WABASH NATIONAL Corp
For the period ended May 14, 2025. Filed Apr 1, 2025.
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May 14, 2025 · Filed Apr 1, 2025
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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 Statement, if other than the Registrant)
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,
As we reflect on 2024, it is clear this has been a pivotal year for Wabash, marking another period of progress in the company’s ongoing transformation. Building on the record-setting achievements of 2023, we have continued to demonstrate resilience in the face of a weak industry backdrop, while remaining committed to long-term value creation, strategic innovation and capitalizing on the opportunities from our growing partner ecosystem.
Our ability to navigate an industry down-cycle while continuing to invest in strategic growth will strengthen our long-term positioning, proving the benefits of our diversified first-to-final-mile portfolio complemented by our growing parts and services offerings. With a strong balance sheet and a resilient business portfolio, we are well prepared to capitalize on future opportunities as market conditions improve.
Our truck body business and growing Parts and Services segment have provided stability during a down year for other businesses, while our Trailers as a Service (TaaS)SM program, Wabash Parts joint venture and Wabash Marketplace joint venture have positioned us for scalable growth. We expect these initiatives to transform how we serve customers by seamlessly integrating physical and digital technologies to create a more connected logistics ecosystem.
In 2024, we took meaningful steps to deepen collaboration across our business ecosystem—including customers, suppliers, dealers and technology partners—to unlock new opportunities. A key example of this is our partnership with Kodiak, where our TaaS program is helping redefine the role of trailers in autonomous logistics. Additionally, our Smart Crossroads initiative with Purdue University is bringing partners together to work toward enhanced transparency within a fragmented logistics industry, helping to drive system-wide improvements through data connectivity and collaboration. Through continued innovation, Wabash remains at the forefront of the industry in redefining how logistics customers operate in a digitally connected world.
At the heart of our success is our commitment to people. Our workforce remains the foundation of Wabash’s continued progress, and we are dedicated to fostering a culture of innovation, respect and empowerment. Our goal is to ensure every employee feels connected to our mission and our customers, and empowered to help drive our ongoing business transformation.
Looking ahead, we enter 2025 with confidence, leveraging our balanced and resilient business portfolio to expand our leadership in the transportation, logistics and infrastructure markets. While market cycles come and go, we are focused on what’s within our control: innovation, collaboration and customer-driven solutions.
I want to thank our employees for their dedication, our customers and partners for their trust, and our stockholders for their continued support. Together, we are creating the next era of Wabash as a tech-enabled industrial leader, shaping a future of greater efficiency, connectivity and long-term value creation.
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 14, 2025, at 10:00 a.m. Eastern time | Items of Business: 4 proposals as listed below Date of Mailing: The date of mailing ofthis Proxy Statement orNotice of InternetAvailability is on or about April 1, 2025. | Who Can Vote: Stockholders of each share of common stock at the close of business on March 19, 2025. | Attending the Meeting: The 2025 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 2025 Annual Meeting of Stockholders physically. You or your proxyholder may participate, vote, and examine our stockholder list at the 2025 Annual Meeting of Stockholders by visiting www.virtualshareholder meeting.com/WNC2025 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, 2025; |
| 4. | To approve the Wabash National Corporation 2025 Omnibus Incentive Plan; 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 19, 2025 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 14, 2025:
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 1, 2025
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.
2025 Annual Meeting of Stockholders on May 14, 2025
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 |
| Prohibition Against Insider Trading | 34 |
| Related Persons Transactions Policy | 34 |
| Nomination of Director Candidates | 34 |
| Qualifications of Director Candidates | 34 |
| Director Nomination Process | 36 |
| Director Compensation | 37 |
| Compensation Discussion and Analysis | 40 |
| Compensation Highlights | 40 |
| Compensation Best Practices | 40 |
| Summary of Compensation Elements | 41 |
| Our 2024 Say-on-Pay Vote | 41 |
| Compensation Objectives and Philosophy | 42 |
| Compensation Methodology and Process | 43 |
| The Role of Independent Compensation Consultant | 43 |
| Peer Group Analysis and Market Compensation Data | 44 |
| Compensation Program Elements | 45 |
| Base Salary | 45 |
| Management Incentive Plan | 45 |
| Long-Term Incentive Plan | 47 |
| Retirement and Deferred Compensation Benefits | 52 |
| Severance and Change in Control Benefits | 52 |
| Executive Stock Ownership Guidelines | 54 |
| Anti-Hedging Rules | 54 |
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| Timing of Equity Awards | 54 |
| Compensation Recovery Policy | 55 |
| Compensation Risk Assessment | 55 |
| Compensation Committee Report | 56 |
| Executive Compensation Tables | 57 |
| Summary Compensation Table for the Year Ended December 31, 2024 | 57 |
| Grants of Plan-Based Awards for the Year Ended December 31, 2024 | 59 |
| Outstanding Equity Awards as of December 31, 2024 | 60 |
| Option Exercises and Stock Vested During 2024 | 62 |
| Non-Qualified Deferred Compensation | 63 |
| Potential Payments on Termination or Change in Control | 63 |
| Potential Payments on Termination or Change in Control – Payment and Benefit Estimates | 66 |
| Pay Ratio Disclosure | 67 |
| Pay Versus Performance Disclosure | 69 |
| Equity Compensation Plan Information | 73 |
| Proposal 2 – Advisory Vote on the Compensation of Our Named Executive Officers | 74 |
| Proposal 3 – Ratification of Appointment of Independent Registered Public Accounting Firm | 76 |
| Independent Registered Public Accounting Firm | 76 |
| Principal Accounting Fees and Services | 76 |
| Pre-Approval Policy for Audit and Non-Audit Fees | 77 |
| Audit Committee Report | 77 |
| Proposal 4 – Approval of the Wabash National Corporation 2025 Omnibus Incentive Plan | 78 |
| Beneficial Ownership Information | 88 |
| Beneficial Ownership of Common Stock | 88 |
| Delinquent Section 16(a) Reports | 89 |
| General Information | 90 |
| Availability of Certain Documents | 90 |
| Communications with the Board of Directors | 90 |
| Stockholder Proposals and Nominations | 90 |
| Householding of Proxy Materials | 91 |
| Exhibit A | A-1 |
| WABASH NATIONAL CORPORATION | 2025 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.