Kaiser Jason 4

What Happened

• Jason Kaiser, Group President of Caterpillar (CAT), exercised 7,917 stock options on 2026-05-04 (exercise price $253.98), resulting in the acquisition of 7,917 shares (cost = $2,010,760). Immediately afterward, 2,275 shares were withheld to cover tax/exercise obligations (reported as disposition at ~$883.50/share, value ~$2,009,963), and 5,642 shares were sold in the open market at $883.03/share for approximately $4,982,055. In effect this was a cashless exercise: options were exercised and shares were sold to satisfy taxes and/or exercise costs.

Key Details

• Transaction date: 2026-05-04.
• Exercise: 7,917 options exercised at $253.98/share (total exercise cost ≈ $2,010,760).
• Tax withholding: 2,275 shares withheld at $883.50/share (≈ $2,009,963).
• Open-market sale: 5,642 shares sold at $883.03/share (≈ $4,982,055).
• Shares owned after the transaction: not specified in the provided filing details.
• Footnotes: F1 notes some info is based on a 401(k) statement dated April 30, 2026; F2 notes the options were granted under Caterpillar’s 2014 LTIP on March 6, 2023 and vest in 1/3 increments over three years.
• Filing timeliness: Report filed 2026-05-05 for trades on 2026-05-04 (appears timely).

Context

• This was an option exercise followed by share dispositions (a common cashless exercise). Code M = option exercise, F = shares surrendered/withheld for taxes, S = open-market sale. Such transactions often reflect routine option exercises and tax-withholding/sale mechanics rather than a directional personal view.