Kaiser Jason 4

What Happened

• Jason Kaiser, Group President of Caterpillar Inc. (CAT), was granted 106 phantom stock units on 2026-03-06. The units are reported at an equivalent value of $680.90 each, totaling $72,175. This was an award (grant) under Caterpillar’s non‑qualified deferred compensation plan—not an open‑market purchase or sale.

Key Details

• Transaction date and value: 2026-03-06; 106 units at $680.90 each; total reported value $72,175.
• Nature of award: Phantom stock units (derivative) — economic equivalent of common shares, not actual shares.
• Settlement: Units will be settled 100% in cash upon the reporting person’s retirement or separation from service.
• Fund mechanics: Units represent interests in an unfunded unitized company stock fund (mix of stock and cash); unit counts can change as fund composition changes and include accrued dividends.
• Shares owned after transaction: Not specified in the filing.
• Filing timeliness: Filed 2026-03-10 for a 2026-03-06 grant; appears to be timely (filed within required reporting window).

Context

• This grant is part of deferred compensation and will be paid in cash upon separation/retirement, so it does not immediately change voting shares outstanding. Awards like this are routine compensation for executives and do not necessarily signal a buy/sell decision by the insider.