Creed Joseph E 4

What Happened
Joseph E. Creed, CEO of Caterpillar Inc., was granted 214 phantom stock units on 2026-03-06. The units were reported at an economic value of $680.90 each, totaling $145,713. This was an award (derivative grant), not an open-market purchase or sale of common stock.

Key Details

• Transaction date: 2026-03-06; Form 4 filed 2026-03-10 (filed within the normal reporting window).
• Instrument: Phantom stock units (reported as a derivative grant, Code A). Reported per-unit value: $680.90; total value: $145,713.
• Shares/units owned after transaction: Not specified in this Form 4.
• Footnotes summary:
  • F1: Each phantom unit generally equals the economic equivalent of one Caterpillar common share.
  • F2: Units will be settled 100% in cash upon the reporting person's retirement or separation from service.
  • F3: Units include accrued dividends and represent interests in an unfunded unitized fund (the reported unit count/value can change with the fund’s cash/stock mix).

Context
Grants of deferred compensation phantom units are routine executive compensation and do not represent immediate ownership of common stock. Because these units are cash-settled upon separation/retirement, they provide economic exposure tied to Caterpillar’s stock performance rather than current voting shares.