Form 4: Patrick Industries Executive Acquires Shares Through Performance and Time-Based Grants

Richard N. Reyenger, President of Marine at Patrick Industries, acquired 6,250 shares of common stock through performance-based and time-based grants.

Summary

• Richard N. Reyenger, President of Marine at Patrick Industries, reported changes in his beneficial ownership of company stock.
• On January 28, 2025, Mr. Reyenger acquired 5,000 shares of common stock through a performance-based grant that vests after three years upon achievement of company objectives.
• He also acquired 1,250 shares through an annual management time-based grant that vests in January 2028.
• The reported common stock holding has been adjusted to reflect a three-for-two stock split paid by the issuer on December 13, 2024.
• Following these transactions, Mr. Reyenger directly owns 18,725 shares of Patrick Industries common stock.

Sentiment

Score: 7

Explanation: The document reflects a standard executive stock transaction, which is generally viewed positively as it aligns executive interests with company performance. There are no negative implications.

Positives

• The acquisition of shares by a company executive can be seen as a positive sign of confidence in the company's future performance.
• The performance-based grant aligns executive compensation with company goals, potentially driving better results.
• The time-based grant provides a long-term incentive for the executive to remain with the company.

Industry Context

This type of stock transaction is common for executives as part of their compensation packages and is a standard practice in publicly traded companies.

Comparison to Industry Standards

• Stock-based compensation is a common practice across the industry, with companies like Thor Industries and Winnebago also using similar methods to incentivize their executives.
• The vesting periods of three years for performance-based grants and three years for time-based grants are typical in the industry.
• The three-for-two stock split is a standard corporate action to increase the number of outstanding shares and potentially improve liquidity.

Stakeholder Impact

• The stock acquisition by the executive may positively influence investor confidence.
• The performance-based grant aligns executive interests with shareholder value.

Key Dates

Keywords

Patrick Industries, stock acquisition, insider trading, performance-based grant, time-based grant, stock split, executive compensation, Richard N. Reyenger, Marine Division