PACCAR Inc. director Sreeganesh Ramaswamy reported a change in beneficial ownership on July 1, 2026, through a Form 4 filing involving derivative securities tied to the company’s non-employee director compensation arrangements. The filing concerns PACCAR common-stock-linked units held under the PACCAR Restricted Stock and Deferred Compensation Plan for Non-Employee Directors, or RSDCP. The reported securities are not described as open-market purchases or sales of PACCAR common stock. Instead, the filing references stock units and restricted stock units held in a deferred phantom stock account. These units are convertible into PACCAR common stock on a one-for-one basis, depending on the type of award and the applicable conditions. Stock units in the deferred phantom stock account become convertible upon termination of Ramaswamy’s status as a non-employee director. Restricted stock units in the same deferred account are convertible on a one-for-one basis after all applicable vesting conditions are satisfied. The filing also notes that cash compensation was deferred into a phantom stock account under the RSDCP. This means that instead of receiving certain director compensation in cash, the reporting person elected or received deferred value tracked by PACCAR stock-equivalent units. Such phantom stock arrangements align director compensation with shareholder value without necessarily representing an immediate issuance or sale of common shares. The provided filing text does not disclose the number of derivative securities acquired, disposed of, or beneficially owned after the reported transaction, nor does it provide transaction prices or transaction codes. It also does not indicate any direct open-market sale or purchase by Ramaswamy. The filing was signed by Michael R. Beers under power of attorney on behalf of the reporting person.