BANEY KEVIN D 4

What Happened

• Kevin D. Baney, Executive Vice President of PACCAR (PCAR), had 1,736 restricted stock units (RSUs) convert to common stock on March 1, 2026 (reported on Form 4 filed March 2).
• Of those shares, 684 were withheld to cover tax liability at $126.09 per share, a withholding value of about $86,246. That leaves a net delivery to the insider of 1,052 shares. The RSUs converted one-for-one on vesting; the conversion is recorded as a derivative exercise/conversion (code M) and the withholding is recorded as a tax payment/disposition (code F).

Key Details

• Transaction dates: RSU conversion on 2026-03-01; tax-withholding disposition reported 2026-03-02.
• Conversion amount: 1,736 shares converted from RSUs at $0 exercise price (F1/F3).
• Tax withholding: 684 shares withheld at $126.09/share → $86,246 withheld (F2).
• Net shares received by insider: 1,052 shares (1,736 − 684).
• Filing: Form 4 filed on 2026-03-02 for a 2026-03-01 vesting—filed within the typical two-business-day window (timely).
• Notes: RSUs awarded under PACCAR’s LTIP vest in installments (F3); F1/F2 explain one-for-one conversion and withholding for taxes.

Context

• This was not an open-market purchase or sale; it was the routine vesting/conversion of RSUs. The withholding of shares to cover taxes is a common administrative step and does not necessarily indicate a discretionary sale by the insider.
• For retail investors, vesting/receipt of shares signals compensation being realized but not insider buying interest; purchases are generally more informative about insider conviction.