Form 8-K - Current report
01 Février 2024 - 10:30PM
Edgar (US Regulatory)
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2024-01-30
2024-01-30
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 30, 2024
CARRIER GLOBAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware |
001-39220 |
83-4051582 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
13995 Pasteur Boulevard
Palm Beach Gardens, Florida 33418
(Address of principal executive offices, including
zip code)
(561) 365-2000
(Registrant’s telephone number, including
area code)
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock ($0.01 par value) |
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CARR |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers. |
At a regularly scheduled meeting
on January 30, 2024, the independent members of the Board of Directors (the “Board”) of Carrier Global Corporation (“Carrier”
or “we”) approved, following the recommendation of our Compensation Committee, the grant of a supplemental equity award (the
“Supplemental Equity Award”) to our Chief Executive Officer, David Gitlin.
Under Mr. Gitlin’s leadership,
Carrier is implementing a significant portfolio transformation to drive profitable growth and create substantial value for shareowners.
Carrier is at a pivotal moment in this portfolio transformation with the acquisition of Viessmann Climate Solutions and the divestiture
of its Fire & Security and Commercial Refrigeration businesses. The Supplemental Equity Award is designed to incentivize and support
Mr. Gitlin’s long-term retention given his critical role in guiding this transformation and further positioning Carrier as the global
leader in intelligent climate and energy solutions.
The Supplemental Equity Award is
exclusively performance based with rigorous targets tied to adjusted earnings per share growth and stock price appreciation with vesting
over five years, thereby linking it directly to retention as well as the Company’s long-term growth and further promoting the alignment
of Mr. Gitlin’s compensation with long-term shareowner value creation. In approving the award, the Compensation Committee and the
Board also considered the extremely competitive external market by direct peers and broader industrial companies for proven senior executive
talent and high-profile CEOs such as Mr. Gitlin. Mr. Gitlin’s market attractiveness is further heightened by his leadership through
a very successful period for Carrier, resulting in significant shareowner value creation since its spin-off into an independent company
in April 2020. In addition to the required achievement of specific performance hurdles, the award delivers full value only if Mr. Gitlin
remains with Carrier through 2029.
The Supplemental Equity Award was
approved, with the advice and input from the Compensation Committee’s independent compensation consultant, which included a review
of relevant benchmarking data and is in addition to Mr. Gitlin’s annual equity grant, which was approved on the same date.
The Supplemental Equity Award is
in the form of (i) performance share units (“PSUs”), for 446,110 shares at target, and (ii) stock appreciation rights (“SARs”),
for 1,725,330 shares underlying the grant, with an exercise price of $56.33 per share, which represents the closing price on the grant
date. The number of PSU shares earned under the Supplemental Equity Award will be based on the level of performance achieved against adjusted
earnings per share growth (“EPS Growth”) performance goals during the three-year performance period of 2024 through 2026 with
payout ranging from 0% to 200% of the target number of shares. Earned PSUs are subject to time-based vesting and will vest in three equal
annual installments in each of 2027, 2028 and 2029, subject to continuous employment through the vesting date. The SARs granted as part
of the Supplemental Equity Award will cliff vest on the five-year anniversary of the grant date, subject to continuous employment through
such date.
Upon a termination of employment
for any reason (other than death or disability) absent a change in control of Carrier, Mr. Gitlin will forfeit his unvested SARs and PSUs.
Upon a death or disability, Mr. Gitlin’s SARs and PSUs fully vest (with unvested PSUs vesting at target performance). If, in connection
with a change in control, Mr. Gitlin’s unvested SARs and PSUs underlying the Supplemental Equity Award are replaced and Mr. Gitlin
is terminated by Carrier for reasons other than for “cause” or Mr. Gitlin resigns for “good reason”, in either
case, within the 24-months following such change in control, then all unvested SARs and PSUs underlying the Supplemental Equity Award
will vest (with unvested PSUs vesting at the greater of target or actual performance achievement through the change in control date).
There are no retirement-eligible provisions for such award.
Mr. Gitlin’s annual equity award for 2024 will continue to be delivered
in the form of PSUs and SARs, with vesting three years from the grant date, subject to continuous
employment. The number of PSU shares earned under the annual equity award will be based on the level of performance achieved against total
shareholder return relative to a subset of industrial companies in the S&P 500 index. The annual equity awards are subject to the
same qualifying termination and retirement provisions as prior annual equity awards.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 1, 2024 |
CARRIER GLOBAL CORPORATION |
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By: |
/s/ Kevin O’Connor |
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Name: Kevin O’Connor
Title: Senior Vice President and Chief Legal Officer |
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