Form 4: Patrick Industries SVP of Finance Acquires Shares Through Performance and Time-Based Grants

Matthew S. Filer, SVP Finance/CAO at Patrick Industries, acquired 5,000 shares of common stock through performance and time-based grants.

Summary

• Matthew S. Filer, the Senior Vice President of Finance and Chief Accounting Officer at Patrick Industries, has reported changes in his beneficial ownership of the company's stock.
• On January 28, 2025, Mr. Filer acquired 4,000 shares of common stock as part of a performance-based grant that will vest after three years upon achievement of company objectives.
• Additionally, he acquired 1,000 shares of common stock through an annual management time-based grant, which will vest 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. Filer's total direct holdings amount to 14,808 shares of common stock.

Sentiment

Score: 7

Explanation: The document reflects a routine insider transaction, which is generally neutral to positive. The performance-based grant suggests confidence in the company's future performance.

Positives

• The acquisition of shares by a senior executive can be seen as a positive sign of confidence in the company's future performance.
• The performance-based grant aligns executive compensation with the achievement of company objectives, which can be beneficial for shareholders.
• The time-based grant provides an incentive for long-term commitment from the executive.

Future Outlook

The performance-based shares will vest after three years upon achievement of target company objectives, and the time-based shares will vest in January 2028.

Industry Context

This filing is a routine disclosure of insider transactions, which is common in publicly traded companies. It reflects the company's compensation practices and aligns executive interests with company performance.

Comparison to Industry Standards

• Stock-based compensation is a common practice among publicly traded companies, particularly for senior executives.
• Performance-based grants are often used to incentivize executives to achieve specific company goals, aligning their interests with those of shareholders.
• Time-based grants are also common, providing an incentive for long-term commitment to the company.
• The three-for-two stock split is a common corporate action to increase the number of outstanding shares and potentially improve liquidity.

Stakeholder Impact

• The stock acquisitions by a senior executive may positively influence shareholder confidence.
• The performance-based grant aligns executive interests with company performance, which can be beneficial for shareholders.

Key Dates

Keywords

Patrick Industries, stock acquisition, insider trading, performance-based grant, time-based grant, executive compensation, stock split, beneficial ownership, SEC Form 4