Form 4: Patrick Industries CEO Sells Shares to Cover Tax Obligations After Stock Vesting

Patrick Industries CEO, Andy L. Nemeth, sold 4,956 shares of common stock to cover tax obligations related to a previously awarded stock grant that fully vested in January 2025.

Summary

• Andy L. Nemeth, CEO of Patrick Industries, sold 4,956 shares of common stock on January 27, 2025.
• The sale was to cover tax withholding obligations associated with a time-based stock grant awarded in January 2022.
• This stock grant became fully vested in January 2025.
• The shares were sold at a price of $97.5 per share.
• Following the transaction, Nemeth directly owns 358,223 shares of Patrick Industries common stock.
• The reported common stock holding has been adjusted to reflect a three-for-two stock split paid by the issuer on December 13, 2024.

Sentiment

Score: 6

Explanation: The document reflects a routine transaction for tax purposes, not indicative of a change in the company's prospects or management's confidence. Therefore, the sentiment is neutral.

Industry Context

This is a routine transaction for executives who receive stock-based compensation. It is common for executives to sell shares to cover tax obligations when stock grants vest.

Comparison to Industry Standards

• Executive stock sales to cover tax obligations are a common practice across various industries.
• The amount of shares sold is relatively small compared to the total holdings of the CEO, suggesting this is a routine tax-related transaction rather than a significant change in sentiment.
• Other companies in the manufacturing sector, such as Thor Industries and Winnebago Industries, also see similar transactions by their executives.

Stakeholder Impact

• The transaction is unlikely to have a significant impact on shareholders as it is a routine sale to cover tax obligations.

Key Dates

Keywords

stock sale, insider trading, stock vesting, tax obligations, Patrick Industries, Andy L. Nemeth, stock split