Document:

Exhibit 10.1

 

	April 1, 2016	

Mr. Rajeev Gautam

50 E. Algonquin Road

Des Plaines, Illinois 60017

 

	Re:	Promotion

 

Dear Rajeev:

 

I am pleased to confirm our offer to you
to become President and CEO, Honeywell Performance Materials & Technologies, located in Morris Plains, New Jersey, and reporting
to Darius Adamczyk. In this position, you will become an Executive Officer of Honeywell. The effective date of your promotion will
be April 4, 2016 (“Effective Date”), subject to the terms and conditions of this letter agreement (“Agreement”).

 

In connection with your new role, you will
be entitled to the following compensation and benefits package, contingent upon the approval of the Management Development and
Compensation Committee (“MDCC”) of the Company’s Board of Directors (expected to be approved at its meeting currently
scheduled for April 25, 2016):

 

COMPENSATION

 

Base Salary: Retroactive to the
Effective Date, your annual base salary will be increased to $700,000. Base salary reviews occur annually and any adjustments are
generally at the end of the first quarter of the calendar year. Adjustments are based on your performance and other relevant factors.
You will next be eligible for a base salary review in March of 2017.

 

Annual Incentive Compensation: Retroactive
to the Effective Date, your target incentive compensation opportunity will be increased to 80% of your annual cash base salary
earnings during the year. For 2016, your incentive compensation award will be prorated based on the number of days your target
incentive was 50%, and the number of days your target incentive will be 80%. Incentive compensation awards are paid in the first
quarter of the following year.

 

Annual Long-Term Incentive Awards:
You will be eligible for annual equity awards with the size and mix determined by the MDCC based on your performance and future
career potential with Honeywell. The terms of all long-term incentive awards are governed by the terms of the applicable stock
plan and the relevant award agreements.

 

Long-Term Incentive Awards: In addition
to the annual long-term incentive awards already granted to you on February 25, 2016, and subject to the approval of the MDCC at
its meeting currently scheduled for April 25, 2016, you will receive the following additional long-term incentives awards for 2016
in connection with this promotion:

 

		·	50,000 Stock Options with a grant date of May 2, 2016; and

 

		·	8,700 Growth Plan Units for the 2016-2017 performance cycle.

 

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These additional awards will be granted
under the terms of the applicable Stock Incentive Plan of Honeywell International Inc. and its Affiliates (the “Stock Incentive
Plan”) and governed by the relevant award agreements. The Stock Options will vest ratably over four years.

 

OTHER EXECUTIVE BENEFITS

 

You will also be entitled to the following
Executive Benefits:

 

		·	Vacation: You will be eligible for five (5) weeks 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: The Honeywell International Inc. Severance
Plan for Designated Officers currently provides for 18 months of base salary continuation and target bonus if your employment is
involuntary terminated for a reason other than Cause (as defined in the severance plan document in effect when you terminate employment).
You will be required to execute a release of claims against Honeywell and its affiliates and related parties and you may be required
to agree to certain non-solicitation, non-disclosure and
non-competition covenants as a condition of receiving executive severance benefits. For additional information, please consult
the actual plan document.

 

RELOCATION

 

A condition of the offer is that you agree
to relocate to the Morris Plains, New Jersey area. You will be eligible for relocation assistance in accordance with the Company’s
Officer Level relocation guidelines. You will be contacted by a representative from our relocation vendor after you return your
signed offer letter to initiate the relocation process.

 

STOCK OWNERSHIP GUIDELINES FOR HONEYWELL
OFFICERS

 

As an Executive Officer of the Corporation,
you will be required to hold four (4) 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.

 

	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

	Ownership Threshold:	·  4X base salary 
	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)

	Time Limit:	
        ·  No
        time requirement to meet ownership threshold

·  Must
        meet threshold in order to sell stock

 

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INTELLECTUAL PROPERTY AND NON-COMPETITION
AGREEMENTS

 

As a condition of this employment offer,
you are required to execute, in the form attached hereto, (i) Honeywell’s “Employee Agreement Relating to Trade Secrets,
Proprietary and Confidential Information” (“IP Agreement”), and (ii) the “Honeywell International Inc.
Noncompete Agreement for Senior Executives” (“Noncompete Agreement”), both of which are attached hereto.

 

ACCEPTANCE OF OFFER

 

Please indicate your acceptance of this
offer by signing this letter in the space provided and returning it, along with an executed copy of the IP Agreement and Noncompete
Agreement, to me.

 

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

 

Rajeev, 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.

 

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

 

Congratulations,

 

/s/ Mark R. James

Mark R. James

Honeywell International Inc.

Senior Vice President

Human Resources, Procurement and Communications

 

Read and Accepted:

 

	/s/ Rajeev Gautam	 	4/4/16
	RAJEEV GAUTAM	 	Date

 

All businesses experience changing
conditions.  Accordingly, we reserve the right to change work assignments, reporting relationships and staffing levels to
meet business needs, and your employment 

 

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with Honeywell will be on an “at
will” basis.  This means that there is no guarantee of employment for any specific period, and either you or Honeywell
may terminate your employment at any time. 

 

The descriptions of benefits and
perquisites described in this offer letter are for general information purposes only and are not intended to modify any plan document,
summary plan description (“SPD”) or prospectus. For a complete description of any benefit or perquisite, you may request
a copy of the applicable plan document, SPD or prospectus. The Company reserves the right to modify, amend or terminate any benefit
plan or perquisite in its sole and absolute discretion. 

 

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HONEYWELL INTERNATIONAL

NONCOMPETE AGREEMENT FOR SENIOR

EXECUTIVES

 

In consideration of my transfer, promotion,
or hire into my role as a Senior Executive of the company, my employment, continued employment, compensation and the equipment,
materials, facilities and the Trade Secrets, Proprietary and Confidential Information supplied to me, I agree to the following:

 

1.         Noncompetition.
I acknowledge that in the course of my employment with or provision of services to Honeywell, I have and will become familiar
with Trade Secrets, Proprietary and Confidential Information concerning Honeywell, its businesses and employees, including but
not limited to, Honeywell’s business methods, business systems, strategic plans, plans for acquisition or disposition of
products, expansion plans, financial status and plans, financial data, customer lists and data, and personnel information. I understand
and agree that as part of my continued employment with Honeywell, I will continue to have access to and receive Trade Secrets,
Proprietary and Confidential Information concerning Honeywell. I further acknowledge that Honeywell operates in a very competitive
business environment and my services are and will be of special, unique and extraordinary value to Honeywell. I further acknowledge
that I have been given and will continue to be given access to, and develop relationships with, customers of Honeywell at the time
and expense of Honeywell and have and will continue to receive training, experience and expertise from Honeywell that make my services
of special, unique and extraordinary value to Honeywell. I further acknowledge and agree that I will not, directly or indirectly,
at any time during or after my employment with Honeywell, except in the course of performing my duties at Honeywell, disclose,
disseminate, make available or use Honeywell’s Trade Secrets, Proprietary and Confidential Information.

 

I agree that, during
my employment and for a period of two (2) years following my Termination of Employment with Honeywell for any reason, I will not
become employed by, perform services for, or otherwise become associated with (as an employee, officer, director, principal, agent,
manager, partner, co-partner or consultant or any other individual or representative role) a Competing Business (as defined below).
This restriction shall apply to any Competing Business that conducts business in the same or substantially similar geographic area
in which any Honeywell business, for which I was employed or performed services in a job covered by this Program during the Look
Back Period, conducts business or plans to conduct business as of my Termination of Employment. I acknowledge (i) that Honeywell’s
business is conducted throughout the United States and around the world, (ii) notwithstanding the state of incorporation or principal
office of Honeywell, it is expected that Honeywell will have business activities and have valuable business relationships within
its industry throughout the United States and around the world, and (iii) as part of my responsibilities, I may be conducting business
throughout the United States and around the world in furtherance of Honeywell’s business and its relationships.

 

A “Competing Business”
shall mean any business, person, entity or group of business entities, regardless of whether organized as a corporation, partnership
(general or limited), joint

 

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venture, association or other organization,
that (i) conducts or is planning to conduct a business similar to and/or in competition with any business conducted or planned
by any Honeywell business for which I (A) was employed or performed services in a job covered by this Program, or (B) had knowledge
of operations over the Look Back Period, or (ii) designs, develops, produces, offers for sale or sells a product or service that
can be used as a substitute for, or is generally intended to satisfy the same customer needs for, any one or more products or services
designed, developed, manufactured, produced or offered for sale or sold by any Honeywell business for which I (X) was employed
or performed services in a job covered by this Program, or (Y) had knowledge of operations during the Look Back Period. I acknowledge
that I will be deemed to have knowledge of a business if I received, was in possession of or otherwise had access to Trade Secrets,
Proprietary and Confidential Information regarding such business. For purposes of illustration only, I acknowledge and understand
that each of the corporations or entities (and any related entities, subsidiaries, affiliates or successors) set forth on the Addendum
attached hereto is a Competing Business as of the date hereof. I further acknowledge and agree that the Addendum attached hereto
is not an exhaustive list and is not intended to include all of Honeywell’s current or future competitors, which I acknowledge
may include other persons or entities in the future. I further acknowledge and understand that if I have any questions about whether
any prior Honeywell position which I have held over the last two years is subject to this Program and shall be used to identify
Competing Businesses, I should contact my Human Resource representative.

 

Honeywell recognizes
that some businesses, persons, entities, or group of businesses that are Competing Businesses as defined above may also have lines
of business or parts of their business that do not compete with Honeywell as defined above, and the restrictions contained herein
are not intended to include such lines of business or parts of their businesses. I understand and agree that if I intend to become
employed by, perform services for, or otherwise become associated with (as an employee, officer, director, principal, agent, manager,
partner, co-partner or consultant or any other individual or representative role) a Competing Business as defined above, it is
presumed that the restriction contained herein applies. I further understand and agree that if I do not believe the restriction
contained herein should apply, I must demonstrate to Honeywell that I will only be employed by, perform services for, or otherwise
become associated with (as an employee, officer, director, principal, agent, manager, partner, co-partner or consultant or any
other individual or representative role) a line of business in, or part of, a Competing Business that does not compete with Honeywell
as defined above.

 

2.         Reasonableness
of Restrictions and Validity. I agree that the terms of this Agreement are reasonable and do not impose a greater restraint
than necessary to protect Honeywell’s legitimate protectable business interests, including the protection of its Trade Secrets,
Proprietary and Confidential Information. 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 overbroad, 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. I also agree that the parties shall request that a court of competent jurisdiction not invalidate or
ignore the terms of this Agreement, but instead honor this provision by reforming

 

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or modifying any overbroad or otherwise
invalid terms to the extent necessary to render the terms valid and enforceable and then enforcing the Agreement as so reformed
or modified.

 

3.         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. I acknowledge
and agree Honeywell may apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive
relief (without posting a bond or other security) in order to enforce or prevent any violation of the provisions of this Agreement,
and that money damages would not be an adequate remedy for any breach of the provisions of this Agreement. I acknowledge and agree
that a violation of this Agreement would cause irreparable harm to Honeywell, and I covenant that I will not assert in any proceeding
that a violation or further violation of this Agreement: (i) will not result in irreparable harm to Honeywell; or (ii) could be
remedied adequately at law. Honeywell’s right to injunctive relief shall be cumulative and in addition to any other remedies
available at law or equity. 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 this 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 new employer, which may also include, but not be limited to, contract damages, lost profits
and punitive damages.

 

4.         Harm
and Injunctive Relief. I agree and acknowledge that the restrictions contained in this Agreement do not preclude me from earning
a livelihood, nor do they unreasonably impose limitations on my ability to earn a living. I further agree and acknowledge that
the potential harm to Honeywell of the non-enforcement of this Agreement outweighs any potential harm to me from its enforcement
by injunction or otherwise. I acknowledge that I have carefully read this Agreement and have given careful consideration to the
restraints imposed upon me by this Agreement, and am in full accord as to their necessity for the reasonable and proper protection
of Honeywell’s legitimate protectable business interests, including the protection of its Trade Secrets, Proprietary and
Confidential Information. I agree and acknowledge that I have been provided adequate and reasonable consideration in exchange for
the obligations under this Agreement, including employment or continued employment by Honeywell, goodwill, access or continued
access to Honeywell’s Trade Secrets, Proprietary and Confidential Information, access or continued access to customers, and
additional good and valuable consideration. I expressly acknowledge and agree that each and every restraint imposed by this
Agreement is reasonable with respect to subject matter, duration and geographical scope.

 

5.         Binding
Agreement, Amendment, Successors. I acknowledge that the provisions of this Agreement are in addition to, and in no way intended
to limit, restrict or narrow any prior or existing employment or other agreement with Honeywell. This Agreement does not replace
or supersede any prior or existing employment or other agreement with Honeywell, but rather, shall be read in conjunction with
such prior or existing agreements and shall be interpreted in a manner to provide Honeywell the maximum protection provided by
all agreements I have with Honeywell. The terms of the restriction in Paragraph 1 and the other terms in this Agreement are to
be read consistent with the terms of any other noncompete or other agreements that I have executed with Honeywell; provided, however,
to the extent there is a conflict between/among such agreements, such agreements shall be construed as providing the broadest possible
protections to Honeywell, even if such construction would require provisions of more than one such agreement to be given

 

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effect.  No waiver of this Agreement
will be effective unless it is in writing and signed by Honeywell International’s Senior Vice President for Human Resources
and Communications or his/her designee. This Agreement may not be superseded or amended by any other agreement between myself and
Honeywell unless such agreement specifically and expressly states that it is intended to supersede this Agreement and is executed
by Honeywell International’s Senior Vice President for Human Resources and Communications or his/her designee. This Agreement
binds my heirs, executors, administrators, legal representatives and assigns and inures to the benefit of Honeywell and its successors
and assigns.

 

6.         Acknowledgement
of Receipt. I acknowledge that I received a copy of this Agreement prior to accepting my transfer, promotion, or hire into
my new role and that execution of this Agreement was an express condition of such transfer, promotion, or hire.

 

7.         Effectiveness
of Agreement. This Agreement becomes effective when I sign it, the obligations under it continue throughout the entire period
of time I am employed by Honeywell, without regard to the business within Honeywell with which I am associated and these obligations
will continue after, and survive, the end of my employment with Honeywell.

 

8.         Notice
to Future Employers. For the period of two (2) years immediately following the end of my employment with 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. 

 

9.         Governing
Law and Venue. 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. I hereby consent to the exclusive jurisdiction and venue in the federal
and state courts of the State of New Jersey, Morris County, for the resolution of all disputes arising under, or relating to, this
Agreement.

 

10.       Additional
Definitions.

 

“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
assets, stock, merger or otherwise.

 

“Look Back Period”
means the two (2) year period ending on the date of my Termination of Employment.

 

“Program”
refers to the noncompete initiative implemented by Honeywell requiring that employees occupying certain Executive Level and Officer
positions (Senior Executives) execute this noncompete Agreement.

 

“Trade Secrets,
Proprietary and Confidential Information” means information which is not generally known in the industry in which Honeywell
International is engaged, which may be disclosed to me or which I may learn, observe, discover or otherwise acquire during, or
as a result

 

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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, ideas, 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, business systems, strategic
plans, plans for acquisition or disposition of products, expansion plans, financial status and plans, financial data, personnel
information, customer lists or data, customer usages or requirements, or supplier information, which is owned or licensed by Honeywell
International or held by Honeywell International in confidence.

 

“Termination of
Employment” means any separation from employment with Honeywell regardless of the reason, including any and all voluntary
and involuntary reasons for termination. The termination date for purposes of this Agreement shall be the last day I actively perform
services for Honeywell.

 

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

 

I have carefully read this Agreement. I
understand and accept its terms.  I understand and agree that I will continue to be bound by the provisions of this Agreement
after my employment with Honeywell has ended.

 

 

	/s/ Rajeev Gautam	 
	RAJEEV GAUTAM	 
	 	 	 
	Date:	      4/4/16	 

 

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ADDENDUM TO

HONEYWELL INTERNATIONAL

NONCOMPETE AGREEMENT FOR SENIOR EXECUTIVES

 

RAJEEV GAUTAM

EMPLOYED AS

PRESIDENT AND CHIEF OPERATING OFFICER, PMT

 

Pursuant to Paragraph 1 of your Honeywell
International Noncompete Agreement for Senior Executives (“Noncompete Agreement”), this Addendum contains a
list, for illustration purposes only, of specific competitors that are considered a “Competing Business,” as that term
is used in your Noncompete Agreement, and are therefore covered by the restrictions contained in Paragraph 1 of your Noncompete
Agreement. This list is not an exhaustive list and is not intended to include all of Honeywell’s, or your specific business’
or unit’s, current or future competitors, which you acknowledge in Paragraph 1 of your Noncompete Agreement may include other
persons or entities now or in the future.

 

Based on your current role and responsibilities
with Honeywell as President and Chief Operating Officer, Honeywell Performance Materials and Technologies, the following companies
are considered key competitors to Honeywell Performance Materials and Technologies, and therefore, fall within the definition of
a Competing Business as that term is used in your Noncompete Agreement:

 

Emerson, Invensys, Aspen Tech, Accenture,
IBM, Shell Global Solutions, Arkema, Axens, BASF, DSM, DuPont, Shell/Criterion, Albermarle, Sinopec, Chevron Lummus Global, Solvay
Fluor, Celanese

 

As previously noted, this is not an exhaustive
list and there may be other current and future persons or entities that would meet the definition of a Competing Business, as set
forth in your Noncompete Agreement. In addition, pursuant to Paragraph 1 of your Noncompete Agreement, please note that the term
Competing Business, as defined in your Noncompete Agreement, will include competitors of any Honeywell business in which you have
worked in a job subject to the Program (as defined in your Noncompete Agreement) during the Look Back Period (as defined in your
Noncompete Agreement). Accordingly, if you worked in multiple Honeywell businesses in covered positions during your tenure, it
is very likely that the list of Competing Businesses subject to restriction under the terms of your Noncompete Agreement will be
broader than the above illustrative list. If you have questions about whether any prior Honeywell position which you have held
during the Look Back Period subjects you to similar restrictions, and will be used to identify Competing Business(es), you should
contact your Human Resource representative.

 

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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 “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 before filing any application for patents
on such Inventions. 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 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 not 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

 

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			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, during or after my employment with Honeywell misappropriate, use or disclose Honeywell’s Trade Secrets,
Proprietary and Confidential Information except in furthering Honeywell’s business nor will I disclose or disseminate at
any time 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 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 following my Termination of Employment for any
reason, 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

 

Page 2 of 7

    	 

    	

    

			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.	Nonsolicitation of Honeywell Employees.  I acknowledge that Honeywell has invested,
and will continue to 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, during my employment and for a period of two years following my Termination of Employment from Honeywell
for any reason, I will not directly or indirectly, for my own account or for others, (i) solicit (or assist another in soliciting)
for employment or for the performance of services, (ii) offer or cause to be offered employment or other service engagement, or
(iii) participate in any manner in the employment or hiring for services of any current or former Honeywell employee with whom
I had contact or of whom I became aware in my last two years of Honeywell employment, unless it has been more than 12 months since
that individual left Honeywell. Nor will I, for my own account or for others, in any way induce or attempt to induce such individual
to leave the employment of Honeywell.

 

		10.	Nonsolicitation of Honeywell Customers, Suppliers, Business Partners and Vendors. 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 and/or will obtain valuable information about Honeywell customers, suppliers, business partners, and/or vendors,
and their requirements, I agree that during my employment and for a period of two years following my Termination of Employment
from Honeywell for any reason, I will not directly or indirectly, for my own account or for others, solicit or assist others in
soliciting or attempt to solicit (or assist others in attempting to solicit), (i) any existing clients, customers, suppliers, business
partners, and/or vendors 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 of Employment, or (ii) any prospective clients, customers, suppliers, business partners,
and/or vendors of Honeywell with whom I had contact and with whom Honeywell took significant steps to do business during the two-year
period prior to my Termination of Employment, for the purpose or effect of inducing such existing or prospective clients, customers,
suppliers, business partners, and/or vendors to cease doing business or reduce their business with Honeywell or to purchase, lease
or utilize products or services that are competitive with, similar to, or that 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;

 

Page 3 of 7

    	 

    	

    

		(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
prior to accepting employment, continued employment or other consideration as recited herein and that execution of this agreement
was an express condition of my employment, continued employment or receipt of other consideration recited herein.

 

		14.	Effectiveness of Agreement. I acknowledge that the provisions of this agreement are in addition
to, and in no way intended to limit, restrict or narrow any prior or existing agreement with Honeywell. This agreement does not
replace or supersede any prior or existing employment or other agreement with Honeywell, but rather, shall be read in conjunction
with such prior or existing agreements and shall be interpreted in a manner to provide Honeywell the maximum protection and the
most effective and complete assignment of inventions provided by all agreements I have with Honeywell. The terms of this agreement
are to be read consistent with the terms of any other intellectual property, trade secret or confidentiality agreements that I
have executed with Honeywell; provided, however, to the extent there is a conflict between/among such agreements, such agreements
shall be read in concert and construed as providing the broadest possible protections to Honeywell, even if such construction would
require provisions of more than one such agreement to be given effect. This agreement shall be deemed effective as of the first
day of my employment by Honeywell and shall continue throughout the entire period of time I am employed by Honeywell and my obligations
will continue after, and survive, the end of my employment by Honeywell.

 

		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,

 

Page 4 of 7

    	 

    	

    

			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.

 

		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,
ideas, 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 (including, but not limited to, copyright
works, trademarks, domain names, URLs, keywords, social media account or identification names, business networking/media account
or identification names and mask works), 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.

 

		(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.

 

		(e)	“Termination of Employment”
                                         shall be defined as any separation from employment with Honeywell regardless of the reason,
                                         including any and all voluntary and involuntary reasons for termination. The termination
                                         date for purposes of this Agreement shall be the last day I actively perform services
                                         for Honeywell.

 

		(f)	“Solicit” or “soliciting”
                                         includes contacting, communicating with, marketing to, engaging or otherwise interacting
                                         with (whether initiated by me or not).

 

		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.

 

 

	/s/ Rajeev Gautam	 	4/4/16
	RAJEEV GAUTAM	 	Date

 

Page 5 of 7

    	 

    	

    

SCHEDULE A

 

HAVE YOU MADE ANY INVENTIONS BEFORE THE
TERM OF YOUR EMPLOYMENT WITH HONEYWELL, IN WHICH YOU HAVE AN OWNERSHIP INTEREST AND 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.

 

	 
	 
	 
	 
	 
	 
	 

[Attach additional sheets if more space
is needed.]

 

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SCHEDULE B

 

DO YOU HAVE ANY PRIOR OBLIGATIONS (WRITTEN
OR ORAL) WHICH WOULD RESTRICT YOUR ABILITY TO PERFORM THE DUTIES OF YOUR EMPLOYMENT WITH HONEYWELL?

 

(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.

 

	 
	 
	 
	 
	 
	 
	 

[Attach additional sheets if more space
is needed.]

 

Page 7 of 7Exhibit 10.2

 

HONEYWELL EXCESS BENEFIT PLAN

AND

HONEYWELL SUPPLEMENTAL SAVINGS PLAN

(amended and restated effective April
1, 2018)

 

1.        History. Honeywell
International Inc. (the “Corporation”) initially established an excess benefit plan effective January 1, 2006
when the Supplemental Non-Qualified Savings Plan For Highly Compensated Employees Of Honeywell International Inc. And Its Subsidiaries
(Career Band 5 and Below) was merged with and into the Supplemental Non-Qualified Savings Plan for Highly Compensated Employees
of Honeywell International Inc. and its Subsidiaries (Career Band 6 and above) and the resulting plan from this merger became
known as the Supplemental Non-Qualified Savings Plan for Highly Compensated Employees of Honeywell International Inc. and its
Subsidiaries.

 

Effective July 1, 2015,
the Supplemental Non-Qualified Savings Plan for Highly Compensated Employees of Honeywell International Inc. and its Subsidiaries
was then separated into two separate plans for all legal purposes in order to ensure its qualification as an excess benefit plan
within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934, as amended. The following provisions constitute and
govern the terms of those two plans as follows:

 

(a)        The Excess Benefit
Plan of Honeywell International Inc. and its Subsidiaries (the “Excess Benefit Plan”) provides only for the
benefits and contributions that would be provided under the Qualified Savings Plans but for any benefit or limitations set forth
in the Code, including any amounts credited to each Participant’s Account as of July 1, 2015, that would have been so characterized
at the time such amounts were credited, and including (for purposes of clarity) all Employer Matching Contributions described in
Subparagraph 5(b). The Excess Benefit Plan shall consist of, be governed by, and be subject to, the terms set forth below excluding
Clause 5(a)(ii) and the other provisions of the Plan to the extent relating to Clause 5(a)(ii).

 

(b)        The Supplemental
Non-Qualified Savings Plan for Highly Compensated Employees of Honeywell International Inc. and its Subsidiaries (the “Supplemental
Savings Plan”) provides for all other benefits and contributions under the Plan. The Supplemental Savings Plan shall
consist of, be governed by, and be subject to, the terms set forth below excluding Clause 5(a)(i) and Subparagraph 5(b) and the
other provisions of the Plan to the extent relating to Clause 5(a)(i) and Subparagraph 5(b).

 

(c)        Both the Excess
Benefit Plan and the Supplemental Savings Plan are now part of a plan named the “Honeywell Excess Benefit Plan and the Honeywell
Supplemental Savings Plan” and, unless the context specifically states otherwise, are collectively referred to herein as
the “Plan.”

    	 

    	

    

(d)        The Plan was last
amended and restated, effective as of January 1, 2009, to implement changes required pursuant to and consistent with Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”), and the corresponding regulations. The Plan is
hereby amended and restated, effective as of April 1, 2018, to implement changes required or desired to reflect a change in the
amount of Employer Matching Contributions, a change in the Plan record keeper, and to change the collective Plan name. This Plan
document covers any Participant (as defined below) who was entitled to receive a benefit from the Plan as of March 31, 2018, but
did not receive full payment of such benefit under the Plan as of such date, as well as any individual who becomes a Participant
in the Plan on or after April 1, 2018. Plan benefit payments commencing before April 1, 2018 are governed by the terms of Plan
as they existed before this amendment and restatement.

 

2.        Eligibility. Any employee of the Corporation and its participating affiliates who is (i) the Chief Executive Officer
of the Corporation or designated by the Corporation as an “officer” of the Corporation (an “Officer”),
during the designated election period (the “Open Enrollment Period”) that occurs before the beginning of the
applicable Plan Year (as defined below), or (ii) (A) an Executive level employee but not an Officer at any time during the Open
Enrollment Period that occurs before the beginning of the applicable Plan Year, and (B) whose annual Base Annual Salary (as defined
in Subparagraph 4(a)(i)) that is paid and posted to the Plan’s electronic recordkeeping system as of the last paydate in
September of the Plan Year immediately preceding the applicable Plan Year exceeds the dollar limit for a highly compensated employee
for the Plan Year under Section 414(q) of the Code, shall be eligible (an “Eligible Employee”) to participate
in the Plan (subject to the limitations set forth in the following paragraph) and elect deferrals of Base Annual Salary for such
Plan Year effective as of the first paydate of such Plan Year that follows the Open Enrollment Period.

 

Notwithstanding the
foregoing, an Eligible Employee may only participate in the Plan for a Plan Year if such employee is eligible to participate in
the Honeywell 401(k) Plan (formerly the Honeywell Savings and Ownership Plan) or any other savings plan designated as included
by the Corporation from time to time (the “Qualified Savings Plans”), and has made an irrevocable election during
the applicable Open Enrollment Period to defer Base Pay to the applicable Qualified Savings Plan. For
purposes of this Plan, the “Plan Year” shall mean the calendar year.

 

3.        Definitions.
Capitalized terms not otherwise defined in the Plan have the respective meanings set forth in the applicable Qualified Savings
Plans.

 

4.        Participation.

 

(a)        Time and Form of Election.

 

(i)        Each Eligible Employee
who wishes to participate in the Plan for a particular Plan Year (a “Participant”), must file a timely written
or electronic deferral election (the “Election”) with the Plan Administrator during the applicable Open Enrollment
Period. Such Eligible Employee shall designate in the Election that a portion (determined in accordance with Subparagraph 5(a))
of the Eligible Employee’s Base Pay as defined in the Qualified Savings Plan without regard to any benefit or contribution
limitations under the Code or the applicable

    	2

    	

    

Qualified Savings Plan
and inclusive of salary deferred for the Plan Year under this Plan (“Base Annual Salary”), which would have
been payable to such Eligible Employee during such Plan Year, in lieu of such payment, be credited to a deferred compensation account
maintained under the Plan as an unfunded book entry account stated as a cash balance (the “Account”). On a Participant’s
Election, the Participant shall also indicate the form of payment for all deferrals credited to the Participant’s Account,
as described in Paragraph 7 below, and shall indicate if he wishes to change the default Change in Control election, as described
in Paragraph 10 below.

 

(b)        Election Changes.
A Participant may not modify his deferral election for a particular Plan Year at any time during that Plan Year.

 

5.        Contributions to Participants’
Accounts.

 

(a)        Participant Deferred
Contributions. For a particular Plan Year, a Participant may elect to defer an aggregate amount
equal to (i) the difference between the maximum percentage of Base Annual Salary that the Participant may contribute for the Plan
Year as Pre-tax Contributions and/or Roth Contributions under the Qualified Savings Plans (8% of Base Pay for 2018), without regard
to any other limitations that may apply under the Code or the Qualified Savings Plans, and the actual Pre-tax Contributions and/or
Roth Contributions the Participant contributes to the Qualified Savings Plans for the Plan Year, and/or (ii) from 1% to 25% (in
whole percentages) of such Participant’s Base Annual Salary, without regard to any other limitations that may apply under
the Code (collectively, “Participant Deferred Contributions”); provided, however, that a Participant who
elects to defer any amount hereunder shall be required to make the maximum Pre-tax Contributions and/or
Roth Contributions permissible under the Qualified Savings Plans for the applicable Plan Year (after giving effect to deferrals
under the Plan or otherwise).

 

For the avoidance of
doubt, all Participant Deferred Contributions to the Plan shall be deferred on a pre-tax basis. No after-tax contributions (such
as Roth 401(k) contributions) shall be permitted. For purposes of any “spillover” of deferrals from the Qualified Savings
Plans to the Excess Benefit Plan, any amounts that were contributed as Roth Contributions to the Qualified Savings Plans shall
be contributed as pre-tax contributions to the Plan.

 

(b)        Plan Employer
Contributions. There shall be credited to the Participant’s Account employer contributions under the Plan (“Plan
Employer Contributions”) in an aggregate amount equal to the difference between (i) the maximum
Employer Matching Contributions that could be contributed for the Plan Year under the Qualified Savings Plans, without regard to
any limitations that may apply under the Code or the Qualified Savings Plans, and (ii) the total amount of Employer Matching
Contributions actually contributed to the Participant’s account under the Qualified Savings Plans.

 

Notwithstanding the foregoing:

(A) beginning
April 1, 2018, the Plan Employer Contributions described in this Paragraph shall be credited to a Participant’s Account only
if the Participant is actively employed by the Corporation or an affiliate on December 15th of the Plan Year, has died
while actively employed by the Corporation or an affiliate during the Plan Year, or has

    	3

    	

    

become disabled
(as defined in the Qualified Savings Plan) while actively employed by the Corporation or an affiliate during the Plan Year, and

 

(B) only Participant
Deferred Contributions described in Clause 5(a)(i) shall be used in determining the amount of Plan Employer Contributions to be
credited to an Account for a Plan Year.

 

(c)         Vesting.
Participant Deferred Contributions and Plan Employer Contributions (collectively “Total Contribution Amounts”)
and all amounts accrued with respect to Total Contribution Amounts in accordance with Paragraph 6, shall be vested at the time
such amounts are credited to the Participant’s Account.

 

(d)        Timing of Contributions.
Effective for Plan Years beginning on and after January 1, 2017, the Participant Deferred Contributions described in Clause 5(a)(i)
shall be credited to a Participant’s Account once the Participant has contributed the maximum Pre-tax
Contributions and/or Roth Contributions for the Plan Year to the Qualified Savings Plans. The Participant Deferred Contributions
described in Clause 5(a)(ii) shall be credited to a Participant’s Account each pay period during the Plan Year. The Plan
Employer Contributions described in Section 5(b) shall be credited to a Participant’s Account at the same time Employer Matching
Contributions are credited to the Participant account under the applicable Qualified Savings Plans.

 

6.        The Participant’s Account.

 

(a)        Types of Accounts.
A Participant’s Account shall consist of two sub-accounts, as applicable: (1) a sub-account which
consists of Participant Deferred Contributions and Plan Employer Contributions, and interest and earnings thereon, for amounts
that were earned and vested as of December 31, 2004 (the “Grandfathered Account”), and (2) a sub-account which
consists of Participant Deferred Contributions and Plan Employer Contributions, and interest and earnings thereon, for amounts
that are earned and vested on or after January 1, 2005 (the “Non-Grandfathered Account”).

 

(b)        Participant Deferred Contributions.

 

(i)        Participant Deferred
Contributions shall be credited to the Participant’s Account under the Plan as unfunded book entries stated as cash balances.

 

(ii)       Participant Deferred
Contributions credited to the Participant’s Account after December 31, 2004, and all Participant Deferred Contributions credited
to a Participant’s Account under the Supplemental Non-Qualified Savings Plan For Highly Compensated Employees Of Honeywell
International Inc. And Its Subsidiaries (Career Band 5 and Below) before January 1, 2006, shall accrue amounts (to be posted on
the Valuation Date) equivalent to interest, compounded daily, at a rate based upon the cost to the Corporation of borrowing at
a fixed rate for a 15-year term. The interest rate described in this paragraph is subject to change from Plan Year to Plan Year
and shall be determined annually by the Chief Financial Officer of

    	4

    	

    

the Corporation in consultation
with the Treasurer of the Corporation before January 1 of each Plan Year.

 

(iii)      Participant Deferred
Contributions credited to the Participant’s Account under the Supplemental Non-Qualified Savings Plan for Highly Compensated
Employees of Honeywell International Inc. and its Subsidiaries (Career Band 6 and above) before January 1, 1994 or after the Participant
has terminated employment shall accrue amounts (to be posted each Valuation Date) equivalent to interest, compounded daily, at
a rate based upon the cost to the Corporation of borrowing at a fixed rate for a 15-year term. The interest rate described in this
paragraph is subject to change from Plan Year to Plan Year and shall be determined annually by the Chief Financial Officer of the
Corporation in consultation with the Treasurer of the Corporation before January 1 of each Plan Year.

 

(iv)      Participant Deferred
Contributions credited to the Participant’s Account under the Supplemental Non-Qualified Savings Plan for Highly Compensated
Employees of Honeywell International Inc. and its Subsidiaries (Career Band 6 and above) between January 1, 1994 and December 31,
2004, but before a Participant terminates employment, shall accrue amounts (to be posted each Valuation Date) equivalent to interest,
compounded daily, at a rate that was determined annually by the Management Development and Compensation Committee (the “Committee”)
of the Board of Directors of the Corporation (the “Board”). This rate, once established for a Plan Year, remains
in effect with respect to all Participant Deferred Contributions credited to the Participant’s Account during such Plan Year
until such amounts are distributed.

 

(c)        Plan Employer
Contributions. Plan Employer Contributions shall be credited to the Participant’s Account under the Plan as unfunded
book entries stated as shares of Common Stock (including fractional shares). The number of shares of Common Stock credited to a
Participant’s Account shall be determined by dividing the equivalent cash amount (as determined under Subparagraph 5(b))
by the closing price of Common Stock on the day that such Plan Employer Contributions are credited to the Participant’s Account.
Amounts equivalent to the dividends that would have been payable in respect of the Common Stock shall be credited to the Participant’s
Account as if reinvested in Common Stock, with the number of shares credited determined by dividing the equivalent cash dividend
amount by the closing price of Common Stock on the date the dividends would have been payable. Amounts credited to the Participant’s
Account shall accrue amounts equivalent to interest and dividends, as the case may be, until distributed in accordance with the
Plan.

 

(d)        Grandfathered
and Non-Grandfathered Accounts. The aggregate amount of the Participant’s Deferred Contributions, plus interest and earnings
credited thereon pursuant to this Paragraph 6 (collectively, the “Participant Deferred Contribution Amounts”),
and the aggregate number of shares of Common Stock representing the Plan Employer Contributions, plus dividends reinvested pursuant
to this Paragraph 6 (collectively the “Plan Employer Contribution Amounts,” and together with Participant Deferred
Contribution Amounts, the “Total Contribution Amounts”) credited to the Participant’s Grandfathered Account
pursuant to this Paragraph 6, will hereinafter be referred to as “Grandfathered Contribution Amounts.” Total

    	5

    	

    

Contribution Amounts
credited to a Participant’s Non-Grandfathered Account will hereinafter be referred to as “Non-Grandfathered Contribution
Amounts.”

 

7.        Distribution from Accounts.

 

(a)        Form and Timing of Payment.

 

(i)        Participant
Deferred Contributions.

 

(A)        2006 Plan Year
and Later. The aggregate amount of the Participant’s Participant Deferred Contribution Amounts credited to the Participant’s
Non-Grandfathered Account for Plan Years beginning on or after January 1, 2006 shall be paid in one lump-sum in the January of
the Plan Year that follows the Plan Year in which the Participant has a Separation from Service (as defined in Section 409A(a)(2)(A)(i)
of the Code and its corresponding regulations) with the Corporation and its affiliates, unless the Participant elects in his Election
for any such Plan Year that his Participant Deferred Contribution Amounts for such Plan Year be paid in substantially equal annual
installments (not to exceed ten (10)) if his Separation from Service occurs on or after he attains age 55 and has completed ten
(10) Years of Service (as defined below), in which case the first installment shall be paid in the January of the Plan Year that
follows the Plan Year in which he has a Separation from Service and each remaining installment will be paid in each succeeding
January.

 

Notwithstanding the
foregoing, if the Participant is a “Specified Employee” (as defined below) at his Separation from Service, the payments
provided in the immediately preceding paragraph shall be paid (or begin for installments) in (i) the January of the Plan Year that
follows the Plan Year in which the Participant’s Separation from Service with the Corporation and its affiliates occurs,
if the Participant’s Separation from Service occurs before July 1 of such Plan Year, or (ii) the July of the Plan Year that
follows the Plan Year in which the Participant’s Separation from Service with the Corporation and its affiliates occurs,
if the Participant’s Separation from Service occurs after June 30 of such Plan Year. If the Participant elected to receive
his distribution in installments, after the first payment is made, each subsequent installment will be paid in the January of each
Plan Year that follows until all installments are paid to the Participant.

 

(B)        For purposes of
this Plan, the term (i) “Years of Service” shall be determined using the Participant’s most-recent adjusted
service date, as reflected at the Participant’s Separation from Service in the Company’s records, and (ii) “Specified
Employee” shall mean any Participant who, at any time during the twelve (12) month period ending on the identification
date, is a specified employee under Section 409A of the Code, which determination of “specified employees,” including
the number and identity of persons considered “specified employees” and the identification date, shall be made by the
Vice President – Compensation and Benefits (or his delegate) in accordance with the provisions of Sections 416(i) and 409A
of the Code and the regulations issued thereunder.

 

(C)        2005 Plan Year.
For the 2005 Plan Year only, the Participant Deferred Contribution Amounts credited to the Participant’s Non-Grandfathered
Account for

    	6

    	

    

such Plan Year shall
be paid in one lump-sum in January of the Plan Year immediately following the Plan Year in which the Participant has a Separation
from Service with the Corporation and its affiliates.

 

Notwithstanding the
foregoing, if at the time of the Participant’s Separation from Service, the Participant is a Specified Employee the payment
provided in the immediately preceding paragraph shall be paid in (i) the January of the Plan Year that follows the Plan Year in
which the Participant’s Separation from Service with the Corporation and its affiliates occurs, if the Participant’s
Separation from Service occurs before July 1 of such Plan Year, or (ii) the July of the Plan Year that follows the Plan Year in
which the Participant’s Separation from Service occurs, if the Participant’s Separation from Service occurs after June
30 of such Plan Year. If the Participant elected to receive his distribution in the form of installments, after the first payment
is made pursuant to the immediately preceding sentence, each subsequent installment will be paid in the January of each Plan Year
that follows until all installments are paid to the Participant.

 

(D)        Plan Years Before
January 1, 2005. Each Participant made an election when he made a deferral election for Plan Years beginning before January
1, 2005, with respect to the distribution of the Participant Deferred Contribution Amounts credited to the Participant’s
Grandfathered Account pursuant to such election. A Participant elected to receive such amount in one lump-sum or in a number of
annual installments (up to fifteen (15)). The lump-sum payment or the first installment shall be paid as soon as practicable during
the month of January of such future calendar year as the Participant may designate or, if the Participant so elects, as soon as
practicable during the month of January of the calendar year immediately following the year in which the Participant last contributed
to the Plan or the year in which the Participant terminates employment with the Corporation and its affiliates. Subsequent installments
shall be paid as soon as practicable during the month of January of each succeeding calendar year until the entire amount of the
Participant Deferred Contribution Amounts credited to the Participant’s Grandfathered Account have been paid.

 

(ii)       Plan Employer
Contributions. The distribution form and timing that apply to the Participant’s Deferred Contribution Amounts for a Plan
Year pursuant to Subparagraph 7(a)(i) above shall also apply to the form and timing of the distribution of the Plan Employer Contribution
Amounts credited to the Participant’s Account. Except to the extent otherwise provided with respect to fractional shares,
all distributions of Plan Employer Contribution Amounts shall be made in Common Stock. Installments after the first installment
payment, if applicable, shall be paid in the January of each succeeding calendar year until the entire amount of the Plan Employer
Contribution Amounts have been paid. Any fractional shares of Common Stock shall be paid in an equivalent cash amount.

 

(iii)      Calculation
of Installment Payments. If installment payments are to be made to a Participant for any Plan Year, the amount of each installment
shall be determined by (A) multiplying the balance of the Participant Deferred Contribution Amounts credited to the Participant
for such Plan Year by a fraction, the numerator of which is one and the denominator of which is (x) the number of installments
elected, reduced by (y) one for each annual installment previously received, and (B) multiplying the balance of the Plan Employer

    	7

    	

    

Contribution Amount on
the last Valuation Date of such Plan Year by a fraction, the numerator of which is one and the denominator of which is (x) the
number of installments elected, reduced by (y) one for each annual installment previously received, and then rounding down to the
next whole share of Common Stock; provided, however, the amount of the last installment shall consist of the amount remaining in
the Participant’s Account on the distribution date.

 

(b)        Adjustment of Form of Distribution.

 

(i)         2005 Plan Year and Later. For Plan Years beginning on or after January 1, 2005, a Participant may not change the
timing or payment form of distribution of the Non-Grandfathered Contribution Amounts credited to his Non-Grandfathered Account
unless otherwise permitted by the Plan Administrator in its sole and absolute discretion in accordance with Code section 409A and
its corresponding regulations.

 

(ii)      
2004 Plan Year and Earlier. For Plan Years beginning before January 1, 2005, a Participant may change the timing
and/or form of distribution of all or any portion of the Participant’s Grandfathered Account only in accordance with Clause
7(c)(i).

 

(iii)      Distribution
Default for Amounts Credited to the Participant’s Grandfathered Account.

 

(A)        Distribution
Default for Participant Deferred Contribution Amounts. Any Participant Deferred Contribution Amounts credited to a Participant’s
Grandfathered Account that are not covered by a timely distribution election shall be distributed to the Participant in one lump-sum
as soon as practicable during the month of January of the calendar year immediately following the later of the calendar year in
which the Participant last contributed to the Plan or the year in which the Participant terminates his employment with the Corporation
and its affiliates (whether by reason of Retirement or otherwise); provided, however, if the Participant has made an election pursuant
to Subparagraphs 10(a), 10(b) or 10(c), the lump sum payment shall be made within the ninety (90) day period following a Change
in Control, as defined in Subparagraph 10(e).

 

(B)        Distribution
Default for Plan Employer Contribution Amounts. Any Plan Employer Contribution Amounts credited to a Participant’s Grandfathered
Account that are not covered by a timely distribution election shall be distributed to the Participant in Common Stock as soon
as practicable during the month of January of the calendar year immediately following the later of the calendar year in which the
Participant last contributed to the Plan or the calendar year in which the Participant terminates his employment with the Corporation
and its affiliates (whether by reason of Retirement or otherwise); provided, however, if the Participant has made an election pursuant
to Subparagraphs 10(a), 10(b) or 10(c), the distribution shall be made within the ninety (90) day period following a Change in
Control, as defined in Subparagraph 10(e). Any fractional shares of Common Stock shall be paid in an equivalent cash amount.

    	8

    	

    

(c)        Changing Distribution
Elections for Plan Years Before January 1, 2005.

 

(i)       For Total
Contribution Amounts credited to the Participant’s Grandfathered Account, the Plan Administrator may from time to time allow
a Participant to request new elections (other than with respect to any such amounts for which distributions have already commenced).
The Plan Administrator shall reserve the right to accept or reject any such request at any time and such election shall be subject
to such restrictions and limitations as the Plan Administrator shall determine in its sole discretion, provided that any new election
shall generally be required to be made at least twelve (12) months before any scheduled payment date.

 

(ii)      For Total
Contribution Amounts credited to the Participant’s Grandfathered Account, the Plan Administrator may allow a Participant
to request an immediate distribution of all or a portion of such Participant’s Grandfathered Account (including any portion
for which distributions have already commenced). Any such immediate distribution shall be subject to a penalty equal to six percent
(6%) of the amount requested to be distributed and shall be subject to the approval of the Plan Administrator and such other restrictions
or conditions as may be established by the Plan Administrator from time to time.

 

8.        Distribution on Death.

 

(a)        Participant Deferred
Contribution Amounts. If a Participant dies before all Participant Deferred Contribution Amounts credited to the Participant’s
Non-Grandfathered Account have been paid, the balance of the Participant Deferred Contribution Amounts in the Non-Grandfathered
Account shall be paid in cash within sixty (60) days following the date of the Participant’s death to the beneficiary designated
by the Participant and filed with the Plan Administrator in the form and manner prescribed by the Plan Administrator. If a Participant
dies before all Participant Deferred Contribution Amounts credited to the Participant’s Grandfathered Account have been paid,
the balance of the Participant Deferred Contribution Amounts in the Grandfathered Account shall be paid in cash as soon as practicable
following the Participant’s death to the beneficiary designated by the Participant and filed with the Plan Administrator
in the form and manner prescribed by the Plan Administrator; provided, however, if the Participant made an election pursuant to
Subparagraphs 10(a), 10(b) or 10(c) for Participant Deferred Contribution Amounts credited to the Participant’s Grandfathered
Account, such amount shall be paid within the ninety (90) day period following a Change in Control, as defined in Subparagraph
10(e). If (i) no beneficiary designation has been made, or (ii) the designated beneficiary has predeceased the Participant and
no further designation has been made, then such balance shall be paid to the Participant’s estate. A Participant may change
the designated beneficiary at any time during the Participant’s lifetime by filing a subsequent designation with the Plan
Administrator in the form and manner prescribed by the Plan Administrator.

 

(b)        Plan
Employer Contribution Amounts. If a Participant dies before all Plan Employer Contribution Amounts credited to the
Participant’s Non-Grandfathered Account have been paid, the balance of the Plan Employer Contribution Amounts in such
Participant’s Non-Grandfathered Account shall be paid in Common Stock within sixty (60) days following the date of the
Participant’s death to the beneficiary designated by the Participant and filed with the Plan Administrator in the form
and manner prescribed by the Plan Administrator. If a Participant

    	9

    	

    

dies before all Plan
Employer Contribution Amounts credited to the Participant’s Grandfathered Account have been paid, the balance of the Plan
Employer Contribution Amounts in such Participant’s Grandfathered Account shall be paid in Common Stock as soon as practicable
following the Participant’s death to the beneficiary designated by the Participant and filed with the Plan Administrator
in the form and manner prescribed by the Plan Administrator; provided, however, if the Participant has made an election pursuant
to Subparagraphs 10(a), 10(b) or 10(c) for Plan Employer Contribution Amounts credited to the Participant’s Grandfathered
Account, such amount shall be paid within the ninety (90) day period following a Change in Control, as defined in Subparagraph
10(e). If (i) no such beneficiary designation has been made, or (ii) the designated beneficiary has predeceased the Participant
and no further designation has been made, then such balance shall be paid to the Participant’s estate. A Participant may
change the designated beneficiary at any time during the Participant’s lifetime by filing a subsequent designation with the
Plan Administrator in the form and manner prescribed by the Plan Administrator. Any fractional shares of Common Stock shall be
paid in an equivalent cash amount.

 

9.        Payment in the Event of Hardship.

 

(a)        Non-Grandfathered
Account. For Plan Years beginning on or after January 1, 2005, a Participant may not receive a distribution in the event of
hardship or unforeseeable emergency from his Non-Grandfathered Account unless otherwise permitted by the Plan Administrator in
its sole and absolute discretion in accordance with Code section 409A and its corresponding regulations.

 

(b)        Grandfathered
Account. Upon receipt of a request from a Participant delivered in writing to the Plan Administrator along with a Certificate
of Unavailability of Resources form, the Plan Administrator or his designee may cause the Corporation to accelerate payment of
all or any part of the amount credited to the Participant’s Grandfathered Account if it finds in its sole discretion that
payment of such amounts in accordance with the Participant’s prior Election would result in severe financial hardship to
the Participant, and such hardship is the result of an unforeseeable emergency caused by circumstances beyond the control of the
Participant. Acceleration of payment may not be made to the extent that such hardship is or may be relieved (a) through reimbursement
or compensation by insurance or otherwise, or (b) by liquidation of the Participant’s assets, to the extent the liquidation
of assets would not itself cause severe financial hardship. Any distribution of Participant Deferred Contribution Amounts pursuant
to this Subparagraph shall be made in cash, while any distribution of Plan Employer Contribution Amounts pursuant to this Subparagraph
shall be made in Common Stock. Any fractional shares of Common Stock shall be paid in an equivalent cash amount.

 

10.       Change in Control.

 

(a)        Initial Lump-Sum Payment Election.

 

(i)        Non-Grandfathered
Contribution Amounts. Notwithstanding any election made pursuant to Paragraph 4 hereof, for Participant Deferred Contributions
attributable to each Plan Year beginning on or after January 1, 2007, a Participant may designate as

    	10

    	

    

part of his
Election during the Open Enrollment Period for a Plan Year to have his Participant Deferred Contributions and corresponding Plan
Employer Contributions for such Plan Year paid in a lump sum as soon as practicable following a Change in Control, but in no event
later than ninety (90) days after such Change in Control (as defined below); provided however that if the event that constitutes
a Change in Control does not qualify as a change in ownership or effective control of the Corporation, or in the ownership of a
substantial portion of the assets of the Corporation, within the meaning of Section 409A(a)(2)(A)(v) of the Code and its corresponding
regulations, a Change in Control shall not be deemed to have occurred for purposes of this clause (i).

 

(ii)       Grandfathered
Contribution Amounts. Notwithstanding any election made pursuant to Paragraph 4 for Grandfathered Contribution Amounts, each
Participant filed a written election with the Plan Administrator as part of his Election to have his Grandfathered Contribution
Amount paid in lump-sum as soon as practicable following a Change in Control (as defined below), but in no event later than ninety
(90) days after such Change in Control.

 

(iii)      Form
of Consideration. Any distribution of Participant Deferred Contribution Amounts pursuant to this Paragraph 10 shall be made
in cash, while any distribution of Plan Employer Contribution Amounts pursuant to this Paragraph 10 shall be made in Common Stock
(or the common stock of any successor corporation issued in exchange for, or with respect to, Common Stock incident to the Change
in Control). Any fractional shares of Common Stock (or the common stock of any successor corporation issued in exchange for, or
with respect to, Common Stock incident to the Change in Control) shall be paid in an equivalent cash amount.

 

(b)        Subsequent Lump-Sum
Payment Election. For Grandfathered Contribution Amounts only, a Participant who did not make an election pursuant to Subparagraph
10(a)(ii) or who has revoked, pursuant to Subparagraph 10(c), an election previously made under Subparagraph 10(a)(ii) or this
Subparagraph 10(b) may, before the earlier of a Change in Control or the beginning of the calendar year in which the election is
to take effect, elect to have the aggregate amount credited to the Participant’s Grandfathered Account for all calendar years
commencing with the first calendar year beginning after the date the election is made, paid in lump-sum as soon as practicable
following a Change in Control, but in no event later than ninety (90) days after such Change in Control.

 

(c)        Revocation of
Prior Change in Control Payment Elections. For Grandfathered Contribution Amounts only, a Participant may, before a Change
in Control, file an election revoking any election made pursuant to Subparagraphs 10(a)(ii) or 10(b) or file a new lump sum payment
election under this Paragraph 10 with respect to amounts previously credited to the Participant’s Grandfathered Account.
Any such revocation or new election shall be made at the time specified by the Plan Administrator and shall be subject to such
restrictions and limitations as the Plan Administrator shall determine from time to time.

 

(d)        Interest Equivalents.
Notwithstanding anything to the contrary in the Plan, after a Change in Control, the Plan may not provide, or be amended to provide,
interest accruals with

    	11

    	

    

respect to Participant
Deferred Contributions at rates lower than the rates in effect under Paragraph 6 immediately before the Change in Control.

 

(e)        Definition of
Change in Control. For purposes of the Plan, “Change in Control” means (a) any one person, or more than one person
acting as a group (as defined under U.S. Department of Treasury Regulation (“Treasury Regulation”) § 1.409A-3(i)(5)(v)(B))
acquires ownership of stock of the Corporation that, together with stock held by such person or group, constitutes more than 50
percent of the total fair market value or total voting power of the stock of the Corporation; or (b) any one person, or more than
one person acting as a group (as defined under Treasury Regulation § 1.409A-3(i)(5)(v)(B)) acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Corporation
possessing 30 percent or more of the total voting power of the stock of the Corporation; or (c) a majority of members of the Board
of Directors of the Corporation (the “Board”) is replaced during any 12-month period by directors whose appointment
or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or (d) any
one person, or more than one person acting as a group (as defined in Treasury Regulation § 1.409A-3(i)(5)(v)(B)) acquires
(or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets
from the Corporation and its subsidiaries on a consolidated basis that have a total gross fair market value equal to or more than
40 percent of the total gross fair market value of all of the assets of the Corporation and its subsidiaries on a consolidated
basis immediately before such acquisition or acquisitions. For purposes of clause (d), “gross fair market value” means
the value of the assets of the Corporation and its subsidiaries on a consolidated basis, or the value of the assets being disposed
of, determined without regard to any liabilities associated with such assets. The foregoing clauses (a) through (d) shall be interpreted
in a manner that is consistent with the Treasury Regulations promulgated pursuant to Section 409A of the Code so that all, and
only, such transactions or events that could qualify as a “change in control event” within the meaning of Treasury
Regulation § 1.409A-3(i)(5)(i) shall be deemed to be a Change in Control for purposes of this Plan.

 

11.       Administration.

 

(a)        Plan Administrator.
The Plan Administrator and “named fiduciary” for purposes of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”) shall be the Senior Vice President-Human Resources and Communications of the Corporation (or
the person acting in such capacity in the event such position is abolished, restructured or renamed). The Plan Administrator shall
have the authority to appoint one (1) or more other named fiduciaries of the Plan and to designate persons, other than named fiduciaries,
to carry out fiduciary responsibilities under the Plan, pursuant to Section 405(c)(1)(B) of ERISA. Any person acting on behalf
of the Plan Administrator shall serve without additional compensation. The Plan Administrator shall keep or cause to be kept such
records and shall prepare or cause to be prepared such returns or reports as may be required by law or necessary for the proper
administration of the Plan.

 

(b)        Powers and Duties
of Plan Administrator. The Plan Administrator shall have the full discretionary power and authority to construe and interpret
the Plan (including, without

    	12

    	

    

limitation, supplying
omissions from, correcting deficiencies in, or resolving inconsistencies or ambiguities in, the language of the Plan); to determine
all questions of fact arising under the Plan, including questions as to eligibility for and the amount of benefits; to establish
such rules and regulations (consistent with the terms of the Plan) as it deems necessary or appropriate for administration of the
Plan; to delegate responsibilities to others to assist it in administering the Plan; to retain attorneys, consultants, accountants
or other persons (who may be employees of the Corporation and its affiliates) to render advice and assistance as it shall determine
to be necessary to effect the proper discharge of any duty for which it is responsible; and to perform all other acts it believes
reasonable and proper in connection with the administration of the Plan. The Plan Administrator shall be entitled to rely on the
records of the Corporation and its subsidiaries in determining any Participant’s entitlement to and the amount of benefits
payable under the Plan. Any determination of the Plan Administrator, including interpretations of the Plan and determinations of
questions of fact, shall be final and binding on all parties.

 

(c)        Indemnification.
To the extent permitted by law, the Corporation shall indemnify the Plan Administrator from all claims for liability, loss, or
damage (including payment of expenses in connection with defense against such claims) arising from any act or failure to act in
connection with the Plan.

 

12.       Claims Procedures and Appeals.

 

(a)        A written request
for a Plan benefit is a claim and the person making such claim is a claimant. Any claim must be made in writing and shall be deemed
to be filed by a claimant when a written request is made by the claimant or the claimant’s authorized representative which
is reasonably calculated to bring the claim to the attention of the Plan Administrator.

 

(b)        The Plan Administrator
shall provide notice in writing to any claimant when a claim for benefits under the Plan has been denied in whole or in part. Such
notice shall be provided within ninety (90) days of the receipt by the Plan Administrator of the claimant’s claim or, if
special circumstances require, and the claimant is so notified in writing, within one hundred eight (180) days of the receipt by
the Plan Administrator of the claimant’s claim. The notice shall be written in a manner calculated to be understood by the
claimant and shall:

 

(i)        set forth the specific reasons
for the denial of benefits;

 

(ii)       contain specific references
to Plan provisions relative to the denial;

 

(iii)      describe
any material and information, if any, necessary for the claim for benefits to be allowed, that had been requested, but not received
by the Plan Administrator;

 

(iv)      advise
the claimant that any appeal of the Plan Administrator’s adverse determination must be made in writing to the Plan Administrator
within sixty (60) days after receipt of the initial denial notification, and must set forth the facts upon which the appeal is
based; and

    	13

    	

    

(v)        advise
the claimant of his right to bring a civil action under Section 502(a) of ERISA, following an adverse benefit determination on
review.

 

(c)        When a claimant
receives notice of denial of a claim or does not receive notification of acceptance or denial within ninety (90) days after submitting
a claim, the claimant, either in person or by duly authorized representative, may:

 

(i)        request, in writing, a review
of the claim by the Plan Administrator;

 

(ii)       review pertinent documents
relating to the denial;

 

(iii)      submit issues and comments
in writing; and

 

(iv)      request,
in writing, a hearing with the Plan Administrator; provided that the claimant takes appropriate action within sixty (60) days after
receiving notice of denial.

 

(d)        The Plan Administrator
shall make its decision with respect to a claim review promptly, but not later than sixty (60) days after receipt of the request.
Such sixty (60) day period may be extended for another period of sixty (60) days if the Plan Administrator reviewing the claim
finds that special circumstances require an extension of time for processing.

 

(e)        The final decision
of the Plan Administrator shall be in writing, (i) give specific reason(s) for the adverse decision, (ii) make specific references
to the pertinent Plan provisions on which the decision is based, (iii) include a statement that the claimant is entitled to receive,
upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to
the claimant’s claim for benefits, and (iv) a statement describing any voluntary appeals procedures offered by the Plan and
the claimant’s right to obtain information about such procedures, and a statement of the claimant’s right to bring
an action under Section 502(a) of ERISA. All interpretations, determinations and decisions of the Plan Administrator in respect
of any claim shall be made in its sole discretion based on the applicable Plan documents and shall be final, conclusive and binding
on all parties.

 

(f)        A claimant or potential
claimant must file a claim with the Plan Administrator no later than one (1) year after the claimant or potential claimant knows,
or should have known, the principal facts upon which their claim is based. Any legal action in connection with the Plan must be
brought in the Federal District Court of New Jersey within the six (6) month period beginning on the date the claimant’s
claim and appeal rights are exhausted.

 

13.        Miscellaneous.

 

(a)        Anti-Alienation. The right of a Participant to receive any amount credited to the Participant’s Account shall
not be transferable or assignable by the Participant, except by will or by the laws of descent and distribution. To the extent
that any person acquires a right to receive any amount credited to a Participant’s Account hereunder, such right shall be
no greater than that of an unsecured general creditor of the Corporation. Except as expressly provided herein, any

    	14

    	

    

person having an interest
in any amount credited to a Participant’s Account under the Plan shall not be entitled to payment until the date the amount
is due and payable. No person shall be entitled to anticipate any payment by assignment, pledge or transfer in any form or manner
before actual or constructive receipt thereof.

 

(b)        Section 409A.
The Plan is intended to comply with the applicable requirements of Section 409A of the Code and its corresponding regulations and
related guidance with respect to Non-Grandfathered Contribution Amounts credited to the Participant’s Account, and shall
be administered in accordance with Section 409A of the Code with respect to such Non-Grandfathered Contribution Amounts. Notwithstanding
anything in the Plan to the contrary, elections to defer Non-Grandfathered Contribution Amounts under the Plan, and distributions
of Non-Grandfathered Contribution Amounts, may only be made in a manner and upon an event permitted by Section 409A of the Code.
To the extent that any provision of the Plan would cause a conflict with the requirements of Section 409A of the Code, or would
cause the administration of the Plan to fail to satisfy the requirements of Section 409A of the Code, such provision shall be deemed
null and void to the extent permitted by applicable law. Other than a valid Election, in no event shall a Participant, directly
or indirectly, designate the Plan Year of payment with respect to Non-Grandfathered Accounts. For the avoidance of doubt, deferrals
under the Plan are maintained on a Plan Year basis.

 

(c)        Unsecured General
Creditor. Neither the Corporation nor any of its subsidiaries shall be required to reserve or otherwise set aside funds, Common
Stock or other assets for the payment of its obligations hereunder. However, the Corporation or any subsidiary may, in its sole
discretion, establish funds for payment of its obligations hereunder. Any such funds shall remain assets of the Corporation or
such subsidiary, as the case may be, and subject to the claims of its general creditors. Such funds, if any, shall not be deemed
to be assets of the Plan. The Plan is intended to be unfunded for tax purposes and for purposes of Title I of ERISA.

 

(d)        Withholding.
The Corporation shall withhold from any distribution made from Participant Deferred Contribution Amounts the amount necessary to
satisfy applicable federal, state and local tax withholding requirements. With respect to distributions of Plan Employer Contribution
Amounts, the delivery of the shares of Common Stock shall be delayed until the Participant makes arrangements, pursuant to procedures
to be adopted by the Plan Administrator, to satisfy the applicable federal, state and local tax withholding requirements. Each
Participant, however, shall be responsible for the payment of all individual tax liabilities relating to any such benefits.

 

(e)        Offset. To
the maximum extent permitted under Section 409A of the Code and its corresponding regulations, if a Participant becomes entitled
to a distribution of benefits under the Plan, and if at such time the Participant has outstanding any debt, obligation, or other
liability representing an amount owing to the Corporation or any participating affiliate, then the Corporation may offset such
amount owed to the Corporation or the participating affiliate against the amount of benefits otherwise distributable. Such determination
shall be made by the Plan Administrator.

    	15

    	

    

(f)        Termination and
Amendment. The Corporation may at any time amend or terminate the Plan, subject to the requirements of Section 409A of the
Code with respect to the Non-Grandfathered Amounts. Notwithstanding the foregoing, and unless such amendment is required by Section
409A of the Code, the Plan may not, without the consent of an affected Participant, be amended in any manner which would (i) adversely
affect such Participant’s rights and expectations with respect to deferral amounts credited to such Participant’s Account
immediately before such amendment (including, but not limited to, any amendment which would adversely affect the rights or features
applicable to, or any of the components that are taken into account in determining, the deferral amounts of any Participant hereunder),
or (ii) with respect to any Participant who separates from service either during a Potential Change in Control Period (as defined
below) or within two years following a Change in Control under circumstances entitling such Participant to severance benefits under
the Corporation’s Severance Plan for Corporate Staff Employees (Involuntary Termination Following a Change in Control) or
Part II of the Corporation’s Severance Plan for Designated Officers, adversely affect such Participant’s rights and
expectations with respect to Grandfathered Contribution Amounts to defer the receipt of severance payments pursuant to such plan.
For purposes of the preceding sentence, a “Potential Change in Control Period” shall commence when: (A) the
Corporation enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; (B) the
Corporation or any person or group publicly announces an intention to take or to consider taking actions which, if consummated,
would constitute a Change in Control; (C) any person or group (other than the Corporation, any subsidiary or any savings, pension
or other benefit plan for the benefit of employees of the Corporation or its subsidiaries) becomes the beneficial owner, directly
or indirectly, of securities of the Corporation representing 15% or more of either the then outstanding shares of common stock
of the Corporation or the combined voting power of the Corporation’s then outstanding securities (not including in the securities
beneficially owned by such person or group any securities acquired directly from the Corporation or its affiliates); or (D) the
Board adopts a resolution to the effect that, for purposes of the Plan, a Potential Change in Control Period has commenced. The
Potential Change in Control Period shall continue until the earlier of (I) a Change in Control, or (II) the adoption by the Board
of a resolution stating that, for purposes of the Plan, the Potential Change in Control Period has expired.

 

(g)        Benefit Statements.
Each Participant shall receive periodic statements (not less frequently than annually) regarding the Participant’s Account.
Each such statement shall indicate the amount of the balances credited to the Participant’s Account as of the end of the
period covered by such statement.

 

(h)        Legal Interpretation.
This Plan and its provisions shall be construed in accordance with the laws of New Jersey to the extent such New Jersey law is
not inconsistent with the provisions of ERISA. The text of this Plan shall, to the extent permitted by law, govern the determination
of the rights and obligations created or referred to herein. Headings to the Sections, Paragraphs and Subparagraphs are for reference
purposes only and do not limit or extend the meaning of any of the Plan’s provisions.

 

(i)        Gender; Number.
All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter,
as the identity of the person or persons may require. As the context may require, the singular may read as the plural and the plural
as the singular.

    	16

    	

    

(j)        Employment.
The adoption and maintenance of this Plan shall not be deemed to constitute a contract between the Corporation or its subsidiaries
and any employee or to be a consideration for or condition of employment of any person. No provision of the Plan shall be deemed
to give any employee the right to continue in the employ of the Corporation or its subsidiaries or to interfere with the right
of the Corporation or its subsidiaries to discharge any employee at any time without regard to the effect which such discharge
might have upon the employee’s participation in the Plan or benefits under it.

 

(k)        Fiduciary Capacities.
Any person or group of persons may serve in more than one fiduciary capacity with respect to the Plan. For purposes of this Subparagraph
13(k), the term “fiduciary” shall have the same meaning as in ERISA.

 

(l)        Participants
Subject to Section 16. Notwithstanding anything herein to the contrary, if any request and subject to Section 409A of the Code,
election or other action under the Plan affecting a Participant subject to Section 16 of the Securities Exchange Act of 1934 should
require the approval of the Committee to exempt such request, election or other action from potential liability under Section 16,
then the approval of the Committee shall be obtained in lieu of the approval of the Plan Administrator.

    	17

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