Document:

Exhibit 10.2  

 

AMENDMENT

TO THE

2006 STOCK PLAN FOR

NON-EMPLOYEE DIRECTORS OF

HONEYWELL INTERNATIONAL INC.

 

Pursuant to the authority granted to proper officers of Honeywell International Inc. (the “Company”) by the Board of Directors of the Company on September 26, 2008, effective September 26, 2008, the 2006 Stock Plan for Non-Employee Directors of Honeywell International Inc. (the “Plan”) is hereby amended by replacing Schedule A of the Plan in its entirety with the attached Schedule A. 

 

	
             
 	
            HONEYWELL INTERNATIONAL INC.
 
	 	 
	 	/s/
    Mark James
	 	Mark James

Senior
        Vice President – Human Resources and 

    Communications

 

Dated: October 16, 2008

 

 

 

 

SCHEDULE A

BOARD POLICY FOR NON-EMPLOYEE DIRECTOR EQUITY AWARDS

 

Grant of Restricted Stock.  Each Eligible Director first elected or appointed to the Board before
September 26, 2008 received a grant of 3,000 Shares of Restricted Stock effective as of the first date the Eligible Director was elected or appointed to the Board.  The restrictions on Shares of
Restricted Stock held by Participants who are non-employee directors of the Board on September 26, 2008 shall lapse upon the later to occur of (A) the first business day of the first open window period for trading of the Company’s securities occurring in 2009, or (B) the earliest of the Participant’s fifth anniversary of continuous service as a director of the Company, the director’s death or disability or the occurrence of a Change in Control (the “Restricted Period”).  The Participant shall forfeit all Shares with respect to which such restrictions do not lapse at the end of the
Restricted Period.

 

Grant of Restricted Units. Each Eligible Director first elected or appointed to the Board on or after September 26, 2008 will receive a grant of 3,000 Restricted Units effective as of the first date the Eligible Director is elected or appointed to the Board.  The Restricted Units shall vest on the earliest of the Participant’s fifth anniversary of continuous service as a director of the Company, the Participant’s death or disability or the occurrence of a Change in Control.  The Participant may defer receipt of payment of such Restricted Units on substantially the same terms and conditions as officers of the Company with respect to grants of restricted units they receive.

 

Grant of Stock Options.  Each Eligible Director who continues in office following the Annual Meeting of Shareowners will receive a grant of 5,000 Stock Options with an Exercise Price equal to the Fair Market Value as of such date.  The Stock Options will vest in cumulative installments of 25% on April 1 of the first year following the date of grant, an additional 25% on April 1 of the second and third years following the date of grant, and the remaining 25% on April 1 of the fourth year following the date of grant.Exhibit 10.3

 

AMENDMENT

TO THE

EMPLOYMENT CONTRACT

OF 

DAVID M. COTE

 

Pursuant to the authority granted to proper officers of Honeywell International Inc. (the “Company”) by the Board of Directors of the Company on September 26, 2008, and in accordance with an agreement made between the Company and David M. Cote to amend the Employment Contract between David M. Cote and Honeywell International Inc. dated February 18, 2002 (the “Agreement”), the Agreement shall be amended effective September 26, 2008 by replacing the second paragraph of Section 6(b) in its entirety with the following paragraph:

 

“If during the Term of Employment, the Company terminates Executive's employment for any reason other than Cause, death or Disability, or Executive terminates his employment for Good Reason, (i) all of Executive's then outstanding Restricted Units granted under Section 4(d)(i)(A) as to which the restrictions have not lapsed, and all other equity awards, other than Performance Options granted pursuant to Section 4(d)(iii)(B) or other performance based equity awards as of such Date of Termination, shall remain outstanding and shall be treated for all purposes as if Executive remained employed by the Company through the date on which such restrictions are scheduled to lapse or such Options are scheduled to become exercisable and such Options, once vested, shall be exercisable in accordance with their terms and the terms of the Stock Plan; (ii) any Performance Option granted pursuant to
Section 4(d)(iii)(B) or other performance based equity award granted to Executive that has not become vested and exercisable as of such Date of Termination shall terminate and be of no further force and effect and the Performance Options or other equity awards which have become vested and exercisable shall remain vested and exercisable in accordance with their terms and the terms of the Stock Plan; (iii) the Company shall  pay, no later than the next payroll date following the Date of Termination, to Executive any portion of Executive's annual Base Salary through the Date of Termination that has not yet been paid; (iv) the Company shall pay, at such time as annual bonuses are to be paid generally to Company executives for the year of termination, a pro-rata annual bonus for the year of termination equal to the product of (A) times (B) times (C), where (A) is the target bonus that Executive would have been eligible to earn for the year during which such termination occurs, (B) is the
bonus funding percentage used to determine bonus funding for the Company’s corporate executives generally for the year of termination, and (C) is a fraction, the numerator of which is the number of days in such year through the Date of Termination, and the denominator of which is 365; (v) the Company shall pay, at such time as annual bonuses are to be paid generally to Company executives for performance during the prior year, an annual bonus for the year 

 

 

 

prior to the year of termination if an annual bonus for such prior year has not yet been paid to Executive, with such annual bonus equal to the product of (A) times (B), where (A) is Executive’s target bonus for such prior year, and (B) is the bonus funding percentage used to determine bonus funding for the Company’s corporate executives generally for such prior year; and (vi) the Company shall pay or provide to Executive the benefits described in Section 4(e) hereof and such compensation and benefits as shall be payable to Executive under the terms of the Company's compensation and benefit plans, programs or arrangements as in effect immediately prior to the Date of Termination.”

 

 

	
             
 	
            HONEYWELL INTERNATIONAL INC.
 

 

 

	
             
 	
            /s/ Mark James
 
	
             
 	
            Mark James
 
	
             
 	
            Senior Vice President – Human Resources and
 
	
             
 	
            Communications
 
	 	 
	 

      	Approved: 
	 	 

	 
	/s/
            John R. Stafford

	 
	
John R. Stafford

	 
	
Chair, Management Development and

	 
	Compensation Committee

 

	
             
 	
            DAVID M. COTE
 

 

 

	
             
 	
            /s/ David M. Cote
 

 

 

Dated:
October 17, 2008Exhibit 10.4   

 

AMENDMENT

TO THE

HONEYWELL INTERNATIONAL INC. SEVERANCE PLAN

FOR SENIOR EXECUTIVES

 

Pursuant to the authority granted to proper officers of Honeywell International Inc. (the “Company”) by the Board of Directors of the Company on September 26, 2008, effective September 26, 2008, the Honeywell International Inc. Severance Plan for Senior Executives (the “Plan”) shall be amended in the following particulars:

 

1.           By replacing the definition of “Gross Cause” in Part I of the Plan in its entirety with the following definition effective immediately:

 

“‘Gross Cause’ means any of the following: (i) clear and convincing evidence of a significant violation of the Company’s Code of Business Conduct; (ii) the misappropriation, embezzlement or willful destruction of Company property of significant value; (iii)(A) the willful failure to perform, (B) gross negligence in the performance of, or (C) intentional misconduct in the performance of, significant duties that results in material harm to the business of the Company; (iv) the conviction (treating a nolo contendere plea as a conviction) of a felony (whether or not any right to appeal has been or may be exercised); or (v) clear and convincing evidence of the willful falsification of any financial records of the Company that are used in compiling the Company’s financial statements or related disclosures, with the intent of violating Generally Accepted Accounting
Principles or, if applicable, International Financial Reporting Standards.  In the case of a determination under Part I of the Plan, Gross Cause shall be determined (i) by the Chief Executive Officer of the Company, with the concurrence of the Company’s Board of Directors and with the advice of the Company’s functional leaders with expertise in such matters, with respect to any officer of the Company elected by the Board of Directors, and (ii) by the Plan Administrator, with the advice of the Company’s functional leaders with expertise in such matters, with respect to all other Plan Participants.”

 

2.           By replacing the definition of “Gross Cause” in Part II of the Plan in its entirety with the following definition effective immediately:

 

“‘Gross Cause’ means any of the following: (i) clear and convincing evidence of a significant violation of the Company’s Code of Business Conduct; (ii) the misappropriation, embezzlement or willful destruction of Company property of significant value; (iii)(A) the willful failure to perform, (B) gross negligence in the performance of, or (C) intentional misconduct in the performance of, significant duties that results in 

 

 

material
    harm to the business of the Company; (iv) the conviction (treating a nolo
    contendere plea as a conviction) of a felony (whether or not any right to
    appeal has been or may be exercised); or (v) clear and convincing evidence
    of the willful falsification of any financial records of the Company that
    are used in compiling the Company’s financial statements or related
    disclosures, with the intent of violating Generally Accepted Accounting Principles
    or, if applicable, International Financial Reporting Standards. In the case
    of a determination under Part II of the Plan, Gross Cause shall be determined
    by the New Plan Administrator.”

 

	
             
 	
            HONEYWELL INTERNATIONAL INC.
 

 

 

	
             
 	
            /s/ Mark James
 
	
             
 	
            Mark James
 
	
             
 	
            Senior Vice President – Human Resources and
 
	
             
 	
            Communications
 

 

 

Dated: October 16, 2008

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}]]