Document:

Exhibit 10.37

2006 Stock Incentive Plan

of Honeywell International Inc. and its Affiliates

STOCK OPTION AWARD AGREEMENT, FORM 2

          STOCK OPTION AWARD AGREEMENT made in Morris
Township, New Jersey, as of the [DAY] day of [MONTH, YEAR] (the
“Date of Grant”), between Honeywell International Inc. (the
“Company”) and [EMPLOYEE NAME] (the “Employee”). 

	
  

 	
  

 
	
 1.

 	
 Grant of Option. The Company has
granted you an Option to purchase [NUMBER] Shares of Common Stock, subject to
the provisions of this Agreement and the 2006 Stock Incentive Plan for Employees
of Honeywell International Inc. and its Affiliates (the “Plan”). This
Option is a nonqualified Option. 

 
	
  

 	
  

 
	
 2.

 	
 Exercise Price. The purchase
price of the Shares covered by the Option will be [DOLLAR AMOUNT] per Share.

 
	
  

 	
  

 
	
 3.

 	
 Vesting. Except in the event of
your death or Disability or the occurrence of a Change in Control, the Option
will become exercisable in cumulative installments as follows: [VESTING
PROVISIONS CONSISTENT WITH THE PLAN]. 

 
	
  

 	
  

 
	
 4.

 	
 Term of Option. The Option must
be exercised prior to the close of the New York Stock Exchange
(“NYSE”) on [EXPIRATION DATE], subject to earlier termination or
cancellation as provided below. If the NYSE is not open for business on the
expiration date specified, the Option will expire at the close of the NYSE on
the business day immediately preceding [EXPIRATION DATE]. 

 
	
  

 	
  

 
	
 5.

 	
 Payment of Exercise Price. You
may pay the Exercise Price by cash, certified check, bank draft, wire transfer,
postal or express money order, or any other alternative method specified in the
Plan and expressly approved by the Committee. Notwithstanding the foregoing, you
may not tender any form of payment that the Committee determines, in its sole
and absolute discretion, could violate any law or regulation. 

 
	
  

 	
  

 
	
 6.

 	
 Exercise of Option. Subject to
the terms and conditions of this Agreement, the Option may be exercised by
contacting the Honeywell Stock Option Service Center, managed by Morgan Stanley
Smith Barney, by telephone at 1-888-723-3391 or 1-210-677-3660, or on the
internet at www.benefitaccess.com. If the Option is exercised after your
death, the Company will deliver Shares only after the Committee has determined
that the person exercising the Option is the duly appointed executor or
administrator of your estate or the person to whom the Option has been
transferred by your will or by the applicable laws of descent and distribution.

 

	
  

 	
  

 
	
 7.

 	
 Termination, Retirement, Disability
or Death. The Option will vest and remain
 exercisable as follows: 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Event

 	
  

 	
 Vesting

 	
  

 	
 Exercise

 
	

 

 	
  

 	

 

 	
  

 	

 

 
	
 Death

 	
  

 	
 Immediate vesting as of
 death.

 	
  

 	
 Expires earlier of (i)
 original expiration date, or (ii) 3 years after death.

 
	
 Disability

 	
  

 	
 Immediate vesting as of
 incurrence of Disability.

 	
  

 	
 Expires earlier of (i)
original expiration date, or (ii) 3 years after Disability.

 
	
 Full Retirement (Voluntary
Termination of Employment on or after age 60 and 10 Years of Service)

 	
  

 	
 Unvested Awards forfeited
 as of Full Retirement.

 	
  

 	
 Expires earlier of (i)
original expiration date, or (ii) 3 years after retirement. If you die prior to
end of this 3-year period, expires earlier of (i) original expiration date, or
(ii) 1 year after death.

 
	
 Early Retirement
 (Termination of Employment because of retirement from active
employment on or
 after age 55 and 10 Years of Service)

 	
  

 	
 Unvested Awards forfeited
 as of Early Retirement.

 	
  

 	
 Expires earlier of (i)
original expiration date, or (ii) 3 years after retirement. If you die prior to
end of this 3-year period, expires earlier of (i) original expiration date, or
(ii) 1 year after death.

 
	
 Voluntary termination

 	
  

 	
 Unvested Awards forfeited
 as of Termination of Employment.

 	
  

 	
 Expires earlier of (i)
original expiration date, or (ii) 30 days after termination. If you die prior to
end of this 30- day period, expires earlier of (i) original expiration date, or
(ii) 1 year after death.

 
	
 Involuntary termination
 not for Cause

 	
  

 	
 Unvested Awards forfeited
 as of Termination of Employment.

 	
  

 	
 Expires earlier of (i)
original expiration date, or (ii) 1 year after termination. If you die prior to
end of this 1-year period, expires earlier of (i) original expiration date, or
(ii) 1 year after death.

 
	
 Involuntary termination
 for Cause

 	
  

 	
 Unvested Awards forfeited
 as of Termination of Employment.

 	
  

 	
 Vested Awards immediately
 cancelled.

 

Except
as expressly provided herein, all rights hereunder shall cease to accrue as of
the date of your termination of employment with the Company and its Affiliates.
You will forfeit the unvested portion of any award and all rights to continue
vesting in awards shall cease as of the date of Termination of Employment.
Further, you will not be entitled to receive 

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 additional awards hereunder after Termination of Employment. For
 purposes of this Agreement, if your employment is terminated under
 circumstances that entitle you to severance benefits under a severance plan
 of the Company or an Affiliate in which you participate, “Termination of
 Employment” refers to the date immediately prior to the date severance
 benefits become payable under the terms of the severance plan. If your
 employment is terminated under any other circumstances and you are not
 entitled to severance benefits under a severance plan of the Company or an
 Affiliate, “Termination of Employment” refers to the last day you actively
 perform services for the Company and its Affiliates. 

 
	
  

 	
  

 
	
 8.

 	
 Change in Control.
 In the event of a Change in Control, any portion of the Option that has not
 vested as of the date of Change in Control will immediately become
 exercisable in full. 

 
	
  

 	
  

 
	
 9.

 	
 Withholdings. The
 Company or your local employer shall have the power and the right to deduct
 or withhold, or require you to remit to the Company or your local employer,
 an amount sufficient to satisfy taxes imposed under the laws of any country,
 state, province, city or other jurisdiction, including but not limited to
 income taxes, capital gain taxes, transfer taxes, and social security
 contributions, and National Insurance Contributions, that are required by law
 to be withheld with respect to the grant of the Option, any exercise of the
 your rights under this Agreement, the sale of Shares acquired from the
 exercise of the Option, and/or payment of dividends on Shares acquired
 pursuant to the Option.

 
	
  

 	
  

 
	
 10.

 	
 Transfer of Option.
 You may not transfer the Option or any interest in the Option except by will
 or the laws of descent and distribution or except as permitted by the Committee
 and as specified in the Plan. 

 
	
  

 	
  

 
	
 11.

 	
 Requirements for and Forfeiture of Award. 

 
	
  

 	
  

 
	
  

 	
 a.

 	
 General. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 1.

 	
 For purposes of Section 11, the term “Honeywell” is defined as
 Honeywell International Inc. (a Delaware corporation having a place of business
 at Columbia Road and Park Avenue, Morris Township, Morris County, New
 Jersey), its predecessors, designees and successors, as well as its past,
 present and future operating companies, divisions, subsidiaries, affiliates
 and other business units, including businesses acquired by purchase of
 assets, stock, merger or otherwise. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 2.

 	
 The Award is expressly contingent upon you agreeing to the
 restrictions and obligations contained in Section 11 and you expressly
 understand and agree that the Award is contingent upon you also executing a
 separate Honeywell International Inc. Noncompete Agreement For Senior
 Executives (“Noncompete Agreement”), if applicable, as more fully described
 in subsection 11.c. below. You further expressly understand, agree and acknowledge
 that the failure to agree to all of the terms and conditions of the Award, as
 set forth in this Agreement, or to execute and return the separate Noncompete
 Agreement, if applicable, on or before [DUE DATE], in the 

 

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 form presented to you by the Company, shall result in the Award being
 cancelled, with no benefit to you. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 b.

 	
 Nonsolicitation of Honeywell Employees and
 Customers, Suppliers, Business Partners and Vendors. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 1.

 	
 You acknowledge that Honeywell has invested and will invest
 significant time and money to recruit and retain its employees. Therefore,
 recognizing that in the course of your employment you have obtained valuable
 information about employees of Honeywell, their respective talents and areas
 of expertise, you agree that during your employment and for a period of two
 (2) years following your Termination of Employment from Honeywell for any
 reason, you will not directly or indirectly, for your own account or for
 others, (i) solicit (or assist another in soliciting) for employment or for
 the performance of services, (ii) offer or cause to be offered employment or
 other service engagement, or (iii) participate in any manner in the
 employment or hiring for services, any individual previously employed by
 Honeywell with whom you had contact or of whom you became aware while
 employed by Honeywell during the two-year period prior to your Termination of
 Employment, unless such individual had not been employed by Honeywell for at
 least 12 months. Nor will you, for your own account or for others, in any way
 induce or attempt to induce such individual to leave the employment of
 Honeywell. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 2.

 	
 You acknowledge that Honeywell has invested and will continue to
 invest significant time and money to develop valuable, continuing
 relationships with existing and prospective clients and customers of
 Honeywell. Therefore, recognizing that in the course of your employment you
 have obtained valuable information about customers, suppliers, business
 partners, and/or vendors of Honeywell and their requirements, you agree that
 during your employment and for a period of two (2) years following your
 Termination of Employment from Honeywell for any reason, you will not,
 directly or indirectly, for your own account or for others, solicit (or assist
 others in soliciting) or attempt to solicit (or assist others in attempting
 to solicit), (i) any existing clients, customers, suppliers, business
 partners, and/or vendors of Honeywell with whom you had contact, or of whom
 you became aware while employed by Honeywell during the two-year period prior
 to your Termination of Employment, or (ii) any prospective clients,
 customers, suppliers, business partners, and/or vendors of Honeywell with
 whom you had contact and with whom Honeywell took significant steps to do
 business during the two-year period prior to your Termination of Employment,
 for the purpose of inducing such existing or prospective clients, customers,
 suppliers, business partners, and/or vendors to cease doing business or
 reduce their business with Honeywell or to purchase, lease, or utilize
 products or services that are competitive with, similar to, or that may be
 used as substitutes for any products or services offered by Honeywell. 

 

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 c.

 	
 Noncompete Agreement.
 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 1.

 	
 If you have been identified as an employee in a position that is
 subject to a Noncompete Agreement, you understand, acknowledge and agree that
 the Award is expressly contingent upon you executing and returning the
 separate Noncompete Agreement on or before [DUE DATE], in the form presented
 to you by the Company. Failure to execute and return the Noncompete Agreement
 on or before [DUE DATE], shall result in the cancellation of this Award, even
 if you have otherwise accepted and agreed to all of the other terms and conditions
 of the Award and the nonsolicitation provisions of this Section 11. You
 further understand and acknowledge that you must not violate the terms of the
 separate Noncompete Agreement and, if you do so, you will be subject to the
 remedies and forfeiture provisions of subsections 11.d.1. and 11.d.2. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 2.

 	
 The terms of this subsection 11.c.2. shall apply whether the Company
 has presented you with a Noncompete Agreement or not. You expressly agree and
 acknowledge that the forfeiture provisions of subsection 11.d.3. shall apply
 if, from the date of the grant of the Option until the date that is
 twenty-four (24) months after your Termination of Employment for any reason,
 you enter into an employment, consultation or similar agreement or
 arrangement (including any arrangement for service as an agent, partner,
 stockholder, consultant, officer or director) with any entity or person
 engaged in a business in which Honeywell is engaged if the business is
 competitive (in the sole judgment of the Committee) with Honeywell and the
 Committee has not approved the agreement or arrangement in writing. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 d.

 	
 Remedies. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 1.

 	
 You acknowledge that a remedy at law for any breach or threatened
 breach of subsections 11.b. or 11.c.1. of this Agreement would be inadequate,
 and you therefore agree that Honeywell shall be entitled to injunctive relief
 in case of any such breach or threatened breach. You acknowledge and agree
 that Honeywell may apply to any court of law or equity of competent
 jurisdiction for specific performance and/or injunctive relief (without
 posting a bond or other security) in order to enforce or prevent any
 violation of subsections 11.b. or 11.c.1. of this Agreement, and that money
 damages would not be an adequate remedy for any breach of subsections 11.b.
 or 11.c.1. of this Agreement. You acknowledge and agree that a violation of
 subsections 11.b. or 11.c.1. of this Agreement would cause irreparable harm
 to Honeywell, and you covenant that you will not assert in any proceeding
 that a violation or further violation of those subsections: (i) will not
 result in irreparable harm to Honeywell; or (ii) could be remedied adequately
 at law. Honeywell’s right to injunctive relief shall be cumulative and in
 addition to any other remedies available by law or equity. If a court
 determines that you have breached or threatened to breach subsections 11.b.
 or 11.c.1. of this Agreement, you agree to reimburse Honeywell for all
 attorneys’ fees and 

 

5

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 costs incurred in enforcing such terms. However, nothing contained
 herein shall be construed as prohibiting Honeywell from pursuing any other
 available remedies, which may include, but not be limited to, contract
 damages, lost profits and punitive damages. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 2.

 	
 In addition to the relief described in subsection 11.d.1., if the
 Committee determines, in its sole judgment, that you have violated
 subsections 11.b. and/or 11.c.1., (i) any portion of the Option you have not
 exercised (whether vested or unvested) shall immediately be cancelled, and
 you shall forfeit any rights you have with respect to the Option as of the
 date of the Committee’s determination, and (ii) you shall immediately deliver
 to the Company Shares equal in value to the amount of any profit you realized
 upon an exercise of the Option (regardless of when such exercise occurred). 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 3.

 	
 If the Committee determines, in its sole judgment, that you have
 engaged in an act that violates subsection 11.c.2., (i) any portion of the
 Option you have not exercised (whether vested or unvested) shall immediately
 be cancelled, and you shall forfeit any rights you have with respect to the
 Option as of the date of the Committee’s determination, and (ii) you shall
 immediately deliver to the Company Shares equal in value to the amount of any
 profit you realized upon an exercise of the Option during the period
 beginning six (6) months prior to your Termination of Employment and ending
 on the date of the Committee’s determination. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 4.

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

 
	
  

 	
  

 	
  

 	
  

 
	
 12.

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

 
	
  

 	
  

 
	
 13.

 	
 Restrictions on Exercise.
 Exercise of the Option is subject to the conditions that, to the extent
 required at the time of exercise, (i) the Shares covered by the Option will
 be duly listed, upon official notice of issuance, upon the NYSE, and (ii) a
 Registration Statement under the Securities Act of 1933 with respect to the
 Shares will be effective. The Company will not be required to deliver any
 Common Stock until all applicable federal and state laws and regulations have
 been complied with and all legal matters in connection with the issuance and
 delivery of the Shares have been approved by counsel of the Company. 

 
	
  

 	
  

 
	
 14.

 	
 Disposition of Securities.
 By accepting the Award, you acknowledge that you have read and understand the
 Company’s policy, and are aware of and understand your obligations under U.S.
 federal securities laws in respect of trading in the Company’s securities,
 and you agree not to use the Company’s “cashless exercise” program (or any
 successor program) at any time when you possess material nonpublic
 information with respect to the Company or when using the program would
 otherwise result in a violation of securities law. The Company will have the
 right to recover, or receive reimbursement for, any compensation or profit
 realized on the exercise of the Option or by the disposition of Shares
 received upon 

 

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 exercise of the Option to the extent that the Company has a right of
 recovery or reimbursement under applicable securities laws.

 
	
  

 	
  

 	
  

 
	
 15.

 	
 Plan Terms Govern.
 The exercise of the Option, the disposition of any Shares received upon
 exercise of the Option, and the treatment of any gain on the disposition of
 these Shares are subject to the terms of the Plan and any rules that the
 Committee may prescribe. The Plan document, as may be amended from time to
 time, is incorporated into this Agreement. Capitalized terms used in this
 Agreement have the meaning set forth in the Plan, unless otherwise stated in
 this Agreement. In the event of any conflict between the terms of the Plan
 and the terms of this Agreement, the Plan will control unless otherwise
 stated in this Agreement. By accepting the Award, you acknowledge receipt of
 the Plan and the prospectus, as in effect on the date of this Agreement. 

 
	
  

 	
  

 
	
 16.

 	
 Personal Data. 

 
	
  

 	
  

 
	
  

 	
 a.

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

 
	
  

 	
  

 	
  

 
	
  

 	
 b.

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

 
	
  

 	
  

 	
  

 
	
  

 	
 c.

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

 
	
  

 	
  

 	
  

 
	
  

 	
 d.

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

 
	
  

 	
  

 	
  

 
	
  

 	
 e.

 	
 You understand that the Company or its Affiliates, as well as the
 Data Recipients, are or may be located in your country of residence or
 elsewhere, such as the United States. You authorize the Company or its
 Affiliates, as well as the Data Recipients, to receive, possess, use, retain,
 and transfer Data in electronic or other form, for the purposes of
 implementing, administering, and managing your participation in the Plan,
 including any transfer of such Data, as may be required for the administration
 

 

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 of the Plan and/or the subsequent holding of Shares on your behalf,
 to a broker or third party with whom the Shares may be deposited.

 
	
  

 	
  

 	
  

 
	
  

 	
 f.

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

 
	
  

 	
  

 	
  

 
	
 17.

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

 
	
  

 	
  

 
	
  

 	
 a.

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

 
	
  

 	
  

 	
  

 
	
  

 	
 b.

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

 
	
  

 	
  

 	
  

 
	
  

 	
 c.

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

 
	
  

 	
  

 	
  

 
	
  

 	
 d.

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

 
	
  

 	
  

 	
  

 
	
  

 	
 e.

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

 
	
  

 	
  

 	
  

 
	
  

 	
 f.

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

 

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 g.

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

 
	
  

 	
  

 	
  

 
	
 18.

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

 
	
  

 	
  

 
	
 19.

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

 
	
  

 	
  

 
	
 20.

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

 
	
  

 	
  

 
	
 21.

 	
 Governing Law. The
 Plan, this Agreement (including but not limited to Section 11), and all
 determinations made and actions taken under the Plan or this Agreement shall
 be governed by the internal substantive laws, and not the choice of law
 rules, of the State of Delaware and construed accordingly, to the extent not
 superseded by applicable federal law. 

 
	
  

 	
  

 
	
 22.

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

 
	
  

 	
  

 
	
 23.

 	
 Deadline for Execution. To
 retain the Option, you understand that you must sign and return this
 Agreement and, if applicable, the separate Noncompete Agreement, on or before [DUE DATE] in the form
 presented to you by the Company. If you do not sign and return both documents
 by [DUE DATE], the Option shall be cancelled and you shall receive no benefit
 from this Agreement. The executed Agreement must be returned to Honeywell
 International Inc., Executive Compensation/AB-1D, 101 Columbia Road,
 Morristown, NJ 07962. The executed Noncompete Agreement must be returned to
 [ADDRESS]. 

 

9

	
  

 	
  

 	
  

 
	
  

 	
 I Accept:

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 Signature

 	
                Date

 

10Exhibit 10.38 

	
  

 
	
 Honeywell 

 
	
 

 

PRIVATE AND CONFIDENTIAL  

September 3, 2009

Mr. Timothy Mahoney 
16065 S 18th Way

Phoenix,
AZ 85048

Dear Tim:

I am pleased to
confirm your promotion to President and CEO, Honeywell Aerospace (Band 7), located in
Phoenix, Arizona and reporting to David Cote, Chairman and CEO of Honeywell. The effective date of your
promotion is September 3, 2009 (“Effective Date”), subject to the terms and conditions of this letter agreement (“Letter”).
The terms of this Letter supersede any
prior understandings, whether oral or written, incident to your employment
with Honeywell.

COMPENSATION 

In connection
with your new role, Honeywell management has proposed the following compensation
package, which has already been reviewed with the Chairman of the Management
Development and Compensation Committee of Honeywell’s Board of Directors (“MDCC”),
but remains subject to final approval by the full MDCC at their September 25, 2009 meeting:

Base
Salary: As of the Effective Date, your annual base salary will be
increased to $660,000. Base salary reviews are conducted during the first quarter of
each year and adjustments
are based on your performance and other relevant factors.

Annual
Incentive Compensation: As of the Effective Date, your target incentive compensation opportunity
will be 80% of your annual cash base salary earnings during the year. Incentive
compensation awards are paid in the first quarter of the following year (i.e., first quarter of 2010
for 2009 services). For calendar year 2009, your incentive compensation award
will be determined using a target incentive opportunity of 60% for the portion of the year
prior to the Effective Date and using a target incentive opportunity of 80% for the portion of the year after the
Effective Date.

Long-Term
Incentive Awards: You will be eligible for annual long-term
incentive awards consisting of stock options, restricted stock units, or cash awards, or
some combination thereof, as determined by the Company in its discretion. The actual grant
sizes will be determined by your performance and future career potential with
Honeywell. The terms of all long-term incentive awards are governed by the terms
of the underlying stock plans and the relevant award agreements.

OTHER EXECUTIVE BENEFITS 

You will also be entitled to the following
Executive Benefits:

	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 Vacation: You will be eligible for 4 weeks of vacation.

 
	
  

 	
 •

 	
 Excess Liability Insurance: Honeywell will pay
 the annual premium for an Excess Liability Insurance policy that provides $10,000,000 of coverage
 per occurrence.

 
	
  

 	
 •

 	
 Executive Severance: You shall be covered by the Honeywell
 International Inc. Severance Plan for Senior Executives (the “Severance
 Plan”). In the event of your involuntary termination from the Company, your
 sole remedy for termination related pay shall be the Severance Plan, and you hereby acknowledge that
 you shall have no right to any other
 termination related pay, whether under this Letter, any other Company plan or agreement, or any statute or
 common law. By executing this Letter,
 you acknowledge the sufficiency of the benefits for termination pay under the
 Severance Plan.

 

STOCK OWNERSHIP GUIDELINES FOR HONEYWELL OFFICERS 

As an Officer of the Corporation, you will be
required to hold four-times your annual base salary
in Honeywell shares in accordance with the Corporation’s Stock Ownership Guidelines. The following table provides an
overview of the Stock Ownership Guidelines. A copy of the Stock Ownership Guidelines policy document will be
separately provided to you.

	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 
	
 Honeywell Shares 

 Counted for 

 Ownership Purposes:

 	
 •

 	
 Unvested restricted stock units (RSUs)

 
	
 •

 	
 Deferred restricted stock units

 
	
 •

 	
 Shares in tax qualified and non-qualified
 savings plans

 
	
  

 	
 •

 	
 Private holdings

 
	

 

 	

 

 	

 

 
	
 Ownership Threshold:

 	
 •

 	
 4X base salary

 
	

 

 	

 

 	

 

 
	
 Retention 

 Requirements:

 	
 •

 	
 Indefinite holding requirement until
 ownership threshold is met for net gain shares from RSU vesting,
 payment of deferred RSUs and all stock option exercises

 
	
 •

 	
 One year for net gain shares from RSU
 vesting and all stock option exercises (Note: payment of deferred RSUs are
 exempt from the one year minimum hold requirement)

 
	

 

 	

 

 	

 

 
	
 Time Limit:

 	
 •

 	
 No time requirement to meet ownership
 threshold

 
	
  

 	
 •

 	
 Must meet threshold in order to sell stock

 
	
  

 	
 •

 	
 RSUs granted prior to 2/7/03 are not
 subject to retention requirements

 
	

 

 	

 

 	

 

 
	
 Age/Service Limit:

 	
 •

 	
 Suspended at age 60 with 10 years of
 service

 
	

 

 	

 

 	

 

 

ACCEPTANCE OF OFFER 

As a condition of this employment offer, you
are required to execute, in the form attached hereto,
Honeywell’s “Employee Agreement Relating to Trade Secrets, Proprietary and Confidential Information” and the related
“Employee Non-Competition Agreement.”

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

-2-

a terrific future
and a great place to work. Our performance culture drives growth for us and
competitive advantage for our customers. We hire the best people; give them
every possible opportunity to learn, grow, and develop; and
reward them for their contributions. We offer career paths that span product lines, job types, businesses,
and countries.

Tim, we are
excited to be extending this offer to you and look forward to working with you
in your expanded role. Your experience and background is an asset to our
Company.

Finally, please
print and sign this Agreement, the Employee Agreement Relating to Trade Secrets, Proprietary
and Confidential Information and the Employee Non-Competition Agreement and return them to me at the
address shown below.

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

Congratulations,

	
  

 	
  

 
	
 /s/ Mark James

 	
  

 
	

 

 	
  

 

Mark James

Senior Vice President—Human Resources and
Communications 

Honeywell International Inc.

P.O. Box 2245

101 Columbia Road

Morristown, New Jersey 07962-2245

Read and Accepted:

	
  

 	
  

 	
  

 	
  

 
	
 /s/ Timothy Mahoney

 	
  

 	
 10/6/09

 	
  

 
	

 

 	
  

 	

 

 	
  

 
	
 Timothy Mahoney

 	
 Date

 	
  

 

cc: Dave Cote

-3-

HONEYWELL
INTERNATIONAL INC.
Employee
Agreement Relating to Trade Secrets,

Proprietary and Confidential Information 

In consideration
of my employment, continued employment, compensation and the equipment,
materials, facilities and Honeywell’s “Trade Secrets, Proprietary and
Confidential Information”
(as hereinafter defined) supplied to me, I understand and agree that:

	
  

 	
  

 
	
 1. 

 	
 Records of Inventions. I will keep
 complete and current written records of all Inventions I Make during the period of time I
 am employed by Honeywell and promptly disclose all such Inventions in writing to
 Honeywell for the purpose of adequately determining Honeywell’s rights in each such
 Invention. I will supplement any
 such disclosures to the extent Honeywell may request that I do so. If I have
 any doubt as to whether or not to disclose an Invention to Honeywell, I will
 disclose it.

 
	
  

 	
  

 
	
 2. 

 	
 Disclosure
 of Inventions after Termination. I will promptly and completely disclose in writing to Honeywell’s Law Department
 all Inventions which I Make during the one year immediately following
 the end of my employment by Honeywell which
 relate either to my work assignment at Honeywell or to Honeywell’s Trade Secrets, Proprietary and Confidential
 Information for the purpose of determining Honeywell’s rights in each such Invention. I will not file any patent
 application relating to any such
 Invention without the prior written consent of Honeywell’s Law Department. If I do not prove that I Made the
 Invention entirely after leaving Honeywell’s employment, the Invention
 is presumed to have been Made during the period
 of time I was employed by Honeywell. I acknowledge that the conditions of this paragraph are no greater than is necessary
 for protecting Honeywell’s interests in Honeywell’s Trade Secrets, Proprietary and Confidential Information
 and in Inventions to which it is rightfully entitled.

 
	
  

 	
  

 
	
 3. 

 	
 Ownership
 of Inventions. Each
 and every Invention I Make during the period of time I am employed by Honeywell (a) which relates directly to the
 business of Honeywell or to
 Honeywell’s actual or demonstrably anticipated research or development,
 or (b) which results from any work I perform for Honeywell is the sole and exclusive property of Honeywell, and I agree
 to assign and hereby assign my entire right, title and interest in
 each such Invention to Honeywell. Each Invention I Make during the period of time I am employed by
 Honeywell for which no equipment, supplies,
 facilities or Honeywell Trade Secrets, Proprietary or Confidential Information was used and which was developed
 entirely on my own time is my property,
 unless (a) the Invention relates directly to the business of Honeywell or to Honeywell’s actual or demonstrably anticipated
 research or development, or (b) the Invention
 results from any work performed by me for Honeywell. If I assert any property
 right in an Invention I Make during the period of time I am employed by Honeywell, I will promptly notify Honeywell’s
 Law Department in writing.

 
	
  

 	
  

 
	
 4. 

 	
 Cooperation with Honeywell. I will assist and
 fully cooperate with Honeywell in obtaining, maintaining, and asserting the fullest measure of legal
 protection, which 

 

-4-

	
  
 	
  
 
	
  
 	
  
 
	
  
 	
 Honeywell
 elects to obtain, maintain or assert for Inventions in which it has a
 property right. I will also assist and fully cooperate with
 Honeywell in defending Honeywell against claims of violation of the intellectual property rights of
 others. I will be paid my reasonable expenses in
 assisting, and cooperating with, Honeywell. I will execute any
 lawful document Honeywell requests me to execute relating to obtaining, maintaining,
 or asserting legal protection for any said Invention or in defending against
 claims of the violation of the intellectual property rights of others
 (including, but no limited to, executing applications,
 assignments, oaths, declarations, and affidavits) and I will make myself
 available for interviews, depositions and testimony. In the
 event that Honeywell is unable, after reasonable effort, to secure my
 signature on any document or documents needed to apply for or
 prosecute any patent, copyright, or other right or protection relating to an
 Invention, for any other reason whatsoever, I hereby irrevocably designate
 and appoint Honeywell and its duly authorized officers and agents as
 my agent and attorney-in-fact, to act for and on my behalf
 to execute and file any such application or applications, and to do all other
 lawfully permitted acts to further the prosecution and issuance of
 patents, copyrights, or similar protections thereon with the same legal
 force and effect as if executed by me.
 

	
  

 	
  

 	
  

 
	
 5. 

 	
 Pre-employment Inventions.  On
 Schedule A, which is an integral part of this agreement, I have completely identified
 (without disclosing any trade secret, proprietary or other confidential
 information) every Invention I Made before my employment by Honeywell in which I
 have an ownership interest and which is not the subject
 matter of an issued patent or a printed publication at the time I sign this agreement.
 If I become aware of any projected or actual use of any such Invention by Honeywell,
 I will promptly notify Honeywell in writing of said use. Except as to the Inventions
 listed on Schedule A or those which are the subject matter of an issued patent
 or a printed publication at the time I sign this agreement, I will not assert
 any rights against Honeywell with respect to any Invention Made before my
 employment by Honeywell.

 
	
  

 	
  

 	
  

 
	
 6. 

 	
 Honeywell’s Trade Secrets, Proprietary and
 Confidential Information.  I will never,
 directly or indirectly, use Honeywell’s Trade Secrets, Proprietary and Confidential
 Information except in furthering Honeywell’s business nor will I disclose or
 disseminate Honeywell’s Trade Secrets, Proprietary and Confidential
 Information to anyone who is not an officer, director, employee,
 attorney or authorized agent of Honeywell without the prior
 written consent of Honeywell’s Law Department unless the specific item of
 Honeywell’s Trade Secrets, Proprietary and Confidential Information: (a) is now in, or hereafter,
 (through no breach of this agreement) becomes general public knowledge, or (b) prior to my disclosure,
 dissemination or use, was lawfully
 acquired by me without any obligation to retain the information in confidence. In this connection, I will not
 publish any of Honeywell’s Trade Secrets, Proprietary and Confidential Information for dissemination outside
 Honeywell or file any patent
 application relating to any Invention I Make during the period of time I am employed by Honeywell without the prior written
 approval of Honeywell’s Law Department.
 I will execute any agreement relating to the protection of Honeywell’s Trade Secrets, Proprietary and Confidential
 Information or such information of any third party whose intellectual
 property Honeywell is under a legal obligation to protect if Honeywell requests that I do so. I will not
 engage without the prior 

 

-5-

	
  

 	
  

 	
  

 
	
  

 	
 written consent of Honeywell’s Law Department,
 either during the period of time I am employed by Honeywell
 or for a period of two years after that employment, in any activity or employment
 in the faithful performance of which it could be reasonably anticipated that I would use
 or disclose Honeywell’s Trade Secrets, Proprietary and Confidential Information. All
 documents and tangible things embodying or containing Honeywell’s Trade
 Secrets, Proprietary and Confidential Information are Honeywell’s exclusive property.
 I have access to them solely for performing the duties of my employment by
 Honeywell. I will protect the confidentiality of their content and comply with all
 security policies and procedures, which may, from time to time, be established by
 Honeywell. I will return all of them and all copies, facsimiles and specimens of them and
 any other tangible forms of Honeywell’s Trade Secrets, Proprietary and
 Confidential Information in my possession, custody or control to Honeywell before leaving the employment
 of Honeywell.

 
	
  

 	
  

 	
  

 
	
  

 	
 I
 understand that I have the right to use or practice any skill or expertise
 generally associated with my employment but not special or unique
 to Honeywell, but that I do not have the right to use, practice or disclose
 Honeywell’s Trade Secrets, Proprietary and Confidential Information for my own benefit or for the benefit
 of any third party.

 
	
  

 	
  

 	
  

 
	
 7. 

 	
 Trade Secrets, Proprietary or Confidential
 Information from Previous  Employment. I certify that I
 have not, and will not, disclose or use during my employment by
 Honeywell, any trade secrets, proprietary or confidential information which I acquired as
 a result of any previous employment or under a contractual obligation of
 confidentiality before my employment by Honeywell. I understand that Honeywell has no
 interest in and will not accept disclosure by me of any trade secrets, proprietary or
 confidential information, which belongs to a third party. If I am ever placed in a
 position where I will be required or am given an assignment that will require me to use,
 directly or indirectly, any trade secrets, proprietary or confidential information of any
 person, previous employer or any third party, I will promptly inform Honeywell’s
 Law Department and my supervisor before I undertake any activity that
 would involve the use or disclosure of such information or present the appearance to any such third party that
 I have used or disclosed such information. If I fail to do so, Honeywell may elect not to indemnify me in the event of
 litigation and may take such other actions, as it deems appropriate, up to
 and including termination of my employment.

 
	
  

 	
  

 	
  

 
	
 8. 

 	
 Prior Restrictive Obligation. On Schedule B,
 which is an integral part of this agreement, I have completely identified all
 prior obligations (written and oral), which restrict my ability to perform the duties of
 my employment by Honeywell, including all confidentiality agreements and covenants
 restricting future employment.

 
	
  

 	
  

 	
  

 
	
 9. 

 	
 Non-Solicitation of Honeywell Employees. I acknowledge
 that Honeywell has invested and will invest significant time and money to
 recruit and retain its employees. Therefore, recognizing that in the course
 of my employment I have obtained valuable information about Honeywell employees, their
 respective talents and areas of expertise, I agree that for a period of two (2)
 years following my termination of employment from Honeywell for any reason, I
 will not directly or indirectly, cause any individual previously 

 

-6-

	
  

 	
  

 	
  

 
	
  

 	
 employed
 by Honeywell to be employed by, or participate in any manner in the
 employment of any such individual by, any person or entity other than
 Honeywell unless such individual had not been employed by Honeywell for at
 least 12 months or in any way induce or attempt to induce such individual to
 leave the employment of Honeywell.

 
	
  

 	
  

 	
  

 
	
 10. 

 	
 Non-Solicitation of Honeywell Customers.  I
 acknowledge that Honeywell has invested and will continue to invest significant time
 and money to develop valuable, continuing relationships with existing and prospective
 clients and customers of Honeywell. Therefore, recognizing that in the course
 of my employment I have obtained valuable information about Honeywell customers
 and their requirements, I agree that, for a period of two (2) years following my
 termination of employment from Honeywell for any reason, I will not solicit or attempt
 to solicit, directly or indirectly, for my own account or for others,
 any existing clients or customers of Honeywell with whom I
 had contact or of whom I became aware while employed by Honeywell during
 the two year period prior to my termination, or any prospective clients or customers
 of Honeywell with whom I had contact and with whom the company took
 significant steps to do business during the two year period prior to my
 termination, for the purpose of inducing such clients or customers to
 cease doing business with Honeywell or to purchase, lease or utilize products or
 services which are competitive with, are similar to, or which may be used as
 substitutes for any products or services offered by Honeywell.

 
	
  

 	
  

 	
  

 
	
 11. 

 	
 Notice to Future Employers.  For
 the period of two years immediately following the end of
 my employment by Honeywell, I will inform each new employer, prior to accepting
 employment, of the existence of this agreement and provide that employer with a
 copy of it. Honeywell has the right to inform any future employer of the existence
 of this agreement and to provide any future employers with a copy of it.

 
	
  

 	
  

 	
  

 
	
 12. 

 	
 Copyright.  As to
 all works prepared by me which are: (i) within the scope of my employment,
 or (ii) based upon information I acquired from Honeywell which is not normally
 made available to the public; or (iii) commissioned by Honeywell, but not within
 my scope of employment, I hereby agree to:

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 Submit to Honeywell’s Law Department and to my supervisor for
 approval for publication or oral dissemination;

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Assign all right, title and interest in and to the copyright in all
 such works to Honeywell; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 Waive any claim of moral rights, author’s rights, droit moral, or any
 equivalent rights to the extent necessary or permitted by law.

 
	
  

 	
  

 	
  

 
	
  

 	
 I hereby release and allow Honeywell to use, for any lawful purpose,
 any voice reproduction, photograph, or other video likeness of me
 made in the course of my employment.

 
	
  

 	
  

 	
  

 
	
 13. 

 	
 Acknowledgement of Receipt.  I
 acknowledge that I have received a copy of this agreement
 

 

-7-

	
  

 	
  

 	
  

 
	
  

 	
 prior to accepting employment or continued employment with Honeywell and
 that execution of this agreement was an express condition of my employment or
 continued employment.

 
	
  

 	
  

 	
  

 
	
 14. 

 	
 Effectiveness of Agreement.  This
 agreement becomes effective when I sign it, my obligations under it continue
 throughout the entire period of time I am employed by Honeywell, without
 regard to the business organization within Honeywell with which I am
 associated and these obligations will continue after, and survive, the end of
 my employment by Honeywell. This agreement replaces previous agreements
 relating to the subject matter of this agreement and shall be
 deemed effective as of the first day of my employment by Honeywell just
 as though I had executed this agreement on that first
 day except that such replacement shall not affect rights and obligations of
 me or Honeywell arising out of any such prior agreement,
 which rights and obligations shall continue to be in effect.

 
	
  

 	
  

 	
  

 
	
 15. 

 	
 Identity of Future Employer. Upon
 termination of my employment for any reason, if reasonably requested by
 Honeywell, I shall advise Honeywell of the name and address
 of my intended future employer.

 
	
  

 	
  

 	
  

 
	
 16. 

 	
 Remedies. I acknowledge that a remedy at law
 for any breach or threatened breach of the provisions of this Agreement would
 be inadequate and therefore agree that Honeywell shall be entitled to
 injunctive relief in case of any such breach or threatened breach.
 In the event that a court determines that I have breached or threatened to breach
 this agreement, I agree to reimburse Honeywell for all attorneys’ fees and
 costs incurred in enforcing the terms of the agreement.
 However, nothing contained herein shall be construed as prohibiting
 Honeywell from pursuing any other remedies available for any such breach or
 threatened breach against me or my then-current employer which may also
 include but not be limited to contract damages, lost profits and
 punitive damages.

 
	
  

 	
  

 	
  

 
	
 17. 

 	
 Successors; Binding Agreement. This
 agreement binds my heirs, executors, administrators, legal
 representatives and assigns and inures to the benefit of Honeywell and
 its successors and assigns. Only a written amendment executed by both Honeywell
 and me can modify this agreement.

 
	
  

 	
  

 	
  

 
	
 18. 

 	
 Governing Law. This agreement shall be governed by
 and construed in accordance with the laws of the State of New Jersey without
 regard to its principles of conflicts of law.

 
	
  

 	
  

 	
  

 
	
 19. 

 	
 Validity. It is the desire and intent of the
 parties hereto that the provisions of this agreement shall be enforced to the
 fullest extent legally-permissible. Accordingly, if any
 particular provision(s) of this agreement shall be adjudicated to be invalid
 or unenforceable, the court may modify or sever such provision(s), such
 modification or deletion to apply only with respect to the operation of
 such provision(s) in the particular jurisdiction in which such adjudication is
 made. In addition, if any one or more of the provisions contained in
 this agreement shall for any reason be held to be excessively
 broad as to duration, geographical scope, activity or subject, it shall be construed
 by limiting and reducing it, so as to be enforceable to the extent compatible
 with the applicable law as it shall then appear. The remaining
 provisions of this agreement shall remain in full force and effect. 

 

-8-

	
  

 	
  

 	
  

 
	
 20. 

 	
 Definitions 

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 “Honeywell”
 collectively identifies Honeywell International Inc. (a Delaware corporation having
 a place of business at Columbia Road and Park Avenue, Morris Township, Morris County, New
 Jersey), its predecessors, designees and successors
 and its past, present and future operating companies, divisions, subsidiaries,
 affiliates and other business units, including businesses acquired by
 purchase of stock, merger or otherwise;

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 “Trade Secrets, Proprietary and Confidential Information” means
 information which is not generally known in the industry in which Honeywell is
 engaged, which may be disclosed to me or which I may learn, observe, discover or
 otherwise
 acquire during, or as a result of, my employment by Honeywell and which includes,
 without limitation, any information, whether patentable, patented or not,
 relating to any existing or contemplated products, inventions, services, technology,
 concepts, designs, patterns, processes, compounds, formulae, programs, devices,
 tools, compilations of information, methods, techniques, and including
 information relating to any research, development, manufacture, purchasing,
 engineering, know-how, business plans, sales or market methods, methods of doing business, customer
 lists, customer usages or requirements, or supplier
 information, which is owned or licensed by Honeywell or held by Honeywell
 in confidence.

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 “Invention”
 includes not only inventions (whether or not patentable), but also innovations, improvements, discoveries,
 ideas and all other forms of intellectual property
 (including, but not limited to, copyright works and mask works) — whether or not any of the foregoing constitutes
 trade secret or other confidential information; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 “Make”
 or “Made” when used in relation to Invention includes any one or any combination of
 (i) conception, (ii) reduction to practice or (iii) development of an Invention and is without regard to
 whether I am a sole or joint inventor.

 
	
  

 	
  

 	
  

 
	
 21. 

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

 

	
  

 	
  

 	
  

 
	
 Timothy
 Mahoney

 	
 10/06/09

 	
 /s/ Timothy
 Mahoney

 
	

 

 	

 

 	

 

 
	
  

 
	
 Timothy
 Mahoney

 	
 Date

 	
 Employee
 Signature

 

-9-

SCHEDULE A

INVENTIONS I MADE
BEFORE THE TERM OF MY EMPLOYMENT BY HONEYWELL IN WHICH I
HAVE AN OWNERSHIP INTEREST WHICH ARE NOT THE SUBJECT MATTER OF ISSUED PATENTS OR
PRINTED PUBLICATIONS:

          (If
there are none, please enter the word “NONE”)

NOTE: Please
describe each such Invention without disclosing trade secrets, proprietary or confidential information.

	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 

[Attach additional sheets if more space is needed.]

SCHEDULE B 

RESTRICTIVE
WRITTEN AND ORAL OBLIGATIONS:

          (If
there are none, please enter the word “NONE”)

NOTE: Please give
date of, and parties to, obligations and the nature and substance of the restriction.

	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 
	
  

 
	

 

 

[Attach additional sheets if more space is needed.]

HONEYWELL INTERNATIONAL INC.

Employee Non-Competition Agreement

In consideration
of my employment, continued employment, compensation and post- termination
benefits, I agree that for a period of one (1) year following my termination of
employment with Honeywell for any reason, I will not, without the
written consent of Honeywell, directly or indirectly, engage or be
interested in (without any geographic restrictions or limitations), as
owner, partner, shareholder, employee, director, officer, agent, consultant
or otherwise, directly or indirectly, with or without compensation, any
Competing Business or assist any Competing Business.

For purposes of
this Agreement, “Competing Business” shall mean any business engaged in the
research, development, manufacture or sales of products or systems serving
Aerospace Commercial, Defense, or Space, original equipment
manufacturers or suppliers, the Aerospace aftermarket or Aerospace services. Without
limiting the foregoing in any way, and to avoid doubt, Competing Business shall
specifically include each of the following entities, brand
owners (or their respective licensees) and their subsidiaries and affiliates
(including any successors thereto): Rockwell Collins, Inc., GE Co.,
Pratt Whitney/Sundstrand United Technologies Corp UTC, Rolls-Royce PLC, The Boeing
Company, Airbus Operations S.A.S., General Dynamics Corp; General Dynamics Land
Systems, Inc., Lockheed Martin Corp; Lockheed Martin Aeronautics Co,. Northrop Grumman
Corp, Lufthansa Technik AG, BBA Aviation PLC, Garmin Ltd., Dubai Aerospace Enterprise
DAE, Thales Group, Raytheon Company and Williams International Co., LLC.
Nothing herein, however, shall prohibit me from acquiring or holding not more than one
percent (1%) of any class of publicly traded securities of any such business;
provided that such securities entitle me to no more than one percent (1%) of the
total outstanding votes entitled to be cast by security holders
of such business in matters on which such security holders are entitled to
vote.

In the event any
of the foregoing covenants shall be determined by any court of competent jurisdiction
to be unenforceable by reason of extending for too great a period of time, over
too great a geographical area or by reason of its being too extensive in
any other respect, it shall be interpreted to extend only over the maximum
period of time for which it may be enforceable, over the maximum
geographical area as to which it may be enforceable, and/or to the
maximum extent in all other respects as to which it may be enforceable, all as determined
by such court in such action.

I agree that the
Company’s remedies at law would be inadequate in the event of a breach or threatened
breach of this Non-Competition Agreement; accordingly, the Company shall be entitled,
in addition to its rights at law, to seek an injunction or other equitable
relief without the need to post a bond.

This Agreement
should be read in concert with the Honeywell International Inc. Employee Agreement
Relating to Trade Secrets, Proprietary and Confidential Information and is not meant to
conflict with or supersede that Agreement.

I acknowledge
that I have read this Agreement. I understand that to the extent applicable, it
remains in effect following the termination of my
employment. This Agreement may be amended only by a written agreement
signed by both parties.

	
  

 	
  

 
	
 /s/ Timothy
 Mahoney

 	
 10/6/09

 
	

 

 	

 

 
	
 Timothy
 Mahoney

 	
 Date

 

     This Agreement was signed in
consideration of my employment, continued employment, compensation and post-termination benefits, as well as other good
and valuable consideration.

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