Document:

Exhibit 10.11

      

      

      CARRIER GLOBAL CORPORATION

      

      

      PENSION PRESERVATION PLAN

      

      

      
        
          	1.	
                  PREAMBLE

                

        

      

      

      

      
        
          	

                	1.1	
                  Purpose

                

        

      

      

      

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

      

      

      
        
          	

                	1.2	
                  Spin-off from UTC

                

        

      

      

      

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

      

      

      
        -1-

        
          

      

      
        
          	2.	
                  DEFINITIONS

                

        

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      Corporation means the
        Carrier Global Corporation.

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      
        -2-

        
          

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      
        -3-

        
          

      

      
        
          	3.	
                  ELIGIBILITY

                

        

      

      

      

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

      

      

      
        
          	4.	
                  DETERMINATION OF PLAN BENEFITS

                

        

      

      

      

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

      

      

      
        
          	

                	4.1	
                  FAE Benefit

                

        

      

      

      

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

      

      

      
        
          	

                	4.2	
                  CB Benefit

                

        

      

      

      

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

      

      

      
        
          	

                	4.3	
                  Credited Interest on CB Benefit

                

        

      

      

      

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

      

      

      
        -4-

        
          

      

      
        
          	

                	4.4	
                  Calculation of FAE Benefit Prior to Transfer

                

        

      

      

      

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

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

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

      

      

      
        
          	

                	4.5	
                  Calculation of CB Benefit Prior to Transfer

                

        

      

      

      

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

      

      

      
        
          	5.	
                  PARTICIPANT ELECTIONS AND DESIGNATIONS

                

           

          

        

      

      
        
          	

                	5.1	
                  Payment Elections

                

        

      

      

      

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

      

      

      
        
          	

                	5.2	
                  Form of FAE Benefit

                

        

      

      

      

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

      

      

      
        -5-

        
          

      

      
        
          	

                	5.3	
                  Form of CB Benefit

                

        

      

      

      

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

      

      

      
        
          	

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

                

        

      

      

      

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

      

      

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

      

      

      
        
          	

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

                

        

      

      

      

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

      

      

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

      

      

      
        -6-

        
          

      

      
        
          	

                	5.6	
                  Change in Payment Election

                

        

      

      

      

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

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

                	5.7	
                  Full Satisfaction of Corporation’s Obligation

                

        

      

      

      

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

      

      

      
        
          	

                	5.8	
                  Designation of Beneficiary

                

        

      

       

      

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

      

      

      
        -7-

        
          

      

      
        
          	6.	
                  DISTRIBUTION OF BENEFIT

                

        

      

      

      

      
        
          	

                	6.1	
                  Distribution of Plan Benefit Generally

                

        

      

      

      

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

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

                	6.2	
                  Separation from Service of Specified Employees

                

        

      

      

      

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

      

      

      
        
          	

                	6.3	
                  Administrative Adjustments in Payment Date

                

        

      

      

      

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

      

      

      
        -8-

        
          

      

      
        
          	7.	
                  DISTRIBUTION IN THE EVENT OF DEATH

                

        

      

      

      

      
        
          	

                	7.1	
                  FAE Benefit in the Form of an Annuity

                

        

      

      

      

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

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        -9-

        
          

      

      
        
          	

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

                

        

      

      

      

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

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

                	(1)	
                  to the named Beneficiary;

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        -10-

        
          

      

      
        
          	

                	7.3	
                  CB Benefit Prior to Benefit Distribution Commencement

                

        

      

      

      

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

      

      

      
        
          	

                	i.	
                  to the named Beneficiary;

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

                	7.4	
                  CB Benefit Following Benefit Distribution Commencement

                

        

      

      

      

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

      

      

      
        
          	

                	i.	
                  Monthly Annuity

                

        

      

      

      

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

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

                	ii.	
                  Installment Payments

                

        

      

      

      

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

      

      

      
        
          	

                	(1)	
                  to the named Beneficiary;

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        -11-

        
          

      

      
        
          	8.	
                  DISABILITY

                

        

      

      

      

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

      

      

      
        
          	9.	
                  FUNDING

                

        

      

      

      

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

      

      

      
        
          	10.	
                  CHANGE OF CONTROL

                

        

      

      

      

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

      

      

      
        
          	11.	
                  NONASSIGNABILITY EXCEPT DOMESTIC RELATIONS ORDERS

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        -12-

        
          

      

      
        
          	12.	
                  NO CONTRACT OF EMPLOYMENT

                

        

      

      

      

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

      

      

      
        
          	13.	
                  TAXES/WITHHOLDING

                

        

      

      

      

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

       

      

      
        	
                14.

              	
                GOVERNING LAW

              

      

      

      

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

      

      

      
        
          	15.	
                  AMENDMENT AND TERMINATION

                

        

      

      

      

      
        
          	

                	15.1	
                  Power to Amend or Terminate Plan Reserved

                

        

      

      

      

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

      

      

      
        -13-

        
          

      

      
        
          	

                	15.2	
                  Final Plan Distributions

                

        

      

      

      

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

      

      

      
        
          	

                	15.3	
                  No Consent Required

                

        

      

      

      

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

      

      

      
        
          	16.	
                  COMPLIANCE WITH SECTION 409A

                

        

      

      

      

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

      

      

      
        -14-

        
          

      

      
        
          	17.	
                  NOTICE

                

        

      

      

      

      Any notice or filing required or permitted to be given to the Committee under the Plan shall be sufficient if sent by
        first-class mail to the Carrier Global Corporation, 13995 Pasteur Boulevard, Palm Beach Gardens, FL 33418, Attn:  Carrier Employee Benefit Committee.  Any notice or filing required or permitted to be given to any Participant or Beneficiary under
        the Plan shall be sufficient if provided either electronically, hand-delivered, or mailed to the address (or email address, as the case may be) of the Participant or Beneficiary then listed on the records of the Corporation.  Any such notice will
        be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or email system.

      

      

      
        
          	18.	
                  VALIDITY

                

        

      

      

      

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

      

      

      
        
          	19.	
                  SUCCESSORS

                

        

      

      

      

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

      

      

      
        -15-

        
          

      

      
        
          	20.	
                  ADMINISTRATION AND CLAIMS

                

        

      

      

      

      
        
          	

                	20.1	
                  Plan Administration

                

        

      

      

      

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

      

      

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

      

      

      Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the
        Plan shall present the request in writing to the Committee at Carrier Global Corporation, 13995 Pasteur Boulevard, Palm Beach Gardens, FL 33418, Attn:  Employee Benefit Committee.  The Committee shall respond in writing as soon as practicable.

      

      

      
        
          	

                	20.2	
                  Claim Procedures

                

        

      

      

      

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

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        
          	

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

                

        

      

      

      

      
        -16-

        
          

      

      
        
          	21.	
                  CERTAIN REGULATORY MATTERS

                

        

      

      

      

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

      

      

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

                

        

      

      

      

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

      

      

      	 	
              Carrier Global Corporation

            
	 	
              13995 Pasteur Boulevard

            
	 	
              Palm Beach Gardens, FL 33418

            
	 	
              Attn:  Carrier Employee Benefit Committee

            
	 	
              Telephone:  561-365-2000

            

    

     

    

     

    

    
      -17-Exhibit 10.12

      

       

      

      CARRIER GLOBAL CORPORATION

      

      

      BOARD OF DIRECTORS

      

      

      DEFERRED STOCK UNIT PLAN

      

      

      (Effective as of April 3,  2020)

      

      

      
        
          

      

      
      CARRIER GLOBAL 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

            	
              7

            
	 	
              4.01

            	
              Annual Deferred Stock Unit Award

            	
              7

            
	 	
              4.02

            	
              Elective Annual Retainer

            	
              7

            
	 	
              4.03

            	
              Transferred New Director Restricted Stock Unit Award

            	
              8

            
	 	
              4.04

            	
              Accounts

            	
              8

            
	 	
              4.05

            	
              Deferred Stock Unit Accounts

            	
              9

            
	 	
              4.06

            	
              Hypothetical Nature of Accounts and Investments

            	
              10

            
	 	 	 	 
	
              Article V ELECTION PROCEDURES AND DISTRIBUTIONS

            	
              11

            
	 	
              5.01

            	
              Annual Retainer Deferral Election

            	
              11

            
	 	
              5.02

            	
              Annual Retainer Deferral Election Deadline

            	
              11

            
	 	
              5.03

            	
              Distribution Commencement Date

            	
              11

            
	 	
              5.04

            	
              Election of Form and Amount of Distribution

            	
              12

            
	 	
              5.05

            	
              Change in Distribution Election

            	
              13

            
	 	 	 	 
	
              Article VI ADMINISTRATION

            	
              14

            
	 	
              6.01

            	
              In General

            	
              14

            
	 	
              6.02

            	
              Plan Amendment and Termination

            	
              14

            
	 	
              6.03

            	
              Reports to Participants

            	
              15

            
	 	
              6.04

            	
              Delegation of Authority

            	
              15

            
	 	
              6.05

            	
              Distribution of Shares

            	
              15

            

      

      

      
        i

        
          

      

      	
              Article VII MISCELLANEOUS

            	
              16

            
	 	
              7.01

            	
              Rights Not Assignable

            	
              16

            
	 	
              7.02

            	
              Certain Rights Reserved

            	
              16

            
	 	
              7.03

            	
              Withholding Taxes

            	
              16

            
	 	
              7.04

            	
              Compliance with Section 409A

            	
              16

            
	 	
              7.05

            	
              Incompetence

            	
              17

            
	 	
              7.06

            	
              Inability to Locate Participants and Beneficiaries

            	
              17

            
	 	
              7.07

            	
              Successors

            	
              17

            
	 	
              7.08

            	
              Usage

            	
              18

            
	 	
              7.09

            	
              Severability

            	
              18

            
	 	
              7.10

            	
              Share Ownership Requirements

            	
              18

            
	 	
              7.11

            	
              Governing Law

            	
              19

            

      

      

      	
              APPENDIX A

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

            

      

      

      
        ii

        
          

      

      
      ARTICLE I

      INTRODUCTION AND PURPOSE

      

      

      
        
          
            1.01       Purpose of Plan

          

        

      

      

      

      The Carrier Global 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, Carrier Global
        Corporation (the “Corporation” or “Carrier”) and Otis Worldwide Corporation (“Otis”), 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 Otis (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 “Carrier Transferred Directors” (as such term is defined in the Employee Matters Agreement).  Any benefits due under the UTC DSU Plan with respect to Carrier Transferred Directors or
        Beneficiaries of Carrier 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 a Carrier Transferred Director or Beneficiary of a Carrier 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 Otis:  (a) vested Deferred Stock Units were converted, upon the Spin-off, into Carrier, UTC and Otis 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 Carrier, UTC and Otis 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 Carrier Deferred Stock Units under the Transferred New Director Restricted Stock Unit Award.  Carrier Deferred Stock Units credited to Participants under this
        Plan shall be distributed in shares of Carrier Common Stock issued under the LTIP; however, UTC and Otis 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 Otis Common Stock.

      

      

      
        1

        
          

      

      Carrier has also established the Carrier Global Corporation Board of Directors Deferred Stock Unit Prior Plan (the “Prior Carrier 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 Carrier Transferred Directors 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 Carrier Plan.  Accounts under the Prior Carrier Plan will be valued and administered separately in accordance with the terms and procedures in effect under the Prior
        Carrier Plan.

      

      

      
        2

        
          

      

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

      

      

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

      

      

       “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.

      

      

      
        3

        
          

      

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

      

      

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

      

      

      “Corporation” means Carrier Global 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 Otis.

      

      

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

      

      

      “Otis” means
        Otis Worldwide Corporation.

      

      

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

      

      

      “Participant” means a non-employee member of the Board.  A Participant, including a Carrier 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 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.

      

      

      
        4

        
          

      

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

      

      

      “Plan Year”
        means the calendar year.

      

      

      “Prior Carrier Plan”
        has the meaning set forth in Section 1.02.  All amounts deferred under the Prior Carrier 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 Carrier 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 Carrier Global Corporation and Otis Worldwide 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 a Carrier 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.

      

      

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

      

      

      
        5

        
          

      

      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 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.

      

      

      
        6

        
          

      

      (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 a Carrier 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 Carrier 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.

      

      

      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 Carrier Deferred Stock Units subject to the terms of this Plan, in lieu of a current cash payment.

      

      

      
        7

        
          

      

      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 a Carrier 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 Carrier 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 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 Carrier 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 Carrier 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 Carrier Plan and shall remain subject to the terms and conditions of the Prior Carrier Plan which reflect a continuation of the Prior UTC Plan as in effect on October 3, 2004.  Prior Carrier Plan
        accounts shall be equal to the value earned and vested on December 31, 2004, as subsequently adjusted in accordance with the terms of the Prior Carrier Plan.  The Prior Carrier Plan and Prior Carrier 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 Carrier Plan to become subject to Section 409A.

      

      

      
        8

        
          

      

      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 Carrier 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 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 Carrier, Otis or UTC Deferred Stock Units credited to a Participant’s Account as a result of such dividend payment on a Carrier DSU, Otis 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 Carrier, Otis 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.

      

      

      
        9

        
          

      

      (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 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 Carrier, UTC, and Otis 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.

      

      

      
        10

        
          

      

      ARTICLE V

      ELECTION PROCEDURES AND DISTRIBUTIONS

      

      

      5.01       Annual Retainer Deferral Election

      

      

      Participants who elect to defer the receipt of the Annual Retainer as Carrier 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)          Carrier Deferred Stock
          Units.  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, the Separation from Service Anniversary Date) and will be converted into
        shares of Carrier Common Stock and be distributed in stock 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.

      

      

      (b)          UTC and Otis Deferred
          Stock Units.  UTC and 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, 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.

      

      

      
        11

        
          

      

      (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 Carrier Common Stock equal to the of the number of whole Carrier Deferred Stock Units credited to his or her Account, and (ii) the cash value of the UTC and Otis 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 Carrier Common Stock shall occur as provided
        in Section 5.03.  UTC and Otis Deferred Stock Units and Carrier 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 Carrier Deferred Stock
        Units shall be in shares of Carrier Common Stock, and annual installment distributions of UTC and Otis Deferred Stock Units and fractional Carrier 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 Carrier Common Stock with respect to Carrier
        Deferred Stock Units and cash with respect to UTC and Otis Deferred Stock Units shall be on a pro rata basis based on the outstanding balance of Carrier, UTC and Otis Deferred Stock Units.

      

      

      
        12

        
          

      

      (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 Carrier 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 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);

      

      

      
        13

        
          

      

      (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.

      

      

      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 Carrier Plan and the applicable Elections on file.

      

      

      
        14

        
          

      

      (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 Carrier Plan as of the end of the most recent Plan Year.

      

      

      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 Carrier 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 Carrier 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 Otis Common Stock.

      

      

      
        15

        
          

      

      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 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.

      

      

      
        16

        
          

      

      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 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.

      

      

      
        17

        
          

      

      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, 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 Carrier Transferred Directors, are expected to own shares of Carrier 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.

      

      

      
        18

        
          

      

      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.

      

      

      
        19

        
          

      

      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 Carrier Global Corporation with regard to Carrier Transferred Directors (as defined below) (this “Prior Carrier 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 Carrier Plan.

      

      

      Effective October 13, 2010, but prior to the Spin-off (as defined below), Stock Units credited to Participants under this Prior
        Carrier 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 Carrier Plan to the contrary, all distributions with respect to Stock
        Units under this Prior Carrier 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 Carrier 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 Carrier Global Corporation (“Carrier”) and Otis Worldwide
        Corporation (“Otis”) into separate, independent public companies in 2020 (the “Spin-off”), Stock Units credited to Participants under this Prior Carrier Plan were converted, at Spin-off, into Carrier, UTC, and Otis Stock Units.  Effective on and
        after the Spin-off date, the term “Company” shall mean Carrier Global Corporation.  Carrier Deferred Stock Units credited to Participants under this Prior Carrier Plan shall be convertible into shares of Carrier Common Stock; however, UTC and Otis
        Deferred Stock Units shall be distributed in cash. Payment of any installment in shares of Carrier Common Stock with respect to Carrier Deferred Stock Units and cash with respect to UTC and Otis Deferred Stock Units shall be on a pro rata basis
        based on the outstanding balance of Carrier, UTC and Otis Deferred Stock Units.   For these purposes, the definition of “Closing Price” shall include the price of the underlying referenced security for a Carrier Stock Unit or Otis Stock Unit, as
        applicable; the definition of “Stock Unit” shall include a hypothetical share of Carrier and Otis, as applicable; and Carrier Stock Units and Otis Stock Units shall be increased or otherwise adjusted under Sections 402(a)(2) and (4) by reference to
        the underlying referenced security for a Carrier Stock Unit or Otis 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 Carrier Plan with respect to elections and distributions other than the
        substitution of cash for certain shares.

       

      

      
        
          

      

      Appendix A

      

      

      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

            	
              A-1

            
	 	
              1.01

            	
              Purpose of Plan

            	
              A-1

            
	 	
              1.02

            	
              Effective Date of Plan

            	
              A-1

            
	 	 	 	 
	
              Article II DEFINITIONS

            	
              A-1

            
	 	 	 	 
	
              Article III CREDITS

            	
              A-2

            
	 	
              3.01

            	
              Transition Credits

            	
              A-2

            
	 	
              3.02

            	
              Automatic Credits

            	
              A-3

            
	 	
              3.03

            	
              Elective Credits

            	
              A-3

            
	 	 	 	 
	
              Article IV ACCOUNTS AND INVESTMENTS

            	
              A-3

            
	 	
              4.01

            	
              Accounts

            	
              A-3

            
	 	
              4.02

            	
              Stock Units

            	
              A-4

            
	 	
              4.03

            	
              Hypothetical Nature of Accounts and Investments

            	
              A-5

            
	 	 	 	 
	
              Article V PAYMENTS

            	
              A-5

            
	 	
              5.01

            	
              Entitlement to Payment

            	
              A-5

            
	 	
              5.02

            	
              Payment Commencement Date

            	
              A-5

            
	 	
              5.03

            	
              Form and Amount of Payment

            	
              A-6

            
	 	 	 	 
	
              Article VI ADMINISTRATION

            	
              A-7

            
	 	
              6.01

            	
              In General

            	
              A-7

            
	 	
              6.02

            	
              Plan Amendment and Termination

            	
              A-7

            
	 	
              6.03

            	
              Reports to Participants

            	
              A-7

            
	 	
              6.04

            	
              Delegation of Authority

            	
              A-7

            
	 	 	 	 
	
              Article VII MISCELLANEOUS

            	
              A-8

            
	 	
              7.01

            	
              Rights Not Assignable

            	
              A-8

            
	 	
              7.02

            	
              Certain Rights Reserved

            	
              A-8

            
	 	
              7.03

            	
              Withholding Taxes

            	
              A-8

            
	 	
              7.04

            	
              Incompetence

            	
              A-8

            
	 	
              7.05

            	
              Inability to Locate Participants and Beneficiaries

            	
              A-9

            
	 	
              7.06

            	
              Successors

            	
              A-9

            
	 	
              7.07

            	
              Usage

            	
              A-9

            
	 	
              7.08

            	
              Severability

            	
              A-9

            
	 	
              7.09

            	
              Governing Law

            	
              A-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.

      

      

      
        A-1

        
          

      

      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.

      

      

      
        A-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.

      

      

      
        A-3

        
          

      

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

      

      

      
        A-4

        
          

      

      (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 1%.  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 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.

      

      

      
        A-5

        
          

      

      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.

      

      

      
        A-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.

      

      

      
        A-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.

      

      

      
        A-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, 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.

      

      

      
        A-9

        
          

      

      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.

    

     

    

     

    

    
      A-10

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