AI English summary of an SEC filing — figures as filed

Otis Worldwide said a Swiss-based subsidiary entered into an amended and restated employment agreement with Cristina Méndez, and that she was appointed Executive Vice President and Chief Financial Officer effective August 23, 2024.

8-KDeparture or Appointment of Directors or Certain OfficersFiled Sep 20, 2024Period of report Sep 18, 2024Summary published (UTC) Oct 25, 2026

Key points

AI summary

Otis Worldwide said a Swiss-based subsidiary entered into an amended and restated employment agreement with Cristina Méndez, and that she was appointed Executive Vice President and Chief Financial Officer effective August 23, 2024.
The company said Ms. Méndez's annual base salary is $770,000 and her annual target opportunity under the Short-Term Incentive Plan is 100% of her base salary. The target opportunity will be pro-rated for 2024 to reflect both the new target opportunity and the target opportunity in effect before her promotion.
Otis Worldwide said it granted Ms. Méndez a supplemental long-term incentive award with a target value of $2,390,000 on August 23, 2024. It said 50% of the award was delivered in performance share units, 25% in restricted stock units and 25% in stock appreciation rights. The company said the restricted stock units and stock appreciation rights vest ratably over 3 years, 1/3 on each anniversary.
The company said Ms. Méndez, who is currently based in Switzerland, will be placed on a long-term international assignment to Farmington, Connecticut, its headquarters, and will receive a one-time relocation allowance of 12,792 CHF and a housing allowance of $5,000 per month. She will be covered by the ELG Severance Plan and the Change in Control Severance Plan and is subject to a 2-year post-employment noncompetition and employee nonsolicitation covenant.

Summary

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Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Cristina Méndez CFO Appointment and Employment Agreement

Otis Worldwide said a Swiss-based subsidiary entered into an amended and restated employment agreement with Cristina Méndez, and that she was appointed Executive Vice President and Chief Financial Officer effective August 23, 2024.

Source · Based on the filing body and exhibits

Base Salary $770,000 and Short-Term Incentive Target 100%

The company said Ms. Méndez's annual base salary is $770,000 and her annual target opportunity under the Short-Term Incentive Plan is 100% of her base salary. The target opportunity will be pro-rated for 2024 to reflect both the new target opportunity and the target opportunity in effect before her promotion.

Source · Based on the filing body and exhibits

Supplemental Long-Term Incentive Target Value $2,390,000

Otis Worldwide said it granted Ms. Méndez a supplemental long-term incentive award with a target value of $2,390,000 on August 23, 2024. It said 50% of the award was delivered in performance share units, 25% in restricted stock units and 25% in stock appreciation rights. The company said the restricted stock units and stock appreciation rights vest ratably over 3 years, 1/3 on each anniversary.

Source · Based on the filing body and exhibits

Connecticut Long-Term Assignment Terms and Post-Employment Restrictions

The company said Ms. Méndez, who is currently based in Switzerland, will be placed on a long-term international assignment to Farmington, Connecticut, its headquarters, and will receive a one-time relocation allowance of 12,792 CHF and a housing allowance of $5,000 per month. She will be covered by the ELG Severance Plan and the Change in Control Severance Plan and is subject to a 2-year post-employment noncompetition and employee nonsolicitation covenant.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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