0000076605-25-000147.txt : 20250523 0000076605-25-000147.hdr.sgml : 20250523 20250523161717 ACCESSION NUMBER: 0000076605-25-000147 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20250519 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20250523 DATE AS OF CHANGE: 20250523 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PATRICK INDUSTRIES INC CENTRAL INDEX KEY: 0000076605 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] ORGANIZATION NAME: 04 Manufacturing EIN: 351057796 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-03922 FILM NUMBER: 25982530 BUSINESS ADDRESS: STREET 1: 107 WEST FRANKLIN STREET CITY: ELKHART STATE: IN ZIP: 46516 BUSINESS PHONE: 574-294-7511 MAIL ADDRESS: STREET 1: 107 WEST FRANKLIN STREET PO BOX 638 CITY: ELKHART STATE: IN ZIP: 46515 8-K 1 patk-20250519.htm 8-K patk-20250519
0000076605false00000766052025-05-192025-05-19

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

                                                            

FORM 8-K


CURRENT REPORT
Pursuant To Section 13 OR 15(d) Of The Securities Exchange Act Of 1934

Date of report (Date of earliest event reported)
May 19, 2025
PATRICK INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

Indiana000-0392235-1057796
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification Number)

107 W. Franklin St.
Elkhart,Indiana46516(574)294-7511
(Address of Principal Executive Offices)(Zip Code)Registrant's Telephone Number, including area code
(Former name or former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
 Common Stock, no par value PATKNASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).            Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
May 19, 2025 – Patrick Industries, Inc. (NASDAQ: PATK) (“Patrick” or the “Company”), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, announced that Jake Petkovich will rejoin Patrick as President – Marine, succeeding Rick Reyenger, effective May 19, 2025. Mr. Reyenger will remain with the Company and move to a strategic advisory role to support continuity and ensure a smooth and seamless transition across the Company’s Marine businesses.

Mr. Petkovich recently served as Chief Financial Officer of Indicor, LLP, a global industrial solutions company, from 2023 to the present. He previously served as Executive Vice President - Finance, Chief Financial Officer and Treasurer of Patrick from 2020 to 2023. Prior to his careers at Indicor, LLP and Patrick, Jake had served as Managing Director in the Leveraged Finance Group of Wells Fargo Securities and predecessor Wachovia Securities from 2004 to 2020, performing in various senior leadership roles responsible for leading, underwriting, structuring and arranging financing solutions to support issuers’ access to the capital markets for acquisition financings, recapitalizations, refinancings and restructurings. Mr. Petkovich earned a BA in Accounting from Washington and Jefferson College and an MBA with a concentration in finance from the College of William and Mary.

In connection with Mr. Petkovich’s appointment as President-Marine, the Company and Mr. Petkovich entered into an Employment Agreement on May 19, 2025 (the “Employment Agreement”), which provides that Mr. Petkovich will report to the Company’s Chief Executive Officer, perform such duties as are assigned or delegated to him by the Chief Executive Officer and devote his entire business time to the Company. Mr. Petkovich’s employment term will continue until terminated by either party in accordance with the Employment Agreement. Pursuant to the Employment Agreement, Mr. Petkovich is entitled to: (i) an annual base salary of $500,000, (ii) participate in the Company’s benefit plans as they are generally available to the Company's employees, (iii) participate in the Company’s short-term incentive plan, with a 2025 target of $900,000, and (iv) participate in the Company’s long-term incentive plan with a grant of 10,257 restricted common stock units, of which 2,051 units will vest on January 28, 2028, subject to Mr. Petkovich’s continued employment, and 8,206 units will vest in January 2028, subject to Mr. Petkovich’s continued employment and the satisfaction of the executive long-term incentive program targets. In addition, Mr. Petkovich was granted options to purchase 42,180 shares of common stock of the Company at an exercise price of $92.72 per share, and 42,180 Stock Appreciation Rights ("SARs") at exercise prices of $92.72, $110.76, $132.31 and $158.05 per share. The options have nine-year contractual terms and vest pro-rata on the first four anniversaries of the grant date. The SARs have nine-year contractual terms and are divided into four equal tranches with each vesting pro-rata on the first four anniversaries of the grant date. The restricted common stock units, options and SARs have been issued under the Company’s 2009 Omnibus Incentive Plan.

The Employment Agreement contains provisions for termination with and without cause, and restrictive covenants and confidentiality provisions.

There is no arrangement or understanding between Mr. Petkovich and any other persons pursuant to which Mr. Petkovich was selected as President - Marine of the Company.

There are no family relationships between Mr. Petkovich and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company within the meaning of Item 401(d) of Regulation S-K under the U.S. Securities Act of 1933 (“Regulation S-K”).

Since the beginning of the Company’s last fiscal year, the Company has not engaged in any transaction in which Mr. Petkovich had a direct or indirect material interest within the meaning of Item 404(a) of Regulation S-K.

A copy of the press release dated May 19, 2025 announcing Mr. Petkovich’s appointment as described above is attached hereto as Exhibit 99.1.





Item 9.01     Financial Statements and Exhibits
(d)    Exhibits
Exhibit 99.1 - Press Release issued May 19, 2025            
Exhibit 104 - Cover Page Interactive Date File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PATRICK INDUSTRIES, INC.
(Registrant)


Date: May 23, 2025
  By:
/s/ Andrew C. Roeder
Andrew C. Roeder
Executive Vice President - Finance, Chief Financial Officer, and Treasurer


 EX-99.1 2 patk519-25ex991.htm EX-99.1 Document

image_0.jpg
News Release
Patrick Industries Welcomes Back Jake Petkovich as President – Marine; Rick Reyenger Transitions to Strategic Advisory Role

ELKHART, IN, May 19, 2025 – Patrick Industries, Inc. (NASDAQ: PATK) (“Patrick” or the “Company”), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, announced that Jake Petkovich will rejoin Patrick as President – Marine, succeeding Rick Reyenger, effective May 19, 2025. Mr. Reyenger will remain with the Company and move to a strategic advisory role to support continuity and ensure a smooth and seamless transition across the Company’s Marine businesses.
“We are thrilled to welcome Jake back to the Patrick family,” said Andy Nemeth, Chief Executive Officer. “Jake is an experienced, driven outdoor enthusiast and leader who knows our Marine businesses well and brings passion, energy, and proven strategic and financial acumen to this role. I am confident that under his leadership, our businesses will continue to grow, innovate and perform, providing exceptional service and solutions to our customers while improving our efficiency as we focus on delivering value to our shareholders through our strategic diversification.”
“I also want to express my sincere gratitude and appreciation to Rick for his friendship, tireless contributions, and years of dedicated and passionate service to Patrick,” continued Mr. Nemeth. “Rick has played a vital role in helping shape our Marine business strategy, leveraging his extensive industry experience, business acuity, and strong customer relationships. Since joining Patrick through our 2018 acquisition of Marine Accessories Corporation, he has helped lead the successful integration and growth of several marine businesses, establishing a solid foundation of innovation, performance, and service within our Marine platform. We are excited that Rick is staying on in his new advisory role, where he will continue to offer valuable guidance, mentorship, and support to Jake and the team in our BETTER Together culture.”
Mr. Petkovich recently served as Chief Financial Officer of Indicor, LLP, a global industrial solutions company, from 2023 to the present. He previously served as Executive Vice President - Finance, Chief Financial Officer and Treasurer of Patrick from 2020 to 2023. During his tenure, he was instrumental in driving the Company’s financial strategy, guiding capital allocation, including developing a significant number of the Company’s Marine acquisitions, and enhancing operational efficiency. Jake’s deep understanding of the organization, along with his strategic and operational expertise, uniquely position him to lead the next phase of growth and innovation for Patrick’s Marine businesses.
About Patrick Industries, Inc.

Patrick (NASDAQ: PATK) is a leading component solutions provider serving the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in Elkhart, IN, Patrick employs approximately 10,000 skilled team members throughout the United States. For more information on Patrick, our brands, and products, please visit www.patrickind.com.



Forward-Looking Statements

This press release contains certain statements related to future results, our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any projections of financial performance or statements concerning expectations as to future developments should not be construed in any manner as a guarantee that such results or developments will, in fact, occur. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Information about certain risks that could affect our business and cause actual results to differ from those expressed or implied in the forward-looking statements are contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company's Forms 10-Q for subsequent quarterly periods, which are filed with the Securities and Exchange Commission ("SEC") and are available on the SEC's website at www.sec.gov. In addition, future dividends are subject to Board approval. Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.

Contact:
Steve O'Hara
Vice President of Investor Relations
oharas@patrickind.com
574.294.7511
2
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Cover Document
May 19, 2025
Document Entity Information [Abstract]  
Entity Central Index Key 0000076605
Document Type 8-K
Document Period End Date May 19, 2025
Entity Registrant Name PATRICK INDUSTRIES, INC.
Entity Incorporation, State or Country Code IN
Entity File Number 000-03922
Entity Tax Identification Number 35-1057796
Entity Address, Address Line One 107 W. Franklin St.
Entity Address, City or Town Elkhart,
Entity Address, State or Province IN
Entity Address, Postal Zip Code 46516
City Area Code (574)
Local Phone Number 294-7511
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, no par value
Trading Symbol PATK
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false

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