Kaiser Adds Phantom Stock Units to Caterpillar Deferred Compensation Plan

Caterpillar Group President Jason Kaiser has made a significant move in his deferred compensation plan. On August 26, 2026, he acquired 11 phantom stock units under Caterpillar Inc.'s non-qualified deferred compensation plan.

The units consist of two parts: six shares credited at $821.93 each and five shares contributed without consideration under the Supplemental Deferred Compensation Plan. The total acquisition price is based on the unit price of $821.93 per share.

Kaiser's total beneficial ownership of phantom stock units has now risen to 5,476, including adjustments for accrued dividends. These units represent interests in an unfunded unitized company stock fund composed of stock and cash.

The filing notes that the phantom stock units will be settled entirely in cash upon retirement or separation from service. This settlement is a key feature of the deferred compensation plan, providing Caterpillar executives with a financial safety net during their transition out of the company.