Business Context and Reporting Period
This Form 8-K filing by Patrick Industries, Inc. (NASDAQ: PATK) was submitted on May 19, 2025. The Company is a leading component solutions provider for the Outdoor Enthusiast and Housing markets. The report details a significant executive leadership change within the Company's Marine business segment.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of Jake Petkovich as President – Marine, effective May 19, 2025. He succeeds Rick Reyenger, who will transition to a strategic advisory role to ensure continuity. Mr. Petkovich previously served as the Company's CFO from 2020 to 2023 and most recently as CFO of Indicor, LLP.
Management Commentary and Compensation Arrangements
Mr. Petkovich entered into an Employment Agreement on May 19, 2025, with the following compensation structure:
- Base Salary: $500,000 annually.
- Short-Term Incentive: Target of $900,000 for 2025.
- Long-Term Incentive (Restricted Stock Units): Grant of 10,257 units.
- 2,051 units vest on January 28, 2028, subject to continued employment.
- 8,206 units vest in January 2028, subject to continued employment and performance targets.
- Stock Options: 42,180 options at an exercise price of $92.72 per share with a nine-year term, vesting pro-rata over four years.
- Stock Appreciation Rights (SARs): 42,180 SARs with four tranches at exercise prices of $92.72, $110.76, $132.31, and $158.05 per share, vesting pro-rata over four years.
All equity awards are issued under the Company's 2009 Omnibus Incentive Plan. The agreement includes standard provisions for termination and restrictive covenants.
Investor Verification Checklist
- Verify the vesting conditions and performance targets for the 8,206 restricted stock units.
- Confirm the impact of the leadership transition on the Marine segment's strategic direction.
- Review the Company's 2009 Omnibus Incentive Plan to understand the full scope of the equity grants.
- Monitor future filings for any changes to the strategic advisory role of Rick Reyenger.