[Form 4] Paccar Inc Insider Trading Activity

Rhea-AI Filing Summary

Alison J. Carnwath, a PACCAR Inc. (PCAR) director, reported a transaction under Form 4 showing activity in the company’s restricted stock and deferred compensation plan for non-employee directors (RSDCP). The filing discloses a transaction dated 09/04/2025 converting 70.3146 restricted stock units (stock units) with an indicated price of $98.21 and shows 20,996.3668 securities beneficially owned following the reported transaction. The filing explains these are restricted stock units held in a deferred phantom stock account and that dividends on those units were reinvested into additional restricted stock units under the RSDCP. The Form 4 was signed by Michael R. Beers by power of attorney on 09/05/2025.

Positive

• Director ownership increased via dividend reinvestment, reflecting continued alignment with shareholders
• Transaction occurred under established RSDCP plan, indicating standard, compliant compensation mechanics

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine director reinvestment into restricted stock units increases insider ownership modestly; no change to control or material dilution.

The Form 4 documents a routine, non-cash transaction under PACCAR's RSDCP: dividend reinvestment into additional restricted stock units and the conversion mechanics for units held in a deferred phantom stock account. The reported 70.3146 stock units and resulting 20,996.3668 beneficially owned shares are consistent with compensation and deferral programs for non-employee directors rather than open-market purchases or dispositions. This activity typically signals continued alignment of the director with shareholder value but does not reflect material changes to ownership concentration or capital structure.

Corporate Governance Expert

TL;DR: Governance action is standard: dividend reinvestment into director RSU plan, maintaining compensation alignment with shareholders.

The filing clarifies the nature of the securities as restricted stock units convertible 1-for-1 upon vesting and notes dividends were reinvested per plan terms. Such filings are routine disclosures under Section 16 and show adherence to plan mechanics and reporting obligations. There is no indication of accelerated vesting, grants outside the plan, or other governance issues in the provided content.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CARNWATH ALISON J

(Last) (First) (Middle)

777 - 106TH AVE. N.E.

(Street)

BELLEVUE WA 98004

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PACCAR INC [ PCAR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Units (RSDCP)	(1)	09/04/2025		J(2)		70.3146		(1)	(1)	Common Stock	70.3146	$98.21	20,996.3668	D

Explanation of Responses:

1. Restricted stock units held in deferred phantom stock account under PACCAR Restricted Stock and Deferred Compensation Plan for non-Employee Directors (RSDCP) convertible to PACCAR common stock on a 1-for-1 basis upon satisfaction of all applicable vesting conditions.

2. Dividend on restricted stock units under PACCAR Restricted Stock and Deferred Compensation Plan (RSDCP) reinvested in additional restricted stock units pursuant to RSDCP.

	Michael R. Beers, by Power of Attorney	09/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Alison J. Carnwath report on Form 4 for PCAR?

The Form 4 reports conversion and dividend reinvestment into restricted stock units (RSDCP) dated 09/04/2025, with 70.3146 stock units involved and 20,996.3668 shares beneficially owned afterwards.

Are the reported securities common stock or restricted stock units for PCAR?

The filing identifies the holdings as restricted stock units held in a deferred phantom stock account under the PACCAR RSDCP, convertible to common stock on a 1-for-1 basis upon vesting.

Did the Form 4 indicate any open-market purchase or sale for PCAR shares?

No. The disclosed activity was dividend reinvestment into restricted stock units under the RSDCP, not an open-market trade.

How many PCAR shares does the reporting person beneficially own after the transaction?

The Form 4 shows 20,996.3668 securities beneficially owned following the reported transaction.

Who signed the Form 4 on behalf of the reporting person?

The Form 4 was signed by Michael R. Beers, by Power of Attorney on 09/05/2025.