[Form 4] CARRIER GLOBAL Corp Insider Trading Activity

Rhea-AI Filing Summary

Beril Yildiz, identified as VP, Controller & CAO of Carrier Global Corp (CARR), reported equity awards granted on 10/01/2025. She received 6,310 Restricted Stock Units (RSUs) that vest in three tranches on 10/01/2026, 10/01/2027, and 10/01/2028, each RSU representing a contingent right to one share of common stock subject to continued employment. She also received Stock Appreciation Rights (SARs) totaling 22,950 with an exercise/conversion price of $59.46, exercisable in corresponding tranches beginning 10/01/2026 through 10/01/2028 and expiring on 09/30/2035. The Form 4 was signed via attorney-in-fact on 10/03/2025. The filing shows the post-grant beneficial ownership counts for each award equal to the grant amounts reported.

Positive

• 6,310 RSUs awarded, aligning senior officer compensation with long-term shareholder value
• 22,950 SARs awarded with multi-year vesting, supporting retention through 2028

Negative

• 22,950 SARs represent potential future dilution if settled in stock
• SARs carry an exercise price of $59.46, which could result in share issuance if market price exceeds that level before 09/30/2035

Insights

Compensation & Governance Analyst

Officer received multi-year RSU and SAR grants tied to continued service.

The report documents 6,310 RSUs vesting over 2026–2028 and 22,950 SARs with a $59.46 strike price expiring 09/30/2035. These awards are standard long-term incentive instruments that align executive pay with share performance and retention.

Because vesting is contingent on continued employment, the grants primarily affect long-term compensation expense and potential future share issuance if SARs are settled in stock.

Equity Dilution & Capital Structure Analyst

Grants create potential future dilution equal to the reported underlying shares.

The filing shows the underlying shares attributable to the awards as 6,310 for RSUs and 22,950 for SARs, which represents the maximum reported incremental shares tied to these grants if settled in stock.

The SARs' long expiration (2035) means any dilution could occur over an extended period, subject to vesting and exercise/settlement mechanics disclosed here.

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

OMB APPROVAL

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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).

1. Name and Address of Reporting Person^*

Yildiz Beril

(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)
	VP, Controller & CAO

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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
Restricted Stock Unit RSU	(1)	10/01/2025		A		1,052		10/01/2026	(1)	Common Stock	1,052	$0.0000	1,052	D
Restricted Stock Unit RSU	(1)	10/01/2025		A		1,053		10/01/2027	(1)	Common Stock	1,053	$0.0000	1,053	D
Restricted Stock Unit RSU	(1)	10/01/2025		A		4,205		10/01/2028	(1)	Common Stock	4,205	$0.0000	4,205	D
Stock Appreciation Right	$59.46	10/01/2025		A		3,825		10/01/2026	09/30/2035	Common Stock	3,825	$0.0000	3,825	D
Stock Appreciation Right	$59.46	10/01/2025		A		3,825		10/01/2027	09/30/2035	Common Stock	3,825	$0.0000	3,825	D
Stock Appreciation Right	$59.46	10/01/2025		A		15,300		10/01/2028	09/30/2035	Common Stock	15,300	$0.0000	15,300	D

Explanation of Responses:

1. Each Restricted Stock Unit (RSU), including dividend equivalents that accrue during the vesting period, represents a contingent right to receive one share of Carrier common stock. The RSUs vest contingent upon the reporting person's continued employment at the conclusion of the vesting period.

	/s/ Erin O'Neal as Attorney-in-Fact	10/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What equity awards did Carrier Global (CARR) officer Beril Yildiz receive on 10/01/2025?

She was granted 6,310 Restricted Stock Units (RSUs) and 22,950 Stock Appreciation Rights (SARs) on 10/01/2025.

When do the RSUs and SARs awarded to Beril Yildiz vest or become exercisable?

The RSUs vest on 10/01/2026, 10/01/2027, and 10/01/2028. The SARs become exercisable in corresponding tranches starting 10/01/2026 with final tranche 10/01/2028.

What is the exercise price and expiration date for the SARs granted to the officer?

The SARs have an exercise/conversion price of $59.46 and an expiration date of 09/30/2035.

Does the Form 4 indicate whether the RSUs include dividend equivalents?

Yes. The filing explains each RSU, including dividend equivalents that accrue during vesting, represents a contingent right to one share of Carrier common stock.

Who filed the Form 4 and when was it signed?

The Form 4 was filed for Beril Yildiz and signed by Erin O'Neal as Attorney-in-Fact on 10/03/2025.

What is the reporting person's role at Carrier Global?

The reporting person is identified as VP, Controller & CAO and the filing is made as an officer filing.