{"id":40162,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/nonemployee-director-stock-option-plan-united-technologies.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"nonemployee-director-stock-option-plan-united-technologies","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/nonemployee-director-stock-option-plan-united-technologies.html","title":{"rendered":"Nonemployee Director Stock Option Plan – United Technologies Corp."},"content":{"rendered":"
UNITED TECHNOLOGIES CORPORATION AND SUBSIDIARIES<\/strong><\/p>\n\n
Nonemployee Director Stock Option Plan<\/strong><\/p>\n\n
 Amendment 3<\/strong><\/p>\n\n
Whereas<\/strong>, the United\nTechnologies Corporation Nonemployee Director Stock Option Plan (the \u0093Plan\u0094)\nprohibits the transfer or assignment of stock option awards other than by operation of the\nlaws of descent and distribution; and<\/p>\n\n
Whereas<\/strong>, the Board of\nDirectors wishes to permit the transfer and assignment of stock option awards for the\nbenefit of the immediate family members of Stock Option Award recipients;<\/p>\n\n
Now therefore,<\/strong> the\nfollowing provisions of the Plan are hereby amended, effective December 4, 2001: \n\n<\/p>
    \n  
  1. Section 6 (d) is amended and restated\n    as follows:<\/p>\n  <\/li>\n<\/ol>\n\n
    \n  
    (d) Restrictions on Transfer.  <\/i>An Option shall\n  not be transferable by the recipient and shall be exercisable during the lifetime of the\n  recipient only by the recipient or the recipient\u0092s legal representative subject to\n  the following exceptions: (i) Options may be transferred by operation of the\n  recipient\u0092s will or by the laws of descent and distribution; and (ii) options may be\n  transferred by gift to an immediate family member of the recipient and subsequently\n  exercised by such immediate family member.  Immediate family member means: the\n  spouse, parent, sibling, child, stepchild, niece, nephew or grandchild of the recipient; a\n  trust in which these persons have more than 50% of the beneficial interest; a foundation\n  controlled by these persons; or other entity in which these persons own more than 50% of\n  the beneficial or voting interests.  Transfers of options to immediate family members\n  will not be effective until the Corporate Secretary receives and approves the transfer\n  agreement.  In the event that an Option is exercised by an executor or administrator\n  of the estate of a deceased recipient, or by a transferee of the Options, the Corporation\n  shall be under no obligation to issue the shares of Common Stock unless and until the\n  Corporation is satisfied that the person exercising the Option is the duly appointed\n  representative of the recipient\u0092s estate or the proper transferee of the Options, as\n  the case may be.<\/p>\n<\/blockquote>\n\n
      \n  
    1. Section 10 (b) of the Plan is amended and restated as follows:<\/p>\n  <\/li>\n<\/ol>\n\n
      \n  
      (b) Restrictions\n  on Assignment.<\/i>  Except as permitted under Section 6 (d): (i) the rights and\n  benefits of a Nonemployee Director under the Plan may not be assigned or transferred, in\n  whole or in part, whether directly or by operation of law or otherwise, including by\n  execution, levy, garnishment, attachment, pledge, bankruptcy or in any other manner; and\n  (ii) any such attempt to assign a recipient\u0092s interest in any Options awarded\n  hereunder (whether voluntary or involuntary) shall be void and without force or effect. <\/p>\n<\/blockquote>\n\n
       UNITED TECHNOLOGIES CORPORATION<\/strong><\/p>\n\n
       <\/p>\n
      \n\n\n  \n    \n    \n    
      By:  <\/p><\/td>\n    
      		 \/s\/ William H.\n    Trachsel                              \n    <\/u><\/td>\n  <\/tr>\n  
      <\/td>\n    William H. Trachsel<\/td>\n  <\/tr>\n  
      <\/td>\n    Sr. Vice President, General\n    Counsel
      \n    and Secretary<\/td>\n  <\/tr>\n<\/table>\n\n\n
      ATTEST:<\/p>\n\n\n  \n    \n    \n    \n    
      By:<\/td>\n     \/s\/ Richard M.\n    Kaplan                      \n    <\/u><\/td>\n  <\/tr>\n  
      <\/td>\n    Richard M. Kaplan<\/td>\n  <\/tr>\n  
      <\/td>\n    <\/td>\n  <\/tr>\n  
      Date:<\/td>\n    January 16, 2002\n             \n                         \n    <\/u><\/td>\n  <\/tr>\n<\/table>\n\n\n\n<\/center><\/div><\/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-40162","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\/40162","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=40162"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40162"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40162"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}