Caterpillar (CAT) CFO Kyle Epley Receives Phantom Stock Award

What Happened

• Kyle Epley, Chief Financial Officer of Caterpillar Inc., was granted a total of 18 phantom stock units on 2026-08-26 (two awards: 11 units and 7 units).
• Each unit was valued at $821.93, with the two grants reported as $9,041 and $5,754 respectively, totaling approximately $14,795. These are derivative awards (phantom stock units), not open‑market purchases.

Key Details

• Transaction date: 2026-08-26; Filing date: 2026-08-27 (timely).
• Price/value per unit: $821.93.
• Shares/units granted: 11 units and 7 units (total 18 units).
• Shares owned after transaction: Not specified in this Form 4.
• Footnotes of note:
  • F1: Each phantom stock unit is generally the economic equivalent of one Caterpillar common share.
  • F2: The grant includes 6 units credited for excess contributions and 5 units credited for no consideration under the Supplemental Deferred Compensation Plan.
  • F3: Phantom stock units will be settled 100% in cash upon the reporting person’s retirement or separation.
  • F4: Units reflect interests in a unitized stock/cash fund; unit counts can change with fund composition and include dividend adjustments.
• Transaction code: A (award/grant) — a derivative acquisition.

Context

• Phantom stock units are a form of deferred compensation that track the value of company stock but are typically settled in cash; they are not the same as an immediate stock purchase and do not necessarily signal the insider buying shares on the open market.
• The dollar value (~$14.8k) is modest for an executive award. Such grants are common for compensation and retention and should be viewed differently from open‑market purchases or outright sales.