Document:

Exhibit
  10.30

 

Honeywell EID Number: _______ 

2006 Stock Incentive Plan

of Honeywell International Inc. and its Affiliates

PERFORMANCE SHARE AGREEMENT

This PERFORMANCE SHARE AGREEMENT made in Morris Township, New Jersey, United States of America, as of the [DAY] day of [MONTH, YEAR] between Honeywell International Inc. (which together with its subsidiaries and affiliates, when the context so indicates, is hereinafter referred to as the “Company”) and [EMPLOYEE NAME] (the “Employee”).

	
             
 	
            1.
 	
            Grant of Awards.  The Company has granted to you [NUMBER] Performance Shares, subject to the terms of this Agreement and the terms of the 2006 Stock Incentive Plan of Honeywell International Inc. and Its Affiliates (the “Stock Plan”).
 

	
             
 	
            2.
 	
            Target and Actual Awards.  The number of Performance Shares awarded to you represents a target award for the Performance Cycle (as defined below) (the “Target Award”).  Each Performance Share represents one (1) Share of Common Stock.  Your actual earned award (the “Actual Award”) is equal to the product of (i) the Plan Payout Percentage, and (iii) your Target Award.  For purposes of this Agreement, the “Plan Payout Percentage” shall be based on the achievement of the Performance Measures described in Section 3 below and may range from zero to a maximum of 200%.
 

	
             
 	
            3.
 	
            Performance Measures.  The Plan Payout Percentage shall be determined based on [DESCRIBE PERFORMANCE MEASURES AND PERCENTAGE PAYOUT SCHEDULE TO BE USED] (collectively the “Performance Measures”) for the Performance Cycle.  
 

	
             
 	
            4.
 	
            Performance Cycles.  The performance cycle to which this Agreement applies commences on [DATE]  and ends on [DATE]  (the “Performance Cycle”).
 

	
             
 	
            5.
 	
            Timing of Payments.  The payment of Performance Shares [and Dividend Shares] is contingent upon (i) the achievement of the performance criteria outlined in Section 3 above, and (ii) you remaining actively employed by the Company on the applicable payment dates.  Thus, for example, if you are receiving pay from the Company but not actively performing services therefore (including, but not limited to, severance periods, notice periods, grandfathered vacation periods, short or long-term disability periods), you will not be considered “active” for purposes of the payment of Performance Shares[and Dividend Shares].  To the extent Performance Shares [and Dividend Shares] are earned, you will receive them in two installments (subject, of course, to the active employment criteria described herein).
One-half of your Actual Award [and Dividend Shares] will be paid in [MONTH, YEAR] ; the second half of your Actual Award [and Dividend Shares] will be paid in [MONTH, YEAR] ; provided, however, that in no event will a payment be made later than two and one-half months from the end of the year in which the payment vests.
 

 

	
             
 	
            6.
 	
            Form of Payment.  Performance Shares [and Dividend Shares] will be paid in shares of the Company’s common stock (“Shares”) except as may otherwise provided in Section 11 below.  
 

	
             
 	
            7.
 	
            [FOLLOWING INCLUDED AT COMMITTEE’S DISCRETION: Dividend Shares.  You will earn dividend equivalents in the form of additional shares (“Dividend Shares”) based on your Actual Award. The number of Dividend Shares will be calculated by dividing the sum of cash dividends that you would have earned on your Actual Award had you held those earned Shares throughout the Performance Cycle by the average Honeywell closing Share price for the 30 trading days preceding [LAST DAY OF PERFORMANCE CYCLE], with any fractional Shares rounded up to the nearest whole Share.  Dividend Shares will be paid in accordance with Section 5.]
 

	
             
 	
            8.
 	
            Termination of Employment.  If your employment with the Company is terminated for any reason other than death or Disability prior to the date an Actual Award payment is to be made pursuant to Section 5 above, any unpaid Actual Award [and Dividend Shares] shall be forfeited and your rights with respect to any award under this Agreement will terminate unless the Committee, or its designee, determines otherwise in its sole and absolute discretion.
 

  	  
	 9.
	 Death
          or Disability. If your employment with the Company
          terminates because of death or Disability (as defined in the Stock Plan)
          prior to the first installment payment of your Actual Award, you or
          your estate will receive, as your Actual Award for the Performance Cycle,
          the greater of (i) your Actual Award determined pursuant to Section
          2 above at the time the death or Disability occurs, or (ii) your Target
          Award. [No Dividend Shares will be paid in this case. OR Dividend Shares
          will be calculated as provided in Section 7.] The Actual Award[ and
          Dividend Shares] will be payable in a single lump sum at the time the
          first installment payment is scheduled to be paid under Section 5. 

	 	 	If your
        death or Disability occurs after the first installment payment of your
        Actual Award (determined in accordance with Section 2) [and unpaid Dividend
        Shares] has been made but before the second installment payment has been
        made, the Company shall pay the second installment payment in a lump sum
        as soon as practicable after the date of death or Disability. 
	  
	 10.
	 [FOLLOWING
          INCLUDED AT COMMITTEE’S DISCRETION: No Deferral.
          You cannot defer payment of the Performance Shares[ or Dividend Shares].

	 	 	OR
	 	 	Deferral
        of Payment. If you would like to defer payment
        of the Actual Award, you may make a request to the Committee in writing
        in the form and at the time designated by the Committee. You must submit
        a suggested payment schedule with the request for deferral. The Committee
        may, in its sole discretion, determine whether to permit deferral of payment
        in the manner requested. If the Committee does not accept your proposed
        payment schedule, then payment will be made as provided in Section 5.
        You cannot defer payment of Dividend Shares.]
	  
	 11.
	 Change
          in Control. In the event of a Change in Control
          (as defined in the Stock Plan), you will be deemed to have earned an
          Actual Award at a Plan Payout Percentage of 100%. In such case, you
          shall receive both installments of your Actual Award [and Dividend Shares]
          in a single sum payment no later than the earlier of 90 days after the
          date of the Change in Control or two and one-half months after the end
          of the calendar year in which the Change in Control occurs. Such single
          sum payment will be in cash or Shares, as determined by the Committee.

 

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            12.
 	
            Change in Status.  If your role within the Company changes during the Performance Cycle such that you would no longer be eligible to receive the Performance Shares, this Agreement shall remain in full force and effect as if no such change had occurred. 
 

	
             
  	
            13.
 	 Transfer
          of Awards. You may not transfer any interest
          in your Performance Shares, Actual Award [or Dividend Shares] except
          by will or the laws of descent and distribution [FOLLOWING INCLUDED
          AT COMMITTEE’S DISCRETION: or except as permitted by the Committee
          and as specified in the Plan]. Any other attempt to dispose of all or
          any portion of your interest under this Agreement shall be null and
          void.
 

	
             
  	
            14.
 	
            Personal Data.  By accepting the Performance Share award under this Agreement, you hereby consent to the Company’s use, dissemination and disclosure of any information pertaining to you that the Company determines to be necessary or desirable for the implementation, administration, and management of the Stock Plan.
 

	
             
 	
            15.
 	
            Discretionary Nature and Acceptance of Award.  By accepting this Performance Share award, you agree to be bound by the terms of this Agreement and acknowledge that:
 

	
             
 	
            a)
 	
            The benefits and rights provided under the Stock Plan are not to be considered part of your salary or compensation with the Company for purposes of calculating any (i) severance, resignation, redundancy or termination related payments, (ii) vacation amounts, (iii) bonus amounts, (iv) long-term service awards, (v) pension or retirement benefits, or (vi) any other payments, benefits or rights of any kind.  You hereby waive any and all rights to compensation or damages as a result of the termination of your employment with the Company for any reason whatsoever insofar as those rights result, or may result, from the loss or diminution in value of such rights under the Stock Plan or your ceasing to have any rights under, or ceasing to be entitled to any rights under, the Stock Plan as a result of such termination.
 

 

	
             
 	
            b)
 	
            The grant of Performance Shares hereunder, and any future grant of Performance Shares under the Stock Plan, is entirely voluntary and at the complete and sole discretion of the Company.  Neither the grant of these Performance Shares nor any future grant of Performance Shares by the Company shall be deemed to create any obligation to grant any further Performance Shares, whether or not such a reservation is explicitly stated at the time of such grant.  The Company has the right, at any time and for any reason, to amend, suspend or terminate the Stock Plan; provided, however, that, except as provided in Section 17, no such amendment, suspension, or termination shall adversely affect your rights hereunder.
 

 

	
             
 	
            16.
 	
            Limitations.  Nothing in this Agreement or the Stock Plan gives you any right to continue in the employ of the Company or to interfere in any way with the right of the Company to terminate your employment at any time.
 

	
             
 	
            17.
 	
            Agreement Changes.  The Company reserves the right to change the terms of this Agreement and the Stock Plan without your consent to the extent necessary or desirable to comply with the requirements of Code section 409A, the Treasury regulations and other guidance thereunder.
 

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by the facsimile signature of its Chairman of the Board and Chief Executive Officer as of the day and year first above written.  By consenting to this Agreement, you agree that (i) you have carefully read, fully understand and agree to all of the terms and conditions described in this Agreement, the Stock Plan and the Stock Plan prospectus; and (ii) you understand and agree that this Agreement and the 

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Stock Plan constitute the entire understanding between you and the Company regarding your award of Performance Shares, and that any prior agreements, commitments or negotiations concerning such Performance Shares are hereby replaced and superseded.  You will be deemed to consent to the application of the terms and conditions set forth in this Agreement and the Stock Plan unless you contact Honeywell International Inc., Executive Compensation/AB-1D, 101 Columbia Road, Morristown, NJ 07962, in writing, within thirty (30) days of the date of this Agreement.

HONEYWELL INTERNATIONAL INC.

By: /s/ David M. Cote

David M. Cote

Chairman of the Board and Chief Executive Officer

 

Participant’s signature

 

This Agreement and the underlying Stock Plan represent the entire agreement between the Company and you regarding your Performance Shares.  This Agreement and the Stock Plan should be read in conjunction with one another so that they are not in conflict.  Nevertheless, in the event this Agreement and the Stock Plan cannot be harmonized with each other, the terms of the Stock Plan shall control.  You should consult the Stock Plan for additional information with respect to your rights, responsibilities and entitlements.

 

The Company reserves the right to amend, modify or terminate the Stock Plan at its sole and absolute discretion, subject to shareowner approval if required.

 

This Agreement does not guarantee your eligibility for any Stock Plan benefit now or in the future.  Please keep in mind that neither the Stock Plan nor this Agreement, or any amendments thereto, constitute a contract of employment with the Company or otherwise give you the right to be retained in the employment of the Company.

 

4Exhibit 10.31

 AMENDMENT TO THE 

2006 STOCK PLAN

FOR 

NON-EMPLOYEE DIRECTORS OF 

  HONEYWELL INTERNATIONAL INC.

     The 2006 Stock Plan for Non-Employee Directors of Honeywell International Inc. (“the Plan”), is hereby amended effective December 8, 2006, by replacing Section 9 of the Plan in its entirety
with the following paragraph: 

“9. Adjustment Upon Certain Changes

     (a) Shares Available for Grants. In the event of any change in the number of Shares outstanding by reason of any stock dividend or split,
recapitalization, merger, consolidation, combination or exchange of Shares or similar corporate change, the maximum aggregate number of Shares with respect to which the Committee may grant Awards and the maximum aggregate number of Shares with
respect to which the Committee may grant Awards to any individual Eligible Director in any calendar year shall be appropriately adjusted by the Committee. In the event of any change in the number of Shares outstanding by reason of any other similar
event or transaction, the Committee may, to the extent deemed appropriate by the Committee, make such adjustments in the number and class of Shares with respect to which Awards may be granted. 

     (b) Increase or Decrease in Issued Shares Without Consideration. Subject to any required action by the shareowners of the Company, in the
event of any increase or decrease in the number of issued Shares resulting from a subdivision or consolidation of Shares or the payment of a stock dividend (but only on the Shares), or any other increase or decrease in the number of such Shares
effected without receipt or payment of consideration by the Company, the Committee shall equitably adjust the number of Shares subject to each outstanding Award and the Exercise Price per Share of each such Award. 

     (c) Certain Mergers. Subject to any required action by the shareowners of the Company, in the event that the Company shall be the surviving
corporation in any merger, consolidation or similar transaction as a result of which the holders of Shares receive consideration consisting exclusively of securities of such surviving corporation, the Committee shall have the power to adjust each
Award outstanding on the date of such merger or consolidation so that it pertains and applies to the securities which a holder of the number of Shares subject to such Award would have received in such merger or consolidation.

     (d) Certain Other Transactions. In the event of (i) a dissolution or liquidation of the Company, (ii) a sale of all or substantially all of
the Company’s assets (on a consolidated basis), (iii) a merger, consolidation or similar transaction involving the Company in which the Company is not the surviving corporation or (iv) a merger, consolidation or similar transaction involving
the Company in which the Company is 

 

 

the surviving corporation but the holders of Shares receive securities of another corporation and/or other property, including cash, the Committee shall, in its sole discretion, have the power to: 

     (1) cancel, effective immediately prior to the occurrence of such event, each Award (whether or not then exercisable), and, in full consideration of such cancellation, pay to the Participant to whom
such Award was granted an amount in cash, for each Share subject to such Award equal to the value, as determined by the Committee in its reasonable discretion, of such Award, provided that with respect to any outstanding Stock Option such value
shall be equal to the excess of (A) the value, as determined by the Committee in its reasonable discretion, of the property (including cash) received by the holder of a Share as a result of such event over (B) the Exercise Price of such Stock
Option; or 

     (2) provide for the exchange of each Award (whether or not then exercisable or vested) for an Award with respect to, as appropriate, some or all of the property which a holder of the number of Shares
subject to such Award would have received in such transaction and, incident thereto, make an equitable adjustment as determined by the Committee in its reasonable discretion in the Exercise Price of the Award, or the number of Shares or amount of
property subject to the Award or, if appropriate, provide for a cash payment to the Participant to whom such Award was granted in partial consideration for the exchange of the Award. 

     (e) Other Changes. In the event of any change in the capitalization of the Company or corporate change other than those specifically referred
to in subsections (b), (c) or (d), the Committee shall make equitable adjustments in the number and class of shares subject to Awards outstanding on the date on which such change occurs and in such other terms of such Awards. 

     (f) No Other Rights. Except as expressly provided in the Plan, no Eligible Director shall have any rights by reason of any subdivision or
consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger or consolidation of the Company or any other corporation.
Except as expressly provided in the Plan, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the
number of shares or amount of other property subject to, or the terms related to, any Award.” 

 

AMENDMENT TO THE 

  2006 STOCK PLAN

  FOR 

  NON-EMPLOYEE DIRECTORS OF 

  HONEYWELL INTERNATIONAL INC. 

     The 2006 Stock Plan for Non-Employee Directors of Honeywell International Inc. (“the Plan”), is hereby amended effective January 1, 2007 replacing in its entirety the second paragraph of
Schedule A with the following new paragraph: 

Grant of Stock Options. Each Eligible Director who continues in office following the Annual Meeting of Shareowners will receive a grant of 5,000 Stock Options with an Exercise Price equal to the
Fair Market Value as of such date. The Stock Options will vest in cumulative installments of 25% on April 1 of the first year following the date of grant, an additional 25% on April 1 of the second and third years following the date of grant, and
the remaining 25% on April 1 of the fourth year following the date of grant.

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