United Technologies Unveils Severance Plan for Some Employees as It Prepares for Merger
June 12 2019 - 6:13PM
Dow Jones News
By Stephen Nakrosis
United Technologies Corp. (UTX) on Wednesday unveiled a new
severance plan for certain officers and key personnel as it
prepares for a merger with defense contractor Raytheon Co.
(RTN).
The United Technologies Corporation Merger Severance Plan for
Corporate Office Executives and Other Key Employees will become
effective upon, and subject to, the closing of the merger, the
company said.
Under the terms of the plan, eligible participants who are
terminated without cause or who resign for good reason, as defined
by the plan, will be eligible to receive a cash payment, prorated
target annual bonus, full vesting of equity awards and 12 months of
healthcare coverage.
Reception of these awards is subject to the employee signing a
release of claims against the company, a one-year noncompete
agreement and a two-year nonsolicitation covenant, United
Technologies said.
Eligible participants under the plan include named executive
officers of United Technologies, with the exception of Chief
Executive Gregory Hayes, the company said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
June 12, 2019 17:58 ET (21:58 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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