What is the vesting schedule for Steven P. Rasche’s 1,900-share Restricted Stock grant at OTTR?

The 1,900 Restricted Stock shares will vest in near-equal installments of one-third per year. Vesting begins on April 8, 2027, resulting in a three-year vesting period for the full award.

Otter Tail Corp (OTTR) director gets 1,900-share restricted stock grant

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Rasche Steven P reported acquisition or exercise transactions in this Form 4 filing.

Otter Tail Corp director Steven P. Rasche reported receiving a grant of 1,900 shares of Common Stock on April 13, 2026. The shares were awarded at no cash cost to him as Restricted Stock under the company’s 2023 Stock Incentive Plan.

The restricted shares will vest in near-equal installments of one-third per year beginning April 8, 2027, creating a three-year vesting schedule. After this grant and prior restricted stock distributions, Rasche now directly holds 2,000 shares of Otter Tail common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Rasche Steven P

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,900	$0.00	--

Holdings After Transaction: Common Stock — 2,000 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: 1,900 shares Total direct holdings after grant: 2,000 shares Grant fair market value: $91.15 +1 more

4 metrics

Restricted Stock grant 1,900 shares Common Stock award on April 13, 2026

Total direct holdings after grant 2,000 shares Common Stock directly held following transaction

Grant fair market value $91.15 Fair market value of the grant as disclosed in footnote

Vesting schedule One-third per year Vests in near-equal 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"

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

"acquired under the 2023 Stock Incentive Plan, which is"

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

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

Form 4 Insider Transactions: What Each Field Means →

04/14/2026 - 01:42 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^*

Rasche Steven P

(Last)

(First)

(Middle)

215 SOUTH 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⁾		1,900	A	⁽²⁾	2,000⁽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/ Steven P. Rasche 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) report for Steven P. Rasche?

Otter Tail Corp reported that director Steven P. Rasche received a grant of 1,900 shares of Common Stock as Restricted Stock. The award was made under the 2023 Stock Incentive Plan at no cash purchase price to him.

How large is Steven P. Rasche’s new restricted stock award at Otter Tail Corp (OTTR)?

The award totals 1,900 shares of Otter Tail Corp Common Stock as Restricted Stock. This grant forms part of his equity-based compensation and is subject to a multi-year vesting schedule starting in 2027.

What fair market value was disclosed for Steven P. Rasche’s Restricted Stock grant at Otter Tail Corp?

The filing states that the grant has a fair market value of $91.15. This value is disclosed in the footnotes and reflects the company’s valuation reference for the Restricted Stock award.

How many Otter Tail Corp (OTTR) shares does Steven P. Rasche hold after this Form 4 transaction?

Following the grant, Steven P. Rasche directly holds 2,000 shares of Otter Tail Corp Common Stock. These holdings include shares acquired individually and through prior Restricted Stock Award distributions.

Was Steven P. Rasche’s Otter Tail Corp Form 4 transaction a market buy or a compensation grant?

The transaction was a compensation-related grant, not a market purchase. It is coded as an acquisition (A) representing a grant or award of 1,900 Restricted Stock shares under the 2023 Stock Incentive Plan.