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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 14A(RULE 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.  )

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Commission File No. 0-20572

PATTERSON COMPANIES, INC. (NameofRegistrantasSpecifiedinItsCharter)

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PATTERSON COMPANIES, INC. 1031 MENDOTA HEIGHTS ROAD

ST. PAUL, MINNESOTA 55120

July31,2020

DearShareholder:

YouarecordiallyinvitedtoattendtheannualmeetingofshareholdersofPattersonCompanies,Inc.tobeheldvirtuallyat4:30p.m.,CentralDaylightSavingTime,onMonday,September14,2020.Thiswillbethefirsttimewehaveheldourannualmeetingvirtually.GiventheongoingCOVID-19pandemicandourdesiretosupportthehealthandwell-beingofourshareholders,employeesanddirectors,wehavedecidednottohaveaphysicalannualmeetingthisyear.InstructionsregardingvirtualattendancearesetforthintheNoticebelow.Shareholdersattendingthevirtualannualmeetingonlinewillbeabletolistentothemeetinglive,submitquestionsandvote.

Theannualmeetingwillbeheldforthefollowingpurposes:(1)tovotefortheelectionofeightdirectors,(2)tovoteuponanadvisoryproposalconcerningourexecutivecompensationprogram,and(3)toratifytheselectionofErnst&YoungLLPasourindependentregisteredpublicaccountingfirmforthefiscalyearendingApril24,2021.Iencourageyoutovoteforthenomineesfordirector,foradvisoryapprovalofourexecutivecompensationprogram,andforratificationoftheappointmentofErnst&YoungLLP.

Whetherornotyouexpecttoattendthevirtualannualmeetingonline,itisimportantthatyoursharesberepresentedandvoted.Afterreadingthisproxystatement,pleasepromptlyvoteandsubmityourproxy.YoumayvotethroughtheInternet,bytelephone,byrequesting,signingandreturningaproxycard,oronlineduringthevirtualannualmeeting.Yourvoteisimportant.

Verytrulyyours,

PATTERSON COMPANIES, INC.

 MarkS.Walchirk PresidentandChiefExecutiveOfficer

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PATTERSON COMPANIES, INC. 1031 MENDOTA HEIGHTS ROAD

ST. PAUL, MINNESOTA 55120

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD SEPTEMBER 14, 2020

NOTICEISHEREBYGIVENthattheannualmeetingofshareholdersofPattersonCompanies,Inc.,aMinnesotacorporation,willbeheldvirtuallyat4:30p.m.,CentralDaylightSavingTime,onMonday,September14,2020,oratanyadjournmentorpostponementthereof.Youwillbeabletoattendtheannualmeetingonline,listentothemeetinglive,submitquestionsandvotebyvisitingwww.virtualshareholdermeeting.com/PDCO2020andenteringthe16-digitcontrolnumberincludedinourNoticeRegardingtheAvailabilityofProxyMaterialsoronyourproxycard(ifyoureceivedaprintedcopyoftheproxymaterials).

Themeetingwillbeheldforthefollowingpurposes,asmorefullydescribedintheaccompanyingproxystatement:

1. Toelecteightdirectorstohavetermsexpiringin2021,anduntiltheirsuccessorsshallbeelectedanddulyqualified;

2. Toconsiderandvoteuponanadvisoryproposalconcerningourexecutivecompensationprogram;

3. ToratifytheselectionofErnst&YoungLLPasourindependentregisteredpublicaccountingfirmforthefiscalyearendingApril24,2021;and

4. Toconsidersuchotherbusinessasmayproperlycomebeforethemeetingoranyadjournmentorpostponementthereof.

OnlyshareholdersofrecordatthecloseofbusinessonJuly17,2020areentitledtonoticeof,andtovoteat,thevirtualannualmeeting.Inanefforttofacilitatethevotingprocessforsubstantiallyallofourshareholders,weareusingtheSecuritiesandExchangeCommissionrulesthatallowproxymaterialstobefurnishedtoshareholdersovertheInternet.YoucanvotebyproxyovertheInternetbyfollowingtheinstructionsprovidedintheNoticeRegardingtheAvailabilityofProxyMaterialsthatwasmailedtoyouonoraboutJuly31,2020,or,ifyourequestprintedcopiesoftheproxymaterialsbymail,youcanvotebymailorbytelephone.Youcanalsovoteonlineduringthevirtualannualmeeting.Yourvoteisimportantandyourpromptnessinvotingbyproxywillassistinitsexpeditiousandorderlyprocessingandwillassurethatyouarerepresentedatthemeeting.Proxiesmayberevokedatanytimebeforetheyareexercised.

BY ORDER OF THE BOARD OF DIRECTORS

 LesB.KorshVicePresident,GeneralCounselandSecretary

St.Paul,MinnesotaJuly31,2020

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be Held on September 14,2020

InaccordancewithrulesandregulationsadoptedbytheSecuritiesandExchangeCommission,wearefurnishingourproxymaterialsontheInternet.“Proxymaterials”meansthisproxystatement,our2020AnnualReportandanyamendmentsorupdatestothesedocuments.OurproxymaterialsareavailableontheInternettothegeneralpublicathttp://materials.proxyvote.com/703395.

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INFORMATIONCONCERNINGSOLICITATIONANDVOTING 1

PROPOSALNO.1ELECTIONOFDIRECTORS 6NomineesforElectionasDirector 7VoteRequired 8

OURBOARDOFDIRECTORSANDCOMMITTEES 9Overview 9LeadershipStructureandRiskOversight 9RoleofNon-ExecutiveChairman 11CommitteeOverview 11CommitteeResponsibilities 13

OurAuditCommitteeandItsReport 13OurCompensationCommitteeandItsReport 14OurGovernanceandNominatingCommitteeandItsProceduresforNominations 16OurFinanceandCorporateDevelopmentCommittee 18OurComplianceCommittee 19

CommunicationswithBoardMembers 20BoardMemberAttendanceatAnnualMeetings 21

NON-EMPLOYEEDIRECTORCOMPENSATION 22CompensationofDirectors 23

SECURITYOWNERSHIPOFCERTAINBENEFICIALOWNERSANDMANAGEMENT 25

DELINQUENTSECTION16(a)REPORTS 27

EXECUTIVECOMPENSATION 28CompensationDiscussionandAnalysis 28

ExecutiveSummary 28CompensationDecisions 29DeterminingExecutiveCompensation 30CompensationPhilosophy,PracticesandComponents 32OtherExecutiveCompensationArrangements,PoliciesandPractices 40EmploymentandOtherSeverance,Change-in-ControlandRelatedAgreements 42OtherRelatedConsiderations 43

SummaryCompensationTable 45GrantsofPlan-BasedAwards 46OutstandingEquityAwardsatFiscalYear-End 47OptionExercisesandStockVested 49NonqualifiedDeferredCompensation 49PotentialPaymentsuponTerminationorChange-in-Control 50CompensationPoliciesandPracticesasTheyRelatetoRiskManagement 53CEOPayRatio 53

CERTAINRELATIONSHIPSANDRELATEDTRANSACTIONS 54

EQUITYCOMPENSATIONPLANINFORMATION 54

PROPOSALNO.2ADVISORYVOTEONEXECUTIVECOMPENSATION 56Introduction 56VoteRequired 56

PROPOSALNO.3RATIFICATIONOFSELECTIONOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM 57

PrincipalAccountantFeesandServices 57Recommendation 58

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ANNUALREPORTTOSHAREHOLDERS 59

HOUSEHOLDINGOFPROXYMATERIALS 59

SHAREHOLDERPROPOSALSFORTHE2021ANNUALMEETING 59

OTHERMATTERS 60

ANNEXAPATTERSONCOMPANIES,INC.RECONCILIATIONOFGAAPTONON-GAAPMEASURES A-1

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PATTERSON COMPANIES, INC. 1031 MENDOTA HEIGHTS ROAD

ST. PAUL, MINNESOTA 55120

PROXY STATEMENT FOR ANNUAL MEETING OF SHAREHOLDERS TO BE HELD SEPTEMBER 14, 2020

INFORMATION CONCERNING SOLICITATION AND VOTING

ThisproxystatementisfurnishedbytheBoardofDirectorsofPattersonCompanies,Inc.andcontainsinformationrelatingtotheannualmeetingofshareholderstobeheldvirtuallyat4:30p.m.,CentralDaylightSavingTime,onMonday,September14,2020.

InaccordancewithrulesandregulationsadoptedbytheSecuritiesandExchangeCommission,wehaveelectedtoprovidesubstantiallyallofourshareholdersaccesstoourproxymaterialsovertheInternet,insteadofmailingprintedcopiesofthosematerialstoeachshareholder.Accordingly,aNoticeRegardingtheAvailabilityofProxyMaterialswillbemailedonoraboutJuly31,2020toshareholderswhoownedourcommonstockatthecloseofbusinessonJuly17,2020.ShareholderswillhavetheabilitytoaccesstheproxymaterialsonawebsitereferredtointheNoticeRegardingtheAvailabilityofProxyMaterialsorrequestthataprintedsetoftheproxymaterialsbesenttothembyfollowingtheinstructionstherein.

TheNoticeRegardingtheAvailabilityofProxyMaterialswillalsoprovideinstructionsonhowyoucanelecttoreceivefutureproxymaterialselectronicallyorinprintedformbymail.Ifyouchoosetoreceivefutureproxymaterialselectronically,youwillreceiveanemailnextyearwithinstructionscontainingalinktotheproxymaterialsandalinktotheproxyvotingsite.Yourelectiontoreceiveproxymaterialselectronicallyorinprintedformbymailwillremainineffectuntilyouterminatesuchelection.

Choosingtoreceivefutureproxymaterialselectronicallywillallowustoprovideyouwiththeinformationyouneedinatimelymanner,willsaveusthecostofprintingandmailingdocumentstoyouandwillconservenaturalresources.

Why did I receive a notice in the mail regarding the Internet availability of the proxy materials this yearinstead of a paper copy of the proxy materials?

TheSecuritiesandExchangeCommissionrulesallowcompaniestofurnishtheirproxymaterialsovertheInternet.Asaresult,wearemailingtomostofourshareholdersaNoticeRegardingtheAvailabilityofProxyMaterialsinsteadofapapercopyoftheproxymaterials.AllshareholdersreceivingthenoticewillhavetheabilitytoaccesstheproxymaterialsovertheInternetandrequesttoreceiveapapercopyoftheproxymaterialsbymail.InstructionsonhowtoaccesstheproxymaterialsovertheInternetortorequestapapercopymaybefoundonthenotice.Inaddition,thenoticecontainsinstructionsonhowshareholdersmayrequesttoreceiveproxymaterialsinprintedformbymailorelectronicallybye-mailonanongoingbasis.

How can I access the proxy materials over the Internet?

TheNoticeRegardingtheAvailabilityofProxyMaterials,proxycardorvotinginstructioncardprovidedbyyourbroker,trusteeornominee,willcontaininstructionsonhowtoviewourproxymaterialsfortheannualmeetingofshareholdersontheInternetandhowtoinstructustosendourfutureproxymaterialstoyouelectronicallybye-mail.

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How may I obtain a paper copy of the proxy materials?

ShareholdersreceivingaNoticeRegardingtheAvailabilityofProxyMaterialswillfindinstructionsabouthowtoobtainapapercopyoftheproxymaterialsontheirnotice.

What is the purpose of the virtual annual meeting?

Atourvirtualannualmeeting,shareholderswillvoteonthefollowingitemsofbusiness:

■ Theelectionofeightdirectorstohavetermsexpiringin2021,anduntiltheirsuccessorsshallbeelectedanddulyqualified;

■ Advisoryapprovalofourexecutivecompensationprogram;and

■ RatificationoftheselectionofErnst&YoungLLPasourindependentregisteredpublicaccountingfirmforthefiscalyearendingApril24,2021.

Shareholderswillalsovoteonsuchothermattersasmayproperlycomebeforethemeetingoranyadjournmentorpostponementthereof.

What are the Board’s recommendations?

OurBoardofDirectorsrecommendsthatyouvote:

■ FORelectionofeachofthenomineesfordirector(seeProposalNo.1);

■ FORadvisoryapprovalofourexecutivecompensationprogram(seeProposalNo.2);and

■ FORratificationoftheselectionofErnst&YoungLLPasourindependentregisteredpublicaccountingfirmforthefiscalyearendingApril24,2021(seeProposalNo.3).

Withrespecttoanyothermatterthatproperlycomesbeforethemeeting,theproxyholderswillvoteasrecommendedbyourBoardofDirectorsor,ifnorecommendationisgiven,intheirowndiscretion.

What shares are entitled to vote?

AsofJuly17,2020,therecorddateforthemeeting,wehad96,279,152sharesofcommonstockoutstandingandapproximately1,948shareholdersofrecord.Eachshareofourcommonstockoutstandingontherecorddateisentitledtoonevoteoneachitembeingvotedonatthemeeting.Youcanvoteallthesharesthatyouownedontherecorddate.Thesesharesinclude(1)shareshelddirectlyinyournameastheshareholderofrecord,and(2)sharesheldforyouasthebeneficialownerthroughabroker,bankorothernominee.Shareholdersdonothavetherighttocumulatevotesintheelectionofdirectors.Sharesarecountedaspresentifeithertheshareholdervotesonlineatthevirtualannualmeeting,orhasproperlysubmittedaproxybyInternet,bytelephone,orbymail.

How can I vote by proxy in advance of the virtual annual meeting?

Whetheryouholdsharesdirectlyastheshareholderofrecordorthroughabroker,trusteeorothernomineeasthebeneficialowner,youmaydirecthowyoursharesarevotedwithoutattendingthevirtualannualmeeting.Therearethreewaystovotebyproxy:

By Internet–ShareholderswhoreceiveaNoticeRegardingtheAvailabilityofProxyMaterialsmaysubmitproxiesovertheInternetbyfollowingtheinstructionsonthenotice.Shareholderswhoreceiveapapercopyofaproxycardorvotinginstructioncardprovidedbytheirbroker,trusteeornomineebymailmaysubmitproxiesovertheInternetbyfollowingtheinstructionsontheproxycardorvotinginstructioncard.

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By Telephone–ShareholdersofrecordmaysubmitproxiesbytelephonebyfollowingtheinstructionssetforthonthewebsitelistedontheNoticeRegardingtheAvailabilityofProxyMaterialsortheproxycard.YouwillneedtohavethecontrolnumberthatappearsonyourNoticeRegardingtheAvailabilityofProxyMaterialsorproxycardavailablewhenvotingbytelephone.

By Mail–Shareholderswhorequestandreceiveapapercopyoftheproxycardorthevotinginstructioncardbymailmaysubmitproxiesbycompleting,signinganddatingtheirproxycardorvotinginstructioncardandmailingitintheaccompanyingpre-addressedenvelope.

How do I vote my Patterson Companies, Inc. Employee Stock Ownership Plan and Trust (“ESOP”) orPatterson Dental Canada, Inc. Deferred Profit Sharing Plan (“DPSP”) shares?

IfyouparticipateintheESOPortheDPSP,followthedirectionsonyourproxycardtovotesharesheldforyouinyourESOPorDPSPaccount,andsuchshareswillbevotedinaccordancewithyourinstructions.IfyoudonotprovideinstructionsonorbeforeWednesday,September9,2020,ourBoardofDirectorswilldirectDelawareCharterGuarantee&TrustCompanydbaPrincipalTrustCompany,thetrusteeoftheESOP,tovoteyourESOPsharesinaccordancewiththeBoard’srecommendations.IfyoudonotprovideinstructionsonorbeforeWednesday,September9,2020,ourBoardwilldirectStandardLifeTrustCompany,thetrusteeoftheDPSP,tovoteyourDPSPsharesinaccordancewiththeBoard’srecommendations.

Who can attend the virtual annual meeting?

Allshareholdersasoftherecorddate,ortheirdulyappointedproxies,mayattendandparticipateinthevirtualannualmeetingbyaccessingwww.virtualshareholdermeeting.com/PDCO2020.Tojointheannualmeeting,youwillneedtohaveyour16-digitcontrolnumber,whichisincludedonyourNoticeRegardingtheAvailabilityofProxyMaterialsoronyourproxycard(ifyoureceivedaprintedcopyoftheproxymaterials).Intheeventhatyoudonothaveacontrolnumber,pleasecontactyourbroker,bank,orothernomineeassoonaspossibleandnolaterthanWednesday,September9,2020,sothatyoucanbeprovidedwithacontrolnumberandgainaccesstothemeeting.Shareholdersmayvoteelectronicallyandsubmitquestionsonlinewhileattendingthevirtualannualmeeting.

Theliveaudiowebcastoftheannualmeetingwillbeginpromptlyat4:30p.m.,CentralDaylightSavingTime.Onlineaccesstotheaudiowebcastwillopenapproximately15minutespriortothestartoftheannualmeetingtoallowtimeforyoutologinandtestthecomputeraudiosystem.Weencourageourshareholderstoaccessthemeetingpriortothestarttime.Ifyouencounteranydifficultiesaccessingthevirtualannualmeetingduringthecheck-inormeetingtime,pleasecallthetechnicalsupportnumberthatwillbepostedontheonlineannualmeetingloginpageatwww.virtualshareholdermeeting.com/PDCO2020.

How can I vote my shares at the virtual annual meeting?

Tovoteyoursharesonlineatthevirtualannualmeeting,pleasevisitwww.virtualshareholdermeeting.com/PDCO2020andenterthe16-digitcontrolnumberincludedinourNoticeRegardingtheAvailabilityofProxyMaterialsoronyourproxycard(ifyoureceivedaprintedcopyoftheproxymaterials).

Evenifyouplantoattendthevirtualannualmeetingonline,werecommendthatyouvotebyproxyinadvanceoftheannualmeetingasdescribedabovesothatyourvotewillbecountedifyoulaterdecidenottoattendtheannualmeeting.Foradditionalinformation,pleasesee“HowcanIvotebyproxyinadvanceofthevirtualannualmeeting?”above.

Tovoteyourshareswithoutattendingthevirtualannualmeeting,pleasefollowtheinstructionsforInternetortelephonevotingcontainedintheNoticeRegardingtheAvailabilityofProxyMaterials.Whetheryouholdsharesdirectlyasashareholderofrecordorbeneficiallyinstreetname,youmaydirecthowyoursharesarevotedwithoutattendingthevirtualannualmeetingonline.Ifyouareashareholderofrecord,youmayvotebysubmittingaproxyelectronicallyvia

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theInternet,bytelephone,orifyouhaverequestedapapercopyoftheseproxymaterials,byreturningtheproxycardorvotinginstructioncard.Ifyouholdsharesbeneficiallyinstreetname,youmayvotebysubmittingvotinginstructionstoyourbroker,trusteeornominee.Allsharesrepresentedbyavalidproxyreceivedpriortotheannualmeetingwillbevoted.

Can I change my vote or revoke my proxy after I submit my vote?

Yes.Ifyouvotepriortothemeeting,youmaychangeyourvoteorrevokeyourproxyatanytimebeforethevotesarecastatthemeeting.Youmayautomaticallyrevokeyourproxybyattendingthevirtualannualmeetingonlineandvotingonlineatthemeeting.Attendingthevirtualannualmeetingonlinewithoutvotingatsuchmeetingwillnotinandofitselfconstituterevocationofaproxy.Torevokeyourvotinginstructions,youmaysubmitnewvotinginstructionstoyourbroker,trusteeornominee.Anothermeanstorevokeyourproxyorchangeyourproxyorvotinginstructionsistosendawrittennoticeviaemailtoinvestor.relations@pattersoncompanies.combeforethebeginningoftheannualmeeting.

What constitutes a quorum?

Thepresenceatthevirtualannualmeeting,inpersonorbyproxy,oftheholdersofatleastamajorityofthesharesofourcommonstockoutstandingasoftherecorddatewillconstituteaquorum.Theremustbeaquorumforanyactiontobetakenatthemeeting(otherthananadjournmentorpostponementofthemeeting).Ifyousubmitaproperlyexecutedproxycard,evenifyouabstainfromvoting,thenyourshareswillbecountedforpurposesofdeterminingthepresenceofaquorum.Becausebrokerscannotvotesharesontheircustomers’behalfon“non-routine”proposals,suchasProposalNos.1and2inthisproxystatement,withoutreceivingvotinginstructionsfromacustomer,ifabrokerdoesnotreceivevotinginstructionsfromitscustomerwithrespecttoanon-routineproposalandisprecludedfromvotingonthatproposal,thena“brokernon-vote”occurs.Ifabrokerreturnsaproxyindicatingalackofauthoritytovoteonnon-routineproposals,thesharesrepresentedbytheproxywillbedeemedpresentatthemeetingforpurposesofdeterminingaquorum,butnotpresentforpurposesofcalculatingthevoteonsuchproposals.

What vote is required to approve each item?

Proposal No. 1. Assumingthepresenceofaquorum,electionasadirectorrequirestheaffirmativevoteoftheholdersofamajorityofthesharesrepresentedinpersonorbyproxyandentitledtovoteatthemeeting.Foradditionalinformation,pleasesee“Howdoesthedirectorresignationpolicywork?”below.

Proposal Nos. 2 and 3. Assumingthepresenceofaquorum,theaffirmativevoteofthegreaterof(1)amajorityoftheoutstandingsharesofourcommonstockpresentinpersonorbyproxyandentitledtovoteontheitematthemeetingand(2)amajorityoftheminimumnumberofsharesentitledtovotethatwouldconstituteaquorumforthetransactionofbusinessatthemeeting,willberequiredforapprovalofeachoftheseproposals.

What is the effect of an abstention or broker non-vote on each proposal?

Withrespecttotheelectionofdirectors,theadvisoryproposalonexecutivecompensation,andtheproposaltoratifytheselectionofErnst&YoungLLP:

■ Ifyouabstainfromvotingonanomineeoraproposal,yourshareswillbeconsideredpresentattheannualmeetingforpurposesofdeterminingaquorumandforpurposesofcalculatingthesharespresentandentitledtovoteonthenomineeortheproposaland,accordingly,willhavethesameeffectasavoteagainstthenomineeorproposal.

■ Ifyoudonotvote(orabrokernon-voteoccurs)onanomineeoraproposal,yourshareswillnotbedeemedpresentforthepurposesofcalculatingthevoteonthatnomineeorproposalandwillgenerallyhavenoimpactondeterminingwhetherthenomineeiselectedortheproposalisapproved.

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What does it mean if I receive more than one proxy card?

Ifyoureceivemorethanoneproxycard,itmeansthatyouholdsharesregisteredinmorethanonenameorbrokerageaccount.Youshouldsignandreturneachproxycardthatyoureceiveinordertoensurethatallofyoursharesarevoted.

How can I vote on each of the proposals?

Withrespecttothefirstproposal,youmayvote FORor AGAINSTthenominees,oryoumayindicatethatyouwishtoABSTAINfromvotingonthenominees.Withrespecttoeachofthesecondandthirdproposals,youmayvote FORorAGAINSTtheproposal,oryoumayindicatethatyouwishtoABSTAINfromvotingontheproposal.

Ifyouvotebyproxy,yourshareswillbevotedattheannualmeetinginthemanneryouindicateonyourproxy.Ifyousignapaperproxycardbutdonotspecifyhowyouwantyoursharestobevoted(andyoudonotholdyoursharesthroughabroker,bankorotherfinancialinstitution),theywillbevoted(1)FORelectionofthenomineesnamedbelowunderthecaption“ProposalNo.1–ElectionofDirectors;”(2)FORadvisoryapprovalofourexecutivecompensationprogram;(3)FORratificationoftheappointmentofErnst&YoungLLPasourindependentregisteredpublicaccountingfirmforthefiscalyearendingApril24,2021;and(4)inthediscretionoftheproxiesnamedontheproxycardwithrespecttoallotherappropriatemattersproperlybroughtbeforetheannualmeeting.

How does the director resignation policy work?

PursuanttoourCorporateGovernanceGuidelines,anynomineefordirectorinanuncontestedelection(i.e.,anelectionwherethenumberofnomineesisnotgreaterthanthenumberofdirectorstobeelected)whofailstoreceivetheaffirmativevoteoftheholdersofamajorityofsharesrepresentedinpersonorbyproxyandentitledtovoteatthemeetingshall,promptlyfollowingcertificationoftheshareholdervote,offerhisorherresignationtoourGovernanceandNominatingCommittee.TheresignationoffershallbeinwritingandshallbeanirrevocableresignationofferpendingacceptanceorrejectionbyourBoardofDirectorsfollowingitsreceiptoftherecommendationofourGovernanceandNominatingCommittee.WewillpromptlydisclosetothepubliceachsuchresignationanddecisionbyourBoard.

Who will count the proxy votes?

AllvoteswillbetabulatedbyBroadridgeFinancialServicesastheinspectorofelectionforthemeeting.Suchfirmwillseparatelytabulateaffirmativeandnegativevotes,abstentionsandbrokernon-votes.

How will voting on any other business be conducted?

Wedonotexpectanymatterstobepresentedforavoteatthemeetingotherthanthemattersdescribedinthisproxystatement.Ifyougrantaproxy,eitheroftheproxyholders,MarkS.WalchirkorLesB.Korsh,orhisnominee(s)orsubstitute(s),willhavethediscretiontovoteyoursharesonanyadditionalmattersthatareproperlypresentedforavoteatthemeeting.Ifanomineeisnotavailableasacandidatefordirector,thepersonsnamedasproxyholdersmayvoteyourproxyforanothercandidatenominatedbyourBoardofDirectors.

Who is paying for this proxy solicitation?

Wewillpaytheexpensesincurredinconnectionwiththesolicitationofproxies.Wearesolicitingproxiesprincipallybymail.Inaddition,ourdirectors,officersandotheremployeesmaysolicitproxiespersonally,bytelephone,byfacsimileorbye-mail,forwhichtheywillreceivenoconsiderationotherthantheirregularcompensation.Wewillalsorequestbrokeragehouses,nominees,custodiansandfiduciariestoforwardsolicitingmaterialtothebeneficialownersofsharesheldasoftherecorddateandwillreimbursesuchpersonsfortheirreasonableexpensessoincurred.

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PROPOSAL NO. 1 ELECTION OF DIRECTORS

Eightpersonshavebeennominatedforelectionasdirectorsattheannualmeeting,allofwhomcurrentlyserveasdirectors.Ourdirectorsareelectedannually,byamajorityofthesharesrepresentedinpersonorbyproxyandentitledtovoteatthemeeting,toserveuntilthenextannualmeetingofshareholdersanduntiltheirrespectivesuccessorsareelectedanddulyqualified.Therearenofamilyrelationshipsbetweenoramonganyofourdirectorsorexecutiveofficers.

OurBylawsprovideforaBoardofDirectorsconsistingofoneormoremembers,andfurtherprovidethattheshareholdersateachannualmeetingshalldeterminethenumberofdirectors.TheBoardrecommendsthatthenumberofdirectorsbesetateightanditisintendedthattheproxiesaccompanyingthisproxystatementwillbevotedattheannualmeetingtoestablishaBoardconsistingofeightmembers.

Itisintendedthatvoteswillbecastpursuanttotheenclosedproxyfortheelectionofthenominees,exceptforthoseproxiesthatvoteagainstthenomineesorabstainfromvotingonthenominees.Asnotedabove,shareholdersdonothavecumulativevotingrightswithrespecttotheelectionofdirectors,andproxiescannotbevotedforagreaternumberofdirectorsthanthenumberofnominees.Ifanynomineeshallbeunableorunwillingtoserveasadirector,itisintendedthattheproxywillbevotedfortheelectionofsuchotherpersonastheproxiesshall,intheirdiscretion,determine.Wehavenoreasontobelievethatanynomineewillnotbeacandidateorwillbeunabletoserve.

Setforthbelowiscertaininformationconcerningthenomineesforelection:

Name Age Principal OccupationPosition(s) with Patterson

Director Since

JohnD.Buck 70 ChiefExecutiveOfficerofWhitefishVentures,LLC

ChairmanoftheBoard 2006

AlexN.Blanco 59 FormerSeniorVicePresidentandChiefSupplyChainOfficerofBaxterInternational

Director 2017

JodyH.Feragen 64 FormerExecutiveVicePresidentandChiefFinancialOfficerofHormelFoodsCorp.

Director 2011

RobertC.Frenzel 49 PresidentandChiefOperatingOfficerofXcelEnergyInc.

Director 2018

FrancisJ.Malecha 56 ManagerofHiddenLakeVineyard,LLC Director 2018

EllenA.Rudnick 69 SeniorAdvisoronEntrepreneurship,UniversityofChicagoBoothSchoolofBusiness

Director 2003

NeilA.Schrimsher 56 PresidentandChiefExecutiveOfficerofAppliedIndustrialTechnologies,Inc.

Director 2014

MarkS.Walchirk 54 PresidentandChiefExecutiveOfficerofPattersonCompanies,Inc.

President,ChiefExecutiveOfficer,Director

2017

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Nominees for Election as Director

John D. Buckservesasournon-executiveChairmanoftheBoard.Mr.BuckistheprincipalownerofWhitefishVentures,LLC,afamilyinvestmentfund.HehasbeenitsChiefExecutiveOfficersince2000.Mr.BuckwasChiefExecutiveOfficerofMedica,thesecondlargesthealthbenefitsplaninMinnesota,fromFebruary2002toMay2003.From1996to2000,heworkedforFingerhutCompanies,Inc.withhislastassignmentasPresidentandChiefOperatingOfficer,andplayedanintegralroleindevelopingthebusinessservicesareaofthecompany.PriortoFingerhut,Mr.BuckwasVicePresidentofAdministrationatAlliantTechsystems,aleadingsupplierofaerospaceanddefensetechnologies.Priortothat,Mr.Buckspent21yearsatHoneywell,Inc.,includingafour-yearinternationalposting,andmostrecentlyservingasVicePresidentofAdministration.Mr.BuckisChairmanoftheBoardofDirectorsofMedica,servedasadirectorofEvineLive,Inc.from2004to2015,andbecameadirectorofRoundRiverResearchin2017.HehasbeenoneofourdirectorssinceDecember2006.Mr.Buckbringsfinancial,strategicandleadershipexperience,includinghealthbenefitplanexperience,toourBoard.

Alex N. Blanco servedasSeniorVicePresidentandChiefSupplyChainOfficerforBaxterInternational,aleadingproviderofproductstotreathemophilia,kidneydisease,immunedisordersandotherchronicandacutemedicalconditions,fromMarch2020toJune2020.FromJanuary2013toMarch2020,Mr.BlancoservedasExecutiveVicePresidentandChiefSupplyChainOfficerforEcolabInc.,agloballeaderinwater,hygieneandenergytechnologiesandservicesthatprotectpeopleandvitalresources.From1982to2012,Mr.BlancoheldseniormanagementpositionsatProcter&GambleCo.(“P&G”),withhislastpositionasVicePresidentProductSupplyGlobalBeautySector.Inhispreviousroles,heledthesupplychaininotherkeyP&Gdivisionsandalsohadinternationalassignments,inwhichMr.BlancowasbasedoutsideoftheUnitedStatesfrom1990to2004,havingspenttenyearsinSouthAmericaandfouryearsinEurope,andduringwhichtimehehadresponsibilityforCentralandEasternEurope,theMiddleEastandAfrica.HehasbeenadirectorofYMCAoftheGreaterTwinCitiessinceJune2015.HehasbeenoneofourdirectorssinceApril2017.Mr.BlancobringsextensivesupplychainandinternationalexperiencetoourBoard.

Jody H. FeragenservedasExecutiveVicePresidentandChiefFinancialOfficerofHormelFoodsCorp.,amultinationalmarketerandmanufacturerofbrandnamefoodandmeatproducts,fromNovember2010toOctober2016.Ms.FeragenservedasHormel’sSeniorVicePresidentandChiefFinancialOfficerfromJanuary2007toOctober2010andHormel’sVicePresident(Finance)andTreasurerfromOctober2005toDecember2006.ShealsoservedonHormel’sboardofdirectorsfrom2007to2016.SinceSeptember2015,Ms.Feragenhasservedasadirector,includingcurrentserviceaschairoftheauditcommitteeandamemberofthenominationandgovernancecommittee,ofGracoInc.,asupplieroftechnologyandexpertiseforthemanagementoffluidsinbothindustrialandcommercialapplications.ShehasbeenoneofourdirectorssinceSeptember2011.Ms.FeragenbringsextensiveexperienceinpubliccompanyfinancialmanagementtoourBoard.

Robert C. Frenzel hasservedasPresidentandChiefOperatingOfficerofXcelEnergyInc.(“XcelEnergy”)sinceMarch2020,wherehehasresponsibilityforXcelEnergy’sfourutilityoperatingcompanies,alongwiththetransmission,distributionandnaturalgasbusinesses.FromMay2016toMarch2020,Mr.FrenzelservedasExecutiveVicePresidentandChiefFinancialOfficerofXcelEnergy.FromFebruary2012toApril2016,Mr.FrenzelservedasSeniorVicePresidentandChiefFinancialOfficerofLuminant,asubsidiaryofEnergyFutureHoldingsCorp.(“EFHC”).FromFebruary2009toFebruary2012,heservedasSeniorVicePresidentforCorporateDevelopment,StrategyandMergersandAcquisitionsforEFHC.InApril2014,EFHC,themajorityofitssubsidiaries,includingTexasCompetitiveEnergyHoldings(“TCEH”),theparentcompanyofLuminant,filedavoluntarybankruptcypetitionunderChapter11oftheUnitedStatesBankruptcyCode.TCEHemergedfromChapter11inOctober2016.Earlierinhiscareer,Mr.FrenzeladvisedcorporateclientsonstrategicandfinancialtransactionsasaVicePresidentintheInvestmentBankingDivisionatGoldmanSachs,andconsultedinthestrategy,finance,andeconomicspracticeatArthurAndersen.Mr.FrenzelalsoservedintheUnitedStatesNavyforsixyearsasanuclearengineeringofficerandweaponsofficer,andwaspromotedtolieutenantcommanderintheNavyReservefollowingactiveduty.HehasbeenoneofourdirectorssinceMarch2018.Mr.Frenzelbringspubliccompanyexecutivemanagement,supplychain,strategicmergerandacquisition,systemimplementationandriskmanagementexperiencetoourBoard.

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Francis J. MalechahasservedasManagerofHiddenLakeVineyard,LLCsinceMarch2020.HepreviouslyservedasPresident,ChiefExecutiveOfficerandadirectorofCompassMineralsInternational,Inc.,aleadingproviderofessentialminerals,fromJanuary2013toNovember2018.Previously,Mr.MalechawasHeadofAgriculturalProducts,NorthAmericaatGlencoreInternationalplc.From2000to2013,Mr.MalechaheldaseriesofincreasinglyseniorrolesatglobalagribusinesscompanyViterra,Inc,culminatinginhistenureChiefOperatingOfficerofthecompany’sgraindivisionbeforeViterrawasacquiredbyGlencore.Earlierinhiscareer,Mr.Malechaspent15yearsinthegraindivisionofGeneralMills,Inc.HehasbeenoneofourdirectorssinceJune2018.Mr.Malechabringsmerchandising,transportation,operations,riskmanagementandinternationalmergerandacquisitionexperiencetoourBoard.

Ellen A. RudnickhasservedasSeniorAdvisoronEntrepreneurshipattheUniversityofChicagoBoothSchoolofBusinesssinceJuly2016.Ms.RudnickwaspreviouslytheExecutiveDirectorandClinicalProfessorofthePolskyCenterforEntrepreneurshipandInnovationattheUniversityofChicagoBoothSchoolofBusinesssinceMarch1999.SheservedasChairmanofPacificBiometrics,amedicaldiagnosticscompanywhichsheco-founded,from1993to1999;PresidentofHCIAandCEOofHealthcareKnowledgeResources,bothhealthcareinformationservicecompanies,from1990to1992;andinavarietyofcapacitiesatBaxterHealthcarefrom1975to1990,includingCorporateVicePresidentofBaxterHealthcareandPresidentandFounderofBaxterManagementServicesDivision.Ms.RudnickservedasFounderandChairmanofCEOAdvisors,aconsultingfirmestablishedin1992.Ms.RudnickservesasdirectorofFirstMidwestBancorp,Inc.,HMSHoldingsCorporationandLibertyMutualInsuranceCompany.ShehasbeenoneofourdirectorssinceDecember2003.Ms.Rudnickbringsexperiencewithsmallbusinesses(ourcustomerbase),themedicalproductsindustry,academiaandentrepreneurshiptoourBoard.

Neil A. SchrimsherhasservedasChiefExecutiveOfficerofAppliedIndustrialTechnologies,Inc.,oneofNorthAmerica’slargestindustrialpartsdistributors,sinceOctober2011andwasalsoelecteditsPresidentinAugust2013.FromJanuary2010toAugust2011,Mr.SchrimsherwasExecutiveVicePresidentofCooperIndustries,aglobalelectricalproductsmanufacturer,whereheledmultiplebusinessesinCooper’sElectricalProductsGroupandheadednumerousdomesticandinternationalgrowthinitiatives.Mr.SchrimsherjoinedCooperIndustriesinMay2006asthePresidentofCooperLighting.Mr.Schrimsher’sotherexperienceincludesseniorleadershippositionsforSiemensEnergy&Automation,partofSiemensAG,theglobalelectronicsandelectricalengineeringcompany.HebeganhiscareeratGeneralElectricCompanyandrosethroughasuccessionofpositionsinGELighting.HehasservedasadirectorofAppliedIndustrialTechnologies,Inc.sinceOctober2011.HehasbeenoneofourdirectorssinceMarch2014.Mr.SchrimsherbringswholesaledistributionandexecutiveleadershipexperiencetoourBoard.

Mark S. WalchirkbecameourPresidentandChiefExecutiveOfficerinNovember2017.Mr.WalchirkpreviouslyservedasPresidentofU.S.PharmaceuticalatMcKessonCorporationfromOctober2012toOctober2017,whereheheldresponsibilityforMcKesson’sU.S.Pharmaceuticalsales,distributionandcustomerserviceoperations.Mr.WalchirkjoinedMcKessoninApril2001andheldvariousleadershippositionsincludingPresidentofMcKessonSpecialtyCareSolutionsandChiefOperatingOfficerofMcKessonU.S.Pharmaceutical.BeforejoiningMcKesson,hespent13yearsinmedical-surgicaldistributionandmanufacturingwithBaxterHealthcare,AllegianceHealthcareandEncompassGroup,holdingvariousleadershippositionsinsales,marketing,operationsandbusinessdevelopment.Mr.WalchirkbecameoneofourdirectorsinNovember2017.Mr.Walchirkbringsstrategicandleadershipexperience,includinghealthcareservicesanddistributionexperience,toourBoard.

Vote Required

Electionasadirectorrequirestheaffirmativevoteoftheholdersofamajorityofthesharesrepresentedinpersonorbyproxyandentitledtovoteatthemeeting.Our Board of Directors recommends that you vote FOR the election of the nomineeslisted above.

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OUR BOARD OF DIRECTORS AND COMMITTEES

Overview

OurBoardofDirectorsrepresentstheinterestsofourshareholdersasawholeandisresponsiblefordirectingthemanagementofthebusinessandaffairsofourcompany,asprovidedbyMinnesotalaw.OurBoardheld14meetingsandtookactionbywrittenconsenttwiceduringfiscal2020.InadditiontomeetingsofthefullBoard,directorsalsoattendedcommitteemeetings.Eachdirectorattendedatleast75%ofallofthemeetingsoftheBoardandofthosecommitteesonwhichheorsheserved.

OurBoardiscomprisedofamajorityofindependentdirectorsasdefinedinRule5605(a)(2)oftheMarketplaceRulesoftheNASDAQStockMarket.OurBoardhasaffirmativelydeterminedtheindependenceundertheapplicableMarketplaceRuleastoeachofourdirectorswhoareidentifiedasindependentdirectorsinthechartthatappearsbelowwithinthesubsectioncaptioned“CommitteeOverview.”

AspartofourBoard’sevaluationofdirectorindependence,theyconsideredourcompany’songoingtransactionswithEcolabInc.,wheredirectorAlexN.BlancohadbeenemployedasExecutiveVicePresidentandChiefSupplyChainOfficeruntilMarch2020,andourcompany’spurchasesfromBaxterInternational,whereMr.BlancohadbeenemployedasSeniorVicePresidentandChiefSupplyChainOfficerfromMarch2020toJune2020.OurBoardreviewedsuchtransactionsanddeterminedthattheywereenteredintoandprovidedintheordinarycourseofbusinessandwereimmaterialtoeithercompany’srevenuesoroperations.

TheindependentmembersofourBoardmeetinexecutivesessionateachregularmeetingofourBoard,withnomembersofmanagementpresent.

OurcompanyandourBoardaremembersoftheNationalAssociationofCorporateDirectors(“NACD”).OurBoardauthorizes,recommendsandencourageseachBoardmemberandourcompany’sseniormanagementtoattendeducationalcoursesofferedbytheNACDorsimilaraccreditededucationalorganization.Wereimbursereasonableexpensesincurredbyourdirectorsandseniormanagementinattendingsuchcourses.

OurcompanyhasadoptedandpublishedPrinciplesofBusinessConductandCodeofEthics.OurPrinciplesofBusinessConductandCodeofEthicssatisfytherequirementsofItem406(b)ofRegulationS-KandapplicableNASDAQMarketplaceRules.OurPrinciplesofBusinessConductandCodeofEthicsareavailableonourwebsiteatwww.pattersoncompanies.comorinprintuponwrittenrequesttoPattersonCompanies,Inc.,1031MendotaHeightsRoad,St.Paul,Minnesota55120,Attention:InvestorRelations.WeintendtodiscloseanyamendmenttoorwaiverfromaprovisionofourPrinciplesofBusinessConductandCodeofEthicsthatrequiresdisclosureonourwebsiteatwww.pattersoncompanies.com.

OurcompanyalsohasadoptedandpublishedCorporateGovernanceGuidelines.OurCorporateGovernanceGuidelinesaddressvariousgovernancetopics,includingtheroleofourBoardofDirectors,thecompositionofourBoardandselectionofdirectors,functioningofourBoardanditscommittees,compensationofdirectors,andconductandethicsstandardsfordirectors.OurCorporateGovernanceGuidelinesareavailableonourwebsiteatwww.pattersoncompanies.comorinprintuponwrittenrequesttoPattersonCompanies,Inc.,1031MendotaHeightsRoad,St.Paul,MN55120,Attention:InvestorRelations.

Leadership Structure and Risk Oversight

OurBoardofDirectors,whichelectsitsChairmanannuallybyamajorityvote,doesnothaveafixedpolicyregardingwhetherthesamepersonshouldserveasboththeChiefExecutiveOfficerandChairmanoftheBoard,andourBoardbelievesthatflexibilityonthispointbestservesourcompanybyallowingustoemployaleadershipstructurethatismostappropriateunderthecircumstancesatanygiventime.

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WecurrentlybelievethatbifurcatingtherolesofChiefExecutiveOfficerandChairmanoftheBoard,aswellastheoversightexercisedbytheindependentmembersofourBoardthroughtheworkofthecommitteesofourBoarddiscussedbelow,enablesstronganddynamicBoardleadership,andeffectivelyallocatesauthority,responsibilityandoversightbetweenmanagementandtheindependentmembersofourBoard.OurBoardhasthediscretiontocombinetherolesofChiefExecutiveOfficerandChairmanoftheBoardinthefutureifitdeemsitadvisableandinthebestinterestofourcompanytodoso.

TheseparationoftheChairmanandChiefExecutiveOfficerpositionsallowsourChairmantofocusongovernanceofourBoard,Boardmeetingagendaplanning,Boardcommitteesuccessionplanning,therecruitmentofnewdirectors,Boardcommitteeresponsibilities,andothergovernancemattersasfurtherdescribedbelowunderthecaption“RoleofNon-ExecutiveChairman,”andourChiefExecutiveOfficertofocushisattentiononourbusinessandexecutionofourcompany’sstrategy.TheChairmanalsohasanimportantroleintheperformanceevaluationoftheChiefExecutiveOfficer,whichhelpstheGovernanceandNominatingCommitteeevaluatethemosteffectiveBoardleadershipstructureforourcompany.OurBoardbelievesthattheseandotheractivitiesoftheChairmanservetoenhancetheindependentleadershipoftheBoardinordertoproviderobustoversightandpromoteoverallBoardeffectiveness.Mr.Buckhasanextensiveleadershipbackground,isactivelyengagedasChairmanonBoardmatters,andworkscloselywithMr.Walchirk.Mr.BuckfrequentlyinteractswithMr.WalchirkandothermembersofmanagementtoprovidehisperspectiveonimportantissuesfacingourcompanyandtheinformationalneedsofourBoard.InadditiontotheGovernanceandNominatingCommittee,whichhechairs,andtheComplianceCommittee,wherehecurrentlyservesasamember,Mr.BuckroutinelyattendsthemeetingsofourBoard’sothercommitteesandfrequentlycommunicateswiththechairsofthosecommitteesandwithotherindependentdirectorsbothinsideandoutsideofourBoard’snormalmeetingscheduletodiscussBoardandcompanyissuesastheyarise.Inaddition,ourBoardhasasignificantmajorityofindependentdirectorsandallBoardcommitteesarecomprisedofindependentdirectors.

Seniormanagementisprimarilyresponsibleforassessingandmanagingrisk.RiskoversightisprovidedbyacombinationofourfullBoardanditscommittees.Aspartofitsoversight,ourBoardmeetsregularlytodiscussthestrategicdirectionandtheissuesandopportunitiesfacingourcompany,includingtheCOVID-19pandemic.SpecificallyregardingCOVID-19,ourBoardhasbeenactivelyoverseeingourcompany’sresponse,includingreceivingregularupdatesfromandhavingdiscussionswithseniormanagement.TheBoard’sreviewanddiscussionsaroundthisongoingcrisisspanabroadrangeofmatters,includingprotectingthehealthandsafetyofouremployees,supportingouremployees,evaluatingtheimpactofthepandemiconstrategy,operations,liquidityandfinancialmatters,interruptionsintheindustriesinwhichourproductsareused(includingtheclosureofdentalpractices,veterinarypracticesandmeatproductionfacilities),limitedsupplyofpersonalprotectiveequipmentneededbydentalpractices,minimizingsupplychaindisruption,interruptionsinthefinancialmarkets,andmonitoringcontinuedcompliancewithapplicablelaws.

Throughouttheyear,ourBoardprovidesguidancetoseniormanagementregardingstrategyandcriticallyreviewsoperatingplansthatareintendedtoimplementthatstrategy.OurBoardperiodicallyholdsmeetingswithseniormanagementdedicatedtodiscussingandreviewingoperatingplansandoverallcorporatestrategy.Adiscussionofkeyriskstotheplansandstrategyaswellasriskmitigationplansandactivitiesisconductedduringthatmeeting.TheinvolvementofourBoardinsettingbusinessstrategyiscriticaltothedeterminationofthetypesandappropriatelevelsofriskundertakenbyourcompany.OurBoard’soversightincludesitsreceiptandreviewofreportsondataprotectionandcybersecuritymattersfromourinformationtechnologydepartment.Also,moreparticularly,andasdiscussedbelow,ourAuditCommitteefocusesonoversightoffinancialrisksrelatingtoourcompany;ourCompensationCommitteefocusesprimarilyonrisksrelatingtoremunerationofofficersandotheremployees;ourGovernanceandNominatingCommitteefocusesonreputationalandcorporategovernancerisksrelatingtoourcompany;ourFinanceandCorporateDevelopmentCommitteefocusesonrisksassociatedwithourcapitalstructure,capitalbudget,capitalexpenditures,issuanceandrepurchaseofsecurities,acquisitionsanddivestitures,andcorporateinvestmentandtreasurypolicy;andourComplianceCommitteefocusesonoversightofmattersrelatedtothecompany’scompliancewithapplicablelawsandregulations.

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Role of Non-Executive Chairman

Theroleofnon-executiveChairmanisdesignedtoprovideleadershiptoourBoardandtoprovidesupportandadvicetoourChiefExecutiveOfficer.TheroleisintendedtofosteranenvironmentconducivetoeffectivecommunicationbyandamongourDirectorsandseniormanagement.Thenon-executiveChairmanperformssuchdutiesandresponsibilitiesasourBoardmaydetermineappropriate,includingthefollowing:

■ CallingmeetingsoftheBoardandmeetingsofourindependentdirectors;

■ PresidingoverBoardmeetings,includingexecutivesessionsofourindependentdirectors;

■ BriefingtheChiefExecutiveOfficeronissuesandconcernsarisingintheexecutivesessionsoftheBoard;

■ Beingavailable,whenrequestedandappropriate,forconsultationanddirectcommunicationwithshareholders;

■ ReviewingandapprovingallinformationsenttoourBoard,includingthequality,quantity,appropriatenessandtimelinessofsuchinformation;

■ EstablishingmeetingagendasforourBoardinconsultationwithmembersofseniormanagement;

■ ReviewingandapprovingtheschedulingofBoardmeetings,assuringthereissufficienttimefordiscussionofallagendaitems;

■ CoordinatingBoardinputandreviewofmanagement’sstrategicplanforthecompany;

■ WorkingwiththeGovernanceandNominatingCommitteewithrespecttotherecruitment,selectionandorientationofnewBoardmembersaswellascommitteecomposition;

■ OverseeingtheCompensationCommittee’sdevelopmentofappropriateobjectivesfortheChiefExecutiveOfficerandmonitoringperformanceagainstthoseobjectives;

■ CoordinatingandchairingtheannualBoardperformancereviewoftheChiefExecutiveOfficerandcommunicatingresultstotheChiefExecutiveOfficer;

■ LeadingtheBoard’sreviewofthesuccessionplanfortheChiefExecutiveOfficerandotherexecutiveofficers;

■ CoordinatingtheBoard’sself-assessmentandevaluationprocesses;

■ ServingasamemberofGovernanceandNominatingCommitteeandsuchothercommitteesasassignedbytheBoard;and

■ Reviewing,onanannualbasisandinconsultationwithourindependentdirectors,thislistofresponsibilitiesandrecommendingtoourBoardforapprovalanymodificationsorchanges.

Committee Overview

ThecurrentstandingcommitteesofourBoardofDirectorsaretheAuditCommittee,theCompensationCommittee,theGovernanceandNominatingCommittee,theFinanceandCorporateDevelopmentCommitteeandtheComplianceCommittee.EachcommitteeconsistssolelyofmemberswhoareindependentasdefinedinRule5605(a)(2)oftheMarketplaceRulesoftheNASDAQStockMarket.Inaddition,eachmemberofourAuditCommitteeisindependentasdefinedinExchangeActRule10A-3andeachmemberofourCompensationCommitteeisanon-employeedirectorundertherulesoftheSecuritiesandExchangeCommission.

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Eachstandingcommitteehasacharter,allofwhichareavailableonourwebsiteathttp://investor.pattersoncompanies.com/governance.cfmorinprintuponwrittenrequesttoPattersonCompanies,Inc.,1031MendotaHeightsRoad,St.Paul,Minnesota55120,Attention:InvestorRelations.Suchcommitteesreviewandreassesstheadequacyoftheirrespectivechartersandrecommendanychangestothematleastannually.ThesecharterswerelastreviewedandrevisedinJune2020.Ourcommitteesalsoengageinanannualreviewofcommitteeperformance.

Thefollowingtableshowsthecurrentmembershipofourstandingcommitteesandidentifiesourindependentdirectors:

Name Audit Compensation

Governanceand

Nominating

Finance andCorporate

Development ComplianceIndependent

Director

JohnD.Buck X* X X

AlexN.Blanco X X X X

JodyH.Feragen X X* X X

RobertC.Frenzel X* X X X

FrancisJ.Malecha X X X X

EllenA.Rudnick X* X X X

NeilA.Schrimsher X X X* X

MarkS.Walchirk

JamesW.Wiltz(a) X

* Denotescommitteechairperson.

(a) Mr.WiltzceasedservingonourBoardinSeptember2019.

TheBoardsetstheannualscheduleofstandingcommitteemeetings,withregularlyscheduledmeetingsheldadjacenttoourBoard’sregularlyscheduledmeetings.InadditiontomeetingssetbytheBoard,eachstandingcommitteeshallmeet,eitherbyphoneorinperson,whenandasoftenasthechairpersonofeachcommitteedeemsappropriate.Thechairpersonofeachstandingcommittee,withtheadviceandconsultationofmanagementandthecommittees’outsideadvisors,ifany,setstheagendaforeachmeeting.Committeemembersreceivedetailedmaterialsrelatedtothetopicsontheagendapriortoeachmeeting.

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Committee Responsibilities

Our Audit Committee and Its Report

Responsibilities and Composition.OurAuditCommittee,chairedbyMr.Frenzel,isempoweredbyourBoardofDirectorstoreviewourfinancialbooksandrecordsinconsultationwithouraccountingandauditingstaffandourindependentregisteredpublicaccountingfirm,Ernst&YoungLLP(“EY”),andtoreviewwithouraccountingstaffandEYthescopeoftheaudit,theauditplanandanyquestionsraisedwithrespecttoaccountingandauditingpolicyandprocedure.EYreportsdirectlytothecommittee,whichisresponsiblefortheappointment,compensation,retentionandoversightoftheworkoftheindependentregisteredpublicaccountantsinregardstoauditandattestservicesforourcompany.Thecommittee’scharter,whichdiscussesthefullresponsibilitiesofthecommittee,isavailableonourwebsiteathttps://investor.pattersoncompanies.com/investor-relations/governance/default.aspxorinprintuponwrittenrequesttoPattersonCompanies,Inc.,1031MendotaHeightsRoad,St.Paul,Minnesota55120,Attention:InvestorRelations.

OurAuditCommitteewasestablishedinaccordancewithSection3(a)(58)(A)oftheExchangeAct.Asnotedabove,eachmemberofthecommitteeisanindependentdirectorasdefinedinRule5605(a)(2)oftheMarketplaceRulesoftheNASDAQStockMarket.EachmemberofthecommitteemeetsthecriteriaforindependencesetforthinExchangeActRule10A-3(b)(1).Nomemberofthecommitteeparticipatedinthepreparationofthefinancialstatementsofourcompanyoranycurrentsubsidiaryofourcompanyatanytimeduringthepastthreeyears.Eachmemberofthecommitteeisabletoreadandunderstandfundamentalfinancialstatements,includingacompany’sbalancesheet,incomestatement,andcashflowstatement.

PursuanttoRule5605(c)(2)oftheMarketplaceRulesoftheNASDAQStockMarket,atleastonememberoftheAuditCommitteehaspastemploymentexperienceinfinanceoraccounting,requisiteprofessionalcertificationinaccounting,orothercomparableexperienceorbackgroundwhichresultsintheindividual’sfinancialsophistication.Inaddition,ourBoardofDirectorshasdeterminedthatRobertC.FrenzelandJodyH.Feragenareeachan“auditcommitteefinancialexpert”assuchtermisdefinedbyItem407(d)(5)ofRegulationS-K.

Audit Committee Report.Asnotedabove,ourAuditCommitteeoverseesouraccountingandfinancialreportingprocessonbehalfofourBoardofDirectors.Managementhasprimaryresponsibilityfortheconsolidatedfinancialstatementsandthereportingprocess,includingthesystemofinternalcontrol.Infulfillingitsoversightresponsibilities,thecommitteereviewedanddiscussedtheauditedconsolidatedfinancialstatementsincludedinourcompany’sAnnualReportonForm10-KforthefiscalyearendedApril25,2020withmanagement,includingadiscussionofthequality,notjusttheacceptability,oftheaccountingprinciples;thereasonablenessofsignificantestimatesandjudgments;andtheclarityofdisclosuresinthefinancialstatements.

Aftereachfiscalquarterbutpriortothefilingoftherelatedperiodicreport,ourAuditCommitteereviewsanddiscusseswithmanagementandourindependentregisteredpublicaccountingfirmtheresultsofthemostrecentlycompletedfiscalquarter.Thecommitteeheldtenmeetingsduringfiscal2020.

OurAuditCommitteehasestablishedproceduresforthereceipt,retentionandtreatmentofcomplaintsreceivedbyourcompanyregardingaccounting,internalaccountingcontrols,orauditingmatters,andtheconfidential,anonymoussubmissionbyemployeesofconcernsregardingquestionableaccountingorauditingmatters.Toreportsuchmatters,pleasecall877-888-0040.

EYhasbeenourcompany’sindependentregisteredpublicaccountingfirmsince1985.When,inaccordancewithSecuritiesandExchangeCommissionrulesandEYpolicies,theleadauditpartnerisrequiredtorotateafteramaximumoffiveconsecutiveyearsofserviceinthatcapacityorduetoothercircumstances,theprocessforselectionofourcompany’sleadauditpartnerpursuanttothisrotationpolicyinvolvesameetingbetweenthechairofourAuditCommitteeandthecandidatefortherole,aswellasdiscussionbythefullcommitteeandwithmanagement.Ourcompany’sleadauditpartnerwasmostrecentlychangedin2019.

OurAuditCommitteereviewedwithEY,theindependentregisteredpublicaccountingfirmthatisresponsibleforexpressinganopinionontheconformityofthoseauditedconsolidatedfinancialstatementswithgenerallyacceptedaccountingprinciples,itsjudgmentsastothequality,notjusttheacceptability,ofourcompany’saccountingprinciplesandsuchothermattersasarerequiredtobediscussedwiththecommitteebytheapplicablerequirementsofthePublic

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CompanyAccountingOversightBoard.Inaddition,thecommitteehasdiscussedwithEYthefirm’sindependencefrommanagementandourcompany,includingthemattersinthewrittendisclosuresandtheletterthecommitteereceivedfromEYasrequiredbytheapplicablerequirementsofthePublicCompanyAccountingOversightBoard,CommunicationwithAuditCommitteesConcerningIndependence,andconsideredthecompatibilityofnon-auditservicesperformedbyEYduringtheyearonsuchfirm’sindependencepriortothecommencementofthenon-auditservices.

OurAuditCommitteeiscommittedtoensuringtheindependenceofourcompany’sindependentregisteredpublicaccountantsanddirectssignificantattentiontowardtheappropriatenessoftheoutsideauditortoperformservicesotherthantheaudit.Thecommitteehasadoptedpre-approvalpoliciesandproceduresinthisregard.

Asamatterofpolicy,theindependentregisteredpublicaccountantswillonlybeengagedfornon-auditrelatedworkifthoseservicesenhanceandsupporttheattestfunctionoftheaudit,areanextensiontotheauditorauditrelatedservices,orrelatetotaxmatters.Annually,theleadauditpartnerreviewswiththeAuditCommitteetheservicestheoutsideauditorexpectstoprovideinthecomingyear,andtherelatedfees.Inaddition,managementprovidesthecommitteewithaquarterlystatusforthecommittee’sapprovalofanynon-auditservicesthattheoutsideauditorhasbeenaskedtoprovideormaybeaskedtoprovideinthenextquarter.Thecommitteepre-approvesallauditandnon-auditservicesprovidedbythecompany’soutsideauditor.

OurChiefFinancialOfficerisresponsiblefortheimplementationoftheAuditCommittee’spre-approvalpoliciesandprocedures.Thecommitteepre-approvedalloftheserviceswereceivedfromEYduringfiscal2020.

TheAuditCommitteediscussedwithourcompany’sinternalauditorsandEYtheoverallscopeandplansfortheirrespectiveaudits.ThecommitteemeetswiththeinternalauditorsandEY,withandwithoutmanagementpresent,todiscusstheresultsoftheirexaminations,theirevaluationsofourcompany’sinternalcontrols,andtheoverallqualityofourcompany’sfinancialreporting.

Inrelianceonthereviewsanddiscussionsreferredtoabove,theAuditCommitteerecommendedtoourBoard(andourBoardapproved)thatourauditedconsolidatedfinancialstatementsbeincludedinourAnnualReportonForm10-KforthefiscalyearendedApril25,2020,forfilingwiththeSecuritiesandExchangeCommission.

TheAuditCommitteeandourBoardhaverecommendedandseekshareholderratificationoftheselectionofEYasourcompany’sindependentregisteredpublicaccountingfirmfortheyearendingApril24,2021.Inmakingthisrecommendation,thecommitteeevaluatedtheindependenceofEY,theirknowledgeandexperiencewithourcompany,thequalityoftheirpastworkforourcompany,theirindustryknowledge,datarelatingtotheirauditqualityandperformanceandtheleveloffeestobechargedfortheauditservices.ThecommitteeandourBoardbelievethattheappointmentofEYasourcompany’sindependentregisteredpublicaccountingfirmisinthebestinterestsofourshareholdersandourcompany.

Respectfullysubmitted,/s/RobertC.Frenzel,Chair/s/AlexN.Blanco/s/JodyH.Feragen/s/FrancisJ.MalechaTheAuditCommittee

Our Compensation Committee and Its Report

Responsibilities and Composition.OurCompensationCommittee,chairedbyMs.Rudnick,isauthorizedbyourBoardtosettheannualcompensationofeachofourexecutiveofficers,tograntstockoptions,restrictedstockandotherawardstoemployeesunderourAmendedandRestated2015OmnibusIncentivePlan,andtoreviewandapproveourcompensationandbenefitplans.OurCompensationCommitteeheldsevenmeetingsandtookactionbywrittenconsenttwiceduringfiscal2020.

OurBoardhasdeterminedthateachmemberofourCompensationCommitteeisindependentofmanagementandourcompany.Further,asnotedabove,eachmemberofthecommitteeisanindependentdirectorandisanon-employeedirectorundertheapplicablerulesofNASDAQandtheSecuritiesandExchangeCommission,respectively.

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TheCompensationCommitteehasthedualresponsibilityofservingtheinterestsofourshareholdersandservingasanadvisortomanagement.ThecommitteeassistsourBoardinfulfillingitsresponsibilitytoourshareholderssothatourexecutiveofficersandcertainotherofficersandmanagersarecompensatedinaccordancewithourcompany’stotalcompensationobjectivesandexecutivecompensationpolicy.Managementassiststhecommitteebyadvisingandrecommendingcompensationpolicies,strategiesandpaylevelsnecessarytoestablishappropriateincentivesformanagementandemployeesthatarealignedwithbusinessstrategiesandgoalsthatthecommitteebelieveswilldrivecompetitiveadvantageanddeliversustainablereturnstoshareholders.OtherthanaspermittedundertheAmendedandRestated2015OmnibusIncentivePlan,thecommitteedoesnotdelegateanyofitsdutiesorresponsibilitiestoanysubcommitteeorotherperson.Thecommittee’sspecificresponsibilitiesinclude:

■ EvaluateannuallyourChiefExecutiveOfficer’sandotherexecutiveofficers’compensationlevelsandpayouts;

■ Determineforourexecutiveofficers,andrecommendtoourBoardforapprovalwithrespecttotheChiefExecutiveOfficer,allcomponentsofcompensation,includingannualbasesalarylevels,annualincentiveopportunitylevels,long-termincentiveopportunitylevels,executiveperquisites,employmentagreements,change-in-controlprovisionsoragreements,severanceagreements,benefits,supplementalbenefitsandanyspecialfinancialcompensationprograms;

■ ReviewandrecommendtoourBoardforapprovalanyequitycompensationprograminvolvingtheuseofourcompany’ssecurities,includingstockoptionsandrestrictedstock;

■ Whenappropriate,select,retainandterminateindependentcompensationconsultants,independentlegalcounselorotheradvisorstoadvisethecommittee;

■ EnsurethatthecompensationforourChiefExecutiveOfficerandotherexecutiveofficersisconsistentwithourcompany’sexecutivecompensationpolicy;

■ Adviseandassistourcompanyindefiningitstotalcompensationpolicy;

■ Reviewandcommentonthecompensationprogramtoensurethatitsupportsourcompany’sstrategicandfinancialplans;

■ ReviewandrecommendtoourBoardforapprovalnewincentiveplansthatareconsistentwiththetotalcompensationpolicy,andmonitortheappropriatenessofpayoutsunderalternativebusinessscenarios;

■ Reviewretirementplanstoensuretheyaremeetingcompanyobjectivesandareincompliancewithrelevantlawsandregulations;

■ Reviewtheestablishment,amendmentandterminationofemployeebenefitsplans,includingequityplans,andoverseetheoperationandadministrationofsuchplans;

■ Reviewourcompany’scompensationpoliciesforregulatoryandtaxcompliance,includingstructuringcompensationprogramstopreservetaxdeductibilityand,asrequiredandtotheextentapplicableunderrelevanttransitionreliefrules,establishingperformancegoalsandcertifyingthatperformancegoalshavebeenattained;

■ Consideringtheresultsofthemostrecentshareholderadvisoryvoteonexecutivecompensationinmakingdeterminationsandrecommendationsregardingourcompany’sexecutivecompensationpolicyanddecisions;

■ Includeareportonexecutivecompensationinourcompany’sproxystatementasrequiredbySecuritiesandExchangeCommissionrules;

■ Reviewannuallyourcompany’sriskassessmenttodeterminewhethercompensationpoliciesandpracticesarereasonablylikelytohaveamaterialadverseeffectonourcompany;

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■ Reviewanddiscusswithmanagementthe“CompensationDiscussionandAnalysis”requiredbySecuritiesandExchangeCommissionRegulationS-K,Item402,anddeterminewhethertorecommendtoourBoardthatthe“CompensationDiscussionandAnalysis”beincludedinourcompany’sannualproxystatementfortheannualmeetingofshareholders;

■ Reviewandmodify,asappropriate,stockownershipguidelinesapplicabletoexecutiveofficersandnon-employeedirectors,andoverseetheapplicationofsuchguidelines;and

■ FulfillsuchotherdutiesandresponsibilitiesasmaybeassignedtothecommitteebyourBoardorChairmanoftheBoard.

Infulfillingitsdutiesandresponsibilities,theCompensationCommitteemayhireindependentconsultants,conferwithourinternalhumanresourceprofessionalsandconsultwithourChiefExecutiveOfficerandothermembersofmanagement.Inthemostrecentlycompletedfiscalyear,thecommitteeengagedandworkedwithPearlMeyer,anindependentcompensationconsultantthathasnoothertiestoourcompanyoritsmanagement,toreviewcompensationphilosophy,competitiveness,payforperformance,andshorttermandlongtermcompensationdesign.ThecommitteebelievesthatPearlMeyerisindependentofourmanagement.OurmanagementhasnotengagedPearlMeyertoprovideanyotherservicestoourcompany.

DuringtheCompensationCommitteemeetingsheldinfiscal2020,certainmembersofmanagementwerepresenttoaddressspecifictopicswithinthescopeoftheirresponsibilities.Inaddition,ourChiefExecutiveOfficer,ourChiefFinancialOfficer,ourChiefHumanResourcesOfficerandourVicePresident,GeneralCounselandSecretaryattendedseveralofthemeetingstoprovidecertainrecommendationstothecommitteeregardingthecompensationofotherexecutiveofficersandtodiscussthefinancialimplicationsofvariouscompensatoryawardsandbenefitprograms.Nosuchexecutiveofficerwaspresentduringthecommittee’sdiscussionanddeterminationofhisorherrespectivecompensation.

Compensation Committee Interlocks and Insider Participation.ThemembersofourCompensationCommitteeareidentifiedbynameinthe“Compensation”columnofthechartthatappearsabovewithinthesubsectioncaptioned“CommitteeOverview.”NoneofthemembersofthecommitteewasanofficeroremployeeofPattersonCompanies,Inc.duringfiscal2020orinanyprioryear,andnoneofthemembersofthecommitteehadanyrelationshiprequiringdisclosureunderItem404ofRegulationS-K.TherewerenoCompensationCommitteeinterlocksasdescribedinItem407(e)(4)ofRegulationS-K.

Compensation Committee Report.OurCompensationCommitteehasreviewedanddiscussedthe“CompensationDiscussionandAnalysis”thatappearshereinwithmanagement.Basedonsuchreviewanddiscussions,thecommitteerecommendedtoourBoardthatthe“CompensationDiscussionandAnalysis”beincludedinthisproxystatementand,thereby,inourAnnualReportonForm10-KforthefiscalyearendedApril25,2020.

Respectfullysubmitted,/s/EllenA.Rudnick,Chair/s/AlexN.Blanco/s/FrancisJ.Malecha/s/NeilA.SchrimsherTheCompensationCommittee

Our Governance and Nominating Committee and Its Procedures for Nominations

Responsibilities and Composition.OurGovernanceandNominatingCommittee,chairedbyJohnD.Buck,performsthecorefunctionofprovidingtheoverallprotocolforBoardoperationtoimprovetheeffectivenessoftheBoard.Italsoservesasthenominatingcommittee,makingrecommendationsastonomineestoserveasmembersofourBoardandregardingthecompositionofthecommitteesofourBoard.Thecommittee’sresponsibilitiesincludeestablishingcriteriaforBoardandcommitteemembership,consideringrotationofcommitteemembers,reviewingcandidates’qualificationsandanypotentialconflictswithourinterests,assessingthecontributionsofcurrentdirectorsinconnectionwiththeir

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re-nomination,andmakingrecommendationstothefullBoardonhowtoimprovetheeffectivenessofourBoard.Thecommitteebelievesthatdiversityofviewpoints,backgrounds,skills,experienceandexpertiseisakeyattributefordirectors.Asaresult,thecommitteeseekstohaveadiverseBoardthatisrepresentativeofourcompany’scustomer,employeeandshareholderbase.Thecommitteecarefullyconsidersdiversitywhenconsideringnomineesfordirectorandperiodicallyreviewsitsrecruitmentandselectionprotocolstoensurethatdiversityremainsacomponentofeachdirectorsearch.

OurGovernanceandNominatingCommitteehasidentifiednomineesbaseduponsuggestionsbynon-employeedirectors,executiveofficers,shareholdersandthird-partysearchfirms.Ourdirectorselectioncriteriaincludes:integrity;highlevelofeducation;businessexperience;broad-basedbusinessacumen;understandingofourbusinessandindustry;strategicthinkingandwillingnesstoshareideas;networkofcontacts;anddiversityofexperiences,expertiseandbackgroundsamongmembers;balancedrepresentationofthebestinterestsofthecompany’sshareholdersasawholeratherthanspecialconstituencies;andanypotentialconflictswiththecompany’sinterests.Thecommitteehasusedthesecriteriatoevaluatepotentialnominees.Thecommitteedoesnotevaluateproposednomineesdifferentlydependinguponwhohasmadetherecommendation.

OurGovernanceandNominatingCommitteehasfromtimetotimeengagedthird-partysearchfirmstoprovideassistanceintheidentificationandevaluationofpotentialnominees,whosequalificationsandindependencearethenthoroughlyevaluatedbythecommittee.Thecommitteehaspaidfeestothird-partysearchfirmsforsuchassistance.

ItisourGovernanceandNominatingCommittee’spolicytoconsiderdirectorcandidatesrecommendedbyshareholderswhoappeartobequalifiedtoserveonourBoard.ThecommitteemaychoosenottoconsideranunsolicitedrecommendationifnovacancyexistsonourBoardandthecommitteedoesnotperceiveaneedtoincreasethesizeofourBoard.Thecommitteewillconsideronlythosedirectorcandidatesrecommendedinaccordancewiththeproceduressetforthbelow.

Nomination Procedures.TosubmitarecommendationofadirectorcandidatetoourGovernanceandNominatingCommittee,ashareholdermustsubmitthefollowinginformationinwriting,addressedtoourChairmanoftheBoard,careofourCorporateSecretary,atthemainofficeofPattersonCompanies,Inc.:

■ Thenameofthepersonrecommendedasadirectorcandidate;

■ AllinformationrelatingtosuchpersonthatisrequiredtobedisclosedinsolicitationsofproxiesforelectionofdirectorspursuanttoExchangeActRegulation14A;

■ Thewrittenconsentofthepersonbeingrecommendedasadirectorcandidatetobeingnamedintheproxystatementasanomineeandtoservingasadirectorifelected;

■ Astotheshareholdermakingtherecommendation,thenameandaddress,astheyappearonthebooksofPattersonCompanies,Inc.,ofsuchshareholder;provided,however,thatiftheshareholderisnotaregisteredholderofcommonstock,theshareholdermustsubmithisorhernameandaddressalongwithacurrentwrittenstatementfromtherecordholderofthesharesthatreflectsownershipofourcommonstock;and

■ Astatementdisclosingwhethersuchshareholderisactingwithoronbehalfofanyotherpersonand,ifapplicable,theidentityofsuchperson.

OurBylawsprovidethatinorderforapersonnominatedbyashareholdertobeeligibleforelectionasadirectoratanyregularorspecialmeetingofshareholders,awrittenrequestthathisorhernamebeplacedinnominationmustbereceivedfromashareholderofrecordbyourCorporateSecretarynotlessthan90dayspriortothedatefixedforthemeeting,togetherwiththewrittenconsentofsuchpersontoserveasadirector.AcopyofourBylawsmaybeobtainedbywrittenrequesttoPattersonCompanies,Inc.,1031MendotaHeightsRoad,St.Paul,Minnesota55120,Attn:LesB.Korsh,VicePresident,GeneralCounselandSecretary.

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Minimum Qualifications.Incarryingoutitsresponsibilitytofindthebest-qualifiedpersonstoserveasdirectors,ourGovernanceandNominatingCommitteewillconsiderappropriatedatawithrespecttoeachsuggestedcandidate,consistingofbusinessexperience,educationalbackground,currentdirectorships,involvementinlegalproceedingsduringthelasttenyearswhicharematerialtotheevaluationoftheintegrityofthecandidate,andanindicationofthewillingnessofthecandidatetoserveasadirector.

Inaddition,priortonominatinganexistingdirectorforre-electiontoourBoard,ourGovernanceandNominatingCommitteewillconsiderandreviewanexistingdirector’sBoardandcommitteeattendanceandperformance;lengthofBoardservice;experience,skillsandcontributionsthattheexistingdirectorbringstoourBoard;andhisorherindependence.PursuanttoourCorporateGovernanceGuidelines,independentdirectorsgenerallymaynotstandforelectionfollowingtheirattainingtheageof75,or20yearsofserviceasadirectoronourBoard.

OurGovernanceandNominatingCommitteeisalsoresponsibleforoverseeingandreviewingourprocessesforprovidinginformationtoourBoard.ThecommitteecompletesanannualreviewoftheperformanceofourChiefExecutiveOfficer.Inaddition,thecommitteerecommendsasuccessionplantoourBoardforourChiefExecutiveOfficerandreviewsprogramscreatedandmaintainedbymanagementforthedevelopmentandsuccessionofotherexecutiveofficersandotherindividualsidentifiedbymanagementorthecommittee.Thecommitteedevelopsandoverseesacompanyorientationprogramfornewdirectorsandacontinuingeducationprogramforcurrentdirectors.Thecommitteealsosetsdirectorcompensation.Thecommitteeheldfourmeetingsduringfiscal2020.

InJune2020,thecommittee’scharterwasrevisedtoprovidethatthecommitteeshalladvisetheBoardonmattersofenvironmentalandsocialgovernancethatareofstrategicsignificancetothecompany,provideoversightofthecompany’ssustainability,corporatesocialresponsibilityandcorporatecitizenshipmatters,andmaintainaninformedstatusonsuchmattersthroughdiscussionsandreceiptofreportsfrommanagement.

Our Finance and Corporate Development Committee

Purpose. OurFinanceandCorporateDevelopmentCommittee,chairedbyMs.Feragen,overseesourcompany’scapitalstructure,capitalbudgetandcapitalexpenditures,issuanceandrepurchaseofequityanddebt,andacquisitionsanddivestitures,andcorporateinvestmentandtreasurypolicyandtheirconsistencywithourcompany’soverallfinancialandstrategicplans.

Responsibilities and Organization.TheresponsibilitiesofourFinanceandCorporateDevelopmentCommitteeinclude:

■ ReviewandmakerecommendationstoourBoardregardingourcompany’scapitalstructure;

■ Reviewourfinancingrequirements,evaluatemanagement’sproposalstosupportsuchfinancingrequirementsandrecommendspecificfinancingarrangements,suchascreditarrangementsandequityandlong-termdebtissuances,toourBoard;

■ Reviewourcompany’streasurypolicyasitrelatestomanagementofcustomercredit,commodityrisks,exposuresrelatingtoinsuranceandriskmanagement,andotherfinancialrisksthattheBoardmaydelegatetothecommitteeforreview;

■ ReviewandrecommendtoourBoardourcashdividendpolicy;

■ ReviewandrecommendtoourBoardauthorizationfortherepurchaseofequityorlong-termdebt;

■ Reviewourcompany’suseofderivative,hedgingandotherinstrumentstomanagefinancial,currencyandinterestrateexposure;

■ Evaluatethefinancialimpactofproposedmerger,acquisition,divestiture,jointventureandotherbusinesscombinationtransactionsandrecommendtotheBoardwithrespecttothefinancialaspectsofsuchacquisitionsanddivestituresintheamountof$5millionormore(“principalportfoliotransactions”);

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■ Reviewtheproposedannualcapitalbudgetandcapitalexpendituresintheamountof$10millionormore;

■ Evaluatethepost-acquisitionfinancialintegrationandreturnoninvestmentforprincipalportfoliotransactions;

■ Reviewourcompany’sD&Oandliabilityinsurancecoverage;and

■ Monitorourcompany’sinvestorrelationsprogram.

OurFinanceandCorporateDevelopmentCommitteereportstoourBoardontheprincipalmattersreviewedorapprovedateachmeetingandprovidesrecommendationsastoactionstobetakenbyourBoard.Thecommitteehasthesoleauthoritytoretainandterminateanyoutsidefinancialorotherconsultantstoassistincarryingoutitsduties,includingtheauthoritytoapproveconsultantfeesandotherretentionterms.Thecommitteehastheauthoritytoobtainadviceandassistancefrominternalorexternallegal,financialorotheradvisors.Inaddition,thecommitteehastheauthoritytodelegateanyofitsresponsibilitiestosubcommittees,asitdeemsappropriate,subjecttotherequirementsofapplicablelawsandregulations.Thecommitteeheldfivemeetingsduringfiscal2020.

Our Compliance Committee

Purpose. OurComplianceCommittee,chairedbyMr.Schrimsher,isauthorizedbyourBoardtooverseeandmonitormattersrelatingtoourcompany’scompliancewithapplicablelawsandregulationsinalljurisdictionsinwhichweoperate,otherthanthosemattersreservedfortheAuditCommittee.Managementhasprimaryresponsibilityforcompliancewithrelevantlaws,ourcompany’sComplianceProgramandotherrelevantstandards.

Ourcompany’sComplianceProgramincludes,solelyasrelatedtocompliance,thefollowingtopics:antitrust;CodeofEthics;conflictsofinterest;ControlledSubstancesActandrelatedDEArequirements;consumerprotection;customsandtrade,includingimportandexportmatters;dataprivacyanddatasecurity;ethics;environment;FalseClaimsAct;FDAregulationsandrequirements,includingtheFederalFood,DrugandCosmeticAct;ForeignCorruptPracticesActandsimilaranti-briberylaws;FraudandAbuseLaws,includingtheAnti-KickbackStatute;governmentrelations;healthandsafety;HealthInsurancePortabilityandAccountabilityAct;interactionswithhealthcareprofessionals;informationsystemssecurity;laborandemployment;physicalsecurity;quality;recalls;regulatorycompliance;salesofproductsorservicestoU.S.orforeigngovernments,includingentitiesownedbysuchgovernments;SunshineActandotherlawsrelatingtoreportingofandtransparencywithrespecttopaymentstohealthcareprofessionals;transportation;andsuchothermattersasmayberequestedbytheComplianceCommittee.

Responsibilities and Organization. TheresponsibilitiesofourComplianceCommitteeinclude:

■ Provideoversightandmonitoringofcompliancematters,providedthattheAuditCommitteehassoleoversightovercomplianceprogramsrelatingtofinancialmatters,includingauditing,financialreportinganddisclosurestoinvestors;

■ Provideoversightandmonitoringofourcompany’sComplianceProgramandreceiveperiodicreportsfrommanagementregardingthesame;

■ Monitorourcompany’seffortstoimplementprograms,policiesandproceduresrelatingtocompliancematters,andthetrainingofemployeesandothersonsuchmatters;

■ Reviewtheresultsofcompliance-relatedauditsconductedbyourcompanyandbyregulators,suchastheDEAandFDA;

■ Requestoroverseetheinvestigationofanysignificantinstancesorpotentialinstancesofnoncompliancewithlawsorourcompany’sComplianceProgram,policesorprocedures;provided,however,thatanyinstancesorpotentialinstancesoffinancialnoncompliancearetobedirectedtotheAuditCommitteeforinvestigation;

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■ Reviewanyviolationsofourcompany’sCodeofEthicsbyanyexecutiveofficerordirector,andreview,assessand/orrecommendcorrectiveaction;

■ Ifthereisagovernmentorregulatoryactionthat,inthejudgmentofthecommittee,hascausedsignificantfinancialorreputationaldamagetoourcompanyorotherwiseindicatesasignificantcomplianceorregulatoryissuewithinourcompany,thenthecommitteeshallmakeawrittenrecommendationtotheCompensationCommitteeconcerningtheextent,ifany,towhichtheincentive-basedcompensationofanyexecutiveofficerinvolvedintheconductatissueorwithdirectsupervisionoveranemployeethatengagedintheconductatissueshouldbereduced,extinguished,orrecouped;

■ Reviewonaregularbasislitigationmattersfiledagainstourcompanyrelatedtoallegedviolationsoflawsandregulations;

■ Reviewonaregularbasisourcompany’scomplianceriskassessmentplan;

■ Identifyandinvestigateemergingcomplianceissuesandtrendswhichmayaffectourcompany;

■ Periodicallyreviewourcompany’scomplianceoversightstructureandallocationofresourcesandresponsibilitiesacrosstheorganization;

■ ConductanannualevaluationoftheperformanceandeffectivenessoftheComplianceCommitteeandreporttheresultsofthatevaluationtotheBoard;

■ ReporttotheAuditCommitteeoncompliancemattersreviewedbytheComplianceCommitteethatmayimpactourcompany’sfinancialstatementsandouraccountingandfinancialreportingprocesses;

■ Atleastannually,coordinatewiththeAuditCommitteetodiscussmattersofmutualinterestwithinthecontextofeachcommittee’srespectiveareasofoversight;and

■ HavesuchotherdutiesandoversightandmonitoringresponsibilitiesasmaybeassignedfromtimetotimebytheBoardand/ortheChairmanoftheBoard.

OurComplianceCommitteereportstoourBoardontheprincipalmattersreviewedorapprovedateachmeetingandprovidesrecommendationsastoactionstobetakenbyourBoard.Thecommitteehasthesoleauthoritytoretainandterminateanyoutsidefinancialorotherconsultantstoassistincarryingoutitsduties,includingtheauthoritytoapproveconsultantfeesandotherretentionterms.Thecommitteehastheauthoritytoobtainadviceandassistancefrominternalorexternallegal,financialorotheradvisors.Inaddition,thecommitteehastheauthoritytodelegateanyofitsresponsibilitiestosubcommittees,asitdeemsappropriate,subjecttotherequirementsofapplicablelawsandregulations.Thecommittee,whichwasinitiallycreatedinDecember2019,heldonemeetingduringfiscal2020.

Communications with Board Members

OurBoardofDirectorshasprovidedthefollowingprocessforinterestedpersonstosendcommunicationstoourBoardorindividualdirectors.AllcommunicationsfromshareholdersshouldbeaddressedtoPattersonCompanies,Inc.,1031MendotaHeightsRoad,St.Paul,Minnesota55120,Attention:LesB.Korsh,VicePresident,GeneralCounselandSecretary.Communicationstoindividualdirectorsmayalsobemadetosuchdirectoratourcompany’saddress.AllcommunicationssenttothechairofourAuditCommitteeortoanyindividualdirectorwillbereceiveddirectlybysuchindividualsandwillnotbescreenedorreviewedbyanycompanypersonnel.AnycommunicationssenttoourBoardinthecareofourCorporateSecretarywillbereviewedbyhimtoensurethatsuchcommunicationsrelatetothebusinessofourcompanyoritssubsidiariesbeforebeingreviewedbyourBoard.

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Board Member Attendance at Annual Meetings

UnderourCorporateGovernanceGuidelines,itisourpolicythatalldirectorsshouldbepresentattheannualmeetingofshareholders.WegenerallyholdaBoardofDirectorsmeetingcoincidentwiththeshareholders’meetingtofacilitatetheirattendanceattheshareholders’meeting.Alldirectorstheninofficeattendedthe2019annualmeetingofshareholders.

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NON-EMPLOYEE DIRECTOR COMPENSATION

Non-employeedirectorsreceivecashcompensationandequity-basedcompensationfortheirserviceonourBoardofDirectors.Forfiscal2020,non-employeedirectorcompensationincludedanoverallBoardretainerof$206,000,with$90,000representinganannualcashretainerand$116,000issuedintheformofrestrictedstockawardsvestingoneyearfromdateofgrant.Committeememberandcommitteechairannualcashretainerswereasfollows:$10,000foreachmemberoftheAuditCommitteeandanadditional$20,000forthechairoftheAuditCommittee;$5,000foreachmemberoftheCompensationCommitteeandanadditional$15,000forthechairoftheCompensationCommittee;a$10,000cashretainerforthechairoftheGovernanceandNominatingCommittee;$5,000foreachmemberoftheFinanceandCorporateDevelopmentCommitteeandanadditional$15,000forthechairoftheFinanceandCorporateDevelopmentCommittee;and$10,000foreachmemberoftheComplianceCommitteeandanadditional$20,000forthechairoftheComplianceCommittee.Duringitsexistence,eachmemberofourformerSpecialInvestigationCommitteereceivedamonthlycashretainerof$5,000.Inaddition,thenon-executiveChairmanoftheBoardreceivesanannualcashretainerof$100,000.Non-employeedirectorsmayelecttoreceivesharesofcommonstockinlieuoftheirdirectorfeesotherwisepayableincash.Directorsarealsoreimbursedforallreasonableout-of-pocketexpensesincurredinconnectionwiththeirserviceonourBoard.

Forfiscal2021,PearlMeyer,theCompensationCommittee’sindependentcompensationconsultant,benchmarkedournon-employeedirectorcompensationprogramagainstourpeergroup.Basedonthatreview,nochangesweremadetonon-employeedirectorcompensation.However,aspartofourbroad-basedefforttorespondtotheCOVID-19pandemic,weimplementedcertaincostreductionmeasures,includingatemporary25%reductioninnon-employeedirectors’cashcompensationearnedbetweenMay1,2020andJuly31,2020.

UnderourAmendedandRestated2015OmnibusIncentivePlan,annualrestrictedstockawardsvestinfullonthefirstanniversaryofthedateofgrant.Non-employeedirectorswhohaveatermexpiringnotmorethan29dayspriortothenaturalvestingdateoftheirrestrictedstockaward,aredeemedtoremaininserviceasanon-employeedirectoruntilsuchnaturalvestingdate,butonlyforpurposesofsatisfyingthevestingrestrictions.Otherwise,unvestedrestrictedstockawardsareforfeitedontheeffectivedateofterminationofserviceasadirector.

BecauseMr.Walchirkservedasadirectorandanexecutiveofficerofourcompanyforfiscal2020,informationregardinghiscompensationissetforthwithinthesectioncaptioned“ExecutiveCompensation.”

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Compensation of Directors

Thefollowingtablesetsforththecompensationofournon-employeedirectorsforfiscal2020:

Name

Fees Earned

or Paid inCash

($)

Stock Awards($) (b)

Option Awards($) (c)

Non-Equity Incentive PlanCompensation

($)

Change inPension

Value and Nonqualified

Deferred Compensation

Earnings ($)

All Other Compensation

($)Total

($)

JohnD.Buck 210,000 116,002 - - - - 326,002

AlexN.Blanco 161,250 116,002 - - - - 277,252

JodyH.Feragen 126,875 116,002 - - - - 242,877

RobertC.Frenzel 165,000 116,002 - - - - 281,002

FrancisJ.Malecha 156,250 116,002 - - - - 272,252

EllenA.Rudnick 115,000 116,002 - - - - 231,002

NeilA.Schrimsher 118,750 116,002 - - - - 234,752

JamesW.Wiltz(a) 33,750 - - - - - 33,750

(a) Mr.WiltzceasedservingonourBoardofDirectorsinSeptember2019.

(b) Representstheaggregategrantdatefairvalueofthe6,200sharesofrestrictedstockawardedtoeachnon-employeedirectoronSeptember16,2019,thedateofour2019annualmeetingofshareholders,computedinaccordancewithFASBASCTopic718.InformationontheassumptionsusedtocalculatesuchvalueissetforthinNote15totheconsolidatedfinancialstatementsinourAnnualReportonForm10-KforthefiscalyearendedApril25,2020.Theaggregatenumberofunvestedsharesofrestrictedstockoutstandingatfiscalyear-end2020heldbyournon-employeedirectorswasasfollows:

NameNumber of Shares of

Restricted Stock

JohnD.Buck 6,200

AlexN.Blanco 6,200

JodyH.Feragen 6,200

RobertC.Frenzel 6,200

FrancisJ.Malecha 6,200

EllenA.Rudnick 6,200

NeilA.Schrimsher 6,200

JamesW.Wiltz -

Total 43,400

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(c) Theaggregatenumberofunexercisedstockoptionsoutstandingatfiscalyear-end2020heldbyournon-employeedirectorswasasfollows:

NameNumber of Stock

Options

JohnD.Buck -

AlexN.Blanco -

JodyH.Feragen 12,000

RobertC.Frenzel -

FrancisJ.Malecha -

EllenA.Rudnick -

NeilA.Schrimsher 12,000

JamesW.Wiltz -

Total 24,000

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

ThefollowingtablesetsforthcertaininformationregardingbeneficialownershipofourcommonstockasofJuly17,2020,unlessotherwisenoted,by(a)eachpersonwhoisknowntoustoownbeneficiallymorethan5%ofourcommonstock,(b)eachdirectorandnomineefordirector,(c)eachexecutiveofficernamedintheSummaryCompensationTablebelow,and(d)thecurrentdirectorsandexecutiveofficersasagroup.Thetablelistsvotingsecurities,includingrestrictedstockheldbyourdirectorsandexecutiveofficersoverwhichtheyhavesolevotingpowerbutnoinvestmentpower.Otherwise,excepttotheextentnotedbelow,eachpersonidentifiedbelowhassolevotingandinvestmentpoweroverthesharesreported.Exceptasotherwisenotedbelow,weknowofnoagreementsamongourshareholderswhichrelatetovotingorinvestmentpowerwithrespecttoourcommonstockandnoneofthestatedshareshasbeenpledgedassecurity.

Name and Address of Beneficial Owner(a)

Amount and Nature of Beneficial Ownership(a)

Percent of Class(b)

T.RowePriceAssociates,Inc. 12,845,399(c) 13.3%

BlackRock,Inc. 12,365,234(d) 12.8%

DelawareCharterGuarantee&TrustCompanydbaPrincipalTrustCompanyasTrusteeforthePattersonCompanies,Inc.EmployeeStockOwnershipPlan 10,729,228(e) 11.1%

TheVanguardGroup 8,576,268(f) 8.9%

DimensionalFundAdvisorsLP 4,847,067(g) 5.0%

MarkS.Walchirk 405,492(h)(i) *

DonaldJ.Zurbay 201,363(h)(i) *

LesB.Korsh 169,202(h)(i) *

JohnD.Buck 65,499 *

EricR.Shirley 62,766(h)(i) *

EllenA.Rudnick 56,165 *

AndreaL.Frohning 52,353(h)(i) *

JodyH.Feragen 39,827(j)(k) *

NeilA.Schrimsher 33,418(j) *

AlexN.Blanco 13,930 *

RobertC.Frenzel 10,872 *

FrancisJ.Malecha 10,872 *

Allcurrentdirectorsandexecutiveofficersasagroup(13persons) 1,251,475(l) 1.3%

* Representslessthan1%.

(a) BeneficialownershipisdeterminedinaccordancewiththerulesoftheSecuritiesandExchangeCommissionandincludesvotingorinvestmentpowerwithrespecttosecurities.Securities“beneficiallyowned”byapersonmayincludesecuritiesownedbyorfor,amongothers,thespouse,childrenorcertainotherrelativesofsuchpersonaswellasothersecuritiesastowhichthepersonhasorsharesvotingorinvestmentpowerorhastheoptionorrighttoacquirewithin60days.Thesamesharesmaybebeneficiallyownedbymorethanoneperson.IncludessharesofcommonstockheldbyourESOP.SharesreportedasownedbytheESOPtrusteearealsoreportedasbeneficiallyownedbyourexecutiveofficerstotheextentthatshareshavebeenallocatedtotheESOPaccountsofthenamedpersons.AllocatedsharesarevotedbytheESOPtrusteeinaccordancewiththedirectionofESOPparticipants.Generally,unallocatedsharesandallocatedsharesastowhichnodirectionismadebytheparticipantsarevotedbytheESOPtrusteeinthesamepercentageastheallocatedsharesastowhichdirectionsarereceivedbytheESOPtrustee.Unlessotherwiseindicated,theaddressofeachshareholderisc/oPattersonCompanies,Inc.,1031MendotaHeightsRoad,St.Paul,Minnesota55120.

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(b) Percentageofbeneficialownershipisbasedon96,279,152sharesoutstandingasofJuly17,2020.Sharesissuablepursuanttooptionsaredeemedoutstandingforcomputingthepercentageofthepersonholdingsuchoptionsbutarenotdeemedoutstandingforcomputingthepercentageofanyotherperson.

(c) AssetforthinSchedule13G/AjointlyfiledwiththeSecuritiesandExchangeCommissionbyT.RowePriceAssociates,Inc.(“PriceAssociates”)andT.RowePriceMid-CapValueFund,Inc.(“Mid-CapValueFund”)onFebruary14,2020.TheSchedule13G/AreportsthatPriceAssociatesisaninvestmentadviserwithsolevotingpowerover4,081,077sharesandsoledispositivepowerover12,845,399shares.TheSchedule13G/AreportsthatMid-CapValueFundisaregisteredinvestmentcompanysponsoredbyPriceAssociates,whichitalsoservesasinvestmentadviser,withsolevotingpowerover8,516,200shares,representing8.8%oftheclassofsuchsecurities.TheSchedule13G/AfurtherreportsthattheindividualandinstitutionalclientswhichPriceAssociatesservesasinvestmentadviserhavethepowertodirectthereceiptofdividendspaidwithrespectto,andtheproceedsfromthesaleof,thereportedshares,andthatanydiscretionaryauthoritythathasbeendelegatedtoPriceAssociatesmayberevokedinwholeorinpartatanytime.TheSchedule13G/Afurtherreportsthat,withtheexceptionofMid-CapValueFund,notmorethan5%oftheclassofsuchsecuritiesisownedbyanyoneclientsubjecttotheinvestmentadviceofPriceAssociates.WithrespecttosecuritiesownedbyMid-CapValueFund,theSchedule13G/Areportsthatonlythecustodianforsuchfundhastherighttoreceivedividendspaidwithrespectto,andproceedsfromthesaleof,thereportedsecurities,andthatnootherpersonisknowntohavesuchright,exceptthattheshareholdersoftheMid-CapValueFundparticipateproportionatelyinanydividendsanddistributionssopaid.Thereportingpersons’addressis100E.PrattStreet,Baltimore,MD21202.

(d) AssetforthinSchedule13G/AfiledwiththeSecuritiesandExchangeCommissionbyBlackRock,Inc.(“BlackRock”)onFebruary4,2020.TheSchedule13G/AreportsthatBlackRockisaparentholdingcompany/controlpersonforBlackRockLifeLimited,BlackRockAdvisors,LLC,BlackRock(Netherlands)B.V.,BlackRockFundAdvisors(whichentitybeneficiallyowns5%orgreateroftheoutstandingsharesofthesecurityclassbeingreportedontheSchedule13G/A),BlackRockInstitutionalTrustCompany,NationalAssociation,BlackRockAssetManagementIrelandLimited,BlackRockFinancialManagement,Inc.,BlackRockJapanCo.,Ltd.,BlackRockAssetManagementSchweizAG,BlackRockInvestmentManagement,LLC,BlackRockInvestmentManagement(UK)Limited,BlackRockAssetManagementCanadaLimited,BlackRock(Luxembourg)S.A.,BlackRockInvestmentManagement(Australia)Limited,andBlackRockAdvisors(UK)Limited.TheSchedule13G/AreportsthatBlackRockhassolevotingpowerover11,722,334sharesandsoledispositivepowerover12,365,234shares.TheSchedule13G/Afurtherreportsthatvariouspersonshavetherighttoreceiveorthepowertodirectthereceiptofdividendsfrom,ortheproceedsfromthesaleof,thereportedshares,butnooneperson’sinterestinthereportedsharesismorethan5%ofthetotaloutstandingshares.Thereportingperson’saddressis55East52ndStreet,NewYork,NY10055.

(e) AssetforthinSchedule13G/AfiledwiththeSecuritiesandExchangeCommissionbyDelawareCharterGuarantee&TrustCompanydbaPrincipalTrustCompanyasTrusteeforthePattersonCompanies,Inc.EmployeeStockOwnershipPlanonFebruary11,2020,representssharesoverwhichsharedvotingpowerandshareddispositivepowerisclaimed.TheESOPissubjecttotheEmployeeRetirementIncomeSecurityActof1974(“ERISA”).Thesecuritiesreportedincludeallsharesheldofrecordbythetrustee.Thetrusteefollowsthedirectionsofourcompany,orotherpartiesdesignatedinthetrustagreementbetweenourcompanyandthetrustee,withrespecttovotinganddispositionoftheshares.Thetrustee,however,issubjecttofiduciarydutiesunderERISA.Thetrusteedisclaimsbeneficialownershipofthereportedshares.AsofJuly17,2020,thenumberofsharesreportedasbeneficiallyownedincludedapproximately609,077sharesheldintheunallocatedaccountoftheESOPandapproximately9,850,548sharesheldintheallocatedaccountoftheESOP.Thereportingperson’saddressis1013CentreRoad,Suite300,Wilmington,DE19805-1265.

(f) AssetforthinSchedule13G/AfiledwiththeSecuritiesandExchangeCommissionbyTheVanguardGroup(“Vanguard”)onFebruary12,2020.TheSchedule13G/AreportsthatVanguardisaninvestmentadviserwithsolevotingpowerover84,877shares,sharedvotingpowerover10,200shares,soledispositivepowerover8,495,623shares,andshareddispositivepowerover80,645shares.TheSchedule13G/AfurtherreportsthatVanguardFiduciaryTrustCompany,awholly-ownedsubsidiaryofVanguard,isthebeneficialownerof

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70,445sharesasaresultofitsservingasinvestmentmanagerofcollectivetrustaccountsandthatVanguardInvestmentsAustralia,Ltd.,awholly-ownedsubsidiaryofVanguard,isthebeneficialownerof24,632sharesasaresultofitsservingasinvestmentmanagerofAustralianinvestmentofferings.Thereportingperson’saddressis100VanguardBlvd.,Malvern,PA19355.

(g) AssetforthinSchedule13GfiledwiththeSecuritiesandExchangeCommissionbyDimensionalFundAdvisorsLP(“Dimensional”)onFebruary12,2020.TheSchedule13GreportsthatDimensionalisaninvestmentadviserwithsolevotingpowerover4,723,737sharesandsoledispositivepowerover4,847,067shares.TheSchedule13GreportsthatDimensionalfurnishesinvestmentadvicetofourregisteredinvestmentcompanies,andservesasinvestmentmanagerorsub-advisertocertainothercommingledfunds,grouptrustsandseparateaccounts(suchinvestmentcompanies,trustsandaccounts,collectivelyreferredtoasthe“Funds”).Incertaincases,subsidiariesofDimensionalmayactasanadviserorsub-advisertocertainFunds.Initsroleasinvestmentadvisor,sub-adviserand/ormanager,Dimensionaloritssubsidiariesmaypossessvotingand/orinvestmentpoweroverthesecuritiesthatareownedbytheFunds,andmaybedeemedtobethebeneficialownerofthesharesheldbytheFunds.However,allreportedsecuritiesareownedbytheFunds.TheSchedule13GfurtherreportsthattheFundshavetherighttoreceiveorthepowertodirectthereceiptofdividendsfrom,ortheproceedsfromthesaleofthesecuritiesheldintheirrespectiveaccounts,butnooneFund’sinterestinthereportedsharesismorethan5%ofthetotaloutstandingshares.Dimensionaldisclaimsbeneficialownershipofallsuchsecurities.Thereportingperson’saddressisBuildingOne,6300BeeCaveRoad,Austin,TX78746.

(h) IncludesthefollowingsharesallocatedtotheESOPaccountofthefollowingpersons:MarkS.Walchirk(819shares);DonaldJ.Zurbay(671shares);LesB.Korsh(1,554shares);EricR.Shirley(248shares);andAndreaL.Frohning(680shares).TheESOPtrusteehastherighttoreceive,andthepowertodirectthereceiptof,dividendsfromsuchshares.

(i) IncludessharespurchasablebythenamedpersonupontheexerciseofoptionsgrantedunderourAmendedandRestatedEquityIncentivePlan,ourAmendedandRestated2015OmnibusIncentivePlanorasinducementawardsissuedoutsidesuchplans:MarkS.Walchirk(81,250shares);DonaldJ.Zurbay(92,350shares);LesB.Korsh(58,474shares);EricR.Shirley(11,250shares);andAndreaL.Frohning(10,000shares).

(j) Includessharespurchasablebythenamedpersonupontheexerciseofoptionsgrantedunderour2001Non-EmployeeDirectors’StockOptionPlanorourAmendedandRestatedEquityIncentivePlan:JodyH.Feragen(12,000shares);andNeilA.Schrimsher(12,000shares).

(k) Ofthesharesreportedasbeneficiallyowned,1,000sharesareheldinarevocabletrustofwhichMs.Feragenisatrustee.

(l) Includes5,221sharesallocatedtoESOPaccounts,301,543sharespurchasableupontheexerciseofoptions,and517,413sharesoverwhichthereissolevotingpowerbutnoinvestmentpower.

DELINQUENT SECTION 16(a) REPORTS

Section16(a)oftheExchangeActrequiresourofficersanddirectors,andpersonswhoownmorethan10%ofaregisteredclassofourequitysecurities,tofilereportsofownershipandchangesinownershipwiththeSecuritiesandExchangeCommissionandprovideuswithcopiesofsuchreports.Basedsolelyonourreviewofthecopiesofsuchformsreceivedbyus,orwrittenrepresentationsfromcertainreportingpersonsthatnoForms5wererequiredforthosepersons,webelievethat,duringthepastfiscalyear,ourofficers,directorsandgreaterthan10%shareholderscompliedwithapplicablefilingrequirements,exceptthatoneForm4reportforeachofMessrs.Walchirk,Zurbay,Korsh,PohlmanandMs.FrohningreportingtheJune11,2019determinationbytheCompensationCommitteethattheperformancecriteriafortheperiodofApril29,2018throughApril27,2019applicabletonon-derivativeperformanceunitsissuedonAugust7,2018hadbeensatisfied,wasnotfiledonatimelybasis.

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EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

OurCompensationCommittee(throughoutthisCompensationDiscussionandAnalysis,the“committee”)overseesandmakesdecisionsregardingourexecutivecompensationandbenefitprograms.ThefollowingdiscussionshouldbereadinconjunctionwiththeSummaryCompensationTable,andrelatedtablesandfootnotedisclosuressettingforththecompensationofthefollowingnamedexecutiveofficers:

Named Executive Officer Position

MarkS.Walchirk PresidentandChiefExecutiveOfficer

DonaldJ.Zurbay ChiefFinancialOfficerandTreasurer

EricR.Shirley PresidentofPattersonDental

LesB.Korsh VicePresident,GeneralCounselandSecretary

AndreaL.Frohning ChiefHumanResourcesOfficer

Executive Summary

Financialresultsforourfiscal2020,whichendedonApril25,2020,reflectedthesales,profitabilityandcashflowimprovementsweachievedthroughouttheyear,despitetheendmarketdisruptioncausedbyCOVID-19startinginlate-MarchandApril.Theseperformanceimprovementsenabledustodeliveryear-over-yearadjustedearningsgrowthandarereflectedinourfiscal2020executivecompensationdecisions.

Performance Results. Belowisasummaryofourfinancialresultsthatwebelieveishelpfulinunderstandingourcompensationdecisionsandphilosophy.Thesummarybelowcontainscertainnon-GAAPfinancialmetrics.SeethereconciliationofGAAPtonon-GAAPfinancialmeasurestables,whichappearasAnnex Atothisproxystatement,forfurtherinformationregardingouradjustedfinancialmetrics.Thesenon-GAAPmeasuresmayprovideahelpfulrepresentationofourfullyearperformance,andenablecomparisonoffinancialresultsbetweenperiodswherecertainitemsmayvaryindependentofbusinessperformance.Thesenon-GAAPfinancialmeasuresarepresentedsolelyforinformationalandcomparativepurposesandshouldnotberegardedasareplacementforcorresponding,similarlycaptioned,GAAPmeasures.

■ Fiscal 2020 results.Consolidatedreportednetsalesforfiscal2020were$5.49billion,a1.5percentyear-over-yeardecrease.Internalsales,whichwedefineasnetsalesadjustedtoexcludeforeigncurrencyimpactandchangesinproductsellingrelationships,decreased0.9percentcomparedtofiscal2019.Internalsalesforthefirst11monthsofthefiscalyear,endedonMarch21,2020,increased2.7percentcomparedtothesameperiodlastyear.ReportednetlossattributabletoPattersonCompanies,Inc.was$588.4million,or$6.25perdilutedshare,comparedtoreportednetincomeattributabletoPattersonCompanies,Inc.of$83.6million,or$0.89perdilutedshare,infiscal2019.Theyear-over-yeardeclinewasprimarilyattributabletoapre-tax$675.1milliongoodwillimpairmentchargerelatedtoourAnimalHealthsegment.AdjustednetincomeattributabletoPattersonCompanies,Inc.,whichexcludesdealamortization,integrationandbusinessrestructuringexpenses,certainlegalexpenses,accelerateddebt-relatedcosts,discretetaxmatters,investment(gain)lossandgoodwillimpairment,was$147.6million,or$1.55perdilutedshare,comparedto$130.9million,or$1.40perdilutedshare,intheyear-agoperiod.Thisrepresentsa10.7percentimprovementovertheperiodyear.Theyear-over-yearincreasewasprimarilyattributabletoimprovedperformanceintheDentalsegmentacrossconsumables,equipmentandvalue-addedservices.

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■ Gross profit margin.Consolidatedgrossprofitmarginincreased40basispointsfromtheprioryearto21.8%.GrossprofitmarginratesincreasedinboththeDentalandAnimalHealthsegment.Inaddition,agreaterpercentageofsalescamefromourCorporatesegmentduringfiscal2020,resultinginahigherconsolidatedgrossprofitmarginrate.

■ Balance sheet data.Duringfiscal2020,weused$243.5millionofcashfromoperatingactivitiesandcollecteddeferredpurchasepricereceivablesof$540.9million,netting$297.4millionincash,comparedtoatotalof$450.5millionduringfiscal2019.Thepreviousyearperiodcontainedatradeaccountsreceivablefacilityamountof$171.0millionandthecurrentperiodcontainedatradeaccountsreceivablefacilityamountof$29.0million.Freecashflow,whichwedefineasnetcash(usedin)providedbyoperatingactivitieslesscapitalexpenditureslesstheone-timebenefitfromtheinitiationofourtradeaccountsreceivablefacilitiespluscollectionofdeferredpurchasepricereceivables,was$7.8millionhigherinfiscal2020thaninfiscal2019duetoadecreaseinworkingcapital.

■ Operational improvements. WetookimmediateactionsinresponsetoCOVID-19toprotectthehealthandsafetyofouremployeesandtheirfamilies,ourcustomers,oursuppliers,andourbusinesspartners,ensurebusinesscontinuityforourcustomers,andhelptoreducethespreadofthevirusinourcommunities.Wealsoactedquicklyinresponsetothisdisruptionbytakingadditionalactions,includingaggressivecostsavingsmeasures,suspendingallnon-essentialcapitalexpendituresandadditionalmeasurestopreserveourliquidity.WebelieveoureffortstostrengthenPattersonthroughoutfiscal2020havepositioneduswelltonavigatethisnear-termdisruption.

Compensation Decisions

Themanagementteamdrovemanypositivedevelopmentsinfiscal2020andtheoverallvalueofourfiscal2020executivecompensationpackagewasabovethetargetedlevel,reflectingfinancialperformancethat,despitethegoodwillimpairmentandtheemergingimpactofCOVID-19,exceededourobjectives.

Base Salary. Atthebeginningof2020,wemadebasesalaryadjustmentsreflectingacombinationoffactorsincludinginternalequity,positioningagainstexternalbenchmarks,experienceinrole,andindividualperformance.

Annual Short-Term and Long-Term Incentives. Duringfiscal2020,wecontinuedtoemphasizetheimportanceoffiscal2020operationalresultstoourcompany’slong-termsuccessbyaligningexecutivecompensationwithenterpriseperformanceobjectivesandindividualaccountabilities.

■ Short-Term Incentives.Annualincentiveopportunitiesforournamedexecutiveofficersinfiscal2020underourManagementIncentiveCompensationPlan(“MICP”)werebasedonacombinationofenterprisefinancialperformanceandindividualperformanceandforourbusinessunitleaders,includedabusinessunitfinancialperformancecomponent.Wesurpassedbothouradjustedoperatingincomeandfreecashflowobjectives.Additionally,operationalimprovementsdrovebonusachievementspecifictotheindividualperformancecomponent.Thecommitteeexercisedcertainnegativediscretion,whichisdiscussedmorefullybelow,toreflectitssubjectiveassessmentofperformancenotdirectlymeasuredinourcompany’sfinancialresults.Asaresultoftheforegoing,thefinancialperformancecomponentofourMICPfundedat125%oftargetforournamedexecutiveofficersotherthanMr.Shirley,whosefinancialperformancecomponentofMICPfundedat106%asitisprimarilytiedtoperformanceofourDentalbusiness.TheindividualperformancecomponentofourMICP,dependingonexecutive,fundedbetween100%and165%oftarget.

■ Long-Term Incentives.Underour2020grantstrategy,50%oflong-termincentiveopportunitiesweredeliveredinperformancesharesandwereearnedonthebasisofa1-yearperformanceperiodfollowedbya2-yearvestingperiod.Wesurpassedbothouradjustednetincomeandfreecashflowobjectives.Performancesharegrantsfundedat142.5%oftarget.AwardsearnedunderthiselementofourpayprogramdonotvestuntilAugust2022.Theremainingportionoflong-termincentiveopportunitiesforournamedexecutiveofficerswasdelivered25%ineachofstockoptionsandrestrictedstockunits,eachwithmulti-yearvestingrestrictions.

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AsshowninthechartsbelowforMarkS.Walchirk,ourChiefExecutiveOfficer,andourothernamedexecutiveofficers,fiscal2020actualtotaldirectcompensationwasabovetargetpaylevelsasourperformancewasabovetargetandasignificantportionofthetotalpayopportunityisearnedoverthelong-term.Actualcompensationreflectsourbasesalaries,fundingofourMICPonourfinancialperformancemetrics,fundingdecisionsforeachnamedexecutiveofficerontheindividualcomponentofourMICP,performanceunitsearnedbasedonfiscal2020performance(valuedatourfiscalyear-endstockprice),andtheotherlong-termincentiveswegrantedinfiscal2020asshownintheGrantsofPlan-basedAwardsTable.

Fiscal 2020 Direct Compensation – Value Reflecting Fiscal 2020 Performance

 

Determining Executive Compensation

Thecommitteeisresponsibleforthereviewandapprovalofallaspectsoftheexecutivecompensationprogram.Thecommitteemeetsregularlyeachyearto(amongotheritems):

■ EstablishtheannualbasesalaryandMICPtargetopportunityforeachoftheexecutivesforthecurrentfiscalyear

■ Determinetheactualannualincentivecompensationtobepaidtoeachexecutiveforservicesprovidedduringtheprioryear

■ Establishplantargetsandperformancemeasuresfortheperformanceperiodforperformanceunits

■ Determinethenumberofperformanceunitsearned,ifany,underthelong-termincentiveprogramfortheperformanceperiodendingwiththepriorfiscalyear

■ Determinerestrictedstockunitsandstockoptionawardsandanyotherequity-basedawardstobegrantedtoexecutiveofficers

Whenmakingindividualcompensationdecisionsfortheexecutives,thecommitteetakesmanyfactorsintoaccount.Thesefactorsincludeobjectiveandsubjectiveconsiderationsofeachindividual’sskills,performanceandlevelofcontributiontowardsdesiredbusinessobjectives,ourcompany’soverallperformance,retentionconcerns,theindividual’stenureandexperiencewithourcompanyandinhisorhercurrentposition,therecommendationsofmanagementandtheindependentcompensationconsultant,theindividual’scurrentandhistoricalcompensation,thecommittee’scompensationphilosophy,andcomparisonstoothercomparablysituatedexecutives(boththoseofourcompanyandthoseofpeercompanies).Thecommittee’sprocessutilizesinput,analysisandreviewfromanumberofsources,includingourcompany’smanagement,

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otherindependentdirectorsoftheBoard,thecommittee’sindependentcompensationconsultant,andmarketstudiesandothercomparativecompensationinformationasdiscussedbelow.

Thecommitteeusesthisinformationinconjunctionwithitsownreviewofthevariouscomponentsofourexecutivecompensationprogramtodeterminethebasesalaryandannualshort-termandlong-termincentivetargetsandopportunitiesoftheexecutiveofficersasagroupandindividually.

Role of Executive Officers in Determining Compensation

ThecommitteemeetswiththeChiefExecutiveOfficerannuallytoreviewtheperformanceoftheotherexecutives.Themeetingincludesadiscussionofeachexecutiveofficer’sperformancefortheyearandareviewofindividualcontributionstowardsachievementofourbusinessgoals.AsummaryoftheperformancereviewispresentedtothefullBoardeachyear.

ThecommitteeconsidersinputfromtheChiefExecutiveOfficerandotherselectexecutiveswhendevelopingandselectingmetricsandperformanceobjectivesthatmaybereferencedintheannualshort-termorlong-termincentiveprogram,andevaluatingperformanceagainstsuchpre-establishedmetricsandobjectives.ThecommitteealsoreceivesrecommendationsfromtheChiefExecutiveOfficerregardingbasesalaryamounts,annualshort-termandlong-termincentiveawardamountsfortheotherexecutiveofficers.IndeterminingtheChiefExecutiveOfficer’scompensation,thecommitteeconsiderscomparativecompensationinformationandinputfromitsindependentcompensationconsultant.

Role of the Compensation Consultant

Duringfiscal2020,thecommitteeretainedPearlMeyerasitsindependentcompensationconsultant.Thecommitteereviewedandconfirmedtheindependenceofsuchfirm.Thecompensationconsultantprovidesthecommitteewithanannualcompensationmarketanalysisfortheexecutives;makesrecommendationsontheexecutivepayprograms;reviews,participatesandcommentsonexecutivecompensationmatters;andprovidesupdatesonregulatorychangesincompensationrelatedissuesandotherdevelopmentsandtrendsinexecutivecompensation.

Market Competitiveness Review

Thecommitteereviewsrecommendationsfromtheindependentcompensationconsultantonapeergroupofcompaniesaboutwhichcompetitivecompensationdataisobtained.Therewasonechangetosuchpeergroupforfiscal2020decision-makingwhenEssendantInc.wasreplacedwithCovetrus,Inc.Thepeergroupcompanieshadannualrevenuerangingfrom$2.9billionto$11.2billion(median$4.8billion)andmarketcapitalizationrangingfrom$0.5billionto$17.3billion(median$4.9billion).Bothmanagementandthecommitteebelievethattheresultingpeergroupof16companiesprovidedarobuststatisticalsetofcompensationdatatoserveasabasisforfiscal2020compensationdecisions.

Thecompaniescomprisingthepeergroupusedtoestablishfiscal2020compensationopportunitiesofthenamedexecutiveofficersarelistedbelow:

Fiscal 2020 Peer Group

AnixterInternationalInc. HDSupplyHoldings,Inc. PoolCorp.

AppliedIndustrialTechnologies,Inc. HenrySchein,Inc. W.W.Grainger,Inc.

BeaconRoofingSupply,Inc. Hill-RomHoldings,Inc. Watsco,Inc.

Covetrus,Inc. MRCGlobalInc. WESCOInternationalInc.

DENTSPLYSIRONAInc. MSCIndustrialDirectCo.Inc.

FastenalCompany Owens&MinorInc.

Inconnectionwithcompensationdecisionsthecommitteemadeforfiscal2020,thecommitteeworkedwithitsindependentcompensationconsultantinthepeergroupdevelopmentprocess.

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Thereportsfurnishedbythecompensationconsultantprovidedthecommitteewithmarketinformationatthe25th,50th,and75thpercentilesforeachexecutivepositionandpaycomponent,andfortotaldirectcompensation,andcomparedthemarketcompensationdatatocurrentpayforeachexecutive.Thismarketinformationisanimportantelementreviewedbythecommittee,andprovidesabasisforadjustingacomponentofpay,ortotaldirectcompensationgenerally,aboveorbelowtheserangestorecognizethespecificcircumstancesofindividualexecutiveofficersinamannerconsistentwiththestatedobjectivesofthecompensationprogram.

Shareholder Approval of our Executive Compensation Program

Wecontinuetoconsidertheperspectivesofourshareholdersinthedesignandadministrationofourexecutivecompensationprograms.Historically,Patterson’sshareholdershaveprovidedstrongsupportofourexecutivecompensationprogramswiththeoverwhelmingmajorityofsharesvotedatourannualmeetingsapproving,onanadvisorybasis,thecompensationofournamedexecutiveofficers.Atlastyear’sannualmeeting,ourproposalregardingadvisoryapprovalofexecutivecompensationwasapprovedby87.8%ofthesharesvotedonsuchproposal.

Shareholder Engagement

Duringfiscal2020,aspartofoureffortstocontinuouslyimproveourgovernancepractices,weconductedtargetedshareholderengagementwithcertainofourinstitutionalinvestors.Membersofourmanagementteamandcommitteemetwithshareholdersanddiscussedseveralelementsofourexecutivecompensationstrategy.

Compensation Philosophy, Practices and Components

Compensation Philosophy

Thecommitteeisguidedbythefollowingobjectivesthatitbelievesarekeytothesuccessfulexecutionofourstrategicbusinessimperatives,enhancinggrowthopportunitiesandprovidingbenefitstoourshareholders:

 

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Compensation Practices

Thecommitteeleveragesthefollowingbestpracticesindesigning,administeringandgoverningourexecutivecompensationprograms:

What We Do What We Do Not Do

 ■ Generallypositiontargetexecutivepaylevelsatthe   peermedian  ■ Deliverthemajorityofourcompensationinvariable   payelements  ■ Useequitywithmulti-yearvestingrequirementstodrive   alignmentwithshareholders  ■ Promotestockownershipwithexecutiveand   directorstockownershipguidelines  ■ Reflectshareholderpreferencesinourprogramplans   anddesigns,includingclawbackanddoubletrigger   protections  ■ Cappayoutsinourshort-termincentiveplan  ■ Annuallyreviewourpayforperformancerelationship  ■ Conductacompensationriskassessment

 ■ Providesingletriggerchange-in-control   cashseverancepayments,or   change-in-controlcashseverance   paymentsexceedingthreetimesbase   salaryandtargetannualincentives  ■ Allowstockoptionrepricing,discounted   stockoptiongranting,orcashoutof   underwateroptions  ■ Providereloadprovisionsinstockoption   grants  ■ Offerchange-in-controltaxgross-upstoour   namedexecutiveofficers  ■ Paydividendsordividendequivalentson   unearnedperformanceshares   orunvestedrestrictedstockunits  ■ Allowourexecutivesordirectorstohedge   orpledgecompanystock

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Compensation Components

Toassistinunderstandingtheintendedgoalsofthecommittee,wehavedescribed,atahighlevel,eachofourprimarycompensationelementsforfiscal2020inthefollowingtable:

Element Purpose Key Features

AnnualBaseSalary  ■ Provideafixedlevelof   compensation  ■ Reflectcompetitivepractices

■ Salarylevelssetbasedonanassessmentof:   ■ Levelofresponsibility   ■ Experienceandtimeinposition   ■ Individualperformance   ■ Futurepotential   ■ Competitiveness   ■ Internalpayequityconsiderations   ■ Salarylevelsarereviewedannuallyby      thecommitteeandadjustedas      appropriate

AnnualShort-TermIncentiveCompensation

 ■ Provideformulaicincentivesto   achieveourfinancial   performanceobjectives  ■ Includeindividualperformance   objectivesforeach   executive  ■ Linkpaytoperformance

■ Incentivepayoutsrangefromthreshold  tomaximumlevels,dependingonlevel  ofperformance ■ Performancebelowthethresholdlevel  resultsinnopayout

AnnualLong-TermIncentiveCompensation–PerformanceUnits

 ■ Provideexecutiveofficerswith   incentivestoachievelong-term   successthroughperformance-   basedequitycompensationwith   multi-yearvestingrequirements  ■ Alignexecutiveofficers’   interestswiththeinterestsof   ourshareholders

■ Fiscal2018grantbasedon  our3-yearrelativetotalshareholder  returnagainsttheS&P400 ■ Fiscal2019and2020grantsbased50%  on1-yearfreecashflowand50%on  1-yearnetincomewitha2-yearcliff  vestingrestrictionattheendofthe  1-yearperformanceperiod

AnnualLong-TermIncentiveCompensation–StockOptions

 ■ Alignsexecutiveofficers’   interestswiththoseof   shareholdersthroughafocus   onstockpriceperformance   andshareholdervaluecreation

■ 10-yearterm ■ 3-yearratablevesting

AnnualLong-TermIncentiveCompensation–RestrictedStockUnits(“RSUs”)

 ■ Provideopportunitiesforequity   accumulationandalignment   withshareholders  ■ Supportleadershipretention   objectives

■ 3-yearcliffvesting

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Base Salary

Thecommitteeannuallyreviewsbasesalariesfortheexecutiveofficerstodeterminewhetheradjustmentiswarrantedinconsiderationofthefactorsidentifiedintheabovetable.

Forfiscal2020,ournamedexecutiveofficersreceivedbasesalaryincreasesrangingfrom1.6%to6.6%inrecognitionoftheirfiscal2019performanceandinconsiderationofthecompetitivemarketforcomparableexecutives.Specificbasesalaryincreasesaresetforthinthetablebelow.

ExecutiveFiscal 2019 Base Salary

Fiscal 2020 Base Salary

Percentage Increase

MarkS.Walchirk $850,000 $875,000 2.9%

DonaldJ.Zurbay $525,000 $541,000 3.0%

EricR.Shirley $450,000 $457,000 1.6%

LesB.Korsh $400,000 $412,000 3.0%

AndreaL.Frohning $350,000 $373,000 6.6%

Thecommitteehasnotyettakenanyactionwithrespecttofiscal2021basesalariesforournamedexecutiveofficers.However,aspartofourbroad-basedefforttorespondtotheCOVID-19pandemic,weimplementedcertaincostreductionmeasures,includingatemporary35%reductioninMr.Walchirk’sbasesalaryandatemporary30%reductioninthebasesalariesoftheothernamedexecutiveofficers.Thesebasesalaryreductions,whichareineffectfromMay1,2020throughJuly31,2020,willnotmodifytherightsourexecutivesmayhavewithrespecttothecalculationofanyannualorlong-termincentiveawardsorseverance.

MICP

ThenamedexecutiveofficersareeligibletoearnannualcashincentivecompensationundertheMICP.Acashincentiveispayableifathresholdlevelofperformanceisachieved,andtheultimatepayoutvarieswithperformance.

Consistentwiththeapproachtakeninfiscalyear2019,thecommitteedeterminedthatannualcashincentivesforfiscal2020,ifany,wouldbeearnedonthebasisofadjustedoperatingincomeweightedat60%,freecashflowweightedat25%,andindividualperformanceobjectivesweightedat15%.Suchweightingsweremadeto(1)emphasizetheimportanceoffiscal2020operationalresultstoourcompany’slong-termsuccess,(2)alignexecutivecompensationwithenterpriseperformanceobjectivesandindividualaccountabilities,(3)maintainourabilitytoattractandretainexecutivetalent,and(4)inconsiderationofexistingbestpracticesaroundkeydesignfeatures.

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Onthefinancialperformanceobjectives,incentivepayoutsundertheMICPforournamedexecutiveofficers,otherthanMr.Shirley,varyaccordingtoperformanceoutcomesasfollows:

FY 2020 Performance Goals for Named Executive Officers other than Mr. Shirley ($M)

Level of Achievement

Consolidated Adjusted Operating Income

(60% weight)

Consolidated Free Cash Flow

(25% weight)Payout % of Target

Threshold $ 203.4 $159.0 50%

Target $ 239.3 $187.1 100%

Maximum $ 275.2 $215.2 175%

Actual Outcome $256.9* $307.6 125%

% of Target 107.4% 164.4%  

* Thecommitteebeganitsassessmentofperformanceusingactualconsolidatedadjustedoperatingincomeof$270.3million,whichrepresentsthe$236.7millionsetforthonAnnexAplustheadd-backof$33.6millionofincentiveburden.Thecommitteethendeterminedtoexercisenegativediscretiontoreduceadjustedoperatingincome,solelyforpurposesofcomputingincentivecompensation,to$256.9million.Inparticular,thecommitteereducedadjustedoperatingincomeby$13.4millionofexpensesthecommitteebelievedshouldnotbeexcludedforincentivecompensationpurposes.ThisadjustmentaffectedthecalculationofMICPforallnamedexecutiveofficers.

Asshowninthetableabove,basedonthecommittee’sdeterminationofactualresultsforfiscal2020,thefinancialperformancemetricsundertheMICPforournamedexecutiveofficers,otherthanMr.Shirley,fundedat125%oftarget.

Mr.Shirley’sMICPopportunity,inhisroleasPresidentofPattersonDental,istiedtoadifferentsetoffinancialperformancemetrics.ThecommitteetooksimilaractionwithrespecttothealignmentoffinancialperformanceobjectivestowhichMr.Shirley’scompensationistiedandusedacombinationofenterprisefinancialobjectivesandfinancialobjectivesspecifictoourDentalunit.ThefinancialperformanceobjectivesforMr.ShirleyundertheMICPvaryaccordingtoperformanceoutcomesasfollows:

FY 2020 Performance Goals for Mr. Shirley ($M)

Level of Achievement

Consolidated Adjusted Operating Income

(10% weight)

Dental Adjusted Operating Income

(50% weight)

Dental Free Cash Flow

(25% weight)Payout % of

Target

Threshold $203.4 $169.7 $115.9 50%

Target $239.3 $199.6 $136.4 100%

Maximum $275.2 $229.5 $156.9 175%

Actual Outcome $256.9 $198.4 $195.0 106%

% of Target 107.4% 99.4% 143.0%

Asshowninthetableabove,forfiscal2020,thefinancialperformancemetricsundertheMICPforMr.Shirleyfundedat106%oftarget.

Inadditiontothesefinancialperformanceobjectives,thecommitteeincludedindividualperformancegoalsandobjectivesforeachnamedexecutiveofficer.Thisindividualelementaccountsfor15%ofthetargetannualincentiveopportunity.

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Fiscal2020incentivepaymentsacrossourMICPforeachnamedexecutiveofficerarereviewedinthefollowingtable:

ExecutiveTarget MICP

Award

Payment forFinancial

Performance Objectives

Payment for Individual

Performance Objectives

Total MICP Payment

Payment as a % of Target

MarkS.Walchirk $1,085,000 $1,356,250 $244,125 $1,600,375 147.5%

DonaldJ.Zurbay $ 459,850 $ 574,812 $ 96,569 $ 671,381 146.0%

EricR.Shirley $ 274,200 $ 290,652 $ 54,840 $ 345,492 126.0%

LesB.Korsh $ 247,200 $ 309,000 $ 37,080 $ 346,080 140.0%

AndreaL.Frohning $ 223,800 $ 279,750 $ 55,950 $ 335,700 150.0%

Long-Term Incentives

Ourfiscal2020long-termincentiveprogramfornamedexecutiveofficersdelivered50%ofthelong-termincentiveopportunityinperformanceunits,25%instockoptions,and25%inrestrictedstockunits.Thetablebelowhighlightsthevalueandnumberofawardsgrantedtoeachofournamedexecutiveofficers(athoroughdescriptionofeachvehiclefollows).

Executive

Performance Units ($ / #)

Stock Options ($ / #)

Restricted Stock Units ($ / #)

Total ($)

MarkS.Walchirk $1,625,007 $824,383 $812,503 $3,261,89373,034 243,994 36,517

DonaldJ.Zurbay $ 525,011 $266,340 $262,506 $1,053,85723,596 78,829 11,798

EricR.Shirley $ 224,992 $114,146 $112,496 $ 451,63410,112 33,784 5,056

LesB.Korsh $ 224,992 $114,146 $112,496 $ 451,63410,112 33,784 5,056

AndreaL.Frohning $ 200,005 $101,462 $ 99,992 $ 401,4598,989 30,030 4,494

*Note:thevaluesinthistablemaynotexactlyequaltheSummaryCompensationTableduetorounding.

Fiscal 2020 Performance Units

Fiscal2020performanceunitswereearnedbasedonone-yearadjustednetincomeandone-yearconsolidatedfreecashflow,eachweighted50%.Suchweightingswereselectedtoemphasizetheimportanceoffiscal2020operationalresultstoourcompany’slong-termsuccess,tobetteralignexecutivecompensationwithenterpriseperformanceobjectives,andbecausebothmeasuresarekeydriversofshareholdervalue.

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Asshowninthetablebelow,basedonouractualperformanceinfiscal2020,theperformanceunitelementofourlong-termincentiveplanfundedat142.5%oftarget.

FY 2020 Performance Goals for Named Officers ($M)

Level of Achievement

Consolidated Adjusted Net Income (50% weight)

Consolidated Free Cash Flow

(50% weight)Payout % of

Target

Threshold $ 114.9 $159.0 50%

Target $ 135.2 $187.1 100%

Maximum $ 155.5 $215.2 175%

Actual Outcome $138.3* $307.6 142.5%

% of Target 102% 164%  

* Theactualoutcomeforconsolidatedadjustednetincomewas$147.6million.Thecommitteedeterminedtoexercisenegativediscretiontoreducethisfinancialmetric,solelyforpurposesofcomputingincentivecompensation,to$138.3million.Thisadjustmentmirroredtheadjustmentthecommitteemadetoadjustedoperatingincomeinthatitrepresentedthesame$13.4millionreduction,netofrelatedtaxbenefit.

Restrictedstockunitequivalentsissuedasaresultofourperformancewillvestinfullandautomaticallyconvertintosharesthreeyearsafterthedateoforiginalgrant.

Fiscal 2020 Stock Option Grants and Fiscal 2020 Restricted Stock Units

Stockoptionscontinuetobeanimportantelementofourlong-termincentivestrategyastheycreatedirectalignmentbetweenmanagementandshareholderinterests.Multi-yearvestingrequirementsrequirelong-termgrowthinourstockpriceforourexecutivestoreceivevaluefromtheseawards.Stockoptionsgrantedinfiscal2020underourlong-termincentiveprogramvestone-thirdeachyear,startingoneyearaftergrant,andexpireafter10years.

Whilethecommitteeadherestoanoverallexecutivecompensationprogramthatisheavilyperformance-based,wealsorecognizeourobjectivesofleadershipretentionandstockownership.Therefore,25%ofthelong-termincentivevalueisdeliveredinservice-basedRSUs.RSUsgrantedinfiscal2020underourlong-termincentiveprogramvestinfullonthethirdanniversaryofthegrantdate.

Webelievethatthedesignoftheseelementsoflong-termincentivecompensationinspirealong-termperspective,encourageshareholdervaluecreationandaligntheinterestsofmanagementandshareholders.

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Fiscal 2018-2020 Performance Units

Performanceunitsgrantedinfiscal2018wereearnedbasedonourrelativeTotalShareholderReturn(“TSR”)forthe3-yearperiodcoveringfiscal2018throughfiscal2020versusthecompaniescomprisingtheS&P400.Asshowninthetablebelow,ourrelativeTSRwasatthe25thpercentileand25%ofthesharesfromthisgrantwereearned,vestedandsettledinsharesattheendoffiscalyear2020.

Fiscal 2018 - Fiscal 2020 Performance UnitsFeatures Applicable to Fiscal 2018 - Fiscal 2020

Performance Unit Grant

Level of Achievement S&P 400 TSRPayout %of Target ■ PayoutcappedattargetfornegativeTSRperformance

Threshold 25thPercentile 25% ■ Norightstodividends;dividendsaccruedandpaidaccordingtovestingofunderlyinggrant

Target 50thPercentile 100% ■ 20-dayaveragepriceatbeginningandendofperformanceperiodtomitigatesingle-daypricevolatility

Maximum 85thPercentile 200%

Patterson Companies 3-YearTSR

25th Percentile 25%    

Changes to our Incentive Programs for Fiscal 2021

Asweexecuteagainstourstrategicbusinessobjectives,wecontinuetoreviewourincentivecompensationstructuretoensureitisconsistentwithourcompensationphilosophyandstrategyandsupportsourcommitmenttocreatevalueforallshareholders.Inmakingchangestoourincentiveprogramsforfiscal2021,wetookintoconsiderationfeedbackfromourinstitutionalinvestorsascollectedduringourshareholderoutreachprocess,feedbackfromoutsideproxyadvisorconstituencies,andareviewofpeercompanyincentiveplandesignpractices.

TheCOVID-19pandemicthatemergedinMarch2020createdbroadeconomicuncertaintyforourcompanyandourcustomers.Thisuncertaintyandthechallengesthatitcreatedforourbusinessisreflectedinoursuspensionofearningsguidanceandisfurtherreflectedinchangestoourincentivestructureforfiscal2021.

Ourfiscal2021MICPwassimplifiedtofocussolelyonourabilitytodriveadjustedoperatingincome.ActualMICPpaymentswillbemadebasedonouradjustedoperatingincomeagainstgoalsandanassessmentofeachexecutives’performanceagainstindividualperformancegoalsandobjectives.

Ourfiscal2021long-termincentiveplanmaintainedthesameincentivevehiclemixandweightsthatwereusedforourfiscal2020long-termincentiveconstruct:50%oflong-termincentiveopportunitiesdeliveredinperformanceunits,25%deliveredinstockoptions,andthefinal25%deliveredinrestrictedstockunits.

Theperformanceunitcomponentisbasedona3-yearperformancecyclewithgoalssetatthebeginningofeachyearinthecycle.Metricsforthe1styearofthe3-yearcycleincludeadjustednetincomeandenterprisefreecashflow,eachweighted50%.Totalsharesearnedoverthe3-yearcyclewillthenbesubjecttoa3-yearrelativeTSRmodifierbasedonPatterson’sTSRagainsttheS&P400.

Thisrevisedstructureaddressesthefeedbackwehavereceivedregardingourexistingincentivecompensationplansinthatit(1)eliminatestheoverlapinusingfree-cashflowforbothourMICPandperformanceunitgrants,(2)introducesarelativeperformancecomponent,and(3)isbasedonamulti-yearperformancemeasurementperiod.

Thecommitteebelievesthisrevisedincentiveframeworkforfiscal2021addressesthechallengesanduncertaintycreatedbyCOVID-19andremainsstronglyalignedwithshareholderinterests.

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Other Executive Compensation Arrangements, Policies and Practices

The Executive Nonqualified Excess Plan

Wemaintainanexecutivenonqualifieddeferredcompensationplanunderwhichournamedexecutiveofficersmayparticipate.Wedonotmakeanycontributionstosuchplanandallamountsoutstandingthereunderconsistsolelyofparticipantcontributionsandarefullyvested.Theamountsdeferredintosuchplanmaybecomepayableduringemploymentupondesignatedfixedpaymentdatesorfollowingaterminationofemployment(subjecttoasix-monthdelayincertaincircumstances)orachangeincontrolofourcompany.FurtherinformationregardingnonqualifieddeferredcompensationisreportedintheNonqualifiedDeferredCompensationTablebelow.

Capital Accumulation Plan

Pattersonformerlymadeavailableadeferredcompensation,restrictedstockpurchaseplan(the“CapitalAccumulationPlan”).UndertheCapitalAccumulationPlan,participantscoulddeferannuallyupto25%oftheirpre-taxcompensationtobeusedtopurchasesharesofrestrictedstock.Thestockpurchasedwiththecorrespondingsalarydeferralwasboughtata25%discountfromthemarketpriceofourcommonstockatthebeginningofthecalendaryearortheendofthecalendaryear,whicheverwaslower.Participantselectedtheinitialdeferralperiodbetweenthreeandfiveyears.Participantscouldelecttodeferthecompensationbeyondtheinitialdeferralperiod,withtherestrictionsalsocontinuingfortheadditionaldeferralperiod,withtheminimumadditionaldeferralperiodbeingfiveyears.Iftheparticipantvoluntarilyleftemploymentduringtheinitialdeferralperiod,100%ofthepurchasedrestrictedstockandanysalarydeferredwereforfeited.TheCapitalAccumulationPlanwasterminatedfornewparticipants,effectiveJanuary1,2019.

Health, Welfare and Retirement Benefits

Pattersonprovidesafullrangeofbenefitstoitsexecutives,includingthestandardmedical,dentalanddisabilitybenefitsgenerallyavailabletoouremployees.Wealsosponsoraqualified401(k)planwhichallowsparticipantstomakeplancontributionsonapre-taxbasis.

Perquisites and Other Personal Benefits

Pattersonprovidesthenamedexecutiveofficerswiththefollowingperquisitesandotherpersonalbenefitsthatthecommitteebelievesarereasonableandconsistentwithouroverallcompensationphilosophy:

■ Automobile Reimbursement:Eachexecutiveisprovidedtheuseofacarunderthefleetprogrammaintainedbyourcompany.

■ Executive Physicals:TheexecutivesareencouragedtoparticipateinanexecutivehealthprogramattheMayoClinic.AcomprehensiveevaluationemphasizingallaspectsofpreventativecareisconductedbyphysicianswhoarespecialistsinInternalMedicineandPreventativeMedicine.Thecostofthephysicalisreimbursedbyourcompany.

■ Executive Life Insurance Premiums:Theexecutivesparticipateinacompany-sponsoredexecutivelifeinsuranceprogram.ThisprogramprovidesournamedexecutiveofficerswithalifeinsurancebenefitequaltothreetimestheirbasesalaryplusthetargetedannualincentiveundertheMICP.Thelifeinsurancebenefitiscappedat$1,300,000.Premiums,whichareseteachJune,arepaidbyourcompanythroughapayrollgross-up.

■ Amounts Reimbursed for the Payment of Taxes:Pattersonpaysanamountnecessarytocoverexecutives’taxobligationsforcertainperquisitesandotherpersonalbenefits.Infiscal2020,Pattersonreimbursedexecutivesforthepaymentoftaxesonautomobilereimbursement,executivelifeinsurancepremiumsandcommutingexpenses.

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■ Company Contributions to the ESOP:Ingeneral,ourcompanymakesanannualcontributiontotheleveragedEmployeeStockOwnershipPlan(“ESOP”)basedoncompanyperformanceandotherconsiderationsequaltoacertainpercentageofanexecutive’seligiblecompensation,subjecttocertainstatutorylimitations.ThiscontributionisavailablegenerallytoallourU.S.employees,subjecttoplanrequirements.

■ Incentive Trips:Expensesincurredbytheexecutiveandfamilymemberswhileattendingspecialeventsortripsscheduledasrewardsforincentivizingsalesorotherbusinessachievementsandforfamilymemberstravelingwiththeexecutiveforanypurpose,arereportedasimputedincometotheexecutive.

■ Commuting Expenses:PattersonpaysamountsnecessarytocoverthecommutingexpensesoftwonamedexecutiveofficerswhoresideinlocationsotherthanintheMinneapolis/St.Paulmetropolitanarea.

Stock Ownership Guidelines

Webelievethatpromotingshareownershipalignstheinterestsofourexecutivesandnon-employeedirectorswiththoseofourshareholdersandprovidesstrongmotivationtobuildshareholdervalue.Underourstockownershipguidelines,whichwerelastreviewedandrevisedbythecommitteeinJune2020,thefollowingpersonsareexpectedtoownsharesofavalueequaltoamultipleoftheirannualbasepay,orannualcashretainer,asfollows:

■ ChiefExecutiveOfficer–5xannualbasesalary

■ AllDirectReportstotheChiefExecutiveOfficer–3xannualbasesalary

■ Non-EmployeeDirectors–5xannualcashretainer

Executivesandnon-employeedirectorsareexpectedtoachievetargetlevelsoveraperiodoffiveyearsfromtheeffectivedateoftheguidelines.Ifanexecutiveornon-employeedirectorisbelowtheguideline,heorsheisexpectedtoretain50%ofthenetshares(aftersatisfyingtaxobligations)resultingfromthevesting,settlementorexercise,asapplicable,ofallstockoptions,restrictedstockawards,restrictedstockunits,performancestockunits,orotherequity-basedawards.AsofJuly17,2020,ourexecutivesanddirectorswereincompliancewithapplicablestockownershipguidelines.

“Clawback” Provisions

OurAmendedandRestated2015OmnibusIncentivePlan,whichreplacedourAmendedandRestatedEquityIncentivePlan(underwhichnonewawardsmaybegranted),contains“clawback”provisions.Ifthecommitteedeterminesthataparticipanthastakenanyactionthatwouldconstitute“cause”oran“adverseaction,”astheplandefinessuchterms,whileprovidingservicestothecompany,orafterterminationofsuchservices,allrightsoftheparticipantundertheplanandanyagreementsevidencinganincentiveawardtheparticipantthenholdswillterminateandbeforfeited.Inaddition,thecommitteemayrequiretheparticipanttoreturntothecompanyanysharesreceived,anyprofitsoranyothereconomicvaluerealizedbytheparticipantinconnectionwithanyawardsoranysharesissuedupontheexerciseorvestingofanyawards.Inaddition,theplanincorporatestheSarbanes-OxleyActof2002automaticforfeiturestandardforcertainparticipantsinconnectionwithmaterialnoncompliance,asaresultofmisconduct,resultinginanaccountingrestatement.Inaddition,allawardsundertheplanaresubjecttoforfeitureorotherpenaltiespursuanttoanyclawbackorforfeiturepolicyofthecompany,asineffectfromtimetotime,andsuchforfeitureand/orpenaltyconditionsorprovisionsasdeterminedbythecommitteeandsetforthintheapplicableawardagreement.

Hedging and Pledging of Company Stock

OurSecuritiesTradingandInformationDisclosurePolicyprohibitsshortsalesofcompanysecurities(asaleofsecuritieswhicharenotthenowned)andotherspeculativetradingofcompanysecurities.Nodirector,officerorotheremployeeispermittedtoenterintoanyarrangementoragreementinvolvingwritingortradinginoptions,warrants,puts,callsorotherderivativesecuritiesoncompanysecurities,toengageinanyhedgingtransactionsincludingtheuseofprepaidvariable

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forwards,equityswaps,collarsorexchangefunds,ortoholdcompanysecuritiesinamarginaccountorotherwisepledgecompanysecuritiesascollateralforaloan.Inaddition,suchpolicydiscouragestheuseofstandingandlimitordersoncompanysecurities,exceptunderanapprovedRule10b5-1plan.

Employment and Other Severance, Change-in-Control and Related Agreements

Pattersonhasagreementswithitsnamedexecutiveofficersprovidingthemwithcertainseveranceandchange-in-controlbenefitsinexchangefortheiragreementtocertainrestrictivecovenants.Whenestablishingthosebenefitsandthelevelofthosebenefits,thecommitteeconsideredthecompetitivemarketforcomparableexecutivesandthebenefitsprovidedbycomparablecompanies.Thecommitteebelievesthatcompetitionforexecutivetalentprimarilyaffectstheaggregatelevelofthetargettotaldirectcompensationopportunity.However,thecommitteealsobelievesitiscriticaltoourcompany’slong-termperformancetoofferothercompensationopportunities,includingseveranceandchange-in-controlbenefits,thatarebroadlycommensuratewithcompetitivealternatives.Thecommitteealsobelievesthattheissuanceofinducementequityawardsandotherone-timeequityawardsasconsiderationfortherestrictivecovenantscontainedinsuchagreementsservestoalignnamedexecutiveofficerandshareholderinterestsand,astotheinducementawards,werenecessarytoattractandretainseniorexecutivetalent.InthecontextofChiefExecutiveOfficertransition,thecommitteefurtherconsideredtheimportanceofhavingsuchagreementsinplacewiththebroaderexecutiveleadershipteamgiventhat,priortoentryintoMr.Walchirk’semploymentagreement,thecompanydidnotpreviouslyhavesuchagreementswithitsleaders.

Inparticular,wehaveenteredintoindividualagreementswithournamedexecutiveofficersthatprovideforseverancebenefitsuponinvoluntaryterminationwithoutcause.Suchbenefits,receiptofwhichisconditioneduponexecutive’sexecutionanddeliveryofareleaseofallpotentialclaimsagainstus,consistof:

■ 18monthsofbasesalary(24monthsinthecaseofourPresidentandChiefExecutiveOfficer);

■ CashincentivecompensationequaltoanaverageofthelastthreeyearsofactualMICPincentives;

■ ProrationofthecurrentyearMICPincentivebasedonactualperformance;and

■ 18monthsofpaidCOBRApremiums.

Ourindividualagreementswithournamedexecutiveofficersalsoprovidecertainchange-in-controlbenefits,inlieuoftheabove-referencedseverancebenefits,thataretriggeredifeitherofthefollowingoccurswithin24monthsafterachangeincontrol(asdefinedineachagreement):

■ Weterminatetheexecutive’semploymentwithusforareasonotherthancause(asdefinedintheagreement),or

■ Theexecutiveterminateshisorheremploymentwithusforgoodreason(asdefinedintheagreement).

Suchchange-in-controlbenefits,receiptofwhichisalsoconditioneduponexecutive’sexecutionanddeliveryofareleaseofpotentialclaimsagainstus,consistof:

■ 24monthsofbasesalary(36monthsinthecaseofourPresidentandChiefExecutiveOfficer);

■ cashincentivecompensationequaltothethen-currenttargetMICPincentive;

■ prorationofthecurrentyearMICPincentivebasedontargetperformance;and

■ 18monthsofpaidCOBRApremiums.

ThecommitteedesignedtheseagreementstohelpensurethatourexecutiveteamisabletoevaluateobjectivelywhetherapotentialchangeincontroltransactionisinthebestinterestsofPattersonanditsshareholders,withouthavingtobe

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concernedabouttheirfutureemployment.Webelievethatretainingtheservicesofourkeyexecutivesduringachange-in-controlscenarioiscriticaltomaximizingshareholdervalue.Theseagreementshelpensurethecontinuedservicesofourexecutiveofficersthroughoutthechangeincontroltransactionbygivingthemincentivestoremainwithusratherthanseekingalternativeemploymentorbeingrecruitedtoacompetitorduringahighlyuncertaintime.Ouragreementsprovidingforchange-in-controlbenefitsdonotcontainexcessparachutepaymenttaxgross-upprovisions.

Thecommitteereviewedprevalentmarketpracticesindeterminingtheseveranceamountsandtheeventsthattriggerpaymentsundertheagreements.Thecommitteedeterminedthattheamountsandtriggeringeventswereappropriateanddesignedtoencouragedecision-makingthatisinthebestinterestofPatterson.ThecommitteeconsideredcompetitivemarketdataandgovernancebestpracticesinformationprovidedbyPearlMeyer.Thecommitteealsoevaluatedthecosttousofthesearrangementsandthepotentialpayoutlevelstoeachaffectedexecutiveofficerundervariousscenarios.Inapprovingtheseagreements,thecommitteedeterminedthattheircosttousandourshareholderswasreasonableandnotexcessive,giventhebenefitconferredonus.See“PotentialPaymentsuponTerminationorChange-in-Control”forfurtherinformationregardingsuchagreements.

Ourequityplansandinducementawardsissuedoutsidesuchplansalsoprovidechange-in-controlbenefits.Asdescribedbelow,ourAmendedandRestated2015OmnibusIncentivePlanonlyprovidessuchbenefitsinconnectionwithachangeincontrolandasubsequentevent(a“doubletrigger”),whichwebelieveenablesustobetterbalancetheemployee’sneedforcertaintywiththeinterestsofourshareholders.

■ OurAmendedandRestatedEquityIncentivePlan,underwhichnonewawardsmaybegranted,providesthatawardsissuedunderthatplanarefullyvestedandallrestrictionsontheawardslapseintheeventofachangeincontrol,asdefinedinsuchplan.

■ UnderourAmendedandRestated2015OmnibusIncentivePlan,ifthesurvivingoracquiringcompanyinachangeincontrolassumesourcompany’soutstandingincentiveawardsorprovidesfortheirequivalentsubstitutes,suchplanprovidesforacceleratedvestingofincentiveawardsfollowingachangeincontrolonlyupontheterminationoftheemployee’sservice,amaterialreductioninanemployee’sbasesalary,adiscontinuationofparticipationincertainlong-termcashorequitybenefitsprovidedtocomparableemployees,asignificantchangeinjobresponsibilitiesortheneedtorelocate,providedtheseeventsoccurwithintwoyearsofachangeincontrol.Theinducementawardsissuedoutsideourequityplansprovideforthesamechange-in-controlbenefits.

■ Additionally,ourCapitalAccumulationPlan,whichhasbeenterminatedfornewparticipants,providesthatonaneventofacceleration,asdefinedintheplan,therestrictionsonsharesofrestrictedstocklapseandsuchstockbecomesfullyvested.

Other Related Considerations

Compensation Risk Assessment

Thecommitteeannuallyconsidersthedesignsofourexecutivecompensationprogramsrelativetorisk.Thisassessmentincludesananalysisofouroverallcompensationphilosophy,theprogramvalueandplandesign,andourgovernanceprocessestoensurethatwearepromotingsuperiorperformanceinaresponsiblewayrelativetorisk.Inaddition,inJune2020,thecommitteeworkedwithPearlMeyerintheassessmentofthepotentialforriskstemmingfromourcompensationprograms.Followingitsassessment,includingitsreviewofthereportofitscompensationconsultant,thecommitteeconcludedthatourexecutivecompensationprogramsareunlikelytocreateamaterialadverseeffectonPatterson.

Impact of Tax and Accounting Treatment on Compensation Decisions

PursuanttotheTaxCutsandJobsAct,theSection162(m)performance-basedcompensationexceptionwasrepealedwithrespecttotaxableyearsbeginningafterDecember31,2017,exceptthatcertaintransitionreliefisprovidedforremunerationprovidedpursuanttoawrittenbindingcontractwhichwasineffectonNovember2,2017andwhichwas

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notmodifiedinanymaterialrespectonoraftersuchdate.Asaresult,compensationpaidtoanyofourcoveredemployeesinexcessof$1millionpertaxableyeargenerallywillnotbedeductibleunless,amongotherrequirements,itisintendedtoqualify,andiseligibletoqualify,asSection162(m)performance-basedcompensationpursuanttothetransitionreliefprovidedbytheTaxCutsandJobsAct.NoassurancecanbegiventhatanycompensationpaidbyPattersonwillbeeligibleforsuchtransitionreliefand,therefore,eligiblefortheSection162(m)performance-basedcompensationexception.ThecommitteewillcontinuetomonitortheapplicabilityofSection162(m)toourongoingcompensationarrangementsandintendstocontinuetocompensateournamedexecutiveofficersinamannerconsistentwiththebestinterestsofPattersonanditsshareholders.ThecommitteealsoconsiderstheimpactofSection409AoftheCode,andingeneral,ourexecutiveplansandprogramsaredesignedtocomplywiththerequirementsofthatsectiontoavoidthepossibleadversetaxconsequencesthatmayarisefromnon-compliance.

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Summary Compensation Table

Thefollowingtablesetsforthinformationconcerningthecompensationofournamedexecutiveofficersforfiscal2018,2019and2020.Thetermsandconditionsofouragreementswithournamedexecutiveofficersaredescribedbelowin“PotentialPaymentsuponTerminationorChange-in-Control.”

Name and Principal Position (a)FiscalYear

Salary ($)(b)

Bonus ($)

Stock Awards

($) (c)

Option Awards

($)

Non-EquityIncentive

Plan Compen-

sation ($) (d)

Change in Pension Value

and Non- qualified Deferred

CompensationEarnings

($)

All Other Compensation

($) (e)Total

($)

MarkS.Walchirk 2020 870,840 - 2,437,510 824,383 1,600,375 - 126,396 5,859,504

PresidentandChiefExecutive 2019 850,005 - 2,361,346 336,472 656,250 - 204,558 4,408,631

Officer 2018 383,591 100,000 2,968,750 322,917 - - 258,748 4,034,006

DonaldJ.Zurbay 2020 538,338 - 787,517 266,340 671,381 - 58,792 2,322,368

ChiefFinancialOfficerandTreasurer 2019 439,522 - 1,453,341 453,667 278,906 - 24,080 2,649,516

EricR.Shirley 2020 455,837 - 337,488 114,146 345,492 - 34,574 1,287,537

President,PattersonDental

LesB.Korsh 2020 410,003 - 337,488 114,146 346,080 - 50,739 1,258,456

VicePresident,GeneralCounsel 2019 390,003 - 1,820,145 47,292 141,000 - 37,490 2,435,930

andSecretary 2018 340,002 - 335,744 106,250 - - 52,796 834,792

AndreaL.Frohning 2020 369,220 - 299,997 101,462 335,700 - 68,858 1,175,237

ChiefHumanResourcesOfficer 2019 346,482 - 475,998 33,692 131,251 - 57,174 1,044,598

(a) Mr.Walchirk,whoalsoservesasoneofourdirectors,becameourPresidentandChiefExecutiveOfficerinNovember2017.Mr.ZurbaybecameourChiefFinancialOfficerandTreasurerinJune2018.Mr.ShirleybecamePresidentofPattersonDentalinJanuary2019.Mr.KorshbecameourVicePresident,GeneralCounselandSecretaryinJuly2015.Ms.FrohningbecameourChiefHumanResourcesOfficerinMay2018.

(b) IncludesamountsforegoneattheelectionoftheexecutivepursuanttoTheExecutiveNonqualifiedExcessPlan.FurtherinformationregardingsuchamountsisreportedintheNonqualifiedDeferredCompensationTablebelow.

(c) RepresentstheaggregategrantdatefairvalueofrestrictedstockunitsandperformanceunitscomputedinaccordancewithFASBASCTopic718.InformationontheassumptionsusedtocalculatesuchvalueissetforthinNote15totheconsolidatedfinancialstatementsinourAnnualReportonForm10-KforthefiscalyearendedApril25,2020.

(d) RepresentscashcompensationearnedunderourMICP.

(e) Allothercompensationforfiscal2020wasassetforthinthetablebelow.Inaddition,infrequently,afamilymembermayaccompanyanexecutivetravelingonaprepaidcorporateflighttoaspecificdestinationforbusinesspurposesatnoincrementalcosttoourcompany.

Name

AutomobileReimburse-

ment ($)

Executive Physicals

($)

Executive Life

Insurance Premiums

($)

Reimburse- ment

for the Payment of Taxes

($)

Company Contribu-

tions to ESOP

($)

Incentive Trips

($)

Commuting Expenses

($)Dividends

($)Total

($)

MarkS.Walchirk 13,473 11,713 5,550 8,388 8,430 2,899 - 75,943 126,396

DonaldJ.Zurbay 14,283 - 5,977 8,933 8,430 2,798 - 18,370 58,792

EricR.Shirley - - 5,731 9,206 5,089 - 14,547 - 34,574

LesB.Korsh 15,100 - 5,068 8,893 8,430 1,544 - 11,704 50,739

AndreaL.Frohning 11,750 4,886 4,977 14,665 8,430 423 23,033 694 68,858

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Grants of Plan-Based Awards

Thefollowingtablesetsforthinformationconcerningestimatedpossiblepayoutsundernon-equityincentiveplanawardsforfiscal2020performanceandequityincentiveplanawardsgrantedinfiscal2020toournamedexecutiveofficers.Thetermsandconditionsapplicabletotheseawardsaredescribedin“CompensationDiscussionandAnalysis”and“OutstandingEquityAwardsatFiscalYear-End.”

Name

Type of

Grant(a)

Grant Date

Date of

Action (b)

Estimated Possible Payouts Under Non-Equity Incentive

Plan Awards (c)

Estimated Future Payouts Under Equity Incentive

Plan Awards (d)

All Other Stock

Awards:Number

of Shares of Stockor Units(#) (e)

All Other Option

Awards: Number

of Securities Underlying

Options (#) (f)

Exerciseor Base Price of Option Awards

($/Sh)

Grant Date Fair Value of

Stock and Option Awards ($) (g)

Thresh-old ($)

Target ($)

Maximum($)

Thresh-old (#)

Target(#)

Maximum(#)

MarkS.Walchirk

MICP 7/1/2019 6/11/2019 542,500 1,085,000 1,898,750 - - - - - - -

PSU 7/1/2019 6/11/2019 - - - 36,517 73,034 127,810 - - - 1,625,007

RSU 7/1/2019 6/11/2019 - - - - - - 36,517 - - 812,503

SO 7/1/2019 6/11/2019 - - - - - - - 243,994 22.25 824,383

DonaldJ.Zurbay MICP 7/1/2019 6/11/2019 229,925 459,850 804,738 - - - - - - -

PSU 7/1/2019 6/11/2019 - - - 11,798 23,596 41,293 - - - 525,011

RSU 7/1/2019 6/11/2019 - - - - - - 11,798 - - 262,506

SO 7/1/2019 6/11/2019 - - - - - - - 78,829 22.25 266,340

EricR.Shirley

MICP 7/1/2019 6/11/2019 137,100 274,200 479,850 - - - - - - -

PSU 7/1/2019 6/11/2019 - - - 5,056 10,112 17,696 - - - 224,992

RSU 7/1/2019 6/11/2019 - - - - - - 5,056 - - 112,496

SO 7/1/2019 6/11/2019 - - - - - - - 33,784 22.25 114,146

LesB.Korsh

MICP 7/1/2019 6/11/2019 123,600 247,200 432,600 - - - - - - -

PSU 7/1/2019 6/11/2019 - - - 5,056 10,112 17,696 - - - 224,992

RSU 7/1/2019 6/11/2019 - - - - - - 5,056 - - 112,496

SO 7/1/2019 6/11/2019 - - - - - - - 33,784 22.25 114,146

AndreaL.Frohning

MICP 7/1/2019 6/11/2019 111,900 223,800 391,650 - - - - - - -

PSU 7/1/2019 6/11/2019 - - - 4,495 8,989 15,731 - - - 200,005

RSU 7/1/2019 6/11/2019 - - - - - - 4,494 - - 99,992

SO 7/1/2019 6/11/2019 - - - - - - - 30,030 22.25 101,462

(a) “MICP”meansestimatedpossiblepayoutofannualincentivecompensationundertheMICP.“PSU”meansestimatedfuturepayoutunderperformanceunit.“RSU”meansrestrictedstockunitaward.“SO”meansstockoptions.

(b) RepresentsdateonwhichvaluesoftheawardswereapprovedbytheCompensationCommittee.

(c) RepresentsamountsthatcouldhavebeenpaidundertheMICPforservicerenderedduringfiscal2020.

(d) Representsperformanceunitswhichareearnedonlyifperformancecriteriaaremetoneyearafterthegrantdateandvestonlyifemploymentcontinuesthroughthreeyearsafterthegrantdate.

(e) Representsrestrictedstockunitswhichvestinfullthreeyearsaftergrant.Dividendsdeclaredandpaidonsharesofourcommonstockareaccruedatthesamerate,asdividendequivalents,ontheserestrictedstockunits.Accruedamountsareforfeitableandnotpaiduntiltherelatedawardvests.Nopreferentialdividendsarepaidonsuchawards.

(f) Representsstockoptionswhichvestone-thirdeachyear,startingoneyearaftergrant.

(g) Representsthegrantdatefairvalueofperformanceunits,restrictedstockunitsandstockoptionsawardedtoeachnamedexecutiveofficer,computedinaccordancewithFASBASCTopic718.

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Outstanding Equity Awards at Fiscal Year-End

Thefollowingtablesetsforthinformationconcerningoutstandingequityawardsheldbyournamedexecutiveofficersatfiscalyear-end2020.

Option Awards Stock Awards

NameGrant Date

Number of Securities

Underlying Unexercised

Options (#)

Exercisable

Number of Securities

Underlying Unexercised

Options (#)

Unexercisable

Option Exercise

Price ($)

Option Expiration

Date

Number of Shares or Units of

Stock That Have Not

Vested (#)

Market Value of Shares or Units of

Stock ThatHave Not

Vested ($)

Equity Incentive Plan

Awards: Number of Unearned

Shares, Units or Other

Rights That Have Not

Vested (#)

Equity Incentive Plan

Awards: Market or

Payout Value of Unearned Shares, Units

or Other Rights That

Have Not Vested

($)

MarkS.Walchirk 7/1/2019 - 243,994(a) 22.25 7/1/2029 - - - -

7/1/2018 - 99,956(b) 22.48 7/1/2028 - - - -

12/1/2017 - 52,764(b) 35.41 12/1/2027 - - - -

7/1/2019 - - - - 36,517(d) 558,710 - -

7/1/2019 - - - - 104,074(e) 1,592,339 - -

8/7/2018 - - - - 60,330(e) 923,053 - -

7/1/2018 - - - - 28,506(f) 436,142 - -

12/1/2017 - - - - 5,472(f) 83,722 - -

12/1/2017 - - - - 7,537(e) 115,312 - -

NA - - - - 5,766(g) 88,220 - -

DonaldJ.Zurbay 7/1/2019 - 78,829(a) 22.25 7/1/2029 - - - -

7/1/2018 - 33,363(b) 22.48 7/1/2028 - - - -

6/29/2018 33,050 66,200(a) 22.67 6/29/2018 - - - -

7/1/2019 - - - - 11,798(d) 180,509 - -

7/1/2019 - - - - 33,625(e) 514,467 - -

8/7/2018 - - - - 19,460(e) 297,734 - -

7/1/2018 - - - - 8,897(f) 136,124 - -

6/29/2018 - - - - 15,439(h) 236,217 - -

EricR.Shirley 7/1/2019 - 33,784(a) 22.25 7/1/2029 - - - -

7/1/2019 - - - - 5,056(d) 77,357 - -

7/1/2019 - - - - 14,410(e) 220,467 - -

2/4/2019 - - - - 26,607(d) 407,087 - -

LesB.Korsh 7/1/2019 33,784(a) 22.25 7/1/2029 - - - -

7/1/2018 - 14,179(b) 22.48 7/1/2028 - - - -

7/1/2017 - 11,845(b) 47.51 7/1/2027 - - - -

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Option Awards Stock Awards

NameGrant Date

Number of Securities

Underlying Unexercised

Options (#)

Exercisable

Number of Securities

Underlying Unexercised

Options (#)

Unexercisable

Option Exercise

Price ($)

Option Expiration

Date

Number of Shares or Units of

Stock That Have Not

Vested (#)

Market Value of Shares or Units of

Stock ThatHave Not

Vested ($)

Equity Incentive Plan

Awards: Number of Unearned

Shares, Units or Other

Rights That Have Not

Vested (#)

Equity Incentive Plan

Awards: Market or

Payout Value of Unearned Shares, Units

or Other Rights That

Have Not Vested

($)

7/1/2016 10,379 - 48.47 7/1/2026 - - - -

7/1/2015 12,500 12,500(c) 56.66 7/1/2025 - - - -

7/1/2019 - - - - 5,056(d) 77,357 - -

7/1/2019 - - - - 14,410(e) 220,467 - -

8/7/2018 - - - - 19,460(e) 297,734 - -

7/1/2018 - - - - 3,781(f) 57,849 - -

6/11/2018 - - - - 50,630(i) 774,639 - -

7/1/2017 - - - - 1,342(f) 20,533 - -

7/1/2017 - - - - 932(e) 14,256 - -

7/1/2016 - - - - 702(f) 10,741 - -

7/1/2015 - - - - 508(f) 7,772 - -

NA - - - - 3,765(g) 57,605 - -

AndreaL.Frohning 7/1/2019 - 30,030(a) 22.25 7/1/2029 - - - -

7/1/2018 - 10,009(b) 22.48 7/1/2028 - - - -

7/1/2019 - - - - 4,494(d) 68,758 - -

7/1/2019 - - - - 12,810(e) 195,998 - -

8/7/2018 - - - - 19,460(e) 297,734 - -

7/1/2018 - - - - 2,669(f) 40,836 - -

5/21/2018 - - - - 11,312(d) 173,074 - -

(a) Representsnonqualifiedstockoptions,whichvestone-thirdeachyear,startingoneyearaftergrant.

(b) Representsnonqualifiedstockoptions,whichvestinfullthreeyearsaftergrant.

(c) Representsnonqualifiedstockoptions,whichvest25%oneyearaftergrant,another25%twoyearsaftergrantandtheremaining50%threeyearsaftergrant.

(d) Representsrestrictedstockunits,whichvestinfullthreeyearsaftergrant.

(e) Representsearnedbutunvestedperformancestockunits(i.e.,restrictedstockunitequivalents),whichvestinfullthreeyearsaftergrant.

(f) Representsrestrictedstockunits,whichvest20%eachyear,startingoneyearaftergrant.

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(g) RepresentsrestrictedstockpurchasedunderourCapitalAccumulationPlan,whichhasbeenterminatedfornewparticipants.Therestrictionperiodisthreeyearsfromgrant.

(h) Representsrestrictedstockunits,whichvest50%eachyear,startingoneyearaftergrant.

(i) Representsrestrictedstockunits,whichvest25%oneyearaftergrant,another25%twoyearsaftergrantandtheremaining50%threeyearsaftergrant.

Option Exercises and Stock Vested

Thefollowingtablesetsforthinformationconcerningtheexerciseofoptionsandvestingofrestrictedstockforournamedexecutiveofficersduringfiscal2020.

Option Awards Stock Awards

Name

Number of Shares Acquired on Exercise

(#)

Value Realized onExercise

($)

Number of Shares Acquired on

Vesting (#)

Value Realized on Vesting

($)

MarkS.Walchirk - - 37,191 743,618

DonaldJ.Zurbay - - 17,663 403,037

EricR.Shirley - - - -

LesB.Korsh - - 21,388 469,926

AndreaL.Frohning - - 667 14,841

Forstockawards,thenumbersinthetableaboverepresentportionsoftherestrictedstockawardedduringfiscal2015throughfiscal2019thatvestedandwerereleasedduringfiscal2020(i.e.,eachsuchawardvestsin20%incrementsoverfiveyears),exceptfor1,882oftheshareslistedforMr.Korsh,whicharesharespreviouslypurchasedunderourCapitalAccumulationPlanforwhichtherestrictionslapsed.Thevaluesinthetableabovearebasedontheclosingpriceofourcommonstockonthedatethesharesvestedortherestrictionslapsed.

Nonqualified Deferred Compensation

Thefollowingtablesetsforthinformationconcerningnonqualifieddeferredcompensationofournamedexecutiveofficersduringfiscal2020.

Name

Executive Contributions

in Last FY

($) (a)

Registrant Contributions

in Last FY ($) (b)

AggregateEarnings

in Last FY ($) (c)

Aggregate Withdrawals/Distributions

($)

AggregateBalance

at Last FYE ($)

MarkS.Walchirk - - - - -

DonaldJ.Zurbay - - - - -

EricR.Shirley - - - - -

LesB.Korsh 21,630 - (1,235) - 20,395

AndreaL.Frohning - - - - -

(a) AmountsreportedinthiscolumnarealsoreportedassalaryintheSummaryCompensationTable.

(b) WedonotmakeanycontributionstoTheExecutiveNonqualifiedExcessPlan.

(c) AmountsreportedinthiscolumnarenotreportedascompensationintheSummaryCompensationTable.

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Ournonqualifieddeferredcompensationplan,entitledTheExecutiveNonqualifiedExcessPlan,permitsparticipatingexecutiveofficerstoelecttodeferupto70%oftheirbasesalary,upto70%ofanyperformance-basedcompensation,andupto70%ofcommissions.Wedonotmakeanycontributionstosuchplanandallamountsoutstandingthereunderconsistsolelyofparticipantcontributionsandarefullyvested.Anydeferralelectionsaremadeundertheplanpursuanttoaparticipationagreementwiththeparticipant.Deferredamountsarecontributedtoindividualdeferredcompensationaccounts.Theparticipantsself-directthenotionalinvestmentofdeferredcontributionaccountsininvestmentfundsfromaselectionmadeavailablebyourcommitteedesignatedtoadministertheplan.Theparticipationagreementshallspecifypaymentoptionselectedbytheparticipant(lumpsum,annualinstallmentsoracombinationofboth).Theamountsdeferredintosuchplanmaybecomepayableduringemploymentupondesignatedfixedpaymentdatesorfollowingaterminationofemployment(subjecttoasixmonthdelayincertaincircumstances)orachangeincontrolofourcompany.

Potential Payments upon Termination or Change-in-Control

Upontheterminationofanamedexecutiveofficer,suchpersonmaybeentitledtopaymentsortheprovisionofotherbenefits,dependingontheeventtriggeringthetermination.Theeventsthatwouldtriggeranamedexecutiveofficer’sentitlementtopaymentsorotherbenefitsupontermination,andthevalueoftheestimatedpaymentsandbenefitsaredescribedinthefollowingtable,assumingaterminationdateand,whereapplicable,achange-in-controldateofApril24,2020,andastockpriceof$15.30pershare,whichwastheclosingpriceofoneshareofourcommonstockonApril24,2020(thelastbusinessdayofourlastcompletedfiscalyear).

Mark S. Walchirk

Donald J. Zurbay

Eric R. Shirley

Les B. Korsh

Andrea L. Frohning

Involuntary Termination without Cause

Severance/SalaryContinuation $2,939,708 $1,622,334 $1,030,581 $1,011,080 $ 960,267

AnnualCashIncentive 1,600,375 671,381 345,492 346,080 335,700

CapitalAccumulationPlanBenefits 88,220 - - 57,605 -

NonqualifiedDeferredCompensationBenefits - - - 20,935 -

Total: $4,628,303 $2,293,715 $1,376,073 $1,435,700 $1,295,967

Involuntary Termination without Cause following Change-in-Control, orVoluntary Termination for Good Reason following Change-in-Control

Severance/SalaryContinuation $3,710,000 $1,541,850 $1,188,200 $1,071,200 $ 969,800

AnnualCashIncentive 1,085,000 459,850 274,200 247,200 223,800

AcceleratedRestrictedStockandPerformanceUnitsAwards 3,709,278 1,365,051 704,911 1,481,348 776,400

CapitalAccumulationPlanBenefits 88,220 - - 57,605 -

NonqualifiedDeferredCompensationBenefits - - - 20,935 -

Total: $8,592,497 $3,366,751 $2,167,311 $2,878,287 $1,970,000

Death or Disability

AcceleratedRestrictedStockandPerformanceUnitsAwards $2,630,704 $ 812,201 $ 220,467 $ 532,457 $ 493,732

CapitalAccumulationPlanBenefits 88,220 - - 57,605 -

NonqualifiedDeferredCompensationBenefits - - - 20,935 -

Total: $2,718,924 $ 812,201 $ 220,467 $ 610,996 $ 493,732

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Mark S. Walchirk

Donald J. Zurbay

Eric R. Shirley

Les B. Korsh

Andrea L. Frohning

Retirement

NonqualifiedDeferredCompensationBenefits $- $- $- $20,935 $-

Total: $- $- $- $20,935 $-

Agreements with Named Executive Officers

Pattersonhasenteredintoagreementswithitsnamedexecutiveofficersprovidingthemwithcertainseveranceandchange-in-controlbenefitsinexchangefortheiragreementtocertainrestrictivecovenants.

■ InOctober2017,weenteredintoanemploymentagreementwithMr.Walchirk.Underthetermsoftheagreement,Mr.Walchirk’semploymentwillcontinueuntilNovember20,2020,atwhichtime,unlessnoticetothecontraryhasbeenprovided,thetermwillrenewforsuccessive12-monthperiods.Theagreementprovidesforanannualbasesalaryof$850,000aswellasparticipationinourotheremployeebenefitplansandreimbursementforbusinessexpenses.Mr.Walchirkalsoiseligibletoearnannualcashincentivecompensation,whichispayableifathresholdlevelofperformanceisachieved,pursuanttotheMICP.Theagreementprovidesthat,ifperformanceattargetundertheMICPisachieved,Mr.Walchirk’sannualcashincentivecompensationwouldbe$1,050,000foranyfullyearofemployment.Inaddition,theagreementprovidesthatMr.Walchirkiseligibletoreceiveannuallong-termequity-basedincentivecompensationpursuanttotheAmendedandRestated2015OmnibusIncentivePlan,oranysuccessorplanthereto,whichawardsconsistofperformancestockunits,stockoptions,andrestrictedstockunits,withanaggregatetargetvalueof$3,100,000.Mr.Walchirk’sbasesalary,annualcashincentivecompensation,andannuallong-termequity-basedincentivecompensationarereviewedonanannualbasisandmaybeincreasedbytheBoard.Mr.Walchirk’sagreementalsoprovidedforaninducementaward.OnDecember1,2017,Mr.WalchirkwasgrantedarestrictedstockunitawardoutsidetheAmendedandRestated2015OmnibusIncentivePlancoveringanumberofsharesofourcommonstockwithavalueof$2,000,000basedontheper-shareclosingpriceofourcommonstockonthedateofgrant.Suchawardvestedtotheextentof50%oftheawardonDecember1,2018andtheremaining50%oftheawardonDecember1,2019.Inaddition,uponcommencementofhisemployment,Mr.Walchirkreceivedalump-sumcashbonusof$100,000.If,duringhistermofemployment,weterminateMr.Walchirkwithoutcause,Mr.Walchirkwouldbeentitledtoseverancebenefits,paidinalumpsum,including24monthsofbasesalary,cashincentivecompensationequaltoanaverageofthelastthreeyearsofactualMICPincentives,prorationofthecurrentyearMICPincentivebasedonactualperformance,and18monthsofpaidCOBRApremiums.Withachangeincontrol,suchseverancebenefits,alsopaidinalumpsum,wouldinclude36monthsofbasesalary,cashincentivecompensationequaltohisthencurrenttargetMICPincentive,prorationofthecurrentyearMICPincentivebasedontargetperformance,and18monthsofpaidCOBRApremiums.Mr.Walchirkalsoagreedtocertainnondisclosureandnon-disparagementprovisionsduringhistermofemploymentandanytimethereafter,andcertainnon-competitionandnon-solicitationprovisionsduringhistermofemploymentandforthreeyearsthereafter.

■ InMay2018,weenteredintoanofferletterandaninducement,severanceandchange-in-controlagreementwithMr.Zurbay.Pursuanttotheofferletter,Mr.Zurbay’semployment,whichcommencedonJune29,2018,isonanat-willbasis.Theofferletterprovidesforanannualbasesalaryof$525,000aswellasparticipationinourotheremployeebenefitplansandreimbursementforbusinessexpenses.Mr.Zurbayalsoiseligibletoearnannualcashincentivecompensation,whichispayableifathresholdlevelofperformanceisachieved,pursuanttotheMICP.IfperformanceattargetundertheMICPisachieved,Mr.Zurbay’sannualcashincentivecompensationwouldbe85%ofhisbasesalary.Inaddition,Mr.Zurbayiseligibletoreceiveannuallong-termequity-basedincentivecompensationpursuanttotheAmendedandRestated2015OmnibusIncentivePlan,oranysuccessorplanthereto,whichawardsconsistofrestrictedstockunits,performancestockunits,andstockoptions,withanaggregatetargetvalueof$1,000,000.Mr.Zurbay’sbasesalary,annualcashincentivecompensation,andannuallong-termequity-basedincentivecompensationarereviewedonanannualbasisandmaybeadjustedbytheBoard.Hisagreementalsoprovidedforaninducementawardconsistingofacombinationofstockoptionsandrestrictedstockunits.OnJune29,2018,Mr.Zurbaywasgrantedanon-statutorystockoptionandarestrictedstockunitaward,both

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outsidetheAmendedandRestated2015OmnibusIncentivePlan.Thestockoptionhasanapproximatevalueof$750,000,aper-shareexercisepriceequaltotheper-shareclosingpriceofourcommonstockonthedateofgrant,andatermoftenyears.Suchawardvestedtotheextentofone-thirdoftheawardonJune29,2019andone-thirdoftheawardonJune29,2020.Subjecttocontinuedemployment,theremainingone-thirdoftheawardwillvestonJune29,2021.Therestrictedstockunitawardcoveredanumberofsharesofourcommonstockwithavalueof$700,000basedontheper-shareclosingpriceofourcommonstockonthedateofgrant.Suchawardvestedtotheextentof50%oftheawardonJune29,2019andtheremaining50%oftheawardonJune29,2020.Undertheagreement,ifweterminateMr.Zurbaywithoutcause,Mr.Zurbaywouldbeentitledtoseverancebenefits,paidinequalmonthlyinstallmentsoveran18-monthperiod,including(a)one-and-one-half(1.5)timeshisthencurrentbasesalary,(b)cashincentivecompensationequaltoanaverageofthelastthreeyearsofactualMICPincentives,(c)prorationofthecurrentyearMICPincentivebasedonactualperformance,and(d)18monthsofpaidCOBRApremiums.Withachangeincontrolandaterminationwithoutcauseoraresignationforgoodreason,suchseverancebenefitswouldbepaidinalumpsumandwouldinclude(a)two(2)timeshisthencurrentbasesalary,(b)cashincentivecompensationequaltohisthencurrenttargetMICPincentive,(c)prorationofthecurrentyearMICPincentivebasedontargetperformance,and(d)18monthsofpaidCOBRApremiums.Assetforthintheagreement,Mr.Zurbayalsoagreedtocertainnondisclosureandnon-disparagementprovisionsduringhisemploymentandanytimethereafter,andcertainnon-competitionandnon-solicitationprovisionsduringhisemploymentandfor24monthsthereafter.

■ BetweenJune2018andFebruary2019,weenteredintorestrictivecovenants,severanceandchange-in-controlagreementswithMessrs.ShirleyandKorshandMs.Frohning.Theagreementsprovidetheexecutiveswithcertainseverancebenefits.Inconnectionwithaterminationoftheexecutive’semploymentwithoutcause(asdefined),theexecutivewillreceiveinequalmonthlyinstallmentsoveran18-monthperiod(A)cashinanamountequaltothesumof(i)one-and-one-half(1.5)timestheexecutive’sthencurrentbasesalaryand(ii)theaverageoftheexecutive’sannualcashincentivecompensationpaidundertheMICPforeachofthelastthreefullfiscalyearspriortotheyearinwhichtheexecutive’semploymentisterminated,(B)cashinanamountequaltotheexecutive’sproratedannualcashincentivecompensationundertheMICPforthefiscalyearinwhichterminationoccursbasedonactualperformancethroughthedateoftermination,and(C)iftimelyelected,upto18monthsofpaidCOBRApremiums.Intheeventthat(x)theexecutive’semploymentisterminatedwithoutcause(asdefined)or(y)theexecutiveresignstheexecutive’semploymentforgoodreason(asdefined),ineithercasewithintwoyearimmediatelyfollowingachangeincontrol(asdefined),theexecutivewill,inlieuoftheabove-describedseverancebenefits,receiveinalumpsum(A)cashinanamountequaltothesumof(i)two(2)timestheexecutive’sthencurrentbasesalaryand(ii)theexecutive’stargetannualcashincentivecompensationundertheMICPforthefiscalyearinwhichtheexecutive’semploymentisterminated,(B)cashinanamountequaltotheexecutive’sproratedannualcashincentivecompensationundertheMICPforthefiscalyearinwhichterminationoccursbasedontheexecutive’stargetawardthroughthedateoftermination,and(C)iftimelyelected,upto18monthsofpaidCOBRApremiums.Inexchangefortheseverancebenefits,theexecutivemustsignandnotrevokeawaiverandreleaseagreement.Inconsiderationoftheseverancebenefitsandthebelow-describedrestrictedstockunitaward,eachexecutivealsohasagreedtocertainrestrictivecovenantsincludingbutnotlimitedtopost-employmentnon-competeandnon-solicitationprovisionsforarestrictedperiod(asdefined).Therestrictedperiodiseighteen(18)monthsfollowingthevoluntaryorinvoluntaryterminationofexecutive’semploymentforwhateverreason;provided,however,thatitshallbetwenty-four(24)monthsfollowing(i)theinvoluntaryterminationofexecutive’semploymentwithoutcause(asdefined)withintwo(2)yearsimmediatelyfollowingachangeincontrol(asdefined)or(ii)theexecutive’sresignationforgoodreason(asdefined)withintwo(2)yearsimmediatelyfollowingachangeincontrol(asdefined).Eachexecutivefurtheragreedthatwemayterminatetheexecutive’srighttotheunvestedrestrictedstockunitaward,andmayrequirereimbursementtoourcompanybytheexecutiveofanyincentivecompensationpreviouslypaidorvestedwithintheprior12-monthperiod,incertaincircumstances.Uponentryintosuchagreements,Messrs.ShirleyandKorshandMs.Frohningeachreceivedaone-timerestrictedstockunitawardwiththefollowingvaluesunderourAmendedandRestated2015OmnibusIncentivePlan:Mr.Shirley($600,000),Mr.Korsh($1,500,000)andMs.Frohning($250,000).ForMr.Shirley,suchawardwillvestinfull,assumingcontinuedemployment,onFebruary4,2022.ForMr.Korsh,suchawardvestedtotheextentof25%oftheawardonJune11,2019and25%oftheawardonJune11,2020.Subjecttocontinuedemployment,theremaining50%oftheawardwillvestonJune11,2021.ForMs.Frohning,suchawardwillvestinfull,assumingcontinuedemployment,onMay21,2021.

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Ourequityplansandinducementawardsissuedoutsidesuchplansalsoprovidechange-in-controlbenefits.Asdescribedbelow,ourAmendedandRestated2015OmnibusIncentivePlanonlyprovidessuchbenefitsinconnectionwithachangeincontrolandasubsequentevent(a“doubletrigger”),whichwebelieveenablesustobetterbalancetheemployee’sneedforcertaintywiththeinterestsofourshareholders.

■ OurAmendedandRestatedEquityIncentivePlan,whichisnolongerusedfornewgrants,providesthatawardsissuedunderthatplanarefullyvestedandallrestrictionsontheawardslapseintheeventofachange-in-control,asdefinedinsuchplan.

■ UnderourAmendedandRestated2015OmnibusIncentivePlan,ifthesurvivingoracquiringcompanyinachange-in-controlassumesourcompany’soutstandingincentiveawardsorprovidesfortheirequivalentsubstitutes,suchplanprovidesforacceleratedvestingofincentiveawardsfollowingachange-in-controlonlyupontheterminationoftheemployee’sservice,amaterialreductioninanemployee’sbasesalary,adiscontinuationofparticipationincertainlong-termcashorequitybenefitsprovidedtocomparableemployees,asignificantchangeinjobresponsibilitiesortheneedtorelocate,providedtheseeventsoccurwithintwoyearsofachange-in-control.Theinducementawardsissuedoutsideourequityplansprovideforthesamechange-in-controlbenefits.

■ Additionally,ourCapitalAccumulationPlan,whichhasbeenterminatedfornewparticipants,providesthatonaneventofacceleration,asdefinedintheplan,therestrictionsonsharesofrestrictedstocklapseandsuchstockbecomesfullyvested.Aneventofaccelerationoccursif(a)apersonhasacquiredabeneficialownershipinterestin30%ormoreofthevotingpowerofourcompany,(b)atenderofferismadetoacquire30%ormoreofourcompany,(c)asolicitationsubjecttoRule14a-11oftheExchangeActrelatingtotheelectionorremovalof50%ormoreofourBoardofDirectorsoccurs,or(d)ourshareholdersapproveamerger,consolidation,shareexchange,divisionorsaleofourcompany’sassets.

Compensation Policies and Practices as They Relate to Risk Management

OurCompensationCommitteeconductsanannualriskassessmentofitscompensationpoliciesandpracticesforallemployees,includingournamedexecutiveofficers.Asnotedabovein“CompensationDiscussionandAnalysis,”thecommitteereviewedourcompany’sriskassessmentprocessandresultsanddeterminedthatourcompensationprogramsareunlikelytocreateamaterialadverseeffectonPatterson.

CEO Pay Ratio

Congresshasenactedrequirementscommonlyreferredtoas“payratio”rulesundertheDodd-FrankWallStreetReformandConsumerProtectionActof2010.AsrequiredbytheserulesandItem402(u)ofRegulationS-K,wehavecalculated:

■ Theestimatedmedianoftheannualtotalcompensationofallemployees,exceptourPresidentandChiefExecutiveOfficer(our“non-CEOmedianemployee”);

■ TheannualtotalcompensationofourPresidentandChiefExecutiveOfficer(our“CEO”);and

■ TheestimatedratiooftheannualtotalcompensationofourCEOtotheannualtotalcompensationofournon-CEOmedianemployee.

Infiscal2018,toidentifyournon-CEOmedianemployee,weusedacommonlyacceptedcompensationmeasure,“totalcashcompensation,”calculatedincludingannualbasepayplusallcommissionsandbonusespaidduringthefiscalyear.WeusedApril27,2018,thelastbusinessdayoffiscal2018,asourdeterminationday,andincludedall7,727full-time,part-time,seasonal,andtemporaryemployeesthenworkingforPattersonCompanies,Inc.globally,otherthanourCEO.Weannualizedpayforthosewhocommencedworkduringthefiscalyear.Forfiscal2020,usingthenon-CEOmedianemployeeweidentifiedforfiscal2018,wecalculatedannualtotalcompensationforbothourCEOandournon-CEOmedianemployee,usingthesame

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definitionfortotalcompensationsetforthinthisproxystatement’sSummaryCompensationTableplusthevalueofbenefitsandemployerretirementcontributionsnotreportedtherein.Thesebenefitsincludecompanycontributionstothemedical,dentalandbasiclifeinsuranceplansandESOP.Ournon-CEOmedianemployee’sannualtotalcompensationforfiscal2020underthisdefinitionwas$66,897.

Mr.Walchirk’stotalcompensationforfiscal2020was$5,885,292,whichincludedabasesalaryof$870,840,equitygrantswithatotalgrantdatefairvalueof$3,261,893,non-equityincentiveplancompensationof$1,600,375,andallothercompensation,includingthevalueofbenefits,totaling$152,184.

Basedontheforegoing,ourestimateoftheratiooftheannualtotalcompensationofourCEOtotheannualtotalcompensationofournon-CEOmedianemployeewas88:1.

Giventhedifferentmethodologiesthatvariouspubliccompaniesusetodetermineanestimateoftheirpayratio,theestimatedpayratioreportedaboveshouldnotbeusedasabasisforcomparisonbetweencompanies.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

OurAuditCommittee,whichisresponsibleforreviewinganyproposedtransactionwitharelatedperson,hasadoptedawrittenpolicyandproceduresforthereview,approvalandratificationofanyrelatedpersontransactionrequiringdisclosureunderItem404(a)ofRegulationS-K.Thispolicystatesthatsuchcommitteeisresponsibleforreviewingandapprovingordisapprovingallrelatedpersontransactions,whicharedefinedasanytransaction,arrangementorrelationshipinwhich(a)theamountinvolvedmaybeexpectedtoexceed$120,000inanyfiscalyear,(b)ourcompanywillbeaparticipant,and(c)arelatedpersonhasadirectorindirectmaterialinterest.Arelatedpersonisdefinedasanexecutiveofficer,directorornomineefordirector,oragreaterthanfivepercentbeneficialownerofourcompany’scommonstock,oranimmediatefamilymemberoftheforegoing.TherewerenotransactionsrequiringdisclosureunderItem404(a)ofRegulationS-Kduringfiscal2020.Allfuturetransactionsbetweenusandourexecutiveofficers,directorsandprincipalshareholdersandtheiraffiliateswillbereviewedandapprovedordisapprovedbyourAuditCommitteepursuanttotheforegoingpolicy.

EQUITY COMPENSATION PLAN INFORMATION

ThefollowingtableprovidesinformationasofApril25,2020aboutourcommonstockthatmaybeissuedunderourexistingequitycompensationplans.

Plan Category

Number ofsecurities

to be issued upon exercise of

outstanding options,warrants and rights

(a)

Weighted-average

exercise price of outstanding

options, warrantsand rights

(b)(1)

Number of securitiesremaining available for future issuance

under equity compensation plans (excluding securities reflected in column

(a)) (c)

Equitycompensationplansapprovedbysecurityholders 2,695,574(2) $29.35 8,045,290(3)

Equitycompensationplansnotapprovedbysecurityholders 99,250(4) $22.67 -

Total 2,794,824 $29.08 8,045,290

(1) Theweightedaverageexercisepricedoesnottakeintoaccountthesharesissuableuponvestingofoutstandingperformanceunitawards,whichhavenoexerciseprice.

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(2) Represents(a)382,608sharesofourcommonstocktobeissueduponexerciseofoutstandingstockoptionsundertheAmendedandRestatedEquityIncentivePlan,and(b)1,950,880sharesofourcommonstocktobeissueduponexerciseofoutstandingstockoptionsand362,086performancestockunitsgrantedattargetandunvestedundertheAmendedandRestated2015OmnibusIncentivePlan.

(3) Represents(a)5,322,022sharesofourcommonstockavailableforissuanceundertheAmendedandRestated2015OmnibusIncentivePlan,whichreplacedourAmendedandRestatedEquityIncentivePlan(underwhichnonewawardsmaybegranted),(b)2,068,148sharesofourcommonstockavailableforissuanceundertheEmployeeStockPurchasePlan,(c)455,213sharesofourcommonstockavailableundertheCapitalAccumulationPlan,whichincludes181,540restrictedawardsunvestedundersuchplan(underwhichnonewparticipationispermitted),and(d)199,927sharesofourcommonstockavailableunderthe2014SharesavePlan.

(4) RepresentssharesofourcommonstocktobeissueduponexerciseofoutstandingstockoptionsgrantedtoMr.Zurbayasaninducementtohisemployment.

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PROPOSAL NO. 2 ADVISORY VOTE ON EXECUTIVE COMPENSATION

Introduction

Wearecommittedtoacompensationphilosophythatlinksexecutivecompensationtotheattainmentofbusinessobjectivesandearningsperformance,overthenearandlongerterm,whichinturnenablesustoattract,retainandrewardexecutiveofficerswhocontributetooursuccess.

Tofulfillthisphilosophy,ourCompensationCommitteeseekstoprovidemarket-competitivecompensationpackagesthatemphasizeourcommitmenttoconsistentlong-termprofitablegrowthandourbeliefthatasubstantialportionofthetotalcompensationreceivedbyourexecutiveofficersshouldbedependentupontheperformanceofthebusinessannuallyandovertime.

Wehavestructuredourannualandlong-termincentive-basedcashandnon-cashexecutivecompensationprogramstomotivateexecutivestoachievethebusinessgoalsofourcompanyandrewardthemforachievingthesegoals.Webelieveourexecutivecompensationprogramisstronglyalignedwiththelong-terminterestsofourshareholders.Weurgeyoutoreadthe“ExecutiveCompensation”sectionofthisproxystatementforadditionaldetailsregardingourexecutivecompensation.

Congresshasenactedrequirementscommonlyreferredtoas“sayonpay”rulesundertheDodd-FrankWallStreetReformandConsumerProtectionActof2010.AsrequiredbytheserulesandrelatedSecuritiesandExchangeCommissionrulesunderSection14AoftheExchangeAct,weareaskingourshareholderstovoteontheadoptionofthefollowingresolution:

BE IT RESOLVEDbytheshareholdersofPattersonCompanies,Inc.(“Patterson”)thattheshareholdersapprovethecompensationofPatterson’snamedexecutiveofficersasdisclosedinthisproxystatementpursuanttotheSecuritiesandExchangeCommission’scompensationdisclosurerules.

Asanadvisoryvote,thisproposalisnon-binding.Althoughthisvoteisnon-binding,ourBoardofDirectorsandCompensationCommitteevaluetheopinionsofourshareholders,andwill,astheydidlastyear,considertheoutcomeofthisvotewhenmakingfuturecompensationdecisionsforournamedexecutiveofficers.OurCompensationCommitteehasimplementedanannualadvisoryvoteonourexecutivecompensationprogram,soitisanticipatedthatthenextadvisoryvoteonexecutivecompensationwilloccuratour2021annualmeetingofshareholders.

Vote Required

Theaffirmativevoteofthegreaterof(1)amajorityoftheoutstandingsharesofourcommonstockpresentinpersonorbyproxyandentitledtovoteonthisproposalatthemeetingand(2)amajorityoftheminimumnumberofsharesentitledtovotethatwouldconstituteaquorumforthetransactionofbusinessatthemeeting,isrequiredtoapprovethisproposal.Abstentionswillbeconsideredforpurposesofcalculatingthevote,butwillnotbeconsideredtohavebeenvotedinfavorofsuchmatter.Brokernon-votesarecountedtowardsaquorum,butarenotcountedforanypurposeindeterminingwhetherthismatterhasbeenapproved.Ifyouownsharesthroughabank,broker,orotherholderofrecord,youmustinstructyourbank,broker,orotherholderofrecordhowtovoteinorderforthemtovoteyoursharesonthisproposal.Our Board of Directors recommends thatyou vote FOR approval of this proposal.

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PROPOSAL NO. 3 RATIFICATION OF SELECTION OF

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

OurAuditCommitteehasappointedEYasourindependentregisteredpublicaccountingfirmfortheyearendingApril24,2021.Iftheshareholdersdonotratifytheappointmentatthemeeting,suchcommitteewillconsiderselectionofanotherfirmofindependentregisteredpublicaccountants,butreservestherighttoupholdtheappointment.

RepresentativesofEYareexpectedtobepresentatthevirtualannualmeeting,willhaveanopportunitytomakeastatementiftheydesiretodoso,andareexpectedtobeavailabletorespondtoappropriatequestionsfromshareholdersinattendance.

Principal Accountant Fees and Services

EYwasourindependentregisteredpublicaccountingfirmforthetwomostrecentlycompletedfiscalyears.AggregatefeesforprofessionalservicesrenderedforourcompanybyEYforsuchfiscalyearswereasfollows:

Fiscal Year EndedApril 25, 2020

Fiscal Year Ended April 27, 2019

AuditFees $2,759,092 $2,830,124

Audit-RelatedFees 105,000 67,000

TaxFees 202,352 60,909

AllOtherFees 3,600 3,600

Total $3,070,044 $2,961,633

Auditfeeswereforprofessionalservicesrenderedfortheauditsoftheconsolidatedfinancialstatements,statutoryauditsofsubsidiaries,andreviewsofSecuritiesandExchangeCommissionfilings.Audit-relatedfeeswereforemployeebenefitplanaudits,auditsinconnectionwithproposedtransactions,andduediligenceassistanceonproposedtransactions.TaxfeeswereforassistancewithU.S.andinternationaltaxcompliance,planning,transactioncostanalysesandothertaxadvisoryservicesrelatedtovariouscompanyinitiatives.AllotherfeeswereforuseofanonlineresearchtoolproprietarytoEY.

OurAuditCommitteepre-approvedalloftheserviceswereceivedfromEYduringfiscal2020.OurAuditCommitteealsohasdeterminedthattheprovisionofservicescoveredbytheforegoingfeesiscompatiblewithmaintainingtheprincipalaccountant’sindependence.See“OurBoardofDirectorsandCommittees–CommitteeResponsibilities–OurAuditCommitteeandItsReport.”

Theprojectsandcategoriesofserviceareasfollows:

Audit–Theseservicesincludetheworknecessaryfortheauditortorenderanopiniononourconsolidatedfinancialstatements.Auditservicesalsoincludeauditorattestservicesrequiredbystatuteorregulation,suchascomfortletters,consents,reviewsofSecuritiesandExchangeCommissionfilings,statutoryauditsinnon-U.S.locationsandattestationreportsoninternalcontroloverfinancialreportingrequiredundertheSarbanes-OxleyAct.

AuditRelatedServices–Theseservicesconsistprimarilyofauditsofbenefitplans,duediligenceassistance,accountingconsultationonproposedtransactionsandinternalcontrolreviews.

TaxServices–Taxservicesconsistofacquisitionduediligence,transactioncostanalysis,integrationmatters,reviewandconsultationontaxprovisionandfilingsandothertaxmatters.

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OtherServices–Thecommitteebelievesthatotherservicesarenotanintegralpartoftheexaminationofourcompany’sfinancialstatements,andthatotherservicesmayraisearealorperceivedquestionastotheauditor’sindependence.Accordingly,averystrongrationalemustbepresentedtosupporttheselectionoftheauditorforotherservices,andalternativeserviceprovidersshouldalsobeconsidered.

Recommendation

Our Audit Committee and our Board of Directors recommend that you vote FOR the ratification of the appointment ofEY as our independent registered public accounting firm for the fiscal year ending April 24, 2021.

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ANNUAL REPORT TO SHAREHOLDERS

TheNoticeRegardingtheAvailabilityofProxyMaterialswillcontaininstructionsastohowyoucanaccessourannualreporttoshareholders,includingourAnnualReportonForm10-KcontainingfinancialstatementsforthefiscalyearendedApril25,2020,overtheInternet.Itwillalsotellyouhowtorequest,freeofcharge,apaperore-mailcopyofourAnnualReportonForm10-K.Nopartofourannualreporttoshareholdersisincorporatedhereinandnopartoftheannualreporttoshareholdersistobeconsideredproxy-solicitingmaterial.

Wewillfurnishtoeachpersonwhoseproxyisbeingsolicited,uponwrittenrequestofsuchperson,acopyofanyexhibitdescribedintheexhibitlistaccompanyingtheForm10-K,uponthepayment,inadvance,ofreasonablefeesrelatedtoourfurnishingofsuchexhibit(s).Writtenrequestsforcopiesofsuchexhibit(s)shouldbesenttoPattersonCompanies,Inc.,1031MendotaHeightsRoad,St.Paul,Minnesota,55120,Attention:InvestorRelations.Anothermeanstoobtainexhibitsistosendawrittenrequestviaemailtoinvestor.relations@pattersoncompanies.com.

HOUSEHOLDING OF PROXY MATERIALS

TheSecuritiesandExchangeCommissionhasadoptedrulesthatpermitcompaniesandintermediaries(e.g.,brokers)tosatisfythedeliveryrequirementsfortheproxymaterials,includingtheNoticeRegardingtheAvailabilityofProxyMaterials,withrespecttotwoormoreshareholderssharingthesameaddressbydeliveringasinglesetofproxymaterials,includingtheNoticeRegardingtheAvailabilityofProxyMaterials,addressedtothoseshareholders,unlesstheaffectedshareholderhasprovidedcontraryinstructions.Thisprocess,whichiscommonlyreferredtoas“householding,”potentiallymeansextraconvenienceforshareholdersandcostsavingsforcompanies.

AnumberofbrokerswithaccountholderswhoarePattersonshareholderswillbe“householding”ourproxymaterials,includingtheNoticeRegardingtheAvailabilityofProxyMaterials.AsingleNoticeRegardingtheAvailabilityofProxyMaterialsand,ifapplicable,asinglesetofproxymaterialswillbedeliveredtomultipleshareholderssharinganaddressunlesscontraryinstructionshavebeenreceivedfromtheaffectedshareholders.Onceyouhavereceivednoticefromyourbrokerthatitwillbe“householding”communicationstoyouraddress,“householding”willcontinueuntilyouarenotifiedotherwiseoruntilyourevokeyourconsent.If,atanytime,younolongerwishtoparticipatein“householding”andwouldprefertoreceiveaseparateNoticeRegardingtheAvailabilityofProxyMaterialsand,ifapplicable,aseparatesetofproxymaterials,pleasenotifyyourbrokerorus.DirectyourwrittenrequesttoPattersonCompanies,Inc.,1031MendotaHeightsRoad,St.Paul,Minnesota,55120,Attention:InvestorRelations,orsendawrittenrequestviaemailtoinvestor.relations@pattersoncompanies.com,orcallInvestorRelationsat(651)686-1364.Shareholderswhocurrentlyreceivemultiplecopiesoftheproxymaterials,includingtheNoticeRegardingtheAvailabilityofProxyMaterials,attheiraddressesandwouldliketorequest“householding”oftheircommunicationsshouldcontacttheirbrokers.

SHAREHOLDER PROPOSALS FOR THE 2021 ANNUAL MEETING

Ifashareholderwishestopresentaproposalforconsiderationforinclusionintheproxymaterialsforthe2021annualmeetingofshareholders,theproposalmustbesentbycertifiedmail,returnreceiptrequested,andmustbereceivedattheexecutiveofficesofPattersonCompanies,Inc.,1031MendotaHeightsRoad,St.Paul,Minnesota55120,Attn:LesB.Korsh,VicePresident,GeneralCounselandSecretary,nolaterthanApril2,2021.AllproposalsmustconformtotherulesandregulationsoftheSecuritiesandExchangeCommission.OurBylawsprovidethat,exceptinthecaseofproposalsmadeinaccordancewithRule14a-8undertheExchangeAct,forshareholderproposalstobeconsideredatanannualmeetingofshareholders,theshareholdermusthavegiventimelynoticethereofinwritingtoourCorporateSecretary.Tobetimelyforconsiderationatthe2021annualmeetingofshareholders,ashareholder’snoticemustbedeliveredtoormailedandreceivedatourexecutiveofficesbyJune16,2021.Inaddition,theproxysolicitedbytheBoardforthe2021annualmeetingofshareholderswillconferdiscretionaryauthoritytovoteonanyproposalpresentedbyashareholderatthatmeetingforwhichwehavenotbeenprovidedwithnoticeonorpriortoJune16,2021.AcopyofourBylawsmaybeobtainedbywrittenrequesttoPattersonCompanies,Inc.,1031MendotaHeightsRoad,St.Paul,

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Minnesota55120,Attn:LesB.Korsh,VicePresident,GeneralCounselandSecretary.Forinformationregardingthesubmissionofnomineesforinclusionintheproxymaterialsforthe2021annualmeetingofshareholders,pleasesee“OurBoardofDirectorsandCommittees–CommitteeResponsibilities–OurGovernanceandNominatingCommitteeandItsProceduresforNominations.”

OTHER MATTERS

OurBoardofDirectorsdoesnotknowofanyothermatterthatwillbepresentedattheannualmeetingotherthantheproposalsdiscussedinthisproxystatement.However,ifanyothermatterproperlycomesbeforethemeeting,yourproxieswillactonsuchmatterintheirdiscretion.

BY ORDER OF THE BOARD OF DIRECTORS

 MarkS.Walchirk PresidentandChiefExecutiveOfficer

St.Paul,MinnesotaJuly31,2020

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ANNEX A

PATTERSON COMPANIES, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES

FINANCIAL SUMMARY

Fiscal year ended

(Dollars in thousands, except per share amounts) April 25, 2020April 27,

2019April 28,

2018

Netsales $5,490,011 $5,574,523 $5,465,683

Grossprofit 1,197,410 1,190,775 1,199,366

Operating(loss)income (572,119) 137,716 219,889

Net(loss)incomeattributabletoPattersonCompanies,Inc. (588,446) 83,628 200,974

Diluted(loss)earningspershareattributabletoPattersonCompanies,Inc. $ (6.25) $ 0.89 $ 2.16

Cashandcashequivalents $ 77,944 $ 95,646 $ 62,984

Workingcapital 467,867 728,651 864,343

Totalassets 2,715,350 3,269,269 3,471,664

Totallong-termdebt 587,766 725,341 922,030

Stockholders’equity 836,444 1,480,507 1,461,790

ThefollowingreconciliationofGAAPtonon-GAAPmeasurestableisprovidedtoadjustreportedGAAPmeasures,namelynetincomeattributabletoPattersonCompanies,Inc.,anddilutedearningspershare,fortheimpactofdealamortization,integrationandbusinessrestructuringexpenses,certainlegalexpenses,accelerateddebt-relatedcosts,discretetaxmatters,investment(gain)lossandgoodwillimpairment,alongwiththerelatedtaxeffectsoftheseitems.

Managementbelievesthatthesenon-GAAPmeasuresmayprovideahelpfulrepresentationoftheCompany’sfullyearperformance,andenablecomparisonoffinancialresultsbetweenperiodswherecertainitemsmayvaryindependentofbusinessperformance.Thesenon-GAAPfinancialmeasuresarepresentedsolelyforinformationalandcomparativepurposesandshouldnotberegardedasareplacementforcorresponding,similarlycaptioned,GAAPmeasures.

Fiscal year ended

(Dollars in thousands, except per share amounts) April 25, 2020 April 27, 2019 April 28, 2018

Net(loss)incomeattributabletoPattersonCompanies,Inc.–GAAP $(588,446) $ 83,628 $200,974

Dealamortization 28,208 29,201 26,722

Integrationandbusinessrestructuringexpense 11,591 - 5,715

Legalexpenses 74,141 20,740 -

Accelerateddebt-relatedcosts 7,457 - -

Discretetaxmatters - (2,686) (76,648)

Investmentgain (25,983) - -

Goodwillimpairment 640,627 - -

Netincome–non-GAAP $ 147,595 $130,883 $156,763

Diluted(loss)earningspershareattributabletoPattersonCompanies,Inc.-GAAP $ (6.25) $ 0.89 $ 2.16

Dealamortization 0.30 0.31 0.29

Integrationandbusinessrestructuringexpense 0.12 - 0.06

Legalexpenses 0.78 0.22 -

Accelerateddebt-relatedcosts 0.08 - -

Discretetaxmatters - (0.03) (0.82)

Investmentgain (0.27) - -

Goodwillimpairment 6.74 - -

Dilutedearningspershare–non-GAAP $ 1.55 $ 1.40 $ 1.68

Operating(loss)incomeasa%ofsales–GAAP -10.4% 2.5% 4.0%

Operating(loss)incomeasa%ofsales–non-GAAP 4.3% 3.7% 4.9%

* Maynotsumduetoroundinganddifferenceinweightedaveragesharesusedtocalculatediluted(loss)earningspershare.

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