Carrier Global Issues New Equity Awards to Segment President

Rhea-AI Filing Summary

Carrier Global Corporation (CARR) – Insider Equity Grant

Form 4 discloses that Thomas Heim, President of Carrier’s CSE segment, received two equity-based awards on 06/19/2025:

• Stock Appreciation Rights (SARs): 21,200 rights with an exercise price of $69.86, exercisable from 02/06/2028 and expiring 06/18/2035.
• Performance Share Units (PSUs): 5,950 contingent shares that will vest on 02/06/2028, subject to continued employment and Carrier’s achievement of EPS growth and relative total shareholder return targets.

No shares were sold or disposed of, and ownership remains recorded as direct (D). The filing is an administrative disclosure of compensation rather than a transaction impacting the public float or near-term cash flows.

Insights

Financial Analyst

TL;DR: Routine equity award; minimal direct financial impact.

The grant aligns executive incentives with long-term shareholder returns but does not change Carrier’s capitalization or cash position. The 21,200 SARs and 5,950 PSUs represent a tiny fraction of CARR’s ~900 million shares outstanding, making dilution immaterial. Because the awards vest starting in 2028 and are performance-based, they signal management’s confidence in meeting multiyear EPS and TSR goals but do not provide immediate information on operating performance.

Corporate Governance Specialist

TL;DR: Standard Section 16 filing; neutral governance impact.

The equity package is consistent with prevalent large-cap incentive practices—mixing SARs with PSUs tied to relative performance. No red flags on timing or scale. Rule 10b5-1 language is referenced but not invoked, and there are no sales that might trigger concern about insider sentiment. Overall, this is a routine disclosure that maintains transparency without materially altering governance risk.

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

OMB Number:			3235-0287
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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^*

Heim Thomas

(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)
	President, CSE

3. Date of Earliest Transaction (Month/Day/Year)
06/19/2025

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
Stock Appreciation Right	$69.86	06/19/2025		A		21,200		02/06/2028	06/18/2035	Common Stock	21,200	$0.0000	21,200(1)	D

Explanation of Responses:

1. The reporting person was also awarded 5,950 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 February 6, 2028 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.

	/s/ Erin O'Neal as Attorney-in-Fact	06/20/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Carrier Global (CARR) disclose in the latest Form 4?

The company reported a grant of 21,200 stock appreciation rights and 5,950 performance share units to President Thomas Heim.

What is the exercise price of the new SARs issued to Thomas Heim?

Each SAR has an exercise price of $69.86.

When do the SARs issued on 06/19/2025 become exercisable and expire?

They become exercisable on 02/06/2028 and expire on 06/18/2035.

What conditions apply to the 5,950 PSUs awarded to Heim?

The PSUs vest on 02/06/2028, contingent on continued employment and Carrier achieving predefined EPS growth and relative TSR targets.

Did the insider sell any Carrier Global shares in this filing?

No. The filing records only awards; there were no sales or disposals of existing shares.