Form 4: Patrick Industries Chief Legal Officer Sells Shares to Cover Tax Obligations

Joel D. Duthie, Chief Legal Officer of Patrick Industries, sold 535 shares of common stock to cover tax obligations related to a vested stock grant.

Summary

• Joel D. Duthie, the Chief Legal Officer and Secretary of Patrick Industries, sold 535 shares of common stock on January 27, 2025.
• The sale was executed to cover tax withholding obligations associated with a time-based stock grant that fully vested in January 2025.
• The shares were sold at a price of $97.5 per share.
• Following the transaction, Duthie directly owns 46,655 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: 5

Explanation: The document reflects a routine transaction for tax purposes, with no indication of positive or negative sentiment.

Industry Context

This is a routine transaction for corporate insiders to manage tax liabilities related to stock-based compensation. It is common for executives to sell shares to cover taxes when stock options or grants vest.

Comparison to Industry Standards

• Similar transactions are common across publicly traded companies, where executives often sell shares to cover tax obligations related to stock-based compensation.
• The sale of 535 shares is relatively small compared to the total holdings of 46,655 shares, suggesting this is a routine tax-related transaction rather than a significant change in the executive's investment position.
• Companies like Thor Industries (THO) and Winnebago Industries (WGO), which are also in the recreational vehicle and related industries, often see similar insider transactions.

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, tax obligations, stock grant, Patrick Industries, PATK, Joel D. Duthie