Caterpillar Group President Acquires Phantom Stock via Deferred Compensation

Overview

On October 26, 2026, Jason Kaiser, Group President of Caterpillar Inc. ($CAT), acquired 13 phantom stock units through Caterpillar's Supplemental Deferred Compensation Plan. The Form 4 was filed with the SEC on October 27, 2026.

Transaction Details

• Security: Phantom Stock Units
• Units Acquired: 13
• Stated Price Per Unit: $692.13
• Total Transaction Value: ~$8,997.69
• Post-Transaction Holdings: 5,542 phantom stock units
• Nature of Transaction: Code 'A' (Grant, award, or other acquisition). Footnote disclosures specify that 7 units were credited at $692.13 per share and 6 units were contributed pursuant to plan terms at no cost. Units are 100% cash-settled upon retirement or separation from service.

Market Significance

This filing represents a routine, low-value deferred compensation crediting under an established executive benefits program. Because it is non-discretionary and does not represent an open-market purchase or sale, it has Low predictive value for the company's equity trajectory.