Document:

p02534_x103.htm

    Exhibit
10.3

    OFFICERS RETIREMENT
AGREEMENT

    

    

    THIS AGREEMENT made and entered into
this ____ day of ____________, _____, by and between PATRICK INDUSTRIES, INC.,
an Indiana corporation, hereinafter referred to as “COMPANY,” and
_____________________, hereinafter referred to as “EMPLOYEE,”

    W I T N E
S S E T H:

    WHEREAS, Employee has been a key
executive employee of Company for some period of time and is currently employed
pursuant to an Employment Agreement dated _______________,_____;
and

    WHEREAS, it is the intention of the
parties that Employee’s employment by Company shall continue at the will of the
parties for an indefinite time into the future; and

    WHEREAS, it is the desire of the
Company to provide a certain amount of security or retirement income to the
Employee and his/her family at retirement or death and/or in the event of
Employee’s total disability during the term of employment.  This
Agreement is intended to be an unfunded retirement plan.

    NOW, THEREFORE, it is mutually covenant
and agreed by the parties as follows:

    1.           Retirement.  In
the event Employee shall continue in the regular employment of the Company on a
full time basis until retirement, Company will pay to the Employee upon
retirement from the Company at age 65, an amount annually for Ten (10) years
equal to forty (40%) percent of the highest annual base salary earned by
employee within Three (3) years prior to retirement.  Such payments to
be made in one hundred twenty (120) equal consecutive monthly installments, each
will be one-twelfth (1/12th) of forty (40%) percent of said highest annual base
salary earned within three years prior to retirement.  It is agreed by
the parties that Employee’s normal retirement age is sixty-five (65)
years.  Nothing herein contained, however, shall prevent the Employee
from retiring at any time hereinafter upon the attainment of age sixty (60)
years.  In the event the Employee shall retire at any time prior to
age sixty-five (65) years and after reaching the age of sixty (60) years, the
retirement benefits otherwise payable

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    hereunder
shall be reduced by five (5%) percent per year for each year or portion thereof
prior to the Employee’s attainment of age sixty-five (65) years.  The
date of an employee’s termination of employment for whatever reason, shall be
deemed to be his date of retirement, provided that if the terminated employee
has not reached the age of 60 but is vested, he shall be deemed to have retired
at age 60.  Notwithstanding anything to the contrary herein, the
retirement benefits shall be reduced by the amount of disability benefits paid
after the initial six (6) months of disability.

    2.           Disability.  In
the event Employee shall become totally disabled during the term of his
employment with Company, the Company shall continue to pay Employee his regular
base salary for a term of three (3) months from and after the date of
commencement of said total disability.  Thereafter and in the event
said total disability continues, Company shall pay Employee one-half (1/2) of
his then base salary for the next succeeding three (3)
months.  Thereafter and in the event Employee’s total disability shall
continue, Company shall pay Employee monthly disability benefits equal to
Employee’s monthly retirement benefits for retirement at the normal retirement
age, which disability benefits shall continue to be paid until Employee dies,
attains age sixty-five (65) years, said disability terminates, or Employee has
received all One Hundred Twenty (120) payments, whichever shall occur first in
time.  Notwithstanding anything  in this Agreement to the
contrary, the monthly disability benefits due Employee under this Agreement
shall be reduced by the amount of any disability insurance benefits Employee may
receive, provided such insurance was purchased by the Company.

    Payment of disability benefits by
Company to or for the benefit of Employee shall not affect Company’s obligation
to pay retirement or death benefits under the terms hereof.

    For the purposes hereof, total
disability for the first six (6) months shall mean the inability of the Employee
because of bodily injury or disease to perform his regularly assigned duties to
the Company. Thereafter, such disability shall mean the inability because of
bodily injury or disease to engage in a similar executive position for which the
Employee is reasonably fitted by reason of education, training, or
experience.  For the purposes hereof, disability shall include without
implied limitation, the entire loss

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    of
speech, hearing, sight of both eyes, the use of both hands or feet, or of one
hand and one foot.  If requested to do so, Employee agrees to submit
to examination by a qualified physician of the Company’s choice from time to
time, and the determination of total disability as made by said physician shall
be conclusive and binding upon the parties hereto.

    In the event said total disability of
Employee terminates after six (6) months from the commencement thereof, Company
may re-employ Employee on such terms and conditions as the parties shall then
agree, provided, however, that Company shall have no obligation to re-employ
Employee.

    3.           Death.  In
the event Employee dies prior to retirement or after the commencement of any
total disability of Employee and prior to retirement, Company shall pay to
Employee’s designated beneficiaries in the same number of installments as would
be payable to the Employee, a sum equal to Employee’s retirement benefits which
would otherwise have been available in the event of retirement upon the
attainment of age sixty-five (65) years.

    In the event Employee dies after the
commencement of payment of retirement benefits, Company shall pay to the
Employee’s designated beneficiary in monthly installments as would be payable to
the Employee, a sum equal to Employee’s remaining retirement
benefits.

    4.           Insurance.  Company
may obtain and maintain disability insurance and/or life insurance on the life
of Employee.  At all times, the Company shall be the owner and
beneficiary of such insurance policies and be responsible for the payment of the
premiums therefor.  Company shall be entitled to receive as its sole
property all monies payable to the beneficiary of said policies under the terms
thereof, and to exercise all rights, powers, and privileges of the owner of said
policies.  Nothing herein contained, however, shall require Company to
obtain or maintain any policy or policies of insurance on employee during the
term of his employment, it being the intent and purpose hereof that Company may
or may not maintain such insurance, in its sole discretion.

    Further, notwithstanding anything to
the contrary contained herein, all obligations of the Company hereunder shall be
deemed for all purposes to be unfunded

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    general
obligations of the Company and all amounts payable pursuant to the terms of this
Agreement shall be paid from the general assets of the Company.

    5.           Noncompete.  In
consideration of this Agreement and as a condition of Company’s obligations
hereunder, during the time when Employee is receiving benefits hereunder from
the Company, Employee agrees that he shall not, directly or indirectly, render
services to, become employed by, associated with, participate or engage in, or
otherwise become connected with (other than solely as a less than five percent
(5%) investor through purchases of securities in a publicly traded company) any
person, partnership, corporation, or other entity engaged in a business
competitive to that of the Company and its subsidiaries in any state where the
Company has customers during the term of Employee’s employment with the Company
and will not solicit any customer of the Company on behalf of any business
competitive to the Company.

    For the purpose of this agreement, a
business shall be deemed to be competitive to that of the Company and its
subsidiaries if such business is primarily engaged in the manufacture,
distribution, and sale of materials for use in the manufactured housing,
recreational vehicle, furniture, or aluminum extrusions industries.

    Further, in consideration of this
agreement and as a condition to the Company’s obligations hereunder, Employee
agrees that he will not, without prior written authorization of the Board of
Directors of Company, at any time use or disclose to any person or entity not
legally entitled thereto any confidential information relating to the business
of the Company and its subsidiaries obtained by him while in the Company’s
employ and, further, after the Employee leaves the employ of the Company, he
shall not take with him, without the President’s prior written consent, any
documents or reproductions thereof, data, calculation or copies thereof, or any
nonpublic information of any kind pertaining to the Company and its
subsidiaries.

    It is agreed by the parties that the
time, territory, product and business activities limitations, and definitions
contained herein are reasonable in all respects.  In the event
Employee shall violate his agreement of noncompetition or nondisclosure, or
both, Company shall be relieved from the payment of any further benefits which
would otherwise be payable to the Employee under the terms
hereof.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    It is the desire and intent of the
parties that the foregoing provisions of this Section 5 shall be enforced to the
fullest extent permissible under the laws and public policies applied in each
jurisdiction in which enforcement is sought.  Accordingly, if any
particular provision of this Section 5 shall be adjudicated to be invalid or
unenforceable, such provision shall be deemed amended to limit enforcement to
the extent required by law and/or public policy and the provision shall be
enforced as amended, such amendment to apply only with respect to the operation
of such provision of this Section 5 in the particular jurisdiction in which such
adjudication is made.

    6.           Employee at
Will.  Finally, the parties agree that the execution by the
Company and the Employee of this agreement shall not constitute a contract for
the continued employment of the Employee for any duration
whatever.  Company specifically reserves the right to terminate the
Employee’s employment, with or without cause, at any time hereafter; provided,
however, that Company shall have no right to arbitrarily discharge Employee,
without cause as defined in the Employment Agreement between the parties, at any
time when it would appear that total disability of the Employee was
imminent.

    7.           Severability.  If
any court determines that any of the agreements or restrictions included in this
deferred compensation agreement, or any part thereof, is unenforceable for any
reason, such court shall have the power to delete or amend such provisions, to
the extent and only to the extent necessary to make them enforceable, and such
provisions, as amended, shall then be enforceable.

    8.           Beneficiary.  Employee
from time to time hereafter may designate in writing a beneficiary or
beneficiaries to receive the retirement or death benefits payable to Employee in
the event of Employee’s death during the benefit payment terms and further
designate the manner in which said remaining benefits shall be payable by
Company.  In the absence of such beneficiary designation, Company
shall pay the benefits hereunder to the personal representative of the
Employee’s estate.  In the absence of designation of the manner of
payment by the Employee, the Company shall pay said death benefits in regular
monthly installments as if the Employee were retired and
living.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    9.           No
Alienation.  Neither Employee nor his beneficiaries shall have
the right to encumber, commute, borrow against, dispose of, or assign the right
to receive payments under this agreement.  No right or benefit
hereunder shall in any manner be liable for or subject to the debts, contracts,
liabilities, or torts of the person entitled to such benefit.  If any
participant or beneficiary hereunder shall become bankrupt or attempt to
anticipate, alienate, sell, assign, pledge, encumber, or charge any right to
benefit hereunder or if any other person or entity shall attempt to execute on
any benefit hereunder, then such right or benefit, in the discretion of the
administrative committee, appointed by the Company’s Board of Directors, shall
cease and terminate, and in such event, the Company may hold or apply the same
or any part thereof for the benefit of the Employee, his beneficiary, Employee’s
spouse, children or other dependents, or any of them, in such manner and in such
portion as the administrative committee may deem proper.

    10.           Vesting.  Notwithstanding
anything to the contrary contained herein, the benefits hereunder shall vest in
the Employee at such time as the Employee’s age and completed years of service
equals eighty-five (85), or employee reaches thirty (30) years of continuous
employment with the Company, or Employee reaches the age of sixty (60) years,
whichever occurs first.  However, payments shall not be paid until the
remaining terms of this agreement are met after such vesting.

    Employee shall also be vested upon a
change in control of the Company.  “Change in Control”
means:

    a.           any
“person” (as defined in Sections 13(d) and 14(d) of the Exchange Act) is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act)
directly or indirectly, of securities of the Company representing thirty-three
percent (33%) or more of the combined voting power of the Company’s then
outstanding securities; or

    b.           during
any period of two (2) consecutive years (not including any period prior to the
date of this agreement) there shall cease to be a majority of the Board
comprised of continuing directors; or

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    c.           the
stockholders of the Company approve a merger or consolidation of the Company
with any other corporation or entity, other than a merger or consolidation which
would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) at least eighty
percent (80%) of the combined voting power of the voting securities of the
Company or such surviving entity outstanding immediately after such merger or
consolidation, or,  the stockholders of the Company approve a plan of
complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets.

    Notwithstanding anything to the
contrary contained herein, in the event of the termination of Employee’s
employment prior to the vesting of benefits hereunder, other than by reason
of  disability or death, the parties further agree that no benefits
shall be payable to the Employee or any beneficiary of the Employee pursuant to
the terms of this Agreement.

    11.           Applicable
Law.  This agreement is executed by authorized representatives
of the Company and by the Employee as of the day and month and year first above
written and shall be binding upon and inure to the benefit of the respective
parties, their heirs, successors, personal representatives, and
assigns.  This agreement shall for all purposes be construed under the
laws of the State of Indiana.

    12.           Arbitration.  In
the event of a dispute between the parties with respect to the validity, intent,
interpretation, performance, or enforcement of any of the terms contained in
this Agreement or any claim arising out of or in connection with this Agreement,
which the parties, using their best efforts, are unable to resolve within ninety
(90) business days, the matter shall be submitted for final resolution to an
Arbitration Panel consisting of three arbitrators selected as follows: each
party shall select one arbitrator; and the two arbitrators shall select a third
arbitrator and no arbitrator may be affiliated with any of the parties
hereto.  In the event either of the parties shall have failed to
select an arbitrator within ten days after receipt of written notice from the
other party that it has selected its arbitrator, such arbitrator shall be
selected by the American

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Arbitration
Association.  The arbitration procedure set forth in this section
shall be the sole and exclusive means of settling or resolving any dispute
arising under this Agreement.  The arbitration shall be conducted in
accordance with the American Arbitration Association Rules then in effect, as
modified herein.  The arbitration herein shall be conducted in
Elkhart, Indiana.  The award of the arbitrators shall be final and
binding on the parties and may be presented by any of the parties for
enforcement in any court of competent jurisdiction and the parties hereby
consent to the jurisdiction of such court solely for purposes of enforcement of
this arbitration agreement and any award rendered hereunder.  In any
such enforcement action, irrespective of where it is brought, none of the
parties will seek to invalidate or modify the decision of the arbitrators or
otherwise to invalidate or circumvent the procedures set forth in this Section
12 as the sole and exclusive means of settling or resolving such dispute,
including by appeal to any court which would otherwise have jurisdiction in the
matter.  The fees of the arbitrators and the other costs of such
arbitration shall be borne by the parties in such proportions as shall be
specified in the arbitration award.

    Dated at Elkhart, Indiana, effective
the day, month and year first above written.

    PATRICK INDUSTRIES, INC.

    

    By:  ______________________________________

    

    Printed:  __________________________________

    

    Title:  ____________________________________

    

    EMPLOYEE

    By:  ______________________________________

    

    Printed:  __________________________________p-2534_x104.htm

    Exhibit
10.4

    NON-QUALIFIED STOCK OPTION

    

    

    THIS
NON-QUALIFIED STOCK OPTION granted this _______ day of ____, 20XX (the “Grant
Date”), by PATRICK INDUSTRIES, INC. (hereinafter called the "Company"), to “_____________”
(hereinafter called the "Employee"), pursuant to the Patrick Industries, Inc.
______ Stock Option Program, as Amended and Restated (the
“Plan”).  Capitalized terms not otherwise defined herein shall have
the meanings assigned to such terms in the Plan.

     

    In consideration of the premises,
mutual covenants and agreements herein, the Company and the Employee agree as
follows:

     

    1.           Option Grant -
The Company hereby grants to the Employee an option to purchase a total of
____________ shares of Common Stock of the Company (“Shares”) on the terms
and conditions set forth herein.  This option shall not constitute an
“incentive stock option” within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”).

     

    2.           Option Price - The
purchase (exercise) price for each Share issuable upon exercise of this option
shall be $___________ per share, being not less than the “fair market value” per
Share on the Grant Date (as determined under the Plan).  The fair
market value per Share as of the close of business on the Grant Date was
$_________ per share.

     

    3.           Time of Exercise
- Subject to the provisions of paragraphs 4, 5, 6, and 9 hereof, this option may
be exercised (as described in paragraph 6 hereof) to a maximum cumulative amount
of 10% of the total Shares from and after the Grant Date, as to 35% of the total
Shares from and after the first anniversary of the Grant Date, as to 70% of the
total Shares from and after the second anniversary of the Grant Date, and as to
100% of the total Shares from and after the third anniversary of the Grant
Date.  The following schedule reflects the amounts and vesting dates
in accordance with the schedule above:

     

    

    
      	 
      	
              Vesting
      Schedule

            
	 
      	
              5/21/09

            	
              5/21/10

            	
              5/21/11

            	
              5/21/12

            
	
              Cumulative
      Percent

            	
              10%

            	
              35%

            	
              70%

            	
              100%

            
	
              Vested
      Shares

            	 
      	 
      	 
      	 
      

    

    

    4.           Term - Subject to
earlier termination as provided in Section 5 hereof, this option shall
terminate, and be of no force or effect after 5:00 p.m. (Eastern Time), on the
tenth (10th) anniversary of the Grant Date (the “Expiration Date”).

     

    5.           Effect of Termination of
Service - In the event of Employee’s termination of employment with the
Company or any of its subsidiaries (a “Termination of Service”) prior to the
Expiration Date, then (i) all further vesting of Employee’s rights with respect
to the option under Paragraph 3 hereof shall immediately cease, (ii) any
then unvested portion of this option shall be immediately cancelled and
forfeited by the Employee for no consideration and (iii) any then vested portion
of this option shall terminate and lapse following such Termination of Service
as follows:

     

    
      	
               
      

            	
              (a)

            	
              In
      the event of a Termination of Service for any reason other than
      death, Disability or Retirement, this option shall lapse on the earlier of (i)
      the last day of the six (6) month period beginning on the date of such
      Termination of Service or (ii) the Expiration
  Date.

            

    

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              In
      the event of a Termination of Service by reason of Employee’s death,
      Disability or Retirement, this option shall lapse on the earlier of (i)
      the last day of the one (1) year period beginning on the date of such
      Termination of Service or (ii) the Expiration Date.  In the
      event of death or Disability, the legal representative of the Employee,
      the Employee’s estate, or the person to whom this option passes by will or
      the laws of descent and distribution shall be entitled to exercise this
      option.  For these purposes, “Disability” shall mean the
      inability of the Employee to engage in any substantial gainful activity by
      reason of any medically determinable physical or mental impairment that
      (i) can be expected to result in death, (ii) has lasted for a continuous
      period of not less than 12 months, or (iii) can be expected to last for a
      continuous period of not less than 12 months.  For these
      purposes, “Retirement” shall mean a retirement in accordance with any
      retirement plan then in effect for the Company or any of its
      subsidiaries.

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      the Employee dies during the twelve (12) month period following
      Termination of Service by reason of Disability or retirement or within six
      (6) months after any other termination of employment, then notwithstanding
      Paragraphs 5(a) and (b) above, this option shall lapse on the earlier of (i)
      the Expiration Date, (ii) the last day of the one year period beginning
      with the date of Employee's death.

            

    

     

    6.           Exercise of Option
-

     

    
      	
               
      

            	
              (a)

            	
              This
      option may be exercised, to the extent then exercisable, only by
      appropriate notice in writing delivered to the Secretary of the Company at
      Elkhart, Indiana, and accompanied by a check payable to the order of the
      Company for the full purchase price of the Shares being
      purchased.  The Employee shall also submit, if then required by
      any federal or state securities law, a written representation that at the
      time of exercise it is the Employee’s intention to acquire the Shares for
      investment and not for resale.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Company shall have the right to deduct from any compensation or any other
      payment of any kind due the Employee, the amount of any federal, state or
      local taxes required by law to be withheld as the result of any exercise
      of this option.  In lieu of such deduction, the Company may
      require the Employee to make a cash payment to the Company at the time of
      any option exercise equal to the amount of taxes required to be
      withheld.  If the Employee does not make such payment when
      requested, the Company may refuse to issue any Shares under this option
      until arrangements satisfactory to the Company for such payment have been
      made.

            

    

     

    7.           Nontransferability -
The option shall not be transferable other than by will or the laws of descent
and distribution, and any permitted transferee shall take the option subject to
all of the terms hereof.  During the lifetime of the Employee, the
option may be exercised only by the Employee or, in the case of the Employee’s
Disability, the Employee’s duly authorized representative.  Following
the death of the Employee, the option may be exercised only by the Employee’s
executor, administrator or permitted transferee as provided
above.  Without limiting the generality of the foregoing, the option
may not be assigned, transferred (except as provided above), pledged or
hypothecated in any way, shall not be assignable by operation of law, and shall
not be subject to execution, attachment or similar process, and any attempt to
do so shall be void.

     

    8.           Delivery of Certificates
-

     

    
      	
               
      

            	
              (a)

            	
              The
      Company shall not be required to issue or deliver any Shares
      purchased

            

    

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    upon the
exercise of this option prior to the admission of such Shares to listing on any
stock exchange on which Common Stock of the Company may at that time be
listed.  If at any time during the option period the Company shall be
advised by its counsel that the Shares deliverable upon an exercise of the
option are required to be registered under the Federal Securities Act of 1933 or
any state securities law, or that delivery of such Shares must be accompanied or
preceded by a Prospectus meeting the requirements of such Act, the Company will
use its best efforts to effect such registration or provide such Prospectus not
later than a reasonable time following each exercise of this option, but
delivery of Shares by the Company may be deferred until such registration is
effected or such Prospectus is available.  The Employee agrees and
acknowledges that this option may not be exercised unless the foregoing
conditions are satisfied.  The Employee shall have no interest in
Shares covered by this option until certificates for said Shares are
issued.

     

    
      	
               
      

            	
              (b)

            	
              No
      adjustment shall be made for dividends or other distributions made by the
      Company to its shareholders or other rights for which the record date is
      prior to the date on which the Employee is admitted as a shareholder with
      respect to Shares that may be issued upon the exercise of the
      option.  Notwithstanding the preceding sentence, in the event of
      an extraordinary cash dividend or distribution, the Compensation Committee
      of the Company’s Board of Directors (the “Committee”) shall make
      appropriate and equitable adjustments to the number of Shares subject to
      this option and/or to the exercise price hereof as the Committee
      determines in its sole and reasonable discretion are necessary to prevent
      dilution of Employee’s rights hereunder.  The Committee’s
      determination with respect to any such adjustments under this Section 8
      shall be conclusive and binding on the
Employee.

            

    

     

    9.           Adjustment Provisions
- If the Company shall at any time change the number of shares of its Common
Stock without new consideration to the Company (such as by stock dividends or
stock splits), the total number of Shares then remaining subject to purchase
hereunder shall be changed in proportion to such change in issued shares and the
option price per share shall be adjusted so that the total consideration payable
to the Company upon the purchase of all Shares not theretofore purchased shall
not be changed.

     

    If, during the term of this option, the
Common Stock of the Company shall be changed into cash, securities, or evidences
of indebtedness of another corporation, other property, or any combination
thereof, whether as a result of reorganization, sale, merger, consolidation, or
other similar transaction (a “Transaction”), the Company shall cause adequate
provision to be made whereby (i) the Employee shall thereafter be entitled to
receive upon the due exercise of this option, the cash, securities, evidences of
indebtedness, other property, or any combination thereof the Employee would have
been entitled to receive for Shares acquired through exercise of this option
immediately prior to the effective date of such Transaction and (ii) if the
Employee’s employment is terminated without Cause following the Transaction
during the term of this option, this option shall become fully exercisable for
the balance of the option term.   For these purposes, “Cause”
shall mean (A) commission of a felony involving moral turpitude, (B) substantial
failure to perform the duties required by the Employee’s employment or (C)
material negligence or misconduct in the performance of those duties, all as
determined by the Board of Directors of the Company.  If appropriate,
the option price of the shares or securities remaining subject to purchase
following such Transaction may be adjusted, in each case in such equitable
manner as the Committee may select.

     

    If the Board of Directors of the
Company determines that the Company is unable to cause adequate provision to be
made to allow the Employee to continue to benefit from the option

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    after the
Transaction, the option shall become fully vested and cancelled in exchange for
a lump sum payment from the Company in an amount equal to the excess of the then
value of the Company’s Common Stock as established in the Transaction over the
option exercise price.

     

    10.           Subject to the Plan -
This option shall be subject to and governed by all the terms and conditions of
the Plan.  A copy of the Plan is on available for review by Employee
upon request to the Company’s Secretary and is hereby incorporated by
reference.  In the event of any discrepancy or inconsistency between
the terms and conditions of this option and of the Plan, the terms and
conditions of the Plan shall control.

     

    11.           Code Section 409A -
This option is intended to be exempt from Section 409A of the Code, and the
regulations and guidance promulgated thereunder (“Section
409A”).  Notwithstanding the foregoing or any provision of this option
to the contrary, if any provision of this option contravenes Section 409A or
could cause the Employee to incur any tax, interest or penalties under Section
409A, the Committee may, in its sole discretion and without the Employee’s
consent, modify such provision to comply with, or avoid being subject to,
Section 409A, or to avoid the incurrence of taxes, interest and penalties under
Section 409A.

     

    12.           No Assurance of Continued
Employment by the Company - The granting of the option is in
consideration of the Employee’s continuing as an employee of the
Company.  Notwithstanding the foregoing, nothing in this option shall
confer upon the Employee any right to continue as an employee of the Company, or
affect the right of the Company to terminate the Employee’s employment (subject
to the terms of any separate employment contract) at any time in the sole
discretion of the Company, with or without cause.

     

    13.           Interpretation - The
interpretation and construction of any terms or conditions of the Plan, or of
this option or other matters related to the Plan by the Committee shall be final
and conclusive.

     

    14.           Enforceability - This
Agreement shall be binding upon the Employee and such Employee’s estate,
personal representative and beneficiaries.

     

    15.           Governing Law - This
Agreement shall be governed and construed in accordance with the laws of the
State of Indiana (regardless of the law that might otherwise govern under
applicable Indiana principles of conflict of laws).

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    16.           Amendment - The terms
and conditions of this option may be amended by the mutual agreement of the
Company and the Employee or such other persons as may have an interest herein,
evidenced in writing.

     

    IN
WITNESS WHEREOF, the Committee has caused this option to be executed on the date
first above written.

     

    

     

    

    PATRICK
INDUSTRIES, INC.

    

    

    

    By________________________

     
 

     Title______________________

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