Honeywell 2006 Annual Report Download - page 186
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Exhibit 10.28
2006 Stock Incentive Plan
of Honeywell International Inc. and Its Affiliates
RESTRICTED UNIT AGREEMENT
RESTRICTED UNIT 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 Award. The Company has granted you [NUMBER] Restricted Units, subject to the provisions of this Agreement and
the 2006 Stock Incentive Plan for Employees of Honeywell International Inc. and its Affiliates (the "Plan"). The Company will
hold the Restricted Units in a bookkeeping account on your behalf until they become payable or are forfeited or cancelled.
2. Payment Amount. Each Restricted Unit represents one (1) Share of Common Stock.
3. Vesting. Except in the event of your Full Retirement, death, Disability, or a Change in Control, or as otherwise provided in this
Agreement, the restrictions on the Restricted Units will lapse on [VESTING PROVISIONS CONSISTENT WITH THE PLAN].
Your vested right will be calculated on the earliest of (a) [VESTING DATE(S)], (b) your Termination of Employment, or (c) the
occurrence of a Change in Control. No partial credit will be given for partial years of employment.
4. Form and Timing of Payment. Vested Restricted Units will be redeemed solely for Shares. [FOLLOWING INCLUDED AT
COMMITTEE'S DISCRETION: Except as otherwise determined by the Management Development and Compensation
Committee (the "Committee"), in its sole discretion, Dividend Equivalents will always be paid in cash.] Payment on Restricted
Units [and Dividend Equivalents (and earnings thereon)] will be made as soon as practicable following the lapse of the
restrictions on the Restricted Units but in no event later than two and one-half (2-1/2) months following the end of the calendar
year in which the restrictions lapse. [FOLLOWING INCLUDED AT COMMITTEE'S DISCRETION: You cannot defer payment
of the Restricted Units or Dividend Equivalents (or earnings thereon).]
5. [FOLLOWING INCLUDED AT COMMITTEE'S DISCRETION: Dividend Equivalents. Except as otherwise determined by
the Committee, in its sole discretion, you will accrue Dividend Equivalents in an amount equal to the value of any cash or