Creed Joseph E 4

What Happened Joseph E. Creed, CEO of Caterpillar Inc. (CAT), received a grant of 3 phantom stock units on 2026-03-26. The filing values the units at $703.19 each, for a total reported value of approximately $2,110. This was an award under the company’s non-qualified deferred compensation plan (derivative award settled in cash), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-03-26; Filing date: 2026-03-27 (timely).
• Transaction type/code: Award/Grant (A); derivative phantom stock units.
• Price/value: $703.19 per unit; total reported value ≈ $2,110.
• Shares owned after transaction: Not specified in the filing.
• Notable footnotes:
  • F1/F3: Each phantom stock unit generally equals the economic value of one share and will be settled 100% in cash upon retirement or separation.
  • F2: Of the 3 units, 2 were credited at $703.19 and 1 was contributed for no consideration.
  • F4: Units accrue dividend adjustments and represent interests in an unfunded unitized stock/cash fund, so unit counts can vary with fund composition.

Context Phantom stock units are a deferred cash award tied to the company’s stock value and do not represent immediate common-stock ownership or voting rights. Because these awards settle in cash upon retirement/separation and include dividend adjustments, they are routine components of executive deferred compensation and do not by themselves signal a buy or sell decision.