Executive Change · Shareholder Vote

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 29, 2024     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.) 777 106 th 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 Board of Directors On April 30, 2024, the PACCAR Inc Board of Directors (the “Board”) elected Pierre R. Breber and Brice C. Hill to the Board effective July 1, 2024. The size of the Board will increase to fourteen members effective July 1, 2024. The Board also elected Luiz A. S. Pretti to the Board effective September 1, 2024. Mr. Pretti will fill the vacancy created by the retirement of Franklin L. Feder on August 30, 2024. Mr. Breber and Mr. Hill will be assigned to the Audit Committee of the Board effective July 1, 2024. Mr. Pretti will be assigned to the Compensation Committee of the Board effective September 1, 2024. There are no reportable transactions under Item 404(a) of Regulation S-K. Mr. Breber, Mr. Hill and Mr. Pretti will receive compensation for services in accordance with the Company’s standard compensatory arrangements for non-employee directors described in the Company’s March 20, 2024 proxy statement (the “Proxy Statement”). Press releases announcing the Board actions are attached as Exhibits 99.1 and 99.2 to this Report. Long Term Performance Cash Awards On April 29, 2024, the Compensation Committee of the Board approved the Long Term Performance Cash Awards (“LTIP Cash Awards”) for the 2021-2023 cycle under the Long Term Incentive Plan for the Named Executive Officers identified in the 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    $ 5,250,000      $ 20,908,665   H. C. Schippers    $ 1,713,800      $ 8,411,029   C. M. Dozier    $ 780,000      $ 5,135,340   D. C. Siver    $ 774,240      $ 4,859,288   T. R. Hubbard    $ 561,925      $ 2,869,160   CEO Pay Ratio Disclosure As required by Item 402(u) of Regulation S-K, we are providing the following information: For 2023, our last completed fiscal year:     a) the annual total compensation of PACCAR’s median employee (excluding Mr. Feight, our Chief Executive Officer) was $93,387;     b) the annual total compensation of our Chief Executive Officer was $20,908,665; 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 224 to 1. Methodology for Determining Our Median Employee and Annual Total Compensation To identify the median of the annual total compensation of all our employees and to determine the annual total compensation (and any elements of annual total compensation) of our median employee, the methodology and the material assumptions, adjustments and estimates that we used were as follows:     1. As of October 1, 2023, our employee population consisted of approximately 30,000 individuals working at our parent company and subsidiaries located in the United States, Europe (primarily in Belgium, England and the Netherlands), Mexico, Canada, Australia and in various other countries. We selected October 1, 2023, to allow sufficient time to identify the median employee given the size and global scope of our operations.   2. We annualized the compensation for any employees who were not employed by us for the full nine-month period ending on September 30, 2023.     3. We then identified and calculated the elements of our median employee’s compensation for fiscal 2023 in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K, resulting in annual total compensation in the amount of $93,387. The median employee’s annual total compensation includes all elements of compensation reported in the Summary Compensation Table.     4. For the annual total compensation of our Chief Executive Officer, we used the amount reported in the “Total” column of the Summary Compensation Table.   Item 5.07. Submission of Matters to a Vote of Security Holders (a) The annual meeting of stockholders was held on April 30, 2024. (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 2025:   Nominee    Shares Voted “For”      Shares Voted “Against”      Abstentions      Broker Nonvotes   M. C. Pigott      433,191,654        19,839,770        452,018        25,851,489   A. J. Carnwath      432,429,473        20,423,950        630,019        25,851,489   F. L. Feder      446,039,536        6,822,567        621,339        25,851,489   R. P. Feight      445,545,289        7,505,719        432,434        25,851,489   K. S. Hachigian      413,866,401        39,019,768        597,273        25,851,489   B. B. Hulit      451,051,164        1,746,275        686,003        25,851,489   R. C. McGeary      431,696,826        21,267,922        518,694        25,851,489   C. A. Niekamp      451,000,791        1,972,786        509,865        25,851,489   J. M. Pigott      440,136,995        12,915,191        431,256        25,851,489   G. Ramaswamy      448,488,234        4,492,608        502,600        25,851,489   M. A. Schulz      387,469,004        65,481,916        532,522        25,851,489   G. M. E. Spierkel      429,502,502        23,467,163        513,777        25,851,489   Item No. 2. Approval of Third Amended and Restated Restricted Stock and Deferred Compensation Plan for Non-Employee Directors. Item No. 2 received the affirmative vote of a majority of the shares outstanding and entitled to vote on this item at the meeting.   Shares Voted “For”   Shares Voted “Against”   Abstentions   Broker Nonvotes 442,070,404   10,545,103   867,935   25,851,489 Item No. 3. Advisory resolution to approve executive compensation. Item No. 3 received the affirmative vote of a majority of the shares outstanding and entitled to vote on this item at the meeting.   Shares Voted “For”   Shares Voted “Against”   Abstentions   Broker Nonvotes 424,735,111   27,969,066   779,265   25,851,489 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 on this item at the meeting.   Shares Voted “For”   Shares Voted “Against”   Abstentions   Broker Nonvotes 458,001,967   20,938,824   394,140   0 Item No. 5. 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 287,153,492   1,052,214   157,852,779   7,424,957   25,851,489 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 129,116,604   311,931,537   12,435,301   25,851,489 (c) Not applicable. (d) Not available at this time.   Item 9.01. Financial Statements and Exhibits (d) Exhibits. The following are furnished as Exhibits to this Report.   Exhibit Number    Description 99.1    Press release of April 30, 2024 regarding Pierre R. Breber and Brice C. Hill 99.2    Press release of April 30, 2024 regarding Luiz A. S. Pretti 104    Cover Page Interactive Data File (embedded within the Inline XBRL document). 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: May 3, 2024     By:   /s/ M. K. Walton       M. K. Walton Vice President and General Counsel