Leadership Succession Plan for Combined Tyco-JCI Company

The merger agreement includes a detailed leadership succession plan. Alex A. Molinaroli, JCI's current CEO, will become CEO of the combined company. George R. Oliver, Tyco's current CEO, will serve as President and COO, and will succeed Molinaroli as CEO on the 18-month anniversary of the merger's effective date, later becoming Chairman and CEO.

“As of the effective time of the Merger, Alex A. Molinaroli, JCI’s current Chairman, President, and Chief Executive Officer, will be appointed as Chief Executive Officer of the Combined Company, and George R. Oliver, Tyco’s current Chief Executive Officer, will serve as President and Chief Operating Officer of the Combined Company. Mr. Oliver will succeed Mr. Molinaroli as Chief Executive Officer on the 18-month anniversary of the effective time (or such earlier time that Mr. Molinaroli ceases to be Chief Executive Officer) (the “First Succession Date”).”

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