Document:

<PAGE>   1
                                                                     EXHIBIT 4.5

                                UTI ENERGY CORP.

                              AMENDED AND RESTATED

                         1997 LONG-TERM INCENTIVE PLAN

ARTICLE I:  GENERAL

      SECTION 1.1  Purpose of the Plan.  This Amended and Restated Long-Term
Incentive Plan (the "Plan") of UTI Energy Corp. (the "Company") amends and
restates in its entirety the Company's 1997 Long-Term Incentive Plan to reflect
the three-for-one stock dividend paid to stockholders of the Company on
September 5, 1997.  The Plan is intended to advance the best interests of the
Company, its subsidiaries and its stockholders in order to attract, retain and
motivate key employees by providing them with additional incentives through (i)
the grant of options ("Options") to purchase shares of Common Stock, par value
$.01 per share, of the Company ("Common Stock"), (ii) the grant of stock
appreciation rights ("Stock Appreciation Rights"), (iii) the award of shares of
restricted Common Stock ("Restricted Stock") and (iv) the award of units
payable in cash or shares of Common Stock based on performance ("Performance
Awards"), thereby increasing the personal stake of such key employees in the
continued success and growth of the Company.

      SECTION 1.2  Administration of the Plan.  (a) The Plan shall be
administered either by the full Board of Directors of the Company (the "Board
of Directors") or by the Compensation Committee or other designated committee
of the Board of Directors.  The Board of Directors or such committee is
referred to herein as the "Committee".  The Committee shall have authority to
interpret conclusively the provisions of the Plan, to adopt such rules and
regulations for carrying out the Plan as it may deem advisable, to decide
conclusively all questions of fact arising in the application of the Plan, to
establish performance criteria in respect of Awards (as defined herein) under
the Plan, to certify that Plan requirements have been met for any participant
in the Plan, to submit such matters as it may deem advisable to the Company's
stockholders for their approval, and to make all other determinations and take
all other actions necessary or desirable for the administration of the Plan.
The Committee is expressly authorized to adopt rules and regulations limiting
or eliminating its discretion in respect of certain matters as it may deem
advisable to comply with or obtain preferential treatment under any applicable
tax or other law rule, or regulation.  All decisions and acts of the Committee
shall be final and binding upon all affected Plan participants.

      (b)  The Committee shall designate the eligible employees, if any, to be
granted Awards and the type and amount of such Awards and the time when Awards
will be granted.  All Awards granted under the Plan shall be on the terms and
subject to the conditions determined by the Committee consistent with the Plan.

      SECTION 1.3  Eligible Participants.  Key employees, including officers
and directors, of the Company and its subsidiaries (all such subsidiaries being
referred to as "Subsidiaries") shall be eligible for Awards under the Plan.

      SECTION 1.4  Awards Under the Plan.  Awards to key employees may be in
the form of (i) Options, (ii) Stock Appreciation Rights, which may be issued
independent of or in tandem with Options, (iii) shares of Restricted Stock,
(iv) Performance Awards, or (v) any combination of the foregoing (collectively,
"Awards").

      SECTION 1.5  Shares Subject to the Plan.  Initially, the aggregate number
of shares of Common Stock that may be issued under the Plan shall be 600,000,
subject to adjustment as provided in Section 5.2 of the Plan.  Shares

                                      B-1
<PAGE>   2
distributed pursuant to the Plan may consist of authorized but unissued shares
or treasury shares of the Company, as shall be determined from time to time by
the Board of Directors.

      If any Award under the Plan shall expire, terminate or be canceled
(including cancellation upon an Option holder's exercise of a related Stock
Appreciation Right) for any reason without having been exercised in full, or if
any Award shall be forfeited to the Company, the unexercised or forfeited Award
shall not count against the above limits and shall again become available for
Awards under the Plan (unless the holder of such Award received dividends or
other economic benefits with respect to such Award, which dividends or other
economic benefits are not forfeited, in which case the Award shall count
against the above limits).  Shares of Common Stock equal in number to the
shares surrendered in payment of the option price, and shares of Common Stock
which are withheld in order to satisfy Federal, state or local tax liability,
shall count against the above limits.  Only the number of shares of Common
Stock actually issued upon exercise of a Stock Appreciation Right shall count
against the above limits, and any shares which were estimated to be used for
such purposes and were not in fact so used shall again become available for
Awards under the Plan.  Cash exercises of Stock Appreciation Rights and cash
settlement of other Awards will not count against the above limits.

      The aggregate number of shares of Common Stock subject to Options or
Stock Appreciation Rights that may be granted to any one participant in any one
year under the Plan shall be 300,000, subject to adjustment as provided in
Section 5.2 of the Plan.  The aggregate number of shares of Common Stock that
may be granted to any one participant in any one year in respect of Restricted
Stock shall be 300,000, subject to adjustment as provided in Section 5.2 of the
Plan.  The aggregate number of shares of Common Stock that may be received by
any one participant in any one year in respect of a Performance Award shall be
300,000, subject to adjustment as provided in Section 5.2 of the Plan, and the
aggregate amount of cash that may be received by any one participant in any one
year in respect to a Performance Award shall be $500,000.

      The total number of Awards (or portions thereof) settled in cash under
the Plan, based on the number of shares covered by such Awards (e.g., 100
shares for a Stock Appreciation Right with respect to 100 shares), shall not
exceed a number equal to (i) the number of shares initially available for
issuance under the Plan plus (ii) the number of shares that have become
available for issuance under the Plan pursuant to the first paragraph of this
Section 1.5.

      The aggregate number of shares of Common Stock that are available under
the Plan for Options granted in accordance with Section 2.4(i) ("ISOs") is
600,000, subject to adjustment as provided in Section 5.2 of the Plan.

      SECTION 1.6  Other Compensation Programs.  Nothing contained in the Plan
shall be construed to preempt or limit the authority of the Board of Directors
to exercise its corporate rights and powers, including, but not by way of
limitation, the right of the Board of Directors (i) to grant incentive awards
for proper corporate purposes otherwise than under the Plan to any employee,
officer, director or other person or entity or (ii) to grant incentive awards
to, or assume incentive awards of, any person or entity in connection with the
acquisition (whether by purchase, lease, merger, consolidation or otherwise) of
the business or assets (in whole or in part) of any person or entity.

ARTICLE II:  STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

      SECTION 2.1  Terms and Conditions of Options.  Subject to the following
provisions, all Options granted under the Plan to employees of the Company and
its Subsidiaries shall be in such form and shall have such terms and conditions
as the Committee, in its discretion, may from time to time determine consistent
with the Plan.

      (a)  Option Price.  The option price per share shall be determined by the
Committee, except that in the case of an Option granted in accordance with
Section 2.4(i) the option price per share shall not be less than the fair

                                      B-2
<PAGE>   3
market value of a share of Common Stock (as determined by the Committee) on the
date the Option is granted (other than in the case of substitute or assumed
Options to the extent required to qualify such Options for preferential tax
treatment under the Code as in effect at the time of such grant).

      (b)  Term of Option.  The term of an Option shall be determined by the
Committee, except that in the case of an ISO the term of the Option shall not
exceed ten years from the date of grant, and, notwithstanding any other
provision of this Plan, no Option shall be exercised after the expiration of
its term.

      (c)  Exercise of Options.  Options shall be exercisable at such time or
times and subject to such terms and conditions as the Committee shall specify
in the Option grant.  Unless the Option grant specifies otherwise, the
Committee shall have discretion at any time to accelerate such time or times
and otherwise waive or amend any conditions in respect of all or any portion of
the Options held by any optionee.  An Option may be exercised in accordance
with its terms as to any or all shares purchasable thereunder.

      (d)  Payment for Shares.  The Committee may authorize payment for shares
as to which an Option is exercised to be made in cash, shares of Common Stock,
a combination thereof, by "cashless exercise" or in such other manner as the
Committee in its discretion may provide.

      (e)  Stockholder Rights.  The holder of an Option shall, as such, have
none of the rights of a stockholder.

      (f)  Termination of Employment.  The Committee  shall have discretion to
specify in the Option grant, or, with the consent of the optionee, an amendment
thereof, provisions with respect to the period, not extending beyond the term
of the Option, during which the Option may be exercised following the
optionee's termination of employment.

      SECTION 2.2  Stock Appreciation Rights in Tandem with Options.  (a)  The
Committee may, either at the time of grant of an Option or at any time during
the term of the Option, grant Stock Appreciation Rights ("Tandem SARs") with
respect to all or any portion of the shares of Common Stock covered by such
Option.  A Tandem SAR may be exercised at any time the Option to which it
relates is then exercisable, but only to the extent the Option to which it
relates is exercisable, and shall be subject to the conditions applicable to
such Option.  When a Tandem SAR is exercised, the Option to which it relates
shall cease to be exercisable to the extent of the number of shares with
respect to which the Tandem SAR is exercised.  Similarly, when an Option is
exercised, the Tandem SARs relating to the shares covered by such Option
exercise shall terminate.  Any Tandem SAR which is outstanding on the last day
of the term of the related Option (as determined pursuant to Section 2.1(b))
shall be automatically exercised on such date for cash without any action by
the optionee.

      (b)  Upon exercise of a Tandem SAR, the holder shall receive, for each
share with respect to which the Tandem SAR is exercised, an amount (the
"Appreciation") equal to the difference between the option price per share of
the Option to which the Tandem SAR relates and the fair market value (as
determined by the Committee) of a share of Common Stock on the date of exercise
of the Tandem SAR.  The Appreciation shall be payable in cash, Common Stock, or
a combination of both, at the option of the Committee, and shall be paid within
30 days of the exercise of the Tandem SAR.

      SECTION 2.3  Stock Appreciation Rights Independent of Options.  Subject
to the following provisions, all Stock Appreciation Rights granted independent
of Options ("Independent SARs") under the Plan to employees of the Company and
its Subsidiaries shall be in such form and shall have such terms and conditions
as the Committee, in its discretion, may from time to time determine consistent
with the Plan.

      (a)  Exercise Price.  The exercise price per share shall be determined by
the Committee on the date the Independent SAR is granted.

                                      B-3
<PAGE>   4
      (b)  Term of Independent SAR.  The term of an Independent SAR shall be
determined by the Committee, and, notwithstanding any other provision of this
Plan, no Independent SAR shall be exercised after the expiration of its term.

      (c)  Exercise of Independent SARs.  Independent SARs shall be exercisable
at such time or times and subject to such terms and conditions as the Committee
shall specify in the Independent SAR grant.  Unless the Independent SAR grant
specifies otherwise, the Committee shall have discretion at any time to
accelerate such time or times and otherwise waive or amend any conditions in
respect of all or any portion of the Independent SARs held by any participant.
Upon exercise of an Independent SAR, the holder shall receive, for each share
specified in the Independent SAR grant, an amount (the "Appreciation") equal to
the difference between the exercise price per share specified in the
Independent SAR grant and the fair market value (as determined by the
Committee) of a share of Common Stock on the date of exercise of the
Independent SAR.  The Appreciation shall be payable in cash, Common Stock, or a
combination of both, at the option of the Committee, and shall be paid within
30 days of the exercise of the Independent SAR.

      (d)  Stockholder Rights.  The holder of an Independent SAR shall, as
such, have none of the rights of a stockholder.

      (e)  Termination of Employment.  The Committee shall have discretion to
specify in the Independent SAR grant, or, with the consent of the holder, an
amendment thereof, provisions with respect to the period, not extending beyond
the term of the Independent SAR, during which the Independent SAR may be
exercised following the holder's termination of employment.

      SECTION 2.4  Statutory Options.  Subject to the limitations on Option
terms set forth in Section 2.1, the Committee shall have the authority to grant
(i) ISOs within the meaning of Section 422 of the Internal Revenue Code of
1986, as amended (the "Code"), and (ii) Options containing such terms and
conditions as shall be required to qualify such Options for preferential tax
treatment under the Code as in effect at the time of such grant, including, if
then applicable, limits with respect to minimum exercise price, duration and
amounts and special limitations applicable to any individual who, at the time
the Option is granted, owns stock possessing more than 10% of the total
combined voting power of all classes of stock of the Company or any affiliate.
Options granted pursuant to this Section 2.4 may contain such other terms and
conditions permitted by Article II of this Plan as the Committee, in its
discretion, may from time to time determine (including, without limitation,
provision for Stock Appreciation Rights), to the extent that such terms and
conditions do not cause the Options to lose their preferential tax treatment.
If an Option intended to be an ISO ceases or is otherwise not eligible to be an
ISO, such Option (or portion thereof necessary to maintain the status of the
remaining portion of the Option as an ISO) shall remain valid but be treated as
an Option other than an ISO.

      SECTION 2.5  Change of Control.  Notwithstanding the exercisability
schedule governing any Option or Stock Appreciation Right, upon the occurrence
of a Change of Control (as defined in Section 5.9) all Options and Stock
Appreciation Rights outstanding at the time of such Change of Control and held
by participants who are employees of the Company or its subsidiaries at the
time of such Change of Control shall (unless specifically provided otherwise in
the grant thereof) become immediately exercisable and, unless the participant
agrees otherwise in writing, remain exercisable for three years (but not beyond
the term of the Option or Stock Appreciation Right) after the employee's
termination of employment for any reason other than termination by the Company
or a subsidiary of the Company for dishonesty, conviction of a felony, wilful
unauthorized disclosure of confidential information or wilful refusal to
perform the duties of such employee's position or positions with the Company or
such subsidiary (termination for "cause"); provided that this Section 2.5 shall
not apply to Awards granted to a participant if, in connection with a Change of
Control pursuant to clause (1) of Section 5.9, such participant is the Person
or forms part of the Person specified in such clause (1).

                                      B-4
<PAGE>   5
ARTICLE III:  RESTRICTED STOCK

      SECTION 3.1  Terms and Conditions of Restricted Stock Awards.  Subject to
the following provisions, all Awards of Restricted Stock under the Plan to
employees of the Company and its Subsidiaries shall be in such form and shall
have such terms and conditions as the Committee, in its discretion, may from
time to time determine consistent with the Plan.

      (a)  Restricted Stock Award.  The Restricted Stock Award shall specify
the number of shares of Restricted Stock to be awarded, the price, if any, to
be paid by the recipient of the Restricted Stock, and the date or dates on
which the Restricted Stock will vest.  The vesting and number of shares of
Restricted Stock may be conditioned upon the completion of a specified period
of service with the Company or its Subsidiaries, upon the attainment of
specified performance objectives, or upon such other criteria as the Committee
may determine in accordance with the provisions hereof.  Performance objectives
will be based on increases in share prices, operating income, net income or
cash flow thresholds on a company wide, subsidiary or division or group basis,
rig utilization, safety records, return on common equity or any combination of
the foregoing.

      (b)  Restrictions on Transfer.  Stock certificates representing the
Restricted Stock granted to an employee shall be registered in the employee's
name.  Such certificates shall either be held by the Company on behalf of the
employee, or delivered to the employee bearing a legend to restrict transfer of
the certificate until the Restricted Stock has vested, as determined by the
Committee.  The Committee shall determine whether the employee shall have the
right to vote and/or receive dividends on the Restricted Stock before it has
vested.  No share of Restricted Stock may be sold, transferred, assigned, or
pledged by the employee until such share has vested in accordance with the
terms of the Restricted Stock Award.  Unless the grant of a Restricted Stock
Award specifies otherwise, in the event of an employee's termination of
employment before all the employee's Restricted Stock has vested, or in the
event other conditions to the vesting of Restricted Stock have not been
satisfied prior to any deadline for the satisfaction of such conditions set
forth in the Award, the shares of Restricted Stock that have not vested shall
be forfeited and any purchase price paid by the employee shall be returned to
the employee.  At the time Restricted Stock vests (and, if the employee has
been issued legended certificates of Restricted Stock, upon the return of such
certificates to the Company), a certificate for such vested shares shall be
delivered to the employee or the employee's estate, free of all restrictions.

      (c)  Accelerated Vesting.  Notwithstanding the vesting conditions set
forth in the Restricted Stock Award, (i) unless the Restricted Stock grant
specifies otherwise, the Committee may in its discretion at any time accelerate
the vesting of Restricted Stock or otherwise waive or amend any conditions of a
grant of Restricted Stock, and (ii) all shares of Restricted Stock shall vest
upon a Change of Control of the Company; provided that clause (ii) above shall
not apply to Awards granted to a participant if, in connection with a Change of
Control pursuant to clause (1) of Section 5.9, such participant is the Person
or forms part of the Person specified in such clause (1).

ARTICLE IV:  PERFORMANCE AWARDS

      SECTION 4.1  Terms and Conditions of Performance Awards.  The Committee
shall be authorized to grant Performance Awards, which are payable in stock,
cash or a combination thereof, at the discretion of the Committee.

      (a)  Performance Period.  The Committee shall establish with respect to
each Performance Award a performance period over which the performance goal of
such Performance Award shall be measured.  The performance period for a
Performance Award shall be established prior to the time such Performance Award
is granted and may overlap with performance periods relating to other
Performance Awards granted hereunder to the same employee.

                                      B-5
<PAGE>   6
      (b)  Performance Objectives.  The Committee shall establish a minimum
level of acceptable achievement for the holder at the time of each Award.  Each
Performance Award shall be contingent upon future performances and achievement
of objectives described either in terms of Company-wide performance or in terms
that are related to performance of the employee or of the division, subsidiary,
department or function within the Company in which the employee is employed.
The Committee shall have the authority to establish the specific performance
objectives and measures applicable to such objectives.  Such objectives,
however, shall be based on increases in share prices, operating income, net
income or cash flow thresholds on a company wide, subsidiary or division or
group, rig utilization, safety records, return on common equity or any
combination of the foregoing.

      (c)  Size, Frequency and Vesting.   The Committee shall have the
authority to determine at the time of the Award the maximum value of a
Performance Award, the frequency of Awards and the date or dates when Awards
vest.

      (d)  Payment.  Following the end of each performance period, the holder
of each Performance Award will be entitled to receive payment of an amount, not
exceeding the maximum value of the Performance Award, based on the achievement
of the performance measures for such performance period, as determined by the
Committee.  If at the end of the performance period the specified objectives
have been attained, the employee shall be deemed to have fully earned the
Performance Award.  If the employee exceeds the specified minimum level of
acceptable achievement but does not fully attain such objectives, the employee
shall be deemed to have partly earned the Performance Award, and shall become
entitled to receive a portion of the total Award, as determined by the
Committee.  If a Performance Award is granted after the start of a performance
period, the Award shall be reduced to reflect the portion of the performance
period during which the Award was in effect.  Unless the Award specifies
otherwise, including restrictions in order to satisfy the conditions under
Section 162(m) of the Code, the Committee may adjust the payment of Awards or
the performance objectives if events occur or circumstances arise which would
cause a particular payment or set of performance objectives to be
inappropriate, as determined by the Committee.

      (e)  Termination of Employment.  A recipient of a Performance Award who,
by reason of death, disability or retirement, terminates employment before the
end of the applicable performance period shall be entitled to receive, to the
extent earned, a portion of the Award which is proportional to the portion of
the performance period during which the employee was employed.  A recipient of
a Performance Award who terminates employment for any other reason shall not be
entitled to any part of the Award unless the Committee determines otherwise;
however, the Committee may in no event pay the employee more than that portion
of the Award which is proportional to his or her period of actual service.

      (f)  Accelerated Vesting.  Notwithstanding the vesting conditions set
forth in a Performance Award, (i) unless the Award specifies otherwise, the
Committee may in its discretion at any time accelerate vesting of the Award or
otherwise waive or amend any conditions (including but not limited to
performance objectives) in respect of a Performance Award, and (ii) all
Performance Awards shall vest upon a Change of Control of the Company.  In
addition, each participant in the Plan shall receive the maximum Performance
Award he or she could have earned for the proportionate part of the performance
period prior to the Change of Control, and shall retain the right to earn any
additional portion of his or her Award if he or she remains in the Company's
employ.  However, clause (ii) above shall not apply to Awards granted to a
participant if, in connection with a Change of Control pursuant to clause (1)
of Section 5.9, such participant is the Person or forms part of the Person
specified in such clause (1).

      (g)  Stockholder Rights.  The holder of a Performance Award shall, as
such, have none of the rights of a stockholder.

                                      B-6
<PAGE>   7
ARTICLE V:  ADDITIONAL PROVISIONS

      SECTION 5.1  General Restrictions.  Each Award under the Plan shall be
subject to the requirement that, if at any time the Committee shall determine
that (i) the listing, registration or qualification of the shares of Common
Stock subject or related thereto upon any securities exchange or under any
state or Federal law, or (ii) the consent or approval of any government
regulatory body, or (iii) an agreement by the recipient of an Award with
respect to the disposition of shares of Common Stock, is necessary or desirable
(in connection with any requirement or interpretation of any Federal or state
securities law, rule or regulation) as a condition of, or in connection with,
the granting of such Award or the issuance, purchase or delivery of shares of
Common Stock thereunder, such Award may not be consummated in whole or in part
unless such listing, registration, qualification, consent, approval or
agreement shall have been effected or obtained free of any conditions not
acceptable to the Committee.

      SECTION 5.2  Adjustments for Changes in Capitalization.  In the event of
any stock dividends, stock splits, recapitalizations, combinations, exchanges
of shares, mergers, consolidation, liquidations, split-ups, split-offs, spin-
offs, or other similar changes in capitalization, or any distribution to
stockholders, including a rights offering, other than regular cash dividends,
changes in the outstanding stock of the Company by reason of any increase or
decrease in the number of issued shares of Common Stock resulting from a
split-up or consolidation of shares or any similar capital adjustment or the
payment of any stock dividend, any share repurchase at a price in excess of the
market price of the Common Stock at the time such repurchase is announced or
other increase or decrease in the number of such shares, the Committee shall
make appropriate adjustment in the number and kind of shares authorized by the
Plan (including shares available for ISOs), in the number, price or kind of
shares covered by the Awards and in any outstanding Awards under the Plan;
provided, however, that no such adjustment shall increase the aggregate value
of any outstanding Award.

      In the event of any adjustment in the number of shares covered by any
Award, any fractional shares resulting from such adjustment shall be
disregarded and each such Award shall cover only the number of full shares
resulting from such adjustment.

      SECTION 5.3  Amendments.  (a)  The Board of Directors may at any time and
from time to time and in any respect amend or modify the Plan.

      (b)  The Committee shall have the authority to amend any Award to include
any provision which, at the time of such amendment, is authorized under the
terms of the Plan; however, no outstanding Award may be revoked or altered in a
manner unfavorable to the holder without the written consent of the holder.

      SECTION 5.4  Cancellation of Awards.  Any Award granted under the Plan
may be cancelled at any time with the consent of the holder and a new Award may
be granted to such holder in lieu thereof, which Award may, in the discretion
of the Committee, be on more favorable terms and conditions than the canceled
Award.

      SECTION 5.5  Withholding.  Whenever the Company proposes or is required
to issue or transfer shares of Common Stock under the Plan, the Company shall
have the right to require the holder to pay an amount in cash or to retain or
sell without notice, or demand surrender of, shares of Common Stock in value
sufficient to satisfy any Federal, state or local withholding tax liability
("Withholding Tax") prior to the delivery of any certificate for such shares
(or remainder of shares if Common Stock is retained to satisfy such tax
liability).  Whenever under the Plan payments are to be made in cash, such
payments shall be net of an amount sufficient to satisfy any Federal, state or
local withholding tax liability.  An Award may also provide the holder with the
right to satisfy the Withholding Tax with previously owned shares of Common
Stock or shares of Common Stock otherwise issuable to the holder.

      Whenever Common Stock is so retained or surrendered to satisfy
Withholding Tax, the value of shares of Common Stock so retained or surrendered
shall be determined by the Committee, and the value of shares of

                                      B-7
<PAGE>   8
Common Stock so sold shall be the net proceeds (after deduction of commissions)
received by the Company from such sale, as determined by the Committee.

      SECTION 5.6  Non-assignability.  Except as expressly provided in the Plan
or in any agreements, no Award under the Plan shall be assignable or
transferable by the holder thereof except by will or by the laws of descent and
distribution.  During the life of the holder, Awards under the Plan shall be
exercisable only by such holder or by the guardian or legal representative of
such holder.

      SECTION 5.7  Non-uniform Determinations.  Determinations by the Committee
under the Plan (including, without limitation, determinations of the persons to
receive Awards; the form, amount and timing of such Awards; the terms and
provisions of such Awards and the agreements evidencing same; and provisions
with respect to termination of employment) need not be uniform and may be made
by it selectively among persons who receive, or are eligible to receive, Awards
under the Plan, whether or not such persons are similarly situated.

      SECTION 5.8  No Guarantee of Employment.  The grant of an Award under the
Plan shall not constitute an assurance of continued employment for any period
or any obligation of the Board of Directors to nominate any director for
reelection by the Company's stockholders.

      SECTION 5.9  Change of Control.  A "Change of Control" shall be deemed to
have occurred if:

      (1)  any Person (as defined below), other than a Designated Person, is or
becomes the Beneficial Owner (as defined below) of securities of the Company
representing 35% or more of the Voting Power (as defined below);

      (2)  there shall occur a change in the composition of a majority of the
Board of Directors within any period of four consecutive years which change
shall not have been approved by a majority of the Board of Directors as
constituted immediately prior to the commencement of such period;

      (3)  at any meeting of the stockholders of the Company called for the
purpose of electing directors, more than one of the persons nominated by the
Board of Directors for election as directors shall fail to be elected; or

      (4)  the stockholders of the Company approve a merger, consolidation,
sale of substantially all assets or other reorganization of the Company, other
than a reincorporation, in which the Company does not survive.

      For purposes of this Section 5.9, (i) "Person" shall have the meaning set
forth in Sections 3(a)(9) and 13(d)(3) of the Securities Exchange Act of 1934
(the "Exchange Act"), as in effect on May 1, 1997, (ii) "Beneficial Owner"
shall have the meaning set forth in Rules 13d-3 and 13d-5 promulgated under the
Exchange Act on May 1, 1997; (iii) "Voting Power" shall mean the voting power
of the outstanding securities of the Company having the right under ordinary
circumstances to vote at an election of the Board of Directors; and (iv)
"Designated Person" shall mean any Person whose Beneficial Ownership of
securities is solely the result of such Person acquiring securities as an
underwriter in an underwritten public offering of such securities.
Notwithstanding anything contained herein to the contrary, a Change in Control
shall not be deemed to have occurred due to the Voting Power of Remy Capital
Partners III, L.P. or any of its affiliates (collectively "Remy") falling below
35% or subsequently increasing over 35%.

      SECTION 5.10  Duration and Termination.  (a)  The Plan shall be of
unlimited duration.  Notwithstanding the foregoing, no ISO (within the meaning
of Section 422 of the Code) shall be granted under the Plan ten (10) years
after the effective date of the Plan, but Awards granted prior to such date may
extend beyond such date, and the terms of this Plan shall continue to apply to
all Awards granted hereunder.

                                      B-8
<PAGE>   9
      (b)  The Board of Directors may suspend, discontinue or terminate the
Plan at any time.  Such action shall not impair any of the rights of any holder
of any Award outstanding on the date of the Plan's suspension, discontinuance
or termination without the holder's written consent.

      SECTION 5.11  Deferred Compensation and Trust Agreements.  The Committee
may authorize and establish deferred compensation agreements and arrangements
in connection with Awards under the Plan and may establish trusts and other
arrangements including "rabbi trusts", with respect to such agreements and
appoint one or more trustees for such trusts.  Shares of Common Stock under the
Plan may also be acquired by one or more trustees from the Company, in the open
market or otherwise.

      SECTION 5.12  Effective Date.  The Plan is effective as of July 23, 1997,
the effective date of the Long-Term Incentive Plan prior to amendment.

                                      B-9<PAGE>   1
                                                                   EXHIBIT 4.5.1

                     AMENDMENT NO. 1 TO THE UTI ENERGY CORP.
               AMENDED AND RESTATED 1997 LONG-TERM INCENTIVE PLAN
               ADOPTED BY THE BOARD OF DIRECTORS ON APRIL 26, 1999

                  RESOLVED, than an amendment (the "1997 Amendment") to the
         Company's Amended and Restated 1997 Long-Term Incentive Plan (the "1997
         Plan"), to increase the number of shares authorized for issuance under
         the 1997 Plan by 900,000 is hereby authorized, ratified and approved.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00025-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00025-of-00352.parquet"}]]