Caterpillar (CAT) Group President Jason Kaiser Receives Award

What Happened

• Jason Kaiser, Group President of Caterpillar Inc., was credited with 11 phantom stock units (a derivative award) on 2026-08-26. The units are reported at $821.93 each for a total economic value of approximately $9,041. This was an award/acquisition (not an open-market purchase or sale).

Key Details

• Transaction date and report: 2026-08-26 (Form 4 filed 2026-08-27 — filed promptly the next day).
• Units and valuation: 11 phantom stock units @ $821.93 = ~$9,041 total.
• Breakdown: 6 units were credited at $821.93 per share and 5 units were contributed with no consideration (per the Plan).
• Shares owned after transaction: not specified in the filing.
• Settlement and nature: These are phantom stock units (derivative) that are economically equivalent to one share each and will be settled 100% in cash upon retirement or separation from service (per footnotes).
• Other notes: Units reflect interests in an unfunded unitized stock fund (mix of stock and cash), and unit counts may adjust for dividends or fund composition changes.

Context

• These are deferred-compensation phantom units, not actual stock deliveries. They are cash-settled on retirement/separation, so this award does not immediately change the company’s outstanding shares.
• Such awards are routine compensation/deferral items and should not be read as a direct buy/sell signal about the executive’s view of the stock.