Form 4: Patrick Industries Executive Sells Shares to Cover Tax Obligations

Patrick Industries' EVP Operations & COO, Hugo E. Gonzalez, sold 390 shares of common stock to cover tax obligations related to a vested stock grant.

Summary

• Hugo E. Gonzalez, EVP Operations & COO of Patrick Industries, sold 390 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 vested in January 2025.
• The shares were sold at a price of $97.5 per share.
• Following the transaction, Gonzalez directly owns 35,249 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 an executive to cover tax obligations, which is neither positive nor negative for the company's overall performance.

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 publicly traded companies.
• 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 transaction has a minimal impact on shareholders as it is a routine sale to cover tax obligations.

Key Dates

Keywords

Patrick Industries, stock sale, insider trading, executive compensation, stock grant, tax obligations, stock split