0001062993-24-002589.txt : 20240208
0001062993-24-002589.hdr.sgml : 20240208
20240208171646
ACCESSION NUMBER: 0001062993-24-002589
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20240206
FILED AS OF DATE: 20240208
DATE AS OF CHANGE: 20240208
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Marks Judith Fran
CENTRAL INDEX KEY: 0001665490
ORGANIZATION NAME:
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-39221
FILM NUMBER: 24610176
MAIL ADDRESS:
STREET 1: C/O HUBBELL INCORPORATED
STREET 2: 40 WATERVIEW DRIVE
CITY: SHELTON
STATE: CT
ZIP: 06484
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: Otis Worldwide Corp
CENTRAL INDEX KEY: 0001781335
STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIP) [3600]
ORGANIZATION NAME: 04 Manufacturing
IRS NUMBER: 833789412
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: ONE CARRIER PLACE
CITY: FARMINGTON
STATE: CT
ZIP: 06032
BUSINESS PHONE: 8606743000
MAIL ADDRESS:
STREET 1: ONE CARRIER PLACE
CITY: FARMINGTON
STATE: CT
ZIP: 06032
4
1
form4.xml
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
X0508
4
2024-02-06
0001781335
Otis Worldwide Corp
OTIS
0001665490
Marks Judith Fran
1 CARRIER PLACE
FARMINGTON
CT
06032
1
1
0
0
Chair, CEO & President
1
Common Stock
2024-02-06
4
A
0
136278
A
262060
D
Common Stock
2024-02-06
4
F
0
32429
91.94
D
229631
D
Common Stock
2024-02-07
4
S
0
37312
91.83
D
192319
D
Common Stock
2024-02-07
4
M
0
11433
A
203752
D
Common Stock
2024-02-07
4
F
0
5171
91.77
D
198581
D
Common Stock
22500
I
by 2023 GRAT
Restricted Stock Units
2024-02-06
4
A
0
34212
0
A
Common Stock
34212
34212
D
Stock Appreciation Rights
91.94
2024-02-06
4
A
0
129311
0
A
2034-02-05
Common Stock
129311
129311
D
Restricted Stock Units
2024-02-07
4
M
0
11433
0
D
Common Stock
11433
22873
D
Restricted stock units (RSUs) convert into common stock on a one-for-one basis. RSUs include the right to receive dividend equivalents that are credited as additional RSUs.
RSUs and stock appreciation rights vest in three substantially equal annual installments beginning on the first anniversary of the Transaction Date.
On February 7, 2023, the reporting person was granted RSUs vesting in three substantially equal annual installments beginning on the first anniversary of the grant date. The first installment vested on the Transaction Date.
The acquisition of Otis common stock represents the vesting of performance share units (PSUs) previously awarded on February 5, 2021. Each PSU has a value equal to one share of Otis common stock. These PSUs vested on the Transaction Date upon the achievement of the 3-year cycle preestablished performance targets. The performance criteria were certified to be achieved at the 200% level. The reporting person previously elected to defer 50% of this award under the LTIP PSU Deferral Plan upon vesting. Any vested shares that are deferred under this plan are credited as DSUs and will be settled in stock. The DSUs will be paid out in an equal number of shares of Otis common stock in accordance with the reporting person's previous elections. DSUs accrue dividend equivalents.
This transaction was effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on July 28, 2023. The shares sold in multiple trades at prices ranging from $91.500 to $92.425. The price reported above reflects the weighted average sale price. The number of shares sold represents the shares received by the reporting person upon the vesting of the PSUs previously awarded on February 5, 2021 after giving effect to the tax withholdings and the 50% PSU deferral election. The plan terminated on the Transaction Date.
A sale was effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on July 28, 2023.
Joshua Mullin, Attorney-in-Fact
2024-02-08