Document:

Exhibit 10(d)

 

AMENDED AND RESTATED

PACCAR INC

RESTRICTED STOCK AND DEFERRED COMPENSATION PLAN

FOR NON-EMPLOYEE DIRECTORS 

(Effective as of January 1, 2009)

 

1.  PURPOSE OF THE PLAN

 

The
Company has established this Plan to provide Non-Employee Directors with
financial incentives to promote the success of the Company’s long-term business
objectives, and to encourage qualified persons to accept nominations as a
Non-Employee Director. The Plan is unfunded and benefits are payable in the
form of shares of PACCAR Common Stock or cash. The Plan was last amended and
restated in December 2007.

 

The
Company hereby amends and restates the Plan effective as of  January 1, 2009.  The deferral feature of the Plan is intended
to satisfy the requirements of section 409A of the Internal Revenue Code of
1986, as amended (“the Code”), with respect to compensation deferred after December 31,
2004 (and subsequent earnings thereon). The balance in the Deferred Accounts as
of December 31, 2004 (and subsequent earning thereon) shall be governed by
the distribution rules in effect on December 31, 2004.

 

2.  DEFINITIONS

 

(a)  “Board of
Directors” means the Board of Directors of PACCAR Inc.

 

(b)  “Committee”
means the Nominating and Governance Committee of the Board of Directors or any
successor to such committee.

 

(c)  “Common Stock” means common
shares of PACCAR Inc with $1.00 par value and any class of common shares into
which such common shares hereafter may be converted.

 

(d)  “Company”
means PACCAR Inc, a Delaware corporation.

 

(e)  “Deferred
Accounts” means either the unfunded Stock Unit Account or Income Account
maintained by the Company into which a Non-Employee Director may defer payment
of his or her cash compensation (retainer and fees) or elect to receive a
credit to the Stock Unit Account in lieu of a grant of Restricted Stock for
service as a Company director. The Company also shall establish subaccounts
under a Non-Employee Director’s Deferred Accounts in order to separately
account for the amounts in such Deferred Accounts that are, and that are not,
subject to section 409A of the Code.

 

(f)  “Fair
Market Value” means the closing price of the Common Stock on NASDAQ
reported for the date specified for determining such value.

 

(g)  “Grant
Date” means the date that Non-Employee Directors receive a grant of
Restricted Stock.

 

(h)  “Grantee”
means the Non-Employee Director receiving the Restricted Stock or his legal
representative, legatees, distributees, alternate payees, or trustees as the
case may be.

 

(i)  “Mandatory
Retirement” means retirement as a Non-Employee Director at age seventy-two
(72) or at such other age as may be specified in the bylaws for the Board of
Directors in effect at the time of a Non-Employee Director’s Termination.

 

(j)  “Non-Employee
Director” means a member of the Company’s Board of Directors who is not a
current employee of the Company.

 

(k)  “Plan”
means this PACCAR Inc Restricted Stock and Deferred Compensation Plan for
Non-Employee Directors as it may be amended from time to time, or any successor
plan that the Committee or Board of Directors may adopt from time to time with
respect to the grant of Director Restricted Stock or other stock-based grants.

 

(l)  “Restricted
Stock” means Common Stock that may not be sold, transferred, or otherwise
disposed of by the Grantee except under such circumstances as may be specified
by the Committee.

 

(m)  “Termination”
means a “separation from service” within the meaning of section 409A of the
Code.

 

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3.  PARTICIPATION

 

Each
Non-Employee Director of the Company shall be eligible to participate in the
Plan during his tenure as a Director.

 

4.  GRANTS OF
RESTRICTED STOCK

 

(a)          Except as set forth in Section 7, on the first business day of
each calendar year for the duration of the Plan (the Grant Date), each person
who is a Non-Employee Director shall receive a grant of Restricted Stock in an
amount equal to the number of shares of Common Stock that the “Base Amount”
could have purchased at the Fair Market Value on such Grant Date (rounded up to
the nearest whole share). The “Base Amount” shall be $90,000 as of January 1,
2006. The Board of Directors, in its sole discretion, may adjust the Base
Amount for any Grant Date; provided, that the adjusted Base Amount is established
no later than the December 31 immediately prior to the Grant Date on which
such Base Amount shall be effective.

 

(b)         Shares of Restricted Stock shall vest in full and become unrestricted
on the third anniversary of the applicable Grant Date subject to the provisions
of Section 10. Shares of Restricted Stock may not be sold, transferred or
otherwise disposed of by a Grantee until such shares become unrestricted in
accordance with the provisions of this Section 4(b).

 

(c)          Each Restricted Stock grant shall be evidenced by a written Restricted
Stock Grant Agreement that shall be executed by the Grantee and an authorized
Company representative which shall indicate the date of the Restricted Stock
award, the number of shares of Common Stock awarded, and contain such terms and
conditions as the Committee shall determine with respect to such Restricted
Stock grant consistent with the Plan.

 

(d)         Except as set forth in Section 7, a PACCAR Non-Employee Director
first elected to the Board of Directors during a calendar year is entitled to a
pro-rated grant of Restricted Stock. The pro-rated grant of Restricted Stock
shall be calculated as follows: the number of shares of Common Stock that the
Base Amount could have purchased at the Fair Market Value on the first business
day the Non-Employee Director’s Board service becomes effective (the “Grant
Date”) (rounded up to the nearest whole share) pro-rated to reflect the number
of calendar quarters such Non-Employee Director will serve on the Board of
Directors during the calendar year in which such Non-Employee Director is first
elected.

 

5.              SHARES OF COMMON STOCK SUBJECT TO
THE PLAN

 

There
shall be reserved for use under the Plan (subject to the provisions of Section 8
hereof) a total of 1,096,875 shares of Common Stock, which shares may be
authorized but unissued shares of Common Stock, treasury shares, or issued
shares of Common Stock that shall have been reacquired by the Company.

 

6.              DIVIDEND, VOTING, AND OTHER
SHAREHOLDER RIGHTS

 

Except
as otherwise provided in the Plan, each Grantee shall have all of the rights of
a shareholder of the Company with respect to all outstanding shares of
Restricted Stock registered in his name, including the right to receive
dividends and other distributions paid or made with respect to such shares and
the right to vote such shares.

 

7.              DEFERRAL OF COMPENSATION

 

A
Non-Employee Director may elect, on or before December 31 of any year, to
defer at least 25% of the cash compensation to be paid to the Non-Employee
Director for services as a Company director during the following calendar year
and/or elect to receive a credit to the Stock Unit Account in lieu of the grant
of Restricted Stock described in Section 4(a). Before the term of a new
Non-Employee Director begins, he may elect within thirty (30) days of first
becoming eligible to participate in the Plan to defer payment of the cash
compensation earned for the remainder of the calendar year in which his term
begins and/or elect to receive a credit to the Stock Unit Account in lieu of the
grant of Restricted Stock described in Section 4(d). Any credit to the
Stock Unit Account in lieu of the grant of Restricted Stock described in Section 4(a) or
4(d) shall be for the same number of shares of Common Stock and have the
same restrictions and vesting provisions otherwise applicable to the grant of
Restricted Stock. Such credit to the Stock Unit Account shall be evidenced by a
written Deferred Restricted Stock Unit Grant Agreement that shall be executed
by the Non-Employee Director and an authorized Company representative which
shall indicate the date of the Deferred Restricted Stock Unit award, the number
of units awarded, and contain such terms and conditions as the Committee shall
determine with respect to such Deferred Restricted Stock Unit grant consistent
with the Plan.

 

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Each
participating Non-Employee Director may elect to have all or a portion of his
cash compensation placed into one or both of two unfunded accounts maintained
by the Company (hereafter Deferred Accounts). At the time a Non-Employee
Director makes a deferral election, such Non-Employee Director shall specify
the time and manner in which the Deferred Accounts shall be paid, using the
deferral election forms prescribed by the Committee. Payment of the Deferred
Accounts may be made (i) at the time of the Non-Employee Director’s
Termination or (ii) based on a specific date after the Non-Employee
Director’s Termination (including the date the Non-Employee Director attains a
specified age). The Non-Employee Director’s deferral election form also must
specify the allocation and investment of the deferred compensation between the
Stock Unit Account and the Income Account. If a Non-Employee Director fails to
specify the allocation and investment of the deferred compensation, then it
shall be allocated and invested in the Income Account. Amounts deferred into
the Stock Unit Account or the Income Account may not be transferred to the
other deferred account. Notwithstanding the foregoing, if a Non-Employee
Director elects to receive a credit to the Stock Unit Account in lieu of the
grant of Restricted Stock described in Section 4(a) or 4(d), such
credit may not be allocated to the Income Account.

 

(a)          Stock Unit Account. In the case of cash deferrals, the account will be
credited with the number of shares of Common Stock that the amount deferred
could have purchased at the Fair Market Value on the date the Non-Employee
Director’s cash compensation is payable. In the case of a credit to the Stock
Unit Account in lieu of the grant of Restricted Stock described in Section 4(a) or
4(d), the account will be credited with the number of shares of Common Stock
otherwise applicable to the grant of Restricted Stock subject to the same
vesting conditions otherwise applicable to such Restricted Stock. Thereafter,
any dividends earned will be treated as if those dividends had been invested in
additional shares of Common Stock at the Fair Market Value on the date the
dividend is payable. Vested amounts credited to the Stock Unit Account shall be
distributed in shares of Common Stock either in a single payment or in
substantially equal annual installments (over a period not to exceed
15 years), as specified by the Non-Employee Director on the deferral
election form. Any fractional shares will be paid in cash. If a Non-Employee
Director fails to specify the manner in which the Stock Unit Account shall be
distributed, then it shall be distributed in a single payment.

 

(b)         Income Account. The account will be credited with the amount deferred,
and interest shall begin to accrue, as of the date the Non-Employee Director’s
cash compensation is payable. Interest is credited at a rate equal to the
simple combined average of the monthly Aa Industrial Bond yield averages for
the immediately preceding calendar quarter as reported in Moody’s Bond Record.
Interest is compounded quarterly. Amounts credited to the Income Account shall
be distributed either in a single payment or in substantially equal quarterly,
semi-annual or annual installments (over a period not to exceed 15 years),
as specified by the Non-Employee Director on the deferral election form. If a
Non-Employee Director fails to specify the manner in which the Income Account
shall be distributed, then it shall be distributed in a single payment.

 

Unless
otherwise required by applicable law, the deferral election a Non-Employee
Director makes under the Plan shall remain in effect from year-to-year. A
Non-Employee Director may, however, increase or decrease the amount being
deferred in the future by making a new deferral election no later than the December 31
immediately preceding the calendar in which the new election is to be
effective. The amounts deferred under the new deferral election shall be
distributed at the time specified in the prior deferral election and the
amounts deferred under the new deferral election will be allocated in
accordance with the prior deferral election, unless the Non-Employee Director
specifies otherwise.

 

A
Non-Employee Director may change the time and manner in which the Deferred
Accounts shall be distributed; provided that (i) the new deferral election
will become effective 12 months from the date it is made and (ii) the
new deferral election specifies a distribution date that is at least five (5) years
later than the prior distribution date. Notwithstanding the foregoing, a change
in the time and/or manner of distribution of the Deferred Accounts shall not
accelerate the distribution date of the Deferred Accounts, except as allowed by
section 409A of the Code and the Treasury regulations promulgated thereunder.

 

8.              ADJUSTMENTS TO THE NUMBER OR
VALUE OF SHARES OF COMMON STOCK

 

If
there are any changes in the number or value of shares of Common Stock by
reason of stock dividends, stock splits, reverse stock splits,
recapitalizations, mergers, consolidations, or other events that increases or
decreases the number or value of issued and outstanding shares of Common Stock,
then proportionate adjustments shall be made to the number of shares of Common
Stock (i) available for issuance under the Plan pursuant to Section 5
above, (ii) covered by an unvested grant of Restricted Stock, and (iii) credited
to each Stock Unit Account in order to prevent dilution or enlargement of
rights. This provision does not, however, authorize the delivery of a
fractional share of Common Stock under the Plan.

 

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9.              NON-TRANSFERABILITY

 

Shares
of Restricted Stock and the Deferred Accounts shall not be assigned, attached,
or otherwise subject to any creditor’s process or transferred except by will or
the laws of descent and distribution, or pursuant to a trust created for the
benefit of the Non-Employee Director or his family or pursuant to a qualified
domestic relations order as defined by the Code, Title I of Employee Retirement
Income Security Act or the rules thereunder. The restrictions set forth in
Section 4(b) shall apply to the shares of Restricted Stock in the
hands of the trustee or Non-Employee Director’s former spouse.

 

10.       TERMINATION OF STATUS AS A NON-EMPLOYEE DIRECTOR

 

(a)          In the event of a Termination by reason of Mandatory Retirement,
disability, or death, all shares of Restricted Stock held by the Grantee shall
become fully vested, notwithstanding the provisions of Section 4(b) hereof,
and the Grantee (or the Grantee’s estate or a person who acquired the shares of
Restricted Stock by bequest or inheritance) shall have the right to sell,
transfer or otherwise dispose of such shares at any time. In addition, in the
event of such a Termination, all vesting restrictions on the credits made to
the Stock Unit Account in lieu of the grant of Restricted Stock described in Section 4(a) or
4(d) shall lapse but the payout provisions of such credits shall not be
affected by such Termination.

 

(b)         In the event of a Termination for any reason other than those specified
in Section 10 (a) above, any shares of Restricted Stock granted
hereunder shall be forfeited and the Grantee shall return to the Company for
cancellation any stock certificates representing such forfeited shares which
shall be deemed to be canceled and no longer outstanding as of the date of
Termination; and from and after the date of Termination, the Grantee shall
cease to be a shareholder with respect to such forfeited shares and shall have
no dividend, voting, or other rights with respect thereto. In addition, in the
event of such a Termination, any then unvested credits made to the Stock Unit
Account in lieu of the grant of Restricted Stock described in Section 4(a) or
4(d) shall be forfeited.

 

(c)          The Deferred Accounts shall be distributed (or commence to be
distributed), in accordance with the Non-Employee Director’s prior election
form. If a Non-Employee Director failed to specify the time on which the
Deferred Accounts shall be distributed, then such Non-Employee Director’s
Deferred Accounts shall be distributed in the first January following the
Non-Employee Director’s Termination.

 

(d)         Notwithstanding a Non-Employee Director’s election, if the aggregate
value of the Deferred Accounts is less than $50,000 at the time distribution is
made (or is scheduled to begin), then the Deferred Accounts shall be
distributed at that time in a single payment, in shares of Common Stock for the
Stock Unit Account and in cash for the Income Account.

 

11.       CHANGE IN CONTROL

 

Upon
the occurrence of a change in control of the Company, all grants of Restricted
Stock under the Plan shall vest in full and become unrestricted and
nonforfeitable. In addition, all vesting restrictions on the credits made to
the Stock Unit Account in lieu of the grant of Restricted Stock described in Section 4(a) or
4(d) shall lapse but the payout provisions of such credits shall not
affected by such change in control. For purposes of this Section 11, a “change
in control” shall have the meaning given to such term under Section 16.4
of the PACCAR Inc Long Term Incentive Plan, as approved by the shareholders of
the Company on April 25, 2006. In addition, the Board or the Committee may
in its sole discretion terminate the deferral feature of the Plan within the
30 days preceding or the 12 months following a “change in control
event” (as such term is defined in the Treasury regulations promulgated
pursuant to section 409A of the Code) and pay out deferred amounts, in
accordance with Section 1.409A-3(j)(ix)(B) of the Treasury
regulations promulgated pursuant to section 409A of the Code .

 

12.       PLAN ADMINISTRATION

 

The
Plan will be administered by the Committee. The Company will pay all costs of
administration of the Plan. The Committee shall have sole discretion to
interpret the Plan, amend and rescind rules relating to its implementation
and make all determinations necessary for administration of the Plan. Any
determination, decision, or action of the Committee in connection with the
interpretation, administration, or application of the Plan shall be final,
conclusive, and binding on all persons. The Committee may employ consultants or
other persons and rely upon their advice. All actions taken and all determinations
made by the Committee in good faith shall be final and binding upon all
Non-Employee Directors, the Company, and all interested persons. No member of
the Committee shall be personally liable for any action, determination, or
interpretation made in good faith with respect to the Plan.

 

The
Committee may make such amendments or modifications in the terms and conditions
of any grant of Restricted Stock as it may deem advisable, or cancel or annul
any grant of Restricted Stock; provided, however, that no such 

 

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amendment,
modification, cancellation or annulment may, without the consent of the
Grantee, adversely affect his rights with respect to such grant. In addition,
the Committee may amend or modify the deferral feature, provided that any such
amendment or modification (i) is made in accordance with section 409A of
the Code and the Treasury regulations promulgated thereunder, (ii) does
not adversely affect the Non-Employee Director’s rights thereunder without such
Non-Employee Director’s written consent, and (iii) is not a “material
modification” that would result in the loss of grandfather treatment with
respect to the balance in the Deferred Accounts as of December 31, 2004
(and earnings thereon).

 

13.       TAX WITHHOLDING

 

To
the extent required by law, the Non-Employee Director (or Grantee, if
applicable) shall make such arrangements satisfactory to the Company to satisfy
any tax withholding or employment tax obligations due with respect to
Restricted Stock or the Deferred Accounts. The Company shall have the right to
withhold or deduct from any payment under the Plan in order to satisfy any
applicable tax withholding obligations.

 

14.       AMENDMENT AND TERMINATION OF THE PLAN

 

The
Board of Directors or the Committee may at any time suspend, terminate, modify
or amend the Plan in any respect; provided, however, shareholder approval of
any Plan amendment shall be obtained only if required by law or the
requirements of any stock exchange on which the Common Stock is listed or
quoted and provided, further, that any termination shall be subject to the
requirements of section 409A of the Code. No suspension, termination,
modification, or amendment of the Plan may, without the consent of the
Non-Employee Director (or Grantee, if applicable), adversely affect his rights
with respect to the Restricted Stock or his Deferred Accounts.

 

15.       BENEFICIARY DESIGNATION

 

Each
Non-Employee Director may designate a beneficiary for each outstanding grant of
Restricted Stock and for payment of his Deferred Accounts in the event of his
death. If no beneficiary is designated or the beneficiary does not survive the
Non-Employee Director, the award shall be made to the Non-Employee Director’s
surviving spouse or, if there is none, to his estate.

 

16.       SECTION 409A 6-MONTH DELAY

 

Notwithstanding
anything contained in this Plan to the contrary, if a Non-Employee Director is
deemed by the Company at the time of the Non-Employee Director’s “separation
from service” to be a “specified employee,” each within the meaning of section 409A
of the Code, any compensation or benefits subject to section 409A of the
Code to which the Non-Employee Director becomes entitled under this Plan (or
any agreement or plan referenced in this Plan) in connection with such
separation shall not be made or commence until the first day of the month
immediately following the date that is six (6) months after the
Non-Employee Director’s “separation from service” (or the Non-Employee Director’s
death, if earlier).  Such deferral shall
only be effected to the extent required to avoid adverse tax treatment to the
Non-Employee Director, including (without limitation) the additional twenty
percent (20%) tax for which the Non-Employee Director would otherwise be liable
under section 409A(a)(1)(B) of the Code in the absence of such deferral.
Upon the expiration of the applicable deferral period, any compensation or
benefits which would have otherwise been paid during that period (whether in a
single sum or in installments) in the absence of this Section 17 shall be
paid to the Non-Employee Director or his or her beneficiary in one lump sum.

 

17.       EFFECTIVE DATE OF THE PLAN AND DURATION

 

This
Plan, as amended and restated, is effective January 1, 2009 and will
remain in effect until terminated by the Committee or the Board of Directors as
provided herein.

 

5Exhibit
10(e)

 

PACCAR
Inc

 RESTRICTED STOCK AND DEFERRED COMPENSATION
PLAN

FOR
NON-EMPLOYEE DIRECTORS

 

FORM OF
RESTRICTED STOCK GRANT AGREEMENT

 

This RESTRICTED STOCK
GRANT AGREEMENT (the “AGREEMENT”) is entered into as of the (date)(the “GRANT
DATE”) between PACCAR Inc (the “COMPANY”) and (director)(the “GRANTEE”).  Any term capitalized but not defined in this
AGREEMENT will have the meaning set forth in the PACCAR Inc RESTRICTED STOCK
AND DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS (the “PLAN”).

 

The PLAN provides for the
grant of RESTRICTED STOCK to the COMPANY’S NON-EMPLOYEE DIRECTORS.  Accordingly, the COMPANY and the GRANTEE
hereby agree as follows:

 

1.                                       Grant.  The COMPANY hereby grants to the GRANTEE a
RESTRICTED STOCK GRANT (the “GRANT”) of (#) shares of COMMON STOCK.  The GRANT will be subject to the terms and
conditions of the PLAN and this AGREEMENT. 
The GRANT constitutes the right, subject to the terms and conditions of
the PLAN and this AGREEMENT, to distribution of the shares of RESTRICTED STOCK.

 

2.                                       Stock
Certificates.  The COMPANY will set
up a book entry RESTRICTED STOCK account for each NON-EMPLOYEE DIRECTOR with
the COMPANY’s transfer agent for the RESTRICTED STOCK as soon as
practicable.  The COMPANY will distribute
the COMMON STOCK certificates to the GRANTEE or, if applicable, his or her
beneficiary, when the stock becomes unrestricted in accordance with Section 4
of this AGREEMENT.

 

3.                                       Rights
as Stockholder.  On and after the
GRANT DATE, and except to the extent provided in the PLAN and this AGREEMENT,
the GRANTEE will be entitled to all of the rights of a stockholder with respect
to the RESTRICTED STOCK, including the right to vote the RESTRICTED STOCK and
to receive dividends and other distributions payable with respect to the
RESTRICTED STOCK.

 

4.                                       Removal
of Restrictions.  The RESTRICTED
STOCK may not be sold or otherwise transferred (except as provided in Section 9)
until the earlier of: (a) the third anniversary of the GRANT DATE; (b) the
TERMINATION of service as a director by reason of MANDATORY RETIREMENT,
disability or death in accordance with Section 10 of the PLAN; or  (c) a change of control of the COMPANY
as provided in Section 11 of the PLAN.

 

5.                                       Forfeiture
of RESTRICTED STOCK.  The RESTRICTED
STOCK grant shall be forfeited and the GRANTEE shall cease to be a shareholder
with respect to such forfeited stock if service as a director is terminated
before the third anniversary of the GRANT DATE for any reason other than those
specified in Section 4 above.  In
such circumstances the forfeited shares shall be deemed canceled and no longer
outstanding as of the date of TERMINATION.

 

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6.                                       Terms
and Conditions of Distribution.  The
COMPANY is not required to issue or deliver any COMMON STOCK certificates
before completing the steps necessary to comply with applicable federal and
state securities laws (including any registration requirements and regulations
governing short swing trading of securities) and applicable stock exchange rules and
practices.  The COMPANY will use
commercially reasonable efforts to cause compliance with those laws, rules and
practices.

 

                                                If
the GRANTEE dies before the COMPANY has distributed any RESTRICTED STOCK, the
COMPANY will distribute COMMON STOCK certificates to the beneficiary or
beneficiaries the GRANTEE designated, in the proportions the GRANTEE
specified.  To be effective, a
beneficiary designation must be made in writing and filed with the COMPANY.  If the GRANTEE failed to designate a
beneficiary or beneficiaries, the COMPANY will distribute COMMON STOCK
certificates to the GRANTEE’S surviving spouse or, if there is none, to his
estate.  The COMPANY will distribute the
stock no later than six months after the GRANTEE’S death.

 

7.                                       Legend
on Stock Certificates.  The COMPANY
may require that COMMON STOCK certificates for RESTRICTED STOCK distributed to
the GRANTEE prior to becoming unrestricted pursuant to this AGREEMENT bear any
legend that counsel to the COMPANY believes is necessary or desirable to
facilitate compliance with applicable securities laws.

 

8.                                       PLAN
and AGREEMENT Not a Contract of Employment or Service.  Neither the PLAN nor this AGREEMENT will be
construed to confer any legal right of the GRANTEE to remain in the Service of
the COMPANY.

 

9.                                       Nontransferability.  Shares of RESTRICTED STOCK shall not be
assigned, attached, or otherwise subject to any creditor’s process or
transferred by the GRANTEE otherwise than by will or the laws of descent and
distribution, or pursuant to a trust created for the benefit of the
NON-EMPLOYEE DIRECTOR or his family or pursuant to a qualified domestic
relations order as defined by the Internal Revenue Code, Title I of ERISA or
the rules thereunder.  The
restrictions set forth in the PLAN and this AGREEMENT shall apply to the shares
of RESTRICTED STOCK in the hands of a trustee or NON-EMPLOYEE DIRECTOR’S former
spouse.

 

10.                                 Administration.  The COMMITTEE administers the PLAN and this
AGREEMENT.  The COMMITTEE shall have sole
discretion to interpret the PLAN and this AGREEMENT, amend and rescind rules relating
to its implementation and make all determinations necessary for administration
of the PLAN and this AGREEMENT.  The
GRANTEE’S rights under this AGREEMENT are expressly subject to the terms and
conditions of the PLAN, including continued shareholder approval of the PLAN,
and to any guidelines the COMPANY adopts from time to time.  The GRANTEE hereby acknowledges receipt of a
copy of the PLAN.

 

11.                                 Sole
Agreement.  The GRANT is in all
respects subject to the provisions set forth in the PLAN to the same extent and
with the same effect as if the provisions of the PLAN were set forth fully
herein.  In the event that the terms of
this GRANT 

 

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conflict with the
terms of the PLAN, the PLAN shall control. 
This AGREEMENT is the entire AGREEMENT between the parties to it, and
any and all prior oral and written representations are merged into and
superceded by this AGREEMENT.  This
AGREEMENT may be amended only by written agreement between the GRANTEE and the
COMPANY.

 

12.                                 No
Limitation on Rights of the COMPANY. 
The award of RESTRICTED STOCK does not and will not in any way affect
the right or power of the COMPANY to make adjustments, reclassifications or
changes in its capital or business structure, or to merge, consolidate,
dissolve, liquidate, sell or transfer all or any part of its business or
assets.

 

13.                                 Share
Adjustments.  If there are any
changes in the number or value of shares of COMMON STOCK by reason of stock
dividends, stock splits, reverse stock splits, recapitalizations, mergers or
other events as stated in Section 8 of the PLAN, then proportionate
adjustments shall made to the number of shares of Common Stock in order to
prevent dilution or enlargement of rights. 
This provision does not, however, authorize the delivery of a fractional
share of COMMON STOCK under the PLAN.

 

14.                                 Notice.  Any notice or other communication required or
permitted under the PLAN or this AGREEMENT must be in writing and must be delivered
personally, sent by certified, registered or express mail, or sent by overnight
courier, at the sender’s expense.  Notice
will be deemed given when delivered personally or, if mailed, three days after
the date of deposit in the United States mail or, if sent by overnight courier,
on the regular business day following the date sent.  Notice to the COMPANY should be sent to
PACCAR Inc, Attention: Company Secretary. 
Notice to the GRANTEE should be sent to his business address.

 

15.                                 Data
Privacy.  By entering into this
Agreement, GRANTEE:  (a) agrees to
disclose certain personal data requested by the COMPANY to administer the PLAN
and expressly consents to the COMPANY’s processing such data for purposes of
the implementation or administration of the PLAN and this AGREEMENT; (b) waives
any data privacy rights GRANTEE may have with respect to such data; and (c) authorizes
the COMPANY and any of its authorized agents to store and transmit such
information in electronic form.

 

16.                                 Successors.  All obligations of the COMPANY under this
AGREEMENT will be binding on any successor to the COMPANY, whether the
existence of the successor results from a direct or indirect purchase of all or
substantially all of the business and/or assets of the COMPANY, or a merger,
consolidation, or other event.

 

17.                                 Governing
Law.  To the extent not preempted by
federal law, this AGREEMENT will be construed and enforced in accordance with,
and governed by, the laws of the State of Washington as such laws are applied
to contracts entered into and performed in such State.

 

IN WITNESS WHEREOF, the
COMPANY and the GRANTEE have duly executed this AGREEMENT as of the day and
year first above written.

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}]]