Form 4: Otis Worldwide CEO Judith Marks Reports Stock Transactions
SEC Form 4 Filing
Judith Marks, Chair, CEO, and President of Otis Worldwide Corp, reports multiple transactions involving common stock and restricted stock units.
Summary
- Judith Marks, the Chair, CEO, and President of Otis Worldwide Corp, filed a Form 4 detailing changes in beneficial ownership.
- On February 6, 2025, Marks converted 11,580 Restricted Stock Units (RSUs) into common stock and disposed of 5,234 shares to cover tax obligations at a price of $96.05.
- On February 7, 2025, Marks converted 11,612 RSUs into common stock and disposed of 5,248 shares to cover tax obligations at a price of $94.83.
- On February 10, 2025, Marks sold 28,440 shares of common stock at a weighted average price of $95.7716, ranging from $95.20 to $96.035.
- These transactions were partially executed under a Rule 10b5-1 trading plan adopted on July 30, 2024, which terminated on the transaction date.
- Following these transactions, Marks directly owns 230,153 shares of common stock and indirectly owns 12,800 shares through a 2023 GRAT.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The transactions are routine and executed under a pre-existing plan. There's no indication of unusual activity or concern.
Industry Context
Executive stock transactions are routinely monitored by investors as they can provide insights into management's perspective on the company's valuation and future prospects. Rule 10b5-1 plans are often used to avoid accusations of insider trading.
Comparison to Industry Standards
- Executive compensation practices, including the use of RSUs and stock options, are common across publicly traded companies, particularly in the United States.
- The use of Rule 10b5-1 trading plans is a standard practice for corporate insiders to manage their stock sales in compliance with insider trading regulations.
- Comparing Judith Marks' compensation and stock ownership to CEOs of similar-sized companies in the industrial sector (e.g., Trane Technologies, Carrier Global) could provide a benchmark for assessing the magnitude of these transactions.
Key Dates
| Date | Description |
|---|---|
| 2023 | Shares held indirectly by 2023 GRAT |
| 2024-02-06 | Reporting person was granted RSUs vesting in three substantially equal annual installments beginning on the first anniversary of the grant date. |
| 2024-07-30 | Rule 10b5-1 plan adopted by the reporting person |
| 2025-02-06 | Conversion of 11,580 RSUs to common stock and disposal of 5,234 shares for tax obligations. |
| 2025-02-07 | Conversion of 11,612 RSUs to common stock and disposal of 5,248 shares for tax obligations. |
| 2025-02-10 | Sale of 28,440 shares of common stock. |
Keywords
Otis Worldwide Corp, Judith Marks, Form 4, stock transactions, restricted stock units, Rule 10b5-1 plan, beneficial ownership, common stock
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