FEIGHT R PRESTON

R. Preston Feight, chief executive officer of PACCAR (PCAR), has been a consistent seller of company stock over the past year, with open-market sales totaling roughly $21 million across 50 Form 4 filings. The most recent cluster of sales came in late July 2026, when Feight disposed of PCAR shares worth approximately $6.78 million, paired with an option exercise valued at $5.07 million. That pattern — exercising options and immediately selling the underlying shares — repeated throughout the first half of 2026: in February alone, he sold about $3.52 million across three separate transactions, each tied to option exercises of similar size. Smaller sales in late January added another $1.13 million. Notably, Feight has executed zero open-market purchases during the period covered, meaning every discretionary transaction has been on the sell side. The selling bias is unambiguous, but the mechanics matter. Feight’s Form 4s show no outright buys (code P) and no sales back to the issuer (code D). Instead, the activity is dominated by option exercises (code M) and same-day open-market sales (code S), a standard compensation-liquidation workflow for an executive. The acquired value from exercises and grants — roughly $14.1 million — is nearly offset by the $21 million in sales, suggesting Feight is monetizing vested equity rather than accumulating additional exposure. He also received a $5.16 million restricted stock award in February 2026, but that is compensation, not a conviction purchase. The only other holding, Deere & Co. (DE), appears in a single March 2026 grant with no associated trading activity. The recent five transactions, all sells, reinforce the direction: no buys in the trailing period. Feight’s largest single sale, the $6.78 million disposal on July 31, 2026, came just after a $5.07 million option exercise, keeping the ratio of sell-to-exercise roughly 1.3-to-1 — the excess being shares he already held. Tax-withholding events (code F) and gifts (code G) add noise but no signal. For a CEO with two decades of tenure, the pattern is consistent with routine portfolio diversification, not a directional bet: he is systematically converting equity compensation into cash, with no recent indication of a shift toward accumulation.