{"id":38790,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/directors-restricted-stock-unit-program-united-technologies.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"directors-restricted-stock-unit-program-united-technologies","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/directors-restricted-stock-unit-program-united-technologies.html","title":{"rendered":"Directors&#8217; Restricted Stock\/Unit Program &#8211; United Technologies Corp."},"content":{"rendered":"<pre><p align=\"CENTER\">  <strong>UNITED TECHNOLOGIES\nCORPORATION<\/strong><b><br>\nAND SUBSIDIARIES<\/b><\/p>\n\n<p align=\"CENTER\"><strong>DIRECTORS\u0092 RESTRICTED\nSTOCK\/UNIT PROGRAM<\/strong><\/p>\n\n<p align=\"JUSTIFY\">    Incumbent non-employee\ndirectors of United Technologies received on January 2, 1992, a one-time grant of United\nTechnologies Corporation restricted common stock equal to 200 shares for each year of\nservice remaining between that date and their scheduled retirement date, but in no case\nexceeding 1,000 shares per director. Directors who joined the Board after January 2, 1992,\nreceived a one time grant of 1,000 restricted shares or deferred stock units (described\nbelow), adjusted for any subsequent stock splits. Shares and units vest in increments of\n200 shares or units on the date of each Annual Shareowners Meeting, but may not be\ntransferred by the director until such director retires or resigns from the Board. If a\ndirector leaves the Board because of a 'change of control' or a\n'restructuring event' as defined by the United Technologies Corporation Long\nTerm Incentive Plan, because of death or disability, or when a director retires or resigns\nto accept full time employment with a charitable or non-profit organization or with state,\nfederal or local government, all shares or deferred stock units not previously vested will\nimmediately vest and restrictions on transfer will immediately lapse. Should the director\nleave the Board for any other reason before all restricted shares and units vest, the\nnon-vested shares and units will be forfeited.<\/p>\n\n<p align=\"JUSTIFY\">    Any foreign national who\nserves as a director is eligible to receive a one-time grant of deferred restricted share\nunits in lieu of restricted shares, each unit being equal in value to a share of common\nstock. Vesting provisions for units are the same as restricted stock. At retirement the\nthen-current value of a share of common stock times the number of units will be payable in\ncash or shares. Each unit and share of restricted stock will, on a quarterly basis,\ngenerate a cash payment equal to the dividend paid on a share of common stock.<\/p>\n\n<p align=\"JUSTIFY\">    Effective April 28,\n2000, all non-employee directors who join the Board receive a one-time grant of deferred\nstock units equal in value to $100,000. The number of deferred restricted stock units will\nbe based on the closing price of United Technologies Corporation common stock on the date\nthe director is elected to the Board. The units will continue to vest in 20% increments on\nthe date of the Annual Shareowners Meeting, will be payable in cash or shares and will be\nsubject to the terms and conditions set forth above.<\/p>\n\n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[9177],"corporate_contracts_industries":[9473],"corporate_contracts_types":[9539,9543],"class_list":["post-38790","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-united-technologies-corp","corporate_contracts_industries-aerospace__aircraft","corporate_contracts_types-compensation","corporate_contracts_types-compensation__dsp"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/38790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=38790"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=38790"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=38790"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=38790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}