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Share Name | Share Symbol | Market | Type |
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Otis Worldwide Corporation | NYSE:OTIS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.81 | -0.82% | 97.90 | 99.10 | 97.45 | 98.97 | 1,098,044 | 19:08:39 |
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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Item 9.01. |
Financial Statements and Exhibits.
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Exhibit
Number
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Exhibit Description
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Offer Letter, dated July 17, 2024, between Cristina Méndez and Otis Worldwide Corporation.
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Press Release, dated July 19, 2024.
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104
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Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
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OTIS WORLDWIDE CORPORATION
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(Registrant)
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Date: July 19, 2024
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By:
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/s/ Nora E. LaFreniere
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Name:
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Nora E. LaFreniere | ||
Title:
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Executive Vice President and General Counsel |
Otis Worldwide Corporation
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One Carrier Place
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Farmington, CT 06032
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Cristina Méndez
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July 17, 2024
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• |
Membership in Otis’ Executive Leadership Group (ELG), comprised of our most senior leaders.
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A base salary of USD $770,000 per year, effective August 23rd. Your base salary will be converted to your local currency using the 5-year average conversion rate from USD published by
OANDA in effect at the end of the most recently completed calendar quarter (e.g., the installments payable for October, November, and December of 2024 will be based on the 5-year conversion rate for the quarter ending September 30, 2024).
Base salaries are reviewed annually.
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Continued participation in the Otis Executive Short-Term Incentive (STI) Plan, as Amended and Restated as of January 1, 2024, with a target annual STI opportunity of 100% of your base salary. Your
2024 STI target opportunity will be prorated based on the effective date of your appointment.
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A one-time supplemental 2024 LTI award from Otis under the Otis Long-Term Incentive Plan, as Amended
and Restated as of January 1, 2024, with a target value of $2,390,000 granted on August 23rd.
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50% of the award will be delivered in Performance Share Units (PSUs) which vest in early 2027 subject to the Compensation Committee’s certification of performance over the
three-year performance period. 25% of the award will be delivered in Restricted Stock Units (RSUs) and 25% in Stock Appreciation Rights (SARs). RSUs and SARs vest ratably over three years (1/3 on each anniversary of the grant date). The
PSUs, RSUs and SARs will be subject to Otis’ standard award terms and conditions for annual LTI awards. Annual grant values may vary from year-to-year, based on individual and Otis performance.
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Participation in our Executive Lease Vehicle Program (ELVP).
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A standard executive international assignment package for your assignment to Farmington, Connecticut. This will include relocation, housing, schooling, and tax equalization and support in addition
to international health and welfare benefits.
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Coverage under the ELG Severance Plan and the Change in Control Severance Plan.
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Sincerely,
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/s/ Judy Marks
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Judy Marks
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Chair, Chief Executive Officer and President
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/s/ Cristina Méndez
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July 17, 2024
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Cristina Méndez
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Date
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Initials: CM
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Page 2 of 2
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Media
Contact:
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Katy Padgett
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+1-860-674-3047
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Kathleen.Padgett@otis.com
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Investor Relations Contact:
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Michael Rednor
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+1-860-676-6011
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investorrelations@otis.com
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