Cactus (WHD) 10% Owner Joel Bender Sells Shares, Redeems Units

What Happened

• Joel Bender, reported as a 10% owner of Cactus, Inc. (WHD), was involved in a series of transactions on July 27, 2026. The most clear open‑market action: Bender Investment Company (BIC), which is controlled by Mr. Bender, sold 13,300 shares of Cactus Class A common stock at $55.07 per share for proceeds of $732,391.
• Separately, in connection with redemptions of ownership interests in affiliated entities, BIC received 100,000 Units and corresponding Class B shares and then converted/redeemed those Units/Class B shares into 100,000 shares of Class A common stock (redemption/conversion at a 1:1 ratio). Certain Class B shares were disposed of and cancelled by the issuer as part of the redemption process.

Key Details

• Transaction date: July 27, 2026 (report filed July 29, 2026).
• Open‑market sale: 13,300 shares at $55.07 each = $732,391 total proceeds.
• Redemption/conversion: 100,000 Units and corresponding 100,000 Class B shares converted/redeemed into 100,000 Class A shares (1:1 redemption ratio per footnotes). Some corresponding Class B shares were cancelled.
• Shares beneficially owned after transactions: Reporting person is deemed to beneficially own 9,386,249 Class B shares and 9,386,249 Units (held by Cactus Enterprises).
• The sale of 13,300 shares is reported as having been made by Bender Investment Company; Mr. Bender disclaims direct beneficial ownership of those shares except to the extent of his pecuniary interest.
• Footnotes clarify these actions arose from LLC redemptions and unit-holder redemption rights; the issuer did not exercise a separate call right in these redemptions.

Context

• This filing reflects both a routine open‑market sale (cash proceeds realized) and corporate/LLC redemption activity converting ownership Units/Class B shares into Class A shares. As a 10% owner (and controller of BIC), Mr. Bender’s transactions include indirect interests through entities; the filing reports the full amounts held by those entities per Rule 16a‑1. These movements are structural (redemptions/conversions) rather than option exercises or gifts; the open‑market sale is the most direct liquidity event for the insider.