Summary
PACCAR Inc (PCAR) filed an 8-K on April 29, 2009, disclosing the approval of Long Term Performance Cash Awards (LTIP Cash Awards) for the 2006-2008 performance cycle. These awards, granted to Named Executive Officers, have been retroactively included in their total reported compensation for that period, as originally detailed in the company's March 12, 2009 proxy statement. The disclosure indicates a recalculation of total compensation for key executives, reflecting these performance-based payouts. Investors reviewing this filing should note the specific amounts awarded to top executives, such as M. C. Pigott receiving $3,333,750 in LTIP Cash Awards, bringing his total compensation to $9,153,264. This information provides insight into the executive compensation structure and performance incentives at PACCAR during the specified period.
Key Highlights
- 1PACCAR's Compensation Committee approved Long Term Performance Cash Awards (LTIP Cash Awards) for the 2006-2008 cycle.
- 2These awards are for the Named Executive Officers as identified in the March 12, 2009 proxy statement.
- 3Total compensation for Named Executive Officers has been recalculated to include these LTIP Cash Awards.
- 4M. C. Pigott received the largest LTIP Cash Award of $3,333,750.
- 5The recalculated total compensation for M. C. Pigott is $9,153,264.
- 6Awards were also disclosed for M. A. Tembreull, T. E. Plimpton, J. G. Cardillo, and D. D. Sobic.