Honeywell 2011 Annual Report Download - page 130

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“SCHEDULE A
BOARD POLICY FOR NON-EMPLOYEE DIRECTOR EQUITY AWARDS
Grant of Restricted Units. Each Eligible Director first elected or appointed to the Board on or after September
26, 2008 will receive a grant of 3,000 Restricted Units effective as of the first date the Eligible Director is
elected or appointed to the Board. The Restricted Units shall vest on the earliest of the Participant’s fifth
anniversary of continuous service as a director of the Company, the Participant’s death or disability or the
occurrence of a Change in Control. The Participant may defer receipt of payment of such Restricted Units on
substantially the same terms and conditions as officers of the Company with respect to grants of restricted units
they receive.
Annual Grants of Stock Options and Restricted Units. Subject to any limitations set forth in the Plan, each
Eligible Director who continues in office following the Annual Meeting of Shareowners will receive equity
grants with a total target value of $75,000. 50% of the value ($37,500) will be granted in Stock Options and the
remaining 50% of the value ($37,500) will be granted in Restricted Units, with the number of Shares subject to
each grant determined by dividing the value by the Fair Market Value as of the date of the Annual Meeting of
Shareowners and rounded up to the nearest whole Share.
The grant of Stock Options shall have an Exercise Price equal to the Fair Market Value as of the date of grant
and will vest in cumulative installments of 25% on April 1 of the first year following the date of grant, an
additional 25% on April 1 of the second and third years following the date of grant, and the remaining 25% on
April 1 of the fourth year following the date of grant. The grant of Restricted Units shall vest on the earliest of
the Participant’s third anniversary of the date of grant, the Participant’s death or disability or the occurrence of a
Change in Control.”