Armas Joseph Jay 4

What Happened
Joseph Jay, President of Otis Americas, had 1,680 restricted stock units (RSUs convert to common shares) vest and convert into 1,680 common shares on 2026-06-02. To satisfy tax withholding, 421 of those shares were surrendered at $70.33 per share for a withholding value of $29,609, leaving a net delivery of 1,259 shares to Mr. Jay. The gross value of the 1,680 vested shares (using $70.33) is about $118,154.

Key Details

• Transaction date: 2026-06-02; Form 4 filed 2026-06-03 (timely).
• Actions reported: Conversion of RSUs into 1,680 shares (code M) and tax withholding of 421 shares (code F) at $70.33/share = $29,609.
• Net shares received by insider: 1,259 shares (1,680 vested − 421 withheld).
• Shares owned after transaction: Not disclosed in the provided excerpt of the filing.
• Footnotes: F1 — RSUs convert one-for-one and include dividend equivalents; F2 — these RSUs were granted 2026-06-02? (grant date listed as June 2, 2025) and vest in three equal annual installments; the first installment vested on the transaction date.
• Transaction codes: M = conversion/exercise of a derivative (RSU conversion); F = payment of tax liability via share withholding.

Context

• This is a routine RSU vesting and tax-withholding event, not an open-market sale or purchase. The withholding of shares to cover taxes is standard and does not by itself indicate a bullish or bearish signal.
• Because the RSUs converted to shares and some shares were withheld immediately, this resembles a cashless-withholding settlement rather than a sale of shares on the market.