Creed Joseph E 4

What Happened Joseph E. Creed, CEO of Caterpillar Inc., was granted 428 phantom stock units (a derivative award) on March 13, 2026. The units were recorded at $693.99 each, for a total economic value of about $297,028. This was an award under the company's non‑qualified deferred compensation plan, not an open‑market purchase or sale of common stock.

Key Details

• Transaction date: 2026-03-13; Form 4 filed: 2026-03-16.
• Instrument & amount: 428 phantom stock units at $693.99 per unit (total ~$297,028).
• Breakdown: 214 units credited at $693.99 per share and 214 units contributed for no consideration (per footnotes).
• Settlement: Phantom units are to be settled 100% in cash upon retirement or separation from service.
• Shares owned after transaction: Not specified in the filing.
• Nature: Derivative award (phantom stock units) — represents economic equivalent of shares, not immediate stock ownership.

Context Phantom stock units are a form of deferred compensation that track the value of company stock; they typically pay out in cash (here, upon retirement/separation) and may include accrued dividends. Because these units are derivative and settle in cash, this award does not represent an immediate purchase of stock and should not be read as a direct open‑market bullish signal.