United Technologies Unveils Severance Plan for Some Employees as It Prepares for Merger

Date : 06/12/2019 @ 11:13PM
Source : Dow Jones News
Stock : United Technologies Corp. (UTX)
Quote : 132.39  1.09 (0.83%) @ 12:59AM

United Technologies Unveils Severance Plan for Some Employees as It Prepares for Merger

United Tech (NYSE:UTX)
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   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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