Fassino Anthony D. 4

What Happened Anthony D. Fassino, Group President of Caterpillar Inc. (CAT), exercised 8,288 stock options on Feb 6, 2026 (cost basis $196.70/share, total $1,630,250). To cover tax withholding, 2,255 shares were surrendered (valued at $722.80/share, ≈ $1,629,914). The remaining 6,033 shares were sold in the open market at $722.15/share for approximately $4,356,731. The Form 4 lists the option exercise (M), the tax withholding (F), and the open-market sale (S).

Key Details

• Transaction date: Feb 6, 2026 (Form 4 filed Feb 9, 2026; appears timely)
• Option exercise: 8,288 shares at $196.70 ($1,630,250)
• Tax withholding: 2,255 shares withheld at $722.80 (~$1,629,914)
• Open-market sale: 6,033 shares at $722.15 (~$4,356,731)
• Shares owned after transaction: not specified in the information provided
• Footnotes:
  • F1: Options were granted under the Caterpillar 2014 Long‑Term Incentive Plan on March 7, 2022 and vest in three equal installments (1/3 each year); these options were eligible to be exercised.
  • F2: Some reported information is based on a 401(k) plan statement dated Jan 31, 2026.
• Transaction codes explained: M = option exercise, F = tax withholding/payment of exercise price or tax liability, S = open market sale.

Context This sequence is a common cashless exercise pattern: the insider exercised vested options, had a portion of the shares withheld to satisfy tax obligations, and sold the remaining shares on the open market. Such transactions are routine for executives realizing option value and do not by themselves indicate the insider’s long-term view of the company.