Judith Fran Marks - 23 Jul 2024 Form 4 Insider Report for Otis Worldwide Corp (OTIS)

Role: Chair, CEO & President, Director
Signature: Joshua Mullin, Attorney-in-Fact
Issuer symbol: OTIS
Transactions as of: 23 Jul 2024
Net transactions value: $0
Form type: 4
Filing time: 25 Jul 2024, 18:52:29 UTC
Previous filing: 13 Jun 2024
Next filing: 05 Feb 2025
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	OTIS	Restricted Stock Units	Award	$0	+102,691		$0.000000	102,691	23 Jul 2024	Common Stock	102,691		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Restricted stock units (RSUs) convert into common stock on a one-for-one basis and include the right to receive dividend equivalents that are credited as additional RSUs. In addition to these RSUs, the reporting person was also awarded 154,036 performance share units (PSUs) on the Transaction Date. These PSUs are eligible to vest on the third anniversary of the Transaction Date based on the Issuer's achievement over the 2024-2026 performance period of cumulative adjusted earnings per share (60% weighting) and average organic sales growth (40% weighting) results. The PSUs also include a relative TSR multiplier (+/- 20% adjustment to shares delivered). Shares delivered for PSUs will be reported on a Form 4 upon vesting.
F2	Eligible to vest in full on the third anniversary of the Transaction Date.

Content

Restricted stock units (RSUs) convert into common stock on a one-for-one basis and include the right to receive dividend equivalents that are credited as additional RSUs. In addition to these RSUs, the reporting person was also awarded 154,036 performance share units (PSUs) on the Transaction Date. These PSUs are eligible to vest on the third anniversary of the Transaction Date based on the Issuer's achievement over the 2024-2026 performance period of cumulative adjusted earnings per share (60% weighting) and average organic sales growth (40% weighting) results. The PSUs also include a relative TSR multiplier (+/- 20% adjustment to shares delivered). Shares delivered for PSUs will be reported on a Form 4 upon vesting.

Eligible to vest in full on the third anniversary of the Transaction Date.