Document:

Exhibit 10.9

      

      

      RETIREMENT PLAN FOR

      

      

      THIRD COUNTRY NATIONAL EMPLOYEES

      

      

      OTIS WORLDWIDE CORPORATION

      

      

      
        
          

      

      
      TABLE OF CONTENTS

      

      

      	
              Preamble

            	 	
              1

            
	 	 	 
	
              Article I

            	
              Definitions

            	
              1

            
	 	 	 
	
              Article II

            	
              Credited Service

            	
              3

            
	 	 	 
	
              Article III

            	
              Participation

            	
              3

            
	 	 	 
	
              Article IV

            	
              Retirement Dates

            	
              4

            
	 	 	 
	
              Article V

            	
              Retirement Benefits

            	
              4

            
	 	 	 
	
              Article VI

            	
              Form and Payment of Benefits

            	
              7

            
	 	 	 
	
              Article VII

            	
              Termination of Employment

            	
              9

            
	 	 	 
	
              Article VIII

            	
              Funding

            	
              9

            
	 	 	 
	
              Article IX

            	
              Administration

            	
              10

            
	 	 	 
	
              Article X

            	
              Discontinuance of Employer Contributions – Plan Amendments

            	
              10

            
	 	 	 
	
              Article XI

            	
              Plan Discontinuance Procedures

            	
              10

            
	 	 	 
	
              Article XII

            	
              Miscellaneous

            	
              11

            

      

      

      
        i

        
          

      

      
      PREAMBLE

      

      

      Purpose

      

      

      The Retirement Plan for Third Country National Employees of Otis Worldwide Corporation (the “Plan”) is hereby established effective as of the date of Spin-off (the “Effective Date”) to provide certain employees with
        retirement benefits, including benefits accrued but not yet paid under the UTC TCN Plan.

      

      

      Spin-off from UTC

      

      

      On November 26, 2018, United Technologies Corporation (“UTC”) announced its intention to separate into three independent companies, UTC, the Corporation and Carrier Global Corporation (“Carrier”), through spin-off
        transactions expected to be completed by mid-year 2020.  The transaction by which the Corporation ceased to be a subsidiary of UTC is referred to herein as the “Spin-off.” In connection with the Spin-off, and pursuant to the terms of the Employee
        Matters Agreement by and among the Corporation, UTC, and Carrier (the “Employee Matters Agreement”), the Corporation and the Plan assumed all obligations (to the extent not yet paid) under the UTC TCN Plan with respect to “Otis Group Employees” and
        “Former Otis Group Employees” (as such terms are defined in the Employee Matters Agreement, and collectively referred to as “Otis Employees”). Any benefits due under the UTC TCN Plan with respect to Otis Employees or Beneficiaries of Otis Employees
        are now the responsibility of the Corporation and this Plan, and any such benefits accrued but not yet paid under the UTC TCN Plan, will be administered and paid under the terms of this Plan.  All distribution elections and designations of
        Beneficiary made under the UTC TCN Plan by an Otis Employee or Beneficiary of an Otis Employee and in effect immediately prior to the Effective Date will continue to apply and shall be administered under this Plan, until such election or
        designation expires or is otherwise changed or revoked in accordance with the terms of the Plan.

      

      

      ARTICLE I - DEFINITIONS

      

      

      Administrator means the Otis Employee Benefit Plan Committee, who is to perform the administrative functions of this Plan, as established in accordance with
        the Article IX of this Plan.

      

      

      Annual Earnings in respect of any calendar year shall mean the base compensation plus incentive compensation paid by the Employer to an employee (whether or
        not he qualifies as an Eligible Employee) for services rendered to the Employer. Specific examples of exclusions are awards, foreign service premiums and allowances, tax equalization adjustments, equity awards, contributions to employee benefit
        plans, and reimbursement or payments in lieu thereof. Foreign exchange calculations use the Foreign Exchange Rate.

      

      

      Beneficiary means the person, persons or entity designated in writing by a Participant to receive the value of his or her Plan Benefit in the event of the
        Participant’s death, in accordance with the terms of this Plan.

      

      

      Corporation means the Otis Worldwide Corporation.

      

      

      Earnings shall have the same meaning as Annual Earnings.

      

      

      Eligible Employee means any person on the active employment rolls of the Employer, who had been designated by the Employer as a Third Country National
        employee eligible for participation in the Plan. It shall also include any person on the payroll of another company who at the same time receives salary from the Employer and whose principal duties consist of working for or on behalf of the
        Employer and who had been so designated. An employee who is, or becomes, a United States (U.S.) Citizen or U.S. Person (as such terms are generally defined), or nonresident alien performing services in the U.S.  shall be ineligible to participate
        in the Plan.

      

      

      Employer means Otis Worldwide Corporation, including any affiliated or subsidiary companies.

       

      

      
        1

        
          

      

      Final Average Earnings shall mean the average of a participant’s Annual Earnings in the 5 consecutive calendar years which produce the highest average; provided,
        that such 5 consecutive calendar years shall be years included within the period of 10 consecutive calendar years up to and including the calendar year in which his attainment of Normal Retirement Age or Deferred Retirement Age if later, or earlier
        cessation of employment with the Employer occurs; provided further, that if a Participant’s attainment of Normal Retirement Age or earlier cessation of employment with the Employer occurs prior to the end of the calendar year, his Annual Earnings
        for such calendar year shall be determined as though his annual rate of basic remuneration on the first day of the month in which he attains his Normal Retirement Age, or in which his earlier cessation of employment occurs, were payable for the
        remainder of such calendar year.

      

      

      Notwithstanding the foregoing, for purposes of determining the Participant’s Final Average Earnings, Annual Earnings shall be frozen as of December 31, 2014. Annual Earnings paid on and after January 1, 2015 shall be
        excluded for purposes of determining the Participant’s Final Average Earnings.

      

      

      Foreign Exchange Rate is the average of the exchange rates as published in the Wall Street Journal for the first business day of the month for the 36 months
        prior to the Participant’s Retirement Date or earlier cessation of employment.

      

      

      Group Annuity Contract means a contract issued by the Insurer providing for the payment of Retirement Benefits to participants who become entitled to such
        benefits in accordance with the provisions of this Plan.

      

      

      Insurer means a legal reserve life insurance company duly licensed to do business in Bermuda.

      

      

      Interest Rate shall mean the average 30-year U.S. Treasury yield in effect for November prior to the Plan Year.

      

      

      Monthly Interest Rate shall mean, for a month, the Interest Rate for the Plan Year in which the month falls converted to the monthly rate that, when
        compounded monthly throughout the Plan Year, equals the Interest Rate. Thus, the Monthly Interest Rate equals [(1 + Interest Rate) ^ (1/12)] – 1.

      

      

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

      

      

      Plan means the Retirement Plan for Third Country National Employees of Otis Worldwide Corporation.

      

      

      Retired Participant means a former participant who is retired under this Plan, including an Otis Employee in the UTC TCN Plan as of the Spin-off date, who
        was retired under the UTC TCN Plan, and who is receiving Retirement Benefits provided for hereunder.

      

      

      Retirement Benefits means the monthly payments to which a Participant shall become entitled hereunder. Foreign exchange calculations use the Foreign
        Exchange Rate.

      

      

      Social Security Amount shall mean the estimated annual unreduced Primary Insurance Amount (as defined under the U.S. Social Security Act) which the
        participant could expect to receive commencing on the first day of the month coincident with or next following his 65th birthday or actual retirement date if later, as
        though he had been covered under the U.S. Social Security Act as in effect on the Participant’s actual Retirement Date, or earlier cessation of employment with the Employer. The Primary Insurance Amount shall be calculated on the basis of full
        working lifetime and level future salaries, prorated by actual years of Credited  Service. Each level future salary is equal to the most recent historical Annual Earnings paid to the employee. Past Annual Earnings, if not available, are estimated
        by projecting backwards at 6%.

      

      

      Notwithstanding the foregoing, where applicable, a Participant’s Social Security Amount was determined under the UTC TCN Plan, but in no case later than December 31, 2014, and will not increase after said date.

      

      

      Spouse shall mean the person who is legally married to a Participant or former Participant.

      

      

      UTC TCN Plan means the Retirement Plan for Third Country National Employees of United Technologies Corporation.

      

      

      
        2

        
          

      

      ARTICLE II - CREDITED SERVICE

      

      

      
        	
                

                

              	
                1.

              	
                Credited Service shall mean the number of full years of Continuous Service with the Employer from the date of inclusion in this Plan (including the UTC TCN prior to Spin-off), and fractions
                  thereof to the nearest month, completed by the Participant to the earlier of his date of termination of employment and the date he is no longer designated by the Employer as a member of this Plan. Credited Service for purposes of benefits
                  accrued prior to January 1, 2015 shall be limited to Continuous Service performed prior to January 1, 2015.

              

      

      

      

      
        	 	
                2.

              	
                Continuous Service shall mean a period of uninterrupted employment of an Eligible Employee with the Employer, provided, however, that Continuous Service with the Employer shall not be broken
                  in the event of:

              

      

      

      

      
        	
                

                

              	
                (a)

                

              	
                Absence with the consent of the Administrator during any period not in excess of one year, except that the Administrator may consent to extend the period of leave.

              

      

      

      

      
        	 	
                (b)

              	
                Absence from work because of occupational injury or disease, or other disability, whether or not incurred as a result of employment with the Employer.

              

      

      

      

      
        	 	
                3.

              	
                In interpreting Section 2 above, the Administrator will apply uniform rules in a like manner to all Participants under similar circumstances.

              

      

      

      

      
        	 	
                4.

              	
                A Participant shall not accrue Credited Service for any absence described in Section 2 (a) above, but shall retain Credited Service accrued prior to such absence. Upon return to employment
                  after an approved absence, the Participant shall again accrue Credited Service.

              

      

      

      

      
        	 	
                5.

              	
                A Participant shall continue to accrue Credited Service for any absence described in Section 2 (b) above. For purposes of determining the Participant’s Retirement Benefit, the Participant’s
                  earnings history shall be frozen as of the last date of employment prior to his absence due to disability. Adjustments to Earnings realized after the Participant returns to active employment status shall be included in the determination
                  of Final Average Earnings.

              

      

      

      

      
        	 	
                6.

              	
                Failure to return to the employ of the Employer by the end of any period specified in Section 2 above shall be considered a termination of employment. Any other absence shall be considered a
                  termination of employment. Any Participant whose employment has been terminated shall be ineligible for readmission to the Plan.

              

      

      

      

      
        	 	
                7.

              	
                Credited Service for purposes of benefits accrued prior to January 1, 2015 shall not accrue on and after January 1, 2015.

              

      

      

      

      ARTICLE III - PARTICIPATION

      

      

      
        	 	
                1.

              	
                Eligibility

                

                 

                

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

              

      

      

      

      
        	 	
                2.

              	
                Employment Classification
                  

                  

                  Only employees who have been designated Third Country National employees shall be eligible for inclusion in the Plan.  An employee who is a United States (U.S.) Citizen or U.S. Person (as such terms are generally defined), or nonresident
                  alien performing services in the U.S. shall be ineligible to participate in the Plan.

              

      

      

      

      
        3

        
          

      

      ARTICLE IV - RETIREMENT DATES

      

      

      
        	 	
                1. 

                

              	
                Normal Retirement Age
                  

                  

                  Normal Retirement Age shall mean the 65th anniversary of his date of birth.

              

      

      

      

      
        	 	
                2.

              	
                Normal Retirement Date 

                 

                

                A Participant’s Normal Retirement Date shall be the first day of the month coincident with or next following the 65th anniversary
                  of his date of birth.

              

      

      

      

      
        	 	
                3.

              	
                Early Retirement Date  

                 

                

                With the consent of the Administrator, a participant may elect to retire on an Early Retirement Date which shall be the first day of any month as specified by the Participant which shall be the latest of:

              

      

      

      

      
        	 	
                (a)

                

              	
                completion of 10 years of Continuous Service, and

              

      

      

      

      
        	 	
                (b)

                

              	
                attainment of age 55, and

              

      

      

      

      
        	 	
                (c)

                

              	
                termination of employment with the Employer.

              

      

      

      

      
        	 	
                4.

              	
                Deferred Retirement Date  

                 

                

                With the consent of the Administrator, a Participant may continue his employment beyond his Normal Retirement Date. Such a Participant’s Deferred Retirement Date shall be the first day of
                  the month coincident with or next following the Participant’s termination of employment.

              

      

      

      

      ARTICLE V - RETIREMENT BENEFITS

      

      

      
        	 	
                1.

              	
                Normal Retirement Benefit for Benefits Accrued Prior to January 1, 2015  

                 

                

                A Participant who retires from the Employer in accordance with Section 2 of Article IV shall receive a monthly Normal Retirement Benefit in the amount equal to one-twelfth of (a) plus (b), where:

              

      

      

      

      
        	 	
                (a)  

              	
                is the sum of (i) the product of 1.5% of the Participant’s Final Average Earnings and his years of Credited Service completed before January 1, 1978; ( ii) the product of 2% of the
                  Participant’s Final Average Earnings and his years of Credited Service completed after December 31, 1977 not in excess of 20 and (iii) the product of 1% of the Participant’s Final Average Earnings and his years of Credited Service
                  completed after December 31, 1977 in excess of 20; and

              

      

      

      

      
        	 	
                (b)

                

              	
                is the product of (i) 1.5% multiplied by the Participant’s years of Credited Service (maximum of 33 1/3 years), and (ii) the Participant’s Social Security Amount.

              

      

      

         

       
      
        	 	
                2.

              	
                Normal Retirement Benefit for Benefits Accrued On and After January 1, 2015 – Cash Balance Benefit  

                 

                

                A Participant who retires from the Employer in accordance with Section 2 of Article IV shall receive a monthly Normal Retirement Benefit in the amount determined by converting the Cash Balance Account as defined below to an actuarially
                  equivalent life annuity by applying reasonable actuarial factors.

              

      

      

      

      
        	 	
                (a) 

                

              	
                As of January 1, 2015, an account will be established for each Participant active in the Plan as of that date (“Cash Balance Account”).

              

      

      

      

      
        4

        
          

      

      
        	 	
                (b)  

                

              	
                Pay Credits

              

      

      

      

      
        	 	
                (i)  

              	
                In General. For each calendar month during a Plan Year, a credit (“Pay Credit”) will be added to the Participant’s Cash Balance Account in an amount
                  equal to the Monthly Pay Credit Rate times the Earnings paid to the Participant during the month. The Monthly Pay Credit Rate is determined as follows:

              

      

      

      

      	
              Participant’s Age in Full Completed

               Years on Last Day of Plan Year

            	
              Monthly Pay

               Credit Rate

            
	
              less than 30

            	
              3%

            
	
              30-34

            	
              4%

            
	
              35-39

            	
              5%

            
	
              40-44

            	
              6%

            
	
              45-49

            	
              7%

            
	
              50 and older

            	
              8%

            

      

      

      
        	 	
                (ii)

                

              	
                Disability, Leave, or Layoff. For each calendar month during which a Cash Balance Participant has no Earnings but continues to earn Credited Service
                  during disability, leave, or layoff, a Pay Credit will be added to his or her Cash Balance Account in an amount equal to the Pay Credit Rate times his or her Base Earnings paid in the calendar month immediately preceding the commencement
                  of his or her disability, leave, or layoff (but only if the Participant was earning Credited Service immediately before he or she became disabled, commenced the specified leave, or was laid off). Notwithstanding the foregoing, a
                  Participant who is laid off shall not receive Pay Credits after his or her layoff even if he or she continues to earn Credited Service.

              

      

      

      

      
        	 	
                (iii) 

                

              	
                Timing. For purposes of Subsection (a) above, the Pay Credit for a calendar month will be added to the Participant’s Cash Balance Account as of the
                  last day of the calendar month. For purposes of Subsection (b), above, the Pay Credit for a calendar month will be deemed added to the Participant’s Cash Balance Account as of the last day of the calendar month to which the Pay Credit
                  relates.

              

      

      

      

      
        	 	
                (c)  

              	
                Interest Credits

              

      

      

      

      For each calendar month after January 1, 2015, an Interest Credit will be added to a Participant’s Cash Balance Account in an amount equal to his or her Cash Balance Account as of the last day of
        the immediately preceding calendar month times the Monthly Interest Rate for the calendar month. Interest credits of less than zero shall in no event result in a Participant’s Cash Balance Account being less than the aggregate amount of
        contributions credited to the Participant’s Cash Balance Account. The Interest Credit for a calendar month will be added to the Cash Balance Participant’s Cash Balance Account as of the last day of the calendar month. Interest Credits will continue
        to be added to a Cash Balance Participant’s Cash Balance Account up until but not after the last day of the calendar month preceding his or her Annuity Commencement Date. If a Cash Balance Participant dies before the Annuity Commencement Date,
        Interest Credits will continue to be added to the Cash Balance Account up until but not after the last day of the calendar month preceding his or her Beneficiary’s Annuity Commencement Date. The minimum Interest Crediting Rate is a rate that yields
        3.8% when compounded monthly throughout the Plan Year.

      

      

      
        5

        
          

      

      
        	 	
                (d)  

                

              	
                Determination of Cash Balance Account

              

      

      

      

      The amount of a Participant’s Cash Balance Account on any date will equal the sum of the Pay Credits and the Interest Credits that have been added to his or her Cash Balance Account through that
        date. A Cash Balance Participant’s Cash Balance Account will be reduced to zero immediately after his or her Annuity Commencement Date (or, if the Participant dies before his or her Annuity Commencement Date, immediately after the Participant’s
        Beneficiary’s Annuity Commencement Date).

      

      

      
        	 	
                3.

              	
                Offset  

                 

                

                In order to preclude duplication of benefits, from the sum of the monthly benefit determined in accordance with Sections 1 and 2 shall be deducted the actuarially equivalent monthly benefit as of Normal Retirement Age from any
                  Government or Corporation pension, retirement or termination allowance payable to the extent that the Employer or Corporation contributed or could have contributed to such a pension or allowance. The amount of any such deduction shall be
                  as determined by the Administrator.

              

      

      

      

      
        	 	
                4.

              	
                Early Retirement Benefit

              

      

      

      

      
        	 	
                (a)  

              	
                The monthly amount of Early Retirement Benefit payable to an active Participant retiring on his Early Retirement Date shall be equal to the Normal Retirement Benefit, calculated in
                  accordance with this Article V, based on Credited Service to Early Retirement Date or December 31, 2014 if earlier, and the Cash Balance Account as of the date of benefit commencement, reduced by 0.2% for each month that the Early
                  Retirement Date precedes the first of the month coincident with or next following the Participant’s 62nd birthday.

              

      

      

      

      
        	 	
                (b)

              	
                The monthly amount of Early Retirement Benefit payable to a prior active Participant who terminated employment after attaining age 55 and 10 years of Continuous Service and who later elects
                  retirement on his Early Retirement Date shall be equal to the Normal Retirement Benefit, calculated in accordance with this Article V, based on the sum of the Credited Service to date of termination or December 31, 2014 if earlier and the
                  Cash Balance Account as of the date of benefit commencement, reduced by 0.2% for each month that the Early Retirement Date precedes the first of the month coincident with or next following the Participant’s 62nd birthday.

              

      

      

      

      
        	 	
                5.

              	
                Deferred Retirement Benefit  

                 

                

                The monthly amount of Deferred Retirement Benefit payable to a Participant retiring on his Deferred Retirement Date shall be equal to the Participant’s Normal Retirement Benefit, calculated in accordance with this Article V, based on
                  the Participant’s Credited Service and Final Average Earnings as of his Deferred Retirement Date, or December 31, 2014 if earlier, and his Cash Balance Account as of the benefit commencement date.

              

      

      

      

      
        	 	
                6.

              	
                Suspension of Retirement Benefits  

                 

                

                If a Retired Participant is reemployed by the Employer, his Retirement Benefit payments shall cease with the last payment due prior to his reemployment. Retirement Benefit payments shall again become payable on the first day of the
                  month following subsequent termination of employment.  Reinstatement of Retirement Benefits following subsequent termination shall not constitute readmission to the Plan as prohibited under Section 6 of Article II.

              

      

      

      

      
        6

        
          

      

      
        	 	
                7.

              	
                Death Benefits Prior to Retirement   

                 

                  

                If a Participant should die while employed by the Employer after attaining age fifty-five (55) and completing ten (10) or more years of 
                    Continuous  Service, but prior to his Normal Retirement Date, and if such Participant is married on the date of his death, his Spouse (or his non-spouse beneficiary if elected) shall be entitled to a Death Benefit in the form of a
                    monthly income, payable for the life of the Spouse or non-spouse beneficiary, beginning on the first day of the month coincident with or immediately following the death of the Participant, computed in accordance with Section 5 of
                    Article V and with the provisions of Section 2 of Article VI at a percentage equal to 100 percent. The payments will be in an amount equal to 100% of the reduced amount the Participant would have received had he retired on the day of
                    his death with the 100% Contingent Annuitant Option in effect.

              

      

      

      

      If a Participant should die after completing  five (5) years of Continuous Service but before attaining age 55, and if such participant is married on the date of his death, his Spouse shall be
        entitled to a Death Benefit in the form of a monthly income, payable for the life of the Spouse, beginning on the first day of the month coincident with or immediately following the date the Participant would have reached age 55, computed in
        accordance with Section 5 of Article V and with the provisions of Section 2 of Article VI in an amount equal to the 50% Contingent Annuitant Option.

      

      

      If a Participant who is retirement eligible should die following his date of termination, but prior to commencing his benefit, his Beneficiary shall be entitled to a Death Benefit in the form of a
        monthly income, payable for the Beneficiary’s life, computed in accordance with Section 5 of Article V and with the provisions of Section 2 of Article VI in an amount equal to the 100% Contingent Annuitant Option and assuming he had retired on the
        day of his death.

      

      

      
        	 	
                8.

              	
                Forfeitures   

                 

                

                No part of any forfeitures resulting from the application of any provision of this Plan shall be applied to increase the benefits any Participant would otherwise receive under this plan.

              

      

      

      

      ARTICLE VI - FORM AND PAYMENT OF BENEFITS

      

      

      
        	 	
                1.

              	
                Normal Form of Retirement Benefit

              

      

      

      

      The Normal Form of Retirement Benefit payments hereunder shall be the Life Annuity. This form of benefit shall provide for the payment of Retirement Benefits to the Retired Participant during his
        lifetime. Retirement Benefits shall commence on the first day of the month coincident with or next following the date the Participant actually retires and shall cease upon his death. No Retirement Benefits will be payable under this form if the
        Participant dies before his first Retirement Benefit payment becomes due.  If the Participant is married, a spousal waiver is required to elect this payment form.

      

      

      
        	 	
                2.

              	
                Contingent Annuitant Option

              

      

      

      

      
        	 	
                (a)  

              	
                In lieu of the Normal Form of Retirement Benefit described in Section 1 above, a Participant may elect a Contingent Annuitant Option which provides for an actuarially adjusted benefit
                  payable to the Retired Participant during his lifetime and for the continuance of such Retirement Benefit payments in either the same or a percentage of such reduced amount to a Contingent Annuitant, if living, after the Retired
                  Participant’s death.  If the Participant is married, a spousal waiver is required to elect this payment form.

              

      

      

      

      
        	 	
                (b)   

              	
                The monthly payment to the Contingent Annuitant shall commence on the first day of the month following the month in which the Retired Participant dies, if the Contingent Annuitant is then
                  living, and shall continue monthly with the last payment due for the month in which the Contingent Annuitant’s death occurs.

              

      

      

      

      
        7

        
          

      

      
        	 	
                (c)  

              	
                If a Contingent Annuitant dies before the Participant’s Early or Normal Retirement Date, the Normal Form of Retirement Benefit Payments will automatically become payable as if a Contingent
                  Annuitant Option had not been elected. If a Contingent Annuitant predeceases the Retired Participant after retirement, the Retirement Benefit payments will cease upon the Retired Participant’s death.

              

      

      

      

      
        	 	
                (d)   

              	
                If a Participant who has elected this option should die after his Normal Retirement Date and prior to his Deferred Retirement Date, the Contingent Annuitant, if living, shall become a
                  Survivor Annuitant and shall be entitled to benefits, payable for such Survivor Annuitant’s further lifetime, in a monthly amount equal to the amount which would have been payable to the Contingent Annuitant had the Participant retired on
                  the date of his death with the 100% Contingent Annuitant Option operative.

              

      

      

      

      
        	 	
                3.

              	
                Life Annuity with Guaranteed Number of Monthly Payments Option

              

      

      

      

      
        	 	
                (a)   

              	
                In lieu of the Normal Form of Retirement Benefit in Section 1 above, a Participant may elect a Life Annuity with 60 or alternatively 120 monthly payments guaranteed. This form would provide
                  for an actuarially adjusted Retirement Benefit payable to the Participant during his lifetime with the guarantee that not less than a total of 60 or alternatively 120 monthly Retirement Benefit payments will be made to the Retired
                  Participant and his named Beneficiary.

              

      

      

      

      
        	 	
                (b)   

              	
                If this form is elected and the Retired Participant dies prior to the receipt of the specified number of monthly payments, the balance of the guaranteed number of monthly payments will be
                  paid to the Retired Participant’s named Beneficiary until a total of 60 or 120 monthly payments (as elected) has been made to the retired Participant and his named Beneficiary. The first such payment to the Beneficiary shall be due and
                  payable as of the first day of the month following the Retired Participant’s death.

              

      

      

      

      
        	 	
                (c)

              	
                In the event there is no named Beneficiary living at the death of the Retired Participant, the balance of the 60 or 120 guaranteed monthly payments (as elected), which would otherwise have
                  become payable to the Retired Participant’s Beneficiary, shall be commuted to a single sum and shall be paid to the Executors or Administrators of the Retired Participant’s estate.

              

      

      

      

      
        	 	
                (d)   

              	
                If the Beneficiary of a deceased Retired Participant should die prior to receiving the balance of the 60 or 120 guaranteed monthly payments (as elected), the balance of the specified number
                  of guaranteed monthly payments which would otherwise have become payable to the Retired Participant’s Beneficiary shall be commuted to a single sum and shall be paid to the Beneficiary’s executors or administrators of the Beneficiary.

              

      

      

      

      
        	 	
                (e)  

              	
                No monthly benefit will be payable under this form to a Beneficiary if the Participant dies before his Early or Normal Retirement Date. If a Participant, however, who has elected this form
                  should die after his Normal Retirement Date and prior to his Deferred Retirement Date, his Beneficiary shall become a Beneficiary Annuitant and shall be entitled to benefits payable for 60 or 120 months (as elected) in an amount equal to
                  the amount which would have been payable to the Participant had the Participant retired on the date of his death with this form effective.

              

      

      

      

      
        	 	
                4.

              	
                Any one option may be elected by the Participant by written notice to the Administrator at least 30 days prior to his actual Retirement Date.

              

      

      

      

      
        	 	
                5.

              	
                Once a choice as to a form of Retirement Benefit or a Retirement Date is made and accepted by the Administrator, it cannot be rescinded by the Participant without the written consent of the
                  Administrator conditioned upon satisfactory evidence of the good health of the Participant and any person entitled to receive payments upon the death of the Participant. In no event may a Participant change the form of Retirement Benefit
                  once payments have commenced.

              

      

       

      

      
        8

        
          

      

      
        	 	
                6.

              	
                Anything in this Plan to the contrary notwithstanding, the Participant shall not have the right prior to his retirement irrevocably to elect to have all or a part of his interest in this
                  Plan, which would otherwise become available to him during his lifetime, paid only to his Beneficiary after his death.

              

      

      

      

      
        	 	
                7.

              	
                If a Retired Participant is reemployed by the Employer, his Retirement Benefit payments shall cease with the last payment due prior to his reemployment. Retirement Benefit payments shall
                  again become payable on the first day of the month following subsequent termination of employment.

              

      

      

      

      ARTICLE VII - TERMINATION OF EMPLOYMENT

      

      

      
        	 	
                1.

              	
                A Participant who terminates his employment with the Employer on or after his Normal Retirement Age as set forth in Article IV, shall have a non-forfeitable right to his Normal Retirement
                  Benefit determined as of the date of his termination of employment.

              

      

      

      

      
        	 	
                2.

              	
                A Participant who terminates his employment prior to the termination of this Plan with less than 5 years of Continuous Service with the Employer (including Continuous Service under the UTC
                  TCN Plan) shall forfeit all rights to benefits under this Plan. A Participant who has completed 5 or more years of Continuous Service and who terminates his employment with the Employer prior to his Normal Retirement Date shall retain a
                  non-forfeitable right to a Retirement Benefit determined as of his date of termination of employment. The Participant’s non-forfeitable Retirement Benefit shall be payable at either the Participant’s Normal Retirement Date in an amount as
                  determined in accordance with Article V, and in a form as determined in accordance with Article VI or, with the consent of the Administrator, his Early Retirement Date in an amount which is actuarially reduced by 5/12% for each month that
                  his Early Retirement Date precedes his Normal Retirement Date for early commencement and in a form as determined in accordance with Article VI.

              

      

      

      

      
        	 	
                3.

              	
                Should a Participant’s termination of employment with the Employer be caused by the Participant’s death or should the Participant die subsequent to his date of termination and prior to his
                  Early or Normal Retirement Date he shall not retain any non-forfeitable rights hereunder, except as provided in Article V, Section 5.

              

      

      

      

      ARTICLE VIII - FUNDING

      

      

      
        	 	
                1.

              	
                For the purpose of funding for the Retirement Benefits provided herein, the Corporation will enter into and may, at the Corporation’s discretion, make periodic payments under a Group Annuity
                  Contract with the Insurer. Any amounts paid under said Contract may, at the direction of the Corporation, be held in a separate account maintained in conjunction therewith by the Insurer. The Corporation expressly reserves the right to
                  change funding agencies or vehicles at any time at its own election and without the consent of any person or organization.

              

      

      

      

      
        	 	
                2.

              	
                No part of the funds held under this Plan shall be used for or diverted to purposes other than for the exclusive benefit of Participants, their spouses or their Beneficiaries covered under
                  this Plan prior to the satisfaction of all liabilities hereunder with respect to them, provided that any funds under this Plan may be used to pay reasonable Plan administration expenses.

              

      

      

      

      
        	 	
                3.

              	
                No person shall have any interest in or right to any of the funds contributed to or held under this Plan except as expressly provided in this Plan and the Group Annuity Contract and then
                  only to the extent that such funds have been contributed by the Employer to the Insurer.

              

      

      

      

      
        	 	
                4.

              	
                No contribution shall be required by any Participant

              

      

      

      

      The Employer shall pay the full cost of providing the benefits under this Plan and shall pay any and all other costs required for the operation of this Plan.

      

      

      
        9

        
          

      

      ARTICLE IX - ADMINISTRATION

      

      

      
        	 	
                1.

              	
                This Plan shall be administered by the Administrator in accordance with this Plan and the Group Annuity Contract.

              

      

      

      

      
        	 	
                2.

              	
                The Administrator shall determine the benefits payable under this plan, shall have the right to make such rules as may be necessary for the administration of this Plan and may require
                  Participants to apply in writing to the Administrator for benefits hereunder and to furnish satisfactory evidence of their date of birth and marital status and such other information as may from time to time be deemed necessary.

              

      

      

      

      ARTICLE X - DISCONTINUANCE OF EMPLOYER CONTRIBUTIONS - PLAN AMENDMENTS

      

      

      
        	 	
                1.

              	
                The Employer intends to continue its sponsorship of this Plan indefinitely; but continuance of such sponsorship and such contributions is not assumed as a contractual obligation, or other
                  obligation, of the Employer and the right is reserved by the Employer to cease its sponsorship of this Plan or to reduce, suspend, or discontinue its contributions hereunder at any time.

              

      

      

      

      
        	 	
                2.

              	
                The Employer shall have the right to amend this Plan at any time and to any extent that it may deem advisable. No such amendment, however, shall:

              

      

      

      

      
        	 	
                (a)   

              	
                vest in the Employer any interest in or control over the funds accumulated in accordance with this Plan or the Retirement Benefits provided hereunder, or,

              

      

      

      

      
        	 	
                (b)  

              	
                deprive any Participant who has retired under this Plan prior to the date of amendment, of any Retirement Benefit under this Plan or change the provisions thereof, provided, however, that
                  any change or modification for the purpose of conforming this Plan to the requirements of any rule or regulation of any Government may be effective at any time with retroactive effect.

              

      

      

      

      ARTICLE XI - PLAN DISCONTINUANCE PROCEDURES

      

      

      
        	 	
                1.

              	
                This Plan shall be discontinued upon written notice by the Employer to the Participants covered hereunder and upon written notice to the Insurer of discontinuance of this Plan. A complete
                  discontinuance of contributions by the Employer shall be deemed a discontinuance of this Plan.

              

      

      

      

      
        	 	
                2.

              	
                In the event this Plan shall be discontinued, no further Employer Contributions shall be made to the Insurer. At the date of discontinuance of the Plan, the Employer funds available for the
                  purchase of Retirement Benefits for Participants and former Participants retaining a vested interest under this Plan remaining in the hands of the Insurer shall become vested in said Participants covered under this Plan in the manner
                  hereinafter indicated.

              

      

      

      

      
        	 	
                (a)   

              	
                Any funds which shall be available for distribution upon discontinuance of this Plan shall be applied to purchase Retirement Benefits, at the date of such discontinuance, for Participants
                  eligible on that date for Normal Retirement hereunder in amounts to which said Participants shall be entitled under this Plan to the extent that sufficient funds therefor shall be available.

              

      

      

      

      
        	 	
                (b)   

              	
                Any funds which shall be available for distribution after the purchase of the Retirement Benefits described in (a) above shall be applied to purchase Retirement Benefits, at the date of such
                  discontinuance, for Participants eligible on that date for Early Retirement hereunder in amounts to which said Participants shall be entitled under this Plan to the extent that sufficient funds therefor shall be available.

              

      

      

      

      
        	 	
                (c)   

              	
                Any funds which shall be available for distribution after the purchase of the Retirement Benefits described in (a) and (b) above shall be applied to purchase Retirement Benefits, at the date
                  of such discontinuance, for Participants and former Participants not included in (a) and (b) above but who retain a vested interest in this Plan in amounts to which said Participants shall be entitled under this Plan to the extent that
                  sufficient funds therefor shall be available.

              

      

       

      

      
        10

        
          

      

      
        	 	
                (d)   

              	
                Any funds available for distribution after the purchase of the Retirement Benefits described in (a), (b) and (c) above shall be applied to purchase Retirement Benefits, at the date of such
                  discontinuance for all other Participants in amounts to which said Participants shall be entitled under this Plan to the extent that sufficient funds therefor shall be available.

              

      

      

      

      
        	 	
                3.

              	
                Said available funds shall be used to completely purchase the Retirement Benefits in any one class, as described above, before being used for subsequent classes. In the event the funds
                  available for a class are insufficient to completely purchase the Retirement Benefits for such class, they shall be applied pro rata within the class to purchase such benefits to the extent that such funds are sufficient.

              

      

      

      

      
        	 	
                4.

              	
                Any funds paid by the Employer to the Insurer available for distribution after the purchase in full of all the Retirement Benefits described in Section 2 above shall be deemed to have become
                  available as a result of actuarial error and shall be paid in cash to the Employer.

              

      

      

      

      ARTICLE XII - MISCELLANEOUS

      

      

      
        	 	
                1.

              	
                Inclusion in this Plan shall not be construed as giving the Participant any right to be retained in the service of the Employer without the Employer’s consent, nor shall it interfere with
                  the right of the Employer to discharge the Participant, nor shall it give the Participant any right, claim or interest in any Retirement Benefits herein described, except upon fulfillment of the provisions and requirements of this Plan.

              

      

      

      

      
        	 	
                2.

              	
                Retirement Benefit payments shall be paid to a Retired Participant or the person designated by him to receive payments upon his death, if applicable, in a lump sum where the present value of
                  such monthly benefit does not exceed $5,000. Such lump sum payment is to be the actuarial equivalent of such monthly Retirement Benefit.

              

      

      

      

      
        	 	
                3.

              	
                Assignments

              

      

      

      

      No person entitled to benefits under this Plan shall have the right to assign, commute or encumber the benefits herein provided. To the maximum extent permitted by law, the benefits or payments
        herein provided shall not in any way be liable to attachment, garnishment or other process, or to be seized, taken, appropriated or applied by any legal or equitable process, to pay any debt or liability of such person.

      

      

      
        	 	
                4.

              	
                Pronouns

              

      

      

      

      Wherever used herein a pronoun in the masculine gender shall be considered as including the feminine gender unless the context clearly indicates otherwise, and wherever used herein a pronoun in
        the singular form shall be considered as being in the plural form unless the context clearly indicates otherwise.

      

      

      
        	 	
                5.

              	
                No Consent Required

              

      

      

      

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

      

      

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

      

      

      
        11

        
          

      

      
        	 	
                7.

              	
                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.

      

      

      
        	 	
                8.

              	
                Successors

              

      

      

      

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

      

      

      
        	 	
                9.

              	
                Representations

              

      

      

      

      The Corporation does not represent or guarantee that any particular income, payroll, personal property or other tax consequence will result from participation in this Plan. 
        A Participant should consult with professional tax advisors to determine the tax consequences of his participation in the Plan.

      

      

      
        	 	
                10.

              	
                Applicable Law

              

      

      

      

      The Plan shall be construed in accordance with applicable United States law and, to the extent otherwise applicable, the laws of the State of Delaware.

      

      

      
        	 	
                11.

              	
                Claims Procedures

              

      

      

      

      The Administrator shall afford a reasonable opportunity to any person whose claim for benefits has been denied for a full and fair review of the decision denying the claim.

      

      

      
        	 	
                12.

              	
                Section 409A of the US Internal Revenue Code

              

      

      

      

      The Corporation believes that this Plan is exempt from the United States’ Internal Revenue Code of 1986, as amended (“Code”), including, but not limited to, Section 409A of
        that Code.  To the extent that the Corporation is mistaken and this Plan is found to be subject to the requirements of the Code and particularly Section 409A of the Code, this Plan shall be intended to be in good faith compliance with the
        requirements of Section 409A and its proposed regulations, and any additional guidance issued under Section 409A.  To the extent that any provision of this Plan violates Section 409A, such provision shall be deemed inoperative and the remaining
        provisions of the Plan shall continue to be fully effective.

      

      

      
        12

        
          

      

      TO WHOM SHOULD QUESTIONS CONCERNING THE PLAN BE DIRECTED?

      

      

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

      

      

      Otis Worldwide Corporation

      One Carrier Place

      Farmington, CT 06032

      Attn: Otis Employee Benefit Plan Committee

      

      

      Telephone: 860-676-6000

      

      

      

      

      13Exhibit 10.10

    

    

    

    
      OTIS WORLDWIDE CORPORATION

       

      BOARD OF DIRECTORS

       

      DEFERRED STOCK UNIT PLAN

       

      (Effective as of April 3, 2020)

       

      
        
          

      

      
      OTIS WORLDWIDE CORPORATION BOARD OF DIRECTORS

      DEFERRED STOCK UNIT PLAN

       

      TABLE OF CONTENTS

       

      	 	 	 	
              Page

            
	 	

            
	
              ARTICLE I INTRODUCTION AND PURPOSE

            	
              1

            
	 	
              1.01

            	
              Purpose of Plan

            	
              1

            
	 	
              1.02

            	
              Impact of Spin-off from UTC

            	
              1

            
	 	
              1.03

            	
              Effective Date of Plan

            	
              2

            
	 	 	 	 
	
              ARTICLE II DEFINITIONS

            	
              2

            
	 	 	 
	
              ARTICLE III ELIGIBLE COMPENSATION

            	
              6

            
	 	
              3.01

            	
              Annual Retainer

            	
              6

            
	 	
              3.02

            	
              Annual Deferred Stock Unit Award

            	
              6

            
	 	
              3.03

            	
              Transferred New Director Restricted Stock Unit Award

            	
              7

            
	 	
              3.04

            	
              Duplication of Benefits

            	
              7

            
	 	 	 	 
	
              ARTICLE IV ACCOUNTS AND CREDITS

            	8

            
	 	
              4.01

            	
              Annual Deferred Stock Unit Award

            	8

            
	 	
              4.02

            	
              Elective Annual Retainer

            	8

            
	 	
              4.03

            	
              Transferred New Director Restricted Stock Unit Award

            	
              8

            
	 	
              4.04

            	
              Accounts

            	
              9

            
	 	
              4.05

            	
              Deferred Stock Unit Accounts

            	10

            
	 	
              4.06

            	
              Hypothetical Nature of Accounts and Investments

            	12

            
	 	 	 	 
	
              ARTICLE V ELECTION PROCEDURES AND DISTRIBUTIONS

            	12

            
	 	
              5.01

            	
              Annual Retainer Deferral Election

            	12

            
	 	
              5.02

            	
              Annual Retainer Deferral Election Deadline

            	12

            
	 	
              5.03

            	
              Distribution Commencement Date

            	
              12

            
	 	
              5.04

            	
              Election of Form and Amount of Distribution

            	
              13

            
	 	
              5.05

            	
              Change in Distribution Election

            	15

            
	 	 	 	 
	
              ARTICLE VI ADMINISTRATION

            	
              15

            
	 	
              6.01

            	
              In General

            	
              15

            
	 	
              6.02

            	
              Plan Amendment and Termination

            	16

            
	 	
              6.03

            	
              Reports to Participants

            	
              16

            
	 	
              6.04

            	
              Delegation of Authority

            	17

            
	 	
              6.05

            	
              Distribution of Shares

            	17

            
	 	 	 	 
	
              ARTICLE VII MISCELLANEOUS

            	17

            
	 	
              7.01

            	
              Rights Not Assignable

            	17

            
	 	
              7.02

            	
              Certain Rights Reserved

            	
              17

            
	 	
              7.03

            	
              Withholding Taxes

            	18

            
	 	
              7.04

            	
              Compliance with Section 409A

            	18

            
	 	
              7.05

            	
              Incompetence

            	
              18

            

      

      

      
        i

        
          

      

      	 	
              7.06

            	
              Inability to Locate Participants and Beneficiaries

            	19

            
	 	
              7.07

            	
              Successors

            	19

            
	 	
              7.08

            	
              Usage

            	19

            
	 	
              7.09

            	
              Severability

            	
              19

            
	 	
              7.10

            	
              Share Ownership Requirements

            	20

            
	 	
              7.11

            	
              Governing Law

            	21

            

      

      

      	
              APPENDIX A

            	
              Otis Corporation Board of Directors Deferred Stock Unit Prior Plan (the “Prior Otis Plan”)

            

      

      

      
        ii

        
          

      

      ARTICLE I

       

      

      INTRODUCTION AND PURPOSE

       

        

      1.01       Purpose
          of Plan

       

        

      The Otis Worldwide Corporation Board of Directors Deferred Stock Unit Plan (the “Plan”) is hereby established to provide an arrangement for
        non-employee directors to receive an annual Deferred Stock Unit Award and to defer their Annual Retainer in the form of deferred stock units equal in value to shares of the Corporation’s common stock for the purpose of aligning the interests of
        non-employee directors with those of the Corporation’s shareowners.

       

        

      1.02       Impact
          of Spin-off from UTC

       

        

      On April 3, 2020, United Technologies Corporation (“UTC”) separated into three independent companies, UTC, Otis Worldwide Corporation (the
        “Corporation” or “Otis”) and Carrier Global Corporation (“Carrier”), through spin-off transactions.  The transaction by which the Corporation ceases to be a subsidiary of UTC is referred to herein as the “Spin-off.”  In connection with the
        Spin-off, and pursuant to the terms of the Employee Matters Agreement entered into, by and among the Corporation, UTC, and Carrier (the “Employee Matters Agreement”), the Corporation and the Plan assumed all obligations and liabilities of UTC and
        its subsidiaries under the UTC DSU Plan with respect to “Otis Transferred Directors” (as such term is defined in the Employee Matters Agreement).  Any benefits due under the UTC DSU Plan with respect to Otis Transferred Directors or Beneficiaries
        of Otis Transferred Directors is the responsibility of the Corporation and this Plan, and any such benefits accrued, but not yet paid under the UTC DSU Plan, immediately prior to the Effective Date, is administered and paid under the terms of this
        Plan.  All deferral and distribution elections and designations of Beneficiary made under the UTC DSU Plan by an Otis Transferred Director or Beneficiary of an Otis Transferred Director, and, in effect, immediately prior to the Effective Date,
        shall continue to apply and shall be administered under this Plan, until such election or designation expires or is otherwise changed or revoked in accordance with the terms of the Plan.  Pursuant to the terms of the Employee Matters Agreement
        between the Corporation, UTC and Carrier:  (a) vested Deferred Stock Units were converted, upon the Spin-off, into Otis, UTC and Carrier Deferred Stock Units; (b) vested restricted Deferred Stock Units granted under a New Director Restricted Stock
        Unit Award (as defined in the UTC DSU Plan) were converted, upon the Spin-off, into Otis, UTC and Carrier Deferred Stock Units under the Transferred New Director Restricted

      

      

      
        
          

      

      
      Stock Unit Award; and (c) unvested restricted Deferred Stock Units granted under a New Director Restricted Stock Unit Award were converted to Otis Deferred Stock Units
        under the Transferred New Director Restricted Stock Unit Award.  Otis Deferred Stock Units credited to Participants under this Plan shall be distributed in shares of Otis Common Stock issued under the LTIP; however, UTC and Carrier Deferred Stock
        Units shall be distributed in cash.  The settlement of Deferred Stock Units in Common Stock and cash, as applicable, and other adjustments described herein shall in no event:  (i) increase the value of any Participant’s Account; (ii) modify any
        Participant’s distribution election; or (iii) alter the procedures in effect under the Plan with respect to elections and distributions other than the substitution of cash for certain shares.  The Plan shall be under no obligation to hold or issue
        shares of UTC or Carrier Common Stock.

      

      

      Otis has also established the Otis Worldwide Corporation Board of Directors Deferred Stock Unit Prior Plan (the “Prior Otis Plan”), set forth in Appendix A hereto, which is a continuation of the United Technologies Corporation Board of Directors Deferred Stock Unit Plan, as in effect on October 3, 2004 (“Prior UTC Plan”), as it has been
        modified thereafter, from time to time, in a manner that does not constitute a “material modification” for purposes of Section 409A for the benefit of Otis Transferred Director who have a benefit earned or 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, which were previously held under and subject to the terms of the Prior UTC Plan.

       

      

      1.03       Effective
          Date of Plan

       

      

      Pursuant to the terms of the Employee Matters Agreement, this Plan shall be effective as of the Spin-off date.

       

      

      ARTICLE II

       

      

      DEFINITIONS

       

      

      Unless the context clearly indicates otherwise, the following terms, when used in capitalized form in the Plan, shall have the meanings set forth
        below:

       

      

      “Account” means a bookkeeping account established for a Participant under Article IV that is credited with Deferred
        Stock Units, but excluding accounts under the Prior Otis Plan.

      

      

      
        2

        
          

      

      Accounts under the Prior Otis Plan will be valued and administered separately in accordance with the terms and procedures in effect under the Prior Otis Plan.

       

      

      “Annual Deferred Stock Unit Award” means the annual grant of Deferred Stock Units made to Participants in accordance with Section 3.02.

       

      

      “Annual Meeting” means the Corporation’s
        Annual Meeting of Shareowners.

       

      

      “Annual Retainer” means the annual retainer fee payable to a Participant under Section 3.01 for
        services to the Corporation in the capacities indicated.

       

      

      “Beneficiary” means a Participant’s beneficiary, designated in writing in a form and manner satisfactory to the Committee, or if a Participant fails to designate a beneficiary, or
        if all of the Participant’s designated Beneficiaries predecease the Participant, the Participant’s estate.

       

      

      “Board” means the Board of Directors of the Corporation.

       

      

       “Board Cycle” means the period beginning on an Annual Meeting and ending at the start of the next Annual Meeting.

       

      

      “Carrier” means Carrier Global
        Corporation.

       

      

      “Carrier Deferred Stock Units” means
        Deferred Stock Units of Carrier Global Corporation distributable in cash in accordance with Article V.  Each Carrier Deferred Stock Unit is equal in value to a share of
        Carrier Common Stock.

       

      

      “Closing Price” means, with respect to any date specified by the Plan, the closing price of common stock on the composite tape of New York Stock Exchange on such date (or if
        there was no reported sale of common stock on such date, on the next following day on which there was such a reported sale) which common stock is the underlying referenced security of the relevant Deferred Stock Unit.

       

      

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

       

      

      “Committee” means the Committee on Governance and Public Policy (and any successor Committee) of the Board.

       

      

      
        3

        
          

      

      “Conversion Date” means the date Deferred Stock Units are converted to shares of Otis Common Stock, immediately prior to the delivery of such shares to a Participant or
        Beneficiary in accordance with Article V herein.

       

      

      “Corporation” means Otis Worldwide Corporation.

       

      

      “Deferred Annual Retainer” means any portion of a Participant’s Annual Retainer deferred in accordance with Article V.

       

      

      “Deferred Stock Units” means hypothetical
        shares of common stock that will be settled in actual shares, or an amount of cash equal to the fair market value of shares, of common stock, that have been deferred in accordance with Section 409A.

       

      

      “Distribution Anniversary Date” means an anniversary of the Distribution Commencement Date.

       

      

      “Distribution Commencement Date” means the
        first business day that is 30 days following the date of Separation from Service.

       

      

      “Election” means an irrevocable election
        by a Participant either to defer all or a portion of the Annual Retainer otherwise payable in cash or to specify how an Account will be distributed (i.e., as a lump sum, or in 10 or 15 annual installments).

       

      

      “Employee Matters Agreement” means the
        Employee Matters Agreement entered into, by and among the Corporation, UTC, and Carrier.

       

      

      “LTIP” means the Otis Worldwide Corporation 2020 Long-Term Incentive Plan, as amended from time to time.

       

      

      “Otis” means Otis Worldwide Corporation.

       

      

      “Otis Common Stock” means the common stock of the Corporation.

       

      

      “Otis Deferred Stock Units” means,
        Deferred Stock Units of the Corporation convertible into actual shares of Otis Common Stock as of the Conversion Date, prior to a distribution to be made in accordance with Article
            V.  Each Otis Deferred Stock Unit is equal in value to a share of Otis Common Stock.  Otis Deferred Stock Units are “restricted stock units” awarded under the LTIP and distributed and administered in accordance with the terms of this
        Plan.

       

      

      “Participant” means a non-employee member of the Board.  A Participant, including an Otis Transferred Director, who has an existing Account under the Plan, but is not, or is no
        longer, eligible under the preceding sentence, shall not be eligible for additional awards under

      

      

      
        4

        
          

      

      the Plan, but shall remain a Participant under the Plan with respect to his or her Account until it is distributed or forfeited in accordance with the terms of the Plan.

       

      

      “Plan” means this Otis Worldwide Corporation Board of Directors Deferred Stock Unit Plan, as amended from time to time.

       

      

      “Plan Year” means the calendar year.

       

      

      “Prior Otis Plan” has the meaning set
        forth in Section 1.02.  All amounts deferred under the Prior Otis 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 Otis Plan.

       

      

      “Prior UTC Plan” means the United
        Technologies Corporation Board of Directors Deferred Stock Unit Plan, as in effect on October 3, 2004.

       

      

      “Recapitalization Event” means a
        transaction or event described in Section 4.05(a)(iv).

       

      

      “Separation from Service” means a
        Participant’s resignation, removal, or retirement from the Board (for a reason other than death) that constitutes a good-faith, complete termination of the Participant’s relationship with the Corporation and that also qualifies as a “separation
        from service” for purposes of Section 409A of the Code.

       

      

      “Separation from Service Anniversary Date” means an anniversary of the date of Separation from Service.

       

      

      “Spin-off” means the separation from United Technologies Corporation of Otis Worldwide Corporation and Carrier Global Corporation into independent publicly traded companies in
        2020.

       

      

      “Transferred New Director Restricted Stock Unit
          Award” means the one-time Deferred Stock Unit Award previously granted to an Otis Transferred Director under the UTC DSU Plan upon election to the UTC Board as a New Director Restricted Stock Unit Award and credited to the Participant’s
        New Director Restricted Stock Unit Account under the UTC DSU Plan which, immediately following the effective time of the Spin-off, shall be credited under this Plan to the Transferred New Director Restricted Stock Unit Account as provided in Section 4.03.

       

      

      “UTC” means United Technologies
        Corporation.

       

      

      “UTC Deferred Stock Units” means Deferred Stock Units of UTC distributable in cash in accordance with Article
            V.  Each UTC Deferred Stock Unit is equal in value to a share of UTC Common Stock.

       

      

      
        5

        
          

      

      “UTC DSU Plan” means the United Technologies Corporation Board of Directors Deferred Stock Unit Plan.

      

      

      ARTICLE III

       

      

      ELIGIBLE COMPENSATION

       

        

      3.01       Annual
          Retainer

       

        

      (a)          Annual Retainer Amount.  Subject to subsection (b) of this Section 3.01, each Participant will receive a
          base Annual Retainer of $124,000.  In addition to the base Annual Retainer, Participants serving in leadership roles on the Board and/or its committees shall receive the following additional Annual Retainer amounts:  $10,000 for the Lead
          Director; $10,000 for the Audit Committee Chair; $6,000 for non-Chair members of the Audit Committee; $8,000 each for the Chair of the Compensation Committee, and the Chair of the Committee on Governance and Public Policy.  In the event that a
          Participant serves in more than one role listed above, the Participant will receive the additional amounts specified for each role.  The Annual Retainer is subject to change, from time to time, at the discretion of the Committee.

       

        

      (b)          New Participants.  If a Participant is elected to the Board before September 30 of a Board Cycle, the Participant will receive the full amount of the then applicable Annual Retainer. 
          If a Participant is elected to the Board after September 30 of a Board Cycle, the Participant will receive 50% of the applicable Annual Retainer Amount set forth in subsection (a) above.  Such amounts will be eligible for deferral in accordance
          with Article V.  In connection with the Spin-off, Participants serving on the Board on the date of the Spin-off will receive the full amount of the applicable Retainer
          in respect of the period from the Spin-off date through the Annual Meeting in 2021, which period shall be treated as a “Board Cycle” for purposes of this Plan.

       

        

      3.02       Annual
          Deferred Stock Unit Award

       

        

      (a)          Annual Deferred Stock Unit Award.  Subject to subsection (b) of this Section 3.02, each Participant will
          receive a base annual Deferred Stock Unit Award of $186,000, valued at the time of issuance, credited to the Participant’s Account.  In addition to the base annual Deferred Stock Unit Award, Participants serving in leadership roles on the Board
          and/or its committees shall receive the following additional annual Deferred Stock Units:  $25,000 for the Lead Director; $15,000 for the Audit Committee Chair; $9,000 for non-Chair

      

      

      
        6

        
          

      

      members of the Audit Committee; $12,000 each for the Chair of the Compensation Committee, and the Chair of the Committee on Governance and Public Policy.  In the event
        that a Participant serves in more than one role listed above, the Participant shall receive the additional Deferred Stock Unit awards specified for each role.  The Annual Deferred Stock Unit Award is subject to change, from time to time, at the
        discretion of the Committee.

       

        

      (b)          New Participants.  If a Participant is elected to the Board before September 30 of a Board Cycle, the Participant will receive an Annual Deferred Stock Unit Award equal in value to the
          amounts specified in subsection (a) above.  If a Participant is elected to the Board after September 30 of a Board Cycle, the Participant will receive an Annual Deferred Stock Unit Award equal to 50% of the value specified in subsection (a).  In
          connection with the Spin-off, Participants serving on the Board on the date of the Spin-off will receive the full amount of the Annual Deferred Stock Unit Award in respect of the Board Cycle commencing on the Spin-off date.

       

        

      3.03       Transferred
          New Director Restricted Stock Unit Award

       

      

      New Director Restricted Stock Unit Awards granted under the UTC DSU Plan shall not be granted under this Plan.  Any outstanding New Director Restricted
        Stock Unit Awards credited for the benefit of an Otis Transferred Director, immediately prior to the effective time of the Spin-off will be maintained under this Plan, as of the effective time as a Transferred New Director Restricted Stock Unit
        Award under a separate Account for such Otis Transferred Director as provided in Section 4.03.

       

        

      3.04       Duplication
          of Benefits

       

      

      To the extent that a new Participant has received compensation for his or her service on the board of directors of an entity that becomes, or was
        previously, affiliated with the Corporation, and such compensation relates to the same Plan Year for which the Participant shall receive compensation under this Plan, the Annual Retainer and Annual Deferred Stock Unit Award, under Sections 3.01 and 3.02 respectively, may be appropriately adjusted to prevent a duplication of
        benefits for the same period of service.

       

      

      
        7

        
          

      

      ARTICLE IV

       

      

      ACCOUNTS AND CREDITS

       

      

      4.01       Annual
          Deferred Stock Unit Award

       

      

      The Annual Deferred Stock Unit Award shall be credited automatically to an Account established for the Participant, effective as of (a) with respect to
        the Annual Deferred Stock Unit Award relating to the Board Cycle that commences on the Spin-off date, the date that is two business days following the date of the Company’s earnings release for the first quarter of 2020 and (b) with respect to the
        Annual Deferred Stock Unit Award relating to each Board Cycle commencing thereafter, the date of the Annual Meeting.  Participants may not elect to receive the Annual Deferred Stock Unit Award as current cash compensation.

       

      

      4.02       Elective
          Annual Retainer

       

        

      The current Annual Retainer will be paid to the Participant as soon as administratively practicable following the date of the Spin-off, and on the date
        of the Annual Meeting thereafter, unless the Participant makes a timely irrevocable election in accordance with Article V to defer the receipt of the Annual Retainer as
        Otis Deferred Stock Units subject to the terms of this Plan, in lieu of a current cash payment.

       

      

      4.03       Transferred
          New Director Restricted Stock Unit Award

       

        

      (a)          Transferred New Director Restricted Stock Unit Accounts.  Any outstanding New Director Restricted Stock Unit Award credited under the UTC DSU Plan for the benefit of an Otis
          Transferred Director, immediately prior to the effective time of the Spin-off will be maintained under this Plan, as of the effective time of the Spin-off as a Transferred New Director Restricted Stock Unit Award under a separate Account for such
          Otis Transferred Director.  Such Account shall also be credited with dividend equivalents in the form of additional Deferred Stock Units which relate to the underlying common stock of UTC, Carrier or Otis, which will vest immediately, but will
          otherwise be subject to the same restrictions applicable to the Deferred Stock Units credited to the Account.  Transferred New Director Restricted Stock Units and any additional dividend equivalents in the form of additional Deferred Stock Units
          may not be settled prior to a Separation from Service.

       

        

      (b)          Forfeiture of Transferred New Director Restricted Stock Unit Accounts.  Under the UTC DSU Plan, at the time of the award, the value of a Participant’s New Director Restricted Stock
          Unit Award is subject to 100% forfeiture if the Participant’s Separation from

      

      

      
        8

        
          

      

      Service occurs before the first Annual Meeting following the date of the Participant’s first election to the Board.  Thereafter, the percentage of the New Director
        Restricted Stock Unit Award subject to forfeiture is reduced by 20 percentage points as of the date of each succeeding Annual Meeting until the fifth annual meeting when 100% of the value of the New Director Restricted Stock Unit Award will be
        vested.  The amount of the Transferred New Director Restricted Stock Unit Award subject to forfeiture shall continue to be reduced under this Plan annually as of April 30th, continuing on the same timeline and at the same percentages as provided
        under the UTC DSU Plan taking into account service as director on UTC Board and Otis Board, provided that a Participant has not experienced a Separation of Service.  There will be no forfeiture of interest in the Transferred New Director Restricted
        Stock Unit Award in the event the Separation of Service occurs by reason of the Participant’s death, Disability, or for any reason following a “Change in Control” as such terms are defined in the LTIP while the Participant is a member of the Board,
        or in the event of the Participant’s resignation or retirement from the Board for the purpose of accepting full-time employment in public or charitable service.

       

        

      4.04       Accounts

       

        

      (a)          Plan Accounts.  All (i) Deferred Annual Retainers and (ii) Annual Deferred Stock Unit Awards, including assumed Otis Transferred Director benefits under the UTC DSU Plan, earned or
          vested after December 31, 2004, which include Transferred New Director Restricted Stock Unit Awards (if applicable), shall be maintained in a Participant’s Account established under, and subject to the terms and conditions of the Plan, as amended from time to time.  Subaccounts may be maintained within Participants’ Accounts, to the
          extent that the Committee determines such an arrangement to be necessary or useful, in the administration of the Plan.

       

        

      (b)          Prior Plan Accounts.  All assumed Otis Transferred Director benefits under the UTC DSU Plan, including Deferred Stock Unit and Transferred New Director Restricted Stock Unit Awards,
          earned and vested prior to January 1, 2005, and any subsequent increases in these amounts that are permitted to be treated as grandfathered benefits under Section 409A (e.g., increases in unit value and dividend equivalents), shall be maintained
          in separate account(s) under the Prior Otis Plan and shall remain subject to the terms and conditions of the Prior Otis Plan which reflect a continuation of the Prior UTC Plan as in effect on October 3, 2004.  Prior Otis Plan accounts shall be
          equal to the value earned and vested on December 31,

      

      

      
        9

        
          

      

      2004, as subsequently adjusted in accordance with the terms of the Prior Otis Plan.  The Prior Otis Plan and Prior Otis Plan accounts are not intended to be subject to
        Section 409A.  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 Otis Plan to become subject to Section 409A.

       

        

      4.05       Deferred
          Stock Unit Accounts

       

        

      (a)         Calculation of Deferred Stock Units.  A Participant’s Account (including a Transferred New Director Restricted Stock Unit Account) shall be credited with the number of Deferred Stock
          Units in accordance with the following rules:

       

        

      (i)          Opening Account Balances for Transferred Directors.  As of the effective time of the Spin-off, there shall be credited under the Plan the Deferred Stock Units
          of the Transferred Otis Directors previously held under the UTC DSU Plan, as such Deferred Stock Units balances are adjusted as of the effective time of the Spin-off in accordance with the terms of the Employee Matters Agreement as detailed in Section 1.02 of the Plan.

       

        

      (ii)         Initial Crediting of Deferred Stock Units.  The Annual Deferred Stock Unit Award and Deferred Annual Retainer (if any) credited to a Participant’s Account for a Plan Year under Sections 4.01 and 4.02 shall result in a number of Deferred Stock Units (including fractional Deferred Stock Units) credited to Participant’s Account equal to the sum of the dollar amounts of the Annual Deferred
          Stock Unit Award and the Deferred Annual Retainer (if any), divided by the Closing Price on the date of the Annual Meeting.  Notwithstanding the foregoing, for (i) Annual Deferred Stock Unit Awards and Deferred Annual Retainers (if any) relating
          to the Board Cycle that commences on the date of the Spin-off, the relevant Closing Price shall be the Closing Price on the date that is two business days following the date of the Company’s earnings release for the first quarter of 2020, (ii)
          Annual Deferred Stock Unit Awards for a new Participant, the relevant Closing Price shall be the Closing Price on the date the Participant is elected to the Board and (iii) any Deferred Stock Units attributable to a new Participant’s Deferred
          Annual Retainer, the relevant Closing Price shall be the Closing Price on the date the Participant is elected to the Board if the Participant returns the

      

      

      
        10

        
          

      

      

      

      deferral election on or prior to the date he or she is elected to the Board, otherwise the relevant Closing Price shall be the Closing Price on the
        last day of the 30-day election period described in Section 5.02.

       

        

      (iii)        Deemed Reinvestment of Dividends.  The number of Deferred Stock Units credited to a Participant’s Account shall be increased on each date on which a dividend
          is paid on the underlying referenced common stock that relates to a Deferred Stock Unit.  The number of additional Otis, Carrier or UTC Deferred Stock Units credited to a Participant’s Account as a result of such dividend payment on an Otis DSU,
          Carrier DSU or UTC DSU, respectively, shall be determined by (A) multiplying the total number of relevant Deferred Stock Units (including fractional Deferred Stock Units) credited to the Participant’s Account on the dividend payment date by the
          amount of the dividend paid per share of Otis, Carrier or UTC common stock that is the underlying referenced common stock for purposes of the relevant Deferred Stock Unit on the dividend payment date, and (B) dividing the product so determined by
          the Closing Price of the underlying referenced common stock on the dividend payment date.

       

        

      (iv)        Effect of Recapitalization.  In the event of a transaction or event described in this subparagraph (iv) (a “Recapitalization Event”), the number of the
          applicable Deferred Stock Units credited to a Participant’s Account shall be adjusted in the same manner as an outstanding share of common stock which is the underlying referenced security of such Deferred Stock Units.  A Recapitalization Event
          includes a dividend (other than regular quarterly dividends) or other extraordinary distribution to a holder of a share of common stock which is the underlying referenced security of such Deferred Stock Unit (whether in the form of cash, shares,
          other securities, or other property), extraordinary cash dividend, recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, repurchase, or exchange of shares or other securities, the issuance
          or exercisability of stock purchase rights, the issuance of warrants or other rights to purchase shares or other securities, or other similar corporate transaction or event that has a material effect on a share of common stock which is the
          underlying referenced security of such Deferred Stock Unit and requires conforming adjustment to the value and/or number of applicable Deferred Stock Units

      

      

      
        11

        
          

      

      which reference such security to prevent dilution or enlargement of the value of Participants’ Accounts.

       

        

      4.06       Hypothetical
          Nature of Accounts and Investments

       

      

      Each Account established under this Article IV shall be maintained for
        bookkeeping purposes only.  Neither the Plan nor any of the Accounts established under the Plan shall hold any actual funds, shares or other assets.  The Otis, UTC, and Carrier Deferred Stock Units established hereunder shall be used solely to
        determine the amounts to be distributed hereunder, shall not be or represent an equity security of the Corporation, shall not be convertible into or otherwise entitle a Participant to acquire an equity security of the Corporation prior to a
        Conversion Date as provided for under the terms of this Plan and shall not carry any voting or dividend rights.

       

      

      ARTICLE V

       

      

      ELECTION PROCEDURES AND DISTRIBUTIONS

       

        

      5.01       Annual
          Retainer Deferral Election

       

      

      Participants who elect to defer the receipt of the Annual Retainer as Otis Deferred Stock Units for any Plan Year must make a written deferral election for that year on an Election form provided by the Committee.

       

        

      5.02       Annual
          Retainer Deferral Election Deadline

       

      

      A written Election form must be completed and submitted to the Office of the Corporate Secretary, no later than December 31st, prior to the Plan Year
        for which the Annual Retainer will be earned or, for new Participants, no later than 30 days after their election to the Board (in the case of new Participants, the deferral shall only apply to compensation for services performed after the date of
        the election).  If a Participant fails to timely submit a properly completed Election form, the Participant’s Annual Retainer earned in the next succeeding year shall be paid in cash as provided in Section 4.02.  The Participant’s deferral election shall be irrevocable following the Election deadline.

       

        

      5.03       Distribution
          Commencement Date

       

        

      (a)          Otis Deferred Stock Units.  Otis Deferred Stock Units shall be valued based on the Closing Price as of the date of Separation from Service (or in the case of installment payments, the
          Separation from Service Anniversary Date) and will be converted into shares of Otis Common Stock and be distributed in stock from a Participant’s Account as
          of the

      

      

      
        12

        
          

      

      Participant’s Distribution Commencement Date (and in the case of installment payments, on the applicable Distribution Anniversary Dates).  Where the Participant has
        changed his or her distribution election as provided in Section 5.05, valuation shall occur, and distribution shall commence, no earlier than on the fifth anniversary of
        the Participant’s Separation from Service and elected Distribution Date respectively.

       

        

      (b)         UTC and Carrier Deferred Stock Units.  UTC and Carrier Deferred Stock Units shall be valued based on the Closing Price as of the date of Separation from Service (or in the case of
          installment payments, on the Separation from Service Anniversary Date) and will be distributed in cash from a Participant’s Account as of the Participant’s
          Distribution Commencement Date (and in the case of installment payments, on the applicable Distribution Anniversary Dates).  Where the Participant has changed his or her distribution election as provided in Section 5.05, valuation shall occur and distribution shall commence no earlier than on the fifth anniversary of the Participant’s Separation from Service and elected Distribution Date respectively.

       

        

      (c)          Death.  If a Participant dies at any time before the Participant’s Plan Account has been fully distributed, the full remaining value of the Participant’s Plan Accounts will be
          distributed to the designated Beneficiary or the Participant’s estate in a lump sum no later than December 31st of the year immediately following the year in which the death occurred.

       

        

      (d)          Administrative Adjustments in Payment Date.  A distribution is treated as being made on the date when it is due under the Plan if the distribution occurs on the date specified by the
          Plan, or on a later date that is either (a) in the same calendar year (for a distribution 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
          distribution with a specified due date that is on or after October 1).  A distribution is also treated as having been made on the date when it is due under the Plan if the distribution is made not more than 30 days before the due date specified
          by the Plan.  A Participant may not, directly or indirectly, designate the taxable year of a distribution made in reliance on the administrative rules in this Section 5.03.

       

        

      5.04       Election
          of Form and Amount of Distribution

       

        

      (a)          Full Distribution.  Following a Separation from Service, a Participant shall receive (i) a number of shares of Otis Common Stock equal to the of the number of whole Otis Deferred Stock Units credited to his or her Account, and (ii) the cash
          value of the UTC and

      

      

      
        13

        
          

      

      Carrier Deferred Stock Units credited to his or her Account (if applicable), unless the Participant timely elected to receive distributions from his or her Account in 10
        or 15 annual installments in accordance with subsection (b), below.  A distribution of shares of Otis Common Stock shall occur as provided in Section 5.03.  UTC and
        Carrier Deferred Stock Units and Otis fractional Deferred Stock Units will be paid in cash.

       

      

      (b)         10 or 15 Annual Installments.  A Participant may elect to receive distributions from his or her Account in 10 or 15 installments, in lieu of a full distribution under subsection (a)
          above.  Annual installment distributions of whole Otis Deferred Stock Units shall be in shares of Otis Common Stock, and annual installment distributions of UTC and Carrier Deferred Stock Units and fractional Otis Deferred Stock Units shall be in
          cash.  Installment distributions shall commence as of the Distribution Commencement Date and continue as of each Distribution Anniversary Date thereafter until all installments have been paid.  The first annual installment shall equal 1/10th or
          1/15th (if Participant elects 10 or 15 installment payments respectively) of the value of the Participant’s Accounts, determined as of the Distribution Commencement Date.  Each successive annual installment shall equal the value of the
          Participant’s Accounts, determined as of the Distribution Anniversary Date, multiplied by a fraction, the numerator of which is one, and the denominator of which shall be the number of remaining annual installments.   Payment of each
          installment in shares of Otis Common Stock with respect to Otis Deferred Stock Units and cash with respect to UTC and Carrier Deferred Stock Units shall be on a pro rata basis based on the outstanding balance of Otis, UTC and Carrier Deferred
          Stock Units.

       

        

      (c)          Form of Distribution Election.  A valid election to receive annual distributions under subsection (b) shall be made in writing on an Election form, completed and submitted to the
          Office of the Corporate Secretary, no later than December 31st, prior to the Plan Year for which the Annual Retainer or Otis Deferred Stock Unit Award is earned, or for new Participants, prior to the date the Participant is elected to the Board,
          and in no event later than 30 days after such election (in the case of new Participants, the deferral shall only apply to compensation for services performed after the date of the election).  If a Participant does not make a valid distribution
          Election, the Participant shall be deemed to have elected to receive his or her Account in a full and immediate distribution as provided in subsection (a).  Except as

      

      

      
        14

        
          

      

      provided below in Section 5.05 (Change in Distribution Election), a Participant’s
        distribution Election shall become irrevocable on the Election deadline date.

       

      

      5.05       Change
          in Distribution Election

       

        

      A Participant may make a one-time irrevocable Election to extend the deferral period or change the form of distribution that the Participant elected
        under Section 5.04.  A deferral extension election and/or change to the form of distribution must meet the following requirements:

       

        

      (a)          The new Election must be made at least
          12 months prior to the Distribution Commencement Date (and the new election shall be ineffective if the Distribution Commencement Date occurs within 12 months after the date of the new Election);

       

        

      (b)          The new Election will not take effect
          until 12 months after the date when the Participant submits a new Election form to the Office of the Corporate Secretary;

       

        

      (c)          The new Distribution Commencement Date
          must be a minimum of five years later than the date on which the distribution would otherwise have commenced; and

       

        

      (d)          The new form of distribution must be
          one of the forms of payment provided under Section 5.04(a) or (b).

       

      

      ARTICLE VI

       

      

      ADMINISTRATION

       

      

      6.01       In
          General

       

      

      The Committee (or its delegate) shall have the discretionary authority to interpret the Plan and to decide any and all matters arising under the Plan,
        including, without limitation, the right to determine eligibility for participation, benefits, and other rights under the Plan; the right to determine whether any Election or notice requirement or other administrative procedure under the Plan has
        been adequately observed; the right to determine the proper recipient of any distribution under the Plan; the right to remedy possible ambiguities, inconsistencies, or omissions by general rule or particular decision; and the right to otherwise
        interpret the Plan in accordance with its terms.  Except as otherwise provided in Section 6.04, the Committee’s determination on any and all questions arising out of the
        interpretation or administration of the Plan shall be final, conclusive, and binding on all parties.

        

      

      
        15

        
          

      

      6.02       Plan
          Amendment and Termination

       

        

      (a)          The Committee may amend, suspend, or
          terminate the Plan at any time; provided that no amendment, suspension, or termination of the Plan shall, without a Participant’s consent, reduce the Participant’s benefits accrued under the Plan before the date of such amendment, suspension, or
          termination.  To the extent that any rule or procedure adopted by the Committee is inconsistent with a provision of the Plan that is administrative, technical or ministerial in nature, the Plan shall be deemed amended to the extent of the
          inconsistency.

       

        

      (b)          In the event of 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 this Plan, the Prior Otis Plan and the applicable Elections on
          file.

       

        

      (c)          Upon the termination of the Plan with
          respect to all Participants, and termination of all arrangements sponsored by the Corporation or its affiliates that would be aggregated with the Plan under Section 409A, the Corporation shall have the right, in its sole discretion, and
          notwithstanding any Elections made by the Participant, to distribute the Participant’s vested Account in full, to the extent permitted under Section 409A.  All distributions that may be made pursuant to this Section 6.02(c) shall be made no earlier than the 13th month and no later than the 24 months after the termination of the Plan.  The Corporation may not accelerate distributions pursuant to this Section 6.02(c) 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 distributions under this Section 6.02(c), 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.  The Committee may also provide for
          distribution of Plan Accounts following a termination of the Plan under any other circumstances permitted by Section 409A.

       

        

      6.03       Reports
          to Participants

       

      

      The Committee shall make available an annual statement to each Participant reporting the value of the Participant’s Account and his or her account(s)
        under the Prior Otis Plan as of the end of the most recent Plan Year.

       

      

      
        16

        
          

      

      6.04       Delegation
          of Authority

       

      

      The Committee may delegate to officers of the Corporation any and all authority with which it is vested under the Plan, and the Committee may allocate
        its responsibilities under the Plan among its members.

       

        

      6.05       Distribution
          of Shares

       

      

      The Otis Deferred Stock Units granted under the Plan shall be issued under the LTIP, but subject to administration and distribution in accordance with
        the terms of this Plan.  All shares of Otis Common Stock so distributed in accordance with the terms of the Plan shall be transferred to a brokerage account designated by the Participant entitled to receive the shares.  This Plan shall be under no
        obligation to hold or issue shares of UTC or Carrier Common Stock.

       

      

      ARTICLE VII

       

      

      MISCELLANEOUS

       

        

      7.01       Rights
          Not Assignable

       

      

      No payment due under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge in
        any other way.  Any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge such payment in any other way shall be void.  No such payment or interest therein shall be liable for or subject to the debts, contracts,
        liabilities, or torts of any Participant or Beneficiary.  If any Participant or Beneficiary becomes bankrupt or attempts to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge in any other way any payment under the Plan, the
        Committee may direct that such payment be suspended and that all future payments to which such Participant or Beneficiary otherwise would be entitled be held and applied for the benefit of such person, the person’s children or other dependents, or
        any of them, in such manner and in such proportions as the Committee may deem proper.

       

        

      7.02       Certain
          Rights Reserved

       

      

      Nothing in the Plan shall confer upon any person the right to continue to serve as a member of the Board or to participate in the Plan other than in
        accordance with its terms.

       

      

      
        17

        
          

      

      7.03       Withholding
          Taxes

       

        

      The Committee may make any appropriate arrangements to deduct from all credits and payments under the Plan any taxes that the Committee determines to
        be required by law to be withheld from such credits and payments.

       

        

      7.04       Compliance
          with Section 409A

       

      

      This Section 7.04 shall apply notwithstanding any other provision of this
        Plan.  To the extent that rights or payments under this Plan are subject to Section 409A, 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, however.  In no event shall the Corporation; any director, officer, or employee of the Corporation (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, or as a result of the Plan’s failure to satisfy any other requirements of applicable tax laws.  In the event that a Participant is a
        “specified employee” within the meaning of Section 409A (as determined in accordance with the methodology established by the Corporation), amounts that constitute “non-qualified deferred compensation” within the meaning of Section 409A that would
        otherwise be payable during the six-month period immediately following a Participant’s Separation from Service by reason of such Separation from Service shall instead be paid or provided on the first business day of the seventh month following the
        month in which Participant’s Separation from Service occurs.

       

        

      7.05       Incompetence

       

      

      If the Committee determines, upon evidence satisfactory to the Committee, that any Participant or Beneficiary to whom a distribution is due under the
        Plan is unable to care for his or her affairs because of illness or accident or otherwise, any distribution that is due under the Plan (unless prior claim therefore shall have been made by a duly authorized guardian or other legal representative)
        may be distributed, upon appropriate indemnification of the Committee and the

      

      

      
        18

        
          

      

      Company, to the spouse of the Participant, or Beneficiary, 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 distribution of shares or cash payment (as the case may be) shall be a complete discharge of any liability under the Plan with respect to the amount so distributed or paid.

       

        

      7.06       Inability
          to Locate Participants and Beneficiaries

       

      

      Each Participant and Beneficiary entitled to receive a distribution under the Plan shall keep the Committee advised of his or her current address.  If
        the Committee is unable to locate a Participant or Beneficiary to whom a distribution is due under the Plan, the total amount payable to such Participant or Beneficiary shall be forfeited as of the last day of the calendar year in which the
        distribution first becomes due.

       

        

      7.07       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 in the
        preceding sentence shall include any corporation or other business entity that by merger, consolidation, purchase, or otherwise acquires all or substantially all of the business and assets of the Corporation, and any successors and assigns of any
        such corporation or other business entity.

       

        

      7.08       Usage

       

        

      (a)          Titles and Headings.  The titles to Articles and the headings of Sections, subsections, and paragraphs in the Plan are placed herein for convenience of reference only and shall be of
          no force or effect in the interpretation of the Plan.

       

        

      (b)          Number.  The singular form shall include the plural, where appropriate.

       

        

      7.09       Severability

       

      

      If any provision of the Plan is held unlawful or otherwise invalid or unenforceable in whole or in part, such unlawfulness, invalidity, or
        unenforceability shall not affect any other provision of the Plan or part thereof, each of which shall remain in full force and effect.  If the making of any payment or the provision of any other benefit required under the Plan is held unlawful or
        otherwise invalid or unenforceable, such unlawfulness, invalidity or unenforceability shall not prevent any other payment or benefit from being made or provided under the Plan, and if the making of any payment in full or the provision of any other
        benefit required under the Plan in full would be unlawful or otherwise invalid or unenforceable, then such unlawfulness,

      

      

      
        19

        
          

      

      invalidity, or unenforceability shall not prevent such payment or benefit from being made or provided in part, to the extent that it would not be unlawful, invalid, or
        unenforceable, and the maximum payment or benefit that would not be unlawful, invalid, or unenforceable shall be made or provided under the Plan.

       

        

      7.10       Share
          Ownership Requirements

       

      

      Participants, including Otis Transferred Directors, are expected to own shares of Otis Common Stock and have Deferred Stock Units equal in aggregate
        value to at least five times the then applicable base Annual Retainer amount set forth in Section 3.01 no later than the fifth Annual Meeting following a Participant’s
        first election to the Board.

       

      

      
        20

        
          

      

      7.11       Governing
          Law

       

      

      The Plan and all determinations made and actions taken under the Plan shall be governed by and construed in accordance with the laws of the State of
        Delaware.

       

      APPENDIX A

       

      This Appendix A sets forth the United Technologies Corporation Board of
        Directors Deferred Stock Unit Plan as in effect on October 3, 2004, as assumed by Otis Worldwide Corporation with regard to Otis Transferred Directors (as defined below) (this “Prior Otis 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 or 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 Otis Plan.

       

      

      Effective October 13, 2010, but prior to the Spin-off (as defined below), Stock Units credited to Participants under this Prior Otis Plan were
        convertible into shares of UTC Common Stock that were issued under the LTIP of United Technologies Corporation.  Notwithstanding any provision of this Prior Otis Plan to the contrary, all distributions with respect to Stock Units under this Prior
        Otis Plan shall be distributed in shares of Common Stock.  The settlement of Stock Units in shares of Common Stock in lieu of cash shall in no event:  (a) increase the value of any Participant’s Account; (b) modify any Participant’s distribution
        election; or (c) alter the procedures in effect under this Prior Otis Plan with respect to elections and distributions other than the substitution of shares for cash.

       

      

      Effective as of the Spin-off from United Technologies Corporation of Otis Worldwide Corporation (“Otis”) and Carrier Global Corporation (“Carrier”)
        into separate, independent public companies in 2020 (the “Spin-off”), Stock Units credited to Participants under this Prior Otis Plan were converted, at Spin-off, into Otis, UTC, and Carrier Stock Units.  Effective on and after the Spin-off date,
        the term “Company” shall mean Otis Worldwide Corporation.  Otis Deferred Stock Units credited to Participants under this Prior Otis Plan shall be convertible into shares of Otis Common Stock; however, UTC and Carrier Deferred Stock Units shall be
        distributed in cash. Payment of any installment in shares of Otis Common Stock with respect to Otis Deferred Stock Units and cash with respect to UTC and Carrier Deferred Stock Units shall

      

      

      
        21

        
          

      

      be on a pro rata basis based on the outstanding balance of Otis, UTC and Carrier Deferred Stock Units.   For these purposes, the definition of “Closing Price” shall
        include the price of the underlying referenced security for an Otis Stock Unit or Carrier Stock Unit, as applicable; the definition of “Stock Unit” shall include a hypothetical share of Otis and Carrier, as applicable; and Otis Stock Units and
        Carrier Stock Units shall be increased or otherwise adjusted under Sections 402(a)(2) and (4) by reference to the underlying referenced security for an Otis Stock Unit or Carrier Stock Unit, as applicable.

       

      

      The settlement of Deferred Stock Units in Common Stock and cash, as applicable, and other adjustments described herein shall in no event:  (a) increase
        the value of any Participant’s Account; (b) modify any Participant’s distribution election; or (c) alter the procedures in effect under this Prior Otis Plan with respect to elections and distributions other than the substitution of cash for certain
        shares.

       

      

      
        22

        
          

      

      UNITED TECHNOLOGIES CORPORATION

       

      BOARD OF DIRECTORS

       

      DEFERRED STOCK UNIT PLAN

       

      Effective January 1, 1996

       

      
        
          

      

      UNITED TECHNOLOGIES CORPORATION

      BOARD OF DIRECTORS

      DEFERRED STOCK UNIT PLAN

       

      Table of Contents

       

      

      

      	 	 	Page
	 	 	 
	
              ARTICLE I INTRODUCTION

            	
              1

            
	 	
              1.01

            	
              Purpose of Plan

            	
              1

            
	 	
              1.02

            	
              Effective Date of Plan

            	
              1

            
	 	 	 	 
	
              ARTICLE II DEFINITIONS

            	
              1

            
	 	 
	
              ARTICLE III CREDITS

            	
              2

            
	 	
              3.01

            	
              Transition Credits

            	
              2

            
	 	
              3.02

            	
              Automatic Credits

            	
              3

            
	 	
              3.03

            	
              Elective Credits

            	
              3

            
	 	 
	
              ARTICLE IV ACCOUNTS AND INVESTMENTS

            	
              3

            
	 	
              4.01

            	
              Accounts

            	
              3

            
	 	
              4.02

            	
              Stock Units

            	
              3

            
	 	
              4.03

            	
              Hypothetical Nature of Accounts and Investments

            	
              5

            
	 	 
	
              ARTICLE V PAYMENTS

            	
              5

            
	 	
              5.01

            	
              Entitlement to Payment

            	
              5

            
	 	
              5.02

            	
              Payment Commencement Date

            	
              5

            
	 	
              5.03

            	
              Form and Amount of Payment

            	
              6

            
	 	 
	
              ARTICLE VI ADMINISTRATION

            	
              7

            
	 	
              6.01

            	
              In General

            	
              7

            
	 	
              6.02

            	
              Plan Amendment and Termination

            	
              7

            
	 	
              6.03

            	
              Reports to Participants

            	
              7

            
	 	
              6.04

            	
              Delegation of Authority

            	
              7

            
	 	 
	
              ARTICLE VII MISCELLANEOUS

            	
              8

            
	 	
              7.01

            	
              Rights Not Assignable

            	
              8

            
	 	
              7.02

            	
              Certain Rights Reserved

            	
              8

            
	 	
              7.03

            	
              Withholding Taxes

            	
              8

            
	 	
              7.04

            	
              Incompetence

            	
              8

            
	 	
              7.05

            	
              Inability to Locate Participants and Beneficiaries

            	
              9

            
	 	
              7.06

            	
              Successors

            	
              9

            
	 	
              7.07

            	
              Usage

            	
              9

            
	 	
              7.08

            	
              Severability

            	
              9

            
	 	
              7.09

            	
              Governing Law

            	
              10

            

      

      

      
        
          

      

      ARTICLE I

       

      INTRODUCTION

       

      1.01       Purpose
          of Plan

       

      

      The purpose of the Plan is to enhance the Company’s ability to attract and retain non-employee members of the Board whose training, experience and
        ability will promote the interests of the Company and to directly align the interests of such non-employee Directors with the interests of the Company’s shareowners by providing compensation based on the value of UTC Common Stock.  The Plan is
        designed to permit such non-employee directors to defer the receipt of all or a portion of the cash compensation otherwise payable to them for services to the Company as members of the Board.

       

        

      1.02       Effective
          Date of Plan

       

      

      Except as otherwise provided by Section 3.01, the Plan shall apply only
        to a Participant’s annual Director’s retainer Fees with respect to service on and after January 1, 1996.

       

      

      ARTICLE II

       

      DEFINITIONS

       

      Unless the context clearly indicates otherwise, the following terms, when used in capitalized form in the Plan, shall have the meanings set forth
        below:

       

        

      Account shall mean a bookkeeping account
        established for a Participant under Section 4.01.

       

        

      Article shall mean an article of the
        Plan.

       

        

      Beneficiary shall mean a Participant’s
        beneficiary, designated in writing and in a form and manner satisfactory to the Committee, or if a Participant fails to designate a beneficiary, or if the Participant’s designated Beneficiary predeceases the Participant, the Participant’s estate.

       

        

      Board shall mean the Board of Directors
        of the Company.

       

        

      Closing Price shall mean, with respect to
        any date specified by the Plan, the closing price of UTC Common Stock on the composite tape of New York Stock Exchange issues (or if there was no reported sale of UTC Common Stock on such date, on the next preceding day on which there was such a
        reported sale).

       

        

      Committee shall mean the Nominating
        Committee of the Board.

       

        

      Company shall mean United Technologies
        Corporation.

       

      

      
        
          

      

      
      Director’s Fees shall mean the annual
        retainer fee payable to a Participant for services to the Company as a member of the Board.  Director’s Fees do not include special meeting fees.

       

        

      Participant shall mean each member of the
        Board (other than a member of the Board who is also an employee of the Company or a subsidiary thereof) who is or becomes a member of the Board on or after January 1, 1996.

       

        

      Payment Anniversary Date shall mean an
        anniversary of the Payment Commencement Date.

       

        

      Payment Commencement Date shall mean the
        first business day of the first month following the month in which the Participant terminates service as a member of the Board.

       

        

      Plan shall mean this United Technologies
        Corporation Board of Directors Deferred Stock Unit Plan, as set forth herein and as amended from time to time.

       

        

      Plan Year shall mean the calendar year.

       

          

      Section shall mean a Section of the Plan.

       

        

      Stock Unit shall mean a hypothetical
        share of UTC Common Stock as described in Section 4.02.

       

        

      UTC Common Stock shall mean the common
        stock of the Company.

       

      

      ARTICLE III

        

      

      CREDITS

       

      3.01       Transition
          Credits

       

      

      As soon as practicable on or after January 1, 1996, the Company shall credit to the Account of each Participant a number of Stock Units determined in
        accordance with the schedules set forth in Appendix I and Appendix II to the Plan.  The credits set forth in Appendix I shall be provided in lieu of any benefits to which the Participant otherwise would have been entitled under the United
        Technologies Corporation Directors Retirement Plan as of its termination on December 31, 1995.  The credits set forth in Appendix II shall be provided in lieu of any benefits to which the Participant otherwise would be entitled under certain
        deferred compensation arrangements entered into prior to January 1, 1996.  The number of units set forth in Appendix II shall equal the number of tax deferred stock units (if any) credited to the Participant under any such prior deferred
        compensation arrangement, determined as of December 31, 1995.

       

      

      
        2

        
          

      

      3.02       Automatic
          Credits

       

      

      As of the beginning of each Plan Year, the Company shall credit Stock Units to each Participant’s Account equal in value to 60% of the Participant’s
        Director’s Fees for the Plan Year, as determined in accordance with Section 4.02(a)(1).

       

        

      3.03       Elective
          Credits

       

      

      A Participant may elect, with respect to each Plan Year, to defer the entire portion (but not a partial portion) of the 40% of the Participant’s
        Director’s Fees that are not automatically deferred in accordance with Section 3.02 and that otherwise would be paid to the Participant in cash.  If the Participant makes
        such an election, the Company shall credit Stock Units to the Participant’s Account equal in value to 40% of the Participant’s Director’s Fees for the Plan Year, as determined in accordance with Section 4.02(a)(1), as of the beginning of the Plan Year with respect to which the election is made (or, if later, as of the first day in the Plan Year on which the individual becomes a Participant).  An election under
        this Section 3.03 shall be made in a form and manner satisfactory to the Committee and shall be effective for a Plan Year only if made before the beginning of the Plan
        Year; provided that an individual who becomes a Participant after the first day of a Plan Year may make the election for that Plan Year within 30 days of becoming a Participant.

       

      

      ARTICLE IV

        

      

      ACCOUNTS AND INVESTMENTS

       

      4.01       Accounts

       

        

      A separate Account under the Plan shall be established for
        each Participant.  Such Account shall be (a) credited with the amounts credited in accordance with Article III, (b) credited (or charged, as the case may be) with the
        investment results determined in accordance with Section 4.02, and (c) charged with the amounts paid by the Plan to or on behalf of the Participant in accordance with Article V.  Within each Participant’s Account, separate subaccounts shall be maintained to the extent the Committee determines them to be necessary or useful in the
        administration of the Plan.

       

        

      4.02       Stock
          Units

       

        

      (a)          Deemed Investment in UTC Common Stock.  Except as provided in subsection (b), below, a Participant’s Account shall be treated as if it were invested in Stock

      

      

      
        3

        
          

      

      Units that are equivalent in value to the fair market value of shares of UTC Common Stock in accordance with the following rules:

       

        

      (1)          Conversion into Stock Units.  Any Director’s Fees credited to a Participant’s Account for a Plan Year under Section
              3.02 or 3.03 shall be converted into Stock Units (including fractional Stock Units) by dividing the amount credited by the Closing Price on the first
          business day of the Plan Year; provided that in the case of an individual who becomes a Participant after the first day of a Plan Year, the Closing Price shall be determined as of the day on which the individual becomes a Participant.

       

        

      (2)          Deemed Reinvestment of Dividends.  The number of Stock Units credited to a Participant’s Account shall be increased on each date on which a dividend is paid on UTC Common Stock.  The
          number of additional Stock Units credited to a Participant’s Account as a result of such increase shall be determined by (i) multiplying the total number of Stock Units (excluding fractional Stock Units) credited to the Participant’s Account
          immediately before such increase by the amount of the dividend paid per share of UTC Common Stock on the dividend payment date, and (ii) dividing the product so determined by the Closing Price on the dividend payment date.

       

        

      (3)          Conversion Out of Stock Units.  The dollar value of the Stock Units credited to a Participant’s Account on any date shall be determined by multiplying the number of Stock Units
          (including fractional Stock Units) credited to the Participant’s Account by the Closing Price on that date.

       

        

      (4)          Effect of Recapitalization.  In the event of a transaction or event described in this paragraph (4), the number of Stock Units credited to a Participant’s Account shall be adjusted in
          such manner as the Committee, in its sole discretion, deems equitable.  A transaction or event is described in this paragraph (4) if (i) it is a dividend (other than regular quarterly dividends) or other distribution (whether in the form of cash,
          shares, other securities, or other property), extraordinary cash dividend, recapitalization, stock split, reverse stock split reorganization, merger, consolidation, split-up, spin-off, repurchase, or exchange of shares or other securities, the
          issuance or exercisability of stock purchase rights, the issuance of warrants or other rights to purchase shares or other securities, or other similar corporate transaction or event and (ii) the Committee determines that such transaction or event
          affects the shares of UTC Common Stock, such that an adjustment pursuant to this paragraph (4) is appropriate to prevent

      

      

      
        4

        
          

      

      dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.

       

      

      (b)          Change in Deemed Investment Election.  A Participant who elects to receive distribution of his or her Accounts in annual installments will continue to have such Account credited with
          Stock Units during the installment period unless the Participant irrevocably elects to have his or her Account treated, as of the Payment Commencement Date, as if the Account were invested in cash.  If a Participant makes such election, the
          Account will be credited with a rate of interest equal to the average interest rate on 10-Year Treasury Bonds as of the January through October Period in the calendar year prior to the Plan Year in which the interest is credited, plus I %.  An
          election under this subsection (b) shall be made in a form and manner satisfactory to the Committee and shall be effective only if made before the Payment Commencement Date.

       

        

      4.03       Hypothetical
          Nature of Accounts and Investments

       

        

      Each Account established under this Article IV shall be maintained for
        bookkeeping purposes only.  Neither the Plan nor any of the Accounts established under the Plan shall hold any actual funds or assets.  The Stock Units established hereunder shall be used solely to determine the amounts to be paid hereunder, shall
        not be or represent an equity security of the Company, shall not be convertible into or otherwise entitle a Participant to acquire an equity security of the Company and shall not carry any voting or dividend rights.

       

      

      ARTICLE V

       

      PAYMENTS

       

      5.01       Entitlement
          to Payment

       

        

      Credits to a Participant’s Account under Section 3.02 or 3.03 shall be in lieu of payment to the Participant of the related Director’s Fees.  Any payment under the Plan with respect to an Account shall be made solely in cash and as
        further provided in this Article V.  The right of any person to receive one or more payments under the Plan shall be an unsecured claim against the general assets of the
        Company.

       

        

      5.02       Payment
          Commencement Date

       

      

      Payments to a Participant with respect to the Participant’s Account shall begin as of the Participant’s Payment Commencement Date; provided that if a
        Participant dies before the Participant’s Payment Commencement Date, payment of the entire value of the Participant’s

      

      

      
        5

        
          

      

      Account shall be made in a lump sum to the Participant’s Beneficiary as soon as practicable after the Committee receives all documents and other information that it
        requests in connection with the payment.

       

        

      5.03       Form
          and Amount of Payment

       

        

      (a)          Fifteen Annual Installments.  A Participant shall receive his or her benefits in 15 annual installments unless the Participant elects to receive his or her benefits under the Plan in
          the form of a lump-sum payment or in less than 15 annual installments in accordance with subsection (b), below.  Annual installments shall be payable to the Participant in cash beginning as of the Payment Commencement Date and continuing as of
          each Payment Anniversary Date thereafter until all installments have been paid.  The first annual installment shall equal one- fifteenth (1/15th) of the value of the Stock Units credited to the Participant’s Account, determined as of the Payment
          Commencement Date.  Each successive annual installment shall equal the value of the Stock Units credited to the Participant’s Account, determined as of the Payment Anniversary Date, multiplied by a fraction, the numerator of which is one, and the
          denominator of which is the excess of 15 over the number of installment payments previously made (i.e., 1/14th, 1/13th, etc.).  If the Participant dies after the Participant’s Payment Commencement Date but before all 15 installments have been
          paid, the remaining installments shall be paid to the Participant’s Beneficiary in accordance with the schedule in this subsection (a).

       

        

      (b)          Lump Sum, or Less Than 15 Annual Installments.  A Participant may elect to receive his or her benefits under the Plan in the form of a lump-sum payment or in two to fourteen
          installments in lieu of the fifteen installment payments determined under subsection (a), above.  The lump sum shall be payable to the Participant in cash as of the Payment Commencement Date and shall equal the value of the Stock Units credited
          to the Participant’s Account, determined as of the Payment Commencement Date.  Installments shall be paid in the manner set forth in subsection (a) above, except that for purposes of determining the amount of the first annual installment, the
          denominator of the fraction shall equal the number of scheduled annual installments.  An election under this subsection (b) shall be made in a form and manner satisfactory to the Committee and shall be effective only if made at least two years
          before the Participant’s Payment Commencement Date.

       

        

      
        6

        
          

      

      ARTICLE VI

       

      ADMINISTRATION

       

      6.01       In
          General

       

        

      The Committee shall have the discretionary authority to interpret the Plan and to decide any and all matters arising under the Plan, including without
        limitation the right to determine eligibility for participation, benefits, and other rights under the Plan; the right to determine whether any election or notice requirement or other administrative procedure under the Plan has been adequately
        observed; the right to determine the proper recipient of any distribution under the Plan; the right to remedy possible ambiguities, inconsistencies, or omissions by general rule or particular decision; and the right otherwise to interpret the Plan
        in accordance with its terms.  Except as otherwise provided in Section 6.03, the Committee’s determination on any and all questions arising out of the interpretation or
        administration of the Plan shall be final, conclusive, and binding on all parties.

       

        

      6.02       Plan
          Amendment and Termination

       

      

      The Committee may amend, suspend, or terminate the Plan at any time; provided that no amendment, suspension, or termination of the Plan shall, without
        a Participant’s consent, reduce the Participant’s benefits accrued under the Plan before the date of such amendment, suspension, or termination.  If the Plan is terminated in accordance with this Section 6.02, the terms of the Plan as in effect immediately before termination shall determine the right to payment in respect of any amounts that remain credited to a Participant’s or Beneficiary’s Account upon
        termination.

       

        

      6.03       Reports
          to Participants

       

      

      The Committee shall furnish an annual statement to each Participant (or Beneficiary) reporting the value of the Participant’s (or Beneficiary’s)
        Account as of the end of the most recent Plan Year.

       

        

      6.04       Delegation
          of Authority

       

      

      The Committee may delegate to officers of the Company any and all authority with which it is vested under the Plan, and the Committee may allocate its
        responsibilities under the Plan among its member.

       

      

      
        7

        
          

      

      ARTICLE VII

       

      MISCELLANEOUS

       

      7.01       Rights
          Not Assignable

       

        

      No payment due under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge in
        any other way.  Any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge such payment in any other way shall be void.  No such payment or interest therein shall be liable for or subject to the debts, contracts,
        liabilities, or torts of any Participant or Beneficiary.  If any Participant or Beneficiary becomes bankrupt or attempts to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge in any other way any payment under the Plan, the
        Committee may direct that such payment be suspended and that all future payments to which such Participant or Beneficiary otherwise would be entitled be held and applied for the benefit of such person, the person’s children or other dependents, or
        any of them, in such manner and in such proportions as the Committee may deem proper.

       

        

      7.02       Certain
          Rights Reserved

       

      

      Nothing in the Plan shall confer upon any person the right to continue to serve as a member of the Board or to participate in the Plan other than in
        accordance with its terms.

       

        

      7.03       Withholding
          Taxes

       

      

      The Committee may make any appropriate arrangements to deduct from all credits 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.

       

        

      7.04       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 or otherwise, any payment due under the Plan (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 Company, to the spouse of the Participant or Beneficiary 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 shall be a complete discharge of any liability under the Plan with respect to the amount so paid.

       

      

      
        8

        
          

      

      7.05       Inability
          to Locate Participants and Beneficiaries

       

      

      Each Participant and Beneficiary entitled to receive a payment under the Plan shall keep the Committee advised of his or her current address.  If the
        Committee is unable for a period of 36 months to locate a Participant or Beneficiary to whom a payment is due under the Plan, commencing with the first day of the month as of which such payment first comes due, the total amount payable to such
        Participant or Beneficiary shall be forfeited.  Should such a Participant or Beneficiary subsequently contact the Committee requesting payment, the Committee shall, upon receipt of all documents and other information that it might request in
        connection with the payment, restore and pay the forfeited payment in a lump sum, the value of which shall not be adjusted to reflect any interest or other type of investment earnings or gains for the period of forfeiture.

       

        

      7.06       Successors

       

      

      The provisions of the Plan shall bind and inure to the benefit of the Company and its successors and assigns.  The term “successors” as used in the
        preceding sentence shall include any corporation or other business entity that by merger, consolidation, purchase, or otherwise acquires all or substantially all of the business and assets of the Company, and any successors and assigns of any such
        corporation or other business entity.

       

        

      7.07       Usage

       

        

      (a)          Titles and Headings.  The titles to Articles and the headings of Sections, subsections, and paragraphs in the Plan are placed herein for convenience of reference only and shall be of
          no force or effect in the interpretation of the Plan

       

        

      (b)          Number.  The singular form shall include the plural, where appropriate.

       

        

      7.08       Severability

       

      

      If any provision of the Plan is held unlawful or otherwise invalid or unenforceable in whole or in part, such unlawfulness, invalidity, or
        unenforceability shall not affect any other provision of the Plan or part thereof, each of which shall remain in full force and effect.  If the making of any payment or the provision of any other benefit required under the Plan is held unlawful or
        otherwise invalid or unenforceable, such unlawfulness, invalidity or unenforceability shall not prevent any other payment or benefit from being made or provided under the Plan, and if the making of any payment in full or the provision of any other
        benefit required under the Plan in full would be unlawful or otherwise invalid or unenforceable, then such unlawfulness,

      

      

      
        9

        
          

      

      invalidity, or unenforceability shall not prevent such payment or benefit from being made or provided in part, to the extent that it would not be unlawful, invalid, or
        unenforceable, and the maximum payment or benefit that would not be unlawful, invalid, or unenforceable shall be made or provided under the Plan.

       

        

      7.09       Governing
          Law

       

      

      The Plan and all determinations made and actions taken under the Plan shall be governed by and construed in accordance with the laws of the State of
        Connecticut.

    

    

    

    

    

    10

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