WABASH NATIONAL Corp
For the period ended May 22, 2024. Filed Apr 9, 2024.
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May 22, 2024 · Filed Apr 9, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant
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Filed by a Party other than the Registrant
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Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
|---|---|
| ☐ | Confidential, for Use of the Commission Only (as Permitted by Rule 14a-6(e)(2)) |
| ☒ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☐ | Soliciting Material under §240.14a-12 |
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing
Proxy
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Payment of Filing Fee (Check all boxes that apply):
| ☒ | No fee required. |
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| ☐ | Fee paid previously with preliminary materials. |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
Letter from the President and Chief Executive Officer
Dear Fellow Stockholders,
I am delighted to share with you the remarkable achievements and milestones that defined Wabash’s journey throughout 2023. It was a year marked not only by unprecedented financial success but also by significant strides in our strategic initiatives, setting the stage for a future fueled by innovation and growth.
During 2023, we achieved many new financial records, capped by earnings of $4.81 per share. Last year’s earnings per share (EPS) surpassed our 2025 goal set in 2022 by an extraordinary 39%.
Along with record financial results, we were pleased to receive external recognition again, including Forbes’ award for America’s Most Successful Small-Cap Companies (2023 and 2024), and Newsweek’s awards for America’s Most Responsible Companies (2024) and America’s Greatest Workplaces for Job Starters (2023).
Connections, relationships, and networks have been a central theme guiding our trajectory in 2023, and one that will continue to propel us forward. As we have evolved into a more customer-centric organization, we have intensified our efforts to enhance connections with our customers. This shift allowed us to create more touchpoints with customers in 2023, offering enhanced dry van capacity, a focus on parts and services, and innovative offerings such as Trailers as a Service (TaaS)SM. These initiatives deepen our engagement while creating value for our customers.
In addition to strengthening customer relationships, we have deepened collaborations with our supplier and technology partners. By understanding both our customers’ challenges and opportunities, we can share valuable insights with our strategic suppliers, contributing to enhanced supply base performance. Emphasizing our commitment to tech-enabled innovation, we are advancing our digital capabilities, revolutionizing the online experience for our ecosystem across the transportation and logistics landscape.
At the core of our success is our commitment to employees. Recognizing that strong engagement is integral to superior financial performance, we focus on cultivating a work environment that prioritizes respect, empowerment and innovative thinking. We are dedicated to fostering an atmosphere where every individual feels valued, respected and part of something bigger.
Looking ahead, we are confident in our strategic positioning as a visionary leader within the transportation, logistics and distribution ecosystem. Our expanding ecosystem, driven by our tech-enabled initiatives, will continue to scale, creating enhanced value for all stakeholders.
As we reflect on the accomplishments of 2023, I express my gratitude to our dedicated team; the strategic oversight of our board of directors; the trust and support of our customers, dealers and suppliers; and the confidence of our stockholders. Together, we are shaping the future of Wabash as a tech-enabled industrial company, ready to embrace the opportunities that lie ahead.
With appreciation,
Brent L. Yeagy
President and Chief Executive Officer
3900 McCarty Lane
Lafayette, Indiana 47905
Notice of Annual Meeting of Stockholders
| When: Wednesday, May 22, 2024, at 10:00 a.m. Eastern time | Items of Business: 4 proposals as listed below Date of Mailing: The date of mailing of this Proxy Statement or Notice of Internet Availability is on or about April 9, 2024. | Who Can Vote: Stockholders of each share of common stock at the close of business on March 25, 2024. | Attending the Meeting: The 2024 Annual Meeting of Stockholders will be held in a virtual meeting (via live audio webcast) format only. You will not be able to attend the 2024 Annual Meeting of Stockholders physically. You or your proxyholder may participate, vote, and examine our stockholder list at the 2024 Annual Meeting of Stockholders by visiting www.virtualshareholder meeting.com/WNC2024 and using your control number found on your proxy card. |
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Items of Business:
| 1. | To elect nine members of the Board of Directors from the nominees named in the accompanying proxy statement; |
| 2. | To approve, on an advisory basis, the compensation of our named executive officers; |
| 3. | To ratify the appointment of Ernst & Young LLP as Wabash National Corporation’s independent registered public accounting firm for the year ending December 31, 2024; |
| 4. | To approve the proposed amendment to our Certificate of Incorporation, as amended, to provide exculpation from personal liability for certain officers as permitted by Delaware law; and |
To consider any other matters that properly come before the Annual Meeting or any adjournment or postponement thereof. Management is currently not aware of any other business to come before the Annual Meeting.
Each outstanding share of Wabash National Corporation (NYSE: WNC) Common Stock entitles the holder of record at the close of business on March 25, 2024 to receive notice of, and to vote at, the Annual Meeting or any adjournment or postponement of the Annual Meeting. Shares of our Common Stock can be voted at the Annual Meeting only if the holder is present by virtual presence online or by valid proxy. Management cordially invites you to attend the Annual Meeting by virtual presence online.
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE STOCKHOLDERS MEETING TO BE HELD ON MAY 22, 2024:
The Proxy Statement, Annual Report and the means to vote by internet are available at http://www.proxyvote.com.
By Order of the Board of Directors,
M. Kristin Glazner
Senior Vice President, Chief Administrative Officer,
Corporate Secretary
April 9, 2024
Whether or not you expect to attend by virtual presence online, we urge you to vote your shares at your earliest convenience. This will ensure the presence of a quorum at the Annual Meeting. Promptly voting your shares by signing, dating and returning the proxy card mailed with your notice, or by voting via the internet or by telephone, will save us the expense and extra work of additional solicitation. An addressed envelope for which no postage is required if mailed in the United States is enclosed with your proxy card. Submitting your proxy now will not prevent you from voting your shares at the meeting by virtual presence online if you desire to do so, as your proxy is revocable at your option. Your vote is important, so please act today.
2024 Annual Meeting of Stockholders on May 22, 2024
Proxy Statement
| Proxy Statement Summary | 1 |
|---|---|
| Information About the Annual Meeting, Proxy Materials and Voting | 15 |
| Proposal 1 – Election of Directors | 19 |
| Information on Directors Standing for Election | 19 |
| Corporate Governance | 28 |
| Governance Guidelines & Code of Business Conduct & Ethics | 28 |
| Board Structure and its Role in Risk Oversight | 28 |
| Director Independence | 28 |
| Independent Chairperson | 28 |
| Director Refreshment | 29 |
| Director Attendance | 29 |
| Board’s Role in Risk Oversight | 30 |
| Committees of the Board | 31 |
| Nominating, Corporate Governance and Sustainability Committee | 31 |
| Compensation Committee | 32 |
| Audit Committee | 32 |
| Finance Committee | 33 |
| Related Persons Transactions Policy | 34 |
| Nomination of Director Candidates | 34 |
| Qualifications of Director Candidates | 34 |
| Director Nomination Process | 35 |
| Director Compensation | 36 |
| Compensation Discussion and Analysis | 39 |
| Compensation Highlights | 39 |
| Compensation Best Practices | 39 |
| Summary of Compensation Elements | 40 |
| Our 2023 Say-on-Pay Vote | 40 |
| Compensation Objectives and Philosophy | 41 |
| Compensation Methodology and Process | 42 |
| The Role of Independent Compensation Consultant | 42 |
| Peer Group Analysis and Market Compensation Data | 43 |
| Compensation Program Elements | 44 |
| Base Salary | 44 |
| Management Incentive Plan | 44 |
| Long-Term Incentive Plan | 46 |
| Retirement and Deferred Compensation Benefits | 50 |
| Severance and Change in Control Benefits | 51 |
| Executive Stock Ownership Guidelines | 52 |
| Insider Trading Policy and Anti-Hedging Rules | 52 |
| Compensation Recovery Policy | 53 |
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| Compensation Risk Assessment | 53 |
| Compensation Committee Report | 54 |
| Executive Compensation Tables | 55 |
| Summary Compensation Table for the Year Ended December 31, 2023 | 55 |
| Grants of Plan-Based Awards for the Year Ended December 31, 2023 | 57 |
| Outstanding Equity Awards as of December 31, 2023 | 58 |
| Option Exercises and Stock Vested During 2023 | 60 |
| Non-Qualified Deferred Compensation | 60 |
| Potential Payments on Termination orChange in Control | 61 |
| Potential Payments on Termination or Change in Control – Payment and Benefit Estimates | 64 |
| Pay Ratio Disclosure | 65 |
| Pay Versus Performance Disclosure | 67 |
| Equity Compensation Plan Information | 71 |
| Proposal 2 – Advisory Vote on the Compensation of Our Named Executive Officers | 72 |
| Proposal 3 – Ratification of Appointment of Independent Registered Public Accounting Firm | 74 |
| Independent Registered Public Accounting Firm | 74 |
| Principal Accounting Fees and Services | 74 |
| Pre-Approval Policy for Audit and Non-Audit Fees | 75 |
| Audit Committee Report | 75 |
| Proposal 4 – Approval of the Proposed Amendment to the Certificate of Incorporation, as Amended, to Provide Exculpation from Personal Liability to Certain Officers as Permitted by Delaware Law | 76 |
| Beneficial Ownership Information | 78 |
| Beneficial Ownership of Common Stock | 78 |
| Delinquent Section 16(a) Reports | 79 |
| General Information | 80 |
| Availability of Certain Documents | 80 |
| Communications with the Board of Directors | 80 |
| Stockholder Proposals and Nominations | 80 |
| Householding of Proxy Materials | 81 |
| Appendix A | A-1 |
| WABASH NATIONAL CORPORATION | 2024 Proxy Statement | i |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.