Form 4: Cactus CEO Scott Bender Discloses Indirect Holdings

Cactus, Inc. Chairman and CEO Scott Bender filed a Form 4 detailing his indirect beneficial ownership following redemptions by other members of Cactus WH Enterprises, LLC.

Summary

• Scott Bender, Chairman and CEO, Director, and 10% Owner of Cactus, Inc. (WHD), filed a Form 4 on August 27, 2025.
• The filing reports on redemptions of ownership interests in Cactus WH Enterprises, LLC ("Cactus Enterprises") by certain other members.
• These redemptions involved the distribution of Class B Common Stock and "Units" (ownership interests in Cactus Companies, LLC) to the participating members.
• Scott Bender did not participate in these specific redemptions, and no Class B Common Stock or Units were distributed to him or entities he controls.
• Following these transactions, Bender's indirect beneficial ownership through Cactus Enterprises remains 9,804,706 shares of Class B Common Stock and 9,804,706 Units (convertible into Class A Common Stock).
• Bender disclaims beneficial ownership of any securities he does not directly own, except to the extent of his indirect pecuniary interest.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine disclosure of an insider's beneficial ownership, clarifying the structure without indicating any negative events for the reporting person or the company. The continued substantial indirect ownership by the CEO is a positive for alignment.

Positives

• The filing clarifies the indirect beneficial ownership structure of the Chairman and CEO, Scott Bender, providing transparency to investors.
• The reporting person's indirect beneficial ownership of 9,804,706 shares of Class B Common Stock and 9,804,706 Units (convertible to Class A Common Stock) remains substantial, indicating continued alignment with shareholder interests.

Negatives

• No direct negatives for the company or the reporting person are evident from this specific Form 4 filing, as it primarily reports on a non-participating transaction.

Future Outlook

No forward-looking statements or guidance are provided in this Form 4 filing.

Industry Context

This is a routine insider transaction disclosure. It doesn't provide specific industry context beyond the fact that the company operates in an industry where complex ownership structures (Class A/B shares, LLC units) are common, often for tax or control purposes.

Corporate Governance

Related Party Transactions

• The redemptions of ownership interests in Cactus WH Enterprises, LLC by certain members, while not involving the reporting person directly, represent transactions within a related entity where the reporting person holds an indirect pecuniary interest.

Stakeholder Impact

• Shareholders: Provides transparency regarding the CEO's indirect holdings and the structure of the company's equity, which can inform investment decisions.
• Management: Clarifies the CEO's indirect beneficial ownership and adherence to SEC reporting requirements.

Key Dates

Recommendation

This Form 4 filing is a routine disclosure of an insider's beneficial ownership and does not contain new material information that would warrant a change in investment recommendation. It clarifies the CEO's indirect holdings following transactions by other related parties, but the CEO's position remains stable. Investors should continue to hold based on broader company fundamentals rather than this specific disclosure.

Keywords

Cactus Inc., WHD, Scott Bender, Form 4, Beneficial Ownership, Insider Trading, Class B Common Stock, Units, Cactus Enterprises, Redemption, Corporate Governance