PATRICK INDUSTRIES INC : Change in Directors or Principal Officers (form 8-K)
May 20, 2020 at 05:24 pm EDT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 14, 2020, in order to incentivize and retain the members of its executive
management team and certain other team members, the Compensation Committee of
Patrick Industries, Inc. (the "Company") approved the grant of stock options
(the "Options") to its executive officers under and in accordance with the terms
and conditions of the Company's 2009 Omnibus Incentive Plan (the "Plan") in
consideration of the executive officers' voluntary reduction in salaries and
other initiatives. The Options will vest in three allotments on the first three
anniversaries of the Option grant date with thirty-five percent of the Options
vesting on each of the first and second anniversaries of the Option grant date
and thirty percent of the Options vesting on the third anniversary of the Option
grant date. The exercise price for each Option is $41.33 per share, which equals
the closing price for the Company's common stock on the NASDAQ Stock Market on
the date of grant. In addition, due to the COVID-19 pandemic, the Compensation
Committee waived the obligation to meet the third of the three year (2020)
performance criteria set forth in the Long-Term Incentive Plan ("LTIP") awards
granted to the executive officers of the Company in 2018 and adjusted the second
of the three year (2020) performance criteria set forth in the LTIP award
granted to the executive officers in 2019.
Patrick Industries, Inc. is a component solutions provider for the recreational vehicle (RV), marine, powersports and housing markets. The Companyâs segments include Manufacturing, which offers laminated products for furniture, shelving, walls and countertops; decorative vinyl, wrapped vinyl, paper laminated panels and vinyl printing; solid surface, granite and quartz countertops; fabricated aluminum products; and other products, and Distribution segment, which provides pre-finished wall and ceiling panels, drywall and drywall finishing products, interior and exterior lighting products, wiring, electrical and plumbing products, transportation and logistics services and other products. It operates through a network that includes approximately 179 manufacturing plants and 62 warehouse and distribution facilities located in 23 states with presence in Mexico, China, and Canada. It also serves original equipment manufacturers (OEMs), and various other industrial markets.
PATRICK INDUSTRIES, INC. 
