Patrick Industries Inc. filed SEC Form 8-K: Leadership Update
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 25, 2025, Patrick Industries, Inc. (the “Company”) approved options to purchase common stock of the Company and Stock Appreciation Rights (“SARs”) under the 2009 Omnibus Incentive Plan to the Named Executive Officers of the Company as set forth in the table below.
| Name | Stock Options (1) | SARs (2) | ||||||
| Andy L. Nemeth, Chief Executive Officer | 84,360 | 84,360 | ||||||
| Jeffrey M. Rodino, President—Recreational Vehicles | 42,180 | 42,180 | ||||||
| Kip B. Ellis, President—Powersports, Technology & Housing | 42,180 | 42,180 | ||||||
| Andrew C. Roeder, Executive Vice President — Finance, Chief Financial Officer & Treasurer | 6,750 | 6,750 | ||||||
| Matthew S. Filer, Senior Vice President — Finance & Chief Accounting Officer | 5,060 | 5,060 | ||||||
| Joel D. Duthie, Executive Vice President, Chief Legal Officer & Secretary | 4,220 | 4,220 | ||||||
| (1) | Reflects options to purchase shares of common stock of the Company at an exercise price of $92.72 per share. The options vest pro-rata on the first four anniversaries of the grant date and have nine-year contractual terms. |
| (2) | The SARs have nine-year contractual terms and are divided into four equal tranches with each vesting pro-rata on the first four anniversaries of the grant date at the following strike prices: Tranche 1: $92.72; Tranche 2: $110.76; Tranche 3: $132.31; and Tranche 4: $158.05. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PATRICK INDUSTRIES, INC. | ||
| (Registrant) | ||
| Date: March 3, 2025 | By: | /s/ Andrew C. Roeder |
| Andrew C. Roeder | ||
| Executive Vice President - Finance, Chief Financial Officer, and Treasurer | ||
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