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WABASH NATIONAL Corp

For the period ended May 14, 2025. Filed Apr 1, 2025.

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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

May 14, 2025 · Filed Apr 1, 2025

WNC$10.91-1.8%Stored close · as of Nov 6, 2026
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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.
☐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 timeItems 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.

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 Summary1
Information About the Annual Meeting, Proxy Materials and Voting15
Proposal 1 – Election of Directors19
Information on Directors Standing for Election19
Corporate Governance28
Governance Guidelines & Code of Business Conduct & Ethics28
Board Structure and its Role in Risk Oversight28
Director Independence28
Independent Chairperson28
Director Refreshment29
Director Attendance29
Board’s Role in Risk Oversight30
Committees of the Board31
Nominating, Corporate Governance and Sustainability Committee31
Compensation Committee32
Audit Committee32
Finance Committee33
Prohibition Against Insider Trading34
Related Persons Transactions Policy34
Nomination of Director Candidates34
Qualifications of Director Candidates34
Director Nomination Process36
Director Compensation37
Compensation Discussion and Analysis40
Compensation Highlights40
Compensation Best Practices40
Summary of Compensation Elements41
Our 2024 Say-on-Pay Vote41
Compensation Objectives and Philosophy42
Compensation Methodology and Process43
The Role of Independent Compensation Consultant43
Peer Group Analysis and Market Compensation Data44
Compensation Program Elements45
Base Salary45
Management Incentive Plan45
Long-Term Incentive Plan47
Retirement and Deferred Compensation Benefits52
Severance and Change in Control Benefits52
Executive Stock Ownership Guidelines54
Anti-Hedging Rules54
Timing of Equity Awards54
Compensation Recovery Policy55
Compensation Risk Assessment55
Compensation Committee Report56
Executive Compensation Tables57
Summary Compensation Table for the Year Ended December 31, 202457
Grants of Plan-Based Awards for the Year Ended December 31, 202459
Outstanding Equity Awards as of December 31, 202460
Option Exercises and Stock Vested During 202462
Non-Qualified Deferred Compensation63
Potential Payments on Termination or Change in Control63
Potential Payments on Termination or Change in Control – Payment and Benefit Estimates66
Pay Ratio Disclosure67
Pay Versus Performance Disclosure69
Equity Compensation Plan Information73
Proposal 2 – Advisory Vote on the Compensation of Our Named Executive Officers74
Proposal 3 – Ratification of Appointment of Independent Registered Public Accounting Firm76
Independent Registered Public Accounting Firm76
Principal Accounting Fees and Services76
Pre-Approval Policy for Audit and Non-Audit Fees77
Audit Committee Report77
Proposal 4 – Approval of the Wabash National Corporation 2025 Omnibus Incentive Plan78
Beneficial Ownership Information88
Beneficial Ownership of Common Stock88
Delinquent Section 16(a) Reports89
General Information90
Availability of Certain Documents90
Communications with the Board of Directors90
Stockholder Proposals and Nominations90
Householding of Proxy Materials91
Exhibit AA-1
WABASH NATIONAL CORPORATION2025 Proxy Statementi
ContentsView on SEC.gov

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