Form 4: Otter Tail Corp CEO Charles MacFarlane Transfers Shares to Children's Trusts

Otter Tail Corp CEO Charles MacFarlane reports a transaction involving the transfer of shares to his children's trusts following the termination of a grantor retained annuity trust.

Summary

• Charles S. MacFarlane, President & CEO of Otter Tail Corp, filed a Form 4 detailing changes in his beneficial ownership of company stock.
• On March 12, 2024, shares were transferred from a grantor retained annuity trust (GRAT) to trusts for MacFarlane's children.
• Specifically, 23,046 shares were transferred to the children's trusts, and 9,072 shares were distributed back to MacFarlane's direct holdings.
• The GRAT was initially funded on March 1, 2021, with 54,884 shares of Otter Tail Corporation common stock.
• MacFarlane's direct holdings include shares acquired through various company plans such as the Dividend Reinvestment Plan and the Employee Stock Purchase Plan, as well as stock options and awards.
• MacFarlane also indirectly owns 75,459 shares through a Spousal Lifetime Access Trust and 2,923 shares through an ESOP.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing a planned transfer of shares. It doesn't inherently convey positive or negative sentiment.

Industry Context

Form 4 filings are a routine part of insider trading regulations, providing transparency into the transactions of company executives and directors. This filing indicates a planned transfer of assets as part of estate planning.

Stakeholder Impact

• The transfer of shares may have a minor impact on the ownership structure of the company, but is unlikely to significantly affect stakeholders.

Key Dates