Form 4: Caterpillar Inc. Executive Jason Kaiser Reports Acquisition of Phantom Stock Units

Group President Jason Kaiser reports the acquisition of 380 phantom stock units in Caterpillar Inc.'s deferred compensation plan.

Summary

• On March 14, 2025, Jason Kaiser, a Group President at Caterpillar Inc., acquired 380 phantom stock units under the company's non-qualified deferred compensation plan.
• This acquisition includes 190 shares credited to Kaiser's account under the Supplemental Deferred Compensation Plan at $339.64 per share, and another 190 shares contributed to the account at no cost.
• Following the reported transaction, Kaiser beneficially owns 5,016 phantom stock units.
• These phantom stock units, representing interests in an unfunded unitized company stock fund, will be settled in cash upon Kaiser's retirement or separation from service.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects routine executive compensation practices and alignment of interests. There are no indications of negative events or concerns.

Positives

• The acquisition of phantom stock units aligns the executive's interests with the company's performance.
• The deferred compensation plan provides a mechanism for long-term wealth accumulation for the executive.

Future Outlook

The phantom stock units will be settled in cash upon the reporting person's retirement or separation from service.

Industry Context

Executive compensation through stock-based awards is a common practice in publicly traded companies to incentivize performance and align executive interests with shareholder value.

Comparison to Industry Standards

• Many companies in the industrial sector, such as Deere & Company (DE) and Cummins Inc. (CMI), utilize deferred compensation plans and stock-based awards as part of their executive compensation packages.
• These plans often include phantom stock units or restricted stock units that vest over time and are settled in cash or stock upon retirement or separation from service.
• The specific terms and conditions of these plans vary depending on the company's size, performance, and compensation philosophy.

Stakeholder Impact

• The acquisition of phantom stock units by a key executive can positively influence shareholder confidence by aligning management's interests with the company's long-term success.

Key Dates

Keywords

Caterpillar Inc., Jason Kaiser, phantom stock units, deferred compensation, Form 4, executive compensation, CAT