Document:

Exhibit 10.3

 

HONEYWELL DEFERRED INCENTIVE COMPENSATION
PLAN

(amended and restated effective April
1, 2018)

 

1.        History. Honeywell
International Inc. (the “Corporation”) previously established this supplemental non-qualified Honeywell Deferred
Incentive Compensation Plan (formerly the Salary and Incentive Award Deferral Plan for Selected Employees of Honeywell International
Inc. and its Affiliates) (the “Plan”) and has amended the Plan several times since its initial effective date,
including an amendment and restatement effective January 1, 2009 to comply with the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) and corresponding rules and regulations under Section 409A of
the Code. 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 who 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 the Plan as they existed prior to this amendment and restatement and are either grandfathered from the requirements
of Section 409A of the Code or payable pursuant to a fixed schedule as required by, and in compliance with, Section 409A of the
Code.

 

2.        Eligibility.
Any employee of the Corporation and its participating affiliates who is designated by the Corporation as an Executive level employee
during the designated election period (the “Open Enrollment Period”) for the applicable Plan Year (as defined
below) shall be eligible (an “Eligible Employee”) to participate in the Plan and elect deferrals of compensation
(as described in Paragraph 4 below) for such Plan Year effective as of the January 1 of the Plan Year that follows the Open Enrollment
Period. The Management Development and Compensation Committee (or its designee) (the “Committee”) shall designate
the period prior to the applicable Plan Year that shall constitute the Open Enrollment Period, in its sole discretion; provided,
however, in no event shall such Open Enrollment Period end later than the December 31 that precedes the Plan Year for which the
election to participate in the Plan applies. For purposes of this Plan, the “Plan Year” shall mean the calendar
year.

 

3.        Participation.
Each Eligible Employee who wishes to participate in the Plan for a particular Plan Year (a “Participant”) must
file a deferral election (the “Election”) with the Committee during the Open Enrollment Period in the form and
manner determined by the Committee, which election shall designate the portion of the compensation elements (as described in Paragraph
4 below) to be deferred for such Plan Year and the form in which such deferral amounts, and interest thereon, shall be distributed
(as described in Paragraph 8 below). The compensation elements deferred for a particular Plan Year shall be credited to an unfunded
deferred compensation account maintained for the Participant under the Plan (the “Participant Account” or “Account”).
Except as otherwise may be permitted by Section 409A of the Code and the Committee, a Participant may not modify his or her deferral
election for a Plan Year at any time during the Plan Year.

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4.        Contributions to
Participant Accounts.

 

(a)        Incentive
Awards. During the Open Enrollment Period, an Eligible Employee may elect on his Election to defer up to 100% of the cash bonus
payable (with such deferral in a whole percentage and 10% increment) to such Eligible Employee under the Honeywell International
Inc. Incentive Compensation Plan for Executive Employees (or any successor plan), the Honeywell Capital Management LLC Incentive
Compensation Plan (or any successor plan), the Honeywell Connected Enterprise Incentive Compensation Plan (or any successor plan),
or any other similar annual incentive compensation plan covering Executive level employees that is designated by the Corporation
as eligible for deferrals under this Plan (each an “Incentive Award”), for the performance period under the
applicable incentive plan that begins in the Plan Year that commences after the Open Enrollment Period.

 

(b)        Base
Annual Salary. For Plan Years beginning before January 1, 2006, an Eligible Employee who was employed in Career Band 6 and
above (or an Eligible Employee who occupied a position equivalent thereto) was permitted prior to the beginning of the applicable
Plan Year (and with respect to a newly Eligible Employee, within 30 days after first becoming so eligible) to elect to defer an
aggregate amount of base annual salary otherwise payable in such Plan Year (or with respect to a newly Eligible Employee, in the
remainder of the Plan Year), exclusive of any bonus or any other compensation or allowance paid or payable by the Corporation or
its affiliates (the “Base Annual Salary”). The amount deferred under this Paragraph 4(b) was not permitted to
be greater than 50% of the Eligible Employee’s Base Annual Salary for any pay period. Effective July 29, 2005, no new deferral
elections were permitted under this Paragraph 4(b) for the remainder of the Plan Year beginning January 1, 2005. For Plan Years
beginning on and after January 1, 2006, no Eligible Employee may elect to defer any portion of his Base Annual Salary under the
Plan.

 

(c)        Deferral
Amounts. All amounts determined under this Paragraph 4 which are the subject of an Election (the “Deferral Amounts”)
shall, in accordance with the relevant Participant direction, be credited to the relevant Participant Account maintained under
the Plan on the same day the Base Annual Salary or Incentive Award would otherwise have been payable.

 

(d)        A
Participant’s Account shall consist of two sub-accounts, as applicable: (1) a sub-account which consists of (A) Base Annual
Salary earned and vested as of December 31, 2001 and any earnings thereon, and (B) Incentive Awards earned as of December 31, 2001
and vested as of December 31, 2004 and any earnings thereon (with the total amounts described in (A) and (B) referred to as the
“Grandfathered Account”), and (2) a sub-account which consists of (X) Base Annual Salary earned and vested on
or after January 1, 2002 and any earnings thereon, and (Y) Incentive Awards earned on or after January 1, 2002 and vested on or
after January 1, 2005 and any earnings thereon (with the amounts described in (X) and (Y) referred to as the “Non-Grandfathered
Account”). Base Annual Salary, Incentive Awards and any earnings thereon that were earned in the Plan Years beginning
January 1, 2002, January 1, 2003 and January 1, 2004 and that are credited to a Participant’s Non-Grandfathered Account will
be referred to herein as “2002-2004 Deferrals”.

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For the avoidance of
doubt, the Grandfathered Account consists of deferrals and earnings attributable to Plan Years (also referred to as class years)
beginning on or before January 1, 2001 and the Non-Grandfathered Account consists of deferrals and earnings attributable to Plan
Years beginning on or after January 1, 2002.

 

5.        Deferral Requirements.

 

(a)        Plan
Years Beginning On or After January 1, 2006. A Participant’s Deferral Amounts under the Plan for Plan Years beginning
on or after January 1, 2006 will be paid in one lump-sum payment to such Participant 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 as part of his Election during
the Open Enrollment Period that the Deferral Amounts for the Plan Year will instead be paid in substantially equal annual installments
(not to exceed ten) if he has a Separation from Service with the Corporation and its affiliates on or after he attains age 55 and
has completed ten Years of Service (as defined below), in which case the first installment shall commence in the January of the
Plan Year that follows the Plan Year in which the Participant has a Separation from Service and each remaining installment will
be paid to the Participant in each succeeding January.

 

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

 

Notwithstanding the
foregoing, if the Participant dies after the Separation from Service but before the end of the Plan Year in which the Separation
from Service occurs, or if a Specified Employee dies before the payment date described in the preceding paragraph, the Participant’s
beneficiary will receive the payment or payments in a lump sum within 60 days of the date of the Participant’s death.

 

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

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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.

 

(b)        2005
Plan Year. For the 2005 Plan Year, a Participant’s Deferral Amounts under the Plan for such Plan Year will be paid in
one lump-sum payment to such Participant in the January of the Plan Year that follows the Plan Year in which the Participant has
a Separation from Service with the Corporation and its affiliates, unless the Participant elected on his Election during the Open
Enrollment Period that the Deferral Amounts for such Plan Year will instead be paid to such Participant at a Specified Time (as
such term is defined in Section 409A(a)(2)(A)(iv) of the Code and its corresponding regulations), provided that the Specified Time
is no sooner than January of the 2009 Plan Year (unless the Committee approved at the time of such election a shorter period of
deferral) and in up to 15 annual installments.

 

Notwithstanding the
foregoing, if at the time of the Participant’s Separation from Service the Participant is entitled to payment of the amounts
deferred for the 2005 Plan Year because of his Separation from Service (and not because of the Specified Time designated, if any)
and the Participant is a Specified Employee, the payments provided in the immediately preceding sentence on account of Separation
from Service shall be paid (or commence payment in the case of 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 with the Corporation and its affiliates occurs prior to 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 with the Corporation and its affiliates occurs after June 30 of such
Plan Year. Payment on account of a Specified Time shall be paid (or commence payment in the case of installments) to the Participant
in January of the Plan Year elected by the Participant.

 

If the Participant elected
to receive his distribution in the form of installment payments, after the first payment is made pursuant to the immediately preceding
paragraph, each subsequent installment will be paid to the Participant in the January of each Plan Year that follows until all
installments are paid to the Participant. Notwithstanding anything to the contrary in this Paragraph 5(b), if the Participant dies
after the Separation from Service, but before the end of the Plan Year in which the Separation from Service occurs or if a Specified
Employee dies before the payment date described in the preceding paragraph, the Participant’s beneficiary will receive the
payment or payments in a lump sum within 60 days of the date of the Participant’s death.

 

(c)        Plan
Years Beginning Before January 1, 2005.

 

(i)        Grandfathered
Accounts. A Participant’s Deferral Amounts credited to a Participant’s Grandfathered Account under the Plan for
Plan Years beginning before

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January 1, 2005
shall be paid as soon as practicable during the month of January following the calendar year in which the Participant terminates
employment; provided, however, amounts deferred under the Plan may be paid at such other date permitted to be designated by the
Participant that provides for a minimum period of deferral of at least three years or such shorter period as may be approved by
the Committee, which election was made at the time the Participant made the deferral election for such Plan Years. The Participant
also elected at such time to receive such distribution in one lump-sum payment or in a number of substantially equal annual installments
(provided the payment period may not include more than 30 such installments).

 

The lump-sum
or the first installment shall be paid as soon as practicable during the month of January of the calendar year following termination
of employment or such other calendar year validly designated by the Participant. Except as otherwise provided in Paragraphs 9,
10, and 11, all installment payments following the initial installment payment shall be paid in cash as soon as practicable during
the month of January of each succeeding calendar year until the entire amount in the Account shall have been paid.

 

Notwithstanding
the foregoing, in the event a Participant’s employment with the Corporation is terminated either voluntarily (other than
on account of retirement as defined in the qualified pension plan in which the Participant participates or for “good reason”
under any applicable severance plan of the Corporation) or for “gross cause” (as defined in the AlliedSignal Inc. Severance
Plan for Senior Executives), the Participant’s Deferral Amounts for performance years beginning after 1997 for amounts deferred
under Paragraph 4(a) hereof or after 1998 for amounts deferred under Paragraph 4(b) hereof (including any notional interest credited
thereto) shall be distributed in a lump sum as soon as practicable in January of the calendar year following such termination of
employment. Except as otherwise provided in Paragraph 5(d) or Paragraphs 9 or 10 or as approved by the Committee, no amount shall
be withdrawn from a Participant’s Account prior to the last day of the calendar year in which the Deferral Amounts were earned;
the date the Participant reaches normal retirement age and is eligible to receive a benefit under a pension plan of the Corporation
or one of its affiliates; the date of the Participant’s death; or the date the Participant ceases to be employed by the Corporation
or any of its affiliates.

 

(ii)       Non-Grandfathered
Accounts. A Participant’s 2002-2004 Deferrals shall be paid during the month of January following the calendar year in
which the Participant has a Separation from Service; provided, however, a Participant’s 2002-2004 Deferrals may be paid at
a Specified Time designated by the Participant that provides for a minimum period of deferral of at least three years or such shorter
period as may have been approved by the Committee, which election was made prior to January 1 for the applicable Plan Year. The
Participant also elected at such time to receive such distribution in one lump-sum payment or in a number of substantially equal
annual installments (not exceeding 15).

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Notwithstanding
the foregoing, if at the time of the Participant’s Separation from Service the Participant is entitled to payment of the
2002-2004 Deferrals because of his Separation from Service (and not because of the Specified Time designated, if any) and the Participant
is a Specified Employee, the payments provided in the immediately preceding sentence on account of Separation from Service shall
be paid (or commence payment in the case of 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 with the Corporation and its affiliates occurs prior to 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 with the Corporation and its affiliates occurs after June 30 of such Plan Year.
Payment on account of a Specified Time shall be paid (or commence payment in the case of installments) to the Participant in January
of the Plan Year elected by the Participant.

 

If the Participant
elected to receive his distribution in the form of installment payments, after the first payment is made pursuant to the immediately
preceding paragraph, each subsequent installment will be paid to the Participant in the January of each Plan Year that follows
until all installments are paid to the Participant. Notwithstanding anything to the contrary in this subparagraph 5(c)(ii), if
the Participant dies after the Separation from Service, but before the end of the Plan Year in which the Separation from Service
occurs or if a Specified Employee dies before the payment date described in the preceding paragraph, the Participant’s beneficiary
will receive the payment or payments in a lump sum within 60 days of the date of the Participant’s death.

 

(d)        In-Service
Withdrawal. A Participant may request an immediate withdrawal of all or a portion of the Deferral Amounts credited to a Participant’s
Grandfathered Account prior to the date described in subparagraph 5(c)(i) or prior to the date such portion of the Grandfathered
Account has been completely withdrawn, provided that such a request and withdrawal shall be subject to the approval of the Corporation
and such penalties, restrictions or conditions as may be established by the Corporation from time to time. The penalty shall be
a percentage of the amount requested to be withdrawn, calculated as the difference between (a) 6%, and (b) 50% of the amount, if
any, by which 10% exceeds the interest rate on 10-year U.S. Treasury Bonds on the first business day of the calendar quarter during
which the withdrawal request is made.

 

6.        Interest Equivalents.
Deferral Amounts shall accrue additional amounts equivalent to interest (“Interest Equivalents”), compounded
daily, from the date the Deferral Amount is credited to the Account to the date of distribution as set forth in this Paragraph
6.

 

(a)        Non-Grandfathered Deferral Amounts.

 

(i)        Deferral
Amounts Credited for Plan Years On and After January 1, 2006. Deferral Amounts credited to a Participant’s Non-Grandfathered
Account for Plan Years beginning on or after January 1, 2006, and Deferral Amounts under Paragraph 4(a)

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credited to
a Participant’s Non-Grandfathered Account in 2006 for the Election filed by the Participant for the 2005 Plan Year, shall
accrue Interest Equivalents at an annual rate based upon the cost to the Corporation of borrowing at a fixed rate for a 15-year
term. Such rate is subject to change from Plan Year to Plan Year with respect to amounts credited to a Participant’s Non-Grandfathered
Account for a particular Plan Year and shall be determined annually by the Chief Financial Officer of the Corporation in consultation
with the Treasurer of the Corporation prior to January 1 of each Plan Year. Interest Equivalents described in this clause (i) shall
be vested at the time such amounts are credited to the Participant’s Non-Grandfathered Account. All Interest Equivalents
credited to the Participant’s Non-Grandfathered Account pursuant to this clause (i) shall be paid at the same time and in
the same form as the corresponding Deferral Amounts for which the Interest Equivalents relate. The rate of notional interest established
hereunder is set forth on Schedule A attached hereto and made a part hereof.

 

(ii)       Deferral
Amounts Credited for the 2005 Plan Year. Deferral Amounts under Paragraph 4(b) credited to a Participant’s Non-Grandfathered
Account in the 2005 Plan Year for the Election filed by the Participant for the 2005 Plan Year shall accrue Interest Equivalents
at a single rate established by the Committee, in its sole discretion. Such rate is subject to change from Plan Year to Plan Year
with respect to amounts credited to a Participant’s Non-Grandfathered Account for the 2005 Plan Year and shall be determined
annually by the Chief Financial Officer of the Corporation in consultation with the Treasurer of the Corporation prior to January
1 of each Plan Year.

 

The rate of
notional interest established hereunder is set forth on Schedule A attached hereto and made a part hereof. Any portion of such
rate designated as the “Contingent Rate” became nonforfeitable only if the Participant was still employed by the Corporation
or any affiliate at the end of the third full calendar year in which the Deferral Amount related; provided, however, if a Participant
terminated employment with the Corporation or an affiliate prior to such date for reasons other than gross cause, the Committee
treated such portion as nonforfeitable if the Participant’s employment with the Corporation or an affiliate was involuntarily
terminated (including a termination for “good reason” under any applicable severance plan of the Corporation or an
affiliate) or terminated for such reasons as the Committee determined from time to time in its sole discretion. All Interest Equivalents
credited to the Participant’s Non-Grandfathered Account pursuant to this clause (ii) shall be paid at the same time and in
the same form as the corresponding Deferral Amounts for which the Interest Equivalents relate.

 

(iii)      2002-2004
Deferrals. 2002-2004 Deferrals shall accrue Interest Equivalents at a single rate established by the Committee, in its sole
discretion. The rate established by the Committee did not exceed the greater of (i) 10% or (ii) 200% of the 10-year U.S. Treasury
Bond rate at the time of determination. Such Interest Equivalents, once established for a Plan Year, shall remain in effect with
respect to Deferral Amounts credited to the Participant’s Non-Grandfathered Account for each such Plan Year until the Deferral
Amounts are distributed.

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The rate of
notional interest established hereunder is set forth on Schedule A attached hereto and made a part hereof. Any portion of such
rate designated as the “Contingent Rate” became nonforfeitable only if the Participant was still employed by the Corporation
or any affiliate at the end of the third full calendar year in which the Deferral Amount related, provided, however, if a Participant
had a Separation from Service with the Corporation or an affiliate before such date for reasons other than gross cause, the Committee
treated such portion as nonforfeitable if the Participant’s employment with the Corporation or an affiliate was involuntarily
terminated (including a termination for “good reason” under any applicable severance plan of the Corporation or an
affiliate) or was terminated for such reasons as the Committee determined from time to time in its sole discretion.

 

Notwithstanding
the preceding sentence, if a Participant withdrew any portion of the Deferral Amount before the end of the third full calendar
year following the calendar year to which the Deferral Amount relates, the amount of Contingent Rate interest credited with respect
to such Deferral Amount at the time of withdrawal remains credited to such Account subject to the provisions of the preceding sentence
but shall not be credited with any Interest Equivalents after such date (“Frozen Contingent Interest”). Notwithstanding
anything in the Plan to the contrary, from and after the occurrence of a Change in Control (as defined below), the rate at which
Deferral Amounts accrue Interest Equivalents may not be decreased.

 

(b)        Grandfathered
Deferral Amounts. Deferral Amounts credited to a Participant’s Grandfathered Account shall accrue Interest Equivalents
at a single rate established by the Committee, in its sole discretion, for all Deferral Amounts credited to such Grandfathered
Account in each calendar year. The rate established by the Committee did not exceed the greater of (i) 10% or (ii) 200% of the
10-year U.S. Treasury Bond rate at the time of determination. Such Interest Equivalents, once established for a Plan Year, shall
remain in effect with respect to Deferral Amounts credited to the Participant’s Grandfathered Account during such Plan Year
until the Deferral Amounts are distributed.

 

The rate of notional
interest established hereunder is set forth on Schedule A attached hereto and made a part hereof. Any portion of such rate designated
as the “Contingent Rate” became nonforfeitable only if the Participant was still employed by the Corporation or any
affiliate at the end of the third full calendar year in which the Deferral Amount relates, provided, however, if a Participant
terminated employment with the Corporation or an affiliate before such date for reasons other than gross cause, the Committee treated
such portion as nonforfeitable if the Participant’s employment with the Corporation or an affiliate was involuntarily terminated
(including a termination for “good reason” under any applicable severance plan of the Corporation or an affiliate)
or was terminated for such reasons as the Committee determined from time to time in its sole discretion.

 

Notwithstanding the
preceding paragraph, if a Participant withdrew any portion of the Deferral Amount before the end of the third full calendar year
following the calendar year to which the Deferral Amount relates, the amount of Contingent Rate interest credited with respect

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to such Deferral Amount
at the time of withdrawal became Frozen Contingent Interest. Notwithstanding anything in the Plan to the contrary, from and after
the occurrence of a Change in Control, the rate at which Deferral Amounts accrue Interest Equivalents may not be decreased.

 

7.        Participant Accounts.
All amounts credited to a Participant’s Account pursuant to Paragraphs 4 and 6 shall be unfunded general obligations of
the Corporation, and no Participant shall have any claim to or security interest in any asset of the Corporation on account thereof.

 

8.        Distribution from
Accounts.

 

(a)        Plan
Years Beginning On and After January 1, 2006. Deferral Amounts and corresponding Interest Equivalents for Plan Years beginning
on and after January 1, 2006 shall be paid to the Participant at the time and in the form as elected by the Participant on his
Election for such Plan Year in accordance with the requirements of Paragraph 5(a).

 

(b)        2005
Plan Year. Deferral Amounts and corresponding Interest Equivalents for the Plan Year beginning on January 1, 2005 shall be
paid to the Participant at the time and in the form as elected by the Participant on his Election for such Plan Year in accordance
with the requirements of Paragraph 5(b).

 

(c)        Plan
Years Beginning Prior to January 1, 2005.

 

(i)        Grandfathered
Accounts. Deferral Amounts and corresponding Interest Equivalents credited to a Participant’s Grandfathered Account shall
be paid to a Participant at the time and in the form as elected by the Participant on his Election for such Plan Years in accordance
with the requirements of subparagraph 5(c)(i).

 

(ii)       Non-Grandfathered
Accounts. 2002-2004 Deferrals shall be paid to a Participant at the time and in the form as elected by the Participant on his
Election for such Plan Years in accordance with the requirements of subparagraph 5(c)(ii).

 

(iii)      Special
Election Change Applicable to Grandfathered Accounts. The Corporation may from time to time allow Participants to request new
elections with respect to the distribution of Deferral Amounts and Interest Equivalents credited to their Grandfathered Accounts
(other than any such amounts currently payable to a Participant). The Corporation 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 Corporation shall determine
in its sole discretion, provided that any new election shall generally be required to be made at least 12 months prior to any scheduled
payment date.

 

(d)        Type
of Distribution. All distributions from this Plan shall be paid in cash.

 

9.        Distribution on
Death. If a Participant dies after payments under this Plan have commenced but before all amounts credited to the Participant’s
Account have been distributed, the balance in the Account shall be paid as soon as practicable thereafter to the beneficiary

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designated in writing
by the Participant, but not later than 60 days after the date of the Participant’s death. Payment to a beneficiary pursuant
to a designation by a Participant shall be made in one lump sum cash payment. Such beneficiary designations shall be effective
when received by the Corporation, and shall remain in effect until rescinded or modified by the Participant by an appropriate written
direction.

 

Separate beneficiary
designations shall be made for Incentive Awards deferred under Paragraph 4(a) and Interest Equivalents credited on such amounts
and for Base Annual Salary deferred under Paragraph 4(b) and Interest Equivalents credited on such amounts. If no beneficiary is
properly designated by the Participant for one or both portions of the Account, or if the designated beneficiary has predeceased
the Participant, such balance in the applicable portion of the Account shall be paid to the estate of the Participant.

 

10.       Payment in the
Event of Hardship. For Deferral Amounts and Interest Equivalents credited to a Participant’s Grandfathered Account,
upon receipt of a request from a Participant, delivered in writing to the Corporation along with a hardship distribution form
and supporting documentation of the hardship, the Senior Vice President – Human Resources and Communications (or his designee),
may cause the Corporation to accelerate (or require the subsidiary of the Corporation which employs or employed the Participant
to accelerate) payment of all or any part of the Deferral Amount and Interest Equivalents credited to the Participant’s
Account, if it finds in its sole discretion that payment of such amounts in accordance with the Participant’s prior election
under Paragraph 4 hereof 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. An “unforeseeable emergency” means a severe
financial hardship to the Participant resulting from (1) an illness or accident that occurs to the Participant, the Participant’s
spouse or the Participant’s dependent (as defined in section 152(a) of the Code, (2) loss of the Participant’s property
due to casualty, or (3) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant’s
control. The amount withdrawn cannot exceed the amount necessary to satisfy the emergency and estimated taxes the Participant
will incur as a result of such distribution. Acceleration of payment may not be made under this Paragraph 10 to the extent that
such hardship is or may be relieved (i) through reimbursement or compensation by insurance or otherwise, or (ii) by liquidation
of the Participant’s assets, to the extent the liquidation of assets would not itself cause severe financial hardship.

 

11.       Change in Control.

 

(a)        Initial
Lump Sum Election. Notwithstanding any election made pursuant to Paragraphs 4 and 5 hereof, a Participant (i) may file a written
election with the Corporation to have the Deferral Amounts and Interest Equivalents credited to the Participant’s Grandfathered
Account paid in one lump-sum payment as soon as practicable following a Change in Control (as defined below), but in no event later
than 90 days after such Change in Control, and (ii) may designate in his Election during the Open Enrollment Period for a particular
Plan Year that Deferral Amounts and Interest Equivalents credited to the Participant’s Non-Grandfathered Account for such
Plan Year be paid in one lump-sum payment within 90 days after such Change

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in Control. The Interest
Equivalents on any Deferral Amount payable pursuant to this Paragraph 11(a) shall include the “Contingent Rate” credited
to such Deferral Amount without regard to whether such amount has become nonforfeitable as provided in Paragraph 6 at the time
the applicable Change in Control occurs.

 

(b)        Revocation
of Lump-Sum Election. A Participant may revoke an election made pursuant to clause (i) of Paragraph 11(a) (including an election
not to be paid in one lump sum upon a Change in Control), but only for amounts credited to a Participant’s Grandfathered
Account, by filing an appropriate written notice with the Corporation. A revocation notice filed pursuant to this Paragraph 11(b)
shall be subject to such terms and conditions as the Corporation shall establish and shall be effective with respect to all of
the Deferral Amounts and Interest Equivalents credited to a Participant’s Grandfathered Account. Any such election shall
be subject to such restrictions and limitations as the Corporation shall determine in its sole discretion.

 

(c)        Limitations
on Elections. For purposes of a Participant’s election with respect to amounts covered by clause (i) of Paragraph 11(a)
or a revocation of such election pursuant to Paragraph 11(b), such election shall not be effective unless filed with the Corporation
at least 90 days prior to a Change in Control.

 

(d)        Definition
of Change in Control. For Plan Years beginning after April 1, 2018 and 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

    	11

    	

    

Regulation § 1.409A-3(i)(5)(i)
shall be deemed to be a Change in Control for purposes of this Plan.

 

12.       Administration.

 

(a)        Plan
Administrator. The Plan Administrator and “named fiduciary” for purposes of the Employee Income Retirement 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 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 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 or its subsidiaries)
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.

 

13.       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.

    	12

    	

    

(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 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 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 60 days after receipt of the initial denial notification, and must set forth the facts upon which the appeal is based; and

 

(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 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 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 60 days after receipt of
the request. Such 60-day period may be extended for another period of 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

    	13

    	

    

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.

 

14.       Miscellaneous.

 

(a)        No
Alienation of Benefits. Except insofar as may otherwise be required by law, no amount payable at any time under the Plan shall
be subject in any manner to alienation by anticipation, sale, transfer, assignment, bankruptcy, pledge, attachment, charge, or
encumbrance of any kind nor in any manner be subject to the debts or liabilities of any person and any attempt to so alienate or
subject any such amount, whether presently or thereafter payable, shall be void. If any person shall attempt to, or shall alienate,
sell, transfer, assign, pledge, attach, charge, or otherwise encumber any amount payable under the Plan, or any part thereof, or
if by reason of such person’s bankruptcy or other event happening at any such time such amount would be made subject to the
person’s debts or liabilities or would otherwise not be enjoyed by that person, then the Corporation, to the extent permitted
under Section 409A of the Code, if it so elects, may direct that such amount be withheld and that same or any part thereof be paid
or applied to or for the benefit of such person, the person’s spouse, children or other dependents, or any of them, in such
manner and proportion as the Corporation may deem proper.

 

(b)        No
Right or Interest in Corporation’s Assets. Neither the Corporation nor any of its affiliates shall be required to reserve
or otherwise set aside funds for the payment of obligations arising under this Plan. The Corporation may, in its sole discretion,
establish funds, segregate assets or take such other action as it shall determine necessary or appropriate to secure the payment
of its obligations arising under this Plan. This Plan is intended to be unfunded for tax purposes and for purposes of Title I of
the ERISA. Nothing contained herein, and no action taken pursuant to the provisions of this Plan shall create or be construed to
create a trust of any kind, or a fiduciary relationship between the Corporation and any Participant or any other person. To the
extent that any person acquires a right to receive payments under this Plan, such right shall be no greater than the right of an
unsecured creditor of the Corporation.

 

(c)        Amendment.
The Corporation may amend, modify or terminate the Plan at any time, or from time to time; provided, however, that no change to
the Plan shall impair the right of any Participant with respect to amounts then credited to an Account; and further provided that
during a Potential Change in Control Period (as defined in Paragraph 14(i) hereof) and from and after the occurrence of a Change
in Control, the Plan may not, without the consent of the

    	14

    	

    

Participant, be amended
in any manner which would adversely affect such Participant’s rights and expectations with respect to Deferral Amounts credited
to such Participant’s Account immediately prior to such amendment, unless an amendment is required to comply with the requirements
of Section 409A of the Code.

 

(d)        Accounting.
Each Participant shall receive periodic statements (not less frequently than annually) setting forth the cumulative Deferral Amounts
and Interest Equivalents credited to, and any distributions from, the Participant’s Account.

 

(e)        Facility
of Payments. If the Corporation shall find that any person to whom any amount is payable under the Plan is unable to care for
his affairs because of illness or accident, or is a minor, or has died, then any payment due the person or the person’s estate
(unless a prior claim therefore has been made by a duly appointed legal representative), may, if the Corporation so elects in its
sole discretion, be paid to the person’s spouse, a child, a relative, an institution having custody of such person, or any
other person deemed by the Corporation to be a proper recipient on behalf of such person otherwise entitled to payment. Any such
payment shall be a complete discharge of the liability of the Corporation and the Plan therefore.

 

(f)        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.

 

(g)        Governing
Law. The Plan is intended to constitute an unfunded deferred compensation arrangement for a select group of management or highly
compensated personnel and all rights thereunder shall be governed by and construed in accordance with the laws of New Jersey.

 

(h)        Withholding
Taxes. The Corporation may make such provisions and take such action as it may deem necessary or appropriate for the withholding
of any taxes which the Corporation or one if its affiliates is required by any law or regulation of any governmental authority,
whether Federal, state, local or foreign, to withhold in connection with any benefits under the Plan, including, but not limited
to, the withholding of appropriate sums from any amount otherwise payable to the Participant (or his beneficiary). Each Participant,
however, shall be responsible for the payment of all individual tax liabilities relating to any such benefits.

 

(i)        Potential
Change in Control Period. A “Potential Change in Control Period” shall commence when: (i) the Corporation
enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; (ii) the Corporation
or any person or group publicly announces an intention to take or to consider taking actions which, if consummated, would result
in a Change in Control; (iii) any person or group (other than the Corporation, any subsidiary or any savings, pension or other
benefit plan for the benefit of

    	15

    	

    

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 (iv) 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 (A) a Change in Control, or (B) the adoption by the Board of a resolution stating that, for purposes of the Plan, the Potential
Change in Control Period has expired.

 

(j)        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 amounts credited to the Non-Grandfathered Accounts of Participants, and shall be administered
in accordance with Section 409A of the Code with respect to such Accounts. Notwithstanding anything in the Plan to the contrary,
elections to defer compensation into Non-Grandfathered Accounts under the Plan, and distributions of Non-Grandfathered Accounts,
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 calendar year
of payment with respect to Non-Grandfathered Accounts. For avoidance of doubt, deferrals under the Plan are maintained on a Plan
Year basis.

    	16

    	

    

SCHEDULE A

NOTIONAL INTEREST RATES

 

Deferred Incentive Awards

 

The following chart applies to: (A) Executive
level employees for awards earned and deferred in and after 2014, (B) all employees for awards earned and deferred between 2003
and 2013, and (C) Band 6 and above employees for awards earned and deferred before 2003.

 

	Year Award Earned	Vested Rate	Contingent Rate	Total Rate
	1975 – 1992 	Treasury bills +	N/A	Treasury bills +
	 	3%*	N/A	3%*
	1993 – 1997 	10%	N/A	10%
	1998 – 2000 	8%	3%	11%
	2001- 2002 	7%	3%	10%
	2003 	3%	5%	8%
	2004 initial rate	3%	5%	8%
	2005 initial rate ** 	8%** 	N/A	8%** 
	2006 initial rate **	5.8%**	N/A	5.8%**
	2007 initial rate **	5.8%**	N/A	5.8%**
	2008 initial rate **	6.3%**	N/A	6.3%**
	2009 initial rate **	7.2%**	N/A	7.2%**
	2010 initial rate **	4.8%**	N/A	4.8%**
	2011 initial rate **	3.84%**	N/A	3.84%**
	2012 initial rate **	3.65%**	N/A	3.65%**
	2013 initial rate **	2.90%**	N/A	2.90%**
	2014 initial rate **	4.09%**	N/A	4.09%**
	2015 initial rate **	3.66%**	N/A	3.66%**
	2016 initial rate **	3.64%**	N/A	3.64%**
	2017 initial rate **	2.69%**	N/A	2.69%**
	2018 initial rate **	3.38%**	N/A	3.38%**

    	17

    	

    

*/Three-month Treasury bill average rate
for the immediately preceding calendar quarter as reported by the Federal Reserve Bank; rate changes each calendar quarter.

 

**/For periods
on and after January 1, 2006, rate is based on the Corporation’s 15-year borrowing rate and is subject to change annually.

 

Deferred Incentive Awards

 

The following chart applies to all employees
other than Band 6 and above for awards earned and deferred before 2003.

 

	Year Award Earned	Vested Rate	Contingent Rate	Total Rate
	1975 – 1997	Treasury bills +	N/A	Treasury bills +
	 	3%*	N/A	3%*
	1998 - 2002	6%	3%	9%

 

*/Three-month Treasury bill average rate
for the immediately preceding calendar quarter as reported by the Federal Reserve Bank; rate changes each calendar quarter.

 

Deferred Salary (Band 6 and Above)

 

	Year Salary Earned	Vested Rate	Contingent Rate	Total Rate
	1994 – 1998 	10%	N/A	10%
	1999 – 2001 	8%	3%	11%
	2002 - 2002 	7%	3%	10%
	2003 	3%	5%	8%
	2004 	3%	5%	8%
	2005 initial rate** 	3%	5%	8%

 

**/For periods on and after January 1,
2006, rate is subject to change.

    	18

    	

    

SCHEDULE B

PROVISIONS RELATING TO

HONEYWELL INC. EXECUTIVE DEFERED COMPENSATION
PLAN

 

1.        History. Honeywell
Inc., a predecessor of the Corporation, previously established a supplemental non-qualified plan named the Honeywell Executive
Deferred Compensation Plan (the “Honeywell Plan”). The Honeywell Plan was created to establish rules for the
deferral and payment of deferred compensation earned under the Honeywell Inc. bonus plans named the “Honeywell Corporate
Executive Compensation Plan,” the “Honeywell Senior Management Performance Incentive Plan,” and the “Multi-Year
Incentive Program.”

 

The Honeywell Plan was
last amended and restated effective June 1, 1999. This Schedule B covers any participant in the Honeywell Plan who has not received
full payment of his benefit under the Honeywell Plan as of April 1, 2018. Benefit payments commencing before April 1, 2018 are
governed by the terms of the Honeywell Plan as they existed prior to this amendment and restatement and are grandfathered from
the requirements of Section 409A of the Code.

 

2.        Definitions.
For purposes of this Schedule B, the following definitions shall apply:

 

(a)       Account
shall mean an unfunded, bookkeeping account maintained for a participant including amounts originally deferred under the Honeywell
Plan and interest credits made pursuant to Section 3 of this Schedule B (or comparable provisions of the Honeywell Plan).

 

3.        Interest Credits.
An interest credit shall be made to the participant’s Account as of (a) each February 15, and (b) the date as of which any
distribution is made from the participant’s Account, for the year or portion thereof then ended based on the average daily
balance of the Account for such year or portion thereof. The rate of interest shall be 120% of the long-term Applicable Federal
Rate published under section 1274(d) of the Code for the month in which the interest credit is made to the Account.

 

4.        Distributions.
The following provisions shall apply to distributions under this Schedule B.

 

(a)        Commencement.
A participant’s Account shall be paid or commenced as of March 31 of the year specified by the Participant and in effect
as of December 31, 2004. Actual payment shall occur as soon as administratively feasible thereafter.

 

(b)        Forms
of Payment. Subject to the provisions herein, an Account shall be paid under this Schedule B in a series of ten (10) substantially
equal annual installments. The participant may elect to receive any benefit payable under this Schedule B in an optional form of
payment; provided, however, that such election will not be effective until the lapse of thirteen (13) months following the date
on which the election is accepted by the Plan Administrator. The optional distribution forms under this Schedule B are a single
lump sum or a series of

    	19

    	

    

substantially equal annual
installments of any number from two (2) to nine (9). To be effective, the election of an optional distribution form must be made
in the form and manner prescribed by the Plan Administrator and must be accepted by the Plan Administrator. Notwithstanding the
foregoing, distribution shall be made in a single lump sum payment if the participant’s termination of employment occurs
before the date the participant has both reached age fifty-five (55) and has accrued ten (10) years of credited service for vesting
as defined in the Honeywell Retirement Benefit Plan (Supplement T) portion of the Honeywell Retirement Earnings Plan or its applicable
predecessor plan.

 

(c)        Acceleration
of Distribution with Forfeiture. A participant or beneficiary who is receiving distributions under this Schedule B may at any
time elect to receive the remaining Account balance in a lump sum payment less ten percent (10%) which shall be forfeited. Lump
sum payments under this Section 4(c) shall be made within sixty (60) days after the election to accelerate distribution is received
by the Plan Administrator.

 

(d)        Financial
Hardships. If a participant incurs an unforeseeable emergency, the participant may make a written request to the Plan Administrator
for a hardship withdrawal from the participant’s Account. An unforeseeable emergency is a severe financial hardship to the
participant resulting from a sudden and unexpected illness or accident of the participant or a dependent (as defined in section
152(a) of the Code) of the participant, loss of the participant’s property due to casualty, or other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control of the participant and which cannot be relieved
through reimbursement or compensation by insurance or otherwise or by liquidation of the participant’s assets, to the extent
that the liquidation of such assets would itself cause severe financial hardship. Withdrawals of amounts because of an unforeseeable
emergency are only permitted to the extent reasonably needed to satisfy the emergency need. The existence of severe financial hardship
shall be determined consistent with sections 1.457-2(h)(4) and (5) of the Treasury Regulations.

 

5.        Survivor Benefits.

 

(a)        Survivor
Benefits. If a participant dies after termination of employment but before distribution commences under this Schedule B, the
Account shall be paid to the participant’s designated beneficiary or beneficiaries at the time and in the form the Account
would have been payable to the participant if the participant had survived until the date distribution would have commenced. If
a participant dies after distribution commences under this Schedule B (or the terms of the prior Honeywell Plan), the participant’s
designated beneficiary shall be paid the unpaid installments, if any, under the form of distribution elected by the participant.

 

(b)        Designation
of Beneficiary. A participant or surviving beneficiary may designate, in the manner required by the Plan Administrator, a beneficiary
or beneficiaries to receive the Account under this Schedule B in the event of the participant’s (or surviving beneficiary’s)
death. The participant (or surviving beneficiary) may change or revoke any such designation from time to time. No designation or
revocation shall be effective unless executed by the

    	20

    	

    

participant (or surviving
beneficiary) and actually received by the Plan Administrator before the participant’s (or surviving beneficiary’s)
death. If the participant or surviving beneficiary dies without an effective beneficiary designation for the Account under this
Schedule B, payment shall be made to the beneficiary or beneficiaries determined under the rules in the Honeywell 401(k) Plan governing
failure of beneficiary designation. The Plan Administrator shall be the sole judge of the content, interpretation and validity
of a purported beneficiary designation.

    	21EXHIBIT 4.9

 

 

 

 

 

 

 

 

SHARE PURCHASE AGREEMENT 

 

dated as of

 

September 2017

 

in

 

Beijing

 

Among

 

Beijing cheche technology
co., ltd. 

 

 

 

Fanhua insurance sales
service group Company limited 

 

and

 

Fanhua times insurance
sales & service Co., ltd.

 

relating to the purchase and sale

 

of

 

shares

 

of

 

 

 

Fanhua times insurance
sales & service Co., ltd.

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Table of Contents

 

	 	PAGE
	 	 
	ARTCILE I DEFINITON	3
	ARTICLE II PURCHASE OF SHARES	5
	ARTICLE III PRICING AND PAYMENT	6
	ARTICLE IV CLOSING	8
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE TARGET COMPANY	8
	ARTICLE VI REPRESENTATIONS AND WARRANTIES OF THE BUYER	9
	ARTICLE VII OBLIGATIONS AFTER THE EXECUTION OF THIS AGREEMENT 	9
	ARTICLE VIII TERMINATION	13
	ARTICLE IX BREACH LIABILITIES	14
	ARTICLE X CONFIDENTALITY	14
	ARTICLE XI GOVERNING LAW AND DISPUTE RESOLUTION	15
	ARTICLE XII MISCELLANEOUS	15

 

 

 

 

 

 

 

 

 

    	 	1	 

     

    

 

Shares Purchase Agreement

 

This Shares Purchase Agreement (this “Agreement”) is
entered into by and among the following parties on September 30, 2017 in Beijing.

 

		(1)	Beijing Cheche Technology Co., Ltd.(“the Buyer”),a limited liability
company duly incorporated and validly existing under the laws of the Republic of China (excluding, solely for the purpose of this
Agreement, Hong Kong, Macau and Taiwan, with its registered office at 2506, Unit 1, 21F, No. 4 Building, No. 201 Yard, Tangli Road,
Caoyang District, Beijing, PRC and its legal representative is ____.

 

Fanhua Insurance Sales Service Group Company Limited(“the
Seller”),a limited liability company duly incorporated and validly existing under the laws of the Republic of China,
with its registered office at 27F, Pearl River Tower, No. 15 West Zhujiang Road, Guangzhou, Guangdong, PRC (for office use only)
and its legal representative is _______.

 

		(2)	Fanhua Times Insurance Sales & Services Co., Ltd.(“the Target Company”),a
limited liability company duly incorporated and validly existing under the laws of the Republic of China, with its registered office
at Room 09, No. 601 Store, No. 195 North Guangzhou Avenue, Yuexiu District, Guangzhou, Guangdong, PRC (for office use only), and
its legal representative is _____.

 

Each of the three parties shall hereinafter individually be referred
to as the "Party", and collectively the "Parties".

 

Whereas:

 

		(A)	The Target Company is an insurance agency specializing in the distribution of automobile insurance
products and in good standing, with the capacity of achieving no less than RMB2 billion auto insurance premiums each year from
2018 to 2020.

 

		(B)	The Seller holds 100% of the equity interests in the Target Company. (Further details of the Target
Company as of the date hereof are set forth in Schedule 1 of this Agreement.)

 

		(C)	The Buyer has agreed to purchase and the Seller has agreed to sell the Target Shares in accordance
with the terms and conditions set forth in this Agreement (the “Transaction”).

 

		(D)	The Parties agreed to enter into this Agreement to set forth the terms and conditions for the Transaction.

 

NOW, THEREFORE, the Parties hereby agree as follows:

 

    	 	2	 

     

    

 

Article I

 

DEFINITON

 

		1.1	In this Agreement, unless otherwise stated or the context otherwise requires, the following terms
shall have the following meanings:

 

	“Transaction”	shall have the meaning set forth in the Preamble;
	“Target Shares”	shall mean the 100% equity interests held by the Seller;
	“Confidential Information”	shall mean any information related to the Target Company or its business, which indentified as confidential and provided for the purpose of the Agreement and the negotiation and execution of the Transaction by any Party or any related parties hereof, including but not limited to the technology, analytical data, procedure, manual, design, draft, picture, plans, chart, standard, report, research, discovery, non-patent invention and idea, and other information and know-how in any nature.
	“CIRC”	shall mean China Insurance Regulatory Commission;
	“Business of the Target Company”	refers to insurance agency business;
	“Automobile Insurance Business”	refers to the business related to the distribution of automobile insurance products, collection of insurance premiums on behalf of insurance companies in return for commissions and fees. 
	“Third Party’s Rights”	refers to a) any mortgage, pledge, lien, guarantee, transfer, retention of title, property
right or any other kind of right burden, for the purpose of guaranteeing any obligation of any person, including any rights obtained
from the Transaction, which may not be granted in legal terms, but in accordance with relevant laws, there are economic or financial
consequences similar to the granting of a security interest; b) any voting agreement, authorization letter, option, right of first
offer, negotiation or refusal, or other transfer restrictions entitled to any beneficiary; c) Target Shares being frozen, sealed
or under any other restrictions by legal procedures;restriction on share transfer as a result
of any judgment or ruling or any pending or potential proceedings, arbitration, court ruling or verdict that may have adverse
impact on the Target Shares and the transfer of the Target Shares; and d) being recoursed by any person.
	“Security Interests”	refers to any mortgage, claims, equitable interests, lieu, option, pledge, security interests, right of preemption, right of first refusal, right of seizure, retention of title, right of set-off, counterclaim, trust arrangement or other restriction(including any relevant restriction imposed on using, voting, transfer, obtaining economic benefits or other restriction in respect of exercising the rights of the owner.

 

    	 	3	 

     

    

 

	
        “Related Parties”
	refer to any enterprise or any other entity which, directly or indirectly, controls, or controlled by, or is under
common control with, the Party. If one party of this Agreement is an individual, it refers to any immediate family of the person;
the term "control" refers to ownership of fifty percent (50%) or more of the registered capital of an enterprise or any
other entity, or having the right to appoint general managers or other principal executives in an enterprises or any other entities;
the "immediate family" refers to spouses, children, parents, grandparents, brothers and sisters.
	“Original Management Team”	refers to the core management and officers of the Target Company;
	“Consideration”	shall have the meaning set forth in Article 3.1 hereof;
	“Base Date”	refers to September 30, 2017;
	“Closing Date”	refers to the effective date;
	“Recipient”	shall have the meaning set forth in Article 10.1 hereof;
	“Approval”	refers to any consent, approval, authorization, permission, order, registration, filing, certification, qualification, license or statement which contains approval;
	“Convertible Note”	shall have the meaning set forth in Article 3.2(i)hereof. i.e. convertible note issued by the Buyer to the Seller on the closing date as part of the total Consideration, which is convertible to shares of the Buyer within certain period as set forth herein;
	“Convertible Note Period”	shall have the meaning set forth in Article 3.2(i)hereof;
	“Execution Date”	shall have the meaning set forth in the in the Preamble hereof;
	“Day”	refers to the calendar day;
	“Renmingbi” or “RMB” 	refers to the legal currency of the PRC;
	“Closing”	shall have the meaning set forth in Article 4.1 hereof;
	“Effective Date”	shall have the meaning set forth in Article 12.1 hereof;
	“Taxes”	means any and all taxes imposed by financial, taxes and customs departments of the PRC central and local governments, including any interests, fines or expenses thereof;
	“Cash Consideration”	shall have the meaning set forth in Article 3.2 (i) hereof;
	“Exercise Notice”	shall have the meaning set forth in Article 3.2 (ii) hereof;
	“Business Day”	refers to any date except Saturday, Sunday or the date when banks are authorized or requested to suspend business in mainland China.
	“Overdue Tax”	shall have the meaning set forth in Article 10.6 hereof;
	“Material Adverse Effect”	refers to major adverse effect on the business, financial situation, real estate, or operation results of the Target Company that is alone or in total, but on the premise that the major adverse effects shall not include the event or circumstance which is reasonably expected to cause a loss no more than RMB1 million to the net operating capital of the Target Company

 

    	 	4	 

     

    

 

	“Intellectual Property Rights”	refers any patent, trademark, service marks, registration design, domain names, and utility models, copyright, software copyright, invention, confidential information, trade secrets, proprietary technology and production technology, brand names, database rights, business numbers and any similar rights which is registered or filed in any country, and any of the interests thereof (whether registered or not, and include the application for the aforesaid and the right to apply for any of the above mentioned in any country of the world) .
	“Governmental Authority”	means any central or local governmental authority, regulatory or administrative authority, department, court, judicial or arbitration institution in China or other competent jurisdiction territories.
	“Laws”	refers to any and all laws, decrees, regulations, rules, ordinance, orders, instruction, judicial interpretations, or normative documents of China and other competent jurisdiction territories.
	“Qualified Listing”	refer to the initial public offering and listing of the shares of the Buyer or its affiliated listing entity after restructuring in the following stock exchanges or stock markets (the New York stock exchange, the Hong Kong stock exchange, the Shanghai stock exchange, the Shenzhen stock exchange, the United States National Securities Industry Automatic Quotation System Association ("NASDAQ"), the National Equities Exchange and Quotations ("NEEQ") or other stock exchanges or securities markets (excluding OTC).
	“China or PRC”	shall have the meaning set forth in the Preamble hereof.

 

		1.2	Unless the context otherwise requires or as provided in this Agreement:

 

		1.	any references herein to the contract, agreement or documents shall refer to this Agreement, including
the schedules, annexes and exhibits hereto, as amended, supplemented, modified from time to time.

 

		2.	any references herein to any person shall include the heir and the authorized assignee of the person.

 

		3.	any references herein to the provisions or attachments shall refer to the provisions and the schedules,
annexes and exhibits hereof.

 

 

ARTICLE II PURCHASE OF SHARES

 

		2.1	Subject to the terms and conditions of this Agreement, the Buyer agrees to buy and the Seller agrees
to sell the Target Shares at the transfer price, and there is no third party’s right on the Target Shares.

 

    	 	5	 

     

    

 

		2.2	The table below lists the shares held by the Parties respectively before and after the completion
of this Transaction.

 

	 	Before the Transaction	After the Transaction
	Seller	100%	/
	Buyer	/	100%

 

 

ARTICLE III PRICING AND PAYMENT

 

		3.1	Valuation and Consideration of the Target Shares

 

The Parties agree that the valuation of the Transaction
is based on the net book value of the Target Company as of September 30, 2017 and the estimate that the Target Company shall achieve
no less than 2 billion vehicle insurance premiums each year from 2018 to 2020. As agreed by the Parties, the original Consideration
for the Target Shares is RMB130,000,000 plus net book value of the Target Company as of September 30, 2017 (hereinafter referred
to as " Consideration").

 

		3.2	Method of the Transaction

 

		(i)	The parties agree that the Consideration shall be paid in the form of cash and convertible Notes.
The amount of cash consideration is equivalent to the net book value of the Target Company as of September 30, 2017 (hereinafter
referred to as "Cash Consideration"), and the Cash Consideration shall be adjusted based on the collection and settlement
of related credits and debts in accordance with Article 3.2 (IV) hereof. The specific accounting items and the estimated amounts
of the credits and debts at the time of signing this Agreement are shown in annex 2 hereof. The actual amount of the related credits
and debts shall be subject to the financial statement as of September 30, 2017 prepared and signed by authorized person (hereinafter
referred to as "Target Credits and Debts "); The remaining Transaction Consideration which is RMB130,000,000 shall be
converted into Convertible Note of the Buyer, to which the Seller is entitled. The term of the Convertible Note shall be three
years from the Closing of this Transaction (hereinafter referred to as the "Convertible Note Period"), and the annual
interest rate of the loan is 10% in simple interest (hereinafter referred to as "Convertible Notes"). Upon the maturity
of the Convertible Note, the Seller may convert the principal and interest of the Convertible Note into the shares of the Buyer
in equal value (hereinafter referred to as the “Convert of Shares"), or request the principal and interest to be repaid
in cash in accordance with this Agreement.

 

		(ii)	Within twenty (20) business days from the date of maturity of the Convertible Note, the Seller
shall decide whether to convert the shares or not and issue a written execution notice (hereinafter referred to as the "Execution
Notice ") to the Buyer. If the Seller chooses to convert the shares, it means that the Seller exercises its right on the Convertible
Note. The valuation of the Buyer for the purpose of converting the Convertible Note shall be 70% of the Buyer's valuation in its
latest round of financing . The ratio of the convertible shares = Convertible Note / (the Buyer's latest valuation*70%). The Buyer
shall complete the registration formalities for the conversion within thirty (30) business days from the date of receiving the
Execution Notice. If the Seller chooses not to convert the shares, the Buyer shall repay the principal and interest of the Convertible
Note in two (2) installments: the first installment shall be no less than 50% of the amount of the principal and interest of the
Convertible Note, and it shall be paid to the Seller's designated bank account within twenty (20) business days (hereinafter referred
to as the "Repayment Date") from the date the Buyer received the Execution Notice from the Seller. The remaining amount
of the Convertible Notes (hereinafter referred to as the "Remaining Principal") shall bear interest at an annual interest
rate of 10% (hereinafter referred to as the "Remaining Interest"), from the date of the Execution Notice to the day before
the payment of the second installment. The Remaining Principal and the Remaining Interest shall be the amount of the second installment,
which shall be made within 10 months from the Repayment Date.

 

    	 	6	 

     

    

 

		(iii)	During the Convertible Note Period, the Buyer shall give the Seller a written notice (hereinafter
referred to as the "Major Change Notice ") within a reasonable time prior to the occurrence of any of the events (a)
- (c), and the Seller shall make a written statement to the Buyer within 10 business days from the date of receiving the Major
Change Notice, to inform the Buyer whether or not it will exercise the right to convert the shares in advance. If the Seller wishes
to convert the shares in advance, the Buyer's valuation shall be 70% of the Buyer's latest financing valuation at the time of conversion.
The ratio of the convertible shares = Convertible Note / (the Buyer's latest valuation*70%):

 

(a)  the Buyer is acquired,
purchased or reorganized;

 

(b)  the Buyer completes
its Qualified Listing;

 

(c)  other circumstances
agreed by the Parties.

 

		(iv)	The Parties agree that the Seller shall procure the Target Company to complete the collection and
settlement of the Target Credit and Debt of the Target Company as of September 30, 2017 as soon as possible within a reasonable
period of time. If there is a difference between, the amount after the collection of its credit and payment of its debt, and the
book net amount between the Target Credit and Debt of the Target Company, the Cash Consideration shall be adjusted accordingly.

 

		3.3	Time of Payment

 

		(i)	On the Closing Date, the Seller will convert the remaining Transaction Consideration apart from
the Cash Consideration into convertible Note of the Buyer of which the principal amount is RMB130,000,000.

 

    	 	7	 

     

    

 

		(ii)	After the Effective Date hereof, the Buyer shall pay part of the Cash Consideration which does
not exceed the cash balance in the account of the Target Company on the Effective Date within 5 working days after the Effective
Date, and the remaining part of the Cash Consideration which exceeds the cash balance shall be paid in accordance with Article
3.3 (iii) hereof.

 

		(iii)	After the Effective Date hereof and after the Target Company clears off its debt, if there is cash
inflow, the Buyer shall pay to the Seller part of the remaining Cash Consideration equivalent to the cash inflow amount on a monthly
basis by wire transfer For the avoidance of doubt, the Cash Consideration shall be the amount adjusted according to Article 3.2(iv)
hereof.

 

		(iv)	During the process of collection of its credit and repayment of its debt by the Target Company,
if the amount collected is insufficient to cover the debt due or overdue, the Seller is obliged to negotiate for a deferred payment
to the creditor of the Target Debt, or repay the debt due or overdue on behalf of the Target Company.

 

		3.4	Payment of the Taxes

 

		(a)	The Parties shall be responsible for its own tax liabilities occurred in connection with this Transaction
respectively in compliance with applicable laws

 

		(b)	The taxes and fees incurred after the Closing shall be borne by the Target Company

 

 

ARTICLE  IV CLOSING

 

		4.1	Subject to this Agreement, the relevant formalities for converting the Target Shares shall be completed
within the transition period (as set forth in Article 7.1 hereof). However, the Parties agree explicitly and irrevocably that the
delivery of the Target Shares shall be completed on the effective date of this Agreement (hereinafter referred to as the "Closing
Date"). The Target Shares shall be transferred to the Buyer from the Seller on Closing Date, and from the day on, the Seller
shall not hold the Target Shares as well as the interests and rights thereof.

 

 

ARTICLE VREPRESENTATIONS AND
WARRANTIES OF THE SELLER AND THE TARGET COMPANY

 

		5.1	The Seller and the Target Company are legal persons duly incorporated and validly existing under
the laws of PRC.

 

    	 	8	 

     

    

 

		5.2	The execution and performance of this Agreement by the Seller and the Target Company will not contravene
any legal documents such as applicable laws, articles of associations, contracts, agreements that are binding upon the Seller and
the Target Company.

 

		5.3	The Seller promises to bear all liabilities, debts and obligations which are not listed in the
balance sheet of the Target Company as of September 30, 2017, and other payments which shall be made by the Target Company.

 

		5.4	The Seller represents, guarantees and promises to the Buyer that it will fully and irrevocably
waive its right to bring up claims against the Target Company or any it’s officers, directors, managers and consultants on
or before the Closing Date, including claims arising out of this Transaction.

 

		5.5	The Seller represents, guarantees and promises that, as of the Closing Date, the Target Company
does not have or exist any tax compliance problems (including, but not limited to, violation of its obligation by the Target Company
to pay personal income tax, value-added tax (or business tax) and additional tax and fee when paying commissions to the insurance
salespersons) which lead to obligation to pay back taxes, pay overdue fine, penalty and so on to related governmental authorities.
The Target Company also does not have any administrative punishment or other administrative supervision measures or the disciplinary
action by the industry association for the above problems.

 

		5.6	The Seller represents, guarantees and promises that, as of the Closing Date, the Insurance Agency
Business Permit held by the Target Company is legal and valid and without any risk to be withdrew, revoked or cancelled. The Seller
further promises that after the expiration of the Insurance Agency Business Permit held by the Target Company on the Closing, it
is able to obtain the approval of the CIRC to renew its validity period, and to the knowledge of the Seller, there is no event
or circumstance that may lead to the failure of the extension of the validity period of the Insurance Agency Business Permit.

 

 

ARTICLE  VI REPRESENTATIONS AND WARRANTIES
OF THE BUYER

 

		6.1	The Buyer is a legal person duly incorporated and validly existing under the laws of PRC;

 

		6.2	The execution and performance of this Agreement by the Buyer will not contravene any legal documents
such as applicable laws, articles of associations, contracts, agreements that are binding upon the Buyer.

 

 

ARTICLE VII OBLIGATIONS AFTER THE EXECUTION
OF THIS AGREEMENT

 

		7.1	From the Effective Date to the date of the filing to the CIRC and registration to the SAIC of the
completion of the Transaction (hereinafter referred to as the “Transition Period”), the Seller and the Target Company
promise and guarantee jointly and separately to cooperate with the Buyer to complete the following matters:

 

    	 	9	 

     

    

 

		(1)	The Target Company shall, and the Seller shall cause the Target Company to, record the Buyer in
the Register of Members of the Target Company. The Register of Members shall be signed by all shareholders and sealed by the Target
Company and be kept by the Target Company. The Target Company shall also provide a copy of the Register of Members to the Buyer.

 

		(2)	The Target Company shall, and the Seller shall cause the Target Company to, issue a capital contribution
certificate which is signed by the legal representative of the Target Company and sealed by the Target Company. The capital contribution
certificate shall specify: the name of the Target Company, registered capital, name of the shareholders, subscribed contribution,
equity ratio, payment date of the contribution and the date of the capital contribution certificate.

 

		(3)	The Seller shall procure the Target Company to complete the registration formalities of the transfer
of the Target Shares within thirty (30) business days from the Effective Date hereof, to evidence the Buyer as the record owner
of the Target Shares.

 

		(4)	The Target Company shall report the Transaction hereunder in written form to the CIRC regarding
the transfer of the Target Shares in according with relevant laws.

 

		(5)	The Seller shall take all necessary actions to ensure that the Buyer is entitled to assign managerial
personnel to the Target Company, including but not limited to the person in charge of business operation and the person in charge
of finance.

 

		(6)	The Seller shall procure the Target Company to obtain all necessary permissions and licenses for
its operation (including but not limited to the Insurance Agency Business Permit, and such permissions and licenses will continue
to be effective, and there is no circumstance foreseeable to the Seller and the Target Company that the permissions and licenses
may be revoked, withdrew or cannot be extended.

 

		(7)	The Seller shall deliver to the Buyer all documents, accounts, seals, assets, certificates and
other important properties and information of the Target Company, and provide a list of all the information and documents delivered
(the details of such information can be stored on a readable disc and submitted to the Buyer's control). The Buyer is entitled
to appoint its designated personnel to hand over all such information and control the management of the Target Company. In addition,
all technical secrets, business secrets (including, but not limited to the information of customers, partners and so on) shall
be fully and completely delivered to the Buyer's designated personnel.

 

		(8)	The Target Company can only conduct its business in normal and ordinary course in accordance with
all applicable laws.

 

		(9)	To take all reasonable measures to maintain and protect the assets of the Target Company (including
but not limited to land, real estate, equipments, intellectual properties, etc.), and actively maintain all the sales channels,
distribution networks and goodwill for its current operation as of the Closing Date (including the existing relationships with
its upstream and downstream customers, partners and so on).

 

    	 	10	 

     

    

 

		7.2	During the Transition Period, the Seller and the Target Company shall ensure:

 

		(1)	to take all reasonable measures to maintain and protect the existing customer resources and the
recognition and ratification from the customers.

 

		(2)	not to reach any agreements or carry out any arrangements or actions when operates its business
within the normal and regular business scope, except with the prior written consent from the Buyer.

 

		(3)	in its normal business activities, not to repay the loan in advance, and pay the due accounts payable
and other debts on time.

 

		(4)	to promptly fulfill the signed contracts, agreements or other documents related to the assets and
business of the Target Company.

 

		(5)	to ensure that the Target Company continues to operate legally, to obtain and maintain all government
approval and consent necessary for its operation;

 

		(6)	to promptly notify the Buyer in written notice about any event, fact, condition, change or other
situation which causes or may cause material adverse effects to the Target Company.

 

		(7)	to promptly disclose to the Buyer all relevant information the Seller or the Target Company noticed
or should have noticed that may constitute a violation of any representation and guarantee (whether it exists on, before or after
the Execution Date hereof).

 

		7.3	During the Transition Period, except otherwise stipulated in this Agreement and the attachments
hereof, or with the prior written consent of the Buyer, the Seller shall ensure the Target Company not,

 

		(1)	to sell, assign or transfer, or agree to sell, assign or transfer orally or in written the Target
Shares, or establish or permit to establish any Third Party’s Rights or Security Interests on the Target Shares.

 

		(2)	to modify or terminate any existing contracts or to take any action that may achieve the same effect,
except for its daily operation; to sign any contracts, agreements, arrangements or commitments beyond its ordinary business course;
to carry out any business that is substantially deviated from the main business of the Target Company.

 

		(3)	to sell, transfer, lease or dispose in any manner any business, property or assets (or any rights
and interests thereof) held by the Target Company, or reach any oral or written agreement to conduct the matters aforesaid; to
set or permit to set any Security Interests on its property or assets (including intangible assets and tangible assets).

 

    	 	11	 

     

    

 

		(4)	to declare, pay or give any dividends or other dividends, or agree to declare, pay or give any
dividends or other dividends in verbal or written form.

 

		(5)	to make any capital expenditures, or carry out external guarantees or related-party transactions.

 

		(6)	to undertake any loan or credit action, or agree to initiate, create or assume any debts orally
or in written, except for daily operation.

 

		(7)	to settle or compensate for any major claims of taxes, or agree to settle or compensate in oral
or written form.

 

		(8)	to bring or resolve any litigation, arbitration or other procedure that has significant impact
on its business, or agree to bring or resolve any litigation, arbitration or other procedure in oral or written form; to reconcile,
waive, or change its request or other rights in a lawsuit.

 

		(9)	to dismiss, appoint or remove any managerial personnel of the Target Company, or change their compensation
(including but not limited to wages, bonuses, subsidies, etc.)

 

		(10)	to sign or agree to sign any agreement or commitment that may hinder, restrict or delay the Transaction,
or affect the terms of the Transaction.

 

		7.4	The extension of the business permit. The Seller promises to the Buyer that it is obliged to get
the approval of the CIRC and obtain the extension of the Insurance Agency Business Permit for the Target Company after the Closing
Date.

 

		7.5	The operation of the Target Company after the Closing. The Seller promises that it is obliged to
keep the basic stability of the original management team.

 

The seller promises that the relevant
retained management staff (including but not limited to the directors, general managers, deputy general managers, branch heads,
or persons with equal authority of the Target Company) have the qualifications and ability to serve in the Target Company. There
is no circumstance that they are prohibited to take positions by applicable laws, and their qualifications have been approved by
the CIRC and there is no circumstance that the approval will be invalid, cancelled or exempted.

 

		7.6	The name of the Target Company. The Buyer and the Target Company promise to change the name of
the Target Company within six months after the Closing Date, thus there will be no character of “泛华”
in the name of the Target Company.

 

    	 	12	 

     

    

 

ARTICLE VIII TERMINATION

 

		8.1	Termination Event 

 

In case of the following events, this
Agreement shall be terminated:

 

		(1)	by mutual written agreement of Seller and Buyer, or

 

		(2)	the Buyer sends a written notice to terminate this Agreement for the reason that (i) the Seller
or the Target Company has a substantial breach of any commitment or obligation hereunder (including but not limited to the representations
and warranties of the Seller), and the default has not be remedied within 10 days from the issuance of the Breach Notice by the
Buyer. The substantial breach is a fundamental breach, for example, the Seller violates its representations and warranties hereunder,
which causes a loss to the Buyer to the extent that the Buyer is actually deprived of gaining the interests from the representations
and warranties made by the Seller; (ii) prior to the end of the Transition Period, without the written consent of the Buyer, the
Target Company's rights and debts are transferred to other third party for the interests of the creditor; or, in accordance with
any applicable laws relating to bankruptcy, insolvency, or reorganization, the Seller or the Target Company bring up any procedure
to seek a verdict for the bankruptcy or insolvency of the Target Company, or liquidation, termination of operation or reorganization,
arrangement, adjustment, protection, exemption or settlement of its debts.

 

		(3)	The Seller sends a written notice to terminate this Agreement for the reason that the Buyer fails
to pay the Consideration in accordance with the provisions hereof and does not receive a written exemption from the Seller.

 

		8.2	Effect of the Agreement After Termination

 

		(1)	After the termination of this Agreement, the obligations of the Parties hereunder shall also
                                                                                                        be terminated, but if one Party violates the terms hereof, this Party's breach liability shall not be terminated; If the
                                                                                                        Agreement is terminated, Article  VIII and Article  IX herein shall not be terminated and will continue to be effective,
                                                                                                        and the Parties are obliged to fulfill the obligation of confidentiality.

 

		(2)	The rights of termination stipulated in Article  VIII hereof is not exclusive, and it will
                                                                                                        not affect the non-breaching party to claim damage compensation or other compensation in accordance with applicable laws for
                                                                                                        its losses and damages caused by the breaching party.

 

    	 	13	 

     

    

 

ARTICLE IX BREACH LIABILITIES

 

		9	

 

		9.1	In case that any representation or guarantee made by any Party in this agreement is false or misleading,
or the Party failed to perform such representation or guarantee properly and promptly, the Party shall be deemed to have violated
this Agreement. Expect for fulfilling other obligations hereunder, the Breaching party shall also compensate the observing party
and bear all losses, damages, expenses (including but not limited to reasonable attorney fees) caused to the observing party.

 

		9.2	Without prejudice to any other provision of this Article IX, if any Party fails to
                                                             fulfill any of its obligations hereunder, the other Parties have the right to require the breaching party to specifically
                                                             perform such obligations, in addition to any other rights and remedies hereunder.

 

		9.3	Without prejudice to any other provisions of this Agreement, if the Target Company is required
to pay the overdue tax to the relevant government authorities for any tax compliance issues that have occurred or exist before
the Closing Date (including, but not limited to, the Target Company violates its obligation to pay personal income tax, value-added
tax (or business tax) and additional taxes and fees), the Seller is required to bear the relevant losses, and pay the overdue tax.
The Seller shall make full compensation to the Buyer within 7 days after receiving the written notice from the Buyer.

 

 

ARTICLE X CONFIDENTALITY

  

		10.1	The Party receiving Confidential Information (hereinafter referred to as "the Recipient")
from the other Party shall keep the information confidential, not use it to any purpose other than the purpose hereof, and not
disclose the Confidential Information to any third party. Notwithstanding the limitation stipulated above, these confidentiality
obligations should not apply to:

 

		(1)	The Confidential Information is or become available to the public not attributed to the fault of
the Recipient, or its Affiliate, agents, suppliers or sub-contractors;;

 

		(2)	The Confidential Information that the Recipient legally obtained from a third party, and is not
subject to confidentiality obligations or restrictions in use; or

 

		(3)	The Confidential Information has been obtained by the Recipient in written form and there is no
restrictions in use and disclosure, and the Recipient obtained the Confidential Information from the Party for the purpose other
than the purpose hereof.

 

    	 	14	 

     

    

 

		10.2	Nevertheless, the Recipient may disclose Confidential Information to its employees, directors and
professional consultants, but the disclosure must be limited to the purpose of this Agreement. The Recipient shall ensure that
such employees, directors and professional consultants are aware of and abide by the confidentiality obligations described in this
clause. If the disclosure of Confidential Information is required by the law, or is required by a court or regulatory authority
with jurisdiction, the Recipient may also disclose the Confidential Information, but the Recipient shall take all permitted methods
to keep the Confidential Information within the scope permitted by relevant laws.

 

		10.3	The Recipient shall not copy the Confidential Information received in tangible, written or electronic
form.

 

 

ARTICLE XIGOVERNING LAW AND DISPUTE RESOLUTION

  

		11.1	This Agreement shall be governed by the laws of the PRC.

 

		11.2	The Parties agree that any dispute or controversies arising out of or in connection with this Agreement
shall be settled through consultation. If the dispute is not resolved within 30 days after a Party's request for consultation,
the Party may submit the dispute to the China International Economic and Trade Arbitration Commission ("CIETAC") in Beijing
in accordance with its then effective arbitration rules. The arbitration tribunal consists of three arbitrators. The seller and
the buyer shall select one arbitrator respectively, and the third arbitrator shall be appointed by the Chairman of CIETAC jointly
entrusted by the Buyer and the Seller. If there is any conflict between the provisions and terms hereof and the arbitration rules,
the provisions of this Agreement shall apply. The Parties further agree that the losing party shall bear the fees and expenses
arising from the arbitration, including, but not limited to, attorney fees. The Parties hereby agree that the arbitral award is
final and binding on all Parties.

 

		11.3	During the procedure of resolving the dispute, the Parties shall continue to perform their obligations
hereunder.

 

 

ARTICLE XIIMISCELLANEOUS

  

		12.1	Effectiveness

 

This Agreement and the attachments hereto shall come
into force on the date obtaining the ratification and / or authorization by the Parties required to sign this Agreement, perform
all the obligations hereunder and to complete this Transaction, but at the latest, not later than October 27, 2017, otherwise this
Transaction will be automatically terminated.

 

    	 	15	 

     

    

 

		12.2	Non-waiver

 

No failure or delay by any Party in
exercising any right, power or privilege hereunder shall be deemed as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

 

		12.3	Assignment

 

This Agreement shall be binding upon,
and inure to the benefit of, the Parties hereto. Without the prior written consent of the other Parties, no Party may assign any
of its rights or delegate any of its obligations under this Agreement. Any such alleged assignment is invalid.

 

		12.4	Amendment

 

This Agreement shall not be amended
orally. Any amendment to this Agreement shall be made by written documents and signed by authorized representatives of the Parties.

 

		12.5	Entire Agreement

 

		12.5.1	For the matters not stipulated in this Agreement (if any), the Parties shall enter into supplementary
agreements on the basis of consultation. These supplementary agreements shall be the attachment of this Agreement and have the
same effect as this Agreement.

 

		12.5.2	This Agreement and other Transaction Documents constitute the entire agreement among the parties
with respect to the subject matter of this Agreement. This Agreement shall supersede all prior discussion, negotiation, intention
or understandings by the Parties. All documents, commitments and agreements about this Transaction, whether oral, written or otherwise,
are hereby cancelled, and shall not affect any of the provisions hereof and the relevant documents of this Transaction.

 

		12.6	Notices.

 

A  notice given by any Party to the other Party in accordance with this Agreement is deemed to be duly given
when the notice is delivered by hand, prepaid registered mail to the address or fax number stipulated herein or other addresses
or fax numbers to be notified from time to time (these addresses or fax numbers shall be given to the other Parties 5 business
days in advance). Notice delivered by hand is deemed to be duly given at the time of delivery, the notice sent by fax is deemed
to be duly given at the time of sending, and the notice sent by the prepaid registered letter is deemed to be duly given 48 hours
after it is mailed (if airmail is sent to another domestic address, 72 hours after it is mailed). The following situation can fully
demonstrate the delivery of the notification: in the case of delivery by hand and by prepaid registered letter, the notification
address is correct and has been properly delivered or mailed (depending on the specific case) and received; in the case of fax
transmission, the delivery of the notice is deemed made upon the receipt of the confirmation signal from the fax machine.

 

    	 	16	 

     

    

 

If to the Buyer

To:

Address:

Tel:

Fax:

 

If to the Seller

To:

Address:

Tel:

Fax:

 

		12.7	Severability

 

The null and void of any provision of this Agreement
shall not affect the validity of any other provision unless the effect may cause Material Adverse Effect to the other Party's interests
hereunder; under such circumstances, the Party who may suffer losses may adjust the relevant provisions hereof.

 

		12.8	Counterpart

 

The Parties agreed that, in the light of the requirements
of the State Bureau of Industry and Commercial Administration (“SAIC”) and for the purpose of registration and filing,
the Parties may sign a simplified share transfer agreement. Where there is any conflict and/or incomplete in the content between
the simplified version and this Agreement, this Agreement shall prevail.

 

		12.9	Language

 

This Agreement shall be written in
Chinese and executed in five originals. Each original shall have equal legal validity

 

 

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF, the Parties have executed this Agreement
on the date first written above:

 

 

 

Beijing Cheche Technology Co., Ltd. (seal)

 

By _____________

 

Title:_____________

 

 

 

 

 

 

 

 

 

 

 

    	 	18	 

     

    

 

IN WITNESS WHEREOF, the Parties have executed this Agreement
on the date first written above:

 

Fanhua Insurance Sales Service Group Company Limited (seal)

 

By _____________

 

Title:_____________

 

 

 

Fanhua Times Insurance Sales & Service Co., Ltd. (seal)

 

By _____________

 

Title:_____________

 

 

 

 

 

 

 

 

 

19

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