REI Outlet has the Sierra Designs Pack Trench Men's Waterproof Jacket (olive or blue) on sale for $74 - 30% off in cart = $51 with free shipping. Longer jacket is windproof, waterproof and breathable, and is designed to be comfortable to wear with a hiking pack on.

$90+ at places like Amazon, Backcountry, Campmor and Sunny Sports.

Note: Labeled "Seconds" due to poorly attached interior neck tags and locker loops.