Amendment to 1993 Stock Plan for Employees of Honeywell International Inc. and Its Affiliates
This amendment updates the 1993 Stock Plan for Employees of Honeywell International Inc. and its affiliates, effective April 23, 2007. It revises the rules on how stock awards (except Incentive Stock Options) can be transferred, allowing employees to transfer awards to certain family members or related entities with committee approval. The amendment also clarifies who may exercise transferred options and under what circumstances. The main parties involved are Honeywell International Inc., its affiliates, and eligible employees.
Exhibit 10.3
AMENDMENT TO THE
1993 STOCK PLAN FOR EMPLOYEES OF
HONEYWELL INTERNATIONAL INC. AND ITS AFFILIATES
The 1993 Stock Plan for Employees of Honeywell International Inc. and its Affiliates (the Plan), is hereby amended effective April 23, 2007, by replacing Paragraph 14 of the Plan in its entirety with the following paragraph:
14. Transferability of Awards
The Committee may provide that all or any part of an Award (other than an Incentive Stock Option) may, subject to the prior consent of the Committee, be transferred to one or more of the following classes of donees: a family member; a trust for the benefit of a family member; a limited partnership whose partners are solely family members; or any other legal entity set up for the benefit of family members. For purposes of this paragraph 14, a family member means the employee transferring the Award and/or such employee's spouse, children, grandchildren, parents, grandparents, siblings, nieces, nephews and grandnieces and grandnephews, including adopted, in-laws and step family members. For purposes of paragraphs 15 and 16, a transferred option may be exercised by the transferee to the extent that the employee would have been entitled had the option not been transferred.
Stock Options and Rights may be exercised during the lifetime of the employee only by the employee or by the employee's guardian or legal representative, unless the Committee permits a transfer pursuant to the preceding paragraph.