPTION Xxxxxxxxx-UTI Energy, Inc. 0000 Xxxxxx Xxxxxxx X.X. Xxxxxx 0000 Xxxxxx, XX 00000 Gentlemen: The undersigned Optionee, , hereby exercises the Option granted to him pursuant to the Stock Option Agreement dated as of July 20, 2001 between Xxxxxxxxx-UTI Energy, Inc. and the Optionee with respect to ____________ Common Shares covered by said Option, and tenders herewith $_____________ in payment of the purchase price thereof by delivery of ____________. The name and registered address on such certificate should be: ----------------------------- ----------------------------- ----------------------------- The Optionee's social security number is: ____________. -------------------------------- Optionee-

ADJUSTMENTS FOR STOCK SPLIT; STOCK DIVIDEND, ETC. If, at any time subsequent to the effective date of this Agreement, the number of shares of Common Stock is increased or decreased, or changed into or exchanged for a different number or kind of shares of stock or other securities of the Company or of another corporation (whether as a result of a stock split, stock dividend, combination or exchange of shares, exchange for other securities, reclassification, reorganization, redesignation, merger, consolidation, recapitalization or otherwise): (i) there shall automatically be substituted for each share subject to an unexercised Option (in whole or in part) granted under this Agreement, the number and kind of shares of stock or other securities into which each outstanding share shall be changed or for which each such share shall be exchanged; and (ii) the Option Price per share or unit of securities shall be increased or decreased proportionately so that the aggregate purchase price for the securities subject to the Option shall remain the same as immediately prior to such event. In addition to the foregoing, the Committee shall be entitled in the event of any such increase, decrease or exchange of shares to make other adjustments to the securities subject to the Option, and this Agreement (including adjustments which may provide for the elimination of fractional shares), where necessary to preserve the terms and conditions of any grants hereunder. Adjustments under this section shall be made by the Committee, whose determinations with regard thereto shall be final and binding upon all parties to this Agreement. XXXXXXXXXPATTERSON-UTI ENERGY, INC.: By: ------------------------------------- Xxxxxx X. Xxxxxxx------------------------------------------ Cloyce A. Talbott, Chief Executive Officer OPTIONEEXXXXXXXE: DATE OF GRANT: July 20, 2001 ---------------------------------------- Xxxxxxx X. ---------------------------------------------- Kenneth R. Peak EXHIBIT A EXERCISE OF STOCK OPTION Xxxxxxxxx-UTI Patterson Energy, Inc. 0000 Xxxxxx Xxxxxxx X.X. Xxxxxx 0000 Xxxxxx4510 Lamesa Highway P.O. Drawer 1416 Snyder, XX TX 00000 Gentlemen: The undersigned OptioneeXxx xxxxxxxxxxx Xxxxxxxx, , hereby exercises xxxxxx xxxxxxxes the Option granted to him pursuant to the Stock Option Agreement dated as of July 20, 2001 between XxxxxxxxxPatterson-UTI Energy, Inc. and the Optionee with respect to ________________ Common Xommon Shares covered by said Option, and tenders herewith $_____________ in payment of the purchase price thereof by delivery of _____________________. The name and registered address on such certificate should be: ----------------------------- ----------------------------- ----------------------------- ------------------------------------ ------------------------------------ ------------------------------------ The Optionee's social security number is: ____________. -------------------------------- ------------------- ------------------------------------------ Optionee-

ADJUSTMENTS FOR STOCK SPLIT; STOCK DIVIDEND, ETC. If, at any time subsequent to the effective date of this Agreement, the number of shares of Common Stock is increased or decreased, or changed into or exchanged for a different number or kind of shares of stock or other securities of the Company or of another corporation (whether as a result of a stock split, stock dividend, combination or exchange of shares, exchange for other securities, reclassification, reorganization, redesignation, merger, consolidation, recapitalization or otherwise): (i) there shall automatically be substituted for each share subject to an unexercised Option (in whole or in part) granted under this Agreement, the number and kind of shares of stock or other securities into which each outstanding share shall be changed or for which each such share shall be exchanged; and (ii) the Option Price per share or unit of securities shall be increased or decreased proportionately so that the aggregate purchase price for the securities subject to the Option shall remain the same as immediately prior to such event. In addition to the foregoing, the Committee shall be entitled in the event of any such increase, decrease or exchange of shares to make other adjustments to the securities subject to the Option, and this Agreement (including adjustments which may provide for the elimination of fractional shares), where necessary to preserve the terms and conditions of any grants hereunder. Adjustments under this section shall be made by the Committee, whose determinations with regard thereto shall be final and binding upon all parties to this Agreement. XXXXXXXXXPATTERSON-UTI ENERGY, INC.: By: ------------------------------------- Xxxxxx X. Xxxxxxx------------------------------------------ Cloyce A. Talbott, Chief Executive Officer OPTIONEEXXXXXXEE: DATE OF GRANT: July 20, 2001 ---------------------------------------- Xxxxxxx X. Peak EXHIBIT A ---------------------------------------------- Stephen J. DeGroat EXHIBIX X EXERCISE OF STOCK OPTION Xxxxxxxxx-UTI Patterson Energy, Inc. 0000 Xxxxxx Xxxxxxx X.X. Xxxxxx 0000 Xxxxxx4510 Lamesa Highway P.O. Drawer 1416 Snyder, XX 00000 Gentlemen: The undersigned OptioneeXxx xxxxxxxxxxx Xxxxxxxx, , hereby exercises xxxxxx xxxxcises the Option granted to him pursuant to the Stock Option Agreement dated as of July 20, 2001 between XxxxxxxxxPatterson-UTI Energy, Inc. and the Optionee with respect to ________________ Common Shares covered by said Option, and tenders herewith $_____________ in payment of the purchase price thereof by delivery of _____________________. The name and registered address on such certificate should be: ----------------------------- ----------------------------- ----------------------------- ------------------------------------ ------------------------------------ ------------------------------------ The Optionee's social security number is: ____________. -------------------------------- ------------------- ---------------------------------------------- Optionee-

ADJUSTMENTS FOR STOCK SPLIT; STOCK DIVIDEND, ETC. If, at any time subsequent to the effective date of this Agreement, the number of shares of Common Stock is increased or decreased, or changed into or exchanged for a different number or kind of shares of stock or other securities of the Company or of another corporation (whether as a result of a stock split, stock dividend, combination or exchange of shares, exchange for other securities, reclassification, reorganization, redesignation, merger, consolidation, recapitalization or otherwise): (i) there shall automatically be substituted for each share subject to an unexercised Option (in whole or in part) granted under this Agreement, the number and kind of shares of stock or other securities into which each outstanding share shall be changed or for which each such share shall be exchanged; and (ii) the Option Price per share or unit of securities shall be increased or decreased proportionately so that the aggregate purchase price for the securities subject to the Option shall remain the same as immediately prior to such event. In addition to the foregoing, the Committee shall be entitled in the event of any such increase, decrease or exchange of shares to make other adjustments to the securities subject to the Option, and this Agreement (including adjustments which may provide for the elimination of fractional shares), where necessary to preserve the terms and conditions of any grants hereunder. Adjustments under this section shall be made by the Committee, whose determinations with regard thereto shall be final and binding upon all parties to this Agreement. XXXXXXXXX-UTI ENERGY, INC.: By: ------------------------------------- Xxxxxx X. Xxxxxxx, Chief Executive Officer OPTIONEE: DATE OF GRANT: July 20, 2001 ---------------------------------------- Xxxxxxx X. Peak XxXxxxx EXHIBIT A EXERCISE OF STOCK OPTION Xxxxxxxxx-UTI Energy, Inc. 0000 Xxxxxx Xxxxxxx X.X. Xxxxxx 0000 Xxxxxx, XX 00000 Gentlemen: The undersigned Optionee, , hereby exercises the Option granted to him pursuant to the Stock Option Agreement dated as of July 20, 2001 between Xxxxxxxxx-UTI Energy, Inc. and the Optionee with respect to ____________ Common Shares covered by said Option, and tenders herewith $_______________ in payment of the purchase price thereof by delivery of ________________. The name and registered address on such certificate should be: ----------------------------- ----------------------------- ----------------------------- The Optionee's social security number is: ____________. -------------------------------- Optionee-