Honeywell 2010 Annual Report Download - page 150

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Exhibit 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.