Honeywell 2011 Annual Report Download - page 132

Download and view the complete annual report

Please find page 132 of the 2011 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 159

  • 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

7. Termination, Retirement, Disability or Death. The Option will vest and remain exercisable as follows:
Event Vesting Exercise
Death Immediate vesting as of death. Expires earlier of (i) original expiration date, or (ii) 3 years after
death.
Disability Immediate vesting as of incurrence of
Disability. Expires earlier of (i) original expiration date, or (ii) 3 years after
Disability.
Full Retirement
(Termination of Employment on or after
age 60 and 10 Years of Service)
Unvested Awards forfeited as of Full
Retirement. Expires earlier of (i) original expiration date, or (ii) 3 years after
retirement.
Early Retirement
(Termination of Employment on or after
age 55 and 10 Years of Service)
Unvested Awards forfeited as of Early
Retirement. Expires earlier of (i) original expiration date, or (ii) 3 years after
retirement.
Voluntary termination Unvested Awards forfeited as of Termination
of Employment. Expires earlier of (i) original expiration date, or (ii) 30 days after
termination.
Involuntary termination not for Cause Unvested Awards forfeited as of Termination
of Employment. Expires earlier of (i) original expiration date, or (ii) 1 year after
termination.
Involuntary termination for Cause Unvested Awards forfeited as of Termination
of Employment. Vested Awards immediately cancelled.
Except as expressly provided herein, all rights hereunder shall cease to accrue, and you will forfeit the unvested portion of this Award and all rights to
continue vesting in the Award as of your Termination of Employment. Further, you will not be entitled to receive additional awards hereunder after
your Termination of Employment.
8. Change in Control. In the event of a Change in Control, any portion of the Option that has not vested as of the date of Change in Control will
immediately become exercisable in full.
9. Withholdings. The Company or your local employer shall have the power and the right to deduct or withhold, or require you to remit to the Company
or your local employer, an amount sufficient to satisfy taxes imposed under the laws of any country, state, province, city or other jurisdiction, including
but not limited to income taxes, capital gain taxes, transfer taxes, and social security contributions, and National Insurance Contributions, that are
required by law to be withheld with respect to the grant of the Option, any exercise of the your rights under this Agreement, the sale of Shares acquired
from the exercise of the Option, and/or payment of dividends on Shares acquired pursuant to the Option.
2