De Lange Bob 4

What Happened

• Bob De Lange, Group President of Caterpillar Inc. (CAT), exercised 28,105 stock options on 2026-05-06 at an exercise price of $127.60 per share (exercise cost = $3,586,198). All 28,105 resulting shares were disposed the same day: 3,883 shares were used to cover tax withholding and 24,222 shares were sold in the open market. Open-market sales generated gross proceeds of about $25.94 million (14,470 shares at a weighted avg $922.55 = $13,349,299; 9,752 shares at a weighted avg $923.47 = $9,005,679; 3,883 shares for tax withholding at a weighted avg $923.38 = $3,585,485).
• Net effect: he exercised options and did not retain the exercised shares (cashless exercise / immediate sale).

Key Details

• Transaction date: 2026-05-06; filing date: 2026-05-07 (filed next day).
• Option exercise: 28,105 shares @ $127.60 each; exercise cost $3,586,198.
• Sales/tax withholding: total disposed 28,105 shares; gross proceeds approx. $25,940,463.
• Price notes: the reported sale prices are weighted averages; actual trade prices ranged $922.08–$923.07 (tax withholding tranche) and $923.08–$924.02 (open-market tranche), per footnotes F1–F2.
• Grant/vesting note: options were granted under the Caterpillar 2014 LTIP on March 2, 2020 and vest in three equal annual installments (footnote F3).
• Filing timeliness: reported the day after the transactions (no late filing indicated).
• Transaction codes: M = option exercise, F = tax withholding to cover taxes, S = open-market sale.

Context

• This was a cashless exercise: the exercised options were converted to shares and immediately disposed (some withheld for taxes and the rest sold), which is a common practice to cover exercise price and tax obligations rather than an indication of a long-term buy.
• The filing is factual and routine for executive option exercises; it does not, by itself, indicate management’s longer-term view of the company.