Exhibit 10.38

 

Honeywell

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PRIVATE AND CONFIDENTIAL

September 3, 2009

Mr. Timothy Mahoney
16065 S 18th Way
Phoenix, AZ 85048

Dear Tim:

I am pleased to confirm your promotion to President and CEO, Honeywell Aerospace
(Band 7), located in Phoenix, Arizona and reporting to David Cote, Chairman and
CEO of Honeywell. The effective date of your promotion is September 3, 2009
(“Effective Date”), subject to the terms and conditions of this letter agreement
(“Letter”). The terms of this Letter supersede any prior understandings, whether
oral or written, incident to your employment with Honeywell.

COMPENSATION

In connection with your new role, Honeywell management has proposed the
following compensation package, which has already been reviewed with the
Chairman of the Management Development and Compensation Committee of Honeywell’s
Board of Directors (“MDCC”), but remains subject to final approval by the full
MDCC at their September 25, 2009 meeting:

Base Salary: As of the Effective Date, your annual base salary will be increased
to $660,000. Base salary reviews are conducted during the first quarter of each
year and adjustments are based on your performance and other relevant factors.

Annual Incentive Compensation: As of the Effective Date, your target incentive
compensation opportunity will be 80% of your annual cash base salary earnings
during the year. Incentive compensation awards are paid in the first quarter of
the following year (i.e., first quarter of 2010 for 2009 services). For calendar
year 2009, your incentive compensation award will be determined using a target
incentive opportunity of 60% for the portion of the year prior to the Effective
Date and using a target incentive opportunity of 80% for the portion of the year
after the Effective Date.

Long-Term Incentive Awards: You will be eligible for annual long-term incentive
awards consisting of stock options, restricted stock units, or cash awards, or
some combination thereof, as determined by the Company in its discretion. The
actual grant sizes will be determined by your performance and future career
potential with Honeywell. The terms of all long-term incentive awards are
governed by the terms of the underlying stock plans and the relevant award
agreements.

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OTHER EXECUTIVE BENEFITS

You will also be entitled to the following Executive Benefits:

 

 

 

 

•

Vacation: You will be eligible for 4 weeks of vacation.

 

•

Excess Liability Insurance: Honeywell will pay the annual premium for an Excess
Liability Insurance policy that provides $10,000,000 of coverage per occurrence.

 

•

Executive Severance: You shall be covered by the Honeywell International Inc.
Severance Plan for Senior Executives (the “Severance Plan”). In the event of
your involuntary termination from the Company, your sole remedy for termination
related pay shall be the Severance Plan, and you hereby acknowledge that you
shall have no right to any other termination related pay, whether under this
Letter, any other Company plan or agreement, or any statute or common law. By
executing this Letter, you acknowledge the sufficiency of the benefits for
termination pay under the Severance Plan.

STOCK OWNERSHIP GUIDELINES FOR HONEYWELL OFFICERS

As an Officer of the Corporation, you will be required to hold four-times your
annual base salary in Honeywell shares in accordance with the Corporation’s
Stock Ownership Guidelines. The following table provides an overview of the
Stock Ownership Guidelines. A copy of the Stock Ownership Guidelines policy
document will be separately provided to you.

 

 

 

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Honeywell Shares
Counted for
Ownership Purposes:

•

Unvested restricted stock units (RSUs)

•

Deferred restricted stock units

•

Shares in tax qualified and non-qualified savings plans

 

•

Private holdings

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Ownership Threshold:

•

4X base salary

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Retention
Requirements:

•

Indefinite holding requirement until ownership threshold is met for net gain
shares from RSU vesting, payment of deferred RSUs and all stock option exercises

•

One year for net gain shares from RSU vesting and all stock option exercises
(Note: payment of deferred RSUs are exempt from the one year minimum hold
requirement)

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Time Limit:

•

No time requirement to meet ownership threshold

 

•

Must meet threshold in order to sell stock

 

•

RSUs granted prior to 2/7/03 are not subject to retention requirements

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Age/Service Limit:

•

Suspended at age 60 with 10 years of service

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ACCEPTANCE OF OFFER

As a condition of this employment offer, you are required to execute, in the
form attached hereto, Honeywell’s “Employee Agreement Relating to Trade Secrets,
Proprietary and Confidential Information” and the related “Employee
Non-Competition Agreement.”

Honeywell has a long and distinguished history. But, more importantly, we are a
company with

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a terrific future and a great place to work. Our performance culture drives
growth for us and competitive advantage for our customers. We hire the best
people; give them every possible opportunity to learn, grow, and develop; and
reward them for their contributions. We offer career paths that span product
lines, job types, businesses, and countries.

Tim, we are excited to be extending this offer to you and look forward to
working with you in your expanded role. Your experience and background is an
asset to our Company.

Finally, please print and sign this Agreement, the Employee Agreement Relating
to Trade Secrets, Proprietary and Confidential Information and the Employee
Non-Competition Agreement and return them to me at the address shown below.

If you have any questions or need any further information about our offer,
please contact me directly.

Congratulations,

 

 

/s/ Mark James

 

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Mark James
Senior Vice President—Human Resources and Communications
Honeywell International Inc.

P.O. Box 2245
101 Columbia Road
Morristown, New Jersey 07962-2245

Read and Accepted:

 

 

 

 

/s/ Timothy Mahoney

 

10/6/09

 

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Timothy Mahoney

Date

 

cc: Dave Cote

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HONEYWELL INTERNATIONAL INC.
Employee Agreement Relating to Trade Secrets,
Proprietary and Confidential Information

In consideration of my employment, continued employment, compensation and the
equipment, materials, facilities and Honeywell’s “Trade Secrets, Proprietary and
Confidential Information” (as hereinafter defined) supplied to me, I understand
and agree that:

 

 

1.

Records of Inventions. I will keep complete and current written records of all
Inventions I Make during the period of time I am employed by Honeywell and
promptly disclose all such Inventions in writing to Honeywell for the purpose of
adequately determining Honeywell’s rights in each such Invention. I will
supplement any such disclosures to the extent Honeywell may request that I do
so. If I have any doubt as to whether or not to disclose an Invention to
Honeywell, I will disclose it.

 

 

2.

Disclosure of Inventions after Termination. I will promptly and completely
disclose in writing to Honeywell’s Law Department all Inventions which I Make
during the one year immediately following the end of my employment by Honeywell
which relate either to my work assignment at Honeywell or to Honeywell’s Trade
Secrets, Proprietary and Confidential Information for the purpose of determining
Honeywell’s rights in each such Invention. I will not file any patent
application relating to any such Invention without the prior written consent of
Honeywell’s Law Department. If I do not prove that I Made the Invention entirely
after leaving Honeywell’s employment, the Invention is presumed to have been
Made during the period of time I was employed by Honeywell. I acknowledge that
the conditions of this paragraph are no greater than is necessary for protecting
Honeywell’s interests in Honeywell’s Trade Secrets, Proprietary and Confidential
Information and in Inventions to which it is rightfully entitled.

 

 

3.

Ownership of Inventions. Each and every Invention I Make during the period of
time I am employed by Honeywell (a) which relates directly to the business of
Honeywell or to Honeywell’s actual or demonstrably anticipated research or
development, or (b) which results from any work I perform for Honeywell is the
sole and exclusive property of Honeywell, and I agree to assign and hereby
assign my entire right, title and interest in each such Invention to Honeywell.
Each Invention I Make during the period of time I am employed by Honeywell for
which no equipment, supplies, facilities or Honeywell Trade Secrets, Proprietary
or Confidential Information was used and which was developed entirely on my own
time is my property, unless (a) the Invention relates directly to the business
of Honeywell or to Honeywell’s actual or demonstrably anticipated research or
development, or (b) the Invention results from any work performed by me for
Honeywell. If I assert any property right in an Invention I Make during the
period of time I am employed by Honeywell, I will promptly notify Honeywell’s
Law Department in writing.

 

 

4.

Cooperation with Honeywell. I will assist and fully cooperate with Honeywell in
obtaining, maintaining, and asserting the fullest measure of legal protection,
which

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Honeywell elects to obtain, maintain or assert for Inventions in which it has a
property right. I will also assist and fully cooperate with Honeywell in
defending Honeywell against claims of violation of the intellectual property
rights of others. I will be paid my reasonable expenses in assisting, and
cooperating with, Honeywell. I will execute any lawful document Honeywell
requests me to execute relating to obtaining, maintaining, or asserting legal
protection for any said Invention or in defending against claims of the
violation of the intellectual property rights of others (including, but no
limited to, executing applications, assignments, oaths, declarations, and
affidavits) and I will make myself available for interviews, depositions and
testimony. In the event that Honeywell is unable, after reasonable effort, to
secure my signature on any document or documents needed to apply for or
prosecute any patent, copyright, or other right or protection relating to an
Invention, for any other reason whatsoever, I hereby irrevocably designate and
appoint Honeywell and its duly authorized officers and agents as my agent and
attorney-in-fact, to act for and on my behalf to execute and file any such
application or applications, and to do all other lawfully permitted acts to
further the prosecution and issuance of patents, copyrights, or similar
protections thereon with the same legal force and effect as if executed by me.

 

 

 

5.

Pre-employment Inventions. On Schedule A, which is an integral part of this
agreement, I have completely identified (without disclosing any trade secret,
proprietary or other confidential information) every Invention I Made before my
employment by Honeywell in which I have an ownership interest and which is not
the subject matter of an issued patent or a printed publication at the time I
sign this agreement. If I become aware of any projected or actual use of any
such Invention by Honeywell, I will promptly notify Honeywell in writing of said
use. Except as to the Inventions listed on Schedule A or those which are the
subject matter of an issued patent or a printed publication at the time I sign
this agreement, I will not assert any rights against Honeywell with respect to
any Invention Made before my employment by Honeywell.

 

 

 

6.

Honeywell’s Trade Secrets, Proprietary and Confidential Information. I will
never, directly or indirectly, use Honeywell’s Trade Secrets, Proprietary and
Confidential Information except in furthering Honeywell’s business nor will I
disclose or disseminate Honeywell’s Trade Secrets, Proprietary and Confidential
Information to anyone who is not an officer, director, employee, attorney or
authorized agent of Honeywell without the prior written consent of Honeywell’s
Law Department unless the specific item of Honeywell’s Trade Secrets,
Proprietary and Confidential Information: (a) is now in, or hereafter, (through
no breach of this agreement) becomes general public knowledge, or (b) prior to
my disclosure, dissemination or use, was lawfully acquired by me without any
obligation to retain the information in confidence. In this connection, I will
not publish any of Honeywell’s Trade Secrets, Proprietary and Confidential
Information for dissemination outside Honeywell or file any patent application
relating to any Invention I Make during the period of time I am employed by
Honeywell without the prior written approval of Honeywell’s Law Department. I
will execute any agreement relating to the protection of Honeywell’s Trade
Secrets, Proprietary and Confidential Information or such information of any
third party whose intellectual property Honeywell is under a legal obligation to
protect if Honeywell requests that I do so. I will not engage without the prior

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written consent of Honeywell’s Law Department, either during the period of time
I am employed by Honeywell or for a period of two years after that employment,
in any activity or employment in the faithful performance of which it could be
reasonably anticipated that I would use or disclose Honeywell’s Trade Secrets,
Proprietary and Confidential Information. All documents and tangible things
embodying or containing Honeywell’s Trade Secrets, Proprietary and Confidential
Information are Honeywell’s exclusive property. I have access to them solely for
performing the duties of my employment by Honeywell. I will protect the
confidentiality of their content and comply with all security policies and
procedures, which may, from time to time, be established by Honeywell. I will
return all of them and all copies, facsimiles and specimens of them and any
other tangible forms of Honeywell’s Trade Secrets, Proprietary and Confidential
Information in my possession, custody or control to Honeywell before leaving the
employment of Honeywell.

 

 

 

 

I understand that I have the right to use or practice any skill or expertise
generally associated with my employment but not special or unique to Honeywell,
but that I do not have the right to use, practice or disclose Honeywell’s Trade
Secrets, Proprietary and Confidential Information for my own benefit or for the
benefit of any third party.

 

 

 

7.

Trade Secrets, Proprietary or Confidential Information from Previous Employment.
I certify that I have not, and will not, disclose or use during my employment by
Honeywell, any trade secrets, proprietary or confidential information which I
acquired as a result of any previous employment or under a contractual
obligation of confidentiality before my employment by Honeywell. I understand
that Honeywell has no interest in and will not accept disclosure by me of any
trade secrets, proprietary or confidential information, which belongs to a third
party. If I am ever placed in a position where I will be required or am given an
assignment that will require me to use, directly or indirectly, any trade
secrets, proprietary or confidential information of any person, previous
employer or any third party, I will promptly inform Honeywell’s Law Department
and my supervisor before I undertake any activity that would involve the use or
disclosure of such information or present the appearance to any such third party
that I have used or disclosed such information. If I fail to do so, Honeywell
may elect not to indemnify me in the event of litigation and may take such other
actions, as it deems appropriate, up to and including termination of my
employment.

 

 

 

8.

Prior Restrictive Obligation. On Schedule B, which is an integral part of this
agreement, I have completely identified all prior obligations (written and
oral), which restrict my ability to perform the duties of my employment by
Honeywell, including all confidentiality agreements and covenants restricting
future employment.

 

 

 

9.

Non-Solicitation of Honeywell Employees. I acknowledge that Honeywell has
invested and will invest significant time and money to recruit and retain its
employees. Therefore, recognizing that in the course of my employment I have
obtained valuable information about Honeywell employees, their respective
talents and areas of expertise, I agree that for a period of two (2) years
following my termination of employment from Honeywell for any reason, I will not
directly or indirectly, cause any individual previously

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employed by Honeywell to be employed by, or participate in any manner in the
employment of any such individual by, any person or entity other than Honeywell
unless such individual had not been employed by Honeywell for at least 12 months
or in any way induce or attempt to induce such individual to leave the
employment of Honeywell.

 

 

 

10.

Non-Solicitation of Honeywell Customers. I acknowledge that Honeywell has
invested and will continue to invest significant time and money to develop
valuable, continuing relationships with existing and prospective clients and
customers of Honeywell. Therefore, recognizing that in the course of my
employment I have obtained valuable information about Honeywell customers and
their requirements, I agree that, for a period of two (2) years following my
termination of employment from Honeywell for any reason, I will not solicit or
attempt to solicit, directly or indirectly, for my own account or for others,
any existing clients or customers of Honeywell with whom I had contact or of
whom I became aware while employed by Honeywell during the two year period prior
to my termination, or any prospective clients or customers of Honeywell with
whom I had contact and with whom the company took significant steps to do
business during the two year period prior to my termination, for the purpose of
inducing such clients or customers to cease doing business with Honeywell or to
purchase, lease or utilize products or services which are competitive with, are
similar to, or which may be used as substitutes for any products or services
offered by Honeywell.

 

 

 

11.

Notice to Future Employers. For the period of two years immediately following
the end of my employment by Honeywell, I will inform each new employer, prior to
accepting employment, of the existence of this agreement and provide that
employer with a copy of it. Honeywell has the right to inform any future
employer of the existence of this agreement and to provide any future employers
with a copy of it.

 

 

 

12.

Copyright. As to all works prepared by me which are: (i) within the scope of my
employment, or (ii) based upon information I acquired from Honeywell which is
not normally made available to the public; or (iii) commissioned by Honeywell,
but not within my scope of employment, I hereby agree to:

 

 

 

 

(a)

Submit to Honeywell’s Law Department and to my supervisor for approval for
publication or oral dissemination;

 

 

 

 

(b)

Assign all right, title and interest in and to the copyright in all such works
to Honeywell; and

 

 

 

 

(c)

Waive any claim of moral rights, author’s rights, droit moral, or any equivalent
rights to the extent necessary or permitted by law.

 

 

 

 

I hereby release and allow Honeywell to use, for any lawful purpose, any voice
reproduction, photograph, or other video likeness of me made in the course of my
employment.

 

 

 

13.

Acknowledgement of Receipt. I acknowledge that I have received a copy of this
agreement

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prior to accepting employment or continued employment with Honeywell and that
execution of this agreement was an express condition of my employment or
continued employment.

 

 

 

14.

Effectiveness of Agreement. This agreement becomes effective when I sign it, my
obligations under it continue throughout the entire period of time I am employed
by Honeywell, without regard to the business organization within Honeywell with
which I am associated and these obligations will continue after, and survive,
the end of my employment by Honeywell. This agreement replaces previous
agreements relating to the subject matter of this agreement and shall be deemed
effective as of the first day of my employment by Honeywell just as though I had
executed this agreement on that first day except that such replacement shall not
affect rights and obligations of me or Honeywell arising out of any such prior
agreement, which rights and obligations shall continue to be in effect.

 

 

 

15.

Identity of Future Employer. Upon termination of my employment for any reason,
if reasonably requested by Honeywell, I shall advise Honeywell of the name and
address of my intended future employer.

 

 

 

16.

Remedies. I acknowledge that a remedy at law for any breach or threatened breach
of the provisions of this Agreement would be inadequate and therefore agree that
Honeywell shall be entitled to injunctive relief in case of any such breach or
threatened breach. In the event that a court determines that I have breached or
threatened to breach this agreement, I agree to reimburse Honeywell for all
attorneys’ fees and costs incurred in enforcing the terms of the agreement.
However, nothing contained herein shall be construed as prohibiting Honeywell
from pursuing any other remedies available for any such breach or threatened
breach against me or my then-current employer which may also include but not be
limited to contract damages, lost profits and punitive damages.

 

 

 

17.

Successors; Binding Agreement. This agreement binds my heirs, executors,
administrators, legal representatives and assigns and inures to the benefit of
Honeywell and its successors and assigns. Only a written amendment executed by
both Honeywell and me can modify this agreement.

 

 

 

18.

Governing Law. This agreement shall be governed by and construed in accordance
with the laws of the State of New Jersey without regard to its principles of
conflicts of law.

 

 

 

19.

Validity. It is the desire and intent of the parties hereto that the provisions
of this agreement shall be enforced to the fullest extent legally-permissible.
Accordingly, if any particular provision(s) of this agreement shall be
adjudicated to be invalid or unenforceable, the court may modify or sever such
provision(s), such modification or deletion to apply only with respect to the
operation of such provision(s) in the particular jurisdiction in which such
adjudication is made. In addition, if any one or more of the provisions
contained in this agreement shall for any reason be held to be excessively broad
as to duration, geographical scope, activity or subject, it shall be construed
by limiting and reducing it, so as to be enforceable to the extent compatible
with the applicable law as it shall then appear. The remaining provisions of
this agreement shall remain in full force and effect.

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20.

Definitions

 

 

 

 

(a)

“Honeywell” collectively identifies Honeywell International Inc. (a Delaware
corporation having a place of business at Columbia Road and Park Avenue, Morris
Township, Morris County, New Jersey), its predecessors, designees and successors
and its past, present and future operating companies, divisions, subsidiaries,
affiliates and other business units, including businesses acquired by purchase
of stock, merger or otherwise;

 

 

 

 

(b)

“Trade Secrets, Proprietary and Confidential Information” means information
which is not generally known in the industry in which Honeywell is engaged,
which may be disclosed to me or which I may learn, observe, discover or
otherwise acquire during, or as a result of, my employment by Honeywell and
which includes, without limitation, any information, whether patentable,
patented or not, relating to any existing or contemplated products, inventions,
services, technology, concepts, designs, patterns, processes, compounds,
formulae, programs, devices, tools, compilations of information, methods,
techniques, and including information relating to any research, development,
manufacture, purchasing, engineering, know-how, business plans, sales or market
methods, methods of doing business, customer lists, customer usages or
requirements, or supplier information, which is owned or licensed by Honeywell
or held by Honeywell in confidence.

 

 

 

 

(c)

“Invention” includes not only inventions (whether or not patentable), but also
innovations, improvements, discoveries, ideas and all other forms of
intellectual property (including, but not limited to, copyright works and mask
works) — whether or not any of the foregoing constitutes trade secret or other
confidential information; and

 

 

 

 

(d)

“Make” or “Made” when used in relation to Invention includes any one or any
combination of (i) conception, (ii) reduction to practice or (iii) development
of an Invention and is without regard to whether I am a sole or joint inventor.

 

 

 

21.

Headings Descriptive. The headings of the several paragraphs of this Agreement
are inserted for convenience only and shall not in any way affect the meaning or
construction of this Agreement.

 

 

 

Timothy Mahoney

10/06/09

/s/ Timothy Mahoney

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Timothy Mahoney

Date

Employee Signature

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SCHEDULE A

INVENTIONS I MADE BEFORE THE TERM OF MY EMPLOYMENT BY HONEYWELL IN WHICH I HAVE
AN OWNERSHIP INTEREST WHICH ARE NOT THE SUBJECT MATTER OF ISSUED PATENTS OR
PRINTED PUBLICATIONS:

          (If there are none, please enter the word “NONE”)

NOTE: Please describe each such Invention without disclosing trade secrets,
proprietary or confidential information.

 

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SCHEDULE B 

RESTRICTIVE WRITTEN AND ORAL OBLIGATIONS:

          (If there are none, please enter the word “NONE”)

NOTE: Please give date of, and parties to, obligations and the nature and
substance of the restriction.

 

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HONEYWELL INTERNATIONAL INC.
Employee Non-Competition Agreement

In consideration of my employment, continued employment, compensation and post-
termination benefits, I agree that for a period of one (1) year following my
termination of employment with Honeywell for any reason, I will not, without the
written consent of Honeywell, directly or indirectly, engage or be interested in
(without any geographic restrictions or limitations), as owner, partner,
shareholder, employee, director, officer, agent, consultant or otherwise,
directly or indirectly, with or without compensation, any Competing Business or
assist any Competing Business.

For purposes of this Agreement, “Competing Business” shall mean any business
engaged in the research, development, manufacture or sales of products or
systems serving Aerospace Commercial, Defense, or Space, original equipment
manufacturers or suppliers, the Aerospace aftermarket or Aerospace services.
Without limiting the foregoing in any way, and to avoid doubt, Competing
Business shall specifically include each of the following entities, brand owners
(or their respective licensees) and their subsidiaries and affiliates (including
any successors thereto): Rockwell Collins, Inc., GE Co., Pratt
Whitney/Sundstrand United Technologies Corp UTC, Rolls-Royce PLC, The Boeing
Company, Airbus Operations S.A.S., General Dynamics Corp; General Dynamics Land
Systems, Inc., Lockheed Martin Corp; Lockheed Martin Aeronautics Co,. Northrop
Grumman Corp, Lufthansa Technik AG, BBA Aviation PLC, Garmin Ltd., Dubai
Aerospace Enterprise DAE, Thales Group, Raytheon Company and Williams
International Co., LLC. Nothing herein, however, shall prohibit me from
acquiring or holding not more than one percent (1%) of any class of publicly
traded securities of any such business; provided that such securities entitle me
to no more than one percent (1%) of the total outstanding votes entitled to be
cast by security holders of such business in matters on which such security
holders are entitled to vote.

In the event any of the foregoing covenants shall be determined by any court of
competent jurisdiction to be unenforceable by reason of extending for too great
a period of time, over too great a geographical area or by reason of its being
too extensive in any other respect, it shall be interpreted to extend only over
the maximum period of time for which it may be enforceable, over the maximum
geographical area as to which it may be enforceable, and/or to the maximum
extent in all other respects as to which it may be enforceable, all as
determined by such court in such action.

I agree that the Company’s remedies at law would be inadequate in the event of a
breach or threatened breach of this Non-Competition Agreement; accordingly, the
Company shall be entitled, in addition to its rights at law, to seek an
injunction or other equitable relief without the need to post a bond.

This Agreement should be read in concert with the Honeywell International Inc.
Employee Agreement Relating to Trade Secrets, Proprietary and Confidential
Information and is not meant to conflict with or supersede that Agreement.

I acknowledge that I have read this Agreement. I understand that to the extent
applicable, it remains in effect following the termination of my employment.
This Agreement may be amended only by a written agreement signed by both
parties.

 

 

/s/ Timothy Mahoney

10/6/09

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Timothy Mahoney

Date

     This Agreement was signed in consideration of my employment, continued
employment, compensation and post-termination benefits, as well as other good
and valuable consideration.

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