Carrier (NYSE: CARR) SVP awarded 39,560 stock appreciation rights and PSUs

Rhea-AI Filing Summary

Carrier Global Corporation reported that Senior Vice President, Services & Chief Business Development Officer Ajay Agrawal received a grant of 39,560 stock appreciation rights on January 28, 2026 at an exercise price of $57.91 per share. These rights are exercisable starting January 28, 2029 and expire January 27, 2036, and were reported as directly owned.

The filing also notes an award of 10,965 Performance Share Units (PSUs) under Carrier’s 2020 Long-Term Incentive Plan. Each PSU represents a contingent right to one share of common stock, vesting on the third anniversary of the grant date if Mr. Agrawal remains employed and Carrier meets pre-set earnings per share growth and relative total shareholder return targets over a three-year period.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Agrawal Ajay

(Last) (First) (Middle)

13995 PASTEUR BOULEVARD

(Street)

PALM BEACH GARDENS FL 33418

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CARRIER GLOBAL Corp [ CARR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Services & Chief BD Ofcr

3. Date of Earliest Transaction (Month/Day/Year)
01/28/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Appreciation Right	$57.91	01/28/2026		A		39,560		01/28/2029	01/27/2036	Common Stock	39,560	$0.0000	39,560(1)	D

Explanation of Responses:

1. The reporting person was also awarded 10,965 Performance Share Units (PSUs) under the Carrier Global Corporation 2020 Long-Term Incentive Plan. Each PSU represents a contingent right to receive one share of Carrier Global Corporation common stock. The PSUs vest on the third anniversary of the grant date contingent upon (a) the reporting person's continued employment and (b) Carrier's achievement of pre-established performance targets for earnings per share growth and total shareowner return relative to a subset of industrial companies in the S&P 500 index over a three-year time period.

Remarks:

Senior Vice President (SVP), Global Services & Chief Business Development Officer

	/s/ Erin O'Neal as Attorney-in-Fact	01/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did CARR report for Ajay Agrawal on January 28, 2026?

Ajay Agrawal received 39,560 stock appreciation rights from Carrier Global on January 28, 2026. The rights have a $57.91 exercise price, are directly owned, become exercisable January 28, 2029, and expire January 27, 2036 under the company’s long-term incentive framework.

How many stock appreciation rights did the Carrier (CARR) executive receive?

The Carrier executive received 39,560 stock appreciation rights in this grant. These rights allow value realization above a $57.91 exercise price, are directly held, and are scheduled to be exercisable beginning January 28, 2029, with an expiration date of January 27, 2036.

What Performance Share Units (PSUs) were granted in this Carrier (CARR) Form 4?

The reporting person was awarded 10,965 Performance Share Units under Carrier’s 2020 Long-Term Incentive Plan. Each PSU can convert into one share of common stock, subject to continued employment and Carrier meeting earnings per share growth and relative total shareholder return performance targets.

When do the Carrier (CARR) PSUs granted to Ajay Agrawal vest?

The 10,965 Performance Share Units vest on the third anniversary of the grant date. Vesting depends on the executive’s continued employment and Carrier achieving pre-established earnings per share growth and total shareowner return targets over a three-year performance period versus selected S&P 500 industrial peers.

What performance conditions apply to Carrier (CARR) PSUs disclosed in this filing?

The PSUs require Carrier to meet targets for earnings per share growth and total shareowner return. Performance is measured over a three-year period relative to a subset of industrial companies in the S&P 500, alongside the executive’s continued employment through the third anniversary of the grant date.

Is the stock appreciation right grant to the Carrier (CARR) executive a direct holding?

Yes, the 39,560 stock appreciation rights reported are classified as directly owned. The Form 4 lists them under direct ownership, with no indication of holding through a separate entity, trust, or partnership, and a total of 39,560 derivative securities beneficially owned after the transaction.