Summary
PACCAR Inc (PCAR) announced a change in its Board of Directors and a modification to its compensation plan for non-employee directors in its December 10, 2007, 8-K filing. Gregory M.E. Spierkel was elected to the Board of Directors, effective April 22, 2008, filling the vacancy left by Harold A. Wagner's retirement. Mr. Spierkel's compensation will align with the company's standard arrangements for non-employee directors, including meeting fees and an annual retainer, plus a prorated restricted stock award. Furthermore, the company approved an Amended and Restated Restricted Stock and Deferred Compensation Plan for Non-Employee Directors, allowing for deferred restricted stock units as an alternative to direct grants. This filing also clarified a prior announcement regarding K. R. Gangl's retirement; Mr. Gangl will now serve as vice president and treasurer, a non-executive role, effective January 1, 2008, rather than retiring.
Key Highlights
- 1Election of Gregory M.E. Spierkel to the Board of Directors, effective April 22, 2008.
- 2Mr. Spierkel will fill the vacancy created by Harold A. Wagner's retirement.
- 3Standard compensation for non-employee directors to be provided to Mr. Spierkel, including prorated restricted stock award.
- 4Approval of Amended and Restated Restricted Stock and Deferred Compensation Plan for Non-Employee Directors.
- 5The amended plan allows election of deferred restricted stock units in lieu of restricted stock grants.
- 6Clarification of K. R. Gangl's role: will serve as Vice President and Treasurer (non-executive) instead of retiring.
- 7Effective date for Mr. Gangl's new role is January 1, 2008.