Business Context and Reporting Period
Company: Patrick Industries, Inc. (PATK)
Filing Type: Form 8-K (Current Report)
Date of Report: February 25, 2025
Event: Approval of equity-based compensation awards under the 2009 Omnibus Incentive Plan for Named Executive Officers.
Key Financial Metrics
This filing does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation awards.
Material Changes
The filing reports the grant of Stock Options and Stock Appreciation Rights (SARs) to six Named Executive Officers. There are no reported changes to financial performance or operational status in this document.
Guidance, Outlook, and Compensation Details
Compensation Awards:
- Andy L. Nemeth (CEO): 84,360 Options; 84,360 SARs
- Jeffrey M. Rodino (President, RVs): 42,180 Options; 42,180 SARs
- Kip B. Ellis (President, Powersports/Tech/Housing): 42,180 Options; 42,180 SARs
- Andrew C. Roeder (EVP/CFO): 6,750 Options; 6,750 SARs
- Matthew S. Filer (SVP/CAO): 5,060 Options; 5,060 SARs
- Joel D. Duthie (EVP/CLO): 4,220 Options; 4,220 SARs
- Options: Exercise price of $92.72 per share. Vest pro-rata over four years. Nine-year contractual term.
- SARs: Nine-year contractual term. Vest pro-rata over four years in four tranches with strike prices of $92.72, $110.76, $132.31, and $158.05.
Investor Verification Checklist
- Verify the current market price of PATK stock relative to the $92.72 option exercise price and the tiered SAR strike prices.
- Review the 2009 Omnibus Incentive Plan to confirm the total pool of shares available for future grants.
- Check subsequent filings for the actual vesting schedule and any performance conditions attached to these awards.
- Confirm if these grants align with the company's historical compensation practices for executive retention.