Honeywell 2006 Annual Report Download - page 198

Download and view the complete annual report

Please find page 198 of the 2006 Honeywell annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 217

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217

Exhibit 10.31
AMENDMENT TO THE
2006 STOCK PLAN
FOR
NON-EMPLOYEE DIRECTORS OF
HONEYWELL INTERNATIONAL INC.
The 2006 Stock Plan for Non-Employee Directors of Honeywell International Inc. ("the Plan"), is hereby amended effective
December 8, 2006, by replacing Section 9 of the Plan in its entirety with the following paragraph:
"9. Adjustment Upon Certain Changes
(a) Shares Available for Grants. In the event of any change in the number of Shares outstanding by reason of any stock
dividend or split, recapitalization, merger, consolidation, combination or exchange of Shares or similar corporate change, the
maximum aggregate number of Shares with respect to which the Committee may grant Awards and the maximum aggregate
number of Shares with respect to which the Committee may grant Awards to any individual Eligible Director in any calendar
year shall be appropriately adjusted by the Committee. In the event of any change in the number of Shares outstanding by
reason of any other similar event or transaction, the Committee may, to the extent deemed appropriate by the Committee, make
such adjustments in the number and class of Shares with respect to which Awards may be granted.
(b) Increase or Decrease in Issued Shares Without Consideration. Subject to any required action by the shareowners of the
Company, in the event of any increase or decrease in the number of issued Shares resulting from a subdivision or consolidation
of Shares or the payment of a stock dividend (but only on the Shares), or any other increase or decrease in the number of such
Shares effected without receipt or payment of consideration by the Company, the Committee shall equitably adjust the number
of Shares subject to each outstanding Award and the Exercise Price per Share of each such Award.
(c) Certain Mergers. Subject to any required action by the shareowners of the Company, in the event that the Company shall
be the surviving corporation in any merger, consolidation or similar transaction as a result of which the holders of Shares
receive consideration consisting exclusively of securities of such surviving corporation, the Committee shall have the power to
adjust each Award outstanding on the date of such merger or consolidation so that it pertains and applies to the securities which
a holder of the number of Shares subject to such Award would have received in such merger or consolidation.
(d) Certain Other Transactions. In the event of (i) a dissolution or liquidation of the Company, (ii) a sale of all or
substantially all of the Company's assets (on a consolidated basis), (iii) a merger, consolidation or similar transaction involving
the Company in which the Company is not the surviving corporation or (iv) a merger, consolidation or similar transaction
involving the Company in which the Company is