Caterpillar (CAT) Group President Jason Kaiser Receives Award

What Happened
Jason Kaiser, Group President of Caterpillar Inc., was granted 11 phantom stock units (a derivative award) on 2026-09-25. The units were recorded at $821.58 each, for a reported economic value of approximately $9,037. This was an award (compensation), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-09-25 (filed on 2026-09-28). Filing appears timely (Form 4s are generally due within two business days).
• Transaction type: A = Award (phantom stock units / derivative).
• Amount: 11 phantom stock units; price used: $821.58; total reported value: ~$9,037.
• Breakdown: 6 units credited at $821.58 and 5 units contributed with no consideration (per footnote).
• Settlement: Units are to be settled 100% in cash upon the reporting person's retirement or separation from service.
• Shares/ownership after transaction: Not disclosed in the filing.
• Other notes: Phantom units include accrued dividend adjustments and represent interests in an unfunded unitized company stock fund (the unit count may vary as the fund’s mix of cash and stock changes).

Context
Phantom stock units are a form of deferred compensation that track the economic value of company shares but are typically paid in cash on vesting or separation; they do not represent immediate equity ownership. Such awards are standard executive compensation and do not by themselves signal a buy or sell decision in the open market.