Otis (NYSE: OTIS) sets up shelf to issue stock and guarantee debt
Otis Worldwide Corporation and its Luxembourg subsidiary Highland Holdings S.à r.l. have filed a shelf registration on Form S-3 that allows them to offer and sell various securities over time. Otis may issue common stock, debt securities, preferred stock, units and warrants, and certain selling securityholders may also resell Otis securities under this framework.
Highland may issue debt securities that will be fully and unconditionally guaranteed on an unsecured, unsubordinated basis by Otis. The specific terms, pricing and intended use of any net proceeds will be described in future prospectus supplements. Investors are directed to Otis’ incorporated Form 10-K and other Exchange Act reports for summarized financial information, detailed risk factors and additional disclosures that will automatically update this base prospectus.
Positive
- None.
Negative
- None.
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Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
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83-3789412
(I.R.S. Employer Identification No.)
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Grand Duchy of Luxembourg
(State or Other Jurisdiction of
Incorporation or Organization)
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98-1507045
(I.R.S. Employer Identification No.)
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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Page
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ABOUT OTIS WORLDWIDE CORPORATION
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1
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ABOUT HIGHLAND HOLDINGS S.À R.L.
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1
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ABOUT THIS PROSPECTUS
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1
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WHERE YOU CAN FIND MORE INFORMATION
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3
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CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE
RESULTS
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4
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SUMMARIZED FINANCIAL INFORMATION
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6
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RISK FACTORS
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7
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USE OF PROCEEDS
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8
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PLAN OF DISTRIBUTION
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9
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DESCRIPTION OF COMMON STOCK, DEBT
SECURITIES, PREFERRED STOCK, UNITS AND WARRANTS OF OTIS WORLDWIDE CORPORATION
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11
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DESCRIPTION OF DEBT SECURITIES OF HIGHLAND HOLDINGS S.À
R.L.
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11
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DESCRIPTION OF GUARANTEES OF OTIS WORLDWIDE CORPORATION
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11
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ENFORCEMENT OF CIVIL LIABILITIES
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12
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LEGAL MATTERS
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13
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EXPERTS
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13
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1.
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Otis’ Annual Report on Form 10-K
for the year ended December 31, 2025;
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2.
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Otis’ Current Report on Form 8-K filed on January 20, 2026 (other than the portions of those documents not deemed to be filed); and
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3.
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The description of Otis’ common stock contained in Exhibit 4.10 to Otis’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and any other amendments and
reports filed for the purpose of updating such description.
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the effect of economic conditions in the industries and markets in which Otis and its businesses operate and any changes therein,
including financial market conditions, fluctuations in commodity prices, and other inflationary pressures, interest rates and foreign currency exchange rates, levels of end market demand in construction, pandemic health issues, natural
disasters, whether as a result of climate change or otherwise, and the financial condition of Otis’ customers and suppliers;
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the effect of changes in political conditions in the U.S. and in other countries in which Otis and its businesses operate,
including tensions between the U.S. and China and geopolitical conflicts, including the ongoing conflict between Russia and Ukraine and instability in the Middle East, on general market conditions, commodity costs, global trade policies
and related sanctions, export controls and tariffs, and currency exchange rates in the near term and beyond;
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challenges in the development, production, delivery, support, employee adoption, performance and realization of the anticipated
benefits of advanced technologies and new products and services;
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future levels of indebtedness, capital spending and research and development spending;
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future availability of credit and factors that may affect such availability or costs thereof, including credit market conditions
and Otis’ capital structure;
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the timing and scope of future repurchases of Common Stock, which may be suspended at any time due to various factors, including
market conditions and the level of other investing activities and uses of cash;
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fluctuations in prices and delays and disruptions in delivery of materials and services from suppliers, whether as a result of
changes in general economic conditions, geopolitical conflicts or otherwise;
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cost reduction or containment actions, restructuring or transformation costs and related savings and other consequences thereof,
including with respect to UpLift and our China business and related impacts of reorganization, change management and outsourcing activities, as applicable;
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new business and investment opportunities and the realization of anticipated benefits, including meeting customer expectations and
maintaining our competitiveness;
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the outcome of legal proceedings, investigations and other contingencies;
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pension plan assumptions and future contributions;
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the impact of the negotiation of collective bargaining agreements and labor disputes, labor actions, including strikes or work
stoppages, and labor inflation in the markets in which Otis and its businesses operate globally;
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the effect of changes in laws, regulations and enforcement priorities in the U.S. and other countries in which Otis and its
businesses operate;
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the ability of Otis to retain and hire key personnel;
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the scope, nature, impact or timing of acquisition and divestiture activity, the integration of acquired businesses into existing
businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs;
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the determination by the Internal Revenue Service (the “IRS”) and other tax authorities that the distribution or certain related
transactions in connection with the Separation should be treated as taxable transactions; and
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our obligations and disputes that have or may hereafter arise under the agreements we entered into with RTX and Carrier in
connection with the Separation.
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to or through underwriting syndicates represented by managing underwriters;
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through one or more underwriters without a syndicate for them to offer and sell to the public;
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through dealers or agents; or
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directly to investors.
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at a fixed price or prices, which may be changed;
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at market prices prevailing at the time of sale;
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at prices related to prevailing market prices; or
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at negotiated prices.
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Item 14.
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Other Expenses of Issuance of Distribution
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Filing Fee—Securities and Exchange Commission
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$ (1)
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Accounting fees and expenses
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(2)
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Legal fees and expenses
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(2)
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Trustee and depositary fees and expenses
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(2)
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Printing and engraving expenses
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(2)
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Blue Sky fees and expenses
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(2)
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Rating agency fees
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(2)
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Listing fees and expenses
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(2)
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Miscellaneous expenses
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(2)
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Total expenses
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$
(2)
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(1)
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The registrants are registering an indeterminate amount of securities under this Registration Statement and in accordance with
Rules 456(b) and 457(r), the registrants are deferring payment of any additional registration fees until the time the securities are sold under this Registration Statement pursuant to a prospectus supplement.
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(2)
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These fees are calculated based on the number of issuances and amount of securities offered and accordingly cannot be estimated at
this time.
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Item 15.
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Indemnification of Directors and Officers
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Item 16.
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Exhibits
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Exhibit
Number
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Exhibit Description
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1.1*
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Form of Underwriting Agreement for Common Stock
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1.2*
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Form of Underwriting Agreement for Debt Securities
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1.3*
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Form of Underwriting Agreement for Preferred Stock
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1.4*
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Form of Underwriting Agreement for Units
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1.5*
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Form of Underwriting Agreement for Warrants
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2.1**
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Separation and Distribution Agreement by and among United Technologies
Corporation, Carrier Global Corporation and Otis Worldwide Corporation (filed as Exhibit 2.1 to the Current Report on Form 8-K on April 3, 2020 and incorporated herein by reference)
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3.1(A)**
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Certificate of Amendment (filed as Exhibit 3.1(A) to the Current Report on
Form 8-K on April 3, 2020 and incorporated herein by reference)
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3.1(B)**
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Amended and Restated Certificate of Incorporation of Otis Worldwide
Corporation (filed as Exhibit 3.1(B) to the Current Report on Form 8-K on April 3, 2020 and incorporated herein by reference)
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3.2**
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Amended and Restated By-Laws of Otis Worldwide Corporation (filed as
Exhibit 3.1 to the Current Report on Form 8-K on March 24, 2025 and incorporated herein by reference)
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3.3**
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Deed of Incorporation of Highland Holdings S.à r.l., dated as of 16
August 2019 (filed as Exhibit 3.3 to Post-Effective Amendment No. 1 to the Registration Statement on Form S-3ASR on October 26, 2021 and incorporated herein by reference)
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3.4**
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Amended and Restated Articles of Association of Highland Holdings S.à r.l.,
dated as of 28 February 2023 (filed as Exhibit 3.4 to the Registration Statement on Form S-3ASR on March 24, 2023 and incorporated herein by reference)
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4.1**
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Indenture, dated as of February 27, 2020, between Otis Worldwide
Corporation and The Bank of New York Mellon Trust Company, N.A. (filed as Exhibit 4.1 to Amendment No. 1 to the Registration Statement on Form 10 on March 11, 2020 and incorporated herein by reference)
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4.2**
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Indenture, dated November 12, 2021, among Highland Holdings S.à r.l., as
the company, Otis Worldwide Corporation, as the guarantor and The Bank of New York Mellon Trust Company, N.A., as trustee (filed as Exhibit 4.1 to the Current Report on Form 8-K on November 12, 2021 and incorporated herein by reference)
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4.3*
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Form of Debt Security
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4.4*
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Form of Certificate of Designation for Preferred Stock
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4.5*
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Form of Preferred Stock Certificate
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4.6*
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Form of Unit Agreement
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Exhibit
Number
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Exhibit Description
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4.7*
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Form of Unit Certificate
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4.8*
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Form of Warrant Agreement
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4.9*
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Form of Warrant Certificate
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5.1
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Opinion of Wachtell, Lipton, Rosen & Katz
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5.2
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Opinion of NautaDutilh Avocats Luxembourg S.à r.l.
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22.1**
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List of Guarantor Subsidiaries (filed as Exhibit 22 to the Annual Report on
Form 10-K on February 5, 2026 and incorporated herein by reference)
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23.1
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Consent of Wachtell, Lipton, Rosen & Katz (included in Exhibit 5.1)
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23.2
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Consent of PricewaterhouseCoopers LLP
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23.3
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Consent of NautaDutilh Avocats Luxembourg S.à r.l. (included in
Exhibit 5.2)
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24.1
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Power of Attorney of Otis Worldwide Corporation (included on the signature
pages)
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24.2
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Power of Attorney of Highland Holdings S.à r.l. (included on the signature
pages)
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25.1
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Statement of Eligibility of The Bank of New York Mellon Trust Company, N.A.
as Trustee under the Indenture, dated as of February 27, 2020, between Otis Worldwide Corporation and The Bank of New York Mellon Trust Company, N.A.
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25.2
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Statement of Eligibility of The Bank of New York Mellon Trust Company, N.A.
as Trustee under the Indenture, dated as of November 12, 2021, among Highland Holdings S.à r.l., Otis Worldwide Corporation and The Bank of New York Mellon Trust Company, N.A.
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107
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Filing Fee Table
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To be filed by amendment or as an exhibit to a Current Report on Form 8-K and incorporated by reference herein.
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**
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Previously filed.
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Item 17.
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Undertakings
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(1)
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To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
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(i)
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To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933 (the “Securities Act”);
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(ii)
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To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration
Fee” table in the effective registration statement; and
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(iii)
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To include any material information with respect to the plan of distribution not previously disclosed in the registration
statement or any material change to such information in the registration statement;
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(2)
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That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
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(3)
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To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at
the termination of the offering.
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(4)
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That, for the purpose of determining liability under the Securities Act to any purchaser:
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(i)
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Each prospectus filed by a registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and
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(ii)
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Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the
registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B,
for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which
that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of
the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of
sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective
date.
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(5)
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That, for the purpose of determining liability of a registrant under the Securities Act to any purchaser in the initial
distribution of the securities, each undersigned registrant undertakes that in a primary offering of securities of the respective undersigned registrant pursuant to this registration statement, regardless of the underwriting method used
to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the respective undersigned registrant will be a seller to the purchaser and will be
considered to offer or sell such securities to such purchaser:
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(i)
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Any preliminary prospectus or prospectus of the respective undersigned registrant relating to the offering required to be filed
pursuant to Rule 424;
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(ii)
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Any free writing prospectus relating to the offering prepared by or on behalf of the respective undersigned registrant or used or
referred to by respective undersigned registrant;
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(iii)
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The portion of any other free writing prospectus relating to the offering containing material information about the respective
undersigned registrant or its securities provided by or on behalf of the respective undersigned registrant; and
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(iv)
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Any other communication that is an offer in the offering made by the respective undersigned registrant to the purchaser.
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(6)
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That, for purposes of determining liability under the Securities Act, each filing of the registrants’ annual report pursuant to
Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
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(7)
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Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and
controlling persons of the registrants pursuant to the foregoing provisions, or otherwise, the registrants have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act
and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by a registrant of expenses incurred or paid by a director, officer or controlling person of the respective
registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the respective registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
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OTIS WORLDWIDE CORPORATION
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By:
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/s/ Cristina Méndez
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Cristina Méndez
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Executive Vice President and
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Chief Financial Officer
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Signature
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Title
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Date
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/s/ Judith F. Marks
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Director, Chair, President and
Chief Executive Officer
(Principal Executive Officer)
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February 13, 2026
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Judith F. Marks
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/s/ Cristina Méndez
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Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
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February 13, 2026
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Cristina Méndez
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/s/ Michael P. Ryan
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Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
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February 13, 2026
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Michael P. Ryan
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/s/ Thomas A. Bartlett
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Director
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February 13, 2026
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Thomas A. Bartlett
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/s/ Jeffrey H. Black
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Director
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February 13, 2026
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Jeffrey H. Black
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/s/ Jill C. Brannon
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Director
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February 13, 2026
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Jill C. Brannon
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/s/ Nelda J. Connors
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Director
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February 13, 2026
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Nelda J. Connors
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Signature
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Title
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Date
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/s/ Kathy Hopinkah Hannan
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Director
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February 13, 2026
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Kathy Hopinkah Hannan
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/s/ Christopher J. Kearney
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Director
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February 13, 2026
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Christopher J. Kearney
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/s/ Judith F. Marks
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Director
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February 13, 2026
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Judith F. Marks
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/s/ Margaret M. V. Preston
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Director
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February 13, 2026
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Margaret M. V. Preston
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/s/ Shelley Stewart, Jr.
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Director
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February 13, 2026
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Shelley Stewart, Jr.
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/s/ John H. Walker
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Director
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February 13, 2026
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John H. Walker
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HIGHLAND HOLDINGS S.À R.L.
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By:
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/s/ Bradley G. Thompson
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Bradley G. Thompson
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Principal Executive Officer
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Signature
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Title
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/s/ Bradley G. Thomson
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Class A Manager
(Principal Executive Officer)
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Bradley G. Thomson
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/s/ Michael P. Ryan
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Class A Manager
(Principal Financial Officer and
Principal Accounting Officer)
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Michael P. Ryan
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/s/ Filipa Alexandra Justino Grancho
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Class A Manager
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Filipa Alexandra Justino Grancho
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/s/ Robin Norbert Casteel
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Class A Manager
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Robin Norbert Casteel
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/s/ Kristina Velicka
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Class B Manager
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Kristina Velicka
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/s/ Helciane Rucèle Abadassi
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Class B Manager
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Helciane Rucèle Abadassi
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/s/ Coralie-Aurore Gabrielle Madeleine Leray
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Class B Manager
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Coralie-Aurore Gabrielle Madeleine Leray
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/s/ Debra F. Guss
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Corporate Secretary
(Authorized Representative in the United States)
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Debra F. Guss
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