Caterpillar Group President Acquires Phantom Stock Units via Deferred Compensation Plan

Executive Summary

On September 28, 2026, Caterpillar Inc. ($CAT) filed a Form 4 disclosing that Group President Jason Kaiser acquired 11 Phantom Stock Units on September 25, 2026. The transaction was conducted at an implied price of $821.58 per unit, reflecting a total nominal value of approximately $9,037.38.

Transaction Details

• Security: Phantom Stock Units (convertible on a 1-for-1 basis into cash equivalent to Caterpillar Inc. common stock upon retirement or separation from service).
• Nature of Acquisition: Pursuant to the terms of Caterpillar's Supplemental Deferred Compensation Plan, 6 shares were credited to the reporting person's account at $821.58 per share, and 5 shares were contributed under plan terms for no consideration.
• Transaction Code: 'A' (Grant, award, or other acquisition pursuant to Rule 16b-3).
• Beneficial Ownership: Following the transaction, Jason Kaiser holds 5,449 phantom stock units directly.

Market & Strategic Context

This acquisition represents an automated/routine allocation within Caterpillar's executive deferred compensation framework rather than an open-market purchase. Due to the small transaction size and routine plan-driven nature, this event carries minimal trading significance.