Document:

Exhibit 10.18

    

    

    FORM OF

    OTIS WORLDWIDE CORPORATION

    PENSION PRESERVATION PLAN

    

    

    
      
        	1.	
                PREAMBLE

              

      

    

    

    

    
      
        	

              	1.1	
                Purpose

              

      

    

    

    

    The Otis Worldwide Corporation Pension Preservation Plan (the “Preservation Plan” or the “Plan”) is hereby established effective as of the date of the Spin-off (the “Effective Date”) as an unfunded
      plan for the benefit of certain employees to provide for benefits accrued but not yet paid under the UTC PPP, which provided retirement benefits in excess of the retirement and survivor benefits that may have been paid from tax-qualified retirement
      plans due to (i) benefit limitations imposed by Section 415 of the Code and (ii) the limitation imposed by Section 401(a)(17) of the Code on compensation that may be taken into account in computing retirement benefits under tax-qualified retirement
      plans (referred to collectively as the “Limits”).

    

    

    
      
        	

              	1.2	
                Spin-off from UTC

              

      

    

    

    

    On November 26, 2018, United Technologies Corporation (“UTC”) announced its intention to separate into three independent companies, UTC, Otis Worldwide Corporation (the “Corporation”) and Carrier
      Global Corporation (“Carrier”), through spin-off transactions expected to be completed by mid-year 2020.  The transaction by which the Corporation ceased to be a Subsidiary of UTC is referred to herein as the “Spin-off.”  In connection with the
      Spin-off, and pursuant to the terms of the Employee Matters Agreement by and among the Corporation, UTC, and Carrier (the “Employee Matters Agreement”), the Plan assumed all obligations (to the extent not yet paid) that accrued and vested under the
      UTC PPP on or after January 1, 2005, with respect to “Otis Group Employees” (as such term is defined in the Employee Matters Agreement).  Any such benefits accrued but not yet paid under the UTC PPP for the benefit of Otis Group Employees or
      Beneficiaries of Otis Group Employees will be administered and paid under the terms of the Plan. All distribution elections (including default elections) and designations of Beneficiary made under the UTC PPP by an Otis Group Employee, and in effect
      immediately prior to the Effective Date will continue to apply and shall be administered under the Plan, until such election or designation expires or is otherwise changed or revoked in accordance with the terms of the Plan.  For the avoidance of
      doubt, (1) any benefits in pay status to Former Employees (as such term is defined in the Employee Matters Agreement), and (2) all obligations under the UTC Prior Plans, as of the Spin-off date shall not be assumed under the Plan, but shall remain
      with the UTC PPP and the UTC Prior Plans.  All valid domestic relations orders filed with the UTC PPP as of immediately prior to the Effective Date with respect to the benefit of an Otis Group Employee shall continue to apply under the Plan to the
      extent provided under Section 12.

    
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        	2.	
                DEFINITIONS

              

      

    

    

    

    Beneficiary means the person, persons or entity designated in writing by a Participant to receive the value of his or her Plan Benefit in the event of the
      Participant’s death, in accordance with the terms of the Plan.  If a Participant fails to designate a Beneficiary under the Plan, or if the Beneficiary (and any contingent Beneficiary) does not survive the Participant, the value of the Participant’s
      Plan Benefit will be payable to the Participant’s estate.

    

    

    CB Benefit means the frozen Cash Balance Formula Benefit, accrued as of December 31, 2019, under the terms of the UTC PPP, together with interest, transferred
      to the Plan as of the Spin-off date, with no additional benefit accruals under the Plan.

    

    

    Code means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto.  Reference to any section of the Internal Revenue Code
      shall include any final regulations or other applicable guidance.  References to “Section 409A” shall include any final regulations or other applicable guidance issued thereunder by the Internal Revenue Service from time to time in effect.

    

    

    Committee means the Otis Employee Benefit Plan Committee, which is responsible for the administration of the Plan.  The Committee may delegate administrative
      responsibilities to such individuals and entities as it shall determine.

    

    

    Corporation means the Otis Worldwide Corporation.

    

    

    Disability means permanent and total disability as determined under the Corporation’s long-term disability plan applicable to the Participant, or if there is
      no such plan applicable to the Participant, “Disability” means a determination of total disability by the Social Security Administration.

    
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    Election Form means the form provided to Participants electronically or in paper form for the purpose of electing the form of payment for a Current Plan
      Benefit.

    

    

    FAE Benefit means the frozen Final Average Earnings Formula Benefit, accrued as of December 31, 2014 under the terms of the UTC PPP, transferred to the Plan
      as of the Spin-off date, with no additional benefit accruals under the Plan.

    

    

    Otis Company means Otis Worldwide Corporation or any entity controlled by or under common control with Otis Worldwide Corporation within the meaning of
      Section 414(b) or (c) of the Code (but substituting “at least 20 percent” for “at least 80 percent” as the control threshold used in applying Sections 414(b) and (c)).

    

    

    Participant means an Otis Group Employee who was a participant in the UTC PPP as of the Spin-off date.

    

    

    Plan Benefit means an FAE Benefit and/or a CB Benefit payable under the Plan.

    

    

    Separation from Service means a termination of a Participant’s employment with all Otis Companies, other than by reason of death.  A Separation from Service
      will be deemed to occur where the Participant and the Otis Company that employs the Participant reasonably anticipate that the bona fide level of services the Participant will perform (whether as an employee or as an independent contractor) will be
      permanently reduced to a level that is less than thirty-seven and a half percent (37.5%) of the average level of bona fide services the Participant performed during the immediately preceding 36 months (or the entire period the Participant has
      provided services if the Participant has been providing services to the Otis Companies for less than 36 months).  A Participant shall not be considered to have had a Separation from Service as a result of a transfer from one Otis Company to another
      Otis Company.  For the avoidance of doubt, a transfer from an Otis Company to UTC or Carrier (or one of their affiliates) after the Spin-off (and that otherwise satisfies the definition of a Separation from Service) shall constitute a Separation from
      Service.

    
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    Specified Employee means for the period (1) until the Corporation’s first specified employee effective date following the Spin-off, those officers and
      executives of the Corporation and its Subsidiaries who were identified as a specified employee of UTC on the “specified employee identification date” preceding such specified employee effective date (as such terms are defined by Treas. Reg. Section
      1.409A-1(i)(3) and (4)); and (2) from and after the Corporation’s first specified employee effective date following the Spin-off, each of the fifty (50) highest-paid officers and other executives of the Corporation and its affiliates (determined for
      this purpose under Treas. Reg. Section 1.409A-1(g)), effective annually as of April 1st, based on compensation reported in Box 1 of Form W-2, but including amounts that are excluded from taxable income as a result of elective deferrals to qualified
      plans and pre-tax contributions.  Foreign compensation earned by a nonresident alien that is not effectively connected with the conduct of a trade or business in the United States will not be used to determine Specified Employees following the
      Spin-off.

    

    

    Spin-off means the process by which the Corporation becomes a separate publicly traded company and no longer a UTC subsidiary.

    

    

    Subsidiary means any corporation, partnership, joint venture, limited company or other entity during any period in which at least a 50% voting or profits
      interest is owned, directly or indirectly, by the Corporation or any successor to the Corporation.

    

    

    UTC PPP means the United Technologies Corporation Pension Preservation Plan, as amended and restated as of December 31, 2009, that applies to amounts that
      were earned and vested after December 31, 2004.

    

    

    UTC Prior Plans means the United Technologies Corporation Pension Preservation Plan, as in effect on December 31, 2004 and the United Technologies Corporation
      Pension Replacement Plan, as in effect on December 31, 2004.

    

    

    UTC Qualified Retirement Plan means the United Technologies Corporation Employee Retirement Plan.

    
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        	3.	
                ELIGIBILITY

              

      

    

    

    

    Each Otis Group Employee who was a participant in the UTC PPP as of the Spin-off date shall be a Participant under the Plan.  The Plan is closed to new entrants as of its establishment.

    

    

    
      
        	4.	
                DETERMINATION OF PLAN BENEFITS

              

      

    

    

    

    The Preservation Plan has been established to provide for FAE Benefits and CB Benefits previously accrued under the UTC PPP.

    

    

    
      
        	

              	4.1	
                FAE Benefit

              

      

    

    

    

    The FAE Benefit under the UTC PPP was frozen effective as of December 31, 2014. Therefore, a Participant’s FAE Benefit under the Plan shall be the Participant’s FAE Benefit accrued as of December 31,
      2014 under the UTC PPP, and transferred to the Plan effective as of the Spin-off date, with no additional accruals under the Plan.

    

    

    
      
        	

              	4.2	
                CB Benefit

              

      

    

    

    

    The CB Benefit under the UTC PPP was frozen effective as of December 31, 2019.  Therefore, a Participant’s CB Benefit under the Plan shall be the Participant’s CB Benefit accrued as of December 31,
      2019 under the UTC PPP, and transferred to the Plan, together with interest accrued through the Spin-off date, with no additional benefit accruals under the Plan.  A CB Benefit will continue to be eligible for interest credits under the Plan pursuant
      to Subsection 4.3.

    

    

    
      
        	

              	4.3	
                Credited Interest on CB Benefit

              

      

    

    

    

    Each CB Benefit under the Plan shall be eligible for monthly interest credits until its full distribution in accordance with Section 8.  The interest crediting rate is set annually, based on
      the 30-year U.S. Treasury bond yield.

    
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              	4.4	
                Calculation of FAE Benefit Prior to Transfer

              

      

    

    

    

    In determining a Participant’s FAE Benefit to be transferred to the Plan from the UTC PPP, the FAE Benefit was calculated under the UTC PPP as the excess, if any, of (a) over (b), and for purposes of
      this calculation, it was assumed that the UTC Qualified Retirement Plan benefit and the UTC PPP benefit would commence at the same time, where:

    

    

    
      
        	

              	(a)	
                equals the FAE Benefit that would be paid to such Participant (or on his or her death to his or her Beneficiary) under the UTC Qualified Retirement Plan if the provisions of the UTC Qualified Retirement Plan were administered without
                  regard to the Limits; and

              

      

    

    

    

    
      
        	

              	(b)	
                equals the FAE Benefit payable to such Participant (or on his or her death to his or her Beneficiary) under the UTC Qualified Retirement Plan.

              

      

    

    

    

    The FAE Benefit under the UTC Qualified Retirement Plan was calculated with an FAE formula that used the Participant’s average annual earnings for the 5 highest consecutive years of earnings out of his or her last 10
      years of UTC Qualified Retirement Plan participation through December 31, 2014.

    

    

    
      
        	

              	4.5	
                Calculation of CB Benefit Prior to Transfer

              

      

    

    

    

    A Participant’s CB Benefit under the UTC PPP was calculated under a cash balance formula, as an account that grew with age-based pay credits (a percentage of earnings) and interest credits.  The
      interest crediting rate was set annually, based on the 30-year U.S. Treasury bond yield.

    

    

    
      
        	5.	
                PARTICIPANT ELECTIONS AND DESIGNATIONS

              

      

    

    

    

    
      
        	

              	5.1	
                Payment Elections

              

      

    

    

    

    Payment elections for both the FAE Benefit and the CB Benefit under the UTC PPP are transferred and effective under the Plan as of the Spin-off date.

    

    

    
      
        	

              	5.2	
                Form of FAE Benefit

              

      

    

    

    

    FAE Benefits shall be paid as a monthly single life annuity or an actuarially equivalent survivor benefit annuity, unless a timely election was made in accordance with the terms of the UTC PPP.  A
      UTC PPP participant was able to elect to receive the FAE Benefit as a single lump-sum payment or a series of 2 to 10 annual installment payments.  Except as provided below in Subsection 5.6, a Participant’s transferred payment election is
      irrevocable.

    
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              	5.3	
                Form of CB Benefit

              

      

    

    

    

    CB Benefits shall generally be made as a lump-sum payment, unless a timely election was made in accordance with the terms of the UTC PPP.  A UTC PPP participant was able to elect to receive a monthly
      annuity or a series of 2 to 10 annual installment payments.  Except as provided below in Subsection 5.6, a Participant’s transferred payment election is irrevocable.

    

    

    
      
        	

              	5.4	
                FAE Benefit in the Form of Lump Sum or Annual Installments

              

      

    

    

    

    If a Participant’s Plan benefit is an FAE Benefit and the Participant elects to have his or her FAE Benefit paid in the form of a single lump-sum or annual installment distribution, the actuarially
      equivalent present value of the FAE Benefit shall be determined using the applicable mortality table prescribed by the IRS (updated annually by the IRS), and interest assumption equal to the average yield for tax-free municipal bonds of 10-year
      maturities, averaged over the prior five calendar years.  For purposes of computing this interest assumption, the Barclays Capital 10‐Year Municipal Bond Index shall be utilized, averaging the published yield for 10-year maturities (credit quality AA
      or above) on the last business day of the year over the most recent five consecutive full calendar-year period.  This rate shall be adjusted annually at the beginning of each calendar year.

    

    

    If a Participant’s Plan benefit is an FAE Benefit and the Participant elects to have his or her FAE Benefit paid in the form of annual installments, the value calculated above will be further divided
      into equal annual installments to be paid over the period elected (2 to 10 years), credited with the interest rate then in effect, as detailed above in Subsection 5.4.

    

    

    
      
        	

              	5.5	
                CB Benefit in the Form of Annual Installments or an Annuity

              

      

    

    

    

    If a Participant’s Plan benefit is a CB Benefit and the Participant elects to have his or her CB benefit paid as annual installments, the value of the CB Benefit will be divided into the specific
      number of equal annual installments (2 to 10 years), credited with the interest rate then in effect, as detailed in Subsection 4.3.

    
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    If a Participant’s Plan benefit is a CB Benefit and the Participant elects to have his or her CB benefit paid as a monthly annuity, the CB Benefit will be converted to a monthly annuity using the
      applicable mortality table prescribed by the IRS (updated annually by the IRS) and a specified annuity conversion interest rate.  The annuity conversion rates are set each year, based on the IRS specified bond yields for the month of November of the
      prior calendar year.  This rate shall be adjusted annually at the beginning of each calendar year.

    

    

    
      
        	

              	5.6	
                Change in Payment Election

              

      

    

    

    

    A Participant may make an election to change the time or form of payment transferred from the UTC PPP as detailed under Sections 5.2 and 5.3, subject to the following requirements:

    

    

    
      
        	

              	i.	
                A Plan Participant may make an election to receive a monthly annuity payment, single lump-sum payment, or a series of 2 to 10 annual installment payments;

              

      

    

    

    

    
      
        	

              	ii.	
                The new election must be made at least twelve months prior to the date payments are scheduled to commence (and the new election shall be ineffective if the payment commencement date occurs within twelve months after the date of the new
                  election);

              

      

    

    

    

    
      
        	

              	iii.	
                The new election will not take effect until at least twelve months after the date when the Participant submits a new Election Form; and

              

      

    

    

    

    
      
        	

              	iv.	
                The new benefit payment commencement date must be at least five years later than the date on which payments commence under the current election.

              

      

    

    

    

    
      
        	

              	5.7	
                Full Satisfaction of Corporation’s Obligation

              

      

    

    

    

    The full payment of a monthly annuity, lump-sum or annual installment distributions to the Participant, or his or her Beneficiary (if applicable), in accordance with this Section 5 shall be
      in full satisfaction of all of the Corporation’s obligations with respect to the Participant under the Plan.

    
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              	5.8	
                Designation of Beneficiary

              

      

    

    

    

    Each Participant who has attained age 55 with at least 10 years of service shall be given the opportunity to designate a Beneficiary for his or her Plan Benefit on an electronic or written form
      provided by the Committee.  A Participant may change such designation on an electronic or written form acceptable to the Committee and any change will be effective on the date received by the Committee.  Designations received after the date of the
      Participant’s death will not be effective.  If a Participant designates the Participant’s spouse as the Participant’s Beneficiary, that designation shall not be revoked or otherwise altered or affected by any:  (a) change in the marital status of the
      Participant; (b) agreement between the Participant and such spouse; or (c) judicial decree (such as a divorce decree) affecting any rights that the Participant and such spouse might have as a result of their marriage, separation, or divorce; it being
      the intent of the Plan that any change in the designation of a Beneficiary hereunder may be made by the Participant only in accordance with the procedures set forth in this Section 5.8.  A trust may be named as a Beneficiary under the
      lump-sum or annual installment forms of payment.  In the event of the death of a Participant, distributions shall be made in accordance with Section 7.

    

    

    
      
        	6.	
                DISTRIBUTION OF BENEFIT

              

      

    

    

    

    
      
        	

              	6.1	
                Distribution of Plan Benefit Generally

              

      

    

    

    

    Except as provided in Subsection 5.6 (Change in Payment Election), Section 6.2 (Separation from Service of Specified Employees), the value of a Participant’s Preservation Plan Benefit
      will be distributed (or begin to be distributed) to the Participant as follows:

    

    

    
      
        	

              	i.	
                If a Participant’s benefit is an FAE Benefit only, the benefit will be paid to the Participant on the first business day of the month following the later of a Participant’s Separation from Service, or when the Participant reaches age
                  55;

              

      

    

    

    

    
      
        	

              	ii.	
                If a Participant’s benefit is a CB Benefit only, the benefit will be paid to the Participant on the first business day of the month following the Participant’s Separation from Service; or

              

      

    

    
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              	iii.	
                If a Participant’s benefit is both an FAE Benefit and a CB Benefit, the benefit will be paid to the Participant according to the rules outlined above in Subsections i. and ii. for the corresponding portions of the
                  benefit.

              

      

    

    

    

    
      
        	

              	6.2	
                Separation from Service of Specified Employees

              

      

    

    

    

    If the Participant is a Specified Employee on the date of the Participant’s Separation from Service, distribution of the Participant’s Plan Benefit to the Participant that is made on account of the
      Participant’s Separation from Service will not be made or commence earlier than the first business day of the seventh month following the date of Separation from Service.  In the case of a distribution in installments, the date of any subsequent
      installments shall not be affected by the delay of any installment hereunder.  No interest will accrue on any delayed payment.

    

    

    
      
        	

              	6.3	
                Administrative Adjustments in Payment Date

              

      

    

    

    

    A payment is treated as being made on the date when it is due under the Plan if the payment is made on the due date specified by the Plan, or on a later date that is either (i) in the same calendar
      year (for a payment whose specified due date is on or before September 30), or (ii) by the 15th day of the third calendar month following the date specified by the Plan (for a payment whose specified due date is on or after October 1).  A payment
      also is treated as being made on the date when it is due under the Plan if the payment is made not more than 30 days before the due date specified by the Plan.  In no event, will a payment to a Specified Employee on account of his or her Separation
      from Service be made or commence earlier than the first day of the seventh month following the date of Separation from Service.  A Participant may not, directly or indirectly, designate the taxable year of a payment made in reliance on the
      administrative rules in this Section 6.3.

    
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        	7.	
                DISTRIBUTION IN THE EVENT OF DEATH

              

      

    

    

    

    
      
        	

              	7.1	
                FAE Benefit in the Form of an Annuity

              

      

    

    

    

    If a Participant’s Plan benefit (or portion of a benefit) is an FAE Benefit and the Participant has not made an election to receive his or her Plan Benefit in a lump sum or installments as of the
      date of death, any survivor benefits will be paid as a life annuity subject to the following:

    

    

    
      
        	

              	i.	
                If death occurs prior to age 55 with at least five years of service and less than 10 years of service, the spouse of the Participant shall receive a 50% survivor annuity benefit beginning on the date the Participant would have attained
                  his or her 55th birthday.  If the Participant is unmarried, no Plan benefit is payable.

              

      

    

    

    

    
      
        	

              	ii.	
                If death occurs prior to age 55 with at least 10 years of service, the spouse of the Participant shall receive a 100% survivor annuity benefit beginning on the date the Participant would have attained his or her 55th birthday.  If the
                  Participant is unmarried, no Plan benefit is payable.

              

      

    

    

    

    
      
        	

              	iii.	
                If death occurs on or after attainment of age 55 with at least 10 years of service or attainment of age 65, and the Participant has elected a survivor annuity, survivor benefits shall be paid as a 100% survivor annuity benefit
                  beginning as soon as practicable but no later than December 31st of the year following the year in which the death occurred in the following order:

              

      

    

    

    

    
      
        	

              	(1)	
                to the Spouse of the Participant, if the Participant is married at the time of death;

              

      

    

    

    

    
      
        	

              	(2)	
                to the named Beneficiary or contingent annuitant, if the Participant is not married at the time of death;

              

      

    

    

    

    
      
        	

              	(3)	
                to the children of the Participant (divided among them equally) if the Participant has not designated a Beneficiary prior to his or her death; or

              

      

    

    

    

    
      
        	

              	(4)	
                to the Participant’s estate, if the Participant has no children at the time of his or her death, or as a lump sum actuarial equivalent to the Participant’s estate, at the sole discretion of the Administrator, in lieu of the survivor
                  annuity benefit.

              

      

    

    
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              	iv.	
                If the Participant is not married at the time of death and the Participant has not designated a Beneficiary or contingent annuitant, the benefit shall be payable as:

              

      

    

    

    

    
      
        	

              	(1)	
                a 10-year certain actuarially equivalent annuity to the children of the Participant; or

              

      

    

    

    

    
      
        	

              	(2)	
                a 5-year certain actuarially equivalent annuity to the estate of the Participant.

              

      

    

    

    

    
      
        	

              	7.2	
                FAE Benefit in the Form of a Lump-Sum or Annual Installments

              

      

    

    

    

    If a Participant’s Plan benefit (or portion of a benefit) is an FAE Benefit and the Participant has made an election to receive his or her Plan Benefit in a lump sum or annual installments, such
      Participant shall have survivor benefits paid to his or her Beneficiary as follows:

    

    

    
      
        	

              	i.	
                If death occurs prior to age 55, with at least 10 years of service, the accrued FAE Benefit shall be paid in a lump-sum payment, as of the date the Participant would have attained his or her 55th birthday, in the following order:

              

      

    

    

    

    
      
        	

              	(1)	
                to the Spouse of the Participant, if the Participant is married at the time of death;

              

      

    

    

    

    
      
        	

              	(2)	
                to the children of the Participant (divided among them equally) if the Participant is not married at the time of death; or

              

      

    

    

    

    
      
        	

              	(3)	
                to the Participant’s estate, if the Participant has no children at the time of his or her death.

              

      

    

    

    

    
      
        	

              	ii.	
                If death occurs on or after age 55, with at least 10 years of service, the Plan accrued benefit shall be paid to the Beneficiary beginning on the first business day of the month following the Participant’s death, in the following
                  order:

              

      

    

    

    

    
      
        	

              	(1)	
                to the named Beneficiary;

              

      

    

    

    

    
      
        	

              	(2)	
                to the Spouse of the Participant, if the Participant is married at the time of death, and has not named a Beneficiary;

              

      

    

    

    

    
      
        	

              	(3)	
                to the children of the Participant (divided among them equally), if the Participant is not married at the time of death; or

              

      

    

    
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              	(4)	
                to the Participant’s estate, if the Participant has no children at the time of his or her death.

              

      

    

    

    

    
      
        	

              	iii.	
                If death occurs after the benefit commencement date but before all annual installments have been paid, the remaining installments will be paid to the Beneficiary as scheduled.

              

      

    

    

    

    
      
        	

              	iv.	
                If death occurs at any age, with less than 10 years of service, 50% of the accrued FAE Benefit shall be paid in a lump-sum payment as of the date the Participant would have attained his or her 55th birthday (or on the first business
                  day of the month following the Participant’s death if the Participant had already attained age 55) in the following order:

              

      

    

    

    

    
      
        	

              	(1)	
                to the Spouse of the Participant, if the Participant is married at the time of death;

              

      

    

    

    

    
      
        	

              	(2)	
                to the children of the Participant (divided among them equally) if the Participant is not married at the time of death; or

              

      

    

    

    

    
      
        	

              	(3)	
                to the estate of the Participant, if the Participant has no children at the time of his or her death.

              

      

    

    

    

    
      
        	

              	7.3	
                CB Benefit Prior to Benefit Distribution Commencement

              

      

    

    

    

    If a Participant’s Plan benefit (or portion of a benefit) is a CB Benefit, and the Participant has not commenced receiving Plan Benefits, the accrued CB Benefit shall be paid in a lump sum on the
      first business day of the month following the Participant’s death in the following order:

    

    

    
      
        	

              	i.	
                to the named Beneficiary;

              

      

    

    

    

    
      
        	

              	ii.	
                to the Spouse of the Participant, if the Participant is married at the time of death and has not designated a Beneficiary prior to his or her death;

              

      

    

    

    

    
      
        	

              	iii.	
                to the children of the Participant (divided among them equally), if the Participant is not married at the time of death; or

              

      

    

    
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              	iv.	
                to the Participant’s estate, if the Participant has no children at the time of his or her death.

              

      

    

    

    

    
      
        	

              	7.4	
                CB Benefit Following Benefit Distribution Commencement

              

      

    

    

    

    If a Participant’s Plan benefit (or portion of a benefit) is a CB Benefit, and the Participant has commenced receiving benefits under the Plan in the form of installment payments or a monthly
      annuity, the remaining accrued CB Benefit shall be paid as soon as practicable but no later than December 31st of the year following the year in which the death occurred as follows:

    

    

    
      
        	

              	i.	
                Monthly Annuity

              

      

    

    

    

    If the Participant has elected a survivor annuity, survivor benefits shall be paid beginning on the first business day of the month following the Participant’s death in the following order:

    

    

    
      
        	

              	(1)	
                as a 100% survivor annuity benefit to the named Beneficiary;

              

      

    

    

    

    
      
        	

              	(2)	
                as a 100% survivor annuity benefit to the Spouse of the Participant, if the Participant is married at the time of death and has not designated a Beneficiary prior to his or her death;

              

      

    

    

    

    
      
        	

              	(3)	
                as a 100% survivor annuity benefit to the children of the Participant (divided among them equally), if the Participant is not married at the time of death; or

              

      

    

    

    

    
      
        	

              	(4)	
                as a 100% survivor annuity benefit to the Participant’s estate, if the Participant has no children at the time of his or her death, or as a lump sum actuarial equivalent to the Participant’s estate, at the sole discretion of the
                  Administrator, in lieu of the survivor annuity benefit.

              

      

    

    
      -14-

      
        

    

    
      
        	

              	ii.	
                Installment Payments

              

      

    

    

    

    If the Participant has elected annual installment payments, any remaining installment payments shall be paid as survivor benefits beginning on the first business day of the month following the
      Participant’s death in the following order:

    

    

    
      
        	

              	(1)	
                to the named Beneficiary;

              

      

    

    

    

    
      
        	

              	(2)	
                to the Spouse of the Participant, if the Participant is married at the time of death and has not designated a Beneficiary prior to his or her death;

              

      

    

    

    

    
      
        	

              	(3)	
                to the children of the Participant (divided among them equally), if the Participant is not married at the time of death; or

              

      

    

    

    

    
      
        	

              	(4)	
                to the Participant’s estate, if the Participant has no children at the time of his or her death, or as a lump sum to the Participant’s estate, at the sole discretion of the Administrator, in lieu of installment payments.

              

      

    

    

    

    
      
        	8.	
                DISABILITY

              

      

    

    

    

    In the event of the Disability of a Participant, the Participant’s Plan Benefit will be maintained and distributed in accordance with the terms of the Plan and the Participant’s elections on file.

    

    

    
      
        	9.	
                FUNDING

              

      

    

    

    

    The Preservation Plan shall be maintained as an unfunded Plan that is not intended to meet the qualification requirements of Section 401 of the Code.  Except in the event of a Change in Control of
      the Corporation (as described in Section 10 hereof), all benefits under the Preservation Plan shall be payable solely from the general assets of the Corporation.  In this regard, the rights of each Participant, Contingent Annuitant and
      Beneficiary under the Preservation Plan with respect to his or her Preservation Plan retirement benefit or survivor benefit shall be those of a general unsecured creditor of the Corporation.  The Corporation shall not undertake to set aside assets in
      trust or otherwise segregate assets to fund its obligations under the Preservation Plan except as provided in Section 11 hereof.

    
      -15-

      
        

    

    
      
        	10.	
                CHANGE OF CONTROL

              

      

    

    

    

    In the event of a Change of Control of the Corporation, the Corporation shall immediately fully fund the value of all accrued Benefits under the Preservation Plan, determined by the actuary as of the
      date of the Change of Control, provided the funding is not proximate to a downturn in the Corporation’s financial health within the meaning of Treas. Reg. Section 1.409A-3(j)(4)(ix)(C)(1) or would otherwise trigger taxation under Section 409A.  Any
      required proceeds will be contributed to a rabbi trust, and such proceeds will be held and maintained in the United States.  For purposes of this Section 10, “Change of Control” shall have the meaning given to that term under the
      Corporation’s most recently adopted long-term incentive plan.

    

    

    
      
        	11.	
                NONASSIGNABILITY EXCEPT DOMESTIC RELATIONS ORDERS

              

      

    

    

    

    
      
        	

              	(a)	
                Except as provided in Subsection (b) or (c) below, no Participant or Beneficiary or any other person shall have the right to sell, assign, transfer, pledge, or otherwise encumber any interest in the Plan and the rights
                  to all payments are unassignable and non-transferable.  A payment hereunder, prior to actual payment, will not be subject to attachment or seizure for the payment of any debts, judgments or other obligations.  Plan benefits will not be
                  transferred by operation of law in the event of a Participant’s or any Beneficiary’s bankruptcy or insolvency.

              

      

    

    

    

    
      
        	

              	(b)	
                The Plan shall comply with the terms of any valid domestic relations order submitted to the Committee.  Any payment to a party other than the Participant pursuant to the terms of a domestic relations order shall be charged against and
                  reduce the Participant’s benefit.  Neither the Plan, the Corporation, the Committee, nor any other party shall be liable in any manner to any person, including but not limited to any Participant or Beneficiary, for complying with the
                  terms of a domestic relations order.

              

      

    

    

    

    
      
        	

              	(c)	
                To the extent that any Participant, Beneficiary or other person receives an excess or erroneous payment under the Plan, the amount of such excess or erroneous payment shall be held in a constructive trust for the benefit of the
                  Corporation and the Plan, and shall be repaid by such person upon demand.  The Committee may reduce any other benefit payable to such person, or may pursue any remedy available at law or equity to recover the amount of such excess or
                  erroneous payment or the proceeds thereof.  Notwithstanding the foregoing, the amount payable to a Participant or Beneficiary may be offset by any amount owed to any Otis Company to the extent permitted by Section 409A.

              

      

    

    
      -16-

      
        

    

    
      
        	12.	
                NO CONTRACT OF EMPLOYMENT

              

      

    

    

    

    Participation in the Preservation Plan shall not be construed to constitute a direct or indirect contract of employment between the Corporation or any Subsidiary and the Participant.  Nothing in the
      Preservation Plan shall be deemed to give a Participant the right to be retained in the service of the Corporation for any length of time or interfere with the right to terminate a Participant’s employment.  Participants, Beneficiaries, and
      contingent annuitants shall have no rights against the Corporation resulting from participation in the Preservation Plan other than as specifically provided herein.

    

    

    
      
        	13.	
                TAXES/WITHHOLDING

              

      

    

    

    

    The Corporation shall have the right to withhold taxes from Plan Benefit accruals and payments to the extent it reasonably determines such withholding to be required by law.

    

    

    
      
        	14.	
                GOVERNING LAW

              

      

    

    

    

    The provisions of the Plan will be construed and interpreted according to the laws of the State of Delaware, to the extent not preempted by federal law.

    

    

    
      
        	15.	
                AMENDMENT AND TERMINATION

              

      

    

    

    

    
      
        	

              	15.1	
                Power to Amend or Terminate Plan Reserved

              

      

    

    

    

    The Corporation expects to continue the Preservation Plan indefinitely, but reserves the right, by action of the Committee, to amend or terminate the Preservation Plan at any time; provided, however, that no such action shall decrease any benefits accrued under the Preservation Plan as of the date of such action.  Although the benefits accrued under
      the Preservation Plan are not subject to the restrictions imposed by Section 204(g) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the proviso in the preceding sentence shall be construed in a manner consistent with
      Section 204(g) of ERISA.  As a result, the proviso referred to in the preceding sentence imposes restrictions identical with the restrictions that would be imposed on the Preservation Plan if the Preservation Plan were subject to Section 204(g) of
      ERISA.

    
      -17-

      
        

    

    
      
        	

              	15.2	
                Final Plan Distributions

              

      

    

    

    

    Upon the termination of the Plan with respect to all Participants, and termination of all arrangements sponsored by the Corporation or its affiliates that would be aggregated with the Plan under
      Section 409A, the Corporation shall have the right, in its sole discretion, and notwithstanding any elections made by the Participant, to pay the Participant’s vested Plan Benefit in a lump sum, to the extent permitted under Section 409A.  All
      payments that may be made pursuant to this Subsection 15.2 shall be made no earlier than the thirteenth month and no later than the twenty-fourth month after the termination of the Plan.  The Corporation may not accelerate payments pursuant
      to this Subsection 15.2 if the termination of the Plan is proximate to a downturn in the Corporation’s financial health within the meaning of Treas. Reg. Section 1.409A-3(j)(4)(ix)(C)(1).  If the Corporation exercises its discretion to
      accelerate payments under this Subsection 15.2, it shall not adopt any new arrangement that would have been aggregated with the Plan under Section 409A within three years following the date of the Plan’s termination.

    

    

    
      
        	

              	15.3	
                No Consent Required

              

      

    

    

    

    The consent of any Participant, Beneficiary, or other person shall not be required with respect to any amendment or termination of the Plan.

    

    

    
      
        	16.	
                COMPLIANCE WITH SECTION 409A

              

      

    

    

    

    To the extent that rights or payments under the Plan are subject to Section 409A, the Preservation Plan shall be construed and administered in compliance with the conditions of Section 409A and
      regulations and other guidance issued pursuant to Section 409A for deferral of income taxation until the time the compensation is paid.  Any distribution election that would not comply with Section 409A shall not be effective for purposes of the
      Plan.  To the extent that a provision of the Plan does not comply with Section 409A, such provision shall be void and without effect.  The Corporation does not warrant that the Preservation Plan will comply with Section 409A with respect to any
      Participant or with respect to any payment.  In no event shall an Otis Company; any director, officer, or employee of an Otis Company (other than the Participant); or any member of the Committee be liable for any additional tax, interest, or penalty
      incurred by a Participant or Beneficiary as a result of the Preservation Plan’s failure to satisfy the requirements of Section 409A, or as a result of the Plan’s failure to satisfy any other requirements of applicable tax laws.

    
      -18-

      
        

    

    
      
        	17.	
                NOTICE

              

      

    

    

    

    Any notice or filing required or permitted to be given to the Committee under the Plan shall be sufficient if sent by first-class mail to the Otis Worldwide Corporation, One Carrier Place,
      Farmington, Connecticut 06032, Attn:  Otis Employee Benefit Plan Committee.  Any notice or filing required or permitted to be given to any Participant or Beneficiary under the Plan shall be sufficient if provided either electronically,
      hand-delivered, or mailed to the address (or email address, as the case may be) of the Participant or Beneficiary then listed on the records of the Corporation.  Any such notice will be deemed given as of the date of delivery or, if delivery is made
      by mail, as of the date shown on the postmark or email system.

    

    

    
      
        	18.	
                VALIDITY

              

      

    

    

    

    If any provision of the Plan is held to be illegal or invalid for any reason, the remaining provisions of the Plan will be construed and enforced as if such illegal and invalid provision had never
      been inserted herein.

    

    

    
      
        	19.	
                SUCCESSORS

              

      

    

    

    

    The provisions of the Preservation Plan shall bind and inure to the benefit of the Corporation, and its successors and assigns.  The term successors shall include any corporate or other business
      entity that by merger, consolidation, purchase or otherwise acquires all or substantially all of the business and assets of the Corporation and successors of any such Corporation or other entity.

    
      -19-

      
        

    

    
      
        	20.	
                ADMINISTRATION AND CLAIMS

              

      

    

    

    

    
      
        	

              	20.1	
                Plan Administration

              

      

    

    

    

    The Committee shall be solely responsible for the administration and operation of the Plan and shall be the “administrator” of the Plan for purposes of ERISA.  The Committee shall have full and
      exclusive authority and discretion to interpret the provisions of the Plan and to establish such administrative procedures as it deems necessary and appropriate to carry out the purposes of the Plan.  The Committee shall have the right to delegate
      its responsibilities hereunder to sub-committees and individuals.  Any question of administration or interpretation arising under the Preservation Plan shall be determined by the Committee (or its delegate) in its full discretion, and its decision
      shall be final and binding upon all parties.

    

    

    The Committee may provide web access and calculation tools to facilitate the administration of the Plan and to provide information to Participants; provided
      that any estimate of a Participant’s current or projected accrued benefit shall in no event be binding on the Committee in the event of any discrepancy between such estimate and a Participant’s actual accrued Plan Benefit, which, in all cases, shall
      control.

    

    

    Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the Plan shall present the request in writing to the Committee at Otis Worldwide
      Corporation, One Carrier Place, Farmington, CT 06032, Attn:  Employee Benefit Plan Committee.  The Committee shall respond in writing as soon as practicable.

    

    

    
      
        	

              	20.2	
                Claim Procedures

              

      

    

    

    

    A Participant or Beneficiary who believes that he or she has been denied a benefit to which he or she is entitled under the Plan (referred to in this Subsection 20.2 as a “Claimant”) may file
      a written request with the Committee setting forth the claim.  The Committee shall consider and resolve the claim as set forth below.

    

    

    
      
        	

              	i.	
                Upon receipt of a claim, the Committee or its designated agent shall advise the Claimant that a response will be forthcoming within 90 days.  The Committee may, however, extend the response period for up to an additional 90 days for
                  reasonable cause, and shall notify the Claimant of the reason for the extension and the expected response date.  The Committee or its designated agent shall respond to the claim within the specified period.

              

      

    

    
      -20-

      
        

    

    
      
        	

              	ii.	
                If the claim is denied in whole or part, the Committee shall provide the Claimant with a written decision, using language calculated to be understood by the Claimant, setting forth (1) the specific reason or reasons for such denial;
                  (2) the specific reference to relevant provisions of the Plan on which such denial is based; (3) a description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation why such
                  material or such information is necessary; (4) appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; (5) the time limits for requesting a review of the claim; and (6) the Claimant’s
                  right to bring an action for benefits under Section 502(a) of ERISA.

              

      

    

    

    

    
      
        	

              	iii.	
                Within 60 days after the Claimant’s receipt of the written decision denying the claim in whole or in part, the Claimant may request in writing that the Committee review the determination.  The Claimant or his or her duly authorized
                  representative may, but need not, review the relevant documents and submit issues and comment in writing for consideration by the Committee.  If the Claimant does not request a review of the initial determination within such 60-day
                  period, the Claimant shall be barred from challenging the determination.

              

      

    

    

    

    
      
        	

              	iv.	
                Within 60 days after the Committee receives a request for review, it will review the initial determination.  If special circumstances require that the 60-day time period be extended, the Committee will so notify the Claimant and will
                  render the decision as soon as possible, but no later than 120 days after receipt of the request for review.

              

      

    

    

    

    
      
        	

              	v.	
                The Committee shall have the greatest discretion permitted by law in making decisions pursuant to this Section 20.2.  All decisions on review shall be final and binding with respect to all concerned parties.  The decision on
                  review shall set forth, in a manner calculated to be understood by the Claimant, (1) the specific reasons for the decision, including references to the relevant Plan provisions upon which the decision is based; (2) the Claimant’s right to
                  receive, upon request and free of charge, reasonable access to and copies of all documents, records, and other information, relevant to his or her benefits; and (3) the Claimant’s right to bring an action for benefits under Section 502(a)
                  of ERISA.

              

      

    

    
      -21-

      
        

    

    
      
        	21.	
                CERTAIN REGULATORY MATTERS

              

      

    

    

    

    The Plan is subject to ERISA.  However, because the Plan is an unfunded plan maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or
      highly compensated employees, the Plan is exempt from most of ERISA’s requirements.  Although the Plan is subject to Part 1 (Reporting and Disclosure) and Part 5 (Administration and Enforcement) of Title I, Subtitle B of ERISA, the Department of
      Labor has issued a regulation that exempts the Plan from most of ERISA’s reporting and disclosure requirements.  The Plan constitutes an “excess benefit plan” as defined in Section 3(36) of ERISA.

    

    

    
      
        	22.	
                TO WHOM SHOULD QUESTIONS CONCERNING THE PLAN BE DIRECTED?

              

      

    

    

    

    All questions concerning the operation of the Plan (including information concerning the administrators of the Plan) should be directed to:

    

    

    	 	
            Otis Worldwide Corporation

          
	 	
            One Carrier Place

          
	 	
            Farmington, CT 06032

          
	 	
            Attn:  Otis Employee Benefit Plan Committee

          
	 	
            Telephone:  860-676-6000

          

    

    

  

  -22-Exhibit 10.19

    

    

    

    

    
       

      

      
        EXECUTIVE LEADERSHIP GROUP AGREEMENT

         

        United Technologies Corporation

         

        This Executive Leadership Group Agreement (the “ELG Agreement”) is entered into between Judith Marks (hereinafter the “Executive”) and United Technologies Corporation (“UTC”), a Delaware corporation, with an office
          and place of business at 10 Farm Springs Road, Farmington, Connecticut (UTC and all its subsidiaries, divisions and affiliates are hereinafter referred to as the “Company”).

         

        The Executive acknowledges receipt of the materials summarizing the United Technologies Corporation’s Executive Leadership Group (“ELG”) Program and the benefits available to the Executive as a member of the ELG, as
          well as the Executive’s obligations and commitments to the Company as an ELG member.  Capitalized terms in this ELG Agreement are defined in Attachment A of the ELG Program materials.

         

        ELG benefits include a restricted stock unit (RSU) retention award, disability benefits, and an annual car allowance.  Following three years of ELG service, the ELG Restricted Stock Unit Retention Award (the “ELG RSU
          Retention Award”) provides for vesting in the event of a Qualifying Separation.  A “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change in Control Termination, or retirement at age 62 or later.  Vesting is also
          subject to compliance with ELG Covenants.  The ELG RSU Retention Award will not vest in the case of a Termination for Cause.  The amounts realized in the event of the vesting of the ELG RSU Retention Award will be offset and reduced by the full
          amount (if any) of cash severance benefits that the Executive may separately be entitled to receive from the Company based on any employment agreement or other contractual obligation or statutory scheme, including mandated termination indemnities
          or similar benefits.

         

        While employed and following termination of employment, the Executive agrees to protect and to not disclose Company Information, until such information has become public or is no longer material or relevant to the
          Company.  While employed and for a two year period following termination of employment, the Executive agrees to refrain from activities that might reasonably be expected to induce an employee to leave the Company.  In the event of a Qualifying
          Separation, the Executive will vest in the ELG RSU Retention Award provided the Executive agrees to certain additional commitments to the Company, including a two year non-compete agreement and a waiver of claims arising from or relating to the
          termination of the Executive’s employment.

         

        
          

          1

          
            

          

        

        
        

         

        ELG membership requires commitment to UTC share ownership guidelines.  The value of an ELG member’s UTC share ownership must equal or exceed three times (3x) annual base salary within five years of appointment to the
          ELG.

         

        In consideration of the ELG benefits, the Executive hereby commits to membership in the ELG effective October 20, 2017 in accordance with the terms and conditions set forth in this Agreement and as further described
          in the ELG Program materials.  In consideration of ELG membership, the Executive hereby acknowledges and accepts the obligations and commitments to the Company, including postemployment restrictions and protective covenants as described in this
          Agreement and the ELG Program materials.  The Company, in turn, agrees to provide ELG benefits to the Executive upon receipt of this signed Agreement in accordance with this Agreement and as described in the ELG Program materials.

         

        	 	 	
                /s/ Judith Marks

              
	 	 	
                Judith Marks

              
	 	 	
                President, Otis Elevator Company

              
	 	 	 
	 	 	
                10 November 2017

              
	 	 	
                Date

              
	 	 	 
	 	 	
                UNITED TECHNOLOGIES CORPORATION

              
	 	 	 
	 	
                By

              	
                /s/ Elizabeth B. Amato

              
	 	 	
                Elizabeth B. Amato

              
	 	 	
                Executive Vice President and Chief Human Resources Officer

              
	 	 	 
	 	 	
                11/13/17

              
	 	 	
                Date

              

         

        

         

        

      

      
        2

        
          

        

      

      
        

        
          Attachment A

          

          

          Definitions

          

          

          The following terms shall have the following meanings for purposes of the Executive Leadership Group Program, including all agreements, awards and benefits:

          

          

          
            
              	(a)	
                      “Company” means United Technologies Corporation and its subsidiaries, divisions and affiliates.

                    

            

          

          

          

          
            
              	(b)	
                      “Company Information” means (i) confidential or proprietary information including without limitation information received from third parties under confidential or proprietary
                        conditions; (ii) information subject to the Company’s attorney-client or work-product privilege; and (iii) other technical, business or financial information, the use or disclosure of which might reasonably be construed to be
                        contrary to the Company’s interests.

                    

            

          

          

          

          
            
              	(c)	
                      “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change-in-Control Termination, or retirement at age 62 or later.

                    

            

          

          

          

          
            
              	

                    	(i)	
                      “Mutually Agreeable Termination” means a decision by the Company, in its sole discretion, to terminate the Executive’s employment with the Company as a result of circumstances
                        described in this paragraph and the Executive’s acknowledgment and agreement that his/her employment will end as a result of such circumstances.  Circumstances that may result in a Mutually Agreeable Termination include management
                        realignment, change in business conditions or priorities, the sale or elimination of the Executive’s business unit or any other change in business circumstances that materially and adversely affects the Executive’s role within the
                        Company or such circumstances that preclude continued employment at the ELG level, in all cases as determined by the Executive Vice President and Chief Human Resources Officer.  Neither a unilateral voluntary resignation nor a
                        Termination for Cause will constitute a Mutually Agreeable Termination.

                    

            

          

          

          

          
            
              	

                    	(ii)	
                      “Change-in-Control Termination” means either the involuntary termination of the Executive’s employment by the Company (other than a Termination for Cause) or the voluntary
                        resignation by the Executive for Good Reason within 24 months following a Change-in-Control.

                    

            

          

          

          

          
            
              	

                    	(A)	
                      “Change-in-Control” shall mean any of the following events:

                    

            

          

          

          

          
            
              	

                    	1.	
                      The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership (within the
                        meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the then-outstanding Shares of Common Stock plus any other outstanding shares of stock of the Corporation entitled to vote in the election of directors (the
                        “Outstanding Corporation Voting Securities”); provided, however, that the Corporation and any employee benefit plan (or related trust) sponsored by it shall not be deemed to be a Person; or

                    

            

          

          

          

          
            3

            
              

          

          
            
              
                

                

              

            

          

          
            
              	

                    	2.	
                      A change in the composition of the Board such that the individuals who constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the
                        Board. For this purpose, any individual whose election or nomination for election by the Corporation’s shareowners was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be
                        considered a member of the Incumbent Board; or

                    

            

          

          

          

          
            
              	

                    	3.	
                      The consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Corporation or any of its Subsidiaries or
                        a sale or other disposition of substantially all of the assets of the Corporation or a material acquisition of assets or stock of another entity by the Corporation or any of its Subsidiaries, (each, a “Business Combination”) if:

                    

            

          

          

          

          
            
              	

                    	a.	
                      the individuals and entities that were the beneficial owners of the Outstanding Corporation Voting Securities immediately prior to such Business Combination do not beneficially
                        own, directly or indirectly, more than 50% of the then-outstanding shares of stock and the combined voting power of the then-outstanding voting securities of the corporation resulting from such Business Combination; or

                    

            

          

          

          

          
            
              	

                    	b.	
                      a Person beneficially owns, directly or indirectly, 20% or more of the then-outstanding shares of stock of the corporation resulting from such Business Combination; or

                    

            

          

          

          

          
            
              	

                    	c.	
                      members of the Incumbent Board do not comprise at least a majority of the members of the board of directors of the corporation resulting from such Business Combination; or

                    

            

          

          

          

          
            
              	

                    	4.	
                      A complete liquidation or dissolution of the Corporation.

                    

            

          

          

          

          If an Award is determined to be subject to Section 409A of the Code, the payment or settlement of the Award shall accelerate upon a Change-in-Control
            only if the event also constitutes a “change in ownership,” “change in effective control,” or “change in the ownership of a substantial portion of the Corporation’s assets” as defined under Section 409A of the Code. Any adjustment to the Award
            that does not affect the Award’s status under Section 409A (including, but not limited to, accelerated vesting or adjustment of the amount of the Award) may occur upon a Change-in-Control as defined herein without regard to this paragraph, even
            if the event does not constitute a Change-in-Control under Section 409A.

          

          

          
            4

            
              

          

          
          
            
              
                

                

              

            

          

          
            
              	

                    	(B)	
                      “Good Reason” means voluntary termination of the Executive’s employment within twenty-four (24) months of a Change-in-Control and the
                        occurrence of any one or more of the following:

                    

            

          

          

          

          
            
              	

                    	1.	
                      The assignment of the Executive to a position that is materially inconsistent with the Executive’s authorities, duties, responsibilities, and status (including reporting
                        relationships) as an employee of the Company, or a material reduction or change in the nature or status of the Executive’s authorities, duties, or responsibilities from those in effect immediately preceding a Change-in-Control;

                    

            

          

          

          

          
            
              	

                    	2.	
                      The Company requires the Executive to be based at a location which is at least fifty (50) miles further from the Executive’s current primary residence than such residence is
                        from the Executive’s current job location, except for required travel on Company business to an extent substantially consistent with the Executive’s business obligations immediately preceding the Change-in-Control;

                    

            

          

          

          

          
            
              	

                    	3.	
                      A reduction by the Company in the Executive’s Base Salary in effect on the date preceding the Change-in-Control;

                    

            

          

          

          

          
            
              	

                    	4.	
                      A material reduction in the Executive’s level of participation in any of the Company’s short- and/or long-term incentive compensation plans, employee benefit or retirement
                        plans, policies, practices, or arrangements in which the Executive participates from the levels in place during the fiscal year immediately preceding the Change-in-Control; provided, however, that reductions in the levels of
                        participation in any such plans shall not be deemed to be “Good Reason” if the Executive’s reduced level of participation in each such program remains substantially consistent with the average level of participation of other
                        executives who have positions commensurate with the Executive’s position; or

                    

            

          

          

          

          
            
              	

                    	5.	
                      The failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform its obligations under this Agreement.

                    

            

          

          

          

          
            
              	(d)	
                      “Termination for Cause” means a decision by the Company to terminate the Executive’s employment for (i) violation of an ELG covenant, (ii) conduct involving a felony criminal
                        offense under U.S. federal or state law or an equivalent violation of the laws of any other  country, (iii) dishonesty, fraud, self-dealing, or material violations of civil law in the course of fulfilling the Executive’s employment
                        duties; (iv) breach of the Executive’s intellectual property agreement or other written agreement with the Company; or (v) willful misconduct injurious to the Company, as determined by the Committee.

                    

            

          

          

        

        
          5

          
            

          

        

        
          
            
              
                 

                 

                

                EXECUTIVE LEADERSHIP GROUP AGREEMENT

                  

                  United Technologies Corporation

                 

                

                This Executive Leadership Group Agreement (the “ELG Agreement”) is entered into between Laurie Havanec (hereinafter the “Executive”) and United
                  Technologies Corporation (“UTC”), a Delaware corporation, with an office and place of business at 10 Farm Springs Road, Farmington, Connecticut (UTC and all its subsidiaries, divisions and affiliates are hereinafter referred to as the
                  “Company”).

                 

                

                The Executive acknowledges receipt of the materials summarizing the United Technologies Corporation’s Executive Leadership Group (“ELG”) Program
                  and the benefits available to the Executive as a member of the ELG, as well as the Executive’s obligations and commitments to the Company as an ELG member.  Capitalized terms in this ELG Agreement are defined in Attachment A of the ELG
                  Program materials.

                 

                

                ELG benefits include recognition of status as one of UTC’s most senior leaders, with annual Long-Term Incentive Plan awards and annual bonus
                  awards commiserate with your ELG status, a significant restricted stock unit (RSU) retention award, disability benefits, and an annual car allowance.  Following three years of ELG service, the ELG Restricted Stock Unit Retention Award
                  (the “ELG RSU Retention Award”) provides for vesting in the event of a Qualifying Separation.  A “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change-in-Control Termination, or retirement at age 62 or
                  later.  Vesting is also subject to compliance with ELG Covenants.  The ELG RSU Retention Award will not vest in the case of a Termination for Cause.  The amounts realized in the event of the vesting of the ELG RSU Retention Award will be
                  offset and reduced by the full amount (if any) of cash severance benefits that the Executive may separately be entitled to receive from the Company based on any employment agreement or other contractual obligation or statutory scheme,
                  including mandated termination indemnities or similar benefits.  The Executive agrees that in the event of such an offset, the Executive’s commitments under the ELG remain in full force and effect.

                
                  

                  6

                  
                    

                  

                

                
                  
                     

                  

                

                 

                

                While employed and following termination of employment, the Executive agrees to protect and not to disclose Company Information until such
                  information has become public or is no longer material or relevant to the Company.  While employed and for a two year period following termination of employment, the Executive agrees to refrain from soliciting Company employees or
                  engaging in other activities that might reasonably be expected to induce an employee to leave the Company.  For a one-year period following termination of employment, the Executive agrees to be bound by a one-year non-compete agreement. 
                  In the event of a Qualifying Separation, the Executive will vest in the ELG RSU Retention Award provided the Executive agrees to certain additional commitments to the Company, including an additional one year non-compete agreement and a
                  waiver of claims arising from or relating to the termination of the Executive’s employment.  In the event payment is required under local law for enforcement of a non-compete, the Executive agrees that the Company may structure payments
                  and/or distribution of amounts payable pursuant to this ELG Agreement, and/or the ELG RSU Retention Award, or payments in lieu thereof, at the time of separation to satisfy local requirements, which may include adjustments to method, form
                  and timing of benefits, provided such payments are not subject to IRC Section 409A.

                  

                

                ELG membership requires commitment to UTC share ownership guidelines.  The value of an ELG member’s UTC share ownership must equal or exceed
                  three times (3x) annual base salary within five years of appointment to the ELG.

                 

                

                In consideration of the ELG benefits, the Executive hereby commits to membership in the ELG effective October 16, 2019 in accordance with the
                  terms and conditions set forth in this Agreement and as further described in the ELG Program materials.  In consideration of ELG membership, the Executive hereby acknowledges and accepts the obligations and commitments to the Company,
                  including postemployment restrictions and protective covenants as described in this Agreement and the ELG Program materials.  The Company, in turn, agrees to provide ELG benefits to the Executive upon receipt of this signed Agreement in
                  accordance with this Agreement and as described in the ELG Program materials.

                
                  

                  7

                  
                    

                  

                

                
                  
                    
                       
                        

                        

                      

                    

                  

                

                	 	 	
                        /s/ Laurie Havanec

                      
	 	 	
                        Laurie Havanec

                      
	 	 	
                        Vice President & Chief Human Resources Officer

                      
	 	 	
                        Otis Elevator

                      
	 	 	 
	 	 	 
	 	 	
                        November 8, 2019

                      
	 	 	
                        Date

                      
	 	 	 
	 	 	 
	 	 	
                        UNITED TECHNOLOGIES CORPORATION

                      
	 	 	 
	 	 	 
	 	
                        By

                      	
                        /s/ Elizabeth B. Amato

                      
	 	 	
                        Elizabeth B. Amato

                      
	 	 	
                        Executive Vice President and Chief Human Resources Officer

                      
	 	 	 
	 	 	
                        11/13/2019

                      
	 	 	
                        Date

                      

                

                

                
                  

                  8

                  
                    

                  

                

                
                  
                    
                      
                         

                      

                    

                  

                  

                    Attachment A

                  

                  

                  Executive Leadership Group Program Definitions

                   

                  

                  
                    	
                            (a)

                          	
                            “Committee” means the Compensation Committee of the Board of Directors.

                             

                            

                          

                  

                  
                    	
                            (b)

                          	
                            “Company” means United Technologies Corporation and its subsidiaries, divisions and affiliates.

                             

                            

                          

                  

                  
                    	
                            (c)

                          	
                            “Company Information” means (i) confidential or proprietary information, including without limitation, information received from third parties under confidential or
                              proprietary conditions; (ii) information subject to the Company’s attorney-client or work-product privilege; and (iii) other technical, business or financial information, the use or disclosure of which might reasonably be
                              construed to be contrary to the Company’s interests.

                             

                            

                          

                  

                  
                    	
                            (d)

                          	
                            “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change-in-Control Termination, or retirement at age 62 or later.

                             

                            

                          

                  

                  
                    	
                            (i)

                          	
                             “Mutually Agreeable Termination” means a decision by the Company, in its sole discretion, to terminate the Executive’s employment with the Company as a result of
                              circumstances described in this paragraph and the Executive’s acknowledgment and agreement that his/her employment will end as a result of such circumstances.  Circumstances that may result in a Mutually Agreeable Termination
                              include management realignment, change in business conditions or priorities, the sale or elimination of the Executive’s business unit or any other change in business circumstances that materially and adversely affects the
                              Executive’s role within the Company or such circumstances that preclude continued employment at the ELG level, in all cases as determined by the Executive Vice President and Chief Human Resources Officer.  Neither a unilateral
                              voluntary resignation nor a Termination for Cause will constitute a Mutually Agreeable Termination.

                             

                            

                          

                  

                  
                    	
                            (ii)

                          	
                            “Change-in-Control Termination” means either the involuntary termination of the Executive’s employment by the Company (other than a Termination for Cause) or the
                              voluntary resignation by the Executive for Good Reason within 24 months following a Change-in-Control.

                             

                            

                          

                  

                  
                    	
                            (A)

                          	
                            “Change-in-Control” shall mean any of the following events:

                             

                            

                          

                  

                  
                    	
                            1.

                          	
                            An acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within
                              the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either: (a) the then outstanding shares of common stock of the Corporation (the “Outstanding Corporation Common Stock”); or (b) the combined
                              voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Corporation Voting Securities”); provided, however, that for purposes of this
                              section 1, the following acquisitions shall not constitute a Change-in-Control: (1) any acquisition directly from the Corporation, (2) any acquisition by the Corporation, (3) any acquisition by any employee benefit plan (or
                              related trust) sponsored or maintained by the Corporation or any entity controlled by the Corporation, or (4) any acquisition by any entity pursuant to a transaction that complies with clauses (a), (b) and (c) of subsection
                              (3) of this Section (d)(ii)(A); or

                             

                            

                          

                  

                  
                    
                      

                      9

                      
                        

                      

                    

                    
                    
                      

                    

                    

                    	
                            2.

                          	
                            A change in the composition of the Board such that the individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to
                              constitute at least a majority of the Board; provided, however, that for purposes of this Section (d)(2)(A), any individual who becomes a member of the Board subsequent to the Effective Date whose election, or nomination for
                              election by the Corporation’s shareowners, was approved by a vote of at least two-thirds of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be pursuant to this
                              proviso) shall be considered as though such individual were a member of the Incumbent Board; provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened
                              election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be considered as a member of
                              the Incumbent Board; or

                             

                            

                          

                  

                  
                    	
                            3.

                          	
                            The consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Corporation or any of its subsidiaries or a
                              sale or other disposition of all or substantially all of the assets of the Corporation, or the acquisition of assets or stock of another entity by the Corporation or any of its subsidiaries, (a “Business Combination”), in each
                              case, unless following such Business Combination, (a) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Corporation Common Stock and Outstanding
                              Corporation Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock (or, for a non-corporate
                              entity, equivalent securities) and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent securities), as the
                              case may be, of the entity resulting from such Business Combination (including an entity that, as a result of such transaction, owns the Corporation or all or substantially all of the Corporation’s assets either directly or
                              through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Corporation Common Stock and Outstanding Corporation Voting
                              Securities, as the case may be, (b) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Corporation or such entity resulting from such Business
                              Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such
                              Business Combination or the combined voting power of the then outstanding voting securities of such entity except to the extent that such ownership existed prior to the Business Combination, and (c) at least a majority of the
                              members of the Board of Directors (or, for a non-corporate entity, equivalent body or committee) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the
                              initial agreement, or of the action of the Board, providing for such Business Combination; or

                             

                            

                          

                  

                  
                    
                      

                      10

                      
                        

                      

                    

                    
                      
                        
                           

                        

                      

                    

                     

                    

                    	
                            4.

                          	
                            The approval by the shareholders of the Corporation of a complete liquidation or dissolution of the Corporation.

                             

                            

                          

                  

                  The sale, merger or other transaction affecting any subsidiary or business unit of the Corporation will in no case be considered a Change-in-Control under this
                    Program.

                   

                  

                  If an Award is determined to constitute nonqualified deferred compensation within the meaning of Section 409A of the Code, a Change-in-Control shall not
                    constitute a settlement or distribution event with respect to such Award, or an event that otherwise changes the timing of settlement or distribution of such Award, unless the Change-in-Control also constitutes an event described in
                    Section 409A(a)(2)(v) of the Code and the regulations promulgated thereunder (a “Section 409A CIC”); provided, however, that whether or not a Change-in-Control is a Section 409A CIC, such Change-in-Control shall result in the
                    accelerated vesting of such Award to the extent provided by the Award Agreement, this Plan, any Individual Agreement or otherwise by the Committee.

                   

                  

                  
                    
                      	

                            	(B)	
                              “Good Reason” means, voluntary termination of the Executive’s employment within twenty-four (24) months of a Change-in-Control and
                                the occurrence of any of the following without a Participant’s consent: (i) a material reduction in the Participant’s annual base salary, annual bonus opportunities, long-term incentive opportunities or other compensation
                                and benefits in the aggregate from those in effect immediately prior to the Change-in-Control; (ii) a material diminution in the Participant’s title, duties, authority, responsibilities, functions or reporting relationship
                                from those in effect immediately prior to the Change-in-Control; (iii) a mandatory relocation of the Participant’s principal location of employment greater than 50 miles from immediately prior to the Change-in-Control; or
                                (iv) the failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform its obligations under this Agreement.

                               

                              

                            

                    

                  

                  
                    

                    11

                    
                      

                    

                  

                  
                    
                      
                        
                           

                        

                      

                    

                  

                   

                  

                  In order to invoke a termination for Good Reason, the Participant shall provide written notice to the Corporation of the existence of one or more of the
                    conditions described in clauses (i) through (iv) within 90 days following the Participant’s knowledge of the initial existence of such condition or conditions, and the Corporation shall have 30 days following receipt of such written
                    notice (the “Cure Period”) during which it may cure the condition, if curable. If the Corporation fails to cure the condition constituting Good Reason during the Cure Period, the Participant must terminate employment, if at all, within
                    one year following the end of the Cure Period in order for such termination to constitute a termination for Good Reason. The Participant’s mental or physical incapacity following the occurrence of an event described above in clauses (i)
                    through (iii) shall not affect the Participant’s ability to terminate employment for Good Reason.

                   

                  

                  
                    
                      	(e)	
                              “Termination for Cause” means a decision by the Company to terminate the Executive’s employment for (i) violation of an ELG covenant, (ii) conduct involving a felony
                                criminal offense under U.S. federal or state law or an equivalent violation of the laws of any other  country, (iii) dishonesty, fraud, self-dealing, or material violations of civil law in the course of fulfilling the
                                Executive’s employment duties; (iv) breach of the Executive’s intellectual property agreement or other written agreement with the Company; (v) willful misconduct injurious to the Company, as determined by the Committee; (vi)
                                negligent conduct injurious to the Company, including negligent supervision of a subordinate who causes significant harm to the Company as determined by the Committee; or (vii) prior to a Change-in-Control, such other events
                                as shall be determined by the Committee. Following a Change-in-Control, any determination by the Committee as to whether “Cause” exists shall be subject to de novo review.

                            

                       

                      

                      
                        

                        12

                        
                          

                        

                      

                      
                        
                          
                            
                              
                                 
                                  

                                  

                                

                              

                            

                          

                        

                        EXECUTIVE LEADERSHIP GROUP AGREEMENT

                          

                          United Technologies Corporation

                         

                        

                        This Executive Leadership Group Agreement (the “ELG Agreement”) is entered into between Mark Eubanks (hereinafter the “Executive”) and United Technologies
                          Corporation (“UTC”), a Delaware corporation, with an office and place of business at 10 Farm Springs Road, Farmington, Connecticut (UTC and all its subsidiaries, divisions and affiliates are hereinafter referred to as the
                          “Company”).

                         

                        

                        The Executive acknowledges receipt of the materials summarizing the United  Technologies Corporation’s Executive Leadership Group (“ELG”) Program and the
                          benefits available to the Executive as a member of the ELG, as well as the Executive’s obligations and commitments to the Company as an ELG member.  Capitalized terms in this ELG Agreement are defined in Attachment A of the ELG
                          Program materials.

                         

                        

                        ELG benefits include recognition of status as one of UTC’s most senior leaders, with annual Long-Term Incentive Plan awards and annual bonus awards
                          commiserate with your ELG status, a significant restricted stock unit (RSU) retention award, disability benefits, and an annual car allowance.  Following three years of ELG service, the ELG Restricted Stock Unit Retention Award
                          (the “ELG RSU Retention Award”) provides for vesting in the event of a Qualifying Separation.  A “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change in Control Termination, or retirement at age 62
                          or later.  Vesting is also subject to compliance with ELG Covenants.  The ELG RSU Retention Award will not vest in the case of a Termination for Cause.  The amounts realized in the event of the vesting of the ELG RSU Retention
                          Award will be offset and reduced by the full amount (if any) of cash severance benefits that the Executive may separately be entitled to receive from the Company based on any employment agreement or other contractual obligation or
                          statutory scheme, including mandated termination indemnities or similar benefits.  The Executive agrees that in the event of such an offset, the Executive’s commitments under the ELG remain in full force and effect.

                         

                        

                        While employed and following termination of employment, the Executive agrees to protect and not to disclose Company Information until such information has
                          become public or is no longer material or relevant to the Company.  While employed and for a two year period following termination of employment, the Executive agrees to refrain from soliciting Company employees or engaging in
                          other activities that might reasonably be expected to induce an employee to leave the Company.  For a one-year period following termination of employment, the Executive agrees to be bound by a one-year non-compete agreement.  In
                          the event of a Qualifying Separation, the Executive will vest in the ELG RSU Retention Award provided the Executive agrees to certain additional commitments to the Company, including an additional one year non-compete agreement
                          and a waiver of claims arising from or relating to the termination of the Executive’s employment.  In the event payment is required under local law for enforcement of a non-compete, the Executive agrees that the Company may
                          structure payments and/or distribution of amounts payable pursuant to this ELG Agreement, and/or the ELG RSU Retention Award, or payments in lieu thereof, at the time of separation to satisfy local requirements, which may include
                          adjustments to method, form and timing of benefits, provided such payments are not subject to IRC Section 409A.

                         

                        

                        ELG membership requires commitment to UTC share ownership guidelines.  The value of an ELG member’s UTC share ownership must equal or exceed three times
                          (3x) annual base salary within five years of appointment to the ELG.

                         

                        

                        In consideration of the ELG benefits, the Executive hereby commits to membership in the ELG effective April 1, 2019 in accordance with the terms and
                          conditions set forth in this Agreement and as further described in the ELG Program materials.  In consideration of ELG membership, the Executive hereby acknowledges and accepts the obligations and commitments to the Company,
                          including postemployment restrictions and protective covenants as described in this Agreement and the ELG Program materials.  The Company, in turn, agrees to provide ELG benefits to the Executive upon receipt of this signed
                          Agreement in accordance with this Agreement and as described in the ELG Program materials.

                      

                      
                        

                        13

                        
                          

                        

                      

                      
                        
                          
                            
                               
                                

                                

                              

                            

                          

                        

                        	 	 	
                                /s/ Mark Eubanks

                              
	 	 	
                                Mark Eubanks

                              
	 	 	
                                President, Otis EMEA

                              
	 	 	
                                Otis

                              
	 	 	 
	 	 	 
	 	 	
                                June 14, 2019

                              
	 	 	
                                Date

                              
	 	 	 
	 	 	
                                UNITED TECHNOLOGIES CORPORATION

                              
	 	 	 
	 	By	
                                /s/ Elizabeth B. Amato

                              
	 	 	
                                Elizabeth B. Amato

                              
	 	 	
                                Executive Vice President and Chief Human Resources Officer

                              
	 	 	 
	 	 	 
	 	 	
                                08/12/2019

                              
	 	 	
                                Date

                              

                        
                          

                          14

                          
                            

                          

                        

                        
                          
                            
                              
                                 

                              

                            

                          

                        

                        Attachment
                          A

                        

                        

                        Executive Leadership Group Program Definitions

                         

                        

                        
                          	
                                  (a)

                                	
                                  “Committee” means the Compensation Committee of the Board of Directors.

                                   

                                  

                                

                        

                        
                          	
                                  (b)

                                	
                                  “Company” means United Technologies Corporation and its subsidiaries, divisions and affiliates.

                                   

                                  

                                

                        

                        
                          	
                                  (c)

                                	
                                  “Company Information” means (i) confidential or proprietary information, including without limitation, information received from third parties under confidential or
                                    proprietary conditions; (ii) information subject to the Company’s attorney-client or work-product privilege; and (iii) other technical, business or financial information, the use or disclosure of which might reasonably
                                    be construed to be contrary to the Company’s interests.

                                   

                                  

                                

                        

                        
                          	
                                  (d)

                                	
                                  “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change-in-Control Termination, or retirement at age 62 or later.

                                   

                                  

                                

                        

                        
                          	
                                  (i)

                                	
                                  “Mutually Agreeable Termination” means a decision by the Company, in its sole discretion, to terminate the Executive’s employment with the Company as a result of
                                    circumstances described in this paragraph and the Executive’s acknowledgment and agreement that his/her employment will end as a result of such circumstances.  Circumstances that may result in a Mutually Agreeable
                                    Termination include management realignment, change in business conditions or priorities, the sale or elimination of the Executive’s business unit or any other change in business circumstances that materially and
                                    adversely affects the Executive’s role within the Company or such circumstances that preclude continued employment at the ELG level, in all cases as determined by the Executive Vice President and Chief Human Resources
                                    Officer.  Neither a unilateral voluntary resignation nor a Termination for Cause will constitute a Mutually Agreeable Termination.

                                   

                                  

                                

                        

                        
                          	
                                  (ii)

                                	
                                  “Change-in-Control Termination” means either the involuntary termination of the Executive’s employment by the Company (other than a Termination for Cause) or the
                                    voluntary resignation by the Executive for Good Reason within 24 months following a Change-in-Control.

                                   

                                  

                                

                        

                        
                          
                            

                            15

                            
                              

                            

                          

                           
                            

                            

                          

                          	
                                  (A)

                                	
                                  “Change-in-Control” shall mean any of the following events:

                                   

                                  

                                

                        

                        
                          	
                                  1.

                                	
                                  An acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership
                                    (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either: (a) the then outstanding shares of common stock of the Corporation (the “Outstanding Corporation Common Stock”); or (b) the
                                    combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Corporation Voting Securities”); provided, however, that for
                                    purposes of this section 1, the following acquisitions shall not constitute a Change-in-Control: (1) any acquisition directly from the Corporation, (2) any acquisition by the Corporation, (3) any acquisition by any
                                    employee benefit plan (or related trust) sponsored or maintained by the Corporation or any entity controlled by the Corporation, or (4) any acquisition by any entity pursuant to a transaction that complies with clauses
                                    (a), (b) and (c) of subsection (3) of this Section (d)(ii)(A); or

                                   

                                  

                                

                        

                        
                          	
                                  2.

                                	
                                  A change in the composition of the Board such that the individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason
                                    to constitute at least a majority of the Board; provided, however, that for purposes of this Section (d)(2)(A), any individual who becomes a member of the Board subsequent to the Effective Date whose election, or
                                    nomination for election by the Corporation’s shareowners, was approved by a vote of at least two-thirds of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be
                                    pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; provided further, that any such individual whose initial assumption of office occurs as a result of either an
                                    actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be
                                    considered as a member of the Incumbent Board; or

                                   

                                  

                                

                        

                        
                          	
                                  3.

                                	
                                  The consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Corporation or any of its subsidiaries
                                    or a sale or other disposition of all or substantially all of the assets of the Corporation, or the acquisition of assets or stock of another entity by the Corporation or any of its subsidiaries, (a “Business
                                    Combination”), in each case, unless following such Business Combination, (a) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Corporation Common
                                    Stock and Outstanding Corporation Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock
                                    (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity,
                                    equivalent securities), as the case may be, of the entity resulting from such Business Combination (including an entity that, as a result of such transaction, owns the Corporation or all or substantially all of the
                                    Corporation’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Corporation Common
                                    Stock and Outstanding Corporation Voting Securities, as the case may be, (b) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Corporation or
                                    such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock (or, for a non-corporate entity, equivalent
                                    securities) of the entity resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such entity except to the extent that such ownership existed prior to the
                                    Business Combination, and (c) at least a majority of the members of the Board of Directors (or, for a non-corporate entity, equivalent body or committee) of the entity resulting from such Business Combination were
                                    members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or

                                    

                                  

                                

                        

                        
                          
                            

                            16

                            
                              

                            

                          

                           
                            

                            

                          

                          	
                                  4.

                                	
                                  The approval by the shareholders of the Corporation of a complete liquidation or dissolution of the Corporation.

                                   

                                  

                                

                        

                        

                        

                         

                        
                          
                            
                              	
                                      

                                      

                                    	
                                      
                                        The sale, merger or other transaction affecting any subsidiary or business unit of the Corporation will in no case be considered a
                                          Change-in-Control under this Program.

                                      

                                    

                            

                             

                            

                          

                        

                        
                          
                            	
                                    

                                    

                                  	
                                    If an Award is determined to constitute nonqualified deferred compensation within the meaning of Section 409A of the Code, a Change-in-Control shall not constitute
                                      a settlement or distribution event with respect to such Award, or an event that otherwise changes the timing of settlement or distribution of such Award, unless the Change-in-Control also constitutes an event described
                                      in Section 409A(a)(2)(v) of the Code and the regulations promulgated thereunder (a “Section 409A CIC”); provided, however, that whether or not a Change-in-Control is a Section 409A CIC, such Change-in-Control shall
                                      result in the accelerated vesting of such Award to the extent provided by the Award Agreement, this Plan, any Individual Agreement or otherwise by the Committee.

                                  

                          

                        

                         

                        

                        
                          
                            	
                                    (B)

                                  	
                                    “Good Reason” means, voluntary termination of the Executive’s employment within twenty-four (24) months of a Change-in-Control and
                                      the occurrence of any of the following without a Participant’s consent:  (i) a material reduction in the Participant’s annual base salary, annual bonus opportunities, long-term incentive opportunities or other
                                      compensation and benefits in the aggregate from those in effect immediately prior to the Change-in-Control; (ii) a material diminution in the Participant’s title, duties, authority, responsibilities, functions or
                                      reporting relationship from those in effect immediately prior to the Change-in-Control; (iii) a mandatory relocation of the Participant’s principal location of employment greater than 50 miles from immediately prior to
                                      the Change-in-Control; or (iv) the failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform its obligations under this Agreement.

                                  

                          

                           

                          

                        

                         

                        

                        
                          	
                                  

                                  

                                	
                                  
                                    In order to invoke a termination for Good Reason, the Participant shall provide written notice to the Corporation of the existence of one or more of the conditions described in clauses (i) through (iv) within 90
                                      days following the Participant’s knowledge of the initial existence of such condition or conditions, and the Corporation shall have 30 days following receipt of such written notice (the “Cure Period”) during which it
                                      may cure the condition, if curable.  If the Corporation fails to cure the condition constituting Good Reason during the Cure Period, the Participant must terminate employment, if at all, within one year following the
                                      end of the Cure Period in order for such termination to constitute a termination for Good Reason.  The Participant’s mental or physical incapacity following the occurrence of an event described above in clauses (i)
                                      through (iii) shall not affect the Participant’s ability to terminate employment for Good Reason.

                                  

                                

                        

                         

                        

                        
                          	
                                  (e)

                                	
                                  “Termination for Cause” means a decision by the Company to terminate the Executive’s employment for (i) violation of an ELG covenant, (ii) conduct involving a felony
                                    criminal offense under U.S. federal or state law or an equivalent violation of the laws of any other country, (iii) dishonesty, fraud, self-dealing, or material violations of civil law in the course of fulfilling the
                                    Executive’s employment duties; (iv) breach of the Executive’s intellectual property agreement or other written agreement with the Company; (v) willful misconduct injurious to the Company, as determined by the Committee;
                                    (vi) negligent conduct injurious to the Company, including negligent supervision of a subordinate who causes significant harm to the Company as determined by the Committee; or (vii) prior to a Change-in-Control, such
                                    other events as shall be determined by the Committee.  Following a Change-in-Control, any determination by the Committee as to whether “Cause” exists shall be subject to de nova review.

                                

                        

                      

                      
                        

                        17

                        
                          

                        

                      

                      
                        
                          
                            
                              
                                 

                              

                            

                          

                        

                         

                        

                        EXECUTIVE LEADERSHIP GROUP AGREEMENT

                          

                          United Technologies Corporation

                         

                        

                        This Executive Leadership Group Agreement (the “ELG Agreement”) is entered into between Nora E. LaFreniere (hereinafter the “Executive”) and United
                          Technologies Corporation (“UTC”), a Delaware corporation, with an office and place of business at Farmington, Connecticut (UTC and all its subsidiaries, divisions and affiliates are hereinafter referred to as the “Company”).

                         

                        

                        The Executive acknowledges receipt of the materials summarizing the United Technologies Corporation’s Executive Leadership Group (“ELG”) Program and the
                          benefits available to the Executive as a member of the ELG, as well as the Executive’s obligations and commitments to the Company as an ELG member.  Capitalized terms in this ELG Agreement are defined in Attachment A of the ELG
                          Program materials.

                         

                        

                        ELG benefits include a restricted stock unit (RSU) retention award, disability benefits, and an annual car allowance.  Following three years of ELG
                          service, the ELG Restricted Stock Unit Retention Award (the “ELG RSU Retention Award”) provides for vesting in the event of a Qualifying Separation.  A “Qualifying Separation” means and includes a Mutually Agreeable Termination, a
                          Change in Control Termination, or retirement at age 62 or later.  Vesting is also subject to compliance with ELG Covenants.  The ELG RSU Retention Award will not vest in the case of a Termination for Cause.

                         

                        

                        While employed and following termination of employment, the Executive agrees to  protect and to not disclose Company Information, until such information
                          has become public or is no longer material or relevant to the Company.  While employed and for a two-year period following termination of employment, the Executive agrees to refrain from activities that might reasonably be
                          expected to induce an employee to leave the Company.  In the event of a Qualifying Separation, the Executive will vest in the ELG RSU Retention Award provided the Executive agrees to certain additional commitments to the Company,
                          including a three year non-compete agreement and a waiver of claims arising from or relating to the termination of the Executive’s employment.

                        
                          

                          18

                          
                            

                          

                        

                        
                          
                            
                              
                                 

                              

                            

                          

                        

                         

                        

                        ELG membership requires commitment to UTC share ownership guidelines.  The value of an ELG member’s UTC share ownership must equal or exceed three times
                          (3x) annual base salary within five years of appointment to the ELG.

                         

                        

                        In consideration of the ELG benefits, the Executive hereby commits to membership in the ELG effective January 1, 2016 in accordance with the terms and
                          conditions set forth in this Agreement and as further described in the ELG Program materials.  In consideration of ELG membership, the Executive hereby acknowledges and accepts the obligations and commitments to the Company,
                          including postemployment restrictions and protective covenants as described in this Agreement and the ELG Program materials.  The Company, in turn, agrees to provide ELG benefits to the Executive upon receipt of this signed
                          Agreement in accordance with this Agreement and as described in the ELG Program materials.

                         

                            

                        	

                              	
                                

                                

                              	/s/ Nora E. LaFreniere
	
                                

                                

                              	 	
                                VP, General Counsel

                              
	

                              	 	
                                Otis

                              
	 	 	 
	

                              	

                              	
                                3/1/2016

                              
	

                              	 	Date
	 	 	 
	

                              	 	
                                UNITED TECHNOLOGIES CORPORATION

                              
	

                              	
                                

                                

                              	 

                              
	
                                

                                

                              	 By	
                                Elizabeth B. Amato

                              
	
                                

                                

                              	 	
                                Executive Vice President and Chief Human Resources Officer

                              
	 	 	 
	

                              	

                              	
                                3/2/2016

                              
	

                              	 	
                                Date

                              

                      

                    

                  

                

              

              
                

                19

                
                  

                

              

              
                
                  
                    
                      
                         

                      

                    

                  

                

                Attachment A

                

                

                Definitions

                 

                

                The following terms shall have the following meanings for purposes of the Executive Leadership Group Program, including all agreements, awards and benefits:

                 

                

                
                  	
                          (a)

                        	
                          “Company” means United Technologies Corporation and its subsidiaries, divisions and affiliates.

                           

                          

                        

                

                
                  	
                          (b)

                        	
                          “Company Information” means (i) confidential or proprietary information including without limitation information received from third parties under confidential or
                            proprietary conditions; (ii) information subject to the Company’s attorney-client or work-product privilege; and (iii) other technical, business or financial information, the use or disclosure of which might reasonably be
                            construed to be contrary to the Company’s interests.

                           

                          

                        

                

                
                  	
                          (c)

                        	
                          “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change-in-Control Termination, or retirement at age 62 or later.

                           

                          

                        

                

                
                  	
                          (i)

                        	
                           “Mutually Agreeable Termination” means a decision by the Company, in its sole discretion, to terminate the Executive’s employment with the Company as a result of
                            circumstances described in this paragraph and the Executive’s acknowledgment and agreement that his/her employment will end as a result of such circumstances.  Circumstances that may result in a Mutually Agreeable Termination
                            include management realignment, change in business conditions or priorities, the sale or elimination of the Executive’s business unit or any other change in business circumstances that materially and adversely affects the
                            Executive’s role within the Company or such circumstances that preclude continued employment at the ELG level, in all cases as determined by the Executive Vice President and Chief Human Resources Officer.  Neither a unilateral
                            voluntary resignation nor a Termination for Cause will constitute a Mutually Agreeable Termination.

                           

                          

                        

                

                
                  	
                          (ii)

                        	
                          “Change-in-Control Termination” means either the involuntary termination of the Executive’s employment by the Company (other than a Termination for Cause) or the voluntary
                            resignation by the Executive for Good Reason within 24 months following a Change in-Control.

                           

                          

                        

                

                
                  	
                          (A)

                        	
                          “Change-in-Control” shall mean any of the following events:

                           

                          

                        

                

                
                  	
                          1.

                        	
                          The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership (within
                            the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the then-outstanding Shares of Common Stock plus any other outstanding shares of stock of the Corporation entitled to vote in the election of
                            directors (the “Outstanding Corporation Voting Securities”); provided, however, that the Corporation and any employee benefit plan (or related trust) sponsored by it shall not be deemed to be a Person; or

                           

                          

                        

                

                
                  	
                          2.

                        	
                          A change in the composition of the Board such that the individuals who constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority
                            of the Board. For this purpose, any individual whose election or nomination for election by the Corporation’s shareowners was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall
                            be considered a member of the Incumbent Board; or

                        

                

                
                  
                    

                    20

                    
                      

                    

                  

                  
                    
                      
                        
                          
                             

                          

                        

                      

                    

                  

                   

                  

                  	
                          3.

                        	
                          The consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Corporation or any of its
                            Subsidiaries or a sale or other disposition of substantially all of the assets of the Corporation or a material acquisition of assets or stock of another entity by the Corporation or any of its Subsidiaries, (each, a “Business
                            Combination”) if:

                           

                          

                        

                

                
                  	
                          a.

                        	
                          the individuals and entities that were the beneficial owners of the Outstanding Corporation Voting Securities immediately prior to such Business Combination do not
                            beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of stock and the combined voting power of the then-outstanding voting securities of the corporation resulting from such Business Combination;
                            or

                           

                          

                        

                

                
                  	
                          b.

                        	
                          a Person beneficially owns, directly or indirectly, 20% or more of the then-outstanding shares of stock of the corporation resulting from such Business Combination; or

                           

                          

                        

                

                
                  	
                          c.

                        	
                          members of the Incumbent Board do not comprise at least a majority of the members of the board of directors of the corporation resulting from such Business Combination; or

                           

                          

                        

                

                
                  	
                          4.

                        	
                          A complete liquidation or dissolution of the Corporation.

                           

                          

                        

                

                If an Award is determined to be subject to Section 409A of the Code, the payment or settlement of the Award shall accelerate upon a Change-in-Control only if the
                  event also constitutes a “change in ownership,” “change in effective control,” or “change in the ownership of a substantial portion of the Corporation’s assets” as defined under Section 409A of the Code. Any adjustment to the Award that
                  does not affect the Award’s status under Section 409A (including, but not limited to, accelerated vesting or adjustment of the amount of the Award) may occur upon a Change-in-Control as defined herein without regard to this paragraph,
                  even if the event does not constitute a Change-in-Control under Section 409A.

                
                  
                    

                    21

                    
                      

                    

                  

                   

                   

                  

                  	
                          (B)

                        	
                          “Good Reason” means voluntary termination of the Executive’s employment within twenty-four (24) months of a Change-in-Control and
                            the occurrence of any one or more of the following:

                           

                          

                        

                

                

                

                
                  	
                          1.

                        	
                          The assignment of the Executive to a position that is materially inconsistent with the Executive’s authorities, duties, responsibilities, and status (including reporting
                            relationships) as an employee of the Company, or a material reduction or change in the nature or status of the Executive’s authorities, duties, or responsibilities from those in effect immediately preceding a Change-in-Control;

                        

                

                

                

                
                  	
                          2.

                        	
                          The Company requires the Executive to be based at a location which is at least fifty (50) miles further from the Executive’s current primary residence than such residence
                            is from the Executive’s current job location, except for required travel on Company business to an extent substantially consistent with the Executive’s business obligations immediately preceding the Change-in-Control;

                        

                

                

                

                
                  	
                          3.

                        	
                          A reduction by the Company in the Executive’s Base Salary in effect on the date preceding the Change-in-Control;

                        

                

                

                

                
                  	
                          4.

                        	
                          A material reduction in the Executive’s level of participation in any of the Company’s short- and/or long-term incentive compensation plans, employee benefit or retirement
                            plans, policies, practices, or arrangements in which the Executive participates from the levels in place during the fiscal year immediately preceding the Change-in-Control; provided, however, that reductions in the levels of
                            participation in any such plans shall not be deemed to be “Good Reason” if the Executive’s reduced level of participation in each such program remains substantially consistent with the average level of participation of other
                            executives who have positions commensurate with the Executive’s position; or

                        

                

                

                

                
                  	
                          5.

                        	
                          The failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform its obligations under this Agreement.

                            

                          

                        

                

                
                  	
                          (d)

                        	
                          “Termination for Cause” means a decision by the Company to terminate the Executive’s employment for (i) violation of an ELG covenant, (ii) conduct involving a felony
                            criminal offense under U.S. federal or state law or an equivalent violation of the laws of any other  country, (iii) dishonesty, fraud, self-dealing, or material violations of civil law in the course of fulfilling the
                            Executive’s employment duties; (iv) breach of the Executive’s intellectual property agreement or other written agreement with the Company; or (v) willful misconduct injurious to the Company, as determined by the Committee.

                        

                

              

              
                

                22

                
                  

                

              

              
                
                  
                    
                      
                        
                           

                        

                      

                    

                  

                

                 

                

                EXECUTIVE LEADERSHIP GROUP AGREEMENT

                  

                  United Technologies Corporation

                 

                

                This Executive Leadership Group Agreement (the “ELG Agreement”) is entered into between Peiming Perry Zheng (hereinafter the “Executive”) and United Technologies
                  Corporation (“UTC”), a Delaware corporation, with an office and place of business at 10 Farm Springs Road, Farmington, Connecticut (UTC and all its subsidiaries, divisions and affiliates are hereinafter referred to as the “Company”).

                 

                

                The Executive acknowledges receipt of the materials summarizing the United Technologies Corporation’s Executive Leadership Group (“ELG”) Program and the benefits
                  available to the Executive as a member of the ELG, as well as the Executive’s obligations and commitments to the Company as an ELG member.  Capitalized terms in this ELG Agreement are defined in Attachment A of the ELG Program materials.

                 

                

                ELG benefits include a restricted stock unit (RSU) retention award.  Following three years of ELG service, the ELG Restricted Stock Unit Retention Award (the “ELG
                  RSU Retention Award”) provides for vesting in the event of a Qualifying Separation.  A “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change in Control Termination, or retirement at age 62 or later. 
                  Vesting is also subject to compliance with ELG Covenants.  The ELG RSU Retention Award will not vest in the case of a Termination for Cause.  The amounts realized in the event of the vesting of the ELG RSU Retention Award will be offset
                  and reduced by the full amount (if any) of cash severance benefits that the Executive may separately be entitled to receive from the Company based on any employment agreement or other contractual obligation or statutory scheme, including
                  mandated termination indemnities or similar benefits.

                 

                

                While employed and following termination of employment, the Executive agrees to protect and to not disclose Company Information, until such information has become
                  public or is no longer material or relevant to the Company.  While employed and for a two-year period following termination of employment, the Executive agrees to refrain from activities that might reasonably be expected to induce an
                  employee to leave the Company.  In the event of a Qualifying Separation, the Executive will vest in the ELG RSU Retention Award provided the Executive agrees to certain additional commitments to the Company, including a three year
                  non-compete agreement and a waiver of claims arising from or relating to the termination of the Executive’s employment.

                
                  

                  23

                  
                    

                  

                

                
                  
                    
                      
                        
                          
                             

                          

                        

                      

                    

                  

                

                 

                

                ELG membership requires commitment to UTC share ownership guidelines.  The value of an ELG member’s UTC share ownership must equal or exceed three times (3x)
                  annual base salary within five years of appointment to the ELG.

                 

                

                In consideration of the ELG benefits, the Executive hereby commits to membership in the ELG effective January 1, 2017 in accordance with the terms and conditions
                  set forth in this Agreement and as further described in the ELG Program materials.  In consideration of ELG membership, the Executive hereby acknowledges and accepts the obligations and commitments to the Company, including postemployment
                  restrictions and protective covenants as described in this Agreement and the ELG Program materials.  The Company, in turn, agrees to provide ELG benefits to the Executive upon receipt of this signed Agreement in accordance with this
                  Agreement and as described in the ELG Program materials.

                 

                    

                	 	 	
                        /s/ Peiming Perry Zheng

                      
	 	 	
                        Peiming Perry Zheng

                      
	 	 	
                        President, Otis China Area

                      
	 	 	
                        Otis Elevator

                      
	 	 	 
	 	 	
                        Jan. 27, 2017

                      
	 	 	
                        Date

                      
	 	 	 
	 	 	
                        UNITED TECHNOLOGIES CORPORATION

                      
	 	 	 
	 	
                        By

                      	
                        /s/ Elizabeth B. Amato

                      
	 	 	
                        Elizabeth B. Amato

                      
	 	 	
                        Executive Vice President and Chief Human Resources Officer

                      
	 	 	 
	 	 	
                        01/27/17

                      
	 	 	
                        Date

                      

              

              
                

                24

                
                  

                

              

              

              
                
                  
                    
                      
                         

                      

                    

                  

                

              

              
                Attachment A

                 

                

                Definitions

                  

                

                The following terms shall have the following meanings for purposes of the Executive Leadership Group Program, including all agreements, awards and benefits:

                 

                

                
                  	
                          (a)

                        	
                          “Company” means United Technologies Corporation and its subsidiaries, divisions and affiliates.

                           

                          

                        

                

                
                  	
                          (b)

                        	
                          “Company Information” means (i) confidential or proprietary information including without limitation information received from third parties under confidential or
                            proprietary conditions; (ii) information subject to the Company’s attorney-client or work-product privilege; and (iii) other technical, business or financial information, the use or disclosure of which might reasonably be
                            construed to be contrary to the Company’s interests.

                           

                          

                        

                

                
                  	
                          (c)

                        	
                          “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change- in-Control Termination, or retirement at age 62 or later.

                           

                          

                        

                

                
                  	
                          (i)

                        	
                           “Mutually Agreeable Termination” means a decision by the Company, in its sole discretion, to terminate the Executive’s employment with the Company as a result of
                            circumstances described in this paragraph and the Executive’s acknowledgment and agreement that his/her employment will end as a result of such circumstances.  Circumstances that may result in a Mutually Agreeable Termination
                            include management realignment, change in business conditions or priorities, the sale or elimination of the Executive’s business unit or any other change in business circumstances that materially and adversely affects the
                            Executive’s role within the Company or such circumstances that preclude continued employment at the ELG level, in all cases as determined by the Executive Vice President and Chief Human Resources Officer.  Neither a unilateral
                            voluntary resignation nor a Termination for Cause will constitute a Mutually Agreeable Termination.

                           

                          

                        

                

                
                  	
                          (ii)

                        	
                          “Change-in-Control Termination” means either the involuntary termination of the Executive’s employment by the Company (other than a Termination for Cause) or the voluntary
                            resignation by the Executive for Good Reason within 24 months following a Change in-Control.

                           

                          

                        

                

                
                  	
                          (A)

                        	
                          “Change-in-Control” shall mean any of the following events:

                            

                          

                        

                

                
                  	
                          1.

                        	
                          The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership (within
                            the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the then-outstanding Shares of Common Stock plus any other outstanding shares of stock of the Corporation entitled to vote in the election of
                            directors (the “Outstanding Corporation Voting Securities”); provided, however, that the Corporation and any employee benefit plan (or related trust) sponsored by it shall not be deemed to be a Person; or

                           

                          

                        

                

                
                  
                    

                    25

                    
                      

                    

                  

                   
                    

                    

                  

                  	
                          2.

                        	
                          A change in the composition of the Board such that the individuals who constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority
                            of the Board. For this purpose, any individual whose election or nomination for election by the Corporation’s shareowners was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall
                            be considered a member of the Incumbent Board; or

                           

                          

                        

                

                
                  	
                          3.

                        	
                          The consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Corporation or any of its
                            Subsidiaries or a sale or other disposition of substantially all of the assets of the Corporation or a material acquisition of assets or stock of another entity by the Corporation or any of its Subsidiaries, (each, a “Business
                            Combination”) if:

                           

                          

                        

                

                
                  	
                          a.

                        	
                          the individuals and entities that were the beneficial owners of the Outstanding Corporation Voting Securities immediately prior to such Business Combination do not
                            beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of stock and the combined voting power of the then-outstanding voting securities of the corporation resulting from such Business Combination;
                            or

                           

                          

                        

                

                
                  	
                          b.

                        	
                          a Person beneficially owns, directly or indirectly, 20% or more of the then-outstanding shares of stock of the corporation resulting from such Business Combination; or

                           

                          

                        

                

                
                  	
                          c.

                        	
                          members of the Incumbent Board do not comprise at least a majority of the members of the board of directors of the corporation resulting from such Business Combination; or

                           

                          

                        

                

                
                  	
                          4.

                        	
                          A complete liquidation or dissolution of the Corporation.

                           

                          

                        

                

                
                  

                  26

                  
                    

                  

                

                 

                If an Award is determined to be subject to Section 409A of the Code, the payment or settlement of the Award shall accelerate upon a Change-in-Control only if the
                  event also constitutes a “change in ownership,” “change in effective control,” or “change in the ownership of a substantial portion of the Corporation’s assets” as defined under Section 409A of the Code. Any adjustment to the Award that
                  does not affect the Award’s status under Section 409A (including, but not limited to, accelerated vesting or adjustment of the amount of the Award) may occur upon a Change-in-Control as defined herein without regard to this paragraph,
                  even if the event does not constitute a Change-in-Control under Section 409A.

                 

                

                
                  	
                          (B)

                        	
                          “Good Reason” means voluntary termination of the Executive’s employment within twenty-four (24) months of a Change-in-Control and
                            the occurrence of any one or more of the following:

                        

                

                

                

                
                  	
                          1.

                        	
                          The assignment of the Executive to a position that is materially inconsistent with the Executive’s authorities, duties, responsibilities, and status (including reporting
                            relationships) as an employee of the Company, or a material reduction or change in the nature or status of the Executive’s authorities, duties, or responsibilities from those in effect immediately preceding a Change-in-Control;

                        

                

                

                

                
                  	
                          2.

                        	
                          The Company requires the Executive to be based at a location which is at least fifty (50) miles further from the Executive’s current primary residence than such residence
                            is from the Executive’s current job location, except for required travel on Company business to an extent substantially consistent with the Executive’s business obligations immediately preceding the Change-in-Control;

                        

                

                

                

                
                  	
                          3.

                        	
                          A reduction by the Company in the Executive’s Base Salary in effect on the date preceding the Change-in-Control;

                        

                

                

                

                
                  	
                          4.

                        	
                          A material reduction in the Executive’s level of participation in any of the Company’s short- and/or long-term incentive compensation plans, employee benefit or retirement
                            plans, policies, practices, or arrangements in which the Executive participates from the levels in place during the fiscal year immediately preceding the Change-in-Control; provided, however, that reductions in the levels of
                            participation in any such plans shall not be deemed to be “Good Reason” if the Executive’s reduced level of participation in each such program remains substantially consistent with the average level of participation of other
                            executives who have positions commensurate with the Executive’s position; or

                        

                

                

                

                
                  	
                          5.

                        	
                          The failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform its obligations under this Agreement.

                           

                          

                        

                

                
                  	
                          (d)

                        	
                          “Termination for Cause” means a decision by the Company to terminate the Executive’s employment for (i) violation of an ELG covenant, (ii) conduct involving a felony
                            criminal offense under U.S. federal or state law or an equivalent violation of the laws of any other  country, (iii) dishonesty, fraud, self-dealing, or material violations of civil law in the course of fulfilling the
                            Executive’s employment duties; (iv) breach of the Executive’s intellectual property agreement or other written agreement with the Company; or (v) willful misconduct injurious to the Company, as determined by the Committee.

                        

                

              

              

              
                

                27

                
                  

                

              

              

             

            

            EXECUTIVE LEADERSHIP GROUP AGREEMENT 

             

            United Technologies Corporation

             

            This Executive Leadership Group Agreement (the “ELG Agreement”) is entered into between Rahul Ghai (hereinafter the “Executive”) and United Technologies Corporation (“UTC”), a Delaware
              corporation, with an office and place of business at 10 Farm Springs Road, Farmington, Connecticut (UTC and all its subsidiaries, divisions and affiliates are hereinafter referred to as the “Company”).

             

            The Executive acknowledges receipt of the materials summarizing the United Technologies Corporation’s Executive Leadership Group (“ELG”) Program and the benefits available to the Executive as a
              member of the ELG, as well as the Executive’s obligations and commitments to the Company as an ELG member.  Capitalized terms in this ELG Agreement are defined in Attachment A of the ELG Program materials.

             

            ELG benefits include recognition of status as one of UTC’s most senior leaders, with annual Long-Term Incentive Plan awards and annual bonus awards commiserate with your ELG status, a
              significant restricted stock unit (RSU) retention award, disability benefits, and an annual car allowance.  Following three years of ELG service, the ELG Restricted Stock Unit Retention Award (the “ELG RSU Retention Award”) provides for
              vesting in the event of a Qualifying Separation.  A “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change in Control Termination, or retirement at age 62 or later.  Vesting is also subject to compliance with
              ELG Covenants.  The ELG RSU Retention Award will not vest in the case of a Termination for Cause.  The amounts realized in the event of the vesting of the ELG RSU Retention Award will be offset and reduced by the full amount (if any) of cash
              severance benefits that the Executive may separately be entitled to receive from the Company based on any employment agreement or other contractual obligation or statutory scheme, including mandated termination indemnities or similar
              benefits.  The Executive agrees that in the event of such an offset, the Executive’s commitments under the ELG remain in full force and effect.  

            
              

              28

              
                

              

            

            

             

            While employed and following termination of employment, the Executive agrees to protect and not to disclose Company Information until such information has become public or is no longer material
              or relevant to the Company.  While employed and for a two year period following termination of employment, the Executive agrees to refrain from soliciting Company employees or engaging in other activities that might reasonably be expected to
              induce an employee to leave the Company.  For a one-year period following termination of employment, the Executive agrees to be bound by a one-year non-compete agreement.  In the event of a Qualifying Separation, the Executive will vest in
              the ELG RSU Retention Award provided the Executive agrees to certain additional commitments to the Company, including an additional one year non-compete agreement and a waiver of claims arising from or relating to the termination of the
              Executive’s employment.  In the event payment is required under local law for enforcement of a non-compete, the Executive agrees that the Company may structure payments and/or distribution of amounts payable pursuant to this ELG Agreement,
              and/or the ELG RSU Retention Award, or payments in lieu thereof, at the time of separation to satisfy local requirements, which may include adjustments to method, form and timing of benefits, provided such payments are not subject to IAC
              Section 409A.

             

            ELG membership requires commitment to UTC share ownership guidelines.  The value of an ELG member’s UTC share ownership must equal or exceed three times (3x) annual base salary within five years
              of appointment to the ELG.

             

            In consideration of the ELG benefits, the Executive hereby commits to membership in the ELG effective July 15, 2019 in accordance with the terms and conditions set forth in this Agreement and as
              further described in the ELG Program materials.  In consideration of ELG membership, the Executive hereby acknowledges and accepts the obligations and commitments to the Company, including postemployment restrictions and protective covenants
              as described in this Agreement and the ELG Program materials.  The Company, in turn, agrees to provide ELG benefits to the Executive upon receipt of this signed Agreement in accordance with this Agreement and as described in the ELG Program
              materials.  

            
              

              29

              
                

              

            

            

            

            

            	 	 	
                    /s/ Rahul Ghai

                  
	 	 	
                    Rahul Ghai

                  
	 	 	
                    Vice President & Chief Financial Officer

                  
	 	 	
                    Otis Elevator

                  
	 	 	 
	 	 	
                    10/20/2019

                  
	 	 	
                    Date

                  
	 	 	 
	 	 	
                    UNITED TECHNOLOGIES CORPORATION

                  
	 	 	 
	 	
                    By

                  	
                    /s/ Elizabeth B. Amato

                  
	 	 	
                    Elizabeth B. Amato

                  
	 	 	
                    Executive Vice President and Chief Human Resources Officer

                  
	 	 	 
	 	 	
                    11/5/2019

                  
	 	 	
                    Date

                  

            
              30

              
                

              

            

          

          
            
              
                
                  
                    
                      

                       

                        

                       
                      Attachment A

                      

                      

                      Executive Leadership Group Program Definitions

                      

                      

                      
                        
                          	(a)	
                                  “Committee” means the Compensation Committee of the Board of Directors.

                                

                        

                      

                      

                      

                      
                        
                          	(b)	
                                  “Company” means United Technologies Corporation and its subsidiaries, divisions and affiliates.

                                

                        

                      

                      

                      

                      
                        
                          	(c)	
                                  “Company Information” means (i) confidential or proprietary information, including without limitation, information received from third parties under confidential
                                    or proprietary conditions; (ii) information subject to the Company’s attorney-client or work-product privilege; and (iii) other technical, business or financial information, the use or disclosure of which might
                                    reasonably be construed to be contrary to the Company’s interests.

                                

                        

                      

                      

                      

                      
                        
                          	(d)	
                                  “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change- in-Control Termination, or retirement at age 62 or later.

                                

                        

                      

                      

                      

                      
                        
                          	

                                	(i)	
                                  “Mutually Agreeable Termination” means a decision by the Company, in its sole discretion, to terminate the Executive’s employment with the Company as a result of
                                    circumstances described in this paragraph and the Executive’s acknowledgment and agreement that his/her employment will end as a result of such circumstances.  Circumstances that may result in a Mutually Agreeable
                                    Termination include management realignment, change in business conditions or priorities, the sale or elimination of the Executive’s business unit or any other change in business circumstances that materially and
                                    adversely affects the Executive’s role within the Company or such circumstances that preclude continued employment at the ELG level, in all cases as determined by the Executive Vice President and Chief Human Resources
                                    Officer.  Neither a unilateral voluntary resignation nor a Termination for Cause will constitute a Mutually Agreeable Termination.

                                

                        

                      

                      

                      

                      
                        
                          	

                                	(ii)	
                                  “Change-in-Control Termination” means either the involuntary termination of the Executive’s employment by the Company (other than a Termination for Cause) or the
                                    voluntary resignation by the Executive for Good Reason within 24 months following a Change -in-Control.

                                

                        

                      

                      

                      

                      
                        
                          	

                                	(A)	
                                  “Change-in-Control” shall mean any of the following events:

                                

                        

                      

                      

                      

                      
                        
                          	

                                	1.	
                                  An acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership
                                    (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either: (a) the then outstanding shares of common stock of the Corporation (the “Outstanding Corporation Common Stock”); or (b) the
                                    combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Corporation Voting Securities”); provided, however, that for
                                    purposes of this section 1, the following acquisitions shall not constitute a Change-in-Control: (1) any acquisition directly from the Corporation, (2) any acquisition by the Corporation, (3) any acquisition by any
                                    employee benefit plan (or related trust) sponsored or maintained by the Corporation or any entity controlled by the Corporation, or (4) any acquisition by any entity pursuant to a transaction that complies with clauses
                                    (a), (b) and (c) of subsection (3) of this Section (d)(ii)(A); or

                                

                        

                      

                      
                        31

                        
                          

                      

                      
                        
                          

                          

                        

                      

                      
                        
                          	

                                	2.	
                                  A change in the composition of the Board such that the individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason
                                    to constitute at least a majority of the Board; provided, however, that for purposes of this Section (d)(2)(A), any individual who becomes a member of the Board subsequent to the Effective Date whose election, or
                                    nomination for election by the Corporation’s shareowners, was approved by a vote of at least two-thirds of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be
                                    pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; provided further, that any such individual whose initial assumption of office occurs as a result of either an
                                    actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be
                                    considered as a member of the Incumbent Board; or

                                

                        

                      

                      

                      

                      
                        
                          	

                                	3.	
                                  The consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Corporation or any of its subsidiaries
                                    or a sale or other disposition of all or substantially all of the assets of the Corporation, or the acquisition of assets or stock of another entity by the Corporation or any of its subsidiaries, (a “Business
                                    Combination”), in each case, unless following such Business Combination, (a) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Corporation Common
                                    Stock and Outstanding Corporation Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock
                                    (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity,
                                    equivalent securities), as the case may be, of the entity resulting from such Business Combination (including an entity that, as a result of such transaction, owns the Corporation or all or substantially all of the
                                    Corporation’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Corporation Common
                                    Stock and Outstanding Corporation Voting Securities, as the case may be, (b) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Corporation or
                                    such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock (or, for a non-corporate entity, equivalent
                                    securities) of the entity resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such entity except to the extent that such ownership existed prior to the
                                    Business Combination, and (c) at least a majority of the members of the Board of Directors (or, for a non-corporate entity, equivalent body or committee) of the entity resulting from such Business Combination were
                                    members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or

                                

                        

                      

                      
                        32

                        
                          

                      

                      
                        
                          

                          

                        

                      

                      
                        
                          	

                                	4.	
                                  The approval by the shareholders of the Corporation of a complete liquidation or dissolution of the Corporation.

                                

                        

                      

                      

                      

                      The sale, merger or other transaction affecting any subsidiary or business unit of the Corporation will in no case be considered a
                        Change-in-Control under this Program.

                      

                      

                      If an Award is determined to constitute nonqualified deferred compensation within the meaning of Section 409A of the Code, a
                        Change-in-Control shall not constitute a settlement or distribution event with respect to such Award, or an event that otherwise changes the timing of settlement or distribution of such Award, unless the Change-in-Control also
                        constitutes an event described in Section 409A(a)(2)(v) of the Code and the regulations promulgated thereunder (a “Section 409A CIC”); provided, however, that whether or not a Change-in-Control is a Section 409A CIC, such
                        Change-in-Control shall result in the accelerated vesting of such Award to the extent provided by the Award Agreement, this Plan, any Individual Agreement or otherwise by the Committee.

                      

                      

                      
                        
                          	

                                	(B)	
                                  “Good Reason” means, voluntary termination of the Executive’s employment within twenty-four (24) months of a Change-in-Control and
                                    the occurrence of any of the following without a Participant’s consent: (i) a material reduction in the Participant’s annual base salary, annual bonus opportunities, long-term incentive opportunities or other
                                    compensation and benefits in the aggregate from those in effect immediately prior to the Change-in-Control; (ii) a material diminution in the Participant’s title, duties, authority, responsibilities, functions or
                                    reporting relationship from those in effect immediately prior to the Change-in-Control; (iii) a mandatory relocation of the Participant’s principal location of employment greater than 50 miles from immediately prior to
                                    the Change-in-Control; or (iv) The failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform its obligations under this Agreement.

                                

                        

                      

                      
                        33

                        
                          

                      

                      
                      
                        
                          

                          

                        

                      

                      In order to invoke a termination for Good Reason, the Participant shall provide written notice to the Corporation of the existence of one
                        or more of the conditions described in clauses (i) through (iv) within 90 days following the Participant’s knowledge of the initial existence of such condition or conditions, and the Corporation shall have 30 days following receipt
                        of such written notice (the “Cure Period”) during which it may cure the condition, if curable. If the Corporation fails to cure the condition constituting Good Reason during the Cure Period, the Participant must terminate
                        employment, if at all, within one year following the end of the Cure Period in order for such termination to constitute a termination for Good Reason. The Participant’s mental or physical incapacity following the occurrence of an
                        event described above in clauses (i) through (iii) shall not affect the Participant’s ability to terminate employment for Good Reason.

                      

                      

                      
                        
                          	(e)	
                                  “Termination for Cause” means a decision by the Company to terminate the Executive’s employment for (i) violation of an ELG covenant, (ii) conduct involving a felony
                                    criminal offense under U.S. federal or state law or an equivalent violation of the laws of any other  country, (iii) dishonesty, fraud, self-dealing, or material violations of civil law in the course of fulfilling the
                                    Executive’s employment duties; (iv) breach of the Executive’s intellectual property agreement or other written agreement with the Company; (v) willful misconduct injurious to the Company, as determined by the Committee;
                                    (vi) negligent conduct injurious to the Company, including negligent supervision of a subordinate who causes significant harm to the Company as determined by the Committee; or (vii) prior to a Change-in-Control, such
                                    other events as shall be determined by the Committee. Following a Change-in-Control, any determination by the Committee as to whether “Cause” exists shall be subject to de novo review.

                                

                        

                      

                      

                      

                    

                  

                

              

            

          

        

      

      
        34

        
          

        

      

    

  

  
    
      
        
          
            
               

            

          

        

      

    

  

  
     

     

    

    EXECUTIVE LEADERSHIP GROUP AGREEMENT

      

      United Technologies Corporation

    

      This Executive Leadership Group Agreement (the “ELG Agreement”} is entered into between Stephane De Montlivault (hereinafter the “Executive”) and United Technologies
        Corporation (“UTC”), a Delaware corporation, with an office and place of business at 10 Farm Springs Road, Farmington, Connecticut (UTC and all its subsidiaries, divisions and affiliates are hereinafter referred to as the “Company”).

       

      

      The Executive acknowledges receipt of the materials summarizing the United Technologies Corporation’s Executive Leadership Group (“ELG”) Program and the benefits available to
        the Executive as a member of the ELG, as well as the Executive’s obligations and commitments to the Company as an ELG member.  Capitalized terms in this ELG Agreement are defined in Attachment A of the ELG Program materials.

        

      

      ELG benefits include a restricted stock unit (RSU) retention award, disability benefits, and an annual car allowance.  Following three years of ELG service, the ELG
        Restricted Stock Unit Retention Award (the “ELG RSU Retention Award”) provides for vesting in the event of a Qualifying Separation.  A “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change in Control Termination, or
        retirement at age 62 or later.  Vesting is also subject to compliance with ELG Covenants.  The ELG RSU Retention Award will not vest in the case of a Termination for Cause.  The amounts realized in the event of the vesting of the ELG RSU Retention
        Award will be offset and reduced by the full amount (if any) of cash severance benefits that the Executive may separately be entitled to receive from the Company based on any employment agreement or other contractual obligation or statutory scheme,
        including mandated termination indemnities or similar benefits.

       

      

      While employed and following termination of employment, the Executive agrees to protect and to not disclose Company Information, until such information has become public or
        is no longer material or relevant to the Company.  While employed and for a two year period following termination of employment, the Executive agrees to refrain from activities that might reasonably be expected to induce an employee to leave the
        Company.  In the event of a Qualifying Separation, the Executive will vest in the ELG RSU Retention Award provided the Executive agrees to certain additional commitments to the Company, including a two year non-compete agreement and a waiver of
        claims arising from or relating to the termination of the Executive’s employment.

       

      

      ELG membership requires commitment to UTC share ownership guidelines.  The value of an ELG member’s UTC share ownership must equal or exceed three times (3x) annual base
        salary within five years of appointment to the ELG.

      
        35

        
          

        

      

       

      In consideration of the ELG benefits, the Executive hereby commits to membership in the ELG effective December 1, 2017 in accordance with the terms and conditions set forth
        in this Agreement and as further described in the ELG Program materials.  In consideration of ELG membership, the Executive hereby acknowledges and accepts the obligations and commitments to the Company, including postemployment restrictions and
        protective covenants as described in this Agreement and the ELG Program materials.  The Company, in turn, agrees to provide ELG benefits to the Executive upon receipt of this signed Agreement in accordance with this Agreement and as described in
        the EL Program materials.

       

      

      	 	 	
              /s/ Stephane De Montlivault

            
	 	 	
              Stephane De Montlivault

            
	 	 	
              President, Otis Asia Pacific

            
	 	 	

            
	 	 	
              8 December 2017

            
	 	 	
              Date

            
	 	 	 
	 	 	
              UNITED TECHNOLOGIES CORPORATION

            
	 	 	 
	 	
              By

              

            	
              /s/ Elizabeth B. Amato

            
	 	 	
              Elizabeth B. Amato

            
	 	 	
              Executive Vice President and Chief Human Resources Officer

            
	 	 	 
	 	 	
              12/19/17

            
	 	 	
              Date

            

    

    
      36

      
        

      

    

    
      

      

      

      Attachment A

      

      

      Definitions

       

      

      The following terms shall have the following meanings for purposes of the Executive Leadership Group Program, including all agreements, awards and benefits:

       

      

      
        	
                (a)

              	
                “Company” means United Technologies Corporation and its subsidiaries, divisions and affiliates.

                 

                

              

      

      
        	
                (b)

              	
                “Company Information” means (i) confidential or proprietary information including without limitation information received from third parties under confidential or proprietary
                  conditions; (ii) information subject to the Company’s attorney-client or work-product privilege; and (iii) other technical, business or financial information, the use or disclosure of which might reasonably be construed to be contrary to
                  the Company’s interests.

                 

                

              

      

      
        	
                (c)

              	
                “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change- in-Control Termination, or retirement at age 62 or later.

                 

                

              

      

      
        	
                (i)

              	
                 “Mutually Agreeable Termination” means a decision by the Company, in its sole discretion, to terminate the Executive’s employment with the Company as a result of circumstances
                  described in this paragraph and the Executive’s acknowledgment and agreement that his/her employment will end as a result of such circumstances.  Circumstances that may result in a Mutually Agreeable Termination include management
                  realignment, change in business conditions or priorities, the sale or elimination of the Executive’s business unit or any other change in business circumstances that materially and adversely affects the Executive’s role within the Company
                  or such circumstances that preclude continued employment at the ELG level, in all cases as determined by the Executive Vice President and Chief Human Resources Officer.  Neither a unilateral voluntary resignation nor a Termination for
                  Cause will constitute a Mutually Agreeable Termination.

                 

                

              

      

      
        	
                (ii)

              	
                “Change-in-Control Termination” means either the involuntary termination of the Executive’s employment by the Company (other than a Termination for Cause) or the voluntary
                  resignation by the Executive for Good Reason within 24 months following a Change-in-Control.

                 

                

              

      

      
        	
                (A)

              	
                “Change-in-Control” shall mean any of the following events:

                 

                

              

      

      
        	
                1.

              	
                The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership (within the meaning
                  of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the then-outstanding Shares of Common Stock plus any other outstanding shares of stock of the Corporation entitled to vote in the election of directors (the “Outstanding
                  Corporation Voting Securities”); provided, however, that the Corporation and any employee benefit plan (or related trust) sponsored by it shall not be deemed to be a Person; or

                 

                

              

      

      
        
          37

          
            

          

        

         
          

          

        

        	
                2.

              	
                A change in the composition of the Board such that the individuals who constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the
                  Board. For this purpose, any individual whose election or nomination for election by the Corporation’s shareowners was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be considered a
                  member of the Incumbent Board; or

                 

                

              

      

      
        	
                3.

              	
                The consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Corporation or any of its Subsidiaries or a
                  sale or other disposition of substantially all of the assets of the Corporation or a material acquisition of assets or stock of another entity by the Corporation or any of its Subsidiaries, (each, a “Business Combination”) if:

                 

                

              

      

      
        	
                a.

              	
                the individuals and entities that were the beneficial owners of the Outstanding Corporation Voting Securities immediately prior to such Business Combination do not beneficially own,
                  directly or indirectly, more than 50% of the then-outstanding shares of stock and the combined voting power of the then-outstanding voting securities of the corporation resulting from such Business Combination; or

                 

                

              

      

      
        	
                b.

              	
                a Person beneficially owns, directly or indirectly, 20% or more of the then-outstanding shares of stock of the corporation resulting from such Business Combination; or

                 

                

              

      

      
        	
                c.

              	
                members of the Incumbent Board do not comprise at least a majority of the members of the board of directors of the corporation resulting from such Business Combination; or

                 

                

              

      

      
        	
                4.

              	
                A complete liquidation or dissolution of the Corporation.

                 

                

              

      

      If an Award is determined to be subject to Section 409A of the Code, the payment or settlement of the Award shall accelerate upon a Change-in-Control only if the event
        also constitutes a “change in ownership,” “change in effective control,” or “change in the ownership of a substantial portion of the Corporation’s assets” as defined under Section 409A of the Code. Any adjustment to the Award that does not affect
        the Award’s status under Section 409A (including, but not limited to, accelerated vesting or adjustment of the amount of the Award) may occur upon a Change-in-Control as defined herein without regard to this paragraph, even if the event does not
        constitute a Change-in-Control under Section 409A.

      
        38

        
          

        

      

      
         
          

          

        

        	
                (B)

              	
                “Good Reason” means voluntary termination of the Executive’s employment within twenty-four (24) months of a Change-in-Control and the
                  occurrence of any one or more of the following:

              

      

      

      

      
        	
                1.

              	
                The assignment of the Executive to a position that is materially inconsistent with the Executive’s authorities, duties, responsibilities, and status (including reporting
                  relationships) as an employee of the Company, or a material reduction or change in the nature or status of the Executive’s authorities, duties, or responsibilities from those in effect immediately preceding a Change-in-Control;

              

      

      

      

      
        	
                2.

              	
                The Company requires the Executive to be based at a location which is at least fifty (50) miles further from the Executive’s current primary residence than such residence is from
                  the Executive’s current job location, except for required travel on Company business to an extent substantially consistent with the Executive’s business obligations immediately preceding the Change-in-Control;

              

      

      

      

      
        	
                3.

              	
                A reduction by the Company in the Executive’s Base Salary in effect on the date preceding the Change-in-Control;

              

      

      

      

      
        	
                4.

              	
                A material reduction in the Executive’s level of participation in any of the Company’s short- and/or long-term incentive compensation plans, employee benefit or retirement plans,
                  policies, practices, or arrangements in which the Executive participates from the levels in place during the fiscal year immediately preceding the Change-in-Control; provided, however, that reductions in the levels of participation in any
                  such plans shall not be deemed to be “Good Reason” if the Executive’s reduced level of participation in each such program remains substantially consistent with the average level of participation of other executives who have positions
                  commensurate with the Executive’s position; or

              

      

      

      

      
        	
                5.

              	
                The failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform its obligations under this Agreement.

                 

                

              

      

      
        	
                (d)

              	
                “Termination for Cause” means a decision by the Company to terminate the Executive’s employment for (i) violation of an ELG covenant, (ii) conduct involving a felony criminal
                  offense under U.S. federal or state law or an equivalent violation of the laws of any other  country, (iii) dishonesty, fraud, self-dealing, or material violations of civil law in the course of fulfilling the Executive’s employment
                  duties; (iv) breach of the Executive’s intellectual property agreement or other written agreement with the Company; or (v) willful misconduct injurious to the Company, as determined by the Committee.

              

        
          39

          
            

          

        

        
          
            

            

            EXECUTIVE LEADERSHIP GROUP AGREEMENT

              

              United Technologies Corporation

          

           

          

          This Executive Leadership Group Agreement (the “ELG Agreement”) is entered into between Thomas R. Vining (hereinafter the “Executive”) and United Technologies
            Corporation (“UTC”), a Delaware corporation, with an office and place of business at Farmington, Connecticut (UTC and all its subsidiaries, divisions and affiliates are hereinafter referred to as the “Company”).

           

          

          The Executive acknowledges receipt of the materials summarizing the United Technologies Corporation’s Executive Leadership Group (“ELG”) Program and the benefits
            available to the Executive as a member of the ELG, as well as the Executive’s obligations and commitments to the Company as an ELG member.  Capitalized terms in this ELG Agreement are defined in Attachment A of the ELG Program materials.

           

          

          ELG benefits include a restricted stock unit (RSU) retention award, disability benefits, and an annual car allowance.  Following three years of ELG service, the ELG
            Restricted Stock Unit Retention Award (the “ELG RSU Retention Award”) provides for vesting in the event of a Qualifying Separation.  A “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change in Control Termination,
            or retirement at age 62 or later.  Vesting is also subject to compliance with ELG Covenants.  The ELG RSU Retention Award will not vest in the case of a Termination for Cause.

           

          

          While employed and following termination of employment, the Executive agrees to protect and to not disclose Company Information, until such information has become
            public or is no longer material or relevant to the Company.  While employed and for a two-year period following termination of employment, the Executive agrees to refrain from activities that might reasonably be expected to induce an employee
            to leave the Company.  In the event of a Qualifying Separation, the Executive will vest in the ELG RSU Retention Award provided the Executive agrees to certain additional commitments to the Company, including a three year non-compete agreement
            and a waiver of claims arising from or relating to the termination of the Executive’s employment.

          
            40

            
              

            

          

           

          ELG membership requires commitment to UTC share ownership guidelines.  The value of an ELG member’s UTC share ownership must equal or exceed three times (3x) annual
            base salary within five years of appointment to the ELG.

           

          

          In consideration of the ELG benefits, the Executive hereby commits to membership in the ELG effective January 1, 2016 in accordance with the terms and conditions set
            forth in this Agreement and as further described in the ELG Program materials.  In consideration of ELG membership, the Executive hereby acknowledges and accepts the obligations and commitments to the Company, including postemployment
            restrictions and protective covenants as described in this Agreement and the ELG Program materials.  The Company, in turn, agrees to provide ELG benefits to the Executive upon receipt of this signed Agreement in accordance with this Agreement
            and as described in the ELG Program materials.

           

          

          	 	 	
                  /s/ Thomas R. Vining

                
	 	 	
                  Thomas R. Vining

                
	 	 	
                  President, Otis Americas

                
	 	 	Otis

                
	 	 	 
	 	 	
                  2/11/2016

                
	 	 	Date
	 	 	 
	 	 	
                  UNITED TECHNOLOGIES CORPORATION

                
	 	 	 
	 	
                  By

                	
                  /s/ Elizabeth B. Amato

                
	 	 	
                  Elizabeth B. Amato

                
	 	 	
                  Executive Vice President and Chief Human Resources Officer

                
	 	 	 
	 	 	
                  2/16/16

                
	 	 	
                  Date

                

        

        
          41

          
            

          

        

        
           

          

          

          Attachment A

          

          

          Definitions

           

          

          The following terms shall have the following meanings for purposes of the Executive Leadership Group Program, including all agreements, awards and benefits:

           

          

          
            	
                    (a)

                  	
                    “Company” means United Technologies Corporation and its subsidiaries, divisions and affiliates.

                     

                    

                  

          

          
            	
                    (b)

                  	
                    “Company Information” means (i) confidential or proprietary information including without limitation information received from third parties under confidential or proprietary
                      conditions; (ii) information subject to the Company’s attorney-client or work-product privilege; and (iii) other technical, business or financial information, the use or disclosure of which might reasonably be construed to be contrary
                      to the Company’s interests.

                     

                    

                  

          

          
            	
                    (c)

                  	
                    “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change- in-Control Termination, or retirement at age 62 or later.

                     

                    

                  

          

          
            	
                    (i)

                  	
                     “Mutually Agreeable Termination” means a decision by the Company, in its sole discretion, to terminate the Executive’s employment with the Company as a result of circumstances
                      described in this paragraph and the Executive’s acknowledgment and agreement that his/her employment will end as a result of such circumstances.  Circumstances that may result in a Mutually Agreeable Termination include management
                      realignment, change in business conditions or priorities, the sale or elimination of the Executive’s business unit or any other change in business circumstances that materially and adversely affects the Executive’s role within the
                      Company or such circumstances that preclude continued employment at the ELG level, in all cases as determined by the Executive Vice President and Chief Human Resources Officer.  Neither a unilateral voluntary resignation nor a
                      Termination for Cause will constitute a Mutually Agreeable Termination.

                      

                    

                  

          

          
            	
                    (ii)

                  	
                    “Change-in-Control Termination” means either the involuntary termination of the Executive’s employment by the Company (other than a Termination for Cause) or the voluntary
                      resignation by the Executive for Good Reason within 24 months following a Change in-Control.

                     

                    

                  

          

          
            	
                    (A)

                  	
                    “Change-in-Control” shall mean any of the following events:

                     

                    

                  

          

          
            	
                    1.

                  	
                    The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership (within the
                      meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the then-outstanding Shares of Common Stock plus any other outstanding shares of stock of the Corporation entitled to vote in the election of directors (the
                      “Outstanding Corporation Voting Securities”); provided, however, that the Corporation and any employee benefit plan (or related trust) sponsored by it shall not be deemed to be a Person; or

                     

                    

                  

          

          
            
              42

              
                

              

            

             
              

              

            

            	
                    2.

                  	
                    A change in the composition of the Board such that the individuals who constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the
                      Board. For this purpose, any individual whose election or nomination for election by the Corporation’s shareowners was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be considered
                      a member of the Incumbent Board; or

                     

                    

                  

          

          
            	
                    3.

                  	
                    The consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Corporation or any of its Subsidiaries or
                      a sale or other disposition of substantially all of the assets of the Corporation or a material acquisition of assets or stock of another entity by the Corporation or any of its Subsidiaries, (each, a “Business Combination”) if:

                     

                    

                  

          

          
            	
                    a.

                  	
                    the individuals and entities that were the beneficial owners of the Outstanding Corporation Voting Securities immediately prior to such Business Combination do not beneficially
                      own, directly or indirectly, more than 50% of the then-outstanding shares of stock and the combined voting power of the then-outstanding voting securities of the corporation resulting from such Business Combination; or

                     

                    

                  

          

          
            	
                    b.

                  	
                    a Person beneficially owns, directly or indirectly, 20% or more of the then-outstanding shares of stock of the corporation resulting from such Business Combination; or

                     

                    

                  

          

          
            	
                    c.

                  	
                    members of the Incumbent Board do not comprise at least a majority of the members of the board of directors of the corporation resulting from such Business Combination; or

                     

                    

                  

          

          
            	
                    4.

                  	
                    A complete liquidation or dissolution of the Corporation.

                     

                    

                  

          

          If an Award is determined to be subject to Section 409A of the Code, the payment or settlement of the Award shall accelerate upon a Change-in-Control only if the event
            also constitutes a “change in ownership,” “change in effective control,” or “change in the ownership of a substantial portion of the Corporation’s assets” as defined under Section 409A of the Code. Any adjustment to the Award that does not
            affect the Award’s status under Section 409A (including, but not limited to, accelerated vesting or adjustment of the amount of the Award) may occur upon a Change-in-Control as defined herein without regard to this paragraph, even if the event
            does not constitute a Change-in-Control under Section 409A.

          
            43

            
              

            

          

          
             
              

              

            

            	
                    (B)

                  	
                    “Good Reason” means voluntary termination of the Executive’s employment within twenty-four (24) months of a Change-in-Control and the
                      occurrence of any one or more of the following:

                  

          

          

          

          
            	
                    1.

                  	
                    The assignment of the Executive to a position that is materially inconsistent with the Executive’s authorities, duties, responsibilities, and status (including reporting
                      relationships) as an employee of the Company, or a material reduction or change in the nature or status of the Executive’s authorities, duties, or responsibilities from those in effect immediately preceding a Change-in-Control;

                  

          

          

          

          
            	
                    2.

                  	
                    The Company requires the Executive to be based at a location which is at least fifty (50) miles further from the Executive’s current primary residence than such residence is
                      from the Executive’s current job location, except for required travel on Company business to an extent substantially consistent with the Executive’s business obligations immediately preceding the Change-in-Control;

                  

          

          

          

          
            	
                    3.

                  	
                    A reduction by the Company in the Executive’s Base Salary in effect on the date preceding the Change-in-Control;

                  

          

          

          

          
            	
                    4.

                  	
                    A material reduction in the Executive’s level of participation in any of the Company’s short- and/or long-term incentive compensation plans, employee benefit or retirement
                      plans, policies, practices, or arrangements in which the Executive participates from the levels in place during the fiscal year immediately preceding the Change-in-Control; provided, however, that reductions in the levels of
                      participation in any such plans shall not be deemed to be “Good Reason” if the Executive’s reduced level of participation in each such program remains substantially consistent with the average level of participation of other
                      executives who have positions commensurate with the Executive’s position; or

                  

          

          

          

          
            	
                    5.

                  	
                    The failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform its obligations under this Agreement.

                     

                    

                  

          

          
            	
                    (d)

                  	
                    “Termination for Cause” means a decision by the Company to terminate the Executive’s employment for (i) violation of an ELG covenant, (ii) conduct involving a felony criminal
                      offense under U.S. federal or state law or an equivalent violation of the laws of any other  country, (iii) dishonesty, fraud, self-dealing, or material violations of civil law in the course of fulfilling the Executive’s employment
                      duties; (iv) breach of the Executive’s intellectual property agreement or other written agreement with the Company; or (v) willful misconduct injurious to the Company, as determined by the Committee.

                  

          

        

      

    

    44

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