Document:

Exhibit 10.43

2011 Stock Incentive Plan

of Honeywell International Inc. and its Affiliates

Growth Plan Agreement

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

	
  

 	
  

 	
  

 
	
  

 	
 1. 

 	
 Grant of Awards. The Company
has granted to you [NUMBER] Growth Plan Units, subject to the terms of this
Agreement and the terms of the 2011 Stock Incentive Plan of Honeywell
International Inc. and Its Affiliates (the “Plan”). 

 
	
  

 	
  

 	
  

 
	
  

 	
 2. 

 	
 Target and Actual Award. The
number of Growth Plan Units awarded to you represents a target award for the
Performance Cycle (as defined below). Each Growth Plan Unit has a target
value of $100 (“Target Value”). Your actual award value (the “Actual Award”)
is equal to the product of (i) the Target Value, (ii) the Plan Payout
Percentage, and (iii) the number of Growth Plan Units awarded to you under
this Agreement. For purposes of this Agreement, the “Plan Payout Percentage”
shall be based on the achievement of the Performance Measures described in
Section 3 below and may range from zero to a maximum of 200%. 

 
	
  

 	
  

 	
  

 
	
  

 	
 3. 

 	
 Performance Measures. The
Plan Payout Percentage shall be determined based on [PERFORMANCE MEASURES]
(collectively the “Performance Measures”) for the Performance Cycle.
Performance Measures shall be determined at the Company level for eligible
employees not assigned to one of the Company’s four strategic business groups
(“SBG”), and at both the Company and SBG level for other eligible employees.
For purposes of this determination, if you transfer from one of the Company’s
businesses during the Performance Cycle, your award will be prorated for the
number of days actively employed in that business. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 [INCLUDE AS APPLICABLE:
 Notwithstanding anything in this Agreement to the contrary, except in the event
 of a Change in Control (as defined in the Plan), no Growth Plan
 Unit awards will be paid unless the Company attains a minimum level of
 [PERFORMANCE MEASURE] during the Performance Cycle. The minimum level of
 [PERFORMANCE MEASURE] shall be a [AMOUNT OR PERCENTAGE] over the Performance
 Cycle. In determining [PERFORMANCE MEASURE] for this purpose, the Management
 Development and Compensation Committee of the Company’s Board of Directors
 (the “Committee”) shall [INCLUDE AS APPLICABLE: hold share count constant to
 [YEAR] for all periods and] exclude from its calculations unusual,
 infrequently occurring, and extraordinary items [INCLUDE AS APPLICABLE: as
 well as pension expense or pension income recorded] during the Performance
 Cycle.]

 
	
  

 	
  

 	
  

 
	
  

 	
 4. 

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

 

	
  

 	
  

 	
  

 
	
  

 	
 5. 

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

 
	
  

 	
  

 	
  

 
	
  

 	
 6. 

 	
 Form of Payment. Growth Plan
Units may be paid out in either cash or shares of the Company’s common stock
(“Shares”), at the discretion of the Committee. Your award will be expressed
in U.S. dollars. Payment shall be made in the same currency as your pay
(“Local Currency”). In the event you receive pay in more than one Local
Currency, the currency used for payment will be at the discretion of the
Company or your employer. The Company will normalize your award value for any
fluctuation in exchange rates between U.S. dollars and your Local Currency
using the rate in effect for compensation planning at the beginning of the
Performance Cycle. If your Actual Award is paid in Shares, the number of
Shares shall be determined by dividing the Actual Award by the Fair Market
Value (as defined in the Plan) of the Shares as of the date the Committee
determines the amount of your Actual Award. Fractional Shares will always be
paid in cash. No payment amounts will be credited with interest, and you may
not defer the payment of any awards hereunder. 

 
	
  

 	
  

 	
  

 
	
  

 	
 7. 

 	
 Termination of Employment. If
your employment with the Company is terminated for any reason other than
death [or retirement as provided in Section 8] prior to the date a Growth Plan Unit payment is to
be made pursuant to Section 5 above, any unpaid amounts shall be forfeited
and your rights with respect to any Growth Plan Units will terminate unless
the Committee, or its designee, determines otherwise in its sole and absolute
discretion. 

 
	
  

 	
  

 	
  

 
	
  

 	
 8. 

 	
 Death[, or ]Disability[ or Retirement]. If your employment with the
Company terminates because of death or you incur a Disability (as defined in
the Plan) prior to the first installment payment of your Actual Award, you or
your estate will receive the prorated value of your Actual Award. The
prorated value of the Actual Award shall be determined by multiplying the
Actual Award by a fraction, the numerator of which is the number of days you
were actively employed by the Company during the Performance Cycle prior to
your death or Disability, and the denominator of which is the total number of
days from your first eligibility date during the Performance Cycle through
the last day of the Performance Cycle. Such prorated Actual Award shall be
payable in a single lump sum at the time the first installment payment is
paid to other Growth Plan grantees. If your death or Disability occurs after
the first installment payment of your Actual Award has been made but before
the second installment payment has been made, the Company shall pay the
second installment payment in a lump sum as soon as practicable after the
date of death or Disability. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 [INCLUDE AS APPLICABLE: If you retire from the Company and its
 Affiliates after you attain age 62 with 25 Years of Service (as defined in
 the Plan) and after the Performance Cycle ends, (i) but before the first
 installment of your Actual Award is paid, you will receive

 

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 an amount equal to the sum of (A) the first installment and (B) the
 prorated value of the second installment, or (ii) but before the second
 installment of your Actual Award is paid, you will receive an amount equal to
 the prorated value of the second installment. For purposes of this paragraph,
 the prorated value of the second installment shall be determined by
 multiplying the second installment by a fraction, the numerator of which is
 the number of days you were actively employed by the Company and its
 Affiliates from the January 1st immediately following the end of the
 Performance Cycle to your separation from service date and the denominator of
 which is 439. Subject to Section 19, this amount shall be paid to you as soon
 as practicable following your separation from service with the Company and
 its Affiliates.

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 If you retire from the Company and its Affiliates after you attain
 age 64 with 25 Years of Service (as defined in the Plan) and after the
 Performance Cycle ends but before your full Actual Award is paid, you will
 receive an amount equal to the unpaid portion of your Actual Award, which
 subject to Section 19, shall be paid to you as soon as practicable following
 your separation from service with the Company and its Affiliates.]

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 9. 

 	
 Change in Control. In the
event of a Change in Control (as defined in the Plan), you will be deemed to have earned an
Actual Award at a Plan Payout Percentage of 100%. In such case, you shall
receive both installments of your Actual Award in a single sum payment no
later than the earlier of 90 days after the date of the Change in Control or
two and one-half months after the end of the calendar year in which the
Change in Control occurs. Such single sum payment may be in cash or Shares,
as determined by the Committee. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 10. 

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

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 11. 

 	
 Requirements for and Forfeiture of Award.

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 a. 

 	
 General. The Award is
expressly contingent upon you complying with the terms, conditions and
definitions contained in this Section 11 and in any other agreement that
governs your noncompetition with Honeywell, your nonsolicitation of
Honeywell’s employees, customers, suppliers, business partners and vendors,
and/or your conduct with respect to Honeywell’s trade secrets and proprietary
and confidential information. For purposes of this Section 11, the term
“Honeywell” is defined as 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, as well as 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.  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 b. 

 	
 Remedies. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 1. 

 	
 You expressly agree and
 acknowledge that the forfeiture provisions of subsection 11.b.2. of this
 Agreement shall apply if, from the Award Date until the date that is
 twenty-four (24) months after your Termination of Employment for any reason,
 you enter into an employment, consultation or similar agreement or
 arrangement (including any arrangement for service as an agent, partner,
 stockholder, consultant, officer or director) with any entity or person
 engaged in 

 

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 a business in which Honeywell
 is engaged if the business is competitive (in the sole judgment of the
 Committee) with Honeywell and the Committee has not approved the agreement or
 arrangement in writing.

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 2. 

 	
 In addition to the relief
 described in any other agreement that governs your noncompetition with
 Honeywell, your nonsolicitation of Honeywell’s employees, customers,
 suppliers, business partners and vendors, and/or your conduct with respect to
 Honeywell’s trade secrets and proprietary and confidential information, if
 the Committee determines, in its sole judgment, that you have violated the
 terms of any such agreement or you have engaged in an act that violates
 subsection 11.b.1. of this Agreement, (i) any Growth Plan payment that has not
 yet been vested, earned or paid under this Agreement shall immediately be
 cancelled, and you shall forfeit any rights you have with respect to such
 payment as of the date of the Committee’s determination, and (ii) you shall
 immediately deliver to the Company cash equal in value to the gross Growth
 Plan payment you received under this Agreement during the period beginning
 twelve (12) months prior to your Termination of Employment and ending on the
 date of the Committee’s determination.

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 3. 

 	
 Notwithstanding anything in
 the Plan or this Agreement to the contrary, you acknowledge that the Company
 may be entitled or required by law, Company policy or the requirements of an
 exchange on which the Shares are listed for trading, to recoup compensation paid
 to you pursuant to the Plan, and you agree to comply with any Company request
 or demand for recoupment. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 12. 

 	
 Withholdings. The Company or
your local employer shall have the power and the right to deduct or withhold,
or require you to remit to the Company or to your local employer, prior to
any issuance or delivery of a Growth Plan payment, an amount sufficient to
satisfy taxes imposed under the laws of any country, state, province, city or
other jurisdiction, including but not limited to income taxes, capital gain
taxes, transfer taxes, and social security contributions, and National
Insurance Contributions, that are required by law to be withheld as
determined by the Company or your local employer. 

 
	
  

 	
  

 	
  

 
	
  

 	
 13. 

 	
 Adjustments. Any adjustments
to the Growth Plan Units will be governed by Section 5.3 of the Plan. 

 
	
  

 	
  

 	
  

 
	
  

 	
 14. 

 	
 Transfer of Awards. You may not transfer any interest in your Growth
Plan Units or Actual Award. Any attempt to dispose of your interest in your
Growth Plan Units or Actual Award shall be null and void. 

 
	
  

 	
  

 	
  

 
	
  

 	
 15. 

 	
 Plan Terms Govern. The
vesting of and payment for Growth Plan Units, the disposition of any Shares
received for Growth Plan Units, and the treatment of gain on the disposition
of any such Shares, are subject to the provisions of the Plan and any rules
that the Committee may prescribe. The Plan document, as may be amended from
time to time, is incorporated into this Agreement. Capitalized terms used in
this Agreement have the meaning set forth in the Plan, unless otherwise stated
in this Agreement. In the event of any conflict between the terms of the Plan
and the terms of this Agreement, the Plan will control. By accepting the
Award, you acknowledge that the Plan and the Plan prospectus, as in effect on
the date of this Agreement, have been made available to you for your review. 

 

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 16.

 	
 Personal Data.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 a.

 	
 By entering into this Agreement, and as a condition of the grant of
 the Growth Plan Units, you expressly consent to the collection, use, and
 transfer of personal data as described in this Section to the full extent permitted
 by and in full compliance with applicable law. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 b.

 	
 You understand that your local employer holds, by means of an
 automated data file, certain personal information about you, including, but
 not limited to, name, home address and telephone number, date of birth,
 social insurance number, salary, nationality, job title, any shares or
 directorships held in the Company, details of all restricted units or other
 entitlement to shares or cash awarded, canceled, exercised, vested, unvested,
 or outstanding in your favor, for the purpose of managing and administering
 the Plan (“Data”). 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 c.

 	
 You further understand that part or all of your Data may be also held
 by the Company or its Affiliates, pursuant to a transfer made in the past
 with your consent, in respect of any previous grant of restricted units or
 awards, which was made for the same purposes of managing and administering of
 previous award/incentive plans, or for other purposes. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 d.

 	
 You further understand that your local employer will transfer Data to
 the Company or its Affiliates among themselves as necessary for the purposes
 of implementation, administration, and management of your participation in
 the Plan, and that the Company or its Affiliates may transfer data among
 themselves, and/or each, in turn, further transfer Data to any third parties
 assisting the Company in the implementation, administration, and management
 of the Plan (“Data Recipients”). 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 e.

 	
 You understand that the Company or its Affiliates, as well as the
 Data Recipients, are or may be located in your country of residence or
 elsewhere, such as the United States. You authorize the Company or its
 Affiliates, as well as the Data Recipients, to receive, possess, use, retain,
 and transfer Data in electronic or other form, for the purposes of
 implementing, administering, and managing your participation in the Plan,
 including any transfer of such Data, as may be required for the
 administration of the Plan and/or the subsequent holding of Shares on your
 behalf, to a broker or third party with whom the Shares may be deposited. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 f.

 	
 You understand that you may show your opposition to the processing
 and transfer of your Data, and, may at any time, review the Data, request
 that any necessary amendments be made to it, or withdraw your consent herein
 in writing by contacting the Company. You further understand that withdrawing
 consent may affect your ability to participate in the Plan.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 17.

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

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 a.

 	
 The Company (and not your local employer) is granting your Growth
 Plan Units. Furthermore, this Agreement is not derived from any preexisting
 labor relationship between you and the Company, but rather from a mercantile
 relationship. 

 

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 b.

 	
 The Company may administer the Plan from outside your country of
 residence and United States law will govern all Growth Plan Units granted
 under the Plan. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 c.

 	
 Benefits and rights provided under the Plan are wholly discretionary
 and, although provided by the Company, do not constitute regular or periodic
 payments. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 d.

 	
 The benefits and rights provided under the Plan are not to be
 considered part of your salary or compensation under your employment with
 your local employer for purposes of calculating any severance, resignation,
 redundancy or other end of service payments, vacation, bonuses, long-term
 service awards, indemnification, pension or retirement benefits, or any other
 payments, benefits or rights of any kind. You waive any and all rights to
 compensation or damages as a result of the termination of employment with
 your local employer for any reason whatsoever insofar as those rights result,
 or may result, from the loss or diminution in value of such rights under the
 Plan or your ceasing to have any rights under, or ceasing to be entitled to
 any rights under, the Plan as a result of such termination.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 e.

 	
 The grant of Growth Plan Units hereunder, and any future grant of
 Growth Plan Units under the Plan, is entirely voluntary, and at the complete
 discretion of the Company. Neither the grant of the Growth Plan Units nor any
 future grant by the Company will be deemed to create any obligation to make
 any future grants, whether or not such a reservation is explicitly stated at
 the time of such a grant. The Company has the right, at any time and/or on an
 annual basis, to amend, suspend or terminate the Plan; provided, however,
 that except as provided in Section 15, no such amendment, suspension, or
 termination will adversely affect your rights hereunder. 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 f.

 	
 The Plan will not be deemed to constitute, and will not be construed
 by you to constitute, part of the terms and conditions of employment. Neither
 the Company nor your local employer will incur any liability of any kind to
 you as a result of any change or amendment, or any cancellation, of the Plan
 at any time.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 g.

 	
 Participation in the Plan will not be deemed to constitute, and will
 not be deemed by you to constitute, an employment or labor relationship of
 any kind with the Company.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 18.

 	
 Limitations. Nothing in this Agreement or
 the Plan gives you any right to continue in the employ of the Company or any
 of its Affiliates or to interfere in any way with the right of the Company or
 any Affiliate to terminate your employment at any time. Payment of your
 Growth Plan Units or Actual Award is not secured by a trust, insurance
 contract or other funding medium, and you do not have any interest in any
 fund or specific asset of the Company by reason of this Agreement. You have
 no rights as a shareowner of the Company unless and until Shares are actually
 delivered to you.

 
	
  

 	
  

 	
  

 
	
  

 	
 19.

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

 

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 20.

 	
 Incorporation
 of Other Agreements. This Agreement and the Plan constitute the entire understanding
 between you and the Company regarding the Growth Plan Units. This Agreement
 supersedes any prior agreements, commitments or negotiations concerning the
 Growth Plan Units. 

 
	
  

 	
  

 	
  

 
	
  

 	
 21.

 	
 Severability. The invalidity or unenforceability
 of any provision of this Agreement will not affect the validity or
 enforceability of the other provisions of the Agreement, which will remain in
 full force and effect. Moreover, if any provision is found to be excessively
 broad in duration, scope or covered activity, the provision will be construed
 so as to be enforceable to the maximum extent compatible with applicable law.
 

 
	
  

 	
  

 	
  

 
	
  

 	
 22.

 	
 Governing Law.
 The Plan, this Agreement, and all determinations made and actions taken under
 the Plan or this Agreement shall be governed by the internal substantive
 laws, and not the choice of law rules, of the State of Delaware and construed
 accordingly, to the extent not superseded by applicable federal law. 

 
	
  

 	
  

 	
  

 
	
  

 	
 23.

 	
 Acknowledgements. By accepting this Agreement, you
 agree to the following: (i) you have carefully read, fully understand and
 agree to all of the terms and conditions described in this Agreement, the
 Plan, the Plan’s prospectus and all accompanying documentation; and (ii) you
 understand and agree that this Agreement and the Plan constitute the entire
 understanding between you and the Company regarding the Growth Plan Units,
 and that any prior agreements, commitments or negotiations concerning the
 Growth Plan Units are replaced and superseded. 

 
	
  

 	
  

 	
  

 
	
  

 	
 24.

 	
 Award Acceptance.
 To retain this Award, you must accept it by signing the Agreement below and,
 by signing this Agreement, you will be deemed to consent to the application
 of the terms and conditions set forth in this Agreement and the Plan. If you
 do not wish to accept this Award, you must contact Honeywell International
 Inc., Executive Compensation/AB-1D, 101 Columbia Road, Morristown, New Jersey
 07962 in writing within thirty (30) days of the Award Date.

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly
executed by the facsimile signature of its Chairman of the Board and Chief
Executive Officer as of the Award Date. 

	
  

 	
  

 
	
  

 	
 HONEYWELL INTERNATIONAL INC.

 
	
  

 	
  

 
	
  

 	
 By:     /s/ David M. Cote

 
	
  

 	
  

 
	
  

 	
 Chairman of the Board and Chief Executive
 Officer

 
	
  

 	
  

 
	
  

 	

 

 
	
  

 	
      Employee’s
 signature

 

7eh1200325_ex1001.htm

EXHIBIT 10.1

 

February 13, 2012

[Address]

 

Form of Retention Letter Agreement

Dear Ms. Lamoureux/Mr. Raven,

Re: January 2012 Retention Program

As announced on November 29th, 2011, Oilsands Quest Inc. ("OQI") filed for creditor protection under Companies’ Creditors Arrangement Act (“CCAA”). As such, we understand this presents a lot of uncertainty for you and your future with the Company. We also understand the competitiveness within the Calgary marketplace for strong oil and gas skill sets.

To encourage you to stay with OQI and remove some uncertainty surrounding your personal circumstances in this situation, as well as to help you focus on effectively accomplishing OQI’s goals and objectives during the CCAA process, OQI has approved a retention bonus for select employees. This letter outlines the specifics of that program as it applies to you.

During this period you will continue to receive your regular salary and benefits. As well, provided that you continue to work for OQI during the CCAA process, and agree to the terms and conditions outlined below, OQI shall pay to you a “Retention Bonus” made up of 50% of your annual base salary at January 1, 2012, less statutory deductions. The Target Date is further defined as the earlier of the exit from the CCAA process, as approved by the Court, or December 31, 2012.

The terms of payment of the Retention Bonus are as follows:

	
  

	
1.

	
This is not an agreement for term employment until the Target Date. If you resign before the Target Date, or are dismissed for cause, you will not be eligible to receive payment of the Retention Bonus.

	
  

	
2.

	
The payment of the Retention Bonus shall be made in two parts, one payment comprising fifty percent of the Retention Bonus will be made within one month of the earlier of the Target Date or June 30, 2012. The second payment, comprising the remaining balance of the Retention Bonus, within one month of the earlier of the Target Date or December 31, 2012.  If the Target Date occurs prior to June 30, 2012, you will not be eligible for the second payment.

 

 

  

  

  

 

	
  

	
3.

	
If your employment is terminated without cause following the date of this letter but before the Target Date, then you will be paid the Retention Bonus according to the terms outlined in the paragraph above based on the passage of time after January 1, 2012 and your termination date. If your employment is terminated prior to June 30, 2012, you will not be eligible for the second payment. You will be paid the Retention Bonus within one month of your termination date.

	
  

	
4.

	
As is the case of all employees, you will continue to be bound by those duties of fidelity and confidentiality and are reminded of the express terms of confidentiality as acknowledged by you at the start of your employment.

	
  

	
5.

	
Finally, as is the case of all matters related to individual compensation, you are not to disclose the fact that you have received a Retention Bonus nor the amount of said bonus. If it is determined that you have disclosed this information to any other party (except your spouse and professional financial advisor if any, and in such case only on a further promise of confidentiality), you may be disciplined up to and including termination for cause, in which case you would forfeit your right to payment of the Retention Bonus.

If you are in agreement with these terms, please sign the duplicate copy of this letter (enclosed) and return it to Linda Meidert no later than February 15, 2012.

We thank you for your continued dedication and effort to OQI and look forward to a mutually rewarding relationship.

Sincerely,

Oilsands Quest Inc.

 

Garth Wong

President and Chief Executive Officer

I accept the terms of agreement as set out above.

 

	 	 	 
	Signature	 	 	Date

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