A Form 4 filed with the SEC on September 1, 2026 discloses that Joseph E. Creed, Chief Executive Officer of Caterpillar Inc. (NYSE:CAT), exercised 44,403 employee stock options and sold a total of 31,570 shares of common stock on August 28, 2026.

Key Highlights

  • Option exercise: Creed exercised 44,403 employee stock options at an exercise price of $219.76 per share on August 28, 2026, reducing his derivative holdings to zero.
  • Tax withholding disposition: 12,002 shares were disposed of via transaction code F at $812.98 per share on August 28, 2026.
  • Open-market sales: 31,570 shares were sold across multiple open-market transactions at weighted average prices ranging from $800.19 to $813.72 per share on August 28, 2026.
  • Remaining direct holdings: Following all reported transactions, Creed directly owned 34,555 shares of common stock.
  • Indirect holdings: An additional 11,839 shares are held indirectly through a 401(k) plan, based on a plan statement dated July 31, 2026.
  • Option grant details: The exercised options were granted on March 1, 2021 under the Caterpillar Inc. 2014 Long-Term Incentive Plan and vested in equal one-third increments over three years, with an expiration date of March 1, 2031.

Details of Creed's August 28 Transactions in Caterpillar Common Stock

According to the filing, Creed exercised 44,403 employee stock options at a conversion price of $219.76 per share (transaction code M), acquiring 44,403 shares of Caterpillar common stock. The filing notes these options were originally granted on March 1, 2021 pursuant to the Caterpillar Inc. 2014 Long-Term Incentive Plan, vesting equally in one-third increments on the first, second, and third anniversaries of the grant date. Following the exercise, Creed's derivative security balance in these options was reported as zero.

Also on August 28, 2026, the filing discloses that 12,002 shares were disposed of at $812.98 per share under transaction code F, which typically reflects shares withheld for tax purposes, and that 31,570 shares were sold in 14 separate open-market transactions (transaction code S) at weighted average prices between $800.19 and $813.72 per share. The filing states that each of these sale transactions was executed in multiple trades, and that Creed "undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected." After all transactions, Creed's direct beneficial ownership stood at 34,555 shares, with an additional 11,839 shares held indirectly through a 401(k) plan as of July 31, 2026.

The Form 4 was signed by Nicole Puza as power of attorney for Joseph E. Creed and filed on September 1, 2026. The filing does not indicate whether a Rule 10b5-1 trading plan was in place for these transactions.

What Was Disclosed

The filing reports that Caterpillar CEO Joseph E. Creed exercised 44,403 stock options and sold 31,570 shares in the open market on August 28, 2026, leaving him with 34,555 shares held directly and 11,839 shares held through a 401(k) plan.