How is Mary E. Ludford’s 1,500-share Otter Tail Corp grant structured?

The 1,500-share grant is Restricted Stock under the 2023 Stock Incentive Plan. It vests in near-equal installments of one-third per year starting April 8, 2027, meaning the award becomes fully vested over about three years, aligning compensation with longer-term company performance.

Otter Tail Corp (OTTR) director receives 1,500-share stock grant

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Otter Tail Corp director Mary E. Ludford reported an equity award of 1,500 shares of Common Stock. The shares were granted on April 13, 2026 as Restricted Stock under the 2023 Stock Incentive Plan and carry no purchase price, reflecting stock-based compensation rather than an open-market buy.

The grant will vest in near-equal installments of one-third per year beginning April 8, 2027, spreading ownership over roughly three years. After this award, Ludford’s total direct holdings are 7,071 shares, including shares previously acquired individually and through Restricted Stock Award distributions.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Ludford Mary E

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,500	$0.00	--

Holdings After Transaction: Common Stock — 7,071 shares (Direct)

Footnotes (1)

Shares of Common Stock acquired under the 2023 Stock Incentive Plan, which is a grant of Restricted Stock. The shares granted on April 13, 2026 will vest in near-equal installments of one-third per year beginning April 8, 2027. This grant has a fair market value of $91.15. Total direct holdings include shares acquired individually and pursuant to Restricted Stock Award distributions.

Key Figures

Restricted Stock grant: 1,500 shares Total direct holdings: 7,071 shares Reported fair market value: $91.15 +2 more

5 metrics

Restricted Stock grant 1,500 shares Common Stock award on April 13, 2026

Total direct holdings 7,071 shares Common Stock after reported transaction

Reported fair market value $91.15 Fair market value of the grant per footnote

Vesting schedule start April 8, 2027 First one-third of Restricted Stock vests

Vesting pattern One-third per year Near-equal annual installments beginning April 8, 2027

Key Terms

Restricted Stock, 2023 Stock Incentive Plan, fair market value, Restricted Stock Award distributions

4 terms

Restricted Stock financial

"which is a grant of Restricted Stock. The shares granted on April 13, 2026"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

2023 Stock Incentive Plan financial

"Shares of Common Stock acquired under the 2023 Stock Incentive Plan, which is a grant"

fair market value financial

"This grant has a fair market value of $91.15."

The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.

Restricted Stock Award distributions financial

"Total direct holdings include shares acquired individually and pursuant to Restricted Stock Award distributions."

Form 4 Insider Transactions: What Each Field Means →

04/14/2026 - 02:32 PM

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
Estimated average burden
hours per response:			0.5

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^*

Ludford Mary E

(Last)

(First)

(Middle)

215 S CASCADE STREET

(Street)

FERGUS FALLS

MINNESOTA

56537

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Otter Tail Corp [ OTTR ]

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

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/13/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/13/2026		A⁽¹⁾		1,500	A	⁽²⁾	7,071⁽³⁾	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Shares of Common Stock acquired under the 2023 Stock Incentive Plan, which is a grant of Restricted Stock. The shares granted on April 13, 2026 will vest in near-equal installments of one-third per year beginning April 8, 2027.

2. This grant has a fair market value of $91.15.

3. Total direct holdings include shares acquired individually and pursuant to Restricted Stock Award distributions.

Remarks:

	/s/ Mary E. Ludford by James A. Versteeg, Attorney-in-Fact	04/14/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Otter Tail Corp (OTTR) director Mary E. Ludford report?

Mary E. Ludford reported receiving an award of 1,500 Otter Tail Corp Common Stock shares. The shares were granted as Restricted Stock under the 2023 Stock Incentive Plan, representing equity compensation rather than an open-market purchase, and increased her direct holdings to 7,071 shares.

Did Mary E. Ludford pay cash for the 1,500 Otter Tail Corp shares reported on Form 4?

The Form 4 shows the 1,500-share transaction at a per-share price of $0.0000, indicating an equity award rather than a cash purchase. The transaction is coded as a grant or award acquisition, consistent with compensation granted under the 2023 Stock Incentive Plan.

What is the reported fair market value of Mary E. Ludford’s Otter Tail Corp grant?

A footnote states this grant has a fair market value of $91.15. This figure comes directly from the company’s disclosure for the award and provides a reference value for the grant as of the award date, separate from any future market price movements.

How many Otter Tail Corp shares does Mary E. Ludford hold after the reported grant?

After the 1,500-share Restricted Stock grant, Mary E. Ludford’s total direct holdings are 7,071 Otter Tail Corp Common Stock shares. This total includes shares acquired individually and prior Restricted Stock Award distributions, as described in the filing’s footnotes.