Honeywell 2009 Annual Report Download - page 113
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We have stock-based compensation plans available to grant non-qualified stock options, incentive stock
options, stock appreciation rights, restricted units and restricted stock to key employees. Under the 2006 Stock
Incentive Plan of Honeywell International Inc. and its Affiliates (the Plan), a maximum of 43 million shares of
Honeywell common stock may be awarded. Additionally, under the 2006 Stock Plan for Non-Employee Directors
of Honeywell International Inc. (the Directors Plan) 500,000 shares of Honeywell common stock may be awarded.
Stock Options—The exercise price, term and other conditions applicable to each option granted under our
stock plans are generally determined by the Management Development and Compensation Committee of the
Board. The exercise price of stock options is set on the grant date and may not be less than the fair market value
per share of our stock on that date. The fair value is recognized as an expense over the employee's requisite
service period (generally the vesting period of the award). Options generally vest over a four-year period and
expire after ten years.
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