Form 4: Otis Exec Plans RSU Conversion, Tax-Related Stock Sale
Insider Transaction Report
Otis Worldwide Corp's President of EMEA, Enrique Minarro Viseras, has reported planned conversions of restricted stock units into common stock and subsequent sales to cover tax obligations, effective November 1, 2025.
Summary
- Enrique Minarro Viseras, President of Otis EMEA, reported planned transactions involving Otis Worldwide Corp common stock and restricted stock units (RSUs).
- On November 1, 2025, Mr. Viseras plans to convert 2,732 Restricted Stock Units (RSUs) into 2,732 shares of common stock.
- Concurrently, he plans to dispose of 1,285 shares of common stock at a price of $92.76 per share to satisfy tax withholding obligations related to the RSU conversion.
- Additionally, on November 1, 2025, he plans to convert another 16,845 RSUs into 16,845 shares of common stock.
- He also plans to dispose of 7,918 shares of common stock at $92.76 per share to cover tax withholding obligations for this second RSU conversion.
- Following these planned transactions, Mr. Viseras's direct beneficial ownership of common stock will be 21,849 shares, and he will beneficially own 2,742 Restricted Stock Units.
- The RSUs convert into common stock on a one-for-one basis and include the right to receive dividend equivalents credited as additional RSUs.
- The 2,732 RSUs converted are part of a grant of 7,946 RSUs on November 1, 2023, vesting in three equal installments on the first, second, and third anniversaries of the grant date.
- The 16,845 RSUs converted are part of a grant of 32,609 RSUs on November 1, 2023, vesting in two equal installments on the first and second anniversaries of the grant date.
Sentiment
Score: 5
Explanation: Neutral, as this is a routine insider transaction related to executive compensation and tax obligations, not indicative of company performance or strategic shifts.
Positives
- The planned conversion of Restricted Stock Units indicates the vesting of executive compensation, which is a positive for the executive.
Negatives
- A portion of the acquired common stock will be sold to cover tax liabilities, resulting in a reduction of the executive's direct shareholdings.
Future Outlook
NA
Industry Context
NA
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Delegation of Authority | Enrique Minarro Viseras granted a Power of Attorney to Nora LaFreniere, Toby Smith, Debra Guss, and Susan Grady to prepare, execute, and file SEC documents (including Forms 3, 4, 5, Schedules 13D/G, and Forms 144) on his behalf as an officer of Otis Worldwide Corporation. | 05/26/2025 | This is a standard corporate governance practice to facilitate timely and accurate SEC filings for company insiders, ensuring compliance with reporting requirements. |
Stakeholder Impact
- Minimal impact on shareholders as these are routine compensation-related transactions for an executive, not reflecting significant changes in company strategy or financial health.
Next Steps
- Remaining installments of the 7,946 RSU grant are expected to vest on the second and third anniversaries of the November 1, 2023 grant date.
- The second installment of the 32,609 RSU grant is expected to vest on the second anniversary of the November 1, 2023 grant date.
Key Dates
| Date | Description |
|---|---|
| 11/01/2023 | Grant date for 7,946 and 32,609 Restricted Stock Units to Enrique Minarro Viseras. |
| 05/26/2025 | Date Enrique Minarro Viseras signed the Power of Attorney delegating authority for SEC filings. |
| 11/01/2025 | Date of planned Restricted Stock Unit conversions and associated common stock sales for tax withholding. |
| 11/03/2025 | Date the Form 4 filing was signed by the attorney-in-fact. |
Keywords
Otis, OTIS, Form 4, insider transaction, RSU conversion, executive compensation, stock sale, tax withholding
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