SEC Contract Filing

Filing Date: 2020-02-19

Document Content:
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<TYPE>EX-10.H
<SEQUENCE>4
<FILENAME>pcar-ex10h_465.htm
<DESCRIPTION>EX-10.(H)
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<p style="text-align:right;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10(h)</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><img src="gbtzwjrougan000001.jpg" title="" alt="" style="width:149px;height:30px;"></p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:14pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">LONG TERM INCENTIVE PLAN</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:6.73%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">ARTICLE 1.&nbsp;&nbsp;INTRODUCTION.</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:6.15%;text-indent:0%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Plan was first adopted by the Board on February 11, 1991 and approved by the Company's stockholders on April 30, 1991.&nbsp;&nbsp;Amendments to the Plan were approved by the stockholders in 1997, 2002, 2006, 2011, and 2016.&nbsp;&nbsp;The Plan was further amended on December 9, 2019 (the &#8220;2019 Amendment&#8221;) by action of the Board.&nbsp;&nbsp;All past Awards granted or made under the Plan that are intended to constitute &#8220;performance-based compensation&#8221; within the meaning of Code Section 162(m) shall continue to be administered in accordance with their terms and without regard to the 2019 Amendment. The purpose of the Plan is to promote the long term success of the Company and the creation of stockholder value by (a)&#160;encouraging Key Employees to focus on critical long range objectives, (b)&#160;encouraging the attraction and retention of Key Employees with exceptional qualifications, and (c)&#160;linking Key Employees directly to stockholder interests through increased stock ownership.&nbsp;&nbsp;The Plan seeks to achieve this purpose by providing for Awards in the form of Restricted Shares, Stock Units, Options (which may constitute incentive stock options or nonstatutory stock options), stock appreciation rights, or cash.&nbsp;&nbsp;The Plan shall be governed by and construed in accordance with the laws of the State of Washington.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:6.73%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">ARTICLE 2.&nbsp;&nbsp;ADMINISTRATION.</font></p>
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<p style="margin-bottom:3pt;margin-top:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Arial;font-size:12pt;"></p></td></tr></table></div>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:6.15%;text-indent:0%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Plan shall be administered by the Committee.&nbsp;&nbsp;The Committee shall (a) select the Key Employees who are to receive Awards under the Plan, (b) determine the type, number, vesting requirements, and other conditions of such Awards (or amendments thereto), (c)&#160;interpret the Plan, and (d)&#160;make all other decisions relating to the operation of the Plan.&nbsp;&nbsp;The Committee may adopt such rules or guidelines as it deems appropriate to implement the Plan.&nbsp;&nbsp;The Committee's determinations under the Plan shall be final and binding on all persons.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:6.15%;text-indent:0%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">ARTICLE 3.&nbsp;&nbsp;SHARES AVAILABLE FOR GRANTS.</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:6.15%;text-indent:0%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a>Any Common Shares issued pursuant to the Plan may be authorized but unissued shares or treasury shares.&nbsp;&nbsp;The aggregate number of Restricted Shares, Stock Units, SARs, and Options awarded under the Plan shall not exceed 45,562,500, subject to adjustment pursuant to Article&#160;10.&nbsp;&nbsp;If any Restricted Shares, Stock Units, or Options are forfeited or if any Options terminate for any other reason before being exercised, then the Common