Caterpillar CEO Joseph E. Creed Exercises Options and Sells ~$26.2M in CAT Stock

Insider Transaction Overview

On August 28, 2026, Joseph E. Creed, Chief Executive Officer of Caterpillar Inc. ($CAT), executed an option exercise and corresponding sale of common stock as reported in a Form 4 filing on September 1, 2026.

Key Transaction Details:

• Derivative Exercise (Code M): Exercised stock options for 44,403 shares of Common Stock at an exercise price of $219.76 per share (grant date: March 1, 2021; expiration: March 1, 2031).
• Tax Withholding (Code F): Disposed of 12,002 shares at $812.98 per share to cover tax obligations totaling approximately $9.76M.
• Open Market Sales (Code S): Sold 32,401 shares in 14 separate tranches at weighted average prices ranging between $800.19 and $813.72, generating gross proceeds of approximately $26.18M.
• Post-Transaction Beneficial Ownership:
  • Direct: 34,555 shares
  • Indirect: 11,839 shares (Held in 401(k) Plan)

Market Impact & Context

This transaction represents a complete exercise and liquidation of stock options expiring in 2031. Because the entire tranche of 44,403 newly exercised shares was either sold or withheld for taxes, the transaction did not decrease Mr. Creed's pre-existing baseline direct common stock ownership of 34,555 shares.