Document:

Exhibit 10.26

  

   

  

  
    	
            Otis Elevator Company

            One Carrier Place

            Farmington, CT 06034

          	
            

          

  

   

  

  
    18 December 2019

     

    

    Stephane de Montlivault

    8 Kallang Avenue #07-01/09

    Aperia Tower 1, Singapore

    

    

    Dear Stephane,

    

    

    Letter of Appointment/ Employment

    

    

    We have the pleasure of confirming our offer of employment to you as President, Otis Asia Pacific with United Technologies South Asia Pacific Pte. Ltd (the “Company”), based in Singapore.  You will report to Judy Marks, President & CEO, Otis
      Elevator, or her successor.

    

    

    During the period of your employment, the Company reserves the right to transfer you to any other department, division or subsidiary company within the Otis group of companies based on business needs and exigencies of service and subject to your
      written consent.

    

    

    Commencement Date and Years of Service

    

    

    The commencement date for this employment contract is November 1, 2019.  You are not required to serve any probation period.  Your consecutive years of services in the Otis/UTC group of companies (“Otis Group”) will transfer and continue to accrue
      during your employment with the Company.  Your previous employment within the Otis Group, which commenced on June 4, 1984, shall count towards your period of continuous employment with the Company.

    

    

    Duties and Responsibilities

    

    

    You are expected to faithfully and diligently serve the Company and carry out the duties and responsibilities of your position and such duties and responsibilities as directed by your supervisor or his/her authorized delegate.

    

    

    Compensation

    

    

    Your base salary in this position will be S$60,000 per month (S$720,000 annually), payable each calendar month with effect from November 1, 2019.  Your base salary will be reviewed annually and may be adjusted based upon local practice, as well as
      your performance in this role.

    
      
        

    

    	
            Otis Elevator Company

            One Carrier Place

            Farmington, CT 06034

          	
            

          

     

      

    Annual (Cash) Incentive Compensation

    

    

    As an Otis executive, you are eligible to receive annual awards under the Otis annual cash Incentive Compensation (IC) program.  Individual awards, when made, are a function of one or more individual, company and Otis Group performance, measured
      against established objectives and metrics.  Your target annual bonus opportunity is 80% of your annual base salary.  IC for a calendar year is expected to be paid to active, eligible executives in the first quarter of each following calendar year. 
      The Otis program is subject to review from time to time and Otis reserves the right to revise the program according to business needs.

    

    

    Long Term (Equity) Incentive Compensation

    

    

    You will continue to be eligible to participate in the UTC long term incentive plan (the “LTIP”), or its successor.  LTI awards are provided annually and are typically granted in the first quarter of each year.  The LTIP is designed to provide the
      opportunity for financial awards to key employees whose efforts and achievements contribute to the long term success of the organization.  Receipt of a current award does not guarantee receipt of a future award.  You will be liable for any personal
      income tax payable for such awards.

    

    

    Transport

    

    

    You will be eligible for a transportation benefit in accordance with company policy.  You will be liable for any personal income tax payable on such benefit.

    

    

    Working Hours

    

    

    The current normal working hours are:

    

    

    Mondays to Fridays:  8.30 a.m. to 6.00 p.m.

    Lunch hour:  1 hour

    

    

    The Company reserves the right to revise or adjust working hours.  It is expected that as an exempt staff you may be required to work beyond the normal hours of work, especially if there are business needs or exigencies.

    

    

    Notice of Termination

    

    

    Either party may terminate service by giving, to the other, three (3) months’ notice in writing or three (3) months’ salary in lieu thereof.

    
      
        

    

    	
            Otis Elevator Company

            One Carrier Place

            Farmington, CT 06034

          	
            

          

     

    
    Taxes

    

    

    You will be responsible for any tax liability associated with payments, awards and benefits provided pursuant to this Agreement, or otherwise provided to you in connection with your employment.  The Company shall withhold taxes from such payments
      to the extent required by law.

    

    

    Annual Leave

    

    

    You shall receive twenty-eight (28) days of annual leave per year.  Annual leave must be taken in the calendar year it falls due and no accumulation of leave is allowed.

    

    

    Leave Entitlements

    

    

    You shall be entitled to sick leave, paternity/maternity leave, and childcare leave, if you so qualify, in accordance with the prevailing Company practice and in compliance with Singapore law.

    

    

    Retirement

    

    

    The normal Retirement age shall be 62 years of age; this shall be subject to prevailing employment laws.

    

    

    Company Policies and Regulations

    

    

    The Company’s terms and conditions of employment and other prevailing HR policies and practices will apply.

    

    

    Code of Ethics and Compliance with Laws

    

    

    You agree that you are bound by the provisions of the UTC Code of Ethics (or its successor) and the UTC Corporate Policy Manual (or its successor).  You agree to perform all aspects of your job in accordance with all applicable laws, both in the
      home and host countries, to strictly follow all workplace safety rules, to protect the property of the Company and the Otis Group and to maintain the highest standards of personal and professional ethics.  During the term of this Agreement you shall
      not perform work for third parties, with or without compensation without written approval.

    

    

    Intellectual Property

    

    

    A separate Intellectual Property Agreement is enclosed, and shall be incorporated herein.

    
      
        

    

    	
            Otis Elevator Company

            One Carrier Place

            Farmington, CT 06034

          	
            

          

     

      

    Confidentiality

    

    

    You acknowledge and recognize that during the course of your employment, you will have access to confidential and proprietary information and trade secrets (hereinafter referred to as “Confidential Information”) relating to the business and
      operations of the Company, its affiliates and, customers.  You agree to keep all Confidential Information strictly and permanently confidential and, accordingly, agree that during your employment or following termination of employment, you will not
      directly or indirectly use for any purpose, or disclose or permit to be disclosed to any person or entity, any Confidential Information without first obtaining the written consent of the Company.  You acknowledge that the Confidential Information
      being proprietary to the Company, an affiliate, or a client constitutes a unique and valuable asset and that its acquisition required great time and expense.  Disclosure or any other use of such Confidential Information, other than for the sole
      benefit of its proprietor, would be wrongful and would cause irreparable harm to the Company , its affiliated companies, its clients or any other proprietor of the Confidential Information.  By signing this Letter of Appointment, you further agree to
      keep the terms of this agreement confidential and to not disclose its content to anyone except for purposes of seeking legal or financial advice.

    

    

    In the event you breach one of your obligations under this Letter of Appointment, in particular any under this Confidentiality clause, the Company has the right to request from you the specific performance of the respective obligation in addition
      to the payment of damages, except as limited by applicable law.

    

    

    Non-competition

    

    

    You agree that during the time you are employed by the Company, you shall devote your efforts exclusively to the Company, and specifically shall not engage in or assist anyone else to engage in, directly or indirectly, personally or as a
      representative or employee of any other person or organization in competition with the Company, or its affiliates.  You further agree that you will not without the prior consent of the Company accept employment with or hold a material interest in any
      business engaged in a substantially similar business to the Company, or its affiliates, for a period of twelve (12) months following your departure from the Company.

    
      
        

    

    	
            Otis Elevator Company

            One Carrier Place

            Farmington, CT 06034

          	
            

          

     

      

    Entire Agreement

    

    

    This Letter of Appointment, together with your Executive Leadership Group (“ELG”) Agreement, constitutes the complete agreement between the parties regarding your employment and supersedes all prior oral and/or written agreements, representations,
      understandings and/or communications, concerning the subject matter hereof.

    

    

    Stephane, we believe this letter summarizes the points we discussed relating to your employment with United Technologies South Asia Pacific Pte. Ltd.  Please confirm your understanding and acceptance of the terms and conditions stated above by
      signing below and returning a copy to us.

    

    

    Sincerely yours

    

    

    

    

    

    

    Laurie Havanec

    Vice President & CHRO

    

    

    I, Stephane de Montlivault, hereby accept this offer of employment on the terms and conditions stated in this letter.

    

    

    	
            Signature:

          	
            /s/ Stephane de Montlivault

          	 
	 	 	 
	
            Date:

          	
            19 December 2019Exhibit 10.27

  

   

    

   

   

    

  
    February 27, 2019

     

    

    Mark Eubanks

      51 Woodland Rd

      Sewickley, PA 15143

     

    

    Dear Mark:

     

    

    I am pleased to offer you the position of President, Otis EMEA, reporting to Judy Marks, President, Otis Elevator. This position will be located in Paris,
      France, with responsibilities as discussed during our recent conversations. We will tentatively plan on an April 1, 2019 start date.

     

    

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

     

    

    You will become a member of UTC’s Executive Leadership Group (ELG), representing our most senior executive population with total membership of approximately
      30 executives. Your initial base salary will be $625,000 per year, which will be reviewed annually by the Compensation Committee of the Board of Directors, consistent with our established procedures for ELG members. In addition to other benefits and
      privileges, you will be eligible for:

     

    

    
      	
              •

            	
              A target annual incentive compensation (IC) award of 80% of base salary, subject to Otis and individual performance. Awards are typically paid in
                first quarter following the end of the fiscal year.

            

       

      

    

    
      	
              •

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

            

    

     

    

    For 2019, you will receive an LTIP award with a grant date fair value of $1,500,000. This award will consist of SARs and PSUs and be
      subject to UTC’s standard schedule of terms and conditions, including a three-year vesting requirement, and be granted within 30 days of joining Otis.

     

    

    
      	
              •

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

            

    

     

    

    In consideration of the various programs at your current employer that mandate forfeiture or reduction for early departure, Otis will provide the following:

     

    

    
      	
              •

            	
              In the event you forfeit your 2018 cash bonus award at your current employer due to your departure, a cash sign-on bonus of $500,000 (not Savings
                Plan eligible), payable within 30 days of joining Otis.

            

       

      

    

    
      	
              •

            	
              Equity awards totaling $4,300,000 in value, comprised of the following:

            

       

      

    

    
      	
              -

            	
              A one-time equity restricted stock unit (RSU) award with a grant date fair value of $2,800,000 to be granted within 30 days of joining Otis. This
                award will vest 1/3 upon the one-year anniversary of the grant date, 1/3 upon the two-year anniversary of the grant date, and the remaining 1/3 vesting upon the three-year anniversary of the grant date. In addition, in the event of an
                involuntary termination not for cause, vesting will accelerate on any unvested portion of this award.

            

       

      

    

    
      	
              -

            	
              An ELG RSU retention grant with a target value of $1,500,000. This award will be eligible to vest in the event of a mutually agreed separation that
                occurs after at least three years of ELG service and will be subject to other terms and conditions set forth in UTC’s ELG Agreement.

            

      
        
          
            

        

         

         

        

        You will also be eligible for the following additional benefits:

         

        

        
          	
                  •

                	
                  You will receive an international assignment package for your assignment to Paris, France. This will include relocation support, housing and
                    education allowances, and international health and dental benefits.

                

           

          

        

        
          	
                  •

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

                

           

          

        

        
          	
                  •

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

                

           

          

        

        
          	
                  •

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

                

           

          

        

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

         

        

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

         

        

        Please note your acceptance of the terms and conditions of our offer by signing below, scanning a copy and emailing to me at Christian.Meisner@otis.com.

         

        

        Sincerely,

         

        

        /s/ Christian E. Meisner

         

        

        Christian E. Meisner

          Vice President & Chief Human Resources Officer

         

        

        
          Accepted:

           

          

          
            	
                    /s/ Mark Eubanks

                  	
                    02/28/19

                  
	
                    Mark Eubanks

                  	
                    Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00304-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00304-of-00352.parquet"}]]