Document:

Exhibit 10.20

    

     

    

    United Technologies Corporation

    Long-Term Incentive Plan

     

  

  Executive Leadership Group

  Restricted Stock Unit Retention

  Award

   

  Schedule of Terms

   

  

  (Rev. May 2016)

   

  This Schedule of Terms describes the material features of the recipient’s Executive Leadership Group Restricted Stock Unit Retention Award (the “ELG RSU Retention Award” or the “ELG RSU Award”) granted under the United Technologies Corporation
    Long-Term Incentive Plan as amended and restated effective April 28, 2014 (the “LTIP”).  The Award is subject to this Schedule of Terms, the terms, definitions, and provisions of the LTIP, and the terms and conditions of the ELG Program.

   

  

  
    
      1

      
        

    

    United Technologies Corporation (the “Corporation”) has awarded the Executive designated in the Award Statement (the “Recipient” or the “Executive”), who has accepted membership in the Corporation’s Executive
      Leadership Group (the “ELG”), with Restricted Stock Units (the “ELG RSU Retention Award” or the “ELG RSU Award”) pursuant to the United Technologies Corporation Long-Term Incentive Plan as amended and restated on April 28, 2014 (the “LTIP”).

     

    Restricted Stock Unit

     

    A Restricted Stock Unit (an “RSU”) is equal in value to one share of Common Stock of the Corporation (“Common Stock”).  RSUs are convertible into shares of Common Stock if the Recipient remains a member of the
        ELG and experiences a Qualifying Separation from the Company with at least three years of ELG service (see “Vesting” below). “Company” means the Corporation, its subsidiaries, divisions and affiliates.

     

    Acknowledgement and Acceptance of Award

     

    The number of RSUs awarded is set forth in the Award Statement. The Recipient must acknowledge and accept the terms and conditions of the ELG RSU Award by signing and returning the appropriate portion of the Award
      Statement to the Stock Plan Administrator, or the ELG RSU Award will be forfeited.

     

    Vesting

     

    RSUs vest upon Qualifying Separation from the Company with completion of at least three years of service as a member of the ELG (the “Vesting Date”). A “Qualifying Separation” means and includes a Mutually
        Agreeable Termination, a Change-in-Control Termination or retirement at age 62 or later, as defined below.  Vesting is subject to entering into the ELG RSU Retention Award Vesting Agreement set forth in Attachment A of this Schedule of Terms (or
        similar form at the sole discretion of the Corporation) and continued compliance with ELG covenants. 

     

    In the event of certain types of misconduct, Awards may be forfeited, including vested Awards and gains realized from prior Awards.  See “Forfeiture of Award.”

     

    No shareowner rights

     

    An RSU is the right to receive a share of Common Stock in the future, subject to continued employment and membership in the ELG. The holder of an RSU has no voting, dividend or other rights accorded to owners of
      Common Stock.

     

    Conversion of RSUs

     

    RSUs will be converted into shares of Common Stock, effective as of the Vesting Date.  The converted shares will be unrestricted and freely transferable.

    

    

    Dividend Equivalents

     

    Although the Recipient will not receive dividend payments in respect of RSUs, each RSU will be credited with an amount equal to the dividend paid on a share of Common Stock, resulting in additional RSUs credited to
      the Recipient equal in value to the number of RSUs held multiplied by the dividend paid on a share of Common Stock.

     

    
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    Death

     

    If the Recipient dies while an active employee of the Company, RSUs will vest and be converted to shares of Common Stock effective as of the date of death.  The shares will be delivered to the estate of the
      Recipient as soon as administratively practicable.

     

    Adjustments

     

    If the Corporation effects a subdivision or consolidation of shares of Common Stock or other capital adjust-ment, the number of RSUs (and the number of shares of Common Stock that will be issued upon conversion)
      shall be adjusted in the same manner and to the same extent as all other shares of Common Stock of the Corporation. In the event of material changes in the capital structure of the Corporation resulting from: the payment of a special dividend (other
      than regular quarterly dividends) or other distributions to shareowners without receiving consideration therefore; the spin-off of a subsidiary; the sale of a substantial portion of the Corporation’s assets; a merger or consolidation in which the
      Corporation is not the surviving entity; or other extraordinary non-recurring events affecting the Corporation’s capital structure and the value of Common Stock, equitable adjustments shall be made in the terms of outstanding Awards, including the
      number of RSUs and underlying shares of Common Stock as the Committee on Compensation and Executive Development of the Corporation’s Board of Directors (the “Committee”), in its sole discretion, determines are necessary or appropriate to prevent an
      increase or decrease in the value of RSUs relative to Common Stock or the dilution or enlargement of the rights of recipients.

     

    ELG Covenants

     

    Acceptance of the ELG RSU Award constitutes agreement and acceptance by the Recipient of the following ELG covenants:

    

    

    • Pre-Vesting Date Covenants

    

    

    
      
        	

              	(a)	
                During the period of the Recipient’s employment, and following termination of employment, the Recipient agrees to protect and to not disclose “Company Information” until the information has become public (through no action on the part
                  of the Recipient) or is no longer material or relevant to the Company.

              

      

    

    

    

    “Company Information” means (i) confidential or proprietary information including without limitation information received from third parties under confidential or proprietary conditions; (ii) information subject
      to the Company’s attorney-client or work-product privilege; and (iii) other technical, business or financial information, the use or disclosure of which might reasonably be construed to be contrary to the Company’s interests.

    

    

    
      
        	

              	(b)	
                During the period of the Recipient’s employment, and for a period of two years following termination of employment, the Recipient agrees to not initiate, cause or allow to be initiated (under those conditions which he or she controls)
                  any action which would reasonably be expected to encourage or to induce any employee of the Company or any of its affiliated entities to leave the employ of the Company or its affiliated entities. In this regard, the Recipient agrees that
                  he or she will not directly or indirectly recruit any executive or other employee of the Company or provide any information or make referrals to personnel recruitment agencies or other third parties in connection with executives of the
                  Company and other employees.

              

         

        

      

    

    
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    • Post-Vesting Date Covenants

     

    
      
        	

              	(a)	
                The Pre-Vesting Date Covenant described in (a) above remains in full effect and the Pre-Vesting Date Covenant described in (b) above will remain in effect for two years following the Vesting Date.

              

      

    

    

    

    
      
        	

              	(b)	
                To further ensure the protection of Company Information, the Recipient agrees not to accept employment in any form (including entering into consulting relationships or similar arrangements) for a period of three years following the
                  Vesting Date with any business that: (i) competes directly or indirectly with any of the Company’s businesses; or (ii) is a material customer of or a material supplier to any of the Company’s businesses unless the Recipient has obtained
                  the written consent from the Executive Vice President & Chief Human Resources Officer (or the successor to such position), which consent shall be granted or withheld in his or her sole discretion. The Recipient agrees that the terms
                  of this paragraph are reasonable. However, if any portion of this paragraph is held by competent authority to be unenforceable, this paragraph shall be deemed amended to limit its scope to the broadest scope that such authority determines
                  is enforceable, and as so amended shall continue in effect.  The Recipient acknowledges that the ELG RSU Retention Award shall constitute compensation in satisfaction of this covenant.

              

      

    

    

    

    
      
        	

              	(c)	
                For a period of three years following the Vesting Date, the Recipient will not directly or indirectly, in any capacity or manner, make any statements of any kind (or cause, further, assist, solicit, encourage, support or participate in
                  the foregoing), whether verbal, in writing, electronically transferred or otherwise, or disclose any items of information which, in either case are or may reasonably be construed to be derogatory, critical or adverse to the interests of
                  the Company. The Recipient agrees that he or she will not disparage the Company, its executives, directors or products.

              

      

    

    

    

    The ELG covenants set forth in this Schedule of Terms are in addition to other obligations and commitments of the ELG program, the terms and conditions of the LTIP and the Recipient’s intellectual property agreement with the Company (and as each
      may be amended from time to time).

    

    

    Forfeiture of Award

    

    

    The ELG RSU Retention Award will be forfeited if any of the following apply:

    

    

    
      
        	■	
                Membership in the ELG ceases. While an employee of the Company, your membership in the ELG ceases for any reason.

              

      

    

     

    
      
        	■	
                Non-mutual termination.  You terminate employment and the Company wants to retain your services.

              

      

    

     

    
      
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                Violation of ELG Covenants.  You violate any of the ELG Covenants.

              

      

    

     

    
      
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                Self-dealing. You engage in conduct which serves your own personal interests at the expense of the Company, or permit others to do so.

              

      

    

     

    
      
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                Financial restatement.  A restatement of financial results attributable to your actions, whether intentional or negligent.

              

      

    

     

    
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                Improper or criminal conduct. Your discharge results from actions (or omissions) which you did not reasonably believe to be in the best interests of the Company.  You must not engage in conduct
                  that is fraudulent, dishonest, or violates federal, state or local law.

              

      

    

     

    
      
        	■	
                Termination for Cause. Your termination results from facts or circumstances that constitute a Termination for Cause as defined herein; or if following termination, the Company determines within
                  three years that you engaged in conduct that would have constituted the basis for a Termination for Cause.

              

      

    

     

    The LTIP also provides for the recoupment of gains previously realized from LTIP awards, including the ELG RSU Retention Award, in the event of certain types of misconduct.

    

    

    Definitions

    

    

    The following terms shall have the following meanings for purposes of the Executive Leadership Group RSU Retention Award:

    

    

    
      
        	(a)	
                “Qualifying Separation” means and includes a Mutually Agreeable Termination, a Change-in-Control Termination, or retirement at age 62 or later.

              

      

    

     

    
      
        	(b)	
                “Mutually Agreeable Termination” means a decision by the Company, in its sole discretion, to terminate the Executive’s employment with the Company as a result of circumstances described in this
                    paragraph and the Executive’s acknowledgment and agreement that his/her employment will end as a result of such circumstances.  Circumstances that may result in a Mutually Agreeable Termination include management realignment, change in
                    business conditions or priorities, the sale or elimination of the Executive’s business unit or any other change in business circumstances that materially and adversely affects the Executive’s role within the Company or such
                    circumstances that preclude continued employment at the ELG level, in all cases as determined by the Executive Vice President & Chief Human Resources Officer.  Neither a unilateral
                    voluntary resignation nor a Termination for Cause will constitute a Mutually Agreeable Termination.

              

      

    

     

    
      
        	(c)	
                “Change-in-Control Termination” means either the involuntary termination of the Executive’s employment by the Company (other than a Termination for Cause) or the voluntary resignation by the Executive for
                  Good Reason within 24 months following a Change-in-Control.

              

      

    

     

    
      
        	(d)	
                “Change-in-Control” shall mean any of the following events:

              

      

    

     

    
      
        	

              	1.	
                The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated
                  under the Exchange Act) of 20% or more of the then-outstanding Shares of Common Stock plus any other outstanding shares of stock of the Corporation entitled to vote in the election of directors (the “Outstanding Corporation Voting
                  Securities”); provided, however, that the Corporation and any employee benefit plan (or related trust) sponsored by it shall not be deemed to be a Person; or

              

      

    

     

    
      
        	

              	2.	
                A change in the composition of the Board such that the individuals who constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board. For this purpose, any
                  individual whose election or nomination for election by the Corporation’s shareowners was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board;
                  or

              

      

    

     

    
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              	3.	
                The consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Corporation or any of its Subsidiaries or a sale or other disposition
                  of substantially all of the assets of the Corporation or a material acquisition of assets or stock of another entity by the Corporation or any of its Subsidiaries, (each, a “Business Combination”) if:

              

      

    

     

    
      
        	

              	a.	
                the individuals and entities that were the beneficial owners of the Outstanding Corporation Voting Securities immediately prior to such Business Combination do not beneficially own, directly or indirectly,
                  more than 50% of the then-outstanding shares of stock and the combined voting power of the then-outstanding voting securities of the corporation resulting from such Business Combination; or

              

      

    

     

    
      
        	

              	b.	
                a Person beneficially owns, directly or indirectly, 20% or more of the then-outstanding shares of stock of the corporation resulting from such Business Combination; or

              

      

    

     

    
      
        	

              	c.	
                members of the Incumbent Board do not comprise at least a majority of the members of the board of directors of the corporation resulting from such Business Combination; or

              

      

    

     

    
      
        	

              	4.	
                A complete liquidation or dissolution of the Corporation.

              

      

    

     

    If an Award is determined to be subject to Section 409A of the Code, the payment or settlement of the Award shall accelerate upon a Change-in-Control only if the event also constitutes a “change in
      ownership,” “change in effective control,” or “change in the ownership of a substantial portion of the Corporation’s assets” as defined under Section 409A of the Code. Any adjustment to the Award that does not affect the Award’s status under Section
      409A (including, but not limited to, accelerated vesting or adjustment of the amount of the Award) may occur upon a Change-in-Control as defined herein without regard to this paragraph, even if the event does not constitute a Change-in-Control under
      Section 409A.

     

    
      
        	(e)	
                “Good Reason” means voluntary termination of the Executive’s employment within twenty-four (24) months of a Change-in-Control and the occurrence of any one or more
                  of the following:

              

      

    

     

    
      
        	

              	1.	
                The assignment of the Executive to a position that is materially inconsistent with the Executive’s authorities, duties, responsibilities, and status (including reporting relationships) as an employee of the
                  Company, or a material reduction or change in the nature or status of the Executive’s authorities, duties, or responsibilities from those in effect immediately preceding a Change-in-Control;

              

      

    

     

    
      
        	

              	2.	
                The Company requires the Executive to be based at a location which is at least fifty (50) miles further from the Executive’s current primary residence than such residence is from the Executive’s current job
                  location, except for required travel on Company business to an extent substantially consistent with the Executive’s business obligations immediately preceding the Change-in-Control;

              

      

    

     

    
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              	3.	
                A reduction by the Company in the Executive’s Base Salary in effect on the date preceding the Change-in-Control;

              

      

    

     

    
      
        	

              	4.	
                A material reduction in the Executive’s level of participation in any of the Company’s short- and/or long-term incentive compensation plans, employee benefit or retirement plans, policies, practices, or arrangements in which the
                  Executive participates from the levels in place during the fiscal year immediately preceding the Change-in-Control; provided, however, that reductions in the levels of participation in any such plans shall not be deemed to be “Good
                  Reason” if the Executive’s reduced level of participation in each such program remains substantially consistent with the average level of participation of other executives who have positions commensurate with the Executive’s position; or

              

      

    

     

    
      
        	

              	5.	
                The failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform its obligations under this Agreement.

              

      

    

     

    
      
        	(f)	
                “Termination for Cause” means a decision by the Company to terminate the Executive’s employment for (i) violation of an ELG covenant, (ii) conduct involving a felony criminal offense under U.S. federal or state law or an equivalent
                  violation of the laws of any other  country, (iii) dishonesty, fraud, self-dealing, or material violations of civil law in the course of fulfilling the Executive’s employment duties; (iv) breach of the Executive’s intellectual property
                  agreement or other written agreement with the Company; or (v) willful misconduct injurious to the Company, as determined by the Committee.

              

      

    

     

    Change-in-Control

     

    In the event of a Change-in-Control or restructuring of the Corporation, the Committee may, in its sole discretion, take certain actions with respect to outstanding Awards to assure fair and equitable
        treatment of LTIP Award recipients. Such actions may include the acceleration of the Vesting Date; offering to purchase an outstanding Award from the holder for its equivalent cash value (as determined
        by the Committee); or providing for other adjustments or modifications to outstanding Awards as the Committee may deem appropriate.

    

    

    Awards Not to Affect or Be Affected by Certain Transactions

     

    RSU Awards shall not in any way affect the right or power of the Corporation or its shareowners to effect: (a) any or all adjustments, recapitalizations, reorganizations or other changes in the Corporation’s capital
      structure or its business; (b) any merger or consolidation of the Corporation; (c) any issue of bonds, debentures, shares of stock preferred to, or otherwise affecting the Common Stock of the Corporation or the rights of the holders of such Common
      Stock; (d) the dissolution or liquidation of the Corporation; (e) any sale or transfer of all or any part of its assets or business; or (f) any other corporate act or proceeding.

     

    Right of Offset

    

    

    The ELG RSU Retention Award will be offset and reduced by the full amount (if any) of cash severance benefits that the Recipient may separately be entitled to receive from the Company based on any employment agreement, contractual obligation, or
      statutory scheme, including mandated termination indemnities or similar benefits.

    

    

    
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    Taxes/Withholding

     

    Recipient is responsible for all income taxes, social insurance, payroll tax, payment on account or other tax-related items attributable to any Award (“Tax-Related Items”).  The closing price of Common Stock on the New York Stock Exchange on the
      vesting date will be used to calculate income realized from the vesting of RSUs.  The Company shall take such steps as are appropriate to satisfy the obligations with regard to Tax-Related Items.  The Company shall have the right to deduct directly
      from any payment or delivery of shares due to recipient or from recipient’s regular compensation to effect compliance with all Tax-Related Items including withholding and reporting with respect to the vesting of any RSU.  Acceptance of an Award
      constitutes affirmative consent by recipient to such withholding.  Recipient acknowledges that the ultimate liability for all Tax-Related Items is and remains recipient’s responsibility and may exceed the amount actually withheld by the Company.
      Further, if recipient has become subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable event, recipient acknowledges that the Company may be required to withhold or account for Tax-Related Items
      in more than one jurisdiction.  In those countries where there is no withholding on account of such Tax-Related Items, recipients must pay the appro-priate taxes as required by any country where they are subject to tax.  In those instances where
      Company is required to calculate and remit withholding on Tax-Related Items after shares have already been delivered, recipient shall pay the Company any amount of Tax-Related Items that Company is required to account for. The Company may refuse to
      distribute an Award if Recipient fails to comply with his or her obligations in connection with Tax-Related Items.

     

    Vesting / Taxes Due

     

    If recipient is subject to tax in the U.S., the value of the Award as of the Vesting Date will be subject to FICA withholding in that same calendar year.  If recipient is responsible for a Tax-Related Item in a country outside the U.S. (“Foreign Country”) and if pursuant to the rules regarding such Tax-Related Item in such Foreign Country, recipient will be liable for
        such Tax-Related Item prior to the date that recipient is issued shares pursuant to this Award, the Committee, in its discretion, may accelerate vesting and settlement of a portion of the Award to the extent necessary to pay the foreign Tax-Related
        Items due (and any applicable U.S. income taxes due as a result of the acceleration of vesting and settlement) but only if such acceleration does not result in taxation under Section 409A (as permitted under Treasury Regulation Section
        1.409A-3(j)(4)(xi)).

     

    Nonassignability

     

    Unless otherwise prescribed by the Committee, no assignment or transfer of any right or interest of a Recipient in any RSU, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted except by will or the laws of
      descent and distribution. Any attempt to assign such rights or interest shall be void and without force or effect.

     

    Nature of Payments

    

    

    All Awards made pursuant to the LTIP are in consideration of services performed for the Company. Any gains realized pursuant to such Awards constitute a special incentive payment to the Recipient and shall not be taken into account as compensation
      for purposes of any of the employee benefit plans of the Company. RSUs will not be funded by the Corporation. In this regard, a Recipient’s rights to RSUs are those of a general unsecured creditor of the Corporation.

    

    

    
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    Right of Discharge Reserved

     

    Nothing in the LTIP or in any RSU Award shall confer upon any recipient the right to continued employment or service for any period of time, or affect any right that the Company may have to terminate the employment
      or service of such recipient at any time for any reason.

     

    Administration

     

    Awards granted pursuant to the LTIP shall be interpreted and administered by the Committee. The Committee shall establish such procedures as it deems necessary and appropriate to administer Awards in a manner that
      is consistent with the terms of the LTIP. The Committee’s decision on any matter related to an Award shall be binding and conclusive.

     

    Under the LTIP, subject to certain limitations, the Committee has delegated to the Chief Executive Officer the authority to grant Awards, and has further delegated the authority to administer and interpret Awards to the Executive Vice President
      & Chief Human Resources Officer, and to such subordinates as he or she may further delegate. Awards to employees of the Company who are either reporting persons under Section 16 of the Securities Exchange Act of 1934 (“Insiders”) or members of
      the Company’s Executive Leadership Group will be granted, administered, and interpreted exclusively by the Committee.

    

    

    Data Privacy

     

    The Corporation maintains electronic records for the purpose of administering the LTIP and individual Awards.  In the normal course of plan administration, electronic data may be transferred to different sites
      within the Company and to outside service providers.  Acceptance of an Award constitutes consent by the recipient to the collection, use, processing, transmission, and holding of personal data, in electronic or other form, as required for the
      implementation, administration, and management of this Award and the LTIP by the Company or its third party administrators within or outside the country in which the recipient resides or works.  All such collection, use, processing, transmission, and
      holding of data will comply with applicable privacy protection requirements.

     

    Government Contract Compliance

     

    The Company’s Policy on “Business Ethics and Conduct in Contracting with the United States Government” calls for compliance with the letter and spirit of government contracting laws and regulations. In the event of
      a violation of government contracting laws or regulations, the Committee reserves the right to revoke any outstanding Award.

     

    Interpretations

     

    This Schedule of Terms and each Award Statement are subject in all respects to the terms of the LTIP and ELG Program materials. In the event that any provision of this Schedule of Terms or any Award Statement is inconsistent with the terms of the
      LTIP or ELG Program materials, the terms of the LTIP and ELG Program materials shall govern. The ELG Program materials may impose additional obligations or restrictions beyond the terms of the LTIP.  Any question of administration or interpretation
      arising under the Schedule of Terms or any Award Statement shall be determined by the Committee or its delegate, and such determination shall be final and conclusive upon all parties in interest.  If this Schedule of Terms or any other document
      related to this Award is translated into a language other than English and a conflict arises between the English and translated version, the English version will control.

    

    

    
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    Governing Law

    

    

    The LTIP, this Schedule of Terms and the Award Statement shall be governed by and construed in accordance with the laws of the State of Delaware.

    

    

    Additional Information

    

    

    Questions concerning the LTIP or Awards and requests for Plan documents shall be directed to:

    

    

    Stock Plan Administrator

    stockoptionplans@utc.com

    

    

    or

    

    

    United Technologies Corporation

    Attn: Stock Plan Administrator

    4 Farm Springs, M/S 4FS-2

    Farmington, CT  06032

    

    

    The Corporation and/or its approved Stock Plan Administrator will send any Award-related communications to the Recipient’s email address or physical address on record.  It is the responsibility of the Recipient to ensure that both the e-mail and
      physical address on record are up-to-date and accurate at all times to ensure delivery of Award-related communications.

     

    

    
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    ELG RSU Retention Award Schedule of Terms

    Attachment A

    

    

    ELG RSU RETENTION AWARD VESTING AGREEMENT

    

    

    This VESTING AGREEMENT, is entered into between _______________ (hereinafter, the “Executive”), and UNITED TECHNOLOGIES CORPORATION, a Delaware corporation,
      with an office and place of business at Farmington, Connecticut (United Technologies Corporation and all its subsidiaries, divisions and affiliates are hereinafter referred to as the “Company”).

    

    

    WHEREAS, the Executive and the Company agree that the Executive’s employment with the Company will terminate; and

    

    

    WHEREAS, the parties wish to set forth their mutual understanding concerning the terms and conditions relative to the termination of the Executive’s employment
      with the Company; and

    

    

    WHEREAS, the Executive has committed to membership in the Company’s Executive Leadership Group (the “ELG”), which commitment signifies, among other things, the
      Executive’s acceptance of the terms and conditions of the ELG Program, including, specifically, the terms and conditions of the ELG Restricted Stock Unit Retention Award (the “ELG RSU Award”) set forth in the Schedule of Terms of such Award;

    

    

    NOW, THEREFORE, it is hereby mutually agreed as follows:

    

    

    
      	1.	
              (a)

            	The Executive’s employment with the Company will terminate effective ___________ (the “Termination Date”).

      

      

      
        
          
            
              	 	
                      (b)

                    	
                      The parties agree that the termination of the Executive’s employment is a Qualifying Separation, with completion of at least three years of service as an ELG member, entitling the Executive to vest in
                        the ELG RSU Award (the “ELG RSU Retention Award”) as of the later of the Executive’s Termination Date or the date of this Agreement (the “Vesting Date”).  Vesting is subject to continued compliance with the obligations set forth in
                        Section 4 of this Agreement.

                    

            

          

        

      

      

      

      
        
          
            
              
                	2.	(a) 

                      	
                        Effective as of the Vesting Date, the number of ELG RSUs awarded, including dividend equivalents will convert into an equal number of shares of UTC Common Stock, less the number of shares withheld
                          to pay taxes.  The net number of shares will be transferred to an account in the Executive’s name on the records of UTC’s stock transfer agent, Computershare Trust Company.  The Executive acknowledges [his/her] understanding that the vesting of this ELG RSU Award will occur in consideration of [his/her] agreements and obligations set forth in this Agreement and the ELG
                          RSU Award.

                      

              

            

          

        

      

    

    

    

    
      A-1

      
        

    

    
      
        
          

        

         

        

        	

              	(b)	
                The Executive understands and agrees that the value of the ELG RSU Award will not be treated as compensation for any purpose under any of the retirement, savings, severance or other employee benefit plans
                  in which [he/she] participated.

              

         

        

      

    

    
      
        
          
            
              
                
                  
                    
                      	3.	(a) 

                            	
                              
                                The Executive hereby agrees to release the Company, its subsidiaries, divisions, present or former employees, officers and directors from all claims or demands the Executive may have arising
                                  from or related to [his/her] employment with the Company or the termination of that employment.  This includes a release of any rights or claims the Executive may have under the Age
                                  Discrimination in Employment Act of 1967, as amended from time to time, which prohibits age discrimination in employment; Title VII of the Civil Rights Act of 1964, as amended, which prohibits discrimination in employment
                                  based on race, color, national origin, religion or sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans with Disabilities Act which prohibits discrimination on the basis of
                                  handicap; the Employee Retirement Income Security Act of 1974, as amended, which prohibits discrimination on the basis of eligibility to receive benefits and any other federal, state or local laws or regulations
                                  prohibiting employment discrimination.  This release also includes a release by the Executive of any claims or actions for wrongful discharge based on statute, regulation, contract, tort, common or civil law or otherwise.

                              

                            

                    

                  

                

              

            

          

           

          

        

      

    

    
      
        	

              	(b)	
                This Release covers all claims based on any facts or events, whether known or unknown by the Executive that occurred on or before the effective date of this Agreement.  The Executive will notify the Company
                  of any claims that may arise after the effective date of this Agreement but before the Termination Date and ratify the release and waiver, effective as of the Termination Date, following resolution of any claims as a pre-condition to
                  receiving the benefits provided for in Section 2 herein.

              

      

    

    

    

    
      
        	

              	(c)	
                This Release does not include a release of the Executive’s rights to any pension, deferred compensation, health or similar benefits to which [he/she] may be entitled
                  in accordance with the terms of the Company employee benefit plans in which [he/she] participated.

              

      

    

    

    

    
      
        	

              	(d)	
                Nothing in this Agreement shall be construed to prohibit the Executive from filing a charge with, or participating in, any investigation or proceeding by the U.S. Equal Employment Opportunity Commission (EEOC) or comparable
                  governmental agency.  The Executive agrees, however, to waive the right to recover monetary damages in any charge, complaint or lawsuit filed by [him/her] or on [his/her]
                  behalf with respect any claims released in Section 3 of this Agreement.

              

      

    

    

    

    
      A-2

      
        

    

    
      
        
          
            
              
                

                

              

            

            	 	
                    (e)

                  	
                    The Executive understands and agrees that the vesting and distribution of the ELG RSU Award distributed pursuant to this Agreement is in full and complete satisfaction of all obligations due [him/her] by the Company and that no other obligations are due [him/her] under the ELG Program. The Executive further aclnowledges that [he/she] shall not be entitled to any additional severance payments or payments in lieu of vacation, holiday or other fringe benefits under the ELG or any other Company program. The Executive
                      further agrees that the ELG RSU Award shall be offset and reduced by the full amount (if any) of cash severance benefits that the Executive may separately be entitled to receive from the Company based on any employment agreement,
                      contractual obligation or statutory scheme, including mandated termination indemnities or similar benefits.

                  

          

        

      

    

    

    

    
      
        
          
            	 	
                    (f)

                  	
                    Following the Termination Date, the Executive agrees that [he/she] will cooperate with the Company with respect to matters that involved [him/her] during the course of [his/her] employment if such cooperation is deemed necessary or appropriate by the Company.

                  

          

        

      

    

    

    

    
      
        	

              	(g)	
                The Executive agrees to resign from all committees, boards, associations and other organizations, both internal and external, to which the Executive currently belongs in [his/her]
                  capacity as a Company executive, except as mutually agreed with the Company.  Following the Termination Date, the Executive will be free to join boards and affiliate with organizations provided that such affiliation will not violate or
                  conflict with any of [his/her] obligations set forth in Section 4 of this Agreement.

              

      

    

    

    

    
      	 	
              (h)

            	
              The Executive is encouraged, at [his/her] own expense, to consult with an attorney before signing this Agreement and acknowledges that [he/she] was offered sufficient time to consider it.

            

    

    

    

    
      
        	

              	(i)	
                The Executive may revoke this Agreement within seven (7) days of the date of the Executive’s signature.  Revocation can be made by delivering a written notice of revocation to [ ____ ], Executive Vice President & Chief Human Resources Officer, United Technologies Corporation, 10 Farm Springs, Farmington, CT 06032.  For this revocation to be effective, [____]
                  must receive written notice no later than close of business on the seventh (7th) day after the Executive signs this Agreement.  If the Executive revokes this Agreement, it shall not be effective or enforceable and the Executive will not
                  vest in the ELG RSU Award or receive any other benefits described herein and agrees to immediately repay to the Company the value of any benefits provided prior to revocation.

              

      

    

    

    

    
      A-3

      
        

    

    
      
        
          
            

            

          

        

        	4.	
                In consideration of the benefits of membership in the ELG and the ELG RSU Award, the Executive has agreed to certain restrictive covenants effective during the course of [his/her]
                  employment and additional restrictive covenants that become effective upon the termination of his employment and the vesting of his ELG RSU Award (the “ELG Covenants”). The Executive hereby acknowledges and affirms [his/her] ELG Covenants and makes the following representations to and agreements with the Company:

              

      

    

    

    

    
      
        	

              	(a)	
                During a period beginning on the date hereof and extending for three years after the Termination Date, the Executive will not directly or indirectly, in any capacity or manner, make any statements of any
                  kind (or cause, further, assist, solicit, encourage, support or participate in the foregoing), whether verbal, in writing, electronically transferred or otherwise,  or disclose any items of information which are or may reasonably be
                  construed  to be derogatory, critical of, or adverse to the interests of the Company.  The Executive agrees that [he/she] will not disparage the Company, its executives, directors or products.

              

      

    

    

    

    
      
        	

              	(b)	
                The Executive acknowledges that in the course of [his/her] employment with the Company [he/she] has acquired Company
                  Information and that such Company Information has been disclosed to [him/her] in confidence and for the Company’s use only.  The Executive agrees that, except as [he/she]
                  may otherwise be directed under this Agreement or as required by law, regulation or legal proceeding, [he/she] (i) will keep such Company Information confidential at all times, (ii) will not
                  disclose or communicate Company Information to any third party and (iii) will not make use of Company Information on his own behalf or on behalf of any third party.  In the event that the Executive becomes legally compelled to disclose
                  any Company Information, it is agreed that the Executive will provide the Company with prompt written notice of such request(s) so that the Company may seek a protective order or other appropriate legal remedy to which it may be
                  entitled.  In view of the nature of the Executive’s employment and the sensitive nature of Company Information which the Executive has received during the course of [his/her] employment, the
                  Executive agrees that any unauthorized disclosure to third parties of Company Information or other violation, or threatened violation, of this Agreement would cause irreparable damage to the trade secret, confidential or proprietary
                  status of Company Information and to the Company.  Therefore, in that event the Company shall be entitled to an injunction prohibiting the Executive from any such disclosure, attempted disclosure, violation or threatened violation.  When
                  Company Information becomes generally available to the public other than by the Executive’s acts or omissions, it is no longer subject to the restrictions in this paragraph.

              

      

    

    

    

    
      A-4

      
        

    

    
      
        
          
            

            

          

        

        	

              	(c)	
                To further ensure the protection of Company Information, the Executive agrees that for a period of three (3) years [Alternative clause:
                    one year in the event of a Change in Control Termination] after [his/her] Termination
                    Date, [he/she] will not accept employment in any form (including entering into consulting relationships or similar arrangements)
                    with a business which: (i) competes directly or indirectly with [any of the Company’s businesses (applies to corporate executives)] [the Executive’s business unit (includes
                    current and past business units)]; or (ii) is a material customer of or a material supplier to [any of the Company’s businesses]
                    [the Executive’s business unit], unless the Executive has obtained the written consent of the Executive Vice President & Chief Human Resources Officer or [his/her] successor, which consent shall be granted or withheld in his sole discretion.  The Executive acknowledges that
                    the ELG RSU Award vested and distributed pursuant to this Agreement constitutes full and adequate consideration for the Executive’s obligations set forth in this paragraph (4)(d).  The parties agree that the terms of this paragraph are
                    reasonable.  However, if any portion of this paragraph is held by competent authority to be unenforceable, this paragraph shall be deemed amended to limit its scope to the broadest scope that such authority determines is enforceable,
                    and as so amended shall continue in effect. committee

              

      

    

    

    

    
      
        	

              	(d)	
                For a period of two (2) years following the Termination Date, [Alternative clause: one year following a Change in Control Termination] the Executive will not initiate, cause or allow to be initiated (under those conditions which [he/she]
                    controls) any action which would reasonably be expected to encourage or to induce any employee of the Company or any of its affiliated entities to leave the employ of the Company or its affiliated entities.  In this regard, the
                  Executive agrees that [he/she] will not directly or indirectly recruit any Company executive or other employee or provide any information or make referrals to personnel recruitment agencies or
                  other third parties in connection with Company executives and other employees.

              

      

    

    

    

    
      
        	

              	(e)	
                The Executive acknowledges that the Intellectual Property Agreement between [him/her] and the Company will continue in full force and effect following the
                  Termination Date.

              

      

    

    

    

    
      
        	5.	
                The Company represents to the Executive that it is fully authorized and empowered to enter into this Agreement, and that it will safeguard this Agreement and its terms from public disclosure with the same
                  degree of care with which the Company protects its proprietary information.

              

      

    

    

    

    
      A-5

      
        

    

    
      
        
          
            

            

          

        

        	6.	
                The obligations of the parties hereto are severable and divisible.  In the event any provision hereunder is determined to be illegal or unenforceable, the remainder of this Agreement shall continue in full
                  force and effect.

              

      

    

    

    

    
      
        	7.	
                In addition to any other rights the Company may have, should the Executive breach any of the terms of this Agreement, the Company will have the right to recover the value realized from the ELG RSU Award and
                  any other benefits provided hereunder, the amount of such recovery to be determined relative to the damages caused by the breach.  Such action by the Company will not be taken capriciously and will have no effect on the Release and Waiver
                  contained in this Agreement.

              

      

    

    

    

    
      
        	8.	
                Any dispute arising between the Company and the Executive with respect to the validity, performance or interpretation of this Agreement shall be submitted to and determined in binding arbitration in
                  Farmington, Connecticut, for resolution in accordance with the rules of the American Arbitration Association, modified to provide that the decision by the arbitrator shall be binding on the parties; shall be furnished in writing,
                  separately and specifically stating the findings of fact and conclusions of law on which the decision is based; shall be kept confidential by the arbitrator and the parties; and shall be rendered within 60 days following empanelment of
                  the arbitrator.  Costs of the arbitration shall be borne by the party that does not prevail.  The arbitrator shall be selected in accordance with the rules of the American Arbitration Association.

              

      

    

    

    

    
      
        	9.	
                This Agreement shall be subject to and governed by the laws of the State of Connecticut, USA.

              

      

    

    

    

    
      
        	10.	
                This Agreement constitutes the entire agreement between the parties and supersedes all previous communications between the parties with respect to the subject matter of this Agreement.  No amendment to this
                  Agreement shall be binding upon either party unless in writing and signed by or on behalf of such party.

              

      

    

    

    

    
      
        	11.	
                Any notice under this agreement shall be in writing and addressed to the Executive at [his/her] home address of record at the Company and to the Company as follows:

              

      

    

    

    

    	 	
            United Technologies Corporation

          
	 	
            10 Farm Springs Road

          
	 	
            Farmington, CT  06032

          
	 	
            Attention: Executive Vice President &

          
	 	
            Chief Human Resources Officer

          

    

    

    Either party may change its address for notices by giving the other party notice of the change.

    

    

    
      A-6

      
        

    

    
      
        
          
            

            

          

        

        	12.	
                The Company reserves the right to withhold applicable taxes from any amounts paid pursuant to this Agreement to the extent required by law.  The Executive, or [his/her]
                  estate, shall be responsible for any and all tax liability imposed on amounts paid hereunder.

              

      

    

    

    

    
      
        	13.	
                Capitalized terms in this Agreement, not otherwise defined herein, are defined in the Schedule of Terms applicable to this ELG RSU Award, or the UTC Long Term Incentive Plan, as amended and restated.

              

      

    

    

    

    
      
        	14.	
                If and to the extent any payment or benefit provided herein is determined to be deferred compensation within the meaning of Section 409A, such payment or benefit will provided in a manner that complies with
                  Section 409A.

              

      

    

    

    

    
      
        	15.	
                The Executive states that [he/she] has read this Agreement, including the Release and Waiver contained herein, fully understands its content and effect, and without
                  duress or coercion, knowingly and voluntarily assents to its terms.

              

      

    

    

    

    IN WITNESS WHEREOF, the parties hereto have executed this Agreement which shall be effective as of the date of the Executive’s signature below.

    

    

    UNITED TECHNOLOGIES CORPORATION

    

    

    	
            By:

          	 	 	
            By:

          	 
	 	
            [Name]

          	 	 	
            [Name of Executive]

          
	 	
            Executive Vice President and

          	 	 	 
	 	
            Chief Human Resources Officer

          	 	 	 
	 	 	 	 	 
	
            Date:

          	 	 	
            Date:

          	 	 
	 	 	 	 	 

     

      

     

      

    A-7 

    
      
        

    

    
      
        United Technologies Corporation

        2018 Long-Term Incentive Plan

         

        Executive Leadership Group

        Restricted Stock Unit Retention

        Award

         

        Schedule of Terms

         

        (Rev. April 1, 2019)

         

        This Schedule of Terms describes the material features of the Participant’s Executive Leadership Group Restricted Stock Unit Retention Award (the “ELG RSU Retention Award” or the “ELG RSU Award”) granted under the United Technologies
          Corporation 2018 Long-Term Incentive Plan (the “LTIP”), subject to this Schedule of Terms, the Award Agreement and the terms and conditions set forth in the LTIP and the ELG Program.  The LTIP Prospectus contains further information about the
          LTIP and this ELG RSU Award and is available on the Company’s internal employee website and at www.ubs.com/onesource/UTX.

         

          

        
          

          1

          
            

          

        

        United Technologies Corporation (the “Corporation”) has awarded the Executive designated in the Award Statement (the “Participant” or the “Executive”), who has accepted membership in the Corporation’s Executive Leadership Group (the “ELG”),
          with Restricted Stock Units (the “ELG RSU Retention Award” or the “ELG RSU Award”) pursuant to the LTIP.

         

        Certain Definitions

         

        A Restricted Stock Unit (an “RSU”) represents the right to receive one share of Common Stock of the Corporation (“Common Stock”) (or a cash payment equal to the Fair Market Value thereof).  RSUs generally vest and
            are converted into shares of Common Stock if the Participant remains employed by the Company as a member of the ELG and experiences a Qualifying Separation from the Company with at least three years of ELG service (see “Vesting” below). “Company”

          means the Corporation, together with its subsidiaries, divisions and affiliates.  For the avoidance of doubt, absences from employment by reason of notice periods, garden leaves, or similar paid leaves associated with a Termination of Service
          shall not be recognized as service in determining vesting of an Award or the Termination Date for a Qualifying Separation.  “Committee” means the Compensation Committee of the Board. Capitalized terms not
          otherwise defined in this Schedule of Terms have the same meaning as defined in the LTIP or the ELG Program materials.

         

        Acknowledgement and Acceptance of Award

         

        The number of RSUs awarded is set forth in the Award Agreement. The Participant must affirmatively acknowledge and accept the terms and conditions of the ELG RSU Award within 150 days following the Grant Date. A failure
          to acknowledge and accept the ELG RSU Award within such 150-day period will result in forfeiture of the ELG RSU Award, effective as of the 150th day following the Grant Date.

         

        Participants must acknowledge and accept the terms and conditions of this ELG RSU Award electronically via the UBS One Source website at www.ubs.com/onesources/UTX. Participants
          based in certain countries may be required to acknowledge and accept the terms and conditions of this ELG RSU Award by signing and returning the designated hard copy portion of the Award Agreement to the Stock Plan Administrator. These countries
          currently include Russia, Turkey, Hungary, and Slovenia.

         

        Dividend Equivalents

         

        RSUs granted under this Award will earn dividend equivalent units each time the Corporation pays a cash dividend to Common Stock shareholders of record. Dividend equivalents will be credited as additional RSUs to Awards
          outstanding on the dividend payment date and will be eligible to vest under the same terms as the underlying RSUs. The number of additional RSUs that will be credited on any dividend payment date will equal (1) the per share cash dividend amount,
          multiplied by (2) the number of RSUs subject to the RSU Award (including RSUs resulting from prior dividend equivalents), divided by (3) the Fair Market Value of a share of Common Stock on the dividend payment date, rounded down to the nearest
          whole number of RSUs.

         

        Vesting

         

        RSUs vest upon a Qualifying Separation from the Company with completion of at least three years of service as a member of the ELG (the “Vesting Date”), and in the event of Death. A “Qualifying Separation” means
            and includes a Mutually Agreeable Termination, a Change-in-Control Termination or retirement at age 62 or later, as defined in Attachment A of the ELG Program materials.

         

        
          2

          
            

          

        

        Vesting is subject to entering into the ELG RSU Retention Award Vesting Agreement set forth in Attachment A of this Schedule of Terms (or similar form at the sole discretion of the
            Corporation) and continued compliance with ELG covenants. 

         

        RSUs may also be forfeited and value realized from previously vested RSUs may be recouped by the Company under certain circumstances (see “Forfeiture of Award and Repayment of Realized Gains” below).

         

        No Shareowner Rights

         

        An RSU is the right to receive a share of Common Stock in the future (or a cash payment equal to the Fair Market Value), subject to continued employment, membership in the ELG, and certain other
          conditions. The holder of an RSU has no voting or other rights accorded to owners of Common Stock, unless and until RSUs are converted into shares of Common Stock.

         

        Payment / Conversion of RSUs

         

        Vested RSUs will be converted into shares of Common Stock to be delivered to the Participant as soon as administratively practicable following the vesting date. RSUs may instead be paid in cash if the Committee so
          determines, including where local law restricts the distribution of Common Stock.

         

        In the event payment is required under local law for enforcement of the ELG non-compete covenants, the Participant agrees that the Company may structure distribution of the ELG RSU Award to satisfy local requirements,
          which may include adjustments to method, form and timing, provided such payments are not subject to IRC Section 409A.

         

        Death

         

        If the Participant dies while actively employed by the Company, all RSUs will vest as of the date of death and be converted to shares of Common Stock to be delivered to the Participant’s estate, net of taxes (where
          applicable) as soon as administratively practicable.

         

        Adjustments

         

        If the Corporation engages in a transaction effecting its capital structure, such as a merger, distribution of a special dividend, spin-off of a business unit, stock split, subdivision or consolidation of shares of
          Common Stock or other events effecting the value of Common Stock,  RSU awards may be adjusted as determined by the Committee, in its sole discretion.

         

        Further information concerning capital adjustments is set forth in Section 3(e) of the LTIP, which can be located at www.ubs.com/onesource/UTX.

         

        ELG Covenants

         

        Entering into the Executive Leadership Group Agreement and acceptance of the ELG RSU Award constitutes agreement and acceptance by the Participant of the following ELG covenants:

         

        
          3

          
            

          

        

        • Pre-Vesting Date Covenants

         

        
          
            	

                  	(a)	
                    During the period of the Participant’s employment, and following termination of employment, the Participant agrees to protect and to not disclose “Company Information” until the information has become public (through no action on
                      the part of the Participant) or is no longer material or relevant to the Company.

                  

          

        

         

        “Company Information” means (i) confidential or proprietary information including without limitation information received from third parties under confidential or proprietary conditions; (ii) information subject to
          the Company’s attorney-client or work-product privilege; and (iii) other technical, business or financial information, the use or disclosure of which might reasonably be construed to be contrary to the Company’s interests.

         

        
          
            	

                  	(b)	
                    During the period of the Participant’s employment, and for a period of two years following termination of employment, the Participant agrees to not initiate, cause or allow to be initiated (under those conditions which he or she
                      controls) any action which would reasonably be expected to encourage or to induce any employee of the Company or any of its affiliated entities, or any individual who had been an employee of the Company or any of its affiliated
                      entities within the previous three months, to leave the employ of the Company or its affiliated entities. In this regard, the Participant agrees that he or she will not directly or indirectly recruit any executive or other employee of
                      the Company (or individual who had been an employee of the Company within the previous three months) or provide any information or make referrals to personnel recruitment agencies or other third parties in connection with executives
                      of the Company and other employees (or individual who had been employees of the Company within the previous three months).

                  

          

        

         

        
          
            	

                  	(c)	
                    During the period of the Participant’s employment, and for a period of one year following termination of employment, the Participant agrees not to accept employment in any form (including entering into consulting relationships or
                      similar arrangements) with any business that: (i) engages in activities that compete directly or indirectly with any of the Company’s businesses; or (ii) is a material customer of or a material supplier to any of the Company’s
                      businesses unless the Participant has first obtained the consent of the Chief Human Resources Officer, which consent shall be granted or withheld in his or her sole discretion.

                  

          

        

         

        • Post-Vesting Date Covenants

         

        
          
            	

                  	(a)	
                    The Pre-Vesting Date Covenant described in (a) above remains in full effect and the Pre-Vesting Date Covenants described in (b) and (c) above will remain in effect, for two years and one year respectively, as detailed above
                      following the Vesting Date.

                  

          

        

         

        
          
            	

                  	(b)	
                    To further ensure the protection of Company Information, the Participant agrees not to accept employment in any form (including entering into consulting relationships or similar arrangements) for an additional one year period which
                      shall run consecutive to the one year Pre-Vesting Date Covenant referenced above, for a total two-year noncompetition period following the Vesting Date with any business that: (i) engages in activities that compete directly or
                      indirectly with any of the Company’s businesses; or (ii) is a material customer of or a material supplier to any of the Company’s businesses unless the Participant has first obtained the consent of the Chief Human Resources Officer,
                      which consent shall be granted or withheld in his or her sole discretion.

                  

          

        

         

        
          4

          
            

          

        

        
          
            	

                  	(c)	
                    For a period of two-years following the Vesting Date, the Participant will not directly or indirectly, in any capacity or manner, make any statements of any kind (or cause, further, assist, solicit, encourage, support or
                      participate in the foregoing), whether verbal, in writing, electronically transferred or otherwise, or disclose any items of information which, in either case are or may reasonably be construed to be derogatory, critical or adverse to
                      the interests of the Company. The Participant agrees that he or she will not disparage the Company, its executives, directors or products.

                  

          

        

         

        The Participant agrees that the terms of the foregoing restrictions are reasonable and that the value of ELG RSU Retention Award is reasonable consideration for accepting such restrictions and forfeiture contingencies. However, if any portion
          of this section is held by competent authority to be unenforceable, this section shall be deemed amended to limit its scope to the broadest scope that such authority determines is enforceable, and as so amended shall continue in effect.

         

        The Participant acknowledges that ELG benefits received under the ELG program, and the ELG RSU Retention Award, shall constitute compensation in satisfaction of these covenants.  Further, in the event payment is required under local law for enforcement of the non-compete covenant, the Participant agrees that the Company may structure payments and/or distribution of the ELG RSU Award, or payments in lieu
            thereof, to satisfy local requirements, which may include adjustments to method, form and timing, provided such payments are not subject to IRC Section 409A.

         

        The ELG covenants set forth in this Schedule of Terms are in addition to other obligations and commitments of the ELG program, the terms and conditions of the LTIP and the Participant’s intellectual property agreement with the Company (and as
          each may be amended from time to time).

         

        Specified Employees

         

        If a Participant is a “specified employee” within the meaning of Section 409A of the Code (i.e., generally the fifty highest paid employees, as determined by the Company) at the time of the Participant’s
            Qualifying Separation, then to the extent necessary to avoid the application of any additional tax or penalty under IRC Section 409A and consistent with the terms of the Plan, RSUs will be held in the Participant’s UBS account and will vest on
            the first day of the seventh month following the later of the Participant’s Qualifying Separation or the signing of the ELG RSU Retention Award Vesting Agreement set forth in Attachment A of this Schedule
            of Terms (or similar form at the Company’s discretion). Upon vest, RSUs will convert into an equal number of shares of Common Stock (or cash).  The value of the RSUs will
            be determined as of the vest date.

         

        Forfeiture of Award and Repayment of Realized Gains

         

        The ELG RSU Retention Award will be immediately forfeited and the Participant will be obligated to repay to the Company the value realized from a vested ELG RSU Award upon the occurrence of any of the following events:

         

        
          5

          
            

          

        

        
          
            	■	
                    Membership in the ELG ceases. While an employee of the Company, Participant’s membership in the ELG ceases for any reason.

                  

          

        

         

        
          
            	■	
                    Non-mutual termination.  Participant terminates employment and the Company wants to retain Participant’s services.

                  

          

        

         

        
          
            	■	
                    Violation of ELG Covenants.  Participant violates any of the ELG Covenants.

                  

          

        

         

        
          
            	■	
                    Self-dealing. Participant engages in conduct which serves his or her own personal interests at the expense of the Company, or permit others to do so.

                  

          

        

         

        
          
            	■	
                    Financial restatement.  A restatement of financial results attributable to Participant’s actions, whether intentional or negligent.

                  

          

        

         

        
          
            	■	
                    Improper or criminal conduct. Participant’s discharge results from actions (or omissions) which Participant did not reasonably believe to be in the best interests of the Company.  Participant
                      must not engage in conduct that is fraudulent, dishonest, or violates federal, state or local law.

                  

          

        

         

        
          
            	■	
                    Termination for Cause. Participant’s termination results from facts or circumstances that constitute a Termination for Cause as defined herein; or if following termination, the Company
                      determines within three years that Participant engaged in conduct that would have constituted the basis for a Termination for Cause.

                  

          

        

         

        ELG Definitions

         

        For purposes of the Executive Leadership Group RSU Retention Award, the following terms shall have the meanings ascribed to them in Attachment A of the ELG Program materials: Qualifying Separation, Mutually
            Agreeable Termination, Change-in-Control Termination, Good Reason, and Termination for Cause.

         

        Change-in-Control

         

        In the event of a Change-in-Control or restructuring of the Company, the Committee may, in its sole discretion, take certain actions with respect to outstanding Awards to assure fair and equitable treatment of
            LTIP Participants. Such actions may include the acceleration of vesting, canceling an outstanding Award in exchange for its equivalent cash value (as determined by the Committee), or providing for other
            adjustments or modifications to outstanding Awards as the Committee may deem appropriate.

         

        Awards Not to Affect Certain Transactions

         

        RSU Awards do not in any way affect the right of the Corporation or its shareowners to effect: (i) any adjustments, recapitalizations, reorganizations or other changes in the Corporation’s capital
          or business structure; (ii) any merger or consolidation of the Corporation; (iii) any issue of bonds, debentures, shares of stock preferred to, or otherwise affecting the Common Stock of the Corporation or the rights of the holders of such Common
          Stock; (iv) the dissolution or liquidation of the Corporation; (v) any sale or transfer of all or any part of its assets or business; or (vi) any other corporate act or proceeding.

         

        
          6

          
            

          

        

        Right of Offset

         

        The ELG RSU Retention Award will be offset and reduced by the full amount (if any) of cash severance benefits that the Participant may separately be entitled to receive from the Company based on any employment agreement, contractual
          obligation, or statutory scheme, including mandated termination indemnities or similar benefits.  In the event of such an offset, the Participant’s commitments under the ELG remain in full force and effect.

         

        Taxes / Withholding

         

        The Participant is responsible for all income taxes, social insurance contributions, payroll taxes, payment on account or other tax-related items attributable to any Award (“Tax-Related Items”). The Fair Market Value of Common Stock on the New
          York Stock Exchange on the date the taxable event occurs will be used to calculate taxable income realized from the RSUs. The provisions of Section 14(d) (Required Taxes) of the LTIP apply to this Award; provided that, if the Participant is an
          individual covered under Section 16 of the Securities Exchange Act of 1934, as amended, at that the time that a taxable event occurs, then the Company’s withholding obligations with respect to such taxable event will be satisfied by the Company
          withholding shares of Common Stock, subject to the ELG RSU Award having a Fair Market Value on the date of withholding equal to or greater than the amount required to be withheld for tax purposes (calculated using the minimum statutory
          withholding rate, except as otherwise approved by the Committee). The Company shall have the right to deduct directly from any payment or delivery of shares due to Participant or from Participant’s regular compensation to effect compliance with
          all Tax-Related Items including withholding and reporting with respect to the vesting of any RSU.  Acceptance of an Award constitutes affirmative consent by Participant to such reporting and withholding. The Participant acknowledges that the
          ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and may exceed the amount actually withheld by the Company. Further, if the Participant has become subject to tax in more than one jurisdiction between
          the date of grant and the date of any relevant taxable event, the Participant acknowledges that the Company may be required to withhold or account for Tax-Related Items in more than one jurisdiction.  In those countries where there is no
          withholding on account of such Tax-Related Items, Participants must pay the appro-priate taxes as required by any country where they are subject to tax.  In those instances where the Company is required to calculate and remit withholding on
          Tax-Related Items after shares have already been delivered, the Participant shall pay the Company any amount of Tax-Related Items that the Company is required to pay. The Company may refuse to distribute an Award if a Participant fails to comply
          with his or her obligations in connection with Tax-Related Items.

         

        Important information about the U.S. Federal income tax consequences of LTIP Awards can be found in the LTIP Prospectus at www.ubs.com/onesource/UTX.

         

        Vesting / Taxes Due

         

        If the Participant is subject to tax in the U.S., the value of the Award as of the Vesting Date will be subject to FICA withholding in that same calendar year.  If the Participant is responsible for a Tax-Related Item in a country outside the U.S. (“Foreign Country”) and if pursuant to the rules regarding such Tax-Related Item in such Foreign Country, the Participant will be
            liable for such Tax-Related Item prior to the date that the Participant is issued shares pursuant to this Award, the Committee, in its discretion, may accelerate vesting and settlement of a portion of the Award to the extent necessary to pay
            the foreign Tax-Related Items due (and any applicable U.S. income taxes due as a result of the acceleration of vesting and settlement) but only if such acceleration does not result in taxation under Section 409A (as permitted under Treasury
            Regulation Section 1.409A-3(j)(4)(xi)).

         

        
          7

          
            

          

        

        Non-assignability

         

        Unless otherwise approved by the Committee or its delegate, no assignment or transfer of any right or interest of a Participant in any ELG RSU Award, whether voluntary or involuntary, by operation of law or otherwise, is permitted except by
          will or the laws of descent and distribution.  Any other attempt to assign such rights or interest shall be void and without force or effect.

         

        Nature of Payments

         

        All Awards made pursuant to the LTIP are in consideration of services performed for the Company. Any gains realized pursuant to such Awards constitute a special incentive payment to the Participant and will not be taken into account as
          compensation for purposes of any of the employee benefit plans of the Company.  Awards are made at the discretion of the Committee. Receipt of a current Award does not guarantee receipt of a future Award.

         

        Right of Discharge Reserved

         

        Nothing in the LTIP or in any RSU Award shall confer upon any Participant the right to continued employment or service for any period of time, or affect any right that the Company may have to terminate the employment of
          any Participant at any time for any reason.

         

        Administration

         

        The Board of Directors of the Corporation has delegated the administration and interpretation of the Awards granted pursuant to the LTIP to the Compensation Committee. The Committee establishes such procedures as
            it deems necessary and appropriate to administer Awards in a manner that is consistent with the terms of the LTIP. The Committee has, consistent with its charter and subject to certain limitations, delegated to the Chief Executive
          Officer, and the Chief Human Resources Officer (and to such subordinates as she or he may further delegate) the authority to grant, administer and interpret Awards, provided that, such delegation will not apply with respect to employees of the
          Company who are covered under Section 16 of the Securities Exchange Act of 1934, as amended, and to members of the Company’s Executive Leadership Group. Awards to these individuals will be granted, administered, and interpreted exclusively by the
          Committee. The Committee’s decision or that of its delegate on any matter related to an Award shall be binding, final and conclusive on all parties in interest.

         

        Data Privacy

         

        The Corporation maintains electronic records for the purpose of administering the LTIP and individual Awards.  In the normal course of plan administration, electronic data may be transferred to different sites within
          the Company and to outside service providers.  Acceptance of an Award constitutes consent by the Participant to the collection, use, processing, transmission, and holding of personal data, in electronic or other form, as required for the
          implementation, administration, and management of this Award and the LTIP by the Company or its third party administrators within or outside the country in which the Participant resides or works.  All such collection, use, processing,
          transmission, and holding of data will comply with applicable privacy protection requirements. If a Participant does not want to have his or her personal data shared, he or she may choose to not accept this Award.

         

        
          8

          
            

          

        

        Company Compliance Policies

         

        Participants must comply with the Company’s Code of Ethics and Corporate Policies and Procedures. Violations can result in the forfeiture of Awards and the obligation to repay previous gains realized from LTIP Awards.
          The UTC Code of Ethics, Corporate Policy Manual, Corporate Financial Manual, as well as other Company policies are available online via the Company’s internal home page.

         

        Interpretations

         

        This Schedule of Terms provides a summary of terms applicable to the ELG RSU Award. This Schedule of Terms and each Award Agreement are subject in all respects to the terms of the LTIP, which can be located at www.ubs.com/onesource/UTX, and
          ELG Program materials. In the event that any provision of this Schedule of Terms or any Award Agreement is inconsistent with the terms of the LTIP or ELG Program materials, the terms of the LTIP and ELG Program materials shall govern. The ELG
          Program materials may impose additional obligations or restrictions beyond the terms of the LTIP. Capitalized terms used but not otherwise defined herein shall have the meanings as defined in the LTIP or ELG Program materials. In the event of a
          conflict between the LTIP and ELG Program materials, ELG Program materials shall control. Any question concerning administration or interpretation arising under the Schedule of Terms or any Award Agreement shall be determined by the Committee or
          its delegates, and such determination shall be final, binding, and conclusive upon all parties in interest. If this Schedule of Terms or any other document related to this Award is translated into a language other than English and a conflict
          arises between the English and translated version, the English version will control.

         

        Governing Law

         

        The LTIP, this Schedule of Terms and the Award Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

         

        Additional Information

         

        Questions concerning the LTIP or Awards and requests for LTIP documents shall be directed to:

         

        Stock Plan Administrator

         

        stockoptionplans@utc.com

         

        OR

         

        United Technologies Corporation

        Attn: Stock Plan Administrator

        4 Farm Springs Road

        Farmington, CT  06032

        

        

        The Corporation and/or its approved Stock Plan Administrator will send any Award-related communications to the Participant’s email address or physical address on record.  It is the responsibility of the Participant to ensure that both the
          e-mail and physical address on record are up-to-date and accurate at all times to ensure delivery of Award-related communications.

         

        
          9

          
            

          

        

        

        

        

        ELG RSU Retention Award Schedule of Terms

        Attachment A

        

        

        ELG RSU RETENTION AWARD VESTING AGREEMENT

        

        

        This VESTING AGREEMENT, is entered into between _______________ (hereinafter, the “Executive”), and UNITED TECHNOLOGIES CORPORATION, a Delaware corporation, with an office
          and place of business at 10 Farm Springs Road, Farmington, CT 06032 (United Technologies Corporation and all its subsidiaries, divisions and affiliates are hereinafter referred to as the “Company”).

        

        

        WHEREAS, the Executive and the Company agree that the Executive’s employment with the Company will terminate; and

        

        

        WHEREAS, the parties wish to set forth their mutual understanding concerning the terms and conditions relative to the termination of the Executive’s employment with the
          Company; and

        

        

        WHEREAS, the Executive has committed to membership in the Company’s Executive Leadership Group (the “ELG”), which commitment signifies, among other things, the Executive’s
          acceptance of the terms and conditions of the ELG Program, including, specifically, the terms and conditions of the ELG Restricted Stock Unit Retention Award as set forth in the Schedule of Terms applicable to such Award granted on or about
          [Date] (the “ELG RSU Award”);

        

        

        NOW, THEREFORE, it is hereby mutually agreed as follows:

        

        

        
          
            
              	1. 

                    	(a)	
                      The Executive’s employment with the Company will terminate effective ___________ (the “Termination Date”).

                    

            

          

        

        

        

        
          
            	

                  	(b)	
                    The parties agree that the termination of the Executive’s employment shall be a Qualifying Separation from the Company, thus entitling the Executive to vest in the ELG RSU Award (the “ELG RSU Retention
                      Award”) as of the later of the Executive’s Termination Date or the date of this Agreement (the “Vesting Date”).  Vesting is subject to the Executive’s compliance with the Schedule of Terms of such Award and the terms of this
                      Agreement.

                  

          

        

        

        

        
          
            
              	2.	(a)	
                      Effective as of the Vesting Date, the number of ELG RSUs awarded, including dividend equivalents will convert into an equal number of shares of UTC Common Stock, less the number of shares withheld to pay
                        taxes.  The Executive acknowledges [his/her] understanding that the vesting of this ELG RSU Award will occur in consideration of [his/her] agreements
                        and obligations set forth in this Agreement and the ELG RSU Award.

                    

            

          

        

        

        

        
          A-1

          
            

          

        

        
          
            
              
                

                

              

            

            	

                  	(b)	
                    The Executive understands and agrees that the value of the ELG RSU Award will not be treated as compensation for any purpose under any of the retirement, savings, severance or other employee benefit plans in
                      which [he/she] participated.

                  

          

        

        

        

        
          
            
              	3.	(a)	
                      The Executive, for [him/her]self and on behalf of [his/her] heirs, executors, assigns and successors in interest, hereby agrees to release the Company, its subsidiaries, divisions, present or former
                          employees, officers and directors, personally and in their capacity as employees, officers and directors of the Company, from all claims or demands the Executive may have based on [his/her] employment with the Company or the termination of that employment.  This includes a release of any rights or claims the Executive may have under the Age Discrimination in
                          Employment Act of 1967, as amended from time to time, which prohibits age discrimination in employment; Title VII of the Civil Rights Act of 1964, as amended from time to time, which prohibits discrimination in employment based on
                          race, color, national origin, religion or sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans with Disabilities Act which prohibits discrimination on the basis of handicap; the
                          Employee Retirement and Income Security Act of 1974, as amended from time to time, which prohibits termination of employment for the purpose of interfering with eligibility for employee benefits, and any other federal, state or
                          local laws or regulations prohibiting employment discrimination.  This release also includes any claims or actions for wrongful discharge, breach of contract (express or implied), tort, defamation, emotional distress or
                        any other claims otherwise related to his employment or the termination of his employment with the Company. The Executive acknowledges and agrees that this release also applies to similar claims he might assert under the laws of any
                        other country.  The Parties agree that this Agreement constitutes a comprehensive and conclusive resolution of all matters related to the termination of his employment.

                    

            

          

        

        

        

        
          
            	

                  	(b)	
                    This Release covers all claims based on any facts or events, whether known or unknown by the Executive that occurred on or before the effective date of this Agreement.  The Executive will notify the
                        Company of any claims that [he/she] asserts may have arisen after the effective date of this Agreement but before the Termination Date. 
                        The Executive agrees to ratify and confirm the release and waiver effective as of the Termination Date as a pre-condition to receiving any of the benefits hereunder.  The Executive acknowledges that he is not entitled to,
                      and will not assert any claim for termination related benefits under any jurisdiction outside of the United States, whether based on foreign law, regulation, collective agreement, contract or arrangement.

                  

          

        

        

        

        
          A-2

          
            

          

        

        
          
            
              
                

                

              

            

            	

                  	(c)	
                    This Release does not include a release of the Executive’s rights to any pension, deferred compensation, health or similar benefits to which [he/she] may be entitled
                      in accordance with the terms of the Company employee benefit plans in which [he/she] participated.

                  

          

        

        

        

        
          
            	

                  	(d)	
                    Nothing in this Agreement shall be construed to prohibit the Executive from filing a charge with, or participating in, any investigation or proceeding by the U.S. Equal Employment Opportunity Commission (EEOC), the Securities and
                      Exchange Commission (SEC) or other comparable governmental agency.  The Executive agrees, however, to waive the right to recover monetary damages in any charge, complaint or lawsuit filed by [him/her]
                      or on [his/her] behalf with respect any claims released pursuant to this Agreement.

                  

          

        

        

        

        
          
            	

                  	(e)	
                    The Executive understands and agrees that the vesting and distribution of the ELG RSU Award pursuant to this Agreement is in full and complete satisfaction of all obligations due [him/her] by the Company and that no other obligations are due [him/her] under the ELG Program. The Executive further acknowledges that [he/she]
                      shall not be entitled to any additional severance payments or payments in lieu of vacation, holiday or other fringe benefits under the ELG or any other Company program. The Executive further agrees that the ELG RSU Award shall be
                      offset and reduced by the full amount (if any) of cash severance benefits that the Executive may separately be entitled to receive from the Company based on any employment agreement, contractual obligation or statutory scheme,
                      including mandated termination indemnities or similar benefits.

                  

          

        

        

        

        
          
            	

                  	(f)	
                    Following the Termination Date, the Executive agrees that [he/she] will cooperate with the Company with respect to matters that involved [him/her] during the course of [his/her] employment if such cooperation is deemed necessary or appropriate by the Company.

                  

          

        

        

        

        
          
            	

                  	(g)	
                    The Executive agrees to resign from all committees, boards, associations and other organizations, both internal and external, to which the Executive currently belongs in [his/her]
                      capacity as a Company executive, except as mutually agreed with the Company.  Following the Termination Date, the Executive will be free to join boards and affiliate with organizations provided that such affiliation will not violate
                      or conflict with any of [his/her] obligations set forth in Section 4 of this Agreement.

                  

          

        

        

        

        
          	 	
                  (h)

                	
                  The Executive is encouraged, at [his/her] own expense, to consult with an attorney before signing this Agreement and acknowledges that [he/she] was offered sufficient time to review and consider this Agreement.

                

        

        

        

        
          A-3

          
            

          

        

        
          
            
              
                

                

              

            

            	

                  	(i)	
                    The Executive may revoke this Agreement within seven (7) days of the date of the Executive’s signature.  Revocation can be made by delivering a written notice of revocation to [ ____ ], Executive Vice President & Chief Human Resources Officer, United Technologies Corporation, 10 Farm Springs, Farmington, CT 06032.  For this revocation to be effective, [____]
                      must receive written notice no later than close of business on the seventh (7th) day after the Executive signs this Agreement.  If the Executive revokes this Agreement, it shall not be effective or enforceable and the Executive will
                      not vest in the ELG RSU Award or receive any other benefits described herein and agrees to immediately repay to the Company the value of any benefits provided prior to revocation.

                  

          

        

        

        

        
          
            	

                  	4.	
                    In consideration of the benefits of membership in the ELG and the opportunity to vest in the ELG RSU Award, the Executive has agreed to certain restrictive covenants effective during the course of [his/her] employment and additional restrictive covenants that become effective upon the termination of [his/her] employment and the vesting of [his/her] ELG RSU Award (the “ELG Covenants”). The Executive hereby acknowledges and affirms [his/her] ELG Covenants and makes the following representations
                      to and additional agreements with the Company:

                  

          

        

        

        

        
          
            	

                  	(a)	
                    During a period beginning on the date hereof and extending for two years after the Termination Date, the Executive will not directly or indirectly, in any capacity or manner, make any statements of any kind
                      (or cause, further, assist, solicit, encourage, support or participate in the foregoing), whether verbal, in writing, electronically transferred or otherwise,  or disclose any items of information which are or may reasonably be
                      construed  to be derogatory, critical of, or adverse to the interests of the Company.  The Executive agrees that [he/she] will not disparage the Company, its executives, directors or products.

                  

          

        

        

        

        
          
            	 	(b)	
                    The Executive acknowledges that in the course of [his/her] employment with the Company [he/she] has acquired Company
                      Information and that such Company Information has been disclosed to [him/her] in confidence and for the Company’s use only.  The Executive agrees that, except as [he/she] may otherwise be directed under this Agreement or as required by law, regulation or legal proceeding, [he/she] (i) will keep such Company Information confidential at
                      all times, (ii) will not disclose or communicate Company Information to any third party and (iii) will not make use of Company Information on his own behalf or on behalf of any third party.  In the event that the Executive becomes
                      legally compelled to disclose any Company Information, it is agreed that the Executive will provide the Company with prompt written notice of such request(s) so that the Company may seek a protective order or other appropriate legal
                      remedy to which it may be entitled.  In view of the nature of the Executive’s employment and the sensitive nature of Company Information which the Executive has received during the course of [his/her]
                      employment, the Executive agrees that any unauthorized disclosure to third parties of Company Information or other violation, or threatened violation, of this Agreement would cause irreparable damage to the trade secret, confidential
                      or proprietary status of Company Information and to the Company.  Therefore, in that event the Company shall be entitled to an injunction prohibiting the Executive from any such disclosure, attempted disclosure, violation or
                      threatened violation.  When Company Information becomes generally available to the public other than by the Executive’s acts or omissions, it is no longer subject to the restrictions in this paragraph.

                  

          

        

        

        

        
          A-4

          
            

          

        

        
          
            
              

                

              

            

            	

                  	(i)	
                    Notice regarding trade secrets.  Under certain conditions, the Defend Trade Secrets Act of 2016 (Public Law No. 114-153, Section 7) provides immunity from liability for certain disclosures of trade secrets, in confidence or under
                      seal, to the government or in connection with a court proceeding, when related to suspected violations of law raised in good faith. (18 U.S.C. § 1833).

                  

          

        

        

        

        
          
            	

                  	(c)	
                    To further ensure the protection of Company Information, the Executive agrees that for a period of two (2) years after [his/her] Termination Date, [he/she] will not accept employment in any form (including entering into consulting
                        relationships or similar arrangements) with a business which: (i) competes directly or indirectly with [any of the Company’s businesses (applies to corporate executives)] [the
                        Executive’s business unit (includes current and past business units)]; or (ii) is a material customer of or a material supplier to [any of
                        the Company’s businesses] [the Executive’s business unit], unless the Executive has obtained the written consent of the Executive Vice President & Chief Human Resources Officer or [his/her] successor, which consent shall be granted or withheld in his sole discretion.  The Executive
                        acknowledges that the ELG RSU Award vested and distributed pursuant to this Agreement constitutes full and adequate consideration for the Executive’s obligations set forth in this paragraph (4)(d).  The parties agree that the terms
                        of this paragraph are reasonable.  However, if any portion of this paragraph is held by competent authority to be unenforceable, this paragraph shall be deemed amended to limit its scope to the broadest scope that such authority
                        determines is enforceable, and as so amended shall continue in effect.

                  

          

        

        

        

        
          
            	

                  	(d)	
                    For a period of two (2) years following the Termination Date, the Executive will not initiate, cause or allow to be initiated (under those conditions which [he/she] controls) any action which would reasonably be expected to encourage or to induce any employee of the Company or any of its affiliated entities to leave the employ of
                        the Company or its affiliated entities.  In this regard, the Executive agrees that [he/she] will not directly or indirectly recruit any Company executive or other employee or provide
                      any information or make referrals to personnel recruitment agencies or other third parties in connection with Company executives and other employees.

                  

          

        

        

        

        
          A-5

          
            

          

        

        
          
            	

                  	(e)	
                    The Executive acknowledges that the Intellectual Property Agreement between [him/her] and the Company will continue in full force and effect following the Termination
                      Date.

                  

          

        

        

        

        
          
            	5.	
                    The Company represents to the Executive that it is fully authorized and empowered to enter into this Agreement, and that it will safeguard this Agreement and its terms from public disclosure with the same
                      degree of care with which the Company protects its proprietary information.

                  

          

        

        

        

        
          
            	6.	
                    The Executive will not disclose or allow to be disclosed any of the terms or conditions of this Agreement.  The Executive agrees not to make duplicate copies of this Agreement, provided, however, [he/she]
                      may retain a copy of the Agreement; and provided further, that [he/she] may disclose this Agreement to [his/her] spouse, attorney, financial advisor and
                      the preparer of [his/her] tax returns.  Further, the Executive may, if necessary, advise a new employer of [his/her] obligations hereunder.

                  

          

        

        

        

        
          
            	7.	
                    The obligations of the parties hereto are severable and divisible.  In the event any provision hereunder is determined to be illegal or unenforceable, the remainder of this Agreement shall continue in full
                      force and effect.

                  

          

        

        

        

        
          
            	8.	
                    In addition to any other rights the Company may have, should the Executive breach any of the terms of this Agreement, the Company will have the right to recover the value realized from the ELG RSU Award and
                      any other benefits provided hereunder, the amount of such recovery to be determined relative to the damages caused by the breach.  Such action by the Company will not be taken capriciously and will have no effect on the Release and
                      Waiver contained in this Agreement.

                  

          

        

        

        

        
          
            	9.	
                    Any dispute arising between the Company and the Executive with respect to the validity, performance or interpretation of this Agreement shall be submitted to and determined in binding arbitration in
                      Hartford, Connecticut, for resolution in accordance with the rules of the American Arbitration Association, modified to provide that the decision by the arbitrator shall be binding on the parties; shall be furnished in writing,
                      separately and specifically stating the findings of fact and conclusions of law on which the decision is based; shall be kept confidential by the arbitrator and the parties; and shall be rendered within 60 days following empanelment
                      of the arbitrator.  Costs of the arbitration shall be borne by the party that does not prevail.  The arbitrator shall be selected in accordance with the rules of the American Arbitration Association.

                  

          

        

        

        

        
          A-6

          
            

          

        

        
          
            	10.	
                    This Agreement shall be subject to and governed by the laws of the State of Connecticut, USA, excluding its conflict of laws rules.

                  

          

        

        

        

        
          
            	11.	
                    This Agreement constitutes the entire agreement between the parties and supersedes all previous communications between the parties with respect to the subject matter of this Agreement.  No amendment to this
                      Agreement shall be binding upon either party unless in writing and signed by or on behalf of such party.

                  

          

        

        

        

        
          
            	12.	
                    Any notice under this agreement shall be in writing and addressed to the Executive at [his/her] home address of record at the Company and to the Company as follows:

                  

          

        

        

        

        	 	
                United Technologies Corporation

              
	 	
                10 Farm Springs Road

              
	 	
                Farmington, CT  06032

              
	 	
                Attention: Executive Vice President &

              
	 	
                Chief Human Resources Officer

              

        

        

        Either party may change its address for notices by giving the other party notice of the change.

        

        

        
          
            	13.	
                    The Executive, or [his/her] estate, shall be responsible for any and all tax liability imposed on amounts paid hereunder. The Company reserves the right to withhold
                      applicable taxes from any amounts paid pursuant to this Agreement to the extent required by law.

                  

          

        

        

        

        
          
            	14.	
                    Capitalized terms in this Agreement, not otherwise defined herein, are defined in the ELG Program materials, Schedule of Terms applicable to this ELG RSU Award, or the UTC Long Term Incentive Plan, as
                      amended and restated.

                  

          

        

        

        

        
          
            	15.	
                    If and to the extent any payment or benefit provided herein is determined to be deferred compensation within the meaning of Section 409A, such payment or benefit will provided in a manner that complies with
                      Section 409A.

                  

          

        

        

        

        
          
            	16.	
                    The effective date of this Agreement shall be seven (7) days from the date in which the Agreement is signed and dated by the Executive, provided the Executive has not revoked acceptance in accordance with Paragraph 3(i) above.  If
                      the Agreement is not dated by the Executive, the effective day of the Agreement shall be seven (7) calendar days after receipt of the Agreement by the Company, provided the Executive has not revoked acceptance in accordance with
                      Paragraph 3(i) above.

                  

          

        

        

        

        
          A-7

          
            

          

        

        
          
            
              
                

                

              

            

            	17.	
                    The Executive states that [he/she] has read this Agreement, including the Release and Waiver contained herein, fully understands its content and effect, and without
                      duress or coercion, knowingly and voluntarily assents to its terms.

                  

          

        

        

        

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement which shall be effective as of the date of the Executive’s signature below.

        

        

        UNITED TECHNOLOGIES CORPORATION

        

        

        	
                By:

              	 	 	
                By:

              	

              
	 	
                [Name]

              	 	
                

                

              	[Name of Executive] 
	 	
                Executive Vice President and

              	 	 	 	 
	 	
                Chief Human Resources Officer

              	 	 	 	 
	 	 	 	 	 	 
	
                Date:

              	 	 	
                Date:

              	 	 

        

        

      

       

        

      A-8Exhibit 10.21

    

    

    

    

    

    

    

    

    FORM OF

    

    

    RETIREMENT PLAN FOR

    

    

    THIRD COUNTRY NATIONAL EMPLOYEES

    

    

    OTIS WORLDWIDE CORPORATION

    

    

    
      
        

    

    
    

    

    TABLE OF CONTENTS

    

    

    	
            Preamble

          	 	
            1

          
	 	 	 
	
            Article I

          	
            Definitions

          	
            1

          
	 	 	 
	
            Article II

          	
            Credited Service

          	
            3

          
	 	 	 
	
            Article III

          	
            Participation

          	
            3

          
	 	 	 
	
            Article IV

          	
            Retirement Dates

          	
            4

          
	 	 	 
	
            Article V

          	
            Retirement Benefits

          	
            4

          
	 	 	 
	
            Article VI

          	
            Form and Payment of Benefits

          	
            7

          
	 	 	 
	
            Article VII

          	
            Termination of Employment

          	
            9

          
	 	 	 
	
            Article VIII

          	
            Funding

          	
            9

          
	 	 	 
	
            Article IX

          	
            Administration

          	
            10

          
	 	 	 
	
            Article X

          	
            Discontinuance of Employer Contributions – Plan Amendments

          	
            10

          
	 	 	 
	
            Article XI

          	
            Plan Discontinuance Procedures

          	
            10

          
	 	 	 
	
            Article XII

          	
            Miscellaneous

          	
            11

          

    

    

    

    

    

    

    
      i

      
        

    

    
    

    

    PREAMBLE

    

    

    Purpose

    

    

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

    

    

    Spin-off from UTC

    

    

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

    

    

    ARTICLE I - DEFINITIONS

    

    

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

    

    

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

    

    

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

    

    

    Corporation means the Otis Worldwide Corporation.

    

    

    Earnings shall have the same meaning as Annual Earnings.

    

    

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

    

    

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

    

    

    
      1

      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    
      2

      
        

    

    

    

    ARTICLE II - CREDITED SERVICE

    

    

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

              

      

    

    

    

    
      
        	2.	
                Continuous Service shall mean a period of uninterrupted employment of an Eligible Employee with the Employer, provided, however, that Continuous Service with the Employer shall not be broken in the event of:

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	3.	
                In interpreting Section 2 above, the Administrator will apply uniform rules in a like manner to all Participants under similar circumstances.

              

      

    

    

    

    
      
        	4.	
                A Participant shall not accrue Credited Service for any absence described in Section 2 (a) above, but shall retain Credited Service accrued prior to such absence. Upon return to employment after an approved absence, the Participant
                  shall again accrue Credited Service.

              

      

    

    

    

    
      
        	5.	
                A Participant shall continue to accrue Credited Service for any absence described in Section 2 (b) above. For purposes of determining the Participant’s Retirement Benefit, the Participant’s earnings history shall be frozen as of the
                  last date of employment prior to his absence due to disability. Adjustments to Earnings realized after the Participant returns to active employment status shall be included in the determination of Final Average Earnings.

              

      

    

    

    

    
      
        	6.	
                Failure to return to the employ of the Employer by the end of any period specified in Section 2 above shall be considered a termination of employment. Any other absence shall be considered a termination of employment. Any Participant
                  whose employment has been terminated shall be ineligible for readmission to the Plan.

              

      

    

    

    

    
      
        	7.	
                Credited Service for purposes of benefits accrued prior to January 1, 2015 shall not accrue on and after January 1, 2015.

              

      

    

    

    

    ARTICLE III - PARTICIPATION

    

    

    
      
        	1.	
                Eligibility

              

      

    

    

    

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

    

    

    
      
        	2.	
                Employment Classification

              

      

    

    

    

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

    

    

    
      3

      
        

    

    

    

    ARTICLE IV - RETIREMENT DATES

    

    

    
      
        	1.	
                Normal Retirement Age

              

      

    

    

    

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

    

    

    
      
        	2.	
                Normal Retirement Date

              

      

    

    

    

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

    

    

    
      
        	3.	
                Early Retirement Date

              

      

    

    

    

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

    

    

    
      
        	

              	(a)	
                completion of 10 years of Continuous Service, and

              

      

    

    

    

    
      
        	

              	(b)	
                attainment of age 55, and

              

      

    

    

    

    
      
        	

              	(c)	
                termination of employment with the Employer.

              

      

    

    

    

    
      
        	4.	
                Deferred Retirement Date

              

      

    

    

    

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

    

    

    ARTICLE V - RETIREMENT BENEFITS

    

    

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

              

      

    

    

    

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

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	2.	
                Normal Retirement Benefit for Benefits Accrued On and After January 1, 2015 – Cash Balance Benefit

              

      

    

    

    

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

    

    

    
      
        	

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

              

      

    

    

    

    
      4

      
        

    

    

    

    
      
        	

              	(b)	
                Pay Credits

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    	
            Participant’s Age in Full Completed 

            Years on Last Day of Plan Year

          	
            Monthly Pay 

            Credit Rate

          
	
            less than 30

          	
            3%

          
	
            30-34

          	
            4%

          
	
            35-39

          	
            5%

          
	
            40-44

          	
            6%

          
	
            45-49

          	
            7%

          
	
            50 and older

          	
            8%

          

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

              	(c)	
                Interest Credits

              

      

    

    

    

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

    

    

    
      5

      
        

    

    

    

    
      
        	

              	(d)	
                Determination of Cash Balance Account

              

      

    

    

    

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

    

    

    
      
        	3.	
                Offset

              

      

    

    

    

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

    

    

    
      
        	4.	
                Early Retirement Benefit

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	5.	
                Deferred Retirement Benefit

              

      

    

    

    

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

    

    

    
      
        	6.	
                Suspension of Retirement Benefits

              

      

    

    

    

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

    

    

    
      6

      
        

    

    

    

    
      
        	7.	
                Death Benefits Prior to Retirement

              

      

    

    

    

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

    

    

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

    

    

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

    

    

    
      
        	8.	
                Forfeitures

              

      

    

    

    

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

    

    

    ARTICLE VI - FORM AND PAYMENT OF BENEFITS

    

    

    
      
        	1.	
                Normal Form of Retirement Benefit

              

      

    

    

    

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

    

    

    
      
        	2.	
                Contingent Annuitant Option

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      7

      
        

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	3.	
                Life Annuity with Guaranteed Number of Monthly Payments Option

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	4.	
                Any one option may be elected by the Participant by written notice to the Administrator at least 30 days prior to his actual Retirement Date.

              

      

    

    

    

    
      
        	5.	
                Once a choice as to a form of Retirement Benefit or a Retirement Date is made and accepted by the Administrator, it cannot be rescinded by the Participant without the written consent of the Administrator conditioned upon satisfactory
                  evidence of the good health of the Participant and any person entitled to receive payments upon the death of the Participant. In no event may a Participant change the form of Retirement Benefit once payments have commenced.

              

      

    

    

    

    
      8

      
        

    

    

    

    
      
        	6.	
                Anything in this Plan to the contrary notwithstanding, the Participant shall not have the right prior to his retirement irrevocably to elect to have all or a part of his interest in this Plan, which would otherwise become available to
                  him during his lifetime, paid only to his Beneficiary after his death.

              

      

    

    

    

    
      
        	7.	
                If a Retired Participant is reemployed by the Employer, his Retirement Benefit payments shall cease with the last payment due prior to his reemployment. Retirement Benefit payments shall again become payable on the first day of the
                  month following subsequent termination of employment.

              

      

    

    

    

    ARTICLE VII - TERMINATION OF EMPLOYMENT

    

    

    
      
        	1.	
                A Participant who terminates his employment with the Employer on or after his Normal Retirement Age as set forth in Article IV, shall have a non-forfeitable right to his Normal Retirement Benefit determined as of the date of his
                  termination of employment.

              

      

    

    

    

    
      
        	2.	
                A Participant who terminates his employment prior to the termination of this Plan with less than 5 years of Continuous Service with the Employer (including Continuous Service under the UTC TCN Plan) shall forfeit all rights to benefits
                  under this Plan. A Participant who has completed 5 or more years of Continuous Service and who terminates his employment with the Employer prior to his Normal Retirement Date shall retain a non-forfeitable right to a Retirement Benefit
                  determined as of his date of termination of employment. The Participant’s non-forfeitable Retirement Benefit shall be payable at either the Participant’s Normal Retirement Date in an amount as determined in accordance with Article V, and
                  in a form as determined in accordance with Article VI or, with the consent of the Administrator, his Early Retirement Date in an amount which is actuarially reduced by 5/12% for each month that his Early Retirement Date precedes his
                  Normal Retirement Date for early commencement and in a form as determined in accordance with Article VI.

              

      

    

    

    

    
      
        	3.	
                Should a Participant’s termination of employment with the Employer be caused by the Participant’s death or should the Participant die subsequent to his date of termination and prior to his Early or Normal Retirement Date he shall not
                  retain any non-forfeitable rights hereunder, except as provided in Article V, Section 5.

              

      

    

    

    

    ARTICLE VIII - FUNDING

    

    

    
      
        	1.	
                For the purpose of funding for the Retirement Benefits provided herein, the Corporation will enter into and may, at the Corporation’s discretion, make periodic payments under a Group Annuity Contract with the Insurer. Any amounts paid
                  under said Contract may, at the direction of the Corporation, be held in a separate account maintained in conjunction therewith by the Insurer. The Corporation expressly reserves the right to change funding agencies or vehicles at any
                  time at its own election and without the consent of any person or organization.

              

      

    

    

    

    
      
        	2.	
                No part of the funds held under this Plan shall be used for or diverted to purposes other than for the exclusive benefit of Participants, their spouses or their Beneficiaries covered under this Plan prior to the satisfaction of all
                  liabilities hereunder with respect to them, provided that any funds under this Plan may be used to pay reasonable Plan administration expenses.

              

      

    

    

    

    
      
        	3.	
                No person shall have any interest in or right to any of the funds contributed to or held under this Plan except as expressly provided in this Plan and the Group Annuity Contract and then only to the extent that such funds have been
                  contributed by the Employer to the Insurer.

              

      

    

    

    

    
      
        	4.	
                No contribution shall be required by any Participant

              

      

    

    

    

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

    

    

    
      9

      
        

    

    

    

    ARTICLE IX - ADMINISTRATION

    

    

    
      
        	1.	
                This Plan shall be administered by the Administrator in accordance with this Plan and the Group Annuity Contract.

              

      

    

    

    

    
      
        	2.	
                The Administrator shall determine the benefits payable under this plan, shall have the right to make such rules as may be necessary for the administration of this Plan and may require Participants to apply in writing to the
                  Administrator for benefits hereunder and to furnish satisfactory evidence of their date of birth and marital status and such other information as may from time to time be deemed necessary.

              

      

    

    

    

    ARTICLE X - DISCONTINUANCE OF EMPLOYER CONTRIBUTIONS - PLAN AMENDMENTS

    

    

    
      
        	1.	
                The Employer intends to continue its sponsorship of this Plan indefinitely; but continuance of such sponsorship and such contributions is not assumed as a contractual obligation, or other obligation, of the Employer and the right is
                  reserved by the Employer to cease its sponsorship of this Plan or to reduce, suspend, or discontinue its contributions hereunder at any time.

              

      

    

    

    

    
      
        	2.	
                The Employer shall have the right to amend this Plan at any time and to any extent that it may deem advisable. No such amendment, however, shall:

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    ARTICLE XI - PLAN DISCONTINUANCE PROCEDURES

    

    

    
      
        	1.	
                This Plan shall be discontinued upon written notice by the Employer to the Participants covered hereunder and upon written notice to the Insurer of discontinuance of this Plan. A complete discontinuance of contributions by the Employer
                  shall be deemed a discontinuance of this Plan.

              

      

    

    

    

    
      
        	2.	
                In the event this Plan shall be discontinued, no further Employer Contributions shall be made to the Insurer. At the date of discontinuance of the Plan, the Employer funds available for the purchase of Retirement Benefits for
                  Participants and former Participants retaining a vested interest under this Plan remaining in the hands of the Insurer shall become vested in said Participants covered under this Plan in the manner hereinafter indicated.

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	

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

              

      

    

    

    

    
      10

      
        

    

    

    

    
      
        	

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

              

      

    

    

    

    
      
        	3.	
                Said available funds shall be used to completely purchase the Retirement Benefits in any one class, as described above, before being used for subsequent classes. In the event the funds available for a class are insufficient to
                  completely purchase the Retirement Benefits for such class, they shall be applied pro rata within the class to purchase such benefits to the extent that such funds are sufficient.

              

      

    

    

    

    
      
        	4.	
                Any funds paid by the Employer to the Insurer available for distribution after the purchase in full of all the Retirement Benefits described in Section 2 above shall be deemed to have become available as a result of actuarial error and
                  shall be paid in cash to the Employer.

              

      

    

    

    

    ARTICLE XII - MISCELLANEOUS

    

    

    
      
        	1.	
                Inclusion in this Plan shall not be construed as giving the Participant any right to be retained in the service of the Employer without the Employer’s consent, nor shall it interfere with the right of the Employer to discharge the
                  Participant, nor shall it give the Participant any right, claim or interest in any Retirement Benefits herein described, except upon fulfillment of the provisions and requirements of this Plan.

              

      

    

    

    

    
      
        	2.	
                Retirement Benefit payments shall be paid to a Retired Participant or the person designated by him to receive payments upon his death, if applicable, in a lump sum where the present value of such monthly benefit does not exceed $5,000.
                  Such lump sum payment is to be the actuarial equivalent of such monthly Retirement Benefit.

              

      

    

    

    

    
      
        	3.	
                Assignments

              

      

    

    

    

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

    

    

    
      
        	4.	
                Pronouns

              

      

    

    

    

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

    

    

    
      
        	5.	
                No Consent Required

              

      

    

    

    

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

    

    

    
      
        	6.	
                Notice

              

      

    

    

    

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

    

    

    
      11

      
        

    

    

    

    
      
        	7.	
                Validity

              

      

    

    

    

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

    

    

    
      
        	8.	
                Successors

              

      

    

    

    

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

    

    

    
      
        	9.	
                Representations

              

      

    

    

    

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

    

    

    
      
        	10.	
                Applicable Law

              

      

    

    

    

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

    

    

    
      
        	11.	
                Claims Procedures

              

      

    

    

    

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

    

    

    
      
        	12.	
                Section 409A of the US Internal Revenue Code

              

      

    

    

    

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

    

    

    
      12

      
        

    

    

    

    TO WHOM SHOULD QUESTIONS CONCERNING THE PLAN BE DIRECTED?

    

    

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

    

    

    Otis Worldwide Corporation

    One Carrier Place

    Farmington, CT 06032

    Attn: Otis Employee Benefit Plan Committee

    

    

    Telephone: 860-676-6000

     

    

    

  

  13

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