Patrick Industries Reports Director Changes & Officer Compensation

Ticker: PATK · Form: 8-K · Filed: 2024-05-20T00:00:00.000Z

Sentiment: neutral

Topics: corporate-governance, officer-compensation, board-of-directors

Related Tickers: PATK

TL;DR

Board shakeup and exec pay changes at PATK - filing details out.

AI Summary

Patrick Industries, Inc. filed an 8-K on May 16, 2024, reporting on several key events. These include the departure of a director, the election of new directors, and updates to compensatory arrangements for certain officers. The filing also covers the submission of matters to a vote of security holders and other events, along with financial statements and exhibits.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in directorship and officer compensation can indicate internal shifts that may affect company strategy or stability.

Key Players & Entities

FAQ

Who departed from the board of directors?

The filing indicates the departure of a director, though the specific name is not detailed in the provided text snippet.

What other items are covered in this 8-K filing?

The filing covers the election of directors, compensatory arrangements of certain officers, submission of matters to a vote of security holders, other events, and financial statements and exhibits.

When was the earliest event reported in this filing?

The earliest event reported was on May 16, 2024.

What is the Standard Industrial Classification for Patrick Industries, Inc.?

The SIC code for Patrick Industries, Inc. is 3714, which corresponds to MOTOR VEHICLE PARTS & ACCESSORIES.

What is the fiscal year end for Patrick Industries, Inc.?

The fiscal year end for Patrick Industries, Inc. is December 31.

Filing Stats: 819 words · 3 min read · ~3 pages · Grade level 9.7 · Accepted 2024-05-20 16:58:35

Key Financial Figures

Filing Documents

07 Submission of Matters to a Vote of Security Holders

Item 5.07 Submission of Matters to a Vote of Security Holders The Annual Meeting of Shareholders of the Company was held on May 16, 2024. The total shares outstanding on the record date, March 22, 2024, were 22,401,350. The total shares voted at the meeting in person or by proxy were 20,918,226 which represented 93.38% of the total outstanding eligible votes. Each of the director nominees were elected and each of the proposals voted upon at the annual meeting were adopted by the requisite shareholder vote. The results of the matters voted upon at the Annual Meeting of Shareholders are as follows: Proposal 1 - Election of nine directors to the Board of Directors to serve until the 2025 Annual Meeting. Directors For Withheld Broker Non-Votes Joseph M. Cerulli 16,329,855 3,592,334 996,037 Todd M. Cleveland 19,199,910 722,279 996,037 John A. Forbes 18,362,981 1,559,208 996,037 Michael A. Kitson 18,376,171 1,546,018 996,037 Pamela R. Klyn 18,597,538 1,324,651 996,037 Derrick B. Mayes 18,555,346 1,366,843 996,037 Andy L. Nemeth 19,680,635 241,554 996,037 Denis G. Suggs 18,503,036 1,419,153 996,037 M. Scott Welch 18,549,886 1,372,303 996,037 Proposal 2 - Ratification of the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for fiscal year 2024. There were no broker non-votes. For Against Abstain 20,688,537 142,488 87,201 Proposal 3 - To approve, in an advisory and non-binding vote, the compensation of the Company's named executive officers for fiscal year 2023. For Against Abstain Broker Non-Votes 18,846,809 1,045,743 29,637 996,037

01 Other Events

Item 8.01 Other Events On May 16, 2024, the Board of Directors of Patrick Industries, Inc. declared a quarterly cash dividend of $0.55 per share of common stock, which will be payable on June 17, 2024, to shareholders of record at the close of business on June 3, 2024. (a) Press Release - Dated May 20, 2024 as contained in Exhibit 99.1

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit 99.1 - Press Release issued May 20, 2024 Exhibit 104 - Cover Page Interactive Date File (embedded within the Inline XBRL document)

SIGNATURES

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 20, 2024 By: /s/ Andrew C. Roeder Andrew C. Roeder Executive Vice President - Finance, Chief Financial Officer, and Treasurer

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