Document:

UTC Deferred Compensation Plan

 Exhibit 10.5 
 UNITED TECHNOLOGIES CORPORATION 
 DEFERRED COMPENSATION PLAN 
 (As amended and restated effective January 1, 2005) 
 ARTICLE I—PREAMBLE 
 United Technologies Corporation established the United Technologies Deferred Compensation
Plan effective April 1, 1985. Pursuant to such Plan, certain eligible executives of the Corporation, its Subsidiaries and Affiliates deferred all or a portion of their compensation earned with respect to 1985 and 1986. No compensation earned
after 1986 was deferred under the Plan until the Plan was amended and restated effective December 15, 1993 to offer eligible executives the opportunity to defer all or a portion of Compensation earned or otherwise payable in 1994 and subsequent
years. The Plan has been amended from time to time since 1993. 
 The Plan is hereby amended and restated, effective January 1, 2005, to
reflect the requirements of Section 409A of the Internal Revenue Code. The Plan, as amended and restated, applies to deferrals that were earned or vested after December 31, 2004. Amounts that were earned and vested (within the meaning of
Section 409A) before January 1, 2005, and any subsequent increases in these amounts that are permitted to be treated as grandfathered benefits under Section 409A, are subject to and shall continue to be governed by the terms of the
Prior Plan as set forth in Appendix A. 
 From January 1, 2005 through December 31, 2008, the Plan has been operated in good faith
compliance with Section 409A in accordance with guidance provided by the Internal Revenue Service. 
  

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 ARTICLE II—DEFINITIONS 
 Beneficiary means the person, persons or entity designated on an electronic or written form by the Participant to receive the value of his or her Plan Account in the event of the Participant’s death. If
the Participant fails to designate a Beneficiary, or the Beneficiary (and any contingent Beneficiary) does not survive the Participant, the value of the Participant’s Plan Account will be paid to the estate of the Participant. 
 Benefit Reduction Contribution means a contribution by the Corporation to the Participant’s Plan Account to recognize the reduction in the
value of employer matching or other contributions under any of the Corporation’s savings or other tax qualified defined contribution retirement plans as a result of the reduction of such Participant’s Compensation pursuant to this 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 published guidance interpreting that section. 
 Committee
means the United Technologies Corporation Deferred Compensation Committee, which is responsible for the administration of the Plan. The Corporation’s Pension Administration Committee shall appoint the Committee’s members. 

Compensation means base salary and Incentive Compensation Payments otherwise payable to a Participant by a UTC Company and considered to be
wages for purposes of federal income tax withholding, but before any deferral of Compensation pursuant to the Plan. Compensation does not include foreign service premiums and allowances, compensation realized from Long Term Incentive Plan awards or
other types of awards. 
  

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 Corporation means United Technologies Corporation. 
 Credited Interest Account means the Investment Fund that is valued in the manner set forth in Section 5.2. 
 Deferral Period means the period prior to the receipt of Compensation deferred hereunder. 
 “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; provided that, in either case, the Participant’s condition also
qualifies as a “disability” for purposes of Section 409A(a)(2)(C) of the Code. 
 Election Form means the enrollment
form provided by the Committee to Participants electronically or in paper form for the purpose of deferring Compensation under the Plan. Each Participant’s Election Form must specify: the amount to be deferred from base salary and/or from any
Incentive Compensation Payment with respect to the following calendar year; the respective amounts to be allocated to the Participant’s Retirement Account and/or Special Purpose Account or Accounts; the percentage allocation among the
Investment Funds with respect to each such Account; and if not previously elected for an Account, the method of distribution of each such Account; and the Deferral Period for each Special Purpose Account. There will be a separate Election Form for
each calendar year. 
 Incentive Compensation Payment means amounts awarded to a Participant pursuant to the Corporation’s Annual
Executive Incentive Compensation Plan. 
  

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 Investment Fund means the Credited Interest Account, the S&P 500 Account, the UTC Stock Unit
Account or such other investment option as may be established by the Committee from time to time. The value of Participants’ Accounts shall be adjusted to replicate the performance of the applicable Investment Funds. Amounts allocated to any
Investment Fund do not result in any investment in actual assets corresponding to the Investment Fund. 
 Participant means an
executive of a UTC Company who is paid from a US payroll, files a U.S. income tax return, and who elects to defer Compensation under the Plan. 
 Plan means the United Technologies Corporation Deferred Compensation Plan as amended and restated effective September 1, 2002, and as amended from time to time thereafter. 
 Plan Account means the aggregate value of all Special Purpose Accounts and the Retirement Account, but excluding accounts under the Prior Plan.
Accounts under the Prior Plan will be valued and administered separately in accordance with the terms and procedures in effect under the Prior Plan. 
 Prior Plan means the United Technologies Corporation Deferred Compensation Plan, as in effect on October 3, 2004, as set forth in Appendix A. All amounts earned and vested under the Prior Plan, and any
subsequent increases in these amounts that are permitted to be treated as grandfathered benefits under Section 409A, shall continue to be subject to the terms and conditions of the Prior Plan and shall not be affected by this amendment and
restatement. 
 Retirement Account means a Plan Account maintained on behalf of the Participant that is targeted for distribution
following the Participant’s Retirement. 
  

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 Retirement means Separation from Service on or after age 50 and attainment of age 65; Separation
from Service on or after age 50 and attainment of at least age 55 and a minimum of 10 or more years of “continuous service” (as defined in the UTC Employee Retirement Plan as in effect on January 1, 2008); or a Rule of 65 termination.

 Retirement Date means the date of a Participant’s Retirement. 
 “Rule of 65” Termination means Separation from Service on or after age 50 and before age 55, with a combination of age and years of
“continuous service” (as defined in the UTC Employee Retirement Plan as in effect on January 1, 2008) equal to at least 65. 
 Separation from Service means a Participant’s termination of employment with all UTC Companies, other than by reason of death, or Disability that qualifies as a “separation from service” for purposes of
Section 409A of the Code. A Separation from Service will be deemed to occur where the Participant and the UTC 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) for UTC Companies 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 UTC 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 UTC Company to another UTC Company. 
 S&P 500 Account means an Investment Fund
that is valued in the manner set forth in Section 5.4. 
  

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 Special Purpose Account means a Plan Account maintained on behalf of the Participant with a
targeted distribution date in the calendar year specified by the Participant. The minimum Deferral Period is five (5) calendar years following the end of the calendar year in which the Account is established; and the first payment from an
Account must commence no later than in the calendar year in which the Participant attains age 72. 
 Specified Employee means each of the 50 highest-paid executives of the Corporation and its Subsidiaries, effective annually as of March 31st, based on annual salary and incentive compensation paid in the prior year. The term includes both U.S. and non-U.S. employees. 
 UTC Common Stock means the common stock of United Technologies Corporation. 
 UTC Company means United Technologies Corporation or any entity controlled by or under common control with United Technologies 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)). 
 UTC Stock Unit Account means the Investment Fund that is valued in the manner set forth in Section 5.3. 
 ARTICLE III—ELIGIBILITY AND PARTICIPATION 
 Section 3.1—Eligibility 
 Each employee of a UTC Company who is classified as an eligible Participant as of
December 31 of the current year will be eligible to elect to defer Compensation under the Plan in respect of the immediately following calendar year in accordance with the terms of the Plan and the rules and 

  

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procedures established by the Committee. Newly hired executives (or employees promoted to executive level) are eligible to elect to defer base salary during
the current calendar year if they make an election within 30 calendar days from their hire date or promotion date. 
 Section 3.2—Participation 
 Each eligible Participant may elect to participate in the Plan with respect to any
calendar year for which the Committee offers the opportunity to defer Compensation by timely filing with the Committee an Election Form, properly completed in accordance with Section 4.1. Participation in the Plan is entirely voluntary.

 ARTICLE IV—PARTICIPANT ELECTIONS AND DESIGNATIONS 
 Section 4.1—Election 
 An eligible Participant may,, on or before the election deadline
established by the Committee, make an electronic or written election on the Election Form provided by the Committee to defer Compensation for the immediately following calendar year. 
 Section 4.2—Election Amount 
 An eligible Participant must designate in the Election Form the dollar amount of base salary that will be deferred during such calendar year, and/or the percentage or dollar amount of any Incentive Compensation Payment otherwise payable
with respect to services performed during such calendar year that will be deferred under the Plan. The minimum dollar amount that a Participant may defer under the Plan for any calendar year is $5,000. The maximum amount that a Participant may defer
under the Plan for any calendar year is 70% of base salary and/or 100% of any Incentive Compensation Payment. 
  

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 Section 4.3—Election Date 
 For an election to defer base salary, an electronic or written Election Form must be completed and submitted to the Committee no later than the
December 31 immediately preceding the calendar year to which the election applies, or such earlier date as the Committee may specify. A deferral election shall be effective only if the individual making the election is still an eligible
Participant at the election deadline. Except as provided below in Section 4.8 (Change in Election), the choices reflected on the Participant’s Election Form shall be irrevocable on the election deadline. If an eligible executive fails to
submit a properly completed Election Form by the election deadline, the executive will be ineligible to defer base salary under the Plan for the immediately following calendar year. 
 For an election to defer any Incentive Compensation Payment with respect to services to be performed in the current calendar year and otherwise payable
in the immediately following calendar year, an electronic or written Election Form must be completed and submitted to the Committee no later than the June 30 of the current calendar year, or such earlier date as the Committee may specify. A
deferral election shall be effective only if the individual making the election is still an eligible Participant as of the election deadline. Except as provided below in Section 4.8 (Change in Election), the choices reflected on the
Participant’s Election Form shall be irrevocable on the election deadline. If an eligible executive fails to submit a properly completed Election Form by the election deadline, the executive will be ineligible to defer Incentive Compensation
under the Plan with respect to services to be performed in the current calendar year. 
  

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 Section 4.4—Deferral Period 
 Each Participant shall specify in the Election Form, in whole percentages, how the amounts to be deferred in the immediately following calendar year are
to be allocated among the Participant’s Retirement Account and any Special Purpose Accounts established for the Participant. To the extent that the Participant fails to make an effective allocation among the available accounts, the deferral
shall be allocated entirely to the Participant’s Retirement Account. A Participant may elect to defer into a Special Purpose Account that has not previously been established, with a Deferral Period ending on a Specific Deferral Date that is at
least five (5) calendar years following the end of the calendar year in which the Account is established (but not later than the Participant’s 72nd birthday). If the Participant’s 72nd birthday falls prior to the completion of this
five (5) year period, the Participant must defer into the Retirement Account only. 
 Section 4.5—Distribution Election

 At the time the Participant first elects to defer an amount to the Participant’s Retirement Account or to a Special Purpose
Account, the Participant must further make an election to have the Participant’s Retirement or Special Purpose Account distributed in a lump sum or in two to fifteen annual installments. The Participant may elect a different form of
distribution for the Retirement Account and for each Special Purpose Account. If no distribution election is made with respect to a Participant’s Retirement Account or Special Purpose Account, the Account will be distributed in a lump sum.

  

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 Section 4.6—Investment Fund Allocations 
 When completing the Election Form, the Participant must allocate the amounts to be deferred, in whole percentages, among the available Investment Funds.
To the extent that the Participant fails to make an effective allocation among the available Investment Funds, the deferral shall be allocated entirely to the Credited Interest Account. 
 Participants may reallocate their existing Plan Accounts among the available Investment Funds as permitted by the Committee, generally once per year.
Such reallocations shall be in whole percentages and, unless otherwise specified by the Committee, shall be effective the first business day of the calendar year following the date of the reallocation election. 
 Section 4.7—Change in Election 
 A Participant who has made an election to defer Compensation under the Plan may make a one time irrevocable election to extend the Deferral Period for a Retirement Account and/or any Special Purpose Account. A Participant may also make a
one time irrevocable election to change the form of distribution for the Retirement and/or any Special Purpose Account. A Participant may change his or her election, as provided in this Section 4.8, for some accounts and not for others;
provided that the Participant may change his or her election only once for the Retirement Account and only once for each Special Purpose Account. With respect to each Special Purpose Account, the extended Deferral Period shall end not less than five
(5) years following the date on which distribution would otherwise have occurred. With respect to the Retirement Account, the extended Deferral Period is five years form the date on which the Retirement Account would otherwise have commenced
payment. 
  

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 A deferral extension election and/or change to the form of distribution must meet all of the following
requirements: 
 (a) The new election must be made at least twelve months prior to the date on which payments will commence under the current
election (and the new election shall be ineffective if the payment commencement date under the current election occurs within twelve months after the date of the new election); 
 (b) The new election will not take effect until at least twelve months after the date when the new election is submitted in a manner acceptable to the
Committee; 
 (c) The new payment commencement date must be five years later than the date on which payments would commence under the current
election; and 
 (d) In no case may a Participant extend the Deferral Period for a Special Purpose Account beyond the Participant’s 72nd
birthday. If the Participant’s 72nd birthday falls less than five (5) years after the date on which payments would commence under the current election, the Participant is not eligible to extend his or her Deferral Period or to change the
form of distribution for the Special Purpose Account. 
 Section 4.8—Designation of Beneficiary 
 Each Participant shall designate a Beneficiary for his or her Plan Account 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 received by the Committee at any time before the Participant’s death. In the event that no Beneficiary designation is filed with the Committee, or if the

  

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Beneficiary (and any contingent Beneficiary) does not survive the Participant, all amounts deferred hereunder will be paid to the estate of the Participant.
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 4.8. In the event of the death of a Participant, distributions
shall be made in accordance with Section 6.5. 
 ARTICLE V—PLAN ACCOUNTS  
 Section 5.1—Accounts 
 Deferred amounts that were earned and vested before January 1, 2005, and any subsequent increases in these amounts that are permitted to be treated as grandfathered benefits under Section 409A of the Code, shall be maintained in
separate accounts and shall remain subject to the terms and conditions of the Prior Plan. The Prior Plan accounts are not intended to be subject to Section 409A of the Code. No amendment to Appendix A that would constitute a “material
modification” for purposes of Section 409A shall be effective unless the amending instrument states that it is intended to materially modify Appendix A and to cause the Prior Plan to become subject to Section 409A. Although the Prior
Plan accounts are not intended to be subject to Section 409A, neither the UTC Companies nor any director, officer, or other representative of a UTC Company shall be liable for any adverse tax consequence suffered by a Participant or Beneficiary
if a Prior Plan account becomes subject to Section 409A. 
  

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 Deferred amounts that were earned or vested after December 31, 2004, will be allocated to a
Retirement Account and/or one or more Special Purpose Accounts as elected by the Participant. The Committee will establish the maximum number of Special Purpose Accounts. 
 Participants’ Plan Accounts shall be allocated or reallocated among Investment Funds in accordance with each Participant’s instructions in the manner set forth in Section 4.6. 
 Section 5.2—Valuation of Credited Interest Account 
 Deferred amounts allocated to the Credited Interest Account will be credited daily with a rate of interest equal to the average interest rate on 10-Year Treasury Bonds as of the last business day of each month from
January through October in the calendar year prior to the calendar year in which the interest is credited, plus 1%. 
 Section 5.3—Valuation of UTC Stock Unit Account 
 Deferred Compensation allocated to the UTC Stock Unit Account
will be converted to Stock Units, including fractional Stock Units. A UTC Stock Unit is equal to the closing price of one share of UTC Common Stock as reported on the composite tape of the New York Stock Exchange. The number of Stock Units will be
calculated by dividing the amount of Compensation deferred by the closing price of UTC Common Stock on the date when the deferred amount is credited to the Participant’s UTC Stock Unit Account. UTC Stock Units held in the UTC Stock Unit Account
on a dividend payment date will be credited with dividend equivalent payments equal to the Corporation’s declared dividend on UTC Common Stock (if any). Such dividend equivalent payments will be converted to additional UTC Stock Units and
fractional units using the closing price of UTC Common Stock as of the date such dividends are credited to the Participant’s UTC Stock Unit Account. 
  

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 Section 5.4—Valuation of S&P 500 Account 
 Deferred amounts allocated to the S&P 500 Account will be converted to S&P Account units based on the closing share price of the Vanguard 500
Index Fund as of date the deferred amount is credited to the Participant’s S&P 500 Account. The value of the S&P 500 Account units will fluctuate on each business day based on the performance of the Vanguard 500 Index Fund. 

Section 5.5—Allocation to Accounts 
 During the year of deferral, deferred amounts will be allocated to the Participant’s Plan Account and Investment Funds as of the date the deferred amounts would otherwise have been paid to the Participant.

 Section 5.6—Crediting of Benefit Reduction Contribution 
 At the end of each calendar year, the Committee will determine if any Benefit Reduction has been incurred with respect to any of the Corporation’s
savings plans or other tax qualified defined contribution retirement plans, and will credit the amount of such Benefit Reduction to the affected Participant’s Plan Account as of the last business day of the calendar year. Any such amounts will
be allocated on a pro-rata basis to the Participant’s Retirement Account and Special Purpose Accounts and Investment Funds in accordance with the Participant’s deferral elections on file for that calendar year. 
 Section 5.7—Reports to Participants 
 The Committee will provide or make available detailed information to Participants regarding the value of Plan Accounts, distribution elections, Beneficiary designations, Investment Fund allocations and credited values for Retirement and
Special Purpose Accounts, not less than once per year. Such information may be provided via electronic media as determined by the Committee. 
  

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 ARTICLE VI—DISTRIBUTION OF ACCOUNTS 
 Section 6.1—Timing of Plan Distributions 
 Except as provided in Section 4.8 (concerning the five-year delay following a Change in Election), Section 6.3 (concerning Separation from Service before Attaining Age Fifty), and Section 6.4
(concerning distributions to Specified Employees), the value of a Participant’s Retirement Account will be distributed (or begin to be distributed) to the Participant in April of the calendar year following the Retirement Date. The value of a
Participant’s Special Purpose Account will be distributed (or begin to be distributed) to the Participant in April of the year specified in the Participant’s initial election or in any change in election under Section 4.8. This means,
for example, that if a deferral election specifies a Deferral Period until 2015, distribution will occur in April of 2015. 
 Section 6.2—Method of Distribution 
 Except as provided in Section 6.3 (concerning Separation from Service
before Attaining Age Fifty), each Retirement and Special Purpose Account will be distributed to the Participant in a single lump-sum cash payment, or in a series of annual cash installment payments, in accordance with the Participant’s election
with respect to each such account. Annual installments shall be payable to the Participant beginning as of the payment commencement date and continuing as of each anniversary of the payment commencement date thereafter until all installments have
been paid. To determine the amount of each installment, the value of the Participant’s Plan Account on the payment date will be multiplied by a fraction, the numerator of which is one and the denominator of which is the number of scheduled
installments that remain unpaid. 
  

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 Section 6.3—Separation from Service before Attaining Age Fifty 
 If a Participant’s Separation from Service occurs before the Participant attains age fifty (50), the full value of the Participant’s Plan
Account will be distributed to the Participant in a lump-sum payment in April following the Participant’s Separation from Service (or, if the Participant is a Specified Employee at the time of his or her Separation from Service, on the date
provided in Section 6.4, below, if later) regardless of the distribution option elected. 
 If a Participant has a Separation from
Service and is later re-hired by a UTC Company, the Participant’s age at the time of the Participant’s first Separation from Service will determine how the Participant’s Plan Account at the time of the first Separation from Service is
distributed. If the Participant accumulates any additional deferrals after the Participant is re-hired, the Plan shall separately account for the additional deferrals (and related investment gains or losses), and the Participant’s age at the
time of the Participant’s second Separation from Service will determine how the additional amounts are distributed. 
 Section 6.4—Separation from Service of Specified Employees 
 If the Participant is a Specified Employee on the date
of the Participant’s Separation from Service, any distribution of the Participant’s Plan Account 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 day of the seventh month following the date of Separation from Service. The Plan Account shall continue to accrue hypothetical investment gains and losses as provided in Article V until the distribution date. 
  

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 Section 6.5—Distribution in the Event of Death 
 In the event of the death of a Participant, the full value of the Participant’s Plan Account will be distributed to the designated Beneficiary in a
lump sum on the first business day of the month following the Participant’s death. 
 Section 6.6—Accelerated Distribution
in the Case of an Unforeseeable Emergency 
 (a) Unforeseeable Emergency. The Committee may, upon a Participant’s written
application, agree to an accelerated distribution of some or all of the value of Participant’s Plan Account upon the showing of an unforeseeable emergency. An “unforeseeable emergency” is a severe financial hardship to the Participant
resulting from (1) an illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in IRC Section 152, without regard to Section 152(b)(1),
(b)(2), and (d)(1)(B)); (2) loss of the Participant’s property due to casualty; or (3) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. Whether a
Participant is faced with an unforeseeable emergency permitting a distribution is to be determined based on the relevant facts and circumstances of each case. Acceleration will not be granted if the emergency is or may be relieved through
reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not cause severe financial hardship), or by cessation of deferrals under the Plan.

 (b) Amount of Distribution Permitted Upon an Unforeseeable Emergency. Distributions on account of an unforeseeable emergency, as defined
in Section 6.6(a), shall be limited to the amount reasonably necessary to satisfy the emergency need. Such amount may include amounts necessary to pay any Federal, state, local, or foreign income taxes or penalties reasonably anticipated to
result from the distribution. 
  

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 (c) The Committee will determine from which Special Purpose or Retirement Accounts and associated
Investment Funds hardship distributions will be made. Any Participant who is an officer or director of the Corporation within the meaning of Section 16 of the Securities Exchange Act of 1934 is not eligible for distributions on account of
unforeseeable emergency. 
 Section 6.7—Disability 
 In the event of the Disability of a Participant, the Participant’s Plan Accounts will be maintained and distributed in accordance with the
Participant’s elections on file. 
 Section 6.8—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 (a) in the same calendar year (for a payment whose specified due date is on or before September 30), or (b) 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 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 6.9. 
  

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 ARTICLE VII—AMENDMENT AND TERMINATION OF PLAN 
 Section 7.1—Amendment 
 The
Corporation may, at any time, amend the Plan in whole or in part, provided that no amendment may decrease the value of any Plan Accounts as of the date of such amendment. In the event of any change in law or regulation relating to the Plan and the
tax treatment of Plan Accounts, the Plan shall, without further action by the Committee, be deemed to be amended to comply with any such change in law or regulation effective as of the first date necessary to prevent the taxation, constructive
receipt or deemed distribution of Plan Accounts prior to the date Plan Accounts would be distributed under the provisions of Article VI. 
 Section 7.2—Plan Suspension and Termination 
 (a) The Corporation’s Pension Administration Committee, may, at
any time, suspend or terminate the Plan with respect to new or existing Election Forms if, in its sole judgment, the continuance of the Plan, the tax, accounting, or other effects thereof, or potential payments thereunder would not be in the best
interest of the Corporation or for any other reason. 
 (b) In the event of the suspension of the Plan, no additional deferrals shall be made
under the Plan, but all previous deferrals shall accumulate and be distributed in accordance with the otherwise applicable provisions of the Plan and the applicable elections on file. 
 (c) Upon the termination of the Plan with respect to all Participants, and the termination of all arrangements sponsored by the Corporation or its
affiliates that would be aggregated with the Plan under Section 409A of the Code, the Corporation shall have the right, in its sole discretion, and 

  

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notwithstanding any elections made by the Participant, to pay the Participant’s Plan Account in a lump sum, to the extent permitted under
Section 409A. All payments that may be made pursuant to this Section 7.2 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 Section 7.2 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 Section 7.2, 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.

 Section 7.3—No Consent Required 
 The consent of any Participant, Beneficiary, or other person shall not be required with respect to any amendment, suspension, or termination of the Plan. 
 ARTICLE VIII—GENERAL PROVISIONS 
 Section 8.1—Unsecured General Creditor 

 The Corporation’s obligations under the Plan constitute an unfunded and unsecured promise to pay money in the future.
Participants’ and Beneficiaries’ rights under the Plan are solely those of a general unsecured creditor of the Corporation. No assets will be placed in trust, set aside or otherwise segregated to fund or offset liabilities in respect of
the Plan or Participants’ Plan Accounts. 
  

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 Section 8.2—Nonassignability 
 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.
All Plan Accounts and the rights to all payments are unassignable and non-transferable. Plan Accounts or 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 Accounts or other Plan benefit will not be transferred by operation of law in the event of a Participant’s or any Beneficiary’s bankruptcy or insolvency. 
 Section 8.3—No Contract of Employment 
 Participation in the Plan shall not be construed to constitute a direct or indirect contract of employment between any UTC Company and the Participant. Participants and Beneficiaries will have no rights against any
UTC Company resulting from participation in the Plan other than as specifically provided herein. Nothing in the Plan shall be deemed to give a Participant the right to be retained in the service of any UTC Company for any length of time or to
interfere with the right of any UTC Company to terminate a Participant’s employment prior to the end of any Deferral Period. 
 Section 8.4—Governing Law 
 The provisions of the Plan will be construed and interpreted according to the laws of
the State of Connecticut, to the extent not preempted by federal law. 
  

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 Section 8.5—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. 
 Section 8.6—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 United
Technologies Corporation Deferred Compensation Committee, 1 Financial Plaza, Hartford, Connecticut 06101, Attn: Director, Compensation, MS-504. 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. 
 Section 8.7—Successors 
 The provisions of the Plan shall bind and inure to the benefit of the Corporation and its
successors and assigns. The term successors as used herein shall include any corporate or other business entity, which 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 business entity. 
  

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 Section 8.8—Incompetence 
 If the Committee determines, upon evidence satisfactory to the Committee, that any Participant or Beneficiary to whom a benefit is payable under the Plan
is unable to care for his or her affairs because of illness or accident, any payment due (unless prior claim therefore shall have been made by a duly authorized guardian or other legal representative) may be paid, upon appropriate indemnification of
the Committee and the Corporation, to the spouse of the Participant or other person deemed by the Committee to have incurred expenses for the benefit of and on behalf of such Participant or Beneficiary. Any such payment from a Participant’s
Plan Account shall be a complete discharge of any liability under the Plan with respect to the amount so paid. 
 Section 8.9—Section 409A Compliance. 
 To the extent that rights or payments under this Plan are subject to
Section 409A of the Internal Revenue Code, the 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 of the Code shall not be effective for purposes of this Plan. To the extent that a provision of this Plan does not comply with
Section 409A of the Code, such provision shall be void and without effect. The Corporation does not warrant that the Plan will comply with Section 409A of the Code with respect to any Participant or with respect to any payment In no event
shall any UTC Company; any director, officer, or employee of a UTC 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 Plan’s failure to satisfy the requirements of Section 409A of the Code, or as a result of the Plan’s failure to satisfy any other requirements of applicable tax laws. 
  

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 Section 8.10—Withholding Taxes 
 The Committee may make any appropriate arrangements to deduct from all deferrals and payments under the Plan any taxes that the Committee reasonably
determines to be required by law to be withheld from such credits and payments. 
 ARTICLE IX—ADMINISTRATION AND CLAIMS 
 Section 9.1—Plan Administration 
 The Committee shall be solely responsible for the administration and operation of the Plan. 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. 
 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 United Technologies Corporation, 1 Financial Plaza, Hartford, Connecticut 06101, Attn: Deferred Compensation
Committee. The Committee shall respond in writing as soon as practicable. 
 Section 9.2—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
Section 9.2 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. 
  

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 (a) Upon receipt of a claim, the Committee 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 shall respond to
the claim within the specified period. 
 (b) 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 this 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. 
 (c) 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. 
 (d) 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. 
  

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 (e) 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. 
 CERTAIN REGULATORY MATTERS 
 The Plan is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 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. 
  

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 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: 
 Director, Compensation 
 United Technologies
Corporation 
 1 Financial Plaza, MS 504 
 Hartford, Connecticut 06101 
 Telephone: 860-728-6381 
  

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 Appendix A 
 This Appendix A sets forth the United Technologies Corporation Deferred Compensation Plan, as in effect on October 4, 2004 (“Prior Plan”), and as modified thereafter from time to time in a manner that
does not constitute a “material modification” for purposes of Section 409A. Amounts that were earned and vested (within the meaning of Section 409A) prior to January 1, 2005, and any subsequent increases in these amounts
that are permitted to be treated as grandfathered benefits under Section 409A, are generally subject to and shall continue to be governed by the terms of this Prior Plan. 
  

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 UNITED TECHNOLOGIES CORPORATION 
 DEFERRED COMPENSATION PLAN 
 (As amended and restated effective
September 1, 2002) 
 ARTICLE I—PREAMBLE 
 United Technologies Corporation established the United Technologies Deferred Compensation Plan effective April 1, 1985. Pursuant to such Plan, certain eligible executives of the Corporation deferred all or a
portion of their compensation earned with respect to 1985 and 1986. No compensation earned after 1986 was deferred under the Plan until the Plan was amended and restated effective December 15, 1993 to offer eligible executives the opportunity
to defer all or a portion of Compensation earned or otherwise payable in 1994 and subsequent years. The Plan is hereby amended and restated, effective September 1, 2002, to reflect administrative changes and enhancements. 
 ARTICLE II—DEFINITIONS 
 Beneficiary means the person, persons or entity designated by the Participant to receive the value of his or her Plan Accounts in the event of the Participant’s death. If the Participant fails to designate a Beneficiary, or the
Beneficiary (and any contingent Beneficiary) does not survive the Participant, the value of the Participant’s Plan Accounts will be paid to the estate of the Participant. 
 Benefit Reduction means either a reduction in a Participant’s (or the Participant’s Beneficiary’s) benefit under any of the
Corporation’s defined benefit pension plans or a reduction in the value of employer matching or other contributions under any of the Corporation’s savings or other tax qualified defined contribution retirement plans as a result of the
reduction of such Participant’s Compensation pursuant to this Plan. 
 Class Year means each calendar year for which
Compensation has been deferred pursuant to the Plan prior to 2003. 
  

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 Class Year Account means the account established for each Participant for each Class Year for
which Compensation has been deferred under the Plan prior to January 1, 2003. 
 Committee means the United Technologies
Corporation Deferred Compensation Committee, which is responsible for the administration of the Plan. The Corporation’s Pension Administration Committee shall appoint the Committee’s members. 
 Compensation means base salary and Incentive Compensation Payments otherwise payable to a Participant and considered to be wages for purposes of
federal income tax withholding, but before any deferral of Compensation pursuant to the Plan. Compensation does not include foreign service premiums and allowances, compensation realized from Long Term Incentive Plan awards or other types of awards.

 Corporation means United Technologies Corporation, its divisions, affiliates and subsidiaries. 
 Credited Interest Account means the Investment Fund that is valued in the manner set forth in Section 5.2. 
 Deferral Period means the period prior to the receipt of Compensation deferred hereunder. 
 Election Form means the enrollment form provided by the Committee to Participants electronically or in paper form for the purpose of deferring
Compensation under the Plan. Each Participant’s Election Form must specify: the amount to be deferred from base salary and/or from any Incentive Compensation Payment with respect to the following calendar year; the respective amounts to be
allocated to the Participant’s Retirement Account and/or Special Purpose Account or Accounts; the percentage allocation among the Investment Funds with respect to each such Account; the method of distribution of each such Account; and the
Deferral Period for each Special Purpose Account. There will be a separate Election Form for each calendar year. 
  

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 Incentive Compensation Payment means amounts awarded to a Participant pursuant to the
Corporation’s Annual Executive Incentive Compensation Plan. 
 Investment Fund means the Credited Interest Account, the S&P
500 Account, the UTC Stock Unit Account or such other investment option as may be established by the Committee from time to time. The value of Participants’ Accounts shall be adjusted to replicate the performance of the applicable Investment
Fund. Amounts allocated to any Investment Fund do not result in any investment in actual assets corresponding to the Investment Fund. 
 Participant means an executive of the Corporation who is paid from a US payroll, files a U.S. income tax return, and who elects to defer Compensation under the Plan. 
 Plan means the United Technologies Corporation Deferred Compensation Plan as amended and restated effective September 1, 2002, and as amended
from time to time thereafter. 
 Plan Accounts means the aggregate value of all Class Year Accounts, Special Purpose Accounts, and
Retirement Account, but excluding accounts under the Prior Plan. Accounts under the Prior Plan will be valued and administered separately in accordance with the terms and procedures in effect under the Prior Plan. 
 Prior Plan means the United Technologies Corporation Deferred Compensation Plan, as in effect prior to December 15, 1993. All amounts
deferred and credited under the Prior Plan shall continue to be subject to the terms and conditions of the Prior Plan and shall not be affected by this amendment and restatement. 
  

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 Retirement Account means a Plan Account maintained on behalf of the Participant that will be
distributed in the manner elected by the Participant commencing in April of the calendar year following the Participant’s Retirement Date. 
 Retirement means attainment of age 65; attainment of at least age 55 and a minimum of 10 or more years of “continuous service” (as defined in one of the Corporation’s retirement plans); or termination of employment on
or after age 50 and before age 55, with a combination of age and years of service equal to at least 65 (the “Rule of 65”).  
 Retirement Date means the date a Participant terminates employment from the Corporation on or after attaining eligibility for Retirement. 
 S&P 500 Account means an Investment Fund that is valued in the manner set forth in Section 5.4. 
 Special Purpose Account means a Plan Account maintained on behalf of the Participant that will be distributed in the manner elected by the Participant commencing in April of the calendar year specified by the Participant. The minimum
Deferral Period is five (5) calendar years following the end of the calendar year for which the Account is established. 
 UTC Common
Stock means the common stock of United Technologies Corporation. 
 UTC Stock Unit Account means the Investment Fund that is
valued in the manner set forth in Section 5.3. 
  

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 ARTICLE III—ELIGIBILITY AND PARTICIPATION 
 Section 3.1—Eligibility 
 Each employee of
the Corporation who is classified as an eligible Participant as of December 31 will be eligible to elect to defer Compensation under the Plan in respect of the subsequent calendar year in accordance with the terms of the Plan and the rules and
procedures established by the Committee. 
 Section 3.2—Participation 
 Each eligible Participant may elect to participate in the Plan with respect to any calendar year for which the Committee offers the opportunity to defer
Compensation by timely filing with the Committee an Election Form, properly completed in accordance with Section 4.1. Participation in the Plan is entirely voluntary. 
 ARTICLE IV—PARTICIPANT ELECTIONS 
 Section 4.1—Election 
 An eligible Participant may participate in the Plan by executing the Election Form provided by the Committee for the subsequent calendar year. The
eligible Participant must designate the dollar amount of base salary that will be deferred during such calendar year, and/or the percentage or dollar amount of any Incentive Compensation Payment otherwise payable during such calendar year that will
be deferred under the Plan. The minimum dollar amount that a Participant may defer under the Plan for any calendar year is $5,000. Any deferral election made in the Election Form is irrevocable and must be completed and returned to the Committee no
later than the December 31 immediately preceding the calendar year to which the election applies, or such earlier date as the Committee may specify. If an eligible executive fails to return a properly completed Election Form by such date, the
executive will be ineligible to defer Compensation under the Plan for the following calendar year. 
  

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 Section 4.2—Investment Fund Allocations 
 When completing the Election Form, the Participant must allocate the amounts to be deferred, in whole percentages divisible by 10, among the
available Investment Funds. 
 Participants may reallocate their existing post-1993 Class Year Accounts, Special Purpose Accounts and
Retirement Account among the available Investment Funds as permitted by the Committee, generally once per year. Such reallocations shall be in whole percentages divisible by 10 and, unless otherwise specified by the Committee, shall be effective
January 1 of the calendar year following the date of the reallocation election. 
 Section 4.3—Designation of Beneficiary 

Each Participant shall designate a Beneficiary for his or her Plan Accounts on a form provided by the Committee. Such designation may be changed on a
form acceptable to the Committee at any time by the Participant. In the event that no Beneficiary designation is filed with the Committee, or if the Beneficiary (and contingent Beneficiary) does not survive the Participant, all amounts deferred
hereunder will be paid to the estate of the Participant in a lump sum. 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 4.3.
In the event of the death of a Participant, distributions shall be made in accordance with Section 6.4. 
  

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 Section 4.4—Deferral Period 
 Each Participant shall specify in the Election Form the Deferral Period for amounts to be deferred in the following calendar year. The minimum Deferral
Period for a Special Purpose Account is five (5) calendar years following the end of the calendar year in which the Account is established. Participants may defer Compensation into a Retirement Account until April of the calendar year following
their Retirement Date. 
 Section 4.5—Distribution Schedule 
 Each Participant shall specify in the Election Form whether the value of the Participant’s Retirement or Special Purpose Account shall be distributed in a single lump-sum cash payment or in a series of annual
cash installment payments for a specified number of years (not to exceed 15 years). 
 ARTICLE V—PLAN ACCOUNTS 
 Section 5.1—Accounts 
 Prior to 2003, the
Committee established a Class Year Account for each Participant with respect to each Class Year for which the Participant elected to defer Compensation under the Plan. Each Class Year Account will be maintained separately. 
 Amounts deferred in 2003 and subsequent calendar years will be allocated to a Retirement Account and/or one or more Special Purpose Accounts as elected
by the Participant. The Committee will establish the maximum number of Special Purpose Accounts. 
  

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 Participants’ Plan Accounts shall be allocated or reallocated among Investment Funds in accordance
with each Participant’s instructions in the manner set forth in Section 4.2. 
 Section 5.2—Valuation of Credited Interest Account

 Deferred amounts allocated to the Credited Interest Account will be credited with a rate of interest equal to the average interest
rate on 10-Year Treasury Bonds as of the last business day of each month from January through October in the prior calendar year, plus 1%. 
 Section 5.3—Valuation of UTC Stock Unit Account 
 Deferred Compensation allocated to the UTC Stock Unit Account
will be converted to Stock Units, or fractional Stock Units. A UTC Stock Unit is equal to the closing price of one share of UTC Common Stock as reported on the composite tape of the New York Stock Exchange. The number of Stock Units will be
calculated by dividing the amount of Compensation deferred by the closing price of UTC Common Stock on the date the deferred amounts otherwise would have been paid. Stock Units held in the UTC Stock Unit Account will be credited with a dividend
payment equal to the Corporation’s declared dividend on UTC Common Stock (if any). Such dividend equivalent payments will be converted to additional Stock Units or fractional units using the closing price of UTC Common Stock as of the date such
dividends are credited to the Participant’s UTC Stock Unit Account. 
 Section 5.4—Valuation of S&P 500 Account 
 Deferred amounts allocated to the S&P 500 Account will be converted to S&P Account units based on the closing share price of the Vanguard 500
Index Fund as of date the deferred amount is credited to the Participant’s S&P 500 Account. The value of the S&P 500 Account units will fluctuate on a daily basis based on the performance of the Vanguard 500 Index Fund. 
  

 Page 36 

 Section 5.5—Allocation to Accounts 
 During the year of deferral, deferred amounts will be allocated to the Participant’s Plan Accounts and Investment Funds as of the date the deferred
amounts would otherwise have been paid. 
 Section 5.6—Reports to Participants 
 The Committee will provide or make available detailed information to Participants regarding the value of Plan Accounts, distribution elections,
Beneficiary designations, Investment Fund allocations and credited values for Class Year, Retirement and Special Purpose Accounts, not less than once per year. Such information may be provided via electronic media as determined by the Committee.

  

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 ARTICLE VI—DISTRIBUTION OF ACCOUNTS 
 Section 6.1—Timing of Plan Distributions 
 The value of a Participant’s Retirement
Account will be distributed (or begin to be distributed) in April of the calendar year following the Retirement Date. The value of a Participant’s Special Purpose Account will be distributed (or begin to be distributed) in April of the
specified year. This means, for example, that if a deferral election specifies a Deferral Period until 2015, distribution will occur in April of 2015. 
 The value of a Participant’s Class Year Account will be distributed (or begin to be distributed) in April of the last year of the Deferral Period. Upon Retirement, the value of a Participant’s Class Year
Account will be distributed (or begin to be distributed) in April next following the Retirement Date, or in April of the calendar year following the Retirement Date, as elected. 
 Section 6.2—Method of Distribution 
 Each Class Year, Retirement and Special Purpose Account
will be distributed in a single lump-sum cash payment, or in a series of annual cash installment payments, in accordance with the Participant’s election with respect to each such Account. 
 Section 6.3—Termination of Employment 
 In
the event of termination of employment prior to a Participant’s Retirement Date, during or after the Deferral Period with respect to any Class Year, Retirement or Special Purpose Account, the full value of the Participant’s Plan Accounts
will be distributed in a lump-sum cash payment in April following the date of termination, regardless of the distribution option elected. 
  

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 Section 6.4—Distribution in the Event of Death 
 In the event of the death of a Participant prior to attaining eligibility for Retirement, and before the end of the Deferral Period with respect to any
Plan Account, the full value of such Plan Accounts will be distributed to the designated Beneficiary in a lump sum as soon as administratively feasible. 
 In the event of the death of a Participant prior to attaining eligibility for Retirement, but after the end of the Deferral Period with respect to any Plan Account, the full value of such Plan Accounts will be
distributed to the designated Beneficiary in accordance with the Participant’s distribution election on file. 
 In the event of death
of a Participant after attaining eligibility for Retirement, the full value of the Participant’s Plan Accounts will be distributed to the Beneficiary in accordance with the Participant’s distribution elections on file. 
 If the Beneficiary is the Participant’s estate, the full value of the Participant’s Plan Accounts will be paid in a single lump sum as soon as
administratively feasible following the Participant’s date of death. 
 In the event of the death of the Beneficiary (and any contingent
Beneficiary) while receiving distributions from the Plan, the full value of the applicable Plan Accounts will be paid in a single lump sum to such Beneficiary’s estate as soon as administratively feasible. 
  

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 Section 6.5—Hardship Distribution 
 The Committee may, in its sole discretion, upon finding that the Participant (or Beneficiary in the event of a Participant’s death) has suffered an
unforeseen, severe and immediate financial emergency, permit such Participant to withdraw a portion of the value of the Participant’s Plan Accounts in an amount sufficient to eliminate the hardship. Financial hardship distributions will be made
only if the Committee determines that the Participant is unable to resolve the financial emergency through other means reasonably available to the Participant. Financial hardship distributions will be made following the Committee’s
determination of a qualifying financial emergency on the basis of the value of the Participant’s Plan Accounts as of the most recent date available. The Committee will determine from which Special Purpose, Retirement or Class Year Accounts and
associated Investment Funds hardship distributions will be made. Any Participant who is an officer or director of the Corporation within the meaning of Section 16 of the Securities Exchange Act of 1934 is not eligible for financial hardship
distributions. 
 Section 6.6—Disability 
 In the event of the disability of a Participant, as determined under the Corporation’s Long Term Disability Plan, the Participant’s Plan Accounts will be maintained and distributed in accordance with the
Participant’s elections on file. 
 Section 6.7—Distribution from Supplemental Account 
 The Committee will effect distributions from supplemental retirement plans with respect to Benefit Reductions incurred in any of the Corporation’s
defined benefit pension plans at the same time, in the same manner and in the required amounts such that when combined with benefits provided by the defined benefit pension plans in which a Participant incurred a Benefit 

  

 Page 40 

 
Reduction, the total amount received by a Participant (or Beneficiary) will equal the amount of pension benefit that would otherwise have been paid had the
Participant not participated in this Plan. 
 At the end of each calendar year, the Committee will determine if any Benefit Reduction has
been incurred with respect to any of the Corporation’s savings plans or other tax qualified defined contribution retirement plans, and will credit the amount of such Benefit Reduction to the affected Participant’s Plan Accounts as of the
last business day of the calendar year. Any such amounts will be allocated on a pro-rata basis to the Participant’s Plan Accounts and Investment Funds in accordance with the Participant’s deferral elections on file for that calendar year.

 ARTICLE VII—AMENDMENT AND TERMINATION OF PLAN 
 Section 7.1—Amendment 
 The Corporation may, at any time, amend the Plan in whole or in part, provided that no
amendment may decrease the value of any Plan Accounts as of the date of such amendment. In the event of any change in law or regulation relating to the Plan and the tax treatment of Plan Accounts, the Plan shall, without further action by the
Committee, be deemed to be amended to comply with any such change in law or regulation effective the first date necessary to prevent the taxation, constructive receipt or deemed distribution of Plan Accounts prior to the date Plan Accounts would be
distributed under the provisions of Article VI. 
 Section 7.2—Plan Suspension and Termination 
 The Corporation’s Pension Administration Committee, may, at any time, suspend or terminate the Plan with respect to new or existing Election Forms
if, in its sole judgment, the 

  

 Page 41 

 
continuance of the Plan, the tax, accounting, or other effects thereof, or potential payments hereunder would not be in the best interest of the Corporation
or for any other reason. In the event of the suspension of the Plan, no additional deferral shall be made under the Plan, but all previous deferrals shall accumulate and be distributed in accordance with the otherwise applicable provisions of the
Plan and the applicable elections on file. In the event of the termination of the Plan, each Participant will receive, in a lump-sum cash payment, the value of his or her Plan Accounts. 
 Section 7.3—No Consent Required 
 The consent of any Participant, Beneficiary, or other
person shall not be required with respect to any amendment, suspension, or termination of the Plan. 
 ARTICLE VIII—GENERAL PROVISIONS 

 Section 8.1—Unsecured General Creditor 
 The Corporation’s obligations under the Plan constitute an unfunded and unsecured promise to pay money in the future. Participants’ and Beneficiaries’ rights under the Plan are solely those of a general
unsecured creditor of the Corporation. No assets will be placed in trust, set aside or otherwise segregated to fund or offset liabilities in respect of the Plan or Participants’ Plan Accounts. 
 Section 8.2—Nonassignability 
 No
Participant or Beneficiary or any other person shall have right to sell, assign, transfer, pledge, or otherwise encumber any interest in the Plan. All Plan Accounts and the rights to all 

  

 Page 42 

 
payments are unassignable and non-transferable. Plan Accounts or 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 Accounts or other Plan benefit will not be transferred by operation of law in the event of a Participant’s or any Beneficiary’s bankruptcy or insolvency. 
 Section 8.3—No Contract of Employment 
 Participation in the Plan shall not be construed to constitute a direct or indirect contract of employment between the Corporation and the Participant. Participants and Beneficiaries will have no rights against the Corporation resulting
from participation in the Plan other than as specifically provided herein. Nothing in the 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 to interfere with the right of
the Corporation to terminate a Participant’s employment prior to the end of any Deferral Period. 
 Section 8.4—Governing Law

 The provisions of the Plan will be construed and interpreted according to the laws of the State of Connecticut, to the extent not
preempted by federal law. 
 Section 8.5—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. 
  

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 Section 8.6—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 United Technologies Corporation Deferred Compensation Committee, 1
Financial Plaza, Hartford, Connecticut 06101, Attn: R. Larry Acorn, Director, Compensation, MS-504. 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. 
 Section 8.7—Successors 
 The provisions of the Plan shall bind and inure to the benefit of the Corporation and its successors and assigns. The term successors as used herein shall
include any corporate or other business entity, which 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 business entity.

 Section 8.8—Incompetence 
 If
the Committee determines, upon evidence satisfactory to the Committee, that any Participant or Beneficiary to whom a benefit is payable under the Plan is unable to care for their affairs because of illness or accident, any payment due (unless prior
claim therefore shall have been made by a duly authorized guardian or other legal representative) may be paid, upon appropriate indemnification of the Committee and the Corporation, to the spouse of the Participant or other person deemed by the
Committee to have incurred expenses for the benefit of and on behalf of such Participant or Beneficiary. Any such payment from a Participant’s Plan Accounts shall be a complete discharge of any liability under the Plan with respect to the
amount so paid. 
  

 Page 44 

 ARTICLE IX—ADMINISTRATION AND CLAIMS 
 Section 9.1—Plan Administration 
 The Committee shall be solely responsible for the
administration and operation of the Plan. 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. 
 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 which shall respond in writing as soon as practicable. 
 Section 9.2—Claim
Procedures 
 If a Participant or Beneficiary requests a benefit or payment under the Plan and such claim or request is denied, the
Committee will provide a written notice of denial which will specify (a) the reason for denial, with specific reference to the Plan provisions on which the denial is based and (b) a description of any additional material or information
that may be required with respect to the claim and an explanation of why such information is necessary. 
 If a claim or request is denied or
if the Participant or Beneficiary receives no response within 60 days, the Participant or Beneficiary may request review by writing to the Committee. The Committee will review the claim or request, and may request additional information or materials
that it deems appropriate to the resolution of any issues presented. The decision on 

  

 Page 45 

 
review will normally be made by the Committee within 60 days of its receipt of the request for review but may be extended up to 120 days from such date. The
Committee’s decision will be in writing and will state the basis for its decision and shall be conclusive and binding on all parties. 
  

 Page 46Schedule of Terms for performance share unit awards

 Exhibit 10.28 
 United Technologies Corporation 
 Long Term Incentive Plan 
 Performance Share Unit Award 
 Schedule of Terms 
 This Schedule of Terms describes the material features of the recipient’s Performance Share
Unit Award (“Award”) granted under the United Technologies Corporation 2005 Long Term Incentive Plan as amended and restated on April 9, 2008 (the “LTIP”). The Award is subject to this Schedule of Terms and the terms,
definitions, and provisions of the LTIP. The LTIP Prospectus contains detailed information about the LTIP and this Award. 
  

 1 

 Performance Share Unit 
 A Performance Share Unit (a “PSU”) is equal in value to one share of common stock of the Corporation (“Common Stock”). PSUs are generally convertible into shares of Common Stock if and to the extent the associated
pre-established performance targets are achieved (see “Vesting” below). 
 Acknowledgement of Award 
 The number of PSUs awarded is set forth in the Statement of Award. The recipient must acknowledge and accept the terms and conditions of the PSU Award by signing and
returning the designated portion of the Statement of Award to the Stock Plan Administrator by the specified due date. 
 Vesting 
 PSUs vest only if pre-established three year performance targets are achieved. Performance targets include: (i) diluted earnings per share; (ii) total
shareowner return; (iii) working capital and gross inventory turnover; and (iv) revenue growth. A PSU Award may be subject to a single or multiple performance targets. The Statement of Award will specify the applicable performance targets,
the performance period and vesting date, the minimum performance required for vesting, the range of vesting relative to measured performance and, if multiple performance targets apply, the relative weighting of each. 
 In the event of certain types of misconduct, Awards may be forfeited, including vested Awards and gains realized from prior Awards. See “Forfeiture of Interest and
Recoupment of Gains Realized from Prior Awards” on page 3. 
 No shareowner rights 
 A PSU is the right to receive a share of Common Stock in the future, subject to continued employment and achievement of performance targets. The holder of a PSU has no voting, dividend or other rights accorded to
owners of Common Stock. 
 Payment/Conversion of PSUs 
 PSUs will generally be converted into shares of Common Stock, effective as of the vesting date, when the Committee on Compensation and Executive Development of the Corporation’s Board of Directors (the “Committee”) determines
if, and to what extent, PSUs have vested as a result of the achievement of performance targets. If performance targets are not met, the PSUs that do not vest will be cancelled without value. PSUs may be paid in cash where local law restricts the
distribution of Common Stock. 
 Termination of Employment 
 If the recipient terminates employment prior to the end of the performance measurement period for any reason other than death, disability, or retirement (including if the recipient meets the “Rule of 65”, below), unvested PSUs
will be cancelled as of the termination date. 
 Retirement. The recipient is eligible for retirement (including “Rule of 65”) under this
Award if the recipient is: 
 (i) age 65 on date of termination; 
 (ii) at least age 55 with 10 or more years of continuous service as of the date of termination; or 
 (iii) meets the “Rule of 65.” The
recipient qualifies for the Rule of 65 if termination of employment occurs after age 50, but before age 55, and the sum of age and continuous service adds up to 65 or more. 
  

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 Following retirement, including termination under the Rule of 65, the unvested PSUs that have been held for at least one
year prior to the date of retirement will remain outstanding and eligible to vest as scheduled, if and to the extent the Committee determines that performance targets have been achieved. 
 In all cases, PSUs held for less than one year prior to retirement or termination under the Rule of 65 will be cancelled without value. 
 Service used to determine eligibility for retirement or the “Rule of 65” will be based on continuous service recognized under the recipient’s UTC retirement plan. 
 Disability. If employment terminates by reason of disability, unvested PSUs will not be forfeited. As long as recipient the recipient remains disabled
under the recipient’s UTC disability plan, PSUs not yet vested will remain eligible to vest per the terms of the Award. 
 Death. The
number of PSUs awarded will vest and be converted to shares of Common Stock (at target) effective as of the date of death. The shares will be delivered to the estate of the recipient as soon as administratively practicable. 
 Rehire. If the recipient terminates employment and is then rehired by the Corporation before the end of the 90 day period immediately following the date of
termination, unvested PSUs that were cancelled because of the termination of employment will be reinstated. If the recipient is rehired by the Corporation after the 90 day period immediately following the date of termination, the recipient will be
treated as a new employee and cancelled PSUs will not be reinstated. 
 Forfeiture of Interests and Recoupment of Gains Realized from Prior Awards 

 PSUs shall be forfeited and the recipient will be obligated to repay the value realized from the conversion of PSUs into shares of unrestricted Common
Stock under the following circumstances: 
  

	(i)	Termination of Employment for Cause; 

  

	(ii)	A restatement of financial results attributable to the recipient’s actions, whether intentional or negligent; 

  

	(iii)	The Committee determines that Award vesting was based on incorrect performance measurement calculations. In such event, vesting (and recoupment, if applicable) will be adjusted
consistent with the actual, corrected results; 

  

	(iv)	If within three years following any Termination of Employment, the Committee or the Corporation determines that the recipient engaged in conduct before the recipient’s
termination date that would have constituted the basis for a Termination of Employment for Cause; 

  

	(v)	If at any time during the twenty-four month period immediately following any Termination of Employment, the recipient: 

  

	 	(A)	solicits for employment or otherwise attempts to retain the professional services of any individual then employed or engaged by the Corporation (other than a person performing
secretarial or similar services) or who was so employed or engaged during the three month period preceding such solicitation; or 

  

	 	(B)	publicly disparages the Corporation or any of its officers, directors or senior executive employees or otherwise makes any public statement that is materially detrimental to the
interests of the Corporation or such individuals; or 

  

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	(vi)	If at any time during the twelve month period following any Termination of Employment, the recipient becomes employed by, consults for or otherwise renders services to any business
entity or person engaged in activities that compete with the Corporation or the business unit that employed the recipient, unless the recipient has first obtained the consent of the Committee. A recipient shall be deemed to have been employed by
each business unit that employed the recipient within the two-year period immediately prior to the date of the Termination of Employment. 

 Adjustments 
 If the Corporation effects a subdivision or consolidation of shares of Common Stock or other capital adjustment, the number of
PSUs (and the number of shares of Common Stock that will be issued upon conversion) shall be adjusted in the same manner and to the same extent as all other shares of Common Stock of the Corporation. In the event of material changes in the capital
structure of the Corporation resulting from: the payment of a special dividend (other than regular quarterly dividends) or other distributions to shareowners without receiving consideration therefore; the spin-off of a subsidiary; the sale of a
substantial portion of the Corporation’s assets; in the event of a merger or consolidation in which the Corporation is not the surviving entity; or other extraordinary non-recurring events affecting the Corporation’s capital structure and
the value of Common Stock, equitable adjustments shall be made in the terms of outstanding Awards, including the number of PSUs and underlying shares of Common Stock as the Committee determines are necessary or appropriate to prevent an increase or
decrease in the value of PSUs relative to Common Stock or the dilution or enlargement of the rights of recipients. 
 Change of Control 
 In the event of a change of control or restructuring of the Corporation, the Committee may take certain actions with respect to outstanding Awards to assure fair and
equitable treatment of LTIP recipients. Such actions may include: acceleration of the vesting date; offering to purchase an outstanding Award from the holder for its equivalent cash value (as determined by the Committee); or providing for other
adjustments or modifications to outstanding Awards as the Committee may deem appropriate. 
 Awards Not to Affect or Be Affected by Certain Transactions

 PSU Awards shall not in any way affect the right or power of the Corporation or its shareowners to effect: (a) any or all adjustments,
recapitalizations, reorganizations or other changes in the Corporation’s capital structure or its business; (b) any merger or consolidation of the Corporation; (c) any issue of bonds, debentures, shares of stock preferred to, or
otherwise affecting the Common Stock of the Corporation or the rights of the holders of such Common Stock; (d) the dissolution or liquidation of the Corporation; (e) any sale or transfer of all or any part of its assets or business; or
(f) any other corporate act or proceeding. 
 Taxes/Withholding 
 Recipients are responsible for any income or other tax liability attributable to any Award. The closing price of UTC’s Common Stock on the New York Stock Exchange on the vesting date will be used to calculate
income realized from the vesting of PSUs. The Corporation shall take such steps as are appropriate to assure compliance with applicable federal, state and local tax withholding requirements. The Corporation shall, to the extent required by law, have
the right to deduct directly from any payment or delivery of shares due to a recipient or from the recipient’s regular compensation, all federal, state and local taxes of any kind required by law to be withheld with respect to the vesting of
any PSU. Recipients not based in the United States and foreign nationals who are not permanent residents of the United States must pay the appropriate taxes as required by any country where they are subject to tax. A discussion of U.S. Federal tax
treatment of PSUs may be found in the LTIP prospectus. 
  

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 Deferral of Gain (U.S. based executives) 
 A recipient who qualifies as a Participant under the LTIP PSU Deferral Plan may irrevocably elect to defer the conversion of vested PSUs into shares of Common Stock to a date that is at least five years after the
scheduled vesting date. The election to defer the conversion of shares must be made no later than the end of the second year of the performance measurement period, or such earlier date as may be specified by the Committee. Vested PSUs subject to a
deferral election will be converted to unfunded deferred share units that will convert into shares of Common Stock on the distribution date as specified in the deferral election and the LTIP PSU Deferral Plan. Deferred share units will be credited
with dividend equivalents. Under U.S. income tax law, a recipient will generally not be taxed until the resulting deferred share units are converted to shares of Common Stock and distributed. Deferred share units will not be funded by the
Corporation. In this regard, a recipient’s rights to deferred share units are those of a general unsecured creditor of the Corporation. Details of the deferral of PSUs into deferred share units will be provided with the election materials. The
opportunity to make such an election is subject to changes in Federal tax law. The Committee reserves the right to discontinue offering PSU deferral elections at any time for any reason it deems appropriate in its sole discretion. 
 Nonassignability 
 Unless otherwise prescribed by the Committee, no
assignment or transfer of any right or interest of an recipient in any PSU, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted except by will or the laws of descent and distribution. Any attempt to assign such
rights or interest shall be void and without force or effect. 
 Nature of Payments 
 All Awards made pursuant to the LTIP are in consideration of services performed for the Corporation or the business unit employing the recipient. Any gains realized pursuant to such Awards constitute a special
incentive payment to the recipient and shall not be taken into account as compensation for purposes of any of the employee benefit plans of the Corporation or any business unit. 
 Administration 
 Under the LTIP, subject to certain limitations, the Committee has delegated to the Chief Executive
Officer the authority to grant PSU Awards, and has further delegated the authority to administer and interpret such Awards to the Senior Vice President, Human Resources and Organization, and to such subordinates as he or she may further delegate.
Awards to employees of the Corporation who are either reporting persons under Section 16 of the Securities Exchange Act of 1934 (“Insiders”) or members of the Corporation’s Executive Leadership Group will be granted,
administered, and interpreted exclusively by the Committee. 
 Data Privacy 
 The Corporation maintains electronic records for the purpose of administering the LTIP and individual Awards. In the normal course of plan administration, electronic data may be transferred to different sites within
the Corporation and to outside service providers. Acceptance of an Award constitutes consent by the recipient to the transmission of information related to the administration of Awards and the LTIP. 
  

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 Government Contract Compliance 
 The “UTC Policy Statement on Business Ethics and Conduct in Contracting with the United States Government” calls for compliance with the letter and spirit of government contracting laws and regulations. In
the event of a violation of government contracting laws or regulations, the Committee reserves the right to revoke any outstanding Award. 
 Interpretations 
 This Schedule of Terms and each Statement of Award are subject in all respects to the terms of the LTIP. In the event that
any provision of this Schedule of Terms or any Statement of Award is inconsistent with the terms of the LTIP, the terms of the LTIP shall govern. Any question concerning administration or interpretation arising under the Schedule of Terms or any
Statement of Award shall be determined by the Committee or its delegate, and such determination to be final and conclusive upon all parties in interest. 
 Additional Information 
 Questions concerning the Plan or Awards and requests for Plan documents can be directed to: 
 Stock Plan Administrator 
 United Technologies
Corporation 
 1 Financial Plaza, MS 504 
 Hartford, CT 06101 
 stockoptionplans@utc.com 
 The Corporation and/or its approved Stock Plan Administrator will send any Award-related communications to the recipient’s email address or physical address on record. It is the responsibility of the recipient to ensure the address on
record is up-to-date and accurate at all times to ensure delivery of Award-related communications. 
  

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