Document:

Exhibit 10.24

    

    

    

    

    

    Otis Elevator

    One Carrier Place

    Farmington, CT  06032

    (860) 674-3110

    

    

    Christian E. Meisner

    Vice President

    Chief Human Resources Officer

    

    

    June 27, 2019

    

    

    Rahul Ghai

    [ADDRESS]

    [ADDRESS]

    

    

    Dear Rahul:

    

    

    I am very pleased to offer you the position of Vice President & Chief Financial Officer, Otis Elevator, reporting to Judy Marks, President, Otis
      Elevator.  This position will be located in Farmington, Connecticut, with responsibilities as discussed during our recent conversations.  We will tentatively plan on a July 8, 2019 start date.

    

    

    Rahul, everyone at Otis and United Technologies Corporation (UTC) believes you will make a great contribution to Otis.  With that in mind, we have constructed
      an attractive compensation package for you.

    

    

    You will become a member of UTC’s Executive Leadership Group (ELG), representing our most senior executive population.  Your compensation package with Otis
      will include an initial base salary will be $675,000 per year in addition to other benefits and privileges detailed below.  These elements will be reviewed by Otis’ Compensation Committee of the Board of Directors upon successful separation from UTC
      to ensure your compensation package remains market competitive and reflects the elevation of this role to the Chief Financial Officer of a publicly traded company.

    

    

    
      	
              •

            	
              A target annual incentive compensation (IC) award of 80% of base salary, subject to Otis’ and individual performance.  Awards are typically paid in
                first quarter following the end of the fiscal year.  You will be eligible for a pro-rated incentive award for 2019 based on your start date.

            

    

    

    

    
      	
              •

            	
              An annual equity award under UTC’s long-term incentive plan (LTIP).  Awards consist of stock appreciation rights (SARs) and performance share units
                (PSUs).  LTIP awards vest three years from the grant date, contingent upon your continued employment with the Company and, in the case of PSUs, the achievement of certain performance goals over a three-year performance period.  SARs deliver
                value based on share price appreciation, while PSUs convert into shares of common stock upon vest.

            

    

    

    

    
      	
              •

            	
              A leased vehicle as per the terms of UTC’s Executive Lease Vehicle Program.

            

    

    

    

    As offsets to the various programs at your current employer that mandate forfeiture or reduction for early departure, you will be provided with the following:

    

    

    
      	
              •

            	
              A cash sign-on bonus of $500,000 (not Savings Plan eligible), payable within 30 days of joining Otis, and subject to repayment in the event of your
                departure prior to your one-year anniversary with Otis.

            

    

    

    

    
      	
              •

            	
              In the event you forfeit your 2018 cash bonus award as a result of your departure, a cash payment of $500,000 (not Savings Plan eligible) payable
                within 30 days of joining UTC.

            

    

    
      
        

    

    

    

    
      	
              •

            	
              UTC equity awards comprised of the following:

            

    

    

    

    
      	
              -

            	
              An LTIP award with a target value of $1,750,000, to be granted within 30 days of joining Otis, with half of the value delivered in SARs and the
                remaining value delivered in RSUs.  This award will be subject to UTC’s standard schedule of terms and conditions, including a three-year vesting requirement.

            

    

    

    

    
      	
              -

            	
              An ELG RSU retention grant with a value of $1,000,000.  This award will be eligible to vest in the event of a mutually agreed separation that occurs
                after at least three years of ELG service and will be subject to other terms and conditions set forth in UTC’s ELG Agreement.

            

    

    

    

    You will also be eligible for the following additional benefits:

    

    

    
      	
              •

            	
              Relocation assistance including support from SIRVA to aid in the establishment of a residence in the Hartford area.

            

    

    

    

    
      	
              •

            	
              UTC Choice, the Corporation’s flexible benefits plan, which you may join immediately upon your start with Otis.  This includes medical, dental, life
                and disability insurances (ELG members receive enhanced long-term disability protection).

            

    

    

    

    
      	
              •

            	
              UTC’s Savings Plan, which currently includes Company automatic and matching contributions.  Beginning immediately upon your start, the Company will
                automatically make an age-graded contribution to your account each pay period.  You may elect to make contributions to the Savings Plan immediately upon hire.  After one year of service, the Company will match up to 6% of your contributions
                at 60% up to IRS earnings limits.  Company automatic and matching contributions vest the sooner of two years of participation in the Plan or three years of consecutive service.

            

    

    

    

    
      	
              •

            	
              UTC’s Savings Restoration Plan (SRP) and Company Automatic Contribution Excess Plan (CACEP).  These non- qualified retirement / deferred
                compensation plans permit you to continue to receive Savings Plan matching (through the SRP) and Company automatic contributions (through the CACEP) that exceed the IRS income and contribution limits applicable to the tax-qualified UTC
                Savings Plan mentioned above.

            

    

    

    

    
      	
              •

            	
              UTC’s Deferred Compensation Program (DCP) and LTIP Performance Share Unit Deferral Plan, which provide executives with the opportunity to elect to
                defer a portion of their base salary, incentive compensation, and vested PSUs.

            

    

    

    

    This offer is conditional on you satisfactorily meeting our established employment requirements, including the execution of an Intellectual Property
      Agreement.  Also, the 1986 Immigration Reform and Control Act requires that all employees furnish identification verifying U.S. citizenship or authorization to work in the U.S.  These documents will be provided via a separate email to your personal
      account this week.

    

    

    Rahul, I know you will make a valuable contribution to the continuing growth of Otis.  We look forward to working with you in your new role with us.

    

    

    Please note your acceptance of the terms and conditions of our offer by signing below, scanning a copy and emailing to me at [EMAIL ADDRESS].

    

    

    Sincerely,

    

    

    /s/ Christian E. Meisner

    

    

    Christian E. Meisner

    Vice President & Chief Human Resources Officer

    

    

    Accepted:

    

    

    	
            /s/ Rahul Ghai

          	 	
            6/30/2019

          
	
            Rahul Ghai

          	 	
            Date

          

    

    

    I accept the job with a start date of 7/15/2019 and with the appointment effective 7/15/2019. /s/ RGExhibit 10.25

  

   

  

  
    	
            Internal

            Correspondence

          	
            

          

  

   

  

  
    18 December 2019

    

    

    PERSONAL & CONFIDENTIAL

    

    

    Dear Stephane,

    

    

    This Letter of Assignment (“LOA” or “Agreement”), including Appendices, details the terms and general conditions applicable to your Local Plus Assignment as summarized below:

    

    

    	
            Destination Country:

          	
            Singapore

          
	
            Destination Company:

          	
            United Technologies South Asia Pacific Pte. Ltd

          
	
            Anticipated Commencement Date:

          	
            November 1, 2019

          

    

    

    Your Local Plus Assignment will be for a two-year term and may be extended, subject to business needs.  Your Assignment is subject to obtaining and maintaining all applicable immigration authorizations, medical or other clearances required by the
      Destination Country and returning a signed copy of this LOA.

    

    

    Assignment Status

    

    

    As a Local Plus Assignee, you will be employed by the Destination Company.  You must abide by all laws in the Destination Country and abide by the policies of the Destination Company.  It is also expected that you will conduct yourself in a
      professional manner at all times and carry out your duties and responsibilities.

    

    

    This LOA is not a contract of employment, but simply seeks to confirm the conditions which pertain to your Local Plus Assignment.  The duration, terms, benefits and conditions of the Assignment are subject to revision in accordance with business
      needs, and changes to Company policies.

    

    

    Assignment Benefits

    

    

    As a Local Plus Assignee, you will receive the benefits detailed in the attached Appendix A, which is incorporated by reference.

    

    

    Data Privacy

    

    

    By signing this LOA, you confirm your understanding and explicitly agree that the Company, its affiliate and/or third parties may, in connection with your employment and/or your relocation, collect, use, process, transmit and hold personal data,
      including sensitive personal data.  The data may be in electronic or other form and may be used to manage your employment and relocation arrangements, to comply with legal and regulatory obligations and to fulfil the company’s business or other
      legitimate interests as required or permitted by law or regulation.  Because of the global nature of the assignment, your personal data will, subject to applicable law, be transferred internationally to other countries worldwide.  This may mean that
      personal data is transferred to countries, such as the United States, where data servers may be located.  Each country provides different standards of legal protection of personal data.  All such collection, use, processing, transmission and holding
      of data will comply with applicable data privacy protection requirements.  If you do not want to have your personal data shared, you may choose to not sign this LOA and not accept these Local Plus benefits.

    
      
        

    

    	
            Internal

            Correspondence

          	
            

          

     

    

    Confidentiality

    

    

    By signing this LOA, you agree that Company Information acquired and known to you shall be deemed strictly confidential.  Unless permitted by the Company in writing, during the term of this assignment or at any time thereafter, you shall not
      disclose any Company Information to any legal person, individual or other organization or entity for any purpose and in any manner, nor utilize the Company Information for any purpose other than performing your duties.

    

    

    By signing this LOA, you further agree to keep the terms of this letter confidential and to not disclose its content to anyone except for purposes of seeking legal or financial advice.

    

    

    Governing Law

    

    

    The terms of this relocation letter are generally subject to and governed by the laws of the Republic of Singapore.

    

    

    Thank you for supporting our global initiatives.  Best wishes to you in your new role.

    

    

    Sincerely,

    

    

    	/s/ Laurie Havanec	
            

            

          

    Laurie Havanec, Vice President & CHRO

    

    

    ACCEPTANCE

    

    

    By executing this LOA, you acknowledge have read, understood, and accept the letter, and accept all of the terms, provisions, obligations and conditions herein.  This letter constitutes the entire agreement between the parties regarding your
      assignment and supersedes all previous and contemporaneous statements, communications, representations or agreements, either written or oral, by or between you and the Company with respect to the subject matter hereof.  No contemporaneous or
      subsequent agreement or understanding modifying, varying or expanding this letter shall be binding upon either party unless in writing and signed by a duly authorized representative of the Company and yourself.

    
      
        

    

    	
            Internal

            Correspondence

          	
            

          

     

    

    Please indicate your agreement by signing below and returning this LOA as soon as possible.  This letter shall not be amended or supplemented unless in writing and signed by you and a duly authorized representative of the Company.

    

    

    I have reviewed the general terms and conditions of my Local Plus Assignment outlined above and by signing below, accept these conditions.

    

    

    	
            /s/ Stephane de Montlivault 

              

          	 	
            20 December 2019

          	 
	Stephane de Montlivault	 	Date	 

    

    

    Inclusions:

    Appendix A:  Benefit Summary

    
      
        

    

    	
            Internal

            Correspondence

          	
            

          

     

    

    APPENDIX A:  Benefit Summary

    

    

    You will receive the following benefits under your Local Plus package while on assignment:

    

    

    	
            Benefit Type

          	
            Amount and Frequency

          
	
            Health & Welfare Benefits

          	
            Cigna Global Plan

          
	
            Housing & Utilities Allowance

          	
            S$307,000 per annum

          
	
            Dependent Education

          	
            Reimbursement of eligible expenses up to a maximum of S$120,000 per annum

          
	
            Assignment Premium

          	
            S$40,000 per annum

          
	
            Pension/Retirement

          	
            8% of base salary and incentive compensation

          

    

    

    HEALTH & WELFARE BENEFITS

    

    

    You and your eligible dependents shall continue to participate in the Company’s Cigna Global Plan, which provides comprehensive medical and dental coverage.  The Company will continue to fund all premium costs for this coverage.  You will be
      liable for any personal income tax payable for such allowance, as applicable.

    

    

    HOUSING & UTILITIES

    

    

    The Company will provide a Destination Country Housing & Utilities Allowance, based on housing market data and the number of Eligible Dependents in the Host Country.  Your housing and utilities allowance will be S$307,000 per annum.  The
      allowance will be paid to you with your monthly payroll.  You will be liable for any personal income tax payable for such allowance.

    

    

    DEPENDENT EDUCATION

    

    

    The Company will reimburse educational expenses for your eligible dependents.  The reimbursement will cover required tuition fees of core activities/subjects, application fees, registration fees, mandatory fees, textbooks, lab fees and school bus
      expenses (if provided by the school).  The Company will not pay for school uniforms, sports tours, school trips, other school transportation expenses, obligatory social events or any extracurricular activities.  You will be provided with
      reimbursement for dependent education of up to S$120,000 per annum for your children’s primary and secondary school education, upon presentation of eligible invoices or receipts.  The company will not provide reimbursement for post-secondary or
      tertiary school education (e.g. college/university tuition fees, certification or other post-secondary school courses and/or programs).  You will be liable for any personal income tax payable for such allowance.

    

    

    PENSION/RETIREMENT:

    

    

    You will continue to participate in the Retirement Plan for Third Country National Employees of United Technologies Corporation (the “TCN Plan”) (or its successor or other appropriate retirement scheme as determined by Otis).  Your participation
      in the TCN Plan is subject to applicable plan rules.  The Company’s contribution to the TCN Plan will be at the rate of 8% of base salary and incentive compensation.  You will be liable for any personal income tax payable for such benefit.

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