MacLennan David 4

What Happened

• David MacLennan, a director of Caterpillar Inc. (CAT), was awarded 33 phantom stock units on 2026-03-31. The units were valued at $690.44 each for a total economic value of $22,785. This was an award under the company’s director deferred compensation arrangements (derivative instrument), not an open-market purchase of common shares.

Key Details

• Transaction date: 2026-03-31; Filing date (Form 4): 2026-04-01 (timely filing).
• Instrument: 33 phantom stock units (derivative) @ $690.44 each; total value $22,785.
• Settlement: Units are under the Caterpillar Director’s Deferred Compensation Plan and will be settled 100% in cash upon the reporting person’s retirement or separation from service.
• Reason: Phantom units were awarded/acquired in lieu of director cash compensation; amount includes adjustments for accrued dividends.
• Shares owned after the transaction: Not specified in the filing.

Context

• Phantom stock units track the economic value of company stock (each unit generally equals one share) but do not represent actual shares until settlement and are paid in cash here. Such awards are routine forms of deferred director compensation and do not directly change the company’s outstanding share count.