Epley Kyle Joseph 4

What Happened
Kyle Epley, Chief Financial Officer of Caterpillar Inc., received a grant of 6 phantom stock units on 2026-05-26. The units are valued at $908.55 each, for a total reported value of $5,451. This transaction is reported as an award (code A) under the company’s non‑qualified deferred compensation plan, and the units are derivative (cash‑settled) rather than an open‑market purchase of common stock.

Key Details

• Transaction date: 2026-05-26 (reported on 2026-05-27).
• Grant: 6 phantom stock units at $908.55 per unit; total value $5,451.
• Transaction type: Award / grant (derivative cash‑settled units).
• Shares owned after transaction: Not specified in the filing.
• Notable footnotes:
  • F1: Each phantom stock unit is generally the economic equivalent of one share of Caterpillar common stock.
  • F2: Units are to be settled 100% in cash upon the reporting person’s retirement or separation from service.
  • F3: Unit counts can change due to dividend accruals and the mix of stock vs. cash in the unit fund.
• Timeliness: Filing appears timely (transaction 5/26, filed 5/27).

Context
Phantom stock units are derivative, cash‑settled awards that typically mirror the economic value of shares but do not confer voting rights or immediate stock ownership. Such grants are common as part of executive compensation and do not represent an open‑market purchase (which some investors consider a stronger direct bullish signal). The dollar value here is modest relative to typical executive compensation packages.