Form 4: PACCAR Inc. Executive Harrie Schippers Reports Stock Transactions
SEC Form 4 Filing
Harrie Schippers, President & CFO of PACCAR Inc., reports the vesting of restricted stock units and subsequent transactions involving common stock.
Summary
- On March 1, 2024, Harrie Schippers, President & CFO of PACCAR Inc., had restricted stock units convert to 3,317 shares of common stock.
- Also on March 1, 2024, 1,306 shares were withheld for payment of tax liability related to the vesting of restricted shares and/or restricted stock units at a price of $110.89.
- Following these transactions, Schippers directly owns 105,558 shares of common stock and indirectly owns 2,708.332 shares through the PACCAR Savings Investment Plan (SIP).
- Schippers also holds various stock options with different exercise prices and expiration dates, as well as 23,922.5 stock units (LTIP).
Sentiment
Score: 5
Explanation: This is a routine regulatory filing, so the sentiment is neutral. It reflects standard executive compensation practices.
Positives
- The vesting of restricted stock units indicates that Schippers has met certain performance or time-based milestones set by the company.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Executive compensation packages often include stock options and restricted stock units to align management's interests with those of shareholders.
- The vesting schedules and exercise prices of these instruments are typically benchmarked against industry peers to ensure competitiveness and incentivize performance.
- Companies like Daimler Truck Holding AG and Volvo Group, which are PACCAR's main competitors, also use similar compensation strategies for their executives.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders.
- The filing provides transparency to shareholders regarding executive compensation and stock ownership.
Key Dates
| Date | Description |
|---|---|
| 01/01/2019 | Date exercisable for some stock options |
| 02/04/2026 | Expiration date for some stock options |
| 03/01/2024 | Date of restricted stock unit conversion and tax liability share withholding |
| 01/01/2024 | Date exercisable for some stock options |
| 02/02/2031 | Expiration date for some stock options |
| 01/01/2025 | Date exercisable for some stock options |
| 02/07/2032 | Expiration date for some stock options |
| 01/01/2026 | Date exercisable for some stock options |
| 02/08/2033 | Expiration date for some stock options |
| 01/01/2027 | Date exercisable for some stock options |
| 02/05/2034 | Expiration date for some stock options |
| 03/04/2024 | Date of signature for the report |
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