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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 24, 2023

 

 

PACCAR Inc

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-14817   91-0351110
(State or other jurisdiction
of incorporation)
 

(Commission

File Number)

  (IRS Employer
Identification No.)

777 106th Avenue NE, Bellevue, WA 98004

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (425) 468-7400

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange
on which registered

Common stock, $1 par value   PCAR   The NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item 5.02(f). On April 24, 2023, the Compensation Committee of the Board of Directors approved the Long Term Performance Cash Awards (“LTIP Cash Awards”) for the 2020-2022 cycle under the Long Term Incentive Plan for the Named Executive Officers identified in the Company’s March 15, 2023 proxy statement (“Proxy Statement”). The total compensation for each Named Executive Officer reported in the Summary Compensation Table on page 26 of the Proxy Statement has been recalculated to include the LTIP Cash Awards as follows:

 

Named Executive Officer

   Non-Equity
Incentive Plan
Compensation
LTIP Cash Award
     Total
Compensation
 

R. P. Feight

   $ 3,294,000      $ 13,255,737  

H. C. Schippers

   $ 1,462,340      $ 6,291,958  

M. T. Barkley

   $ 648,736      $ 2,825,477  

C. M. Dozier

   $ 594,000      $ 2,722,015  

D. C. Siver

   $ 636,680      $ 2,795,052  

CEO Pay Ratio Disclosure

As required by Item 402(u) of Regulation S-K, we are providing the following information:

As permitted by the SEC rules, the median employee utilized for 2022 is the same employee identified in 2021 because there have been no changes in our employee population or employee compensation arrangements that we reasonably believe would result in a significant change to this pay ratio disclosure. For 2022, our last completed fiscal year:

 

  (a)

The annual total compensation of PACCAR’s median employee (excluding Mr. Feight, our Chief Executive Officer) was $84,035;

 

  (b)

The annual total compensation of our Chief Executive Officer was $13,255,737; and

 

  (c)

The ratio of the annual total compensation of our Chief Executive Officer to the annual total compensation of PACCAR’s median employee was 158 to 1.


Item 5.07. Submission of Matters to a Vote of Security Holders

(a) The annual meeting of stockholders was held on April 25, 2023.

(b) The following is a brief description and vote count of all items voted on at the annual meeting:

Item No. 1. Election of directors.

The following persons were elected to serve as directors with a term expiring in 2024:

 

Nominee

   Shares Voted
“For”
     Shares Voted
“Against”
     Abstentions      Broker
Nonvotes
 

M. C. Pigott

     421,946,316        20,126,002        3,297,269        24,587,915  

A. J. Carnwath

     418,656,996        23,328,754        3,383,837        24,587,915  

F. L. Feder

     435,201,307        6,784,325        3,383,955        24,587,915  

R. P. Feight

     434,222,881        7,968,344        3,178,362        24,587,915  

K. S. Hachigian

     429,014,267        13,040,881        3,314,439        24,587,915  

B. B. Hulit

     437,600,352        4,532,700        3,236,535        24,587,915  

R. C. McGeary

     424,798,031        17,270,507        3,301,049        24,587,915  

C. A. Niekamp

     437,567,804        4,527,978        3,273,805        24,587,915  

J. M. Pigott

     428,304,141        14,026,525        3,038,921        24,587,915  

G. Ramaswamy

     438,367,053        3,727,034        3,275,500        24,587,915  

M. A. Schulz

     371,261,363        70,800,629        3,307,595        24,587,915  

G. M. E. Spierkel

     409,461,061        32,600,636        3,307,890        24,587,915  

Item No. 2. Advisory resolution to approve executive compensation.

Item No. 2 received the affirmative vote of a majority of the shares outstanding and entitled to vote at the meeting.

 

Shares Voted
“For”

 

Shares Voted
“Against”

 


Abstentions

 

Broker
Nonvotes

414,376,611   27,167,015   3,825,961   24,587,915

Item No. 3. Advisory vote on the frequency of executive compensation votes.

One Year received the highest number of affirmative votes of the shares present and entitled to vote at the meeting.

 

Shares Voted For

        One Year        

 

Shares Voted For

      Two Years      

 

Shares Voted For

     Three Years     

 


Abstentions

 

Broker
Nonvotes

282,357,444   2,904,248   153,718,597   6,389,298   24,587,915

Item No. 4. Advisory vote on the ratification of independent auditors.

Item No. 4 received the affirmative vote of a majority of the shares present and entitled to vote at the meeting.

 

Shares Voted
“For”

 

Shares Voted
“Against”

 


Abstentions

 

Broker
Nonvotes

450,466,704   16,216,948   3,273,850   0

Item No. 5. Stockholder proposal regarding ratification of executive termination pay.

Item No. 5 did not receive the affirmative vote of a majority of the shares present and entitled to vote at the meeting.

 

Shares Voted
“For”

 

Shares Voted
“Against”

 


Abstentions

 

Broker
Nonvotes

211,791,591   226,430,665   7,147,331   24,587,915


Item No. 6. Stockholder proposal regarding a report on climate-related policy engagement.

Item No. 6 did not receive the affirmative vote of a majority of the shares present and entitled to vote at the meeting.

 

Shares Voted
“For”

 

Shares Voted
“Against”

 


Abstentions

 

Broker
Nonvotes

205,510,691   227,754,064   12,104,832   24,587,915

(c) Not applicable.

(d) Not applicable.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

      PACCAR Inc
Date: April 28, 2023     By:  

/s/ M. K. Walton

     

M. K. Walton

Vice President and General Counsel