Form 4: Cactus COO Steven Bender's Equity Transactions

Cactus, Inc. Chief Operating Officer Steven Bender reported multiple equity transactions, including RSU vesting, stock acquisitions, and tax-related dispositions, alongside a new RSU grant.

Summary

• Steven Bender, Chief Operating Officer of Cactus, Inc. (WHD), reported changes in beneficial ownership of Class A Common Stock and Restricted Stock Units.
• On March 10, 2026, Bender acquired 4,583 shares of Class A Common Stock through the exercise/conversion of derivative securities.
• On March 10, 2026, 1,804 shares of Class A Common Stock were disposed of at $48.60 per share to satisfy tax withholding obligations.
• On March 10, 2026, Bender acquired an additional 4,027 shares of Class A Common Stock through the exercise/conversion of derivative securities.
• On March 10, 2026, 1,585 shares of Class A Common Stock were disposed of at $48.60 per share to satisfy tax withholding obligations.
• On March 11, 2026, Bender acquired 4,971 shares of Class A Common Stock through the exercise/conversion of derivative securities.
• On March 11, 2026, 1,957 shares of Class A Common Stock were disposed of at $48.56 per share to satisfy tax withholding obligations.
• Following these transactions, Bender's direct beneficial ownership of Class A Common Stock was 99,241 shares.
• On March 10, 2026, Bender was granted 14,290 Restricted Stock Units (RSUs), which will vest in three equal annual installments beginning on the first anniversary of the grant date.
• The report also details the vesting of previously granted RSUs from March 10, 2023 (13,748 units), March 10, 2025 (12,080 units), and March 11, 2024 (14,915 units).
• The total number of derivative securities (RSUs) beneficially owned after these transactions is 121,894.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a routine insider transaction reflecting standard executive compensation practices, with the new RSU grant indicating continued long-term incentive alignment.

Positives

• Acquisition of Class A Common Stock through RSU vesting indicates a conversion of incentive compensation into direct equity ownership.
• A new grant of 14,290 Restricted Stock Units on March 10, 2026, demonstrates continued long-term incentive for the Chief Operating Officer, aligning his interests with shareholder value.

Negatives

• Disposition of shares to cover tax withholding obligations reduces the direct equity stake, though this is a common and expected practice for RSU vesting.

Future Outlook

The newly granted 14,290 Restricted Stock Units on March 10, 2026, are scheduled to vest in three equal annual installments, beginning on the first anniversary of the grant date, indicating future equity compensation for the Chief Operating Officer.

Industry Context

StockSavvy.ai notes that insider transactions, particularly those related to RSU vesting and tax withholding, are routine events in executive compensation. These transactions reflect the standard practice of converting long-term incentives into equity and managing tax liabilities, rather than signaling a change in strategic direction or operational performance.

Comparison to Industry Standards

• These types of RSU grants and vesting schedules are standard practice for executive compensation in publicly traded companies across various industries, including the energy services sector where Cactus, Inc. operates.
• Companies like Schlumberger, Halliburton, and Baker Hughes also utilize similar equity-based incentive programs to align executive interests with shareholder value.
• The tax withholding mechanism, where shares are disposed of to cover tax obligations upon vesting, is also a common industry practice.

Stakeholder Impact

• Shareholders: These transactions are part of the company's executive compensation structure, aligning management's interests with shareholder value through equity ownership. The tax-related dispositions are a standard part of this process and do not indicate a change in company fundamentals.

Next Steps

• Future vesting of the 14,290 Restricted Stock Units in three equal annual installments, starting March 10, 2027.
• Future vesting of previously granted RSUs from March 10, 2023, March 11, 2024, and March 10, 2025, as per their respective schedules.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions related to executive compensation, specifically the vesting of Restricted Stock Units and subsequent tax-related share dispositions, along with a new RSU grant. It does not provide new fundamental information about Cactus, Inc.'s operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as it reflects the absence of new material information impacting the company's valuation.

Keywords

Cactus, WHD, Steven Bender, Form 4, Insider Trading, Restricted Stock Units, Equity Compensation, Officer Transactions, Stock Ownership