SEC Contract Filing

Filing Date: 2023-10-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>exhibit1052023-09x3010xq.htm
<DESCRIPTION>EX-10.5
<TEXT>
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<title>Document</title></head><body><div id="ibb6cc53a72e14b47802da1f6fa584a94_1"></div><div style="min-height:67.68pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Exhibit 10.5</font></div></div><div style="margin-top:3.95pt;padding-left:73.57pt;padding-right:73.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">RTX CORPORATION</font></div><div style="padding-left:74.33pt;padding-right:74.33pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">EXECUTIVE SEVERANCE PLAN</font></div><div style="margin-top:0.5pt"><font><br></font></div><div style="padding-left:24.87pt;padding-right:24.87pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(As Amended and Restated as of October 1, 2023)</font></div><div><font><br></font></div><div style="margin-top:10.85pt;padding-left:150.87pt;padding-right:150.87pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">PREAMBLE</font></div><div style="margin-top:0.5pt"><font><br></font></div><div style="padding-left:10.95pt;padding-right:7.8pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Purpose. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">The Human Capital &#38; Compensation Committee of the Board of Directors (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Committee</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) recognizes that corporate restructuring, and other organizational changes are often required to more effectively meet the needs of the Company, which creates uncertainty for Company executives that may result in the loss or distraction of executives to the detriment of the Company and its shareholders. The Committee considers the avoidance of such loss and distraction to be essential to protecting and enhancing the best interests of the Company and its shareholders.</font></div><div style="margin-top:0.5pt"><font><br></font></div><div style="padding-left:10.95pt;padding-right:4.6pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Effective Date of Plan and Amendments. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">To fulfill the above purposes, the Committee established the Raytheon Technologies Corporation Executive Severance Plan effective as of April 4, 2022 (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Effective Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;). The Plan is hereby amended and restated, effective as of October 1, 2023, for purposes of renaming the Plan, the RTX Corporation Executive Severance Plan, changing all company references from &#8216;Raytheon Technologies Corporation&#8217; to &#8216;RTX Corporation&#8217;, to clarify the Company&#8217;s intent retroactive to the Plan Effective Date, to exclude certain employee populations from the Plan that operate outside the standard RTX compensation and benefits structure, and certain other minor administrative changes.</font></div><div style="margin-top:0.5pt"><font><br></font></div><div style="padding-left:203.25pt;padding-right:203.25pt;text-align:center;text-indent:0.05pt"><font style="color:#010000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">SECTION 1</font></div><div style="padding-left:101.38pt;padding-right:101.38pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">DEFINITIONS</font></div><div style="margin-top:0.5pt"><font><br></font></div><div style="padding-left:10.95pt;padding-right:7.9pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Certain terms used herein have the definitions given to them in the first place in which they are used. As used herein, the following words and phrases shall have the following respective meanings&#58;</font></div><div style="margin-top:0.5pt"><font><br></font></div><div style="margin-top:0.05pt;padding-left:11pt;padding-right:15.15pt;text-indent:36pt"><font style="color:#010000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:10pt">&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Affiliated Entity</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221; means any entity controlled by, controlling or under common control with the Company.</font></div><div style="margin-top:0.45pt"><font><br></font></div><div style="mar