[Form 4] Cactus, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Cactus WH Enterprises, LLC filed a Form 4 disclosing transactions in Cactus, Inc. (WHD) securities on 08/27/2025. The filing shows a reportable disposition of 30 shares of Class B Common Stock (transaction code J(1)), leaving the reporting person with 9,804,706 shares of Class B Common Stock beneficially owned in a direct capacity. A related derivative table records 30 Class A Common Stock units tied to the same ownership total of 9,804,706 shares, also direct. The explanations state these movements stem from distributions of Class B stock and Units to members in connection with certain redemptions under the reporting entity's operating agreement.

Insights

Securities Analyst

TL;DR: Minor share disposals tied to internal redemptions; overall ownership remains large and unchanged materially.

The Form 4 reports a small reported disposition of 30 shares of Class B Common Stock under code J(1), which indicates a transfer related to the reporting entity's internal transactions rather than open-market sales. The reporting entity still beneficially owns 9,804,706 Class B shares. For investors, the action appears administrative—reflecting member redemptions and distributions under the LLC operating agreement—without evidence of a change in control or market-driven selling pressure.

Corporate Governance Expert

TL;DR: Transaction arises from operating agreement redemptions; governance implications are procedural, not indicative of strategic shifts.

The explanations explicitly tie the transactions to distributions and redemptions under the amended LLC operating agreements. The use of Codes J(1) and J(4) denotes transfers resulting from corporate restructuring of member interests rather than voluntary dispositions by an insider. This suggests the filing documents routine ownership reclassification and does not signal a change in board composition or management alignment.

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

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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^*

Cactus WH Enterprises, LLC

(Last) (First) (Middle)

920 MEMORIAL CITY WAY, SUITE 300

(Street)

HOUSTON TX 77024

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cactus, Inc. [ WHD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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
Class B Common Stock	08/27/2025		J(1)		30	D	(1)	9,804,706	D

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
Units(2)	(3)	08/27/2025		J(4)			30	(3)	(4)	Class A Common Stock	30	(4)	9,804,706	D

Explanation of Responses:

1. In connection with certain redemptions of ownership interests in the Reporting Entity by certain of the Reporting Entity's members pursuant to the amended and restated limited liability company operating agreement of the Reporting Entity, the Reporting Entity distributed Class B Common Stock to such members.

2. "Units" mean ownership interests in Cactus Companies, LLC ("Cactus Companies"). The Issuer is the sole managing member of Cactus Companies.

3. The amended and restated limited liability company operating agreement of Cactus Companies provides the holders of Units with certain rights to cause Cactus Companies to acquire all or at least a minimum portion of their Units for, at Cactus Companies election, (x) shares of Class A Common Stock at a redemption ratio of one share of Class A Common Stock for each Unit redeemed, subject to conversion rate adjustments for stock splits, stock dividends and reclassification and other similar transactions, or (y) an equivalent amount of cash.

4. In connection with certain redemptions of ownership interests in the Reporting Entity by certain of the Reporting Entity's members pursuant to the amended and restated limited liability company agreement of the Reporting Entity, the Reporting Entity distributed Units to such members.

Remarks:

	/s/ Scott Bender, President	08/28/2025
	** 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.
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FAQ

What transaction did Cactus WH Enterprises, LLC report on Form 4 for WHD?

The filing reports a disposition of 30 shares of Class B Common Stock on 08/27/2025 under transaction code J(1).

How many shares does the reporting person beneficially own after the reported transaction?

The reporting person beneficially owns 9,804,706 shares of Class B Common Stock following the reported transaction.

Why were the securities transferred according to the Form 4?

The filing states transfers resulted from distributions of Class B Common Stock and Units to members in connection with certain redemptions under the reporting entity's amended operating agreement.

Does the Form 4 indicate market sales by the reporting person?

No. The transaction codes and explanations indicate transfers tied to internal redemptions and distributions, not open-market sales.

What is the reporting person's relationship to the issuer?

The filing identifies the reporting person as Cactus WH Enterprises, LLC and indicates a Director relationship to the issuer.