Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-10

Patrick Industries (PATK)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$10,140,372
Andy Nemeth total, FY2025
64th
CEO pay percentile vs peers
CEO-to-median pay ratio
97.34%
Say-on-pay support, latest vote
Companies that benchmark against PATK
13 companies name PATK as a compensation peer

Each company listed discloses PATK in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PATK in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Andy Nemeth$856,923$0$3,900,022$3,836,693$1,441,620$75,594$29,520$10,140,372
Chief Executive Officer
Jeffrey Rodino608,46201,550,0811,918,346790,000012,5204,879,409
President
Hugo Gonzalez496,53901,000,0401,343,017788,310026,5053,654,411
President - Powersports & Housing, Chief Operating Officer
Andrew Roeder505,7700750,030306,996570,750036,0002,169,546
Executive Vice President - Finance, Chief Financial Officer and Treasurer
Joel Duthie525,3850675,046191,926440,495026,5201,859,372
Executive Vice President, Chief Legal Officer and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Andy Nemeth$10,140,372$6,400,374$6,748,551+3,739,998
Jeffrey Rodino4,879,4093,189,4953,288,950+1,689,914
Hugo Gonzalez3,654,4112,346,398+1,308,013
Andrew Roeder2,169,5463,381,365−1,211,819
Joel Duthie1,859,3721,648,473

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Andy NemethPSU41,029$4,448,774
Andrew RoederRSU16,5861,798,420
Jeffrey RodinoSAR10,545132.31
Andy NemethPSU42,9484,656,852
Andy NemethPSU32,4973,523,650
Jeffrey RodinoPSU18,6322,020,268
Jeffrey RodinoPSU17,4381,890,802
Andy NemethRSU13,2361,435,179
Jeffrey RodinoPSU12,9161,400,482
Hugo GonzalezPSU11,3691,232,741
Andy NemethRSU10,7371,164,213
Hugo GonzalezPSU8,333903,547
Joel DuthiePSU8,211890,319
Andy NemethRSU8,124880,885
Joel DuthiePSU6,838741,444
Andrew RoederPSU6,339687,338
Andrew RoederPSU6,250677,688
Jeffrey RodinoRSU5,625609,919
Joel DuthiePSU5,625609,919
Jeffrey RodinoRSU4,658505,067
Joel DuthieRSU2,207239,305
Hugo GonzalezPSU4,650504,200
Jeffrey RodinoRSU3,229350,120
Hugo GonzalezRSU2,843308,266
Hugo GonzalezRSU2,083225,860
Joel DuthieRSU2,052222,498
Andrew RoederRSU1,562169,368
Hugo GonzalezRSU1,500162,645
Joel DuthieRSU1,406152,453
Andy NemethSAR84,36092.72
Andy NemethSAR21,09092.72
Joel DuthieSAR1,05592.72
Andy NemethSAR21,090110.76
Andy NemethSAR21,090132.31
Andrew RoederSAR6,75092.72
Andy NemethSAR21,090158.05
Jeffrey RodinoSAR42,18092.72
Jeffrey RodinoSAR10,54592.72
Jeffrey RodinoSAR10,545110.76
Andrew RoederSAR1,687110.76
Jeffrey RodinoSAR10,545158.05
Andrew RoederSAR1,68892.72
Hugo GonzalezSAR7,38292.72
Andrew RoederSAR1,688132.31
Andrew RoederSAR1,687158.05
Hugo GonzalezSAR29,53092.72
Hugo GonzalezSAR7,383110.76
Hugo GonzalezSAR7,382132.31
Hugo GonzalezSAR7,383158.05
Joel DuthieSAR4,22092.72
Joel DuthieSAR1,055110.76
Joel DuthieSAR1,055132.31
Joel DuthieSAR1,055158.05
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company utilizes a 'pay-for-differentiated performance' compensation philosophy designed to align the interests of senior management with shareholders by linking compensation to short-term and long-term organizational strategic agendas, operating performance, and cash flows. The plan emphasizes variable compensation or 'pay-at-risk' to attract, retain, and motivate qualified talent.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantWillis Towers Watson
Clawback policytrue
Anti-hedgingfalse
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1429,250,416798,09439,69297.34%Passed
20252025-05-1529,354,5841,019,65377,56796.64%Passed
20242024-05-1618,846,8091,045,74329,63794.74%Passed
20232023-05-2518,773,782890,40254,59095.47%Passed
20222022-05-1216,837,0483,016,46936,45584.81%Passed
20212021-05-1314,677,1086,268,42786,25970.07%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1497.34%a
20252025-05-1596.64%b
20242024-05-1694.74%c

a. Approved under the standard stated in the filing — “Broker non-votes and abstentions will have no effect on these proposals.”.

b. Approved under the standard stated in the filing — “Broker non-votes and abstentions will have no effect on these proposals.”.

c. Approved under the standard stated in the filing — “Broker non-votes and abstentions will have no effect on these proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
John A. ForbesIndependent · Lead Independent Director · Compensation$120,000$150,041$2,938$272,979
Michael A. KitsonIndependent · Audit (Chair)115,000150,0412,938267,979
Denis G. SuggsIndependent · Compensation (Chair)110,000150,0412,938262,979
Joseph M. CerulliIndependent · Audit · Corporate Governance and Nominations (Chair)110,000150,0412,938262,979
M. Scott WelchIndependent · Audit95,000150,0412,938247,979
Todd M. ClevelandNot independent95,000150,0412,938247,979
Natalie A. BrownIndependent · Audit · Newly elected64,200150,0412,191216,432
Blake W. AugsburgerIndependent · Audit · Compensation · Newly elected64,200150,0412,191216,432
Derrick B. MayesNot independent · Not standing for re-election · Departed during FY45,000074745,747
Pamela R. KlynNot independent · Not standing for re-election · Departed during FY45,000074745,747
Andy L. NemethEmployee director · Board Chair0
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$150,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 15,000 / 15,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$863,400
Equity awards (grant-date value)$1,200,328
All other compensation$23,504
Total cost of the board$2,087,232

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Patrick Industries names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Patrick Industries.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Mueller Industries, Inc.2025Gregory Christopher$1,650,000$15,227,100$0$8,250,000$27,562,773
2Thor Industries, Inc.2025Robert Martin750,0007,149,00506,692,53014,613,718
3Polaris, Inc.2025Michael Speetzen1,216,5623,292,7843,661,0112,719,74711,144,637
4Modine Manufacturing Company2026Neil Brinker1,186,3466,120,0222,793,08110,159,548
5Patrick Industries2025Andy Nemeth856,9233,900,0223,836,6931,441,62010,140,372
6LCI Industries, Inc.2025Jason Lippert1,195,0006,221,62102,345,83810,093,861
7Winnebago Industries, Inc.2025Michael Happe1,150,0006,185,000915,006704,0008,999,898
8Cavco Industries, Inc.2026Bill Boor1,100,0004,729,90702,120,9157,958,712
9EnPro Industries, Inc.2025Eric Vaillancourt934,6163,678,2311,390,7161,341,9497,457,747
10Apogee Enterprises, Inc.2026Ty Silberhorn627,3082,283,41901,208,5006,075,286
11Wabash National Corporation2025Brent Yeagy1,116,9234,315,5890205,8275,717,526
12American Woodmark Corporation2025M. Scott Culbreth957,5773,208,4460696,3504,886,047
Brunswick Corporationnot in coverage universe
Hyster-Yale Materials Handling, Inc.not in coverage universe
UFP Industries, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Patrick Industriesnot disclosedPRSU 80 · RSU 20not disclosedWillis Towers Watson
American Woodmark Corporation60.75%RSU 50 · PSU 50NoMeridian Compensation Partners
Apogee Enterprises, Inc.not disclosedRSU 50 · PSU 50NoMeridian Compensation Partners, LLC (current); Willis Towers Watson (through September 2025)
Brunswick Corporationnot disclosednot disclosednot disclosednot disclosed
Cavco Industries, Inc.not disclosedPSU 60 · RSU 40NoPearl Meyer Partners, LLC
EnPro Industries, Inc.130.5%RSU 40 · PSU 30 · Options 30Yes — rTSRPearl Meyer & Partners, LLC
Hyster-Yale Materials Handling, Inc.not disclosednot disclosednot disclosednot disclosed
LCI Industries, Inc.not disclosedPSU 60 · RSU 40not disclosedWillis Towers Watson
Modine Manufacturing Companynot disclosedPSU 80 · RSU 20not disclosedMeridian Compensation Partners LLC
Mueller Industries, Inc.400%PSU 100Nonot disclosed
Polaris, Inc.not disclosedOption 50 · RSU 50not disclosedAon
Thor Industries, Inc.not disclosedRSU 50 · PSU 50not disclosedWTW
UFP Industries, Inc.not disclosednot disclosednot disclosednot disclosed
Wabash National Corporationnot disclosedRSU 50 · PSU 50not disclosedFW Cook
Winnebago Industries, Inc.not disclosedPSU 50 · RSU 35 · Option 15not disclosedSemler Brossy

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Andy NemethDEF 14A2026-03-300000076605-26-000034Section “Summary Compensation Table” · page 32. As printed: 10,140,372. Filing ↗machine: r2 · c9 · span 1088558–1088569
2Section 01, Jeffrey RodinoDEF 14A2026-03-300000076605-26-000034Section “Summary Compensation Table” · page 32. As printed: 4,879,409. Filing ↗machine: r5 · c9 · span 1109901–1109910
3Section 01, Hugo GonzalezDEF 14A2026-03-300000076605-26-000034Section “Summary Compensation Table” · page 32. As printed: 3,654,411. Filing ↗machine: r10 · c9 · span 1147218–1147227
4Section 01, Andrew RoederDEF 14A2026-03-300000076605-26-000034Section “Summary Compensation Table” · page 32. As printed: 2,169,546. Filing ↗machine: r8 · c9 · span 1131979–1131988
5Section 01, Joel DuthieDEF 14A2026-03-300000076605-26-000034Section “Summary Compensation Table” · page 32. As printed: 1,859,372. Filing ↗machine: r12 · c9 · span 1162374–1162383
6Section 08, John A. ForbesDEF 14A2026-03-300000076605-26-000034Section “Director Compensation”. As printed: 272,979. Filing ↗machine: span 418872–419467
7Section 08, Michael A. KitsonDEF 14A2026-03-300000076605-26-000034Section “Director Compensation”. As printed: 267,979. Filing ↗machine: span 422584–423183
8Section 08, Denis G. SuggsDEF 14A2026-03-300000076605-26-000034Section “Director Compensation”. As printed: 262,979. Filing ↗machine: span 434061–434659
9Section 08, Joseph M. CerulliDEF 14A2026-03-300000076605-26-000034Section “Director Compensation”. As printed: 262,979. Filing ↗machine: span 411502–412099
10Section 08, M. Scott WelchDEF 14A2026-03-300000076605-26-000034Section “Director Compensation”. As printed: 247,979. Filing ↗machine: span 437771–438370
11Section 08, Todd M. ClevelandDEF 14A2026-03-300000076605-26-000034Section “Director Compensation”. As printed: 247,979. Filing ↗machine: span 415176–415774
12Section 08, Natalie A. BrownDEF 14A2026-03-300000076605-26-000034Section “Director Compensation”. As printed: 216,432. Filing ↗machine: span 407795–408393
13Section 08, Blake W. AugsburgerDEF 14A2026-03-300000076605-26-000034Section “Director Compensation”. As printed: 216,432. Filing ↗machine: span 404127–404720
14Section 08, Derrick B. MayesDEF 14A2026-03-300000076605-26-000034Section “Director Compensation”. As printed: 45,747. Filing ↗machine: span 430354–430951
15Section 08, Pamela R. KlynDEF 14A2026-03-300000076605-26-000034Section “Director Compensation”. As printed: 45,747. Filing ↗machine: span 426476–427073
16Section 08, Andy L. NemethDEF 14A2026-03-300000076605-26-000034Section “Director Compensation”. As printed: 0. Filing ↗
17Section 06, 2026 voteForm 8-K2026-05-180000076605-26-000052Item 5.07 · say-on-pay result. As reported: 97.34% (votes for as printed: 29,250,416). Filing ↗
18Section 06, 2025 voteForm 8-K2025-05-210000076605-25-000143Item 5.07 · say-on-pay result. As reported: 96.64% (votes for as printed: 29,354,584). Filing ↗
19Section 06, 2024 voteForm 8-K2024-05-200000076605-24-000113Item 5.07 · say-on-pay result. As reported: 94.74% (votes for as printed: 18,846,809). Filing ↗
20Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
21Section 09b board cost (computed)ComputedcomputedCash 863,400 + equity 1,200,328 + all other 23,504 = 2,087,232, summed across the director compensation table rows.machine: formula: Σ = 2,087,232
22Mueller Industries, Inc., Section 10b CEO totalDEF 14A2026-03-260001308179-26-000149CEO total compensation as printed in Mueller Industries, Inc.'s own proxy. As printed: 27,562,773. Filing ↗machine: span 394554–394564
23Thor Industries, Inc., Section 10b CEO totalDEF 14A2025-11-030001140361-25-040168CEO total compensation as printed in Thor Industries, Inc.'s own proxy. As printed: 14,613,718. Filing ↗
24Polaris, Inc., Section 10b CEO totalDEF 14A2026-03-170001308179-26-000087CEO total compensation as printed in Polaris, Inc.'s own proxy. As printed: 11,144,637. Filing ↗machine: r1 · c31 · span 693700–693710
25Modine Manufacturing Company, Section 10b CEO totalDEF 14A2026-07-100001104659-26-082630CEO total compensation as printed in Modine Manufacturing Company's own proxy. As printed: 10,159,548. Filing ↗
26Patrick Industries (subject), Section 10b CEO totalDEF 14A2026-03-300000076605-26-000034CEO total compensation as printed in Patrick Industries's own proxy. As printed: 10,140,372. Filing ↗machine: r2 · c9 · span 1088558–1088569
27LCI Industries, Inc., Section 10b CEO totalDEF 14A2026-03-270001140361-26-011739CEO total compensation as printed in LCI Industries, Inc.'s own proxy. As printed: 10,093,861. Filing ↗machine: r1 · c11 · span 128441–128451
28Winnebago Industries, Inc., Section 10b CEO totalDEF 14A2025-11-040001140361-25-040336CEO total compensation as printed in Winnebago Industries, Inc.'s own proxy. As printed: 8,999,898. Filing ↗machine: r2 · c28 · span 1104381–1104390
29Cavco Industries, Inc., Section 10b CEO totalDEF 14A2026-06-160001628280-26-043437CEO total compensation as printed in Cavco Industries, Inc.'s own proxy. As printed: 7,958,712. Filing ↗machine: r2 · c18 · span 638872–638881
30EnPro Industries, Inc., Section 10b CEO totalDEF 14A2026-03-230002071876-26-000038CEO total compensation as printed in EnPro Industries, Inc.'s own proxy. As printed: 7,457,747. Filing ↗machine: t281 · r1 · c9 · span 898791–898800
31Apogee Enterprises, Inc., Section 10b CEO totalDEF 14A2026-05-120000006845-26-000036CEO total compensation as printed in Apogee Enterprises, Inc.'s own proxy. As printed: 6,075,286. Filing ↗machine: r18 · c51 · span 853782–853791
32Wabash National Corporation, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134505CEO total compensation as printed in Wabash National Corporation's own proxy. As printed: 5,717,526. Filing ↗machine: span 761895–761904
33American Woodmark Corporation, Section 10b CEO totalDEF 14A2025-06-250000794619-25-000063CEO total compensation as printed in American Woodmark Corporation's own proxy. As printed: 4,886,047. Filing ↗machine: span 397216–397225
34Section 10a, Cavco Industries, Inc. reciprocityDEF 14A0001628280-26-043437Cavco Industries, Inc. names Patrick Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
35Section 10a, Wabash National Corporation reciprocityDEF 14A0001193125-26-134505Wabash National Corporation names Patrick Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
36Section 10a, American Woodmark Corporation reciprocityDEF 14A0000794619-25-000063American Woodmark Corporation names Patrick Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
37Section 10a, Modine Manufacturing Company reciprocityDEF 14A0001104659-26-082630Modine Manufacturing Company's most recent proxy was read; its disclosed peer group does not include Patrick Industries. Filing ↗
38Section 10a, Thor Industries, Inc. reciprocityDEF 14A0001140361-25-040168Thor Industries, Inc.'s most recent proxy was read; its disclosed peer group does not include Patrick Industries. Filing ↗
39Section 10a, EnPro Industries, Inc. reciprocityDEF 14A0002071876-26-000038EnPro Industries, Inc.'s most recent proxy was read; its disclosed peer group does not include Patrick Industries. Filing ↗
40Section 10a, Polaris, Inc. reciprocityDEF 14A0001308179-26-000087Polaris, Inc.'s most recent proxy was read; its disclosed peer group does not include Patrick Industries. Filing ↗
41Section 10a, Winnebago Industries, Inc. reciprocityDEF 14A0001140361-25-040336Winnebago Industries, Inc. names Patrick Industries in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, Apogee Enterprises, Inc. reciprocityDEF 14A0000006845-26-000036Apogee Enterprises, Inc.'s most recent proxy was read; its disclosed peer group does not include Patrick Industries. Filing ↗