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CAT Executive Shows Confidence Through Expanded Stock-Based Compensation

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Caterpillar Group President Jason Kaiser reported changes in beneficial ownership on June 26, 2025. The transaction involved the acquisition of phantom stock units under the company's non-qualified deferred compensation plan.

Key transaction details:

  • Acquired 1 phantom stock unit at $381.88 per unit
  • Total phantom stock units held after transaction: 4,984 units
  • Units are economically equivalent to Caterpillar common stock
  • Settlement terms: 100% cash upon retirement/separation

The phantom stock units represent interests in an unfunded unitized company stock fund comprising stock and cash. The number of units may fluctuate due to changes in cash/stock percentages and dividend adjustments. The filing was signed by Nicole Puza as power of attorney for Kaiser on June 27, 2025.

Positive

  • None.

Negative

  • None.
Insider Kaiser Jason
Role Group President
Type Security Shares Price Value
Grant/Award Phantom Stock Units 1 $381.88 $381.88
Holdings After Transaction: Phantom Stock Units — 4,984 shares (Direct)
Footnotes (1)
  1. Each phantom stock unit under the company's non-qualified deferred compensation plan as reported is generally the economic equivalent of one share of Caterpillar Inc. common stock. This total includes 1 share that was credited to the reporting person's account under the Supplemental Deferred Compensation Plan ("the Plan") at a price per share of $381.88. The phantom stock units are to be settled for 100% in cash upon the reporting person's retirement or separation from service. Includes adjustments for dividends accrued. Moreover, phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash, and therefore the number of phantom stock units the reporting person is deemed to own may change between any given dates due to differences in the percentages of cash and stock in the unitized fund on those dates.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Kaiser Jason
(Last) (First) (Middle)
5205 N. O'CONNOR BOULEVARD, SUITE 100
(Street)
IRVING TX 75039
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CATERPILLAR INC [ CAT ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Group President
3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Stock Units (1) 06/26/2025 A 1(2) (3) (3) Common Stock 1 $381.88 4,984(4) D
Explanation of Responses:
1. Each phantom stock unit under the company's non-qualified deferred compensation plan as reported is generally the economic equivalent of one share of Caterpillar Inc. common stock.
2. This total includes 1 share that was credited to the reporting person's account under the Supplemental Deferred Compensation Plan ("the Plan") at a price per share of $381.88.
3. The phantom stock units are to be settled for 100% in cash upon the reporting person's retirement or separation from service.
4. Includes adjustments for dividends accrued. Moreover, phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash, and therefore the number of phantom stock units the reporting person is deemed to own may change between any given dates due to differences in the percentages of cash and stock in the unitized fund on those dates.
/s/ Nicole Puza, POA for Jason E. Kaiser 06/27/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

Who is Jason Kaiser and what position does he hold at CAT?

Jason Kaiser serves as Group President at Caterpillar Inc. (CAT), as disclosed in the Form 4 filing. He is an officer of the company based in Irving, TX.

How many phantom stock units does Jason Kaiser own in CAT as of June 2025?

According to the Form 4 filing, Jason Kaiser owns 4,984 phantom stock units following the reported transaction. These units are held directly and represent interests in an unfunded unitized company stock fund.

What was the price of CAT stock for the phantom stock unit transaction on June 26, 2025?

The phantom stock unit was credited to Kaiser's account at a price of $381.88 per share under Caterpillar's Supplemental Deferred Compensation Plan.

How will CAT's phantom stock units be settled for Jason Kaiser?

According to the filing, the phantom stock units will be settled for 100% in cash upon Jason Kaiser's retirement or separation from service from Caterpillar Inc.

What type of transaction did CAT's Group President Jason Kaiser report on June 26, 2025?

Jason Kaiser acquired (A) 1 phantom stock unit under Caterpillar's non-qualified deferred compensation plan. Each phantom stock unit is generally the economic equivalent of one share of Caterpillar Inc. common stock.