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Filing Details

Accession Number:: 0001062993-24-002589
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2024-02-08 17:16:46
Reporting Period:: 2024-02-06

Accepted Time:: 2024-02-08 17:16:46
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1781335	Otis Worldwide Corp	OTIS	()	4

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1665490	Fran Judith Marks	1 Carrier Place Farmington CT 06032	Chair, Ceo & President	Yes	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Acquisiton	2024-02-06	136,278	$0.00	262,060	No	4	A	Direct
Common Stock	Disposition	2024-02-06	32,429	$91.94	229,631	No	4	F	Direct
Common Stock	Disposition	2024-02-07	37,312	$91.83	192,319	No	4	S	Direct
Common Stock	Acquisiton	2024-02-07	11,433	$0.00	203,752	No	4	M	Direct
Common Stock	Disposition	2024-02-07	5,171	$91.77	198,581	No	4	F	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	A	Direct
No	4	F	Direct
No	4	S	Direct
No	4	M	Direct
No	4	F	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Restricted Stock Units	Acquisiton	2024-02-06	34,212	$0.00	34,212	$0.00
Common Stock	Stock Appreciation Rights	Acquisiton	2024-02-06	129,311	$0.00	129,311	$91.94
Common Stock	Restricted Stock Units	Disposition	2024-02-07	11,433	$0.00	11,433	$0.00

Remaning Holdings	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
34,212		No	4	A	Direct
129,311	2034-02-05	No	4	A	Direct
22,873		No	4	M	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	22,500	Indirect	by 2023 GRAT

Footnotes

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.