Document:

Exhibit

EXHIBIT 10.24

Executive Compensation Incentive Recoupment Policy

JOHNSON CONTROLS, INC.
EXECUTIVE COMPENSATION INCENTIVE RECOUPMENT POLICY

I. Scope of this Policy. This policy applies to all performance incentives awarded on or after September 2, 2016 (the “Effective Date”) to all persons (“Covered Recipients”) who, at the time of such award, are Section 16(b) officers of Johnson Controls International plc (the “Company”) elected by the Board of Directors of the Company (the “Board”). Performance incentives awarded prior to the Effective Date are not subject to this policy, but remain subject to the Company’s ability to recover amounts pursuant to applicable legal or equitable remedies under state and federal law, or pursuant to any recoupment policy established by Johnson Controls, Inc. or Tyco International plc prior to the Effective Date, which prior policies shall continue in effect with respect to such awards.

For purposes of this policy, “performance incentive” means any compensation payable in cash tied to performance metrics that is intended to serve as incentive for performance to occur over a period of a year or more and any performance units granted under the Company’s 2012 Share and Incentive Plan, whether settled in cash, ordinary shares of the Company (“Shares”) or a combination thereof. A performance incentive is “awarded” on the date the Company grants the award, not on the date the award amount is ultimately determined or paid.

While in effect, this policy overrides any contrary provisions of any compensation plans or arrangements that the Company adopted or implemented before the Effective Date and any such plans or arrangements subsequently adopted or implemented, as well as any contrary provisions in any award agreements under such plans or arrangements.

The Company may recoup incentive compensation under this policy regardless of whether the Covered Recipient who received the compensation that is subject to recoupment is still employed by the Company or an affiliate on the date reimbursement or other payment is required.

II. Recoupment of Incentive Compensation. All performance incentives awarded after the Effective Date are subject to recoupment under this policy. The Compensation Committee of the Board (the “Committee”) will, unless prohibited by applicable law, require reimbursement from any Covered Recipient of (a) an amount equal to the amount of any overpayment of any such incentive paid to such Covered Recipient or (b) any excess number of Shares delivered to such Covered Recipient (or the fair market value of such excess number of Shares), with respect to a performance period if the following conditions are met:

		
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	The payment or the delivery of Shares was predicated upon the achievement of certain financial results with respect to the applicable performance period that were subsequently the subject of a material restatement other than a restatement due to changes in accounting policy;

		
	•
	In the Committee’s view the Covered Recipient engaged in conduct that caused or partially caused the need for the restatement; and

		
	•
	A lower payment would have been made, or fewer Shares delivered, to the Covered Recipient based upon the restated financial results.

The amount required to be reimbursed shall be, in the case of a performance incentive payable in cash, the excess of the gross incentive payment made over the gross payment that would have been made if the original payment had been determined based on the restated financial results or, in the case of a performance unit payable in Shares, the excess number of Shares delivered over the number of Shares that would have been delivered if the original number had been determined based on the restated financial results (or a cash amount equal to the fair market value of such excess number of Shares at the time of the reimbursement).

Unless prohibited by applicable law, the Company will also be entitled to, and the Committee will seek, payment by the Covered Recipient of (i) a reasonable rate of interest on any incentive that becomes subject to reimbursement under this policy and (ii) the costs of collection.

Following any accounting restatement that the Company is required to prepare due to its material noncompliance, as a result of misconduct, with any financial reporting requirement under the securities laws, the Company will also seek to recover any compensation received by its Chief Executive Officer and Chief Financial Officer that is required to be reimbursed under Section304 of the Sarbanes-Oxley Act of 2002.

The Company will determine, in its sole discretion, the method for obtaining reimbursement and other payment from the Covered Recipient, which may include, but is not limited to: (i) by offsetting the amount from any compensation owed by the Company to the Covered Recipient (including without limitation amounts payable under a deferred compensation plan at such time as is permitted by Section 409A of the Internal Revenue Code of 1986, as amended), (ii) by reducing or eliminating future salary increases, cash incentive awards or equity awards, or (iii) by requiring the Covered Recipient to pay the amount or deliver an amount of Shares to the Company upon its written demand for such payment or delivery of Shares.

III. Administration of this Policy. The Committee will have sole discretion in making all determinations under this policy, including whether the conduct of a Covered Recipient has or has not caused or partially caused the need for a restatement.

IV. Binding on Successors. The terms of this policy shall be binding upon and enforceable against the Covered Recipients and their heirs, executors, administrators and legal representatives.

V. Amendment of this Policy. The Committee and the Board, in their discretion, may modify or amend, in whole or in part, any or all of the provisions of this policy, and may suspend this policy from time to time.

VI. Governing Law. This policy and all rights and obligations hereunder shall be governed by and construed in accordance with the internal laws of the State of Wisconsin, excluding any choice of law rules that may direct the application of the laws of another jurisdiction.

*     *     *Exhibit

EXHIBIT 10.32

[LETTERHEAD OF JOHNSON CONTROLS, INC.]
[●], 2016
[Executive Name] 
c/o Johnson Controls, Inc. 
5757 N Green Bay Ave. 
Milwaukee, WI 53209
		
	Re:
	Change of Control Executive Employment Agreement

Dear [First Name]:
As you know, Johnson Controls, Inc., a Wisconsin corporation (the “Company”), has entered into that certain Agreement and Plan of Merger, dated as of January 24, 2016 (the “Merger Agreement”), with Tyco International plc, an Irish public limited company (“Parent”), and Jagara Merger Sub, LLC, a Wisconsin limited liability company and an indirect, wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which, at the Effective Time (as defined in the Merger Agreement), Merger Sub shall merge with and into the Company, with the Company surviving (the “Merger”).  Although the Merger does not constitute a “Change of Control” within the meaning of that certain Change of Control Executive Employment Agreement, dated as of July 28, 2010 (the “COC Employment Agreement”), by and between the Company and you, the Company intends to activate certain of the provisions of the COC Employment Agreement in connection with the Merger as described in further detail in this letter agreement (the “Letter Agreement”).
Capitalized terms used in this Letter Agreement without definition shall have the meanings ascribed to such terms in the COC Employment Agreement.  If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Letter Agreement shall be null and void ab initio and of no further force or effect.
1. Assumption of COC Employment Agreement. In accordance with the Merger Agreement, the COC Employment Agreement shall be assumed by Parent as of the Effective Time.
2. Change of Control; Employment Period. Notwithstanding the definition of Change of Control in the COC Employment Agreement, for purposes of the COC Employment Agreement, the Merger shall be deemed to constitute a Change of Control and you shall be entitled to the rights and remedies, and have the obligations, set forth in the COC Employment Agreement as though a Change of Control occurred as of the Effective Time; provided that Sections 3(b)(ii)–(viii) shall have no application in respect of the Employment Period (as defined in the COC Employment Agreement) activated in respect of the Merger.  In addition, notwithstanding Section 2 of the COC Employment Agreement, the Employment Period activated in respect of the Merger shall commence at the Effective Time and end on the third anniversary of the Effective Date (as defined in the COC Employment Agreement), subject to Section 4 of the COC Employment Agreement.  For purposes of clarity, upon the occurrence of the Effective Time, the COC Employment Agreement shall supersede and replace in all respects that certain Executive Employment Agreement, dated as of July 28, 2010, by and between the Company and the Executive, which shall cease to be of any force and effect.
3. Good Reason. In consideration of the Company’s agreement to treat the Merger as a Change of Control under the COC Employment Agreement, you acknowledge and agree that (a) neither (i) the appointment of George R. Oliver to serve as President and Chief Operating Officer following the Merger[, nor] (ii) the implementation of the succession plan set forth in Section 6.10(a) of the Merger Agreement, [nor (iii) the requirement that you report to the 

    

President and Chief Operating Officer following the Merger,] shall in and of itself constitute Good Reason for purposes of Section 4(d)(i) of the COC Employment Agreement; and (b)  the reference to “Section 3(b)” in Section 4(d)(ii) shall be deemed to refer solely to “Section 3(b)(i)” for purposes of the Employment Period activated in respect of the Merger.
4. Equity Awards. The Company hereby agrees that, with respect to any equity awards held by you that are granted under the Johnson Controls, Inc. 2012 Omnibus Incentive Plan (the “Plan”), the reference to “twenty-four (24) months” in Section 18(c)(iii) of the Plan shall, solely with respect to termination events occurring within 36 months following the Merger, be deemed to be “thirty-six (36) months.”
5. Miscellaneous.
(a) Amendments. This Letter Agreement may not be amended or modified other than by a written agreement executed by the parties hereto or their respective successors or legal representatives.
(b) Governing Law. This Agreement shall be governed by the laws of the State of Wisconsin, without reference to conflict of law principles thereof.
(c) Entire Agreement. This Letter Agreement, together with the COC Employment Agreement, constitutes the complete understanding between the parties hereto relating to the subject matter hereof, and supersedes in its entirety any prior oral or written agreements, understandings, or representations relating to the subject matter hereof.
[Signature Page Follows]

2

Please confirm your agreement to all of the foregoing by executing this Letter Agreement as indicated below.
Very truly yours,

JOHNSON CONTROLS, INC.

By: ____________________________________ 
       Name: 
       Title:

Acknowledged and Agreed:

______________________________ 
[Executive Name]

[Signature Page to COC Letter Agreement]

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