Honeywell International Inc.; Rule 14a-8; no-action letter · 2009-03-09 · # 5 Honeywell...

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549-3010

DIVISION OFCORPORATION FINANCE

March 2, 2009

Thomas F. LarkinsVice President, Corporate Secretar andDeputy General CounselHoneywell International Inc.101 Columbia RoadMorrstown, NJ 07962-2245

Re: Honeywell International Inc.Incoming letter dated Februar 2,2009

Dear Mr. Larkins:

This is in response to your letters dated Januar 23,2009, February 2,2009 andFebruar 5, 2009 concernng the shareholder proposal submitted to Honeywell byJune Kreutzer and Cathy Snyder. We also have received letters on the proponents' behalfdated Januar 23,2009, February 3, 2009 and February 18,2009. On Januar 15, 2009,we issued our response expressing our informal view that Honeywell could not excludethe proposal from its proxy materials for its upcoming annual meeting. You have asked.us to reconsider our position. After reviewing the information contained in your letters,we find no basis to reconsider our position.

Under Par 202. 1 (d) of Section 17 ofthe Code of Federal Regulations, the

Division may present a request for Commission review of a Division no-action responserelating to Rule 14a-8 under the Exchange Act if it concludes that the request involves"matters of substantial importance and where the issues are novel or highy complex."We have applied this standard to your request and determined not to present your requestto the Commission.

Thomas J. KimChief Counsel & Associate Director

cc: John Chevedden

***FISMA & OMB Memorandum M-07-16***

JOHN CHEVEDDEN

Febru 18,2009

Offce of Chief Counsel

Division of Corporation FinceSecurities and Exchange Commission100 F Street, NEWashigton, DC 20549

# 5 Honeywell International (RON)Rule 14a-8 Proposal of June Kreutzer and Cathy Snyd~rSpecial Shareholder Meetings

Ladies and Gentlemen:

This responds to the company Februar 2, 2009 request for reconsideration.

The following precedents were in regard to rue 14a-8 proposas with the sae key resolved textas this proposal:

Burlington Nortern Santa Fe Corporation (Janua 12,2009)Allegheny Energy. Inc. (Januar 15, 2009)

Honeywell International Inc. (Januar 15,2009)Baker Hughes Inc. (Januar 16, 2009)Home Depot (Janua 21, 2009)Wyeth (Januar 28, 2009)AT&T (Janua 28, 2009)Verizon Communcations Inc. (Febru 2,2009)

Ban of America Corporation (Februar 3, 2009)Morgan Stanley (Februar 4, 2009)CVS Caremark Corporation (Februar 6, 2009)

For these reasons it is requested tht the staff fid that ths resolution canot be omitted from the

company proxy.

Sinc"~relY, . d~./-4..d.' hn Chevedden

cc:June KreutzerCathy Snyder

thomas Larkin .qom.Lar~Honeywell.co1I

***FISMA & OMB Memorandum M-07-16*** ***FISMA & OMB Memorandum M-07-16***

Honeywell Thomas F. Larkins Honeywell

Vice President 101 Columbia Road

Corprate Secret and Morrstown, NJ 07962-2245

Deputy General Counl 973-455-5208

973-455-413 Fax

tom.larns(1oneyweIl.com

Februar 5, 2009

VIA EMAIL AND FEDEX

D,S. Securties and Exchange Commssion Division of Corporation Finance Offce of Chief Counsel

100 F Street, N.E. Washington, D.C. 20549

shareholderproposals~sec.gov

Re: Honeywell International Inc.: Supplemental Submission relating to a Reconsideration of the Shareowner Proposal Submitted by MIes. June Kreutzer and Cathv Snvder


On behalf of Honeywell International Inc., a Delaware corporation (the "Company" or "Honeywell"), we are filing this letter by email to supplement the request for reconsideration, or reversal, of the denial of no-action relief that we submitted on behalf of the Company on February 2, 2009 (the "Reconsideration Request") relating to the shareowner proposal and supportng statement (the "Provosal") submitted to the Company by Mmes. June Kreutzer and Cathy Snyder and represented by Mr. John Chevedden (the "Proponents"). Pursuant to Rule 14a-8(j) promulgated under the Securties Exchange Act of 1934, as amended, we are also filing six hard copies of this letter. The purose of this supplemental submission is to respond to the Proponent's letter to the staff of

the Division of Corporation Finance (the "Staff') dated Februar 3,2009 (the "Proponents' Response"). The Reconsideration Request and the Proponents'

Response are attached hereto as Anex 1. Weare sending a copy of this letter by email and overnight couner to the Proponents.

The Proponents' Response seeks to strke the second sentence of

the resolution paragraphof the Proposal, indicated as follows:

RESOLVED, Shareowners ask our board to take the steps necessar to amend our bylaws and each appropnate governing

document to give holders of 10% of our outstanding common stock (or the lowest percentage allowed by law above 10%) the power to call special shareowner meetings. This ineludes that such bylaw

Securties and Exchange CommissionFebruar 5, 2009

anr charer teKt vlill not hayEl any eKecption or e-xelusion

co:aàitions (to the fulest eKtæt pemitted by state law) that applyonly to shaeo'Nlers but Hot to managemef aiw/er the boar.

We refer to the Proponents' requested alteration of the Proposal as the "Proponents' Alteration."

As peritted by Section E.3 of Staff Legal Bulletin No. 14 (Jul. 13,2001), the Company

does not consent to the Proponents' Alteration. Moreover, the Company respectfully requests thatthe Staff decline to permit such revision. Although the Staff occasionally permits revisions whenthere are "minor defects that could be corrected easily," Staff

Leg. BulL. No. 14B (Sept. 15,2004),that is clearly not the case here because the Proponents' Alteration fudamentally "alter(s) thesubstance of the (P)roposal." Staff Leg. Bull. No. 14. The language which the Proponents seek todelete is integral to the Proposal as it addresses the scope of perissible additional substativerequirements attendant to the right of shareowners to call a special meeting and the interplaybetween those requirements and the proposed ownership threshold. See discussion set forth in theReconsideration Request. That the language is fatally flawed for being - as stated by the Staffitself - ''vague and indefinite" does not change this conclusion. Because the Proponents'Alteration fudamentally revises the Proposal by changing the requirements they advocate inconnection with the shareowner right to call special meetings, such revision is neither "minor innatue" nor "irrelevant" as the Proponents claim. The Company therefore respectfully requeststhe Staff grant no-action relief for the reasons set fort in the Reconsideration Request.

In the event the Staff does not grant the relief sought in the Reconsideration Request, theCompany respectfully submits that the Proponents' Alteration is nevertheless an excludablesecond shareowner proposal submitted by the Proponents in violation of

Rule 14a-8(c) or anuntimely proposal under Rule 14a-8( e).

* * *

As Honeywell expects to clear its 2009 proxy materals for printing on or around March 2,2009, we respectfully request to be notified of

the Staffs position prior to that date. If you haveany questions or require additional information concering this matter, please call me at973.455.5208.

Very trly yours,

6.!4LVice President, Corporate Secretar andDeputy General Counsel

Enclosures

cc: Mr. John Chevedden,via email ) and overght courer

#245074

2


Anex 1

Honeywell Tbomu F. LarldDS Honell

101 Colubia Rod Morstwn NJ 07962-2245

Vice Prident

Cora Sec an Deputy Geerl COlli 973-55-5208

973-455-13 Fax

IOm.r~eJ/.c Februar 2, 2009

VI EMA AND FEDEX

U.S. Securties and Exchage Commission Division of Corpration Finance Offce of Chief Counsel 100 F Street, N.E. Washington, D.C. 20549

shareholdeiroposals~ec.gov

Re: Honeywell Interational Inc.: Request for Recnsideration relating to Shaeowner Proposal Submitted by MIes. June Kreutzer and Cathy Snyder

Laies and Gentlemen:

On behalf of Honeywell Interational Inc. ("Honeywell"), we retfully reuest tht the

staff the Securties and Exchage Commssion (the "Commission") recnsider its(the "Staff') of

reponse dated Janua is, 2009 (Anex A), denyig Honeywell no-action reliefwith repect to a shareowner proposal (the "Proposal") received .from Mmes. June Kreutzer and Cathy Snyder and represented by Mr. John Chevedden (the "Proponents"). Should the Staff not reverse its position, we respectfuly request that the Staff refer ths matter to the Commssion for review puruat to 17 C.F .R. § 702.1 (d) becuse it involves ~'matter of substantial importce" and "novel or highy complex" issues for the reaons discuse below.

We believe that reconsidertion is warted in light of the interening Staff no-action

letter, Interational Business Machines Coi:. (Jan. 26, 2009) ("IBM"), in which the Staff concluded tht a proposal identical to the Proposal was inherently vague and indefinite and, therefore, excludable, as well as in light of the arguents raised in our prior correspondence relatig to the Proposal.

I. Background

The Proposal asks Honeywell's board of directors "to tae the steps necesar to amend our bylaws and each appropriate governg document to give holders of 1 0% of our outstandingcommon stock (or the lowest percentage alowed by law above 10%) the power to cal special shareowner meetings. Ths includes tht such bylaw and/or charer text will not have any excetion or exclusion conditions (to the fullest extent penitted by state law) tht apply only to shareowner but not to management and/or the board."

Securties and Exchange Commssion Februar 2, 2009

Ths is the thrd consecutive year in which the Proponents have submitted a special

meeting proposal to Honeywell. In 2006, the Proponents submitted a proposa seeking to "give holder of at leat 10% to 25% of the outstadig common stock" the right to call a specal shareholder meetng (the "2006 Proposal"), which was approved by sharwner in April 2007.

The Company's Boar of Directors subsequently detenined to include in the Company's 2008 proxy materals a proposal giving holders of at least 25% of the Company's common štock the right to call a special meeting (the "Manae:ement PrDosal"). In the inter, the Proponents submitt a proposal on ths topic with "no (theshold) resction" (the "2007 PrODSal").

Followig their review of the Mangement Proposa, the Prponents withdrw the 2007 Proposal,acknowledgig the ''implementation of the topic of the Rule 14a-8 shareholder proposa." The Mangement Proposal was approved by sbarwner and implemented in 2008.

D. Rèason for Request for Reconsideration

On Decber 18, 2008, Honeywell filed with the Staff a leter (the "Decbe 18 Leet') seeking no-action relief frm the Staff relating to exclusion of the Proposa frm its 2009 proxy materals. The Staff did not concur that the Proposal was excludable. We believe tht the intereng IBM decision warants Staff reconsideration of its conclusion.

Tht Honeywell did not asse Rule i 4a-8(i)(3) as a basis for exclusion in the December 18 Letter should not affect the Stas consideration of

ths reuest forrecnsidertion. As stated in Staff Legal Bulletin No. 14B (Sept. 15,200), objectons under Rule 14a-8(i)(3) on vaguenes grounds have "evolve(d) well beyond (the Stas) origial intent." The Staff has therefore discourged companes frm undue reliance on objections on the basis of

Rule 14a-8(i)(3). Inlight of ths guidace, Honeywell limited the basis for its request to Rule 14a-8(i)(IO), which it believes constitutes a proper basis for exclusion in light of the virtlly identica fac and

circumstaces surunding the Proposal (see discussion above) to that set fort in prior Staff precent, notably Borders Group Inc. (Mar. I I, 2008). Whle we continue to believe that the Proposal should be excluded under Rule 14a-8(i)(10) as it has bee substatially implemented, given the intervening Staff decision in ffM grantig relief based on Rule 14a-8(i)(3), we alsobelieve that Honeywell sharwner should not be force to vote on a proposa that the Staff itself has judged to be "vague and indefite."

In its request for relief, IBM pointed out that the proposal could be subject to many interretations, including some of questionable enforceabilty under state law. For example, IBM noted tht the second sentence of the proposal could be interreted, as requiring the company to discriinate agast common shareowners who were members of

the "management and/or theboarcl" by attempting to prevent the shares of IBM common stock held by "management and/or the board" from being considered and counted in connecon with the right to cali a spal meeg. Additionally, IBM noted that the second sèntence of

the proposa could also be read to require a 10% stock ownerhip theshold formembers of "management and/or the board" to call aspecial meetng. These same potential interretations (which have the same questionable legal import in Delaware, where Honeywell is organized) exist with respect to the Proposa.

2

Secties and Exchage CommssionFebruar 2,2009

ffM noted that the proposal was not simply subject to multiple inteiretions, but was

also imperissibly confsing and unclea. ffM noted that, while the proposa seeks shareowner

abilty to call a special meetig without "any excetion or exclusion conditions," it goes on in thesae sentence to exclude "member of management and/or the boar" frm parcipation. ffMalso assered that the proposa could be rea to reuie ''management and/or the boar" to meet a10% stock ownership thesold to cal a special meeting, but

the' use of the double negative in thesecnd sentence prevents a clea undertading of its meag. These same ambiguities exist

with respet to the Proposa.

The Staff concluded that ffM could exclude its proposal becuse it was "vague andindefinite." Implicit in ths conclusion is the deteration that ''neither the stockholder votingon the proposal, nor the company in implementig the proposal (if adopted), would be able todeterine with any reaonable certnty exactly what actions or measures the proposa requires."

Staff Leg. Bull. No. 14B. In light of ffM, it would be plaiy inequitale - and ceainy not inthe interests of Honeywell shareowners - to require sharwner to sift thugh competiginteireations to divie the Proposal's meag when the Stafhas already deemed itunintellgible. In addition to shareowner confsion, a shareowner vote on the Proposal may restin "any acton ultiately taen by the company upon implementation (beig) signficantly

different from the actions envisioned by shareholders voting on the (P)roposal." Fuqua Indus..Inc. (Mar. 12, 1991). For

the foregoing reaons, it is Honeywells position that the Staff shouldreconsider and revere its position with respect to the Proposal.

* * *

Puuat to Rule l4a-8(j), enclosed herewith are six copies of this letter and its

attchments. Consistent with the provisions of Rule 14a-8(j), we ar concuently providingcopies of this correspondence to the Proponents by email. As Honeywell expects to clea its 2009proxy materals for printing on or around March 2, 2009, we respectflly request to be notified ofthe Staffs position prior to that date. If you have any questions or require additional informationconceng ths matter, please call me at 973.455.5208.

Ver trly your,~:l~Thomas F. LakinsVice President, Corporate Secretar andDeputy General Counsel

Enclosues

cc: Mr. John Chevedden, via emai and overight courer

11759

3


Ci UNIED STATES SECURInES AND EXCHAGE COMMISSION

WASHINGN, D.C. 205410 DIIO OFCOlX FI

Janua 15,200

Thma F. Las Vicc Prdent, Corat Secta and Deputy Ge Coun Honeywe1 Intemtionlnc. 101 Columbia Roa Morown NJ 07962-2245

Re: Honeye1llnteona Inc. Incog leter dated Decber 18, 2008

De Mr. La:

Ths is in rense to your leter date Decbe 18, 2008 conc:g the sheholder propsal submitted to Honeyell by June Krtz and Cay Snyder. We also have recived leter on the prnents' behaf dat Decbe 22, 2008 an Janar 14, 200. Our re is atched to the enclose photocoy of

yourCOesdence By doig th, we avoid having to rete or suarze the fact se fort in the COndence. Copies of al of the condence also will be prvied to the prponents.

In connecon with ths ma, your atttion is direced to the enclo~ whichse fort a bref discion oftl DivisiQn's wann) prceures rearing shlder prpos.

Sincey,

Heather L Maples Seor Speal Cowi

Enclosu

cc: John Chevedden

.-FISMA & OMB Memndu ~7.1ir.

Janua is, 200

Reuse of the Ofce ofClef COUeiDivfn or Corpratin Fiance

Re: Honywe1I'Intemtiona me. Incog leter dated Decber 18, 2008

The prsa as th bo to tae the ste nec to amen the bylaws an ea apropIiate govemng docuent to give holder or i OOA of Honeywel's outstagcommon st (or th lowest petage allowed by law abve 10%) the po to cal spec shareown meegs.

We ar unble to concu in you view th Honeywel may exclud the proposa

uner rue 14a-8(i)(10). Accgl, we do not beeve th HoneyweJl may omt the

propoal frm its prxy mates in reiance on rue 14a-8(i)(10).

Sincely,

Canei Moncaa-Ter Attmey-Advse

DMSION OF CORPRATION FIANCE INRM PROCDUR REGARING SHABOLDER PROPOAL

The Divion of Coration Fin beleves th its rensibil1¥ with ret to ma ar un Rue 14&-8 (17 CF240.14a~8J" as wi oth ma uierth prxy rues is to aid thos wh mus coly with th rue by offer inor advice an suggesons an to d~P.e, intialy, whe or not it may be apri in a parc: mat to

remmend enorct acon to the Cossion. In coimon with a shehld propo un Rie 14&-8, the Divon's st code the inimon fi to it by the Copa in suor of its inteon to exclu the prpo frm the Company's pro ma as woOas an intion ñisbed by th proent or the prpoent"s reretave.

Althug Ru 14&-8(k) do not requ any cotions frm shlder to thComion"s st th stwi always co inoron conc allege violaons of th sta ad by th Comion. includ arent as to wh or not acvities

pro to be ta would be violave of the sttu or rue inolved Th rept by the st of such inortion, hoever, shul DOt be -cnsed as chg the stafs inor

proce an proy reew in a fomi or advei proce

It is imrtt to note th the sts and Commion"s no.action re to

Rue 14&-80) submsson reec only inonn views. Th deemons rehe in thes no

acon leUer do no an caot adjudcae the merts of a compy's position wi re to the

propal. Ony a cour suh as a U.S. Dict Cour ca dec whe a company is obligatto includ sholde prpoal in its prxy maer. Accrdy a disconai detrmon DOt to remmen or tae Commsson enrct acon, do not prlue a

pronen or an sholder of a company, :f¡n pUI any righ he or sh may have aga th copany in cour shul the manemen owt the prsa frm the company's prxyma. .

.. . .

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-FIS & OMB Memllnd ~7-18-

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Spel Shreer "eetlgsRESOLVED, Shera as our Oo to tae th &t nery to am our byf an ea aprt gove dô to giv holde 0I1tmo1 our oudi con 8I (or th Jo perc aBo by la ab 10%) th pow to caR sp sh meng. 'iis . inClud Ih 8Uh by anorch te wI no ha an exn or exion condit 1f th full ex pel' by 8t la) th ap only to ihare bu not to mant anorth bo. Sp megs &l 8h to vo on Importt ma su as eI nedir, tht ca arl.be anual me. If aha cannot ca splmegs, mant ma be In an lnestD I8ma ma 8U.Sharers shld ha th abUIt to ca 8 spl mee when 8 mat Is sunt Imntto me prt conseraon.

Th co o1 tb it ba Üpl~ th prpo by si not ta aD acwJ.ro to ll pi aü 1h 20 Me 1-.8 pr W8 su TI c: fis 10 prvi ii DO acn ii'ltJ for JI be ju lIll11imleei by DO De CO ii - 0S in ca .wi 1b is 11 Ii pp foDJ 1: a 10% re..~ aa a 25 reuien - a 1 j() ia TM CØ CU t1 It 18 en to cr P imem a ru 14l pt w1 ihscom itfa1 Mø ofju btønon an in on 8f asp a. mO ticlos to julmeJn. 1" co in af óI tb 2m of 8hld is 1h ll 88 10% of ab in tl ri to -c. øp me Du to 1h di ow of th co (p. ii tiAll1i), 1I re of 25 of s1Jc to ca a spfa in ~ly pr a spia sb Dl fiom bc ci

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Spl Shre., lles RESOLVED, Shreraas our bo to take th 8tnecry to am ourby and eadl apprri govIng dont to giv hold of 10% of1ouroutdi comon st (or the lo perntge a1low.by la ab 10%) thpo to caD spe shreer me. ThIB incles that su by andlorchai- te wi no hae any expt or exsi colU (m th full expelt by stte la) th apply only to shar bU "otto manem anorUie bo.. . Spel me allo eh to vo on Impnt ma, such 88 el newdlJ"rs that can ari be Bnßl- me. If shar caot ca spme, maem ma be Inla and Invr ndmB ma autr. ster shQuld have th eblt to ca 8 apl meng whn a mør Issuf impo to me prmpt conson.

Th co cl 1I it ha fm1eu 1b prpo by siy iit 1a 8D acon ~ id 10 1b prpo si 1h 20 iuel4a pr WBllhmilf

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Th di ow (83 ÎDOD) of th ca gr in th dicu ofcali a sp me ea wh 25% of th cl gr of shldci arto ta 1b ex ef to surt di çi of a sp me. 'I compa hare

providc JI ev ft an e: 1b would CO th

Por ma of1l shld 1lpe oftb to ow of th co is sm im tb ow ofdl coy is e1 a sm pa ofdl io po. AD th compha DO pr cm~I'" of2S% of iiId of a copmy. with a di 0Wof 843 ia ev ca a sp ~,

Th di ow is wa DO ii in Bo Gr ID (M i i, 20) im3M Co, (Feb. 21. 200

For t1 re it Is Ri~ th di Blfi tl 1b reJu ca be om1ì tb c:mp ¡s. It is al ray ie th th s11c ha 1b la opilU1 tosut maal in ii ofÎl th pi- si di copi ha th :fop.Si.

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La an 0eem On be of HceU ~oi ~ a Deawacoon (th 40~ or"Honl'el'. we 8I fiiD tb le by em. Pu to Rule 14a) pinl.l~ UDer

th Secti F.Y~ Aç of 1934 IS amCD (~l'e'... Aci. we ar al _ *ba.coea oft1 let. inll rete sb pr (tl~") .,~by Mm Ju.Kn aø Cø Snyd. an.reby Mr.lol Oi (thup~ fo imon in th ~y's prxy tial$.fotb 20 ai me ofsb (ti "2 Prxy MAAIi:.

11 Pr BD i: sh CO tl lttllcMd he . Ex"l /1 Th Pi in pe pa nq tbHodl a1wa ad th tb11TC1uon

RBSOL VB. Sbawn as O\bo to ta th st nec to amea our byla an ea aprote govemdoct to gi holder of ioo" of our ~¡l'g commn st (or th løwes peo allowe by law abve 10%) th power toca øp:sWJ m~. Th iDtJ si byaior cb te 'wi ii have any GCon or eoCOti. (to di1\es eu pcby st Ja) 1b iIoi to sb bo DOt to mA~amot_ bo

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Pothoi- scfo Wo, øiDto òm th Pr fi "~8 2009PM Ma We ~11yie th th sa oftb Divi ofCo F'IDCO(tb'b (1~ 1hi.wi.DO lÇ aøai acon to th Soes an ll~~l~OD(tl~~ if th Coomth Pr We Ml srdi~B a co ottb le by ei1Q 1hPi 88 fò DOce of th Coy-i inoi toaxud.tb Prsa fì it 20 PrXy Mat 'Iclt.~~lh~lIill' ~t1b1bew.(jiOi.

Bi~AcRu1e 14a0)pe lb~tQoma ii~ iftb~...a -i~'PUQ~.fh pm" tbpi'otthRuo Is"t av d1poty'of~ld-ba to ~ wb ha*'bemvray ac ~ by ~. Bx Ac Rcoa No. 34.J2$98 (1u17, 1976).Th Stha coøst1 fb ih "a cJotUba ra co) hu si~tiilllYim1ee$ (a1 pm depIUj wl its pepo pnci ud piCO fiJ8ly wi th Ølcles oltha pm · Ten In (M. 28, i99i)~Ditf beet a copay"l adous an a shwn prpo ar pe so lon.a thcopa's acon safày ad diUDyl coce ofthprpo. Se e.2.tRnimii Jn (,. 27,201); Mi- Co. (M. 29, 199).

tb Stahu li to tb prle in th ar ofpiss se to imlemen aíi~.of~wø1o ca ~ mee. For eule, in Bo .Grll me. (M. i 1,20( th pr sumitt by Mr wn Ster soug I' ieet on th sher ritw call. Sp meø eo to tI.si alowed by apliæble Jaw... 'I Sta ~ tb th prposal wu cile.in lit oft1 çompy's eaer IIptD of a byw .~ bold. ofati_~%.òliiconst to ca a spal mee whdi bylawwi Clns with ai aa af . sila ~ su th piØ\ yâby MrSte an IQrt by a tDjor ~tvo co at th anua meeg. Cô wi thStas lcmn¡ apUcD ofRuø 14a-8(i)(1 0), th~ ~"1dA1 objv.e ofdie prne's pipo wa saed (h sbWD of th copay wer prv.de with à memnsfoppty to ca a sp me

Th Staie th sa ret in ~ (Feb. 27, 200), WD th plpo st

REOLVE. Shde ll ou bo to am ou bys I~an oth 8p9lpdatgovemdo to give Iwlcf of a.ie i-~ of our ou CCmDn sto1 1h poweto ca a sp . s1lde meeg, in compli wi applcale law. Tb pr mvors l()Ái of OlD o~i,coon st to æll a spal shlder me (Ehaised)

In.nns to the pr th copay de to apve, pror to the shwnt m~,,& a byw amai pe sh boldi at lea 25% of its outiiadngnomn st to .ca a sp meg. The Sta conc mat th pr byw

Se an.~CQ,ni~p,3 ~wo tI~Ìlllyim the j4j) óy Ib th pm fi a~ync.-lthIdSe .t*'1~lI &..J(\lt (peb. 19. 20

Mot. CöY~l\iiaIVO wawapt ~.ilynow. ,~byMs.sito ØiPi. li20"~(wbwe_ .

~ søb.-dJl.~" jVjQ ~.lfo'"ølhø ot..i- 10% to2S ofth ou cm1in sl 1h pG to CI a spàl li m.. (ih ~~; ~ hf B8,BxB)~'" 1'200 Pi WJ ùi ûi th Costh sb on .A23, 2J. 'IPr2C pixy"'iV~,.1l wa ap by

(ap np by Mr. ~) 1h ~ IIpropo6l1in Novcm20 (thl,Q9 Pr"). ca fo ~ -i to .the Cos by topesber towI a iiwéd suec to "n i-on . . ., Çomp to th ii alowed by Ja.on aa a sp medÏØ.I."

At øpzitb sá ti th Prpo su th 200 Pr (atodhe as Bx C. to¡cwl ~ ah QOlies,p), th Coy's boar ofdi, afre~ aD ~ODofth pr ~.atth Cos 207ll ~& ~th C'~ wo iD in it 200 pox.ma a pr(tl"M~ ~oosato Dea th Coy'i.çefiçi otiøto gi hold of et le 25 of th Q\hi.I~ âb ofHoneeU CO01 il th ri to ci asp mcg. 1' Coy ùd .th Prnc on De 12, 20 øfita üito sut th Y-l..- Pi to Ii slWDl:vo at tl 20 am meewh th PmCl wi th 20 Pr Th MN~ Pi wa ap by sb oø Ap28.. 20.

Th Coyli ~msuidyim1ethPr.. th ~SfVfobvö oftl Pt.aaib ~lm~en Pr (BD.th 200 PiilVO byal) - sividi Jhwi øf1b Coy a wnesl181 opty to ça asp me- -"icJeal Buon th Stas poti ci ~ an paQ1 itspotion in Bo Gr Jn~ whch pctt th excl of a sp.med pmwh thpi ba prylUtt a si sp me pr th waapved by sbeoer an fily -Gup by ma th Coy be thth.Pi iny be omed fl its 200 Prxy Maal. To re shwn to 'Vte on

as st ab~ to avdth Prpo woul cl dC th puse of Rule 14a(i)(1 0).

vo on ma as to wbchm.ge ha favoralya=

Seøø aa Ridt..p l'.,nl. Pl4

. . .

Wewo ~ a~ fi tha Staon th no rc.8S son 88 pio 80 tb!b Co QI mciilS pr ii ma sc fu the 20 P: Ma. If yo hâ my ~,orreai adon ùimrnllltiOl ~ns th Øl. plci call me . 97.4~.s208.

;g;?~.P. LaViee Pi Co Se auP.i Getet Cø Bn

cc Mr. John Ci -FSII&OMBllem M..W"

~'f"hitA

11/11128 øe~&Cl--- _.w- fW mIlS ,. . ..:

l-lCCd Sz -F1I&ON_ Mo.,.

Mr..n. eo~WA"'011. If), alj i upø",nr~~(HONiot ~_W.llP:o.ll40

Mo NlO'1 PH 9755-20FX~s.

Kae I.. P.Ð- Mr. Co

11:R 14lpo is ~ ~iaeqoftå ~N,lI~ofoac:. 'Jin. it1Wibaaa-'.i. .. 4I~'" Rit48~_~.lOti_jQ1X.dlcø~of"'iWdOYl.1I..i-d-'ofib~~_.i-i1l~9f1b pu. tl1D1i'! lJ-iba ià With 1~ i1*,:~~ :~.Is ;il.id to '" l-.fo~.JX ~ tbû_JI& JQ dI ."or bl ~to 1i-lDlii-s1l.i lW,prlotl LiIsI~~ du_....~tb.liw.~.. PicDaU lùftm..~toJo~ -iICM_ Mo.,,

-i1l&OIS_.. __,.. 10 -Ðin ecronn.'lilCIoi an in oi tb itwi be wr lb CO~~li l- -i YoaCO"'-. ID th çooi oftb Boof~ is epidbi su oftb.lo.te.ø.R.. ....lI oIoaei4i~. Pl- acei it1' oftb prprbT cm.

...-. . ~. l".u.. -bA~ ~SI.

£t '*. UG ¡ji /.1'~.

co: 'ILøÙ1 .q~c:Ca SeT PH: 974SS.'20 FX: 97S5-13

11/18I2e 88:.4&CM~ 1I.1.. Pi eva

llW:1l lil ft ~~ 1I2O3-..~..-sVEL."O.._._..~1olil1nli. lI.,aT~:.. --*.. b,1I. _--~~to_-iollOHof_Mllii...1I1l(CØ..lc~...hl~ al bYla.. JOK l-JllO CI......~.. Th1n"-a b1 lI c1li" l-ii.. ...pIOlU.~~ (l1h1blfPe ti..Ja tb_ ai-~l-..to "'." 'ii-l ad-l1i8p.ii.. aUti to.._ ÍD--a1 ~~1I~_..-. i-1I~.lJf~.amCl-i ~-l--~~.l2~. iall..~i-maau. ~lh~.. wcialJlDwba1l islUde lD- tomr pi~.... .Fl-v.~~~_1OQ1."J~. TI..~J"'Øllat...,IDpa. ai....... l*. ..... .i\al1MlI.. iU~i-~ -l...'IÇoLi-lGo lr . .1iap m-if l-~:- .~"i"8 OQI.tlfiaI Ma (N IbId ~,m in Avot. Il fa ioi ofii1ó 1ididatO.cI_.. ~ Pl-i ou bo Ù) i- po to di p.8p Sb M....

Yli OD ~

Nol.T ~ an CI SD. ."'.OM.... ~MI'" Ip. th pi Th tb.ftli..ibr~ -i n-Je~ oret~9Dof _.l~.liMll~.._-l~.... ..-i_pi~. l-ftJi. rell ft1bt'lu'pi1l ~bcitfr~'" 1M cLyw~tD-Ð_ dal- otØ--ilted1òls~iD *,~~11lPladiftlis-a~~ PI ØôIU".of~¡i ~pI "'th ~m&iof1M ~,bI II ibl--tc1t; .. to MlCC i-ti oftllD ad øI Iiltls ie 10be MJ-l ~lIib.Jl ma 1b~ fI l-f08I.a¡i iW (~by --"..) t-0Aih~ othi wJpi"~, l'btti-il.. cr3" tilr11 a1 b ~ollD to be_2. Tb popoll be-i ~ COmi wi _i. Bu No. 14B (Cl .~ tt20M iD

11/18/218 SI: lMMA &0I~1I.1ii ~ Ø383

~-l."'~-~tltJt-i_bo~fb~lOai ~ø. i-..I_."i.i.. u4.em pn ÌI~ØIiu. i-l) ÚltI~A!_~ .· lI~ ol1OMQ-l i- _ -.MVOt&· ~~ ølio--&l _1dDOIl"oi~..bèèl QI~· th ~ ob,to 6c-i 'I 1h li ma l-_~byiit~ Jaa Ir tlia ui1D ih~'IJ"'r~l ÎI ~ orltØß-l.1h~ o1 '" ~li ",ii li dl rc it qiotdi 8bW.p¡ora .~ue8O ba1h ~ar DO ~tted ~tk. sa

h: II Su ~~ i- (Ji121. 20 &o wi bohotd mi da1b _auhZlilliøa _ tl ~ wi be ~.. th II-iftJ. Pl acwl th plpi by c:

18/1 'U2B 22: 48 & OM W- li.1.. PA 81183 ,.

11 KiCå ~ -i&OIII II.(M..

Mr. Da Cor.11'ßo Ia (l101 Co~"'P.O. Bo4OMo N1 Ó'1 PH: 97-45520PX 9755

ht 14al'Da Mr. ~

'J Ru i.. Jl is J8 ~Iiiite in au oltb 1c pe- ofwnxJmlf. .Tb pr lifo 1bnc-i D8 II 1li.. ~~..~_,ia~to boioeUDcbJa di CObll' OWp Ofih ~si wh lI" Oi cIot1b ~ tb ii -i ib. ~ of1hpl at ii -i.moi. Th ~ fo witlii~.~",Is -i to be us fO de ~ pIbl- 11is th pifw Jol Chacot Id ~..1D _ cm~ WiI..~1h Ru i4a pt iW1b !,tb...¡1ri~me..daq-l.1b~~i- Pldial fù call fn1a C"d- -mMA 10Ml_ li-11"

"'MA 1 018 -- li-11"

10 &c pi~8h in oiibitwi be wr th~~ha i- Ii

You WQ-l ad ti Da~ of~ Be ofDRla çphisu ofth Jc1t pa- ~0I CO. Pi acwi i-ofdå Jlpi by eI

Si, ~ 11/, i.i'..-. . -~¡;.!~~~~i

'I

,~(l dl,¡ lu::.cë 'ILa ~~COCo~1PH 97s. FX 91'5-13

i8l17/28 22U8'ISIIHOIØ--Ii._ IW 8283

lHON: R* ia.I,P Oc J,1.2Oi-~8lM'.. lULWD. 1~"t~"'0Q, 1ltota"IIUl' l ito--,' .bJCl-i~.øc dotC øl ba.otll).Qt_~CC IC(o1hi-~aJ b7 Je ah .10%) th 1\ to ci81l-iiinee Th ~ i1 IU byla Il cb te wi DOha lI ci otexii COdQ (t th fb_ -l.J by II tø ap to ~ oiad meiit ap.1O 1Ml!8"8DU' Jb bo

Spai.II...... 10 VO ØI la JD -i. e1oa ne cI_Cl.._n~lD~ If~WJMb CI.IlIi~po-. m_.. ..~1.' Il iI~., .a.$Iw.w,:l i.l-a'J¡ll a.. ~wt a"'ls~~1I '6 -lt4~~ Fid-l VIØ.ift~asbd. Cd ta a 8J.~ 'l piwllsalu Qti ~emon i- t\ di1lDf'lit Øc iI -n.... TbCo~ Lib-i Gc MRQl '1~J1""., íaSIlIriii ~ai wl -iI"J.~ nd PJ ~ ou bo toia ~10 das pr8ps...M~-

Yl.. 3

Not 1i Xi aø Oa Sn. "'..&OMS-. 1i.1iitbpr ~ lbø ab :lbiis.~ ror.~OD 'W1H ,.fn,,1 or eJimin oft8 iDud"~ lføoadlidbi¡ _ ua pror ~ ÏI~ It is

is ,.lli1l~ li" ci~ nii- _~PCop,*llNpi_.~_ it

pr 10 Il -l tb Û1 øf1h IG fo is iecaba dz ¡m.~i..Pl- 8d iftbis 8D~.le qu 'P DO ìb 1ædd ofth~.llpa of1b ai iDAvof= JBJn thia otdlad toåV~vi.Ue of1! II ea 0I baoi ll- fli1... be r;...t.thlJ. ¡i. ~,

Tb c: II n:-i1O ~ a pt DU (~tl by l-" äb) bi OI thc1mlos nr1n wbicl i- .lnllfU. 1' re depi 0''"- orJû DU aU Co l1c. of au to be ¡ta 2. Thispr is beeved to eo with Stai. Buet No. 14B (CF So 1',20 iDud: ~, ¡o1D 1ò .. beiev th it wod DO bo ~.fo wa tocici lA ~ lq lIor In 0D Jl'iå iw GDra 14ai) in1bfod,..~· th eo objee to 1i aa li th ar no aç ..

18117/28 2Z:~&0M___._ FW 8383

.. ~ ob101& ~ _vd l1iI AI.. grml..ln& ma1x~Qfcø~... oo øbj_ to i-.. i- tbl-4lma _~.A 'l..i-li ...tbiaw6.,ultotb~. b~ orlt~-i.1b~ r~.iI....lM6 be lhil.~'" øpof.J ~~"\l or.. . -,:bu.tb -iMCCI_ aø.Iaø-i .. iø-. 11

Se a1~ Su ~~ Iì(1iiii, 2O

St wDJ behekh,øt-l1liumi_ ui aD llpi wn be i-~ . dllI~.. . Pl IIwlcd 1b p1 ,pmpty by ei

B..In"ht B

.;J.2O~S~t92Ø~u-.otsp~w.lh_

l' '~IiII'" t. IfICI IHLD_r... '1",.. l- ..~lili KN enCt.~. -iaOMBl- ___

-lIOM8/o----.,-..__~OU77___ofCc8l . ". .Rtv., .......;.. U' Jlof cI'lO-i ou N-ID lPl:d .i-~",tD _of.__Li*. DO8l1h pølDai...~ IN~Ih ,....... wI ~_1o_alp.lh'Wl... IN... ~..fm to i-.~.~ ShIh.cx tN

1I .:~ ..4.... CCC!-JI lIl-. ~ \Ø...lqu.." -l-mo by1l i---~ Th th.JI...Cl.b to ~ Cl by to -l . JK 1i1l ll.d1a%1D .~. of (U GU .ci.= ~ .. .. -1I ~ ".ai ThCO.. cima..(t ri. .-VI wh ow~"~~JI Ih.. ctci fC$ or... l- - atpme... ~~ in-ldl or

~. - .' Ai. . = . '0% 10 25 .... 8Ia ~ bI -l. .~ ii"" IIIM 4AUIllv:cI at ou cc. Pi_ lnli 8I 0I1z iqOl.a Ih I1 10 G8 a ..

rn Ad. .~. ~ Ce anl.FI... ..~ th ... '" ~ ~ 'a.et rf to ca. a 'f .~ ni Jl vo~ol ln pu ~ øelu. Jn 11 .~_.'lVll Pl1hl-for ca .~Re-,..it ~ an 1h La An. co ~ Re.0.,01il... aJ -i ~ th ri -Go .. 18. eu II Th ~l.:an Go M8 li 1a ap me ll1n acwtlll9COìY ..

lbinopf1l -i Ø5 lU of JPMrq ai & Co (JP 8b 8l thII ni 20 ~ .. ~.. ..

V_ em I

RTIn'h C

11/87128 23:-"aCl-i MoMefl 81

Ja icCi Sa..

-F1MA& 0M -i Mo-1ll

Mr. Da C.c.llIJØ ffJOt Col-l ...P.O.Bo 4OMo 'HI 01 PH: 91-455..20 PX: 97~'s-

Ru i.l PN.De Mr. Co

11 R. J.. ~jsredWlyll III ltofthJ.~.ì'~_otou co. T6 ~ it btb ai -i sb~ Ru i4a~. li iJ to be mr 11r1l1l ooowot.. nx Ilval.. un;e1 th _of-ti i-ve ii mee aQ1l J'~ otibprlii-1D mc~ 1'18U fo wJ 1b ~ ~".is int.1o be UI tor deve pr ploa Th Is il po tor Jo CI1mør W. cteapito ac Ofßl bef~th Ru 1.. ll totb ,~..&bil me ti du ao af lb~ .-i-IJ. PJ dlall liCOml** ioJo ~ at

-F1&M&Cl__ ~-1e(Ii.di l. øf~ Cg aa II ~ th ef oftb iu 14&pr ~ CO vieøL)"" aCl No i.-1l-

You cooilf ti CGcm of th Bo ofDi is ap In IU 01th Jmtc pe of ou QOpa. Plea acod re orti prpr by aa . SfncIy .

9-....-- .. ¡t ~1'~1 Jt. $ ¡, 4) 0 7Oi.Km ;/ Dii . 11- 'J-1J7

Dakh/dj ec: 'f LaCOl Se PH: 97..55-S208FX: 97s.13

11/87/21l 23:ØI&CI-- _.1ii FW82

(RoN Rú 1-l Pr Novbe 1, 20l..Sp...I..1W~REVBSJl ~~ ~_Oåboto--"by-l-l.ol ....i- ~~tiior tb1b 1~.0 i-1c OD'Iii IbId il to ci... JI. CX tø tl at dõ1'1aOD CI asp lI Spe .. aDow mwi10 va OI iQ-l ~ lI as .~ olf. di amvf bI -- Øf. JltI-ica.sp me -i~ mabe _la ad li- flma I!-~eli-_.a.~a~ ~~...usu lI...fO__.~~. . - c-l-tIit~ ~Iì ~.áJ-lulor.~ wIlY1Ill lli-.. ~ JI by thIIAUIlQalii

FI IIVlIlJU ..ldcdial1O tìupliclhiiCl'" n- i-wtaui~ ofi- piJI~~ ~ -Ddi Ne Yor at Em~Sy_fa__..~~~_.ne~Libn ad Gö MI~.. iilD rl lI Il wlII ~ øi 2ig (18) prODthta 8Y S69Ppobi20..lD 74~Jl1tll (HON ~ to Rù.(roi ~ SbSa). Ou74lJpo. ß~ wuih blVC OI tl1Qm 200. "B Ibtadou ltei.In ii Jl th rew a ~ otVO c: fo ID IJ It ~ to 'J Co. OfliOlIi 0J at filrBD (Fl- .. mi as)99 wild WI in 200 gr 1b lp Ji s1Jc "'

Pleu ~ ou bø to ie pove 10 tI prpo: S. SI.. Meetl-

Vii 8. 3

NotJuii Kmi an Ca Sn, "'&ClBlI-i _.1.- IP thiprop, Th lI fo i.1' to publoo wi ic.. refu¡nalli:i eM ~.. or 1m iDud belD aø COud ta Ulaa pior a¡ Isi- Itls~ i'lllt CbtJF. bopr Wo it b~..tb~pitø-i1bIUbo lføfth ~fQ is~ ånhepolØPJ _vi ir..isll ty8f ~ Pil JJ.tb 1b tl oftb pO is pe of1h iq ùi ØM ofdi pi lu thia of cl. an to PO co th tie oftb ID _ Qt b8 _ iI rw 10be c: tbell1h Jl -ls.

11/&'/28 23: 8Øa OM ii _._ PM 83

TtUtiIO'i'P ltie-- to -l.~ iibe(~.. by -i" ..)..._oilO CI lD wIll_ l'1~ TI ".... d2~ or"3. or hI.mbe a1 ft II olli to be l12.

TI Jlli ~ coco wl SWi. Bu Nó 14B (C ~_ 1S.20 i-h~ .AcID.'" fo webd tbJtwo.1l be~fò ~1O -l ~di""-4 la-l ii.ci pnlDie OI NI w.i)) inthfaJlO'~"i; .:. "".~ ~-. l- tl 1i_...~· tb.~Gb_tol- 'full tb .. no~ &I.ormiel1Ibo ~ or 00 · th Il ob .,.6c81 be ll lI ma be la by .IhJd in alD-l is ualc fo th co. it cl or its of anor · th CO ~ to i.a~il$,beus th .r th OpiDD of !b IbJd~ or a NAso.bu tb.si ar DO ldcd spßc: u su.

Se II S1 ~ ia (Ju 21. 2O

StO \'m be he wd ..th 8D me ID 1I pr \v be pi~ at 1b aøin. Plew-lthpr ~ by eml ai acib mo ~fbiian el-d to fo a bier ic. iri- to dM Co S-..,I.. ~

Pa 1 oft

1lna.Unda It Ft ~ Tam ll Wen8, Ð-12, 20 1~9 Pi To; Jø ~ --.0l1.. 114M.~ R8 Fo Wb rlPI Ri Sp Sl..ah 11111l~i HI ~ Sp.. .ll.zm. (vcI Gl. OBAL..J.A W.~4k-c_,.ecLc..._aLlna&.-l

VI~MAl-PE~REUET Mr. ~: As you ll1k. 1h BoOf DI afHolntl' tn(th~) l- apammets to HoyWrs CêIl or In an Bythat.wO _ ho Of 26% orRI of HoyWs comon st th ri to ça apmeQs of.it. Th Bo he eI.re th COpa to.se ap ôriheam to th ce of Incli th 20Anl Me ". øm to.th By wiD bee el up apprva of tham.to th c. of lncra A co of 8 Pl re I' 1h Bd, toer with th amded an f8 textof th ret sectOIl of th ceta of liitl an Byla. Is en fo your re.

In Ø¡ht otth Bonts BC. we ~ llUQ th)' wl1h pr enti "SSlu Me- au byJuKr -l.Cdy $n(fwhtth8d8yo 88 ll pi an de.tD ad on th be I8 lh pr) fo lnus inHone)' 20 pr et

1bk you for yor co In th ma. PI do no he to ça me If ~u hae anqutins or wI to dfs1h1& ma fur.

Th F. LarksVIce Pi-en Corp Setaand OtpUGe CoUIHon8)lnlln.(973)~'(pne)(973) 4513 (f)

.12118100

HtHlt'.lweli

N~\ï,\' Rl'lt'/l.\e~:Me II lWasRo C. Fe Mury Oi(9)45388 (973) 455-22mb.feflll.,ywco mll"'y.l;~hO~

HONE TOPlOP CITEAM TO GIVSHlUGHT TGCA SPl\1'NG MOlU TOWNHI. NJ, 'nbe 10. 'J. - Hon.(NON'to

II dI it lJ of Di vot to su a pr to _C()wdltd to am th

coy'a Ce ofJi CO .give bold Qf 2S.pe or i: øfJJ'.CfQUat1b rl to ca a1l me of sh. Cuy, oa ib CS or a JDorty.ofih Bo ma ca a sp me of Sbwn

c'PC)wia tbgb ic. th Bo ofDi an its Co Ooem-d R.ibty Coue.ha dd th it is appr to rimt th cbip to th sbwi" sa HoywoU 0I ii æo Dav Co

Tb pI wi be coii at di 20Ao Mee of Sblde to be hed Ap28. 20. A fa deon of ea of t1 pi wi be CO~ine m th coy's

pr ii~. wb w. be avle in Mi 20. Th Bo II apv. re ~~ to tb By-Ja wh wø be~11 sbec ap oftlpr CO 8J ti ~ of JJ Ho Jn is a $3 bi ci teii -i-- le. Iecu wcde wiaapl pr 8D 5'ce; c: ~ fo hn~ hoaoiJ uive pi; ~ an ~ maL Ð- in Mo. TOW. NJ.. Ho's ab _ tr on dlN.. YOI Lond an Cb StBxcllt ia oø of th 3O.1I th .i up i- no Jo ID A.. an ll aJ a colloG of1b St cl Poa.SO In Foudditcm ikQudiOI. pl vitww.h

11 i- CO Cl at .. may bo de "'ooma SC- wi 1b tD of Se 21 of 1b ~it Ei Ad of 193. All st, od tI .4.~T ~. Of Ii fa ..ac ac eW or ..~ tb we or ou ii ÌI, e. pq li oraicI wI or ma øø ii if &l ar loJo -'"", Su ttll'~ .. bu1I CC,.,I__II.iili,. DI by OllU_qol-ilt bi lf of di Aiw. ai di pe of!i~ cu coad ei fa depo_ aø ci fc II bt to li ~uii- ThJbØl -l1H'. hK in 1I .. ueiiSlbjecno a n1 of JI ri ui lIÛlI bll DO li to fl c:~ Iova ar te f' af ourop ma ~ se _pr Suh f~ ~ 1f DO I' of fupi aD IC ~tI clki..ll bll deØD ma cl fr.ib eivØ by iifofo -l~II" .

###

Th Bo _.ap i-.C8 fo

(I Ar-Elofth CØ'8 fll4 CI Of ~ to beam anl- It i-1n lten 88 fc ~- oI l- by la ~8ubJeoUo1b dg d.1h lI Ii"~èd.",)'lDthjiof1h~dl~êp rn Øf~i' ma be oa ci by (I th Ch.ecQI, (Ith Bo of Dl pt.1o a reapby a m8at th th1l nu d DI of th~(88 cI In e.- th ~). or (I ttwr i- of th hc of nolöth.~.~.oUhe OUdl Ih aftt ~du. CO~_. t1.Se. or th Cc an ôI In acYi It eyla It

an dJthth amendment -l fo ab.be co at th nean mø of8h.an (D 8. s d Ar.1I 01 th Ca'8 By.. to be.am an f8 torecl In lf~ ufon "S 3. ....... til.. Sp me dSl unQl~ by Ia,ma be ça at anti byh Be ~ 10.I8 ~~ rnof th lh au ru of dI (asdI18..,..In. .. v.Sectlort2 d An II or th ~ar t¥ 1MCh ~ Of:ar byth-l reue oftt ho.øfnó l-1hlWft PØ of th au .a.d thCødoa co etfi -l th Se d th QcIt. An au -c ßI.~th ma or ma tpbe 8D:u at 8U me,-lofwhJclH1W8 be 8l)8U fo.Sl ec un lI la In ad. sthQ 8U8b to C8 a sp rn Of Slre mu aJpr a br dø of th tiea de to be.ti beor thmø (ingØi cc te dan resut an any amnd toan Coli dC in id to be pr at th me, th I'for c:.su bu at a ap me of SI'. an oth'in vö ma be reed puua to 1h By.WB or wt ma be re to be~ und th De Ge Codo..La or In In ,8 pn .il l-. putø th lU of ti Se anto .ih St calh I1 an 1hEx Co øn asl- oWc; whbêlh me Is beai (l1he1....anad- asll II on th Cøa bø OOthdBan ru d8h oflh CaWl IU ow be or cire. an (~. anrnrlln In 1h bu to be br be th rt an .. th pn: ar"n(hen B8 fOl ab sh ti ef. th prem to th Codo~.RGllatCe or Inc 88 foab is ep by" 8h an 8h be re In th Co8By. 88 ci 8U da

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Up th WI.-l ø:8 PI or PØIS Wh ha, ca a..1'.., 1.. lithdu:cIl$e, (if th Ccal 10 ftiClhø da d1bfJ Wh ..bebe ailUdaan tk u1h,S4 mafbnalith10ncll1heo __th~C!Uhe na~th8Ul'-"whaØ~P~ ofll ey). antolJ_nàl-.ln~"" thi-l__ ~ afth 8)~ On 11... el in 1hno d a.. me or. SI 8b be l: be an ac ti tt

an dI th th pr.ai_fortludi,OV\'" be ef8Cwu.iøp ~lh~.8If.'Uoll~"t8Refjl-i ~c#~ _lc eb.byllll øn 8h l-l8ln1hCora By1a... or-l,__

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Ma.n, Uncl. M. fra l.l'Tor8e fo, Debe 17~ 207 2: PM

-ilS & 0i8 -- lI.1'-To:SU l-SpSl Meng (HeN

Mr. Chevedn -

When do yo" ez t.O lIe a desdon on your will1nc¡s to wi.thw tb18 proposal? I' Ii not trYing to rush Y9,bi~ i nee to kn u ui -clea1ne for tl COliiy to file noaction reqests with .the SE 1. f..at approing--------------~----------Sent f.i IlY. lllåC~ WU:ele. Pe.1ce

---- Original Mesilage. ----Fr.om: -l & 011 M- lI.l.'10; Lark1nsi 'fOl Sent: Wee Dee 12 21:56158 2007 S~ject: Spc1al 'SharoJc. HetinQS (HO)

Hr. Larldnsi 'fhink YOJ, for the tex wh4; :li.tially looks encouraglpg. I II dø~g 80me llre ehecking. John CheVCldden

1

MI. Un'M. "ro l. Tose ~. De 18, æf 4:6 PMTo: Ma. Un ...

FW S, Sh...i Me. (HON)Sø Please print. Th.ka.

Simt f'roà my lUâckBrxy WireleS8 DèvJ.ce

---- Ori.J.nal Heaq ----FrQIlU ""&OIU_ _.1.-To, LarkiD&, '101 Senti 'lueòe~ 18 lli29t01 20D7 Subject: Spcial Sbai;ehold.t: MeeUng, ~HON)

Mr. 'tOls Lark.!M Honeywell Interntional (HON)

Kr. LaJd, Based on your naU iisages related to an4 inçlGdig .your Der 12, 2008 meallage w.tth -two att.c:nts on iJleataUoi of the topic of the aii. 14...8 stilcl prøpal,. Spial Shreholder Meetings by Jun Kreut~er an Cathy Snyd, ths is to withdaw the 2008 rule 14&-8 proponl by Jwi. Kreutzei' an Cathy Snyde. Kø:iegints o.f the Olr 12, 2007 attacbit& ar btioW'.

Sincerely,John Cheveen

ec;June Kreutliør Catby Snyder

------ Forwarded MessageFrom: "Larkins, Tai" ~Tom.LarJdJUIHoneyweil.co Date: 12 Dee 2001 To : -iSM 4 ~8.. _.111'" Con'Versationi Request For Withdrawal of Propal ReljarciJi Special Shareholder Meetinc¡s

HONEYWELL TO PROl'SE CHATE 1lNDJ TO GIVE SHAOWERS RIGHT TO CA SPECIAL METING

H01\S TONSHIP, NJ, Øec:r i.o,:i007 -- Høneywl (NYSE:BONI today anounced that 1ts Board of D.1i:ctora voted to sit a propsal to sharøownrsto amnd the coiia:ny~s Certlf1cate of Inc:riltion to give: holdera of 25 pex~t o~ JIré of Bøn.ywll~8 comonstock the right t;¡, ..c: .. ~ai .-tin of ahowe~s. CGe.tlyi .onir tli OEO or a majority of the Board may.c;l a 8pllcial meting Of sÌlu80wner.s.

aFollowing a thoroU;h ~ev8W1 the BQ4cl of DLrectora .and it. Cøxprate Governance and

Resposibility Coiitt_ ti". cltemed that it is apprbpriate to reeønd ths chge to the: ahareera,' -"aid Honeywll Cbai and CE Ð-ve Cote.

'lhe Board has approved rel!olutiOJ cal1lng for:

U) kt:cle EIGHTH of the Corpration~s Restate Cllrtiticate of IncoipraUonto be amnded and reotated to read in .its 8nt..irety as follo.W$:

'Exept .. otherise :i~ed by l.aw an subject to the rights of the bolders of theP.ia-terred Stock pursuant to. the .provisions of tMs CertfiCate of Incoip.ra:tion, specialiietings of stockholdes may øe calle.d only by (.i) the Chl'8ii EX8c:ti1ø Offie.r, (U) the SQard of Directorl! puruant to a resolution :approved by .a majority of the then authorhèd n~r of D1reetors Qf t.e cørpirat1.on (as determed in accrdce with ehe By-laws), Ot

1

tl~i) the written reqest 9f tbe h9ldera 9f n9t less than twenty-five pe~cent of theoutstanng ahares of the CoiaraUonsa cci stock, tUed with the Secretary of the Co:ioraUon and. otherise in accordace with the By-laws..

im direc:ting. tbipt th &l~ aet :for abve be CO81dexe4 at the &1t anii ..tine¡of Sbaeo1fBX1 .and

U.1j kcion 3 o:t .Aiti.cl.. XX of Uie CoaALlQQ~. By- 11.~ -ladd anre.t.at~ to. read in ita entkety .a. ~owi ~SEC:r~ 3. ~1a: Né~in8. ~o1.ai meetiØ9s of ,8tøcoldeta, un.... ø:t1-l providedby lew, may be e:ie at any t1ø by the Bo~ pUX8\Unt ta a res()lutiOlad..cS by . majority of th t.he author,bed lll- of d1;eçoJ/ (cU detexid1)ecl in a~ae with Section 2 of Article nt of thiise Bf-laws), or by the Ch1ef Executive Officer or by thew:ritten reqst of the ho1rs Ql .not l..s tb4 twety-Uve paRent of t.he ~~æiding.shares of the Cøratlon.s ÇC stock, filed with the Secreta:q -of the CQ~ntion. Any suah caU mu:l specify the IDt~r or matters to be a~ted upn at su i-ting,each of which 2It be a 'propr suject ~or Stoclclder acion unde:tsppJ.cal. 1:aw. XD addition, Stockholdes bold1ng wfUc:ent .bas to "11 a spc1i ..eUng öf Stoc1ders must also provi~ ib:def desedption of the busin... delired to be brought before the_eUne¡

any resolution and any amendi1: to any Co~ration(including th came text ofdoC\1l intended to be preseDt.d at the meeting), the re&s.ons tor coucting suchbus1nas at a sJ)clai lIeeting of Stockholders, ai1' other infori1õiòn which màl' be Uqured purauant,to these Bylaw. or 11hicb rAY be required to be disclosed und4 the Dela.inGenera Corpol:on Law ()x includ in B pr9XY statement tiled pur~l..int to the ~l.& oft-he .Securlt:es and Exange ~aslon, and, as to the stocJcoldera calliiiq the meeting lU~ the beneficial òWDQrs an whose 'bealf the Ileeting 1$ being c:alled, (i) thei~ na andaddiui, as they appea on the CorationSs books, (il) the class and nwir of shares of the Corpration whieb are owed beneficially or of record, and (1ii) any iitedal interest in tbe buiness to be brought before .the =eeting, and that the proposed amndmnt set foith ~'V Shl !: effective lfthe proposed amiidint "to tbë Corpration.s Retated Cerlf'icâte or Incorpration ..t fo~tb abve is approved by the shaeowner. and shall berefleced i.n th CorpatloD~8 By.iaws as of such .date.

Upn the writ.ten x~t of any person or person who have caled. spsal uet!, i:tshal be the d.uty of the Sèi: of the Co:ioration to ff. the date. of the i-ing Mbchsha be hQld at a.ueb date ud tl as the Secretary iiy :~iX, Dot 1.. th 10 tior iareth 6Ò days after tbe receipt of the ~quest (provide tha a: ~eqt eaçlies withall applicable pi9YiaioM of these Bylaws), and to give due noUce thereof in a(:ord.nee witb the appl.lle provisions of tbese .ay-laws. Ony utters as are státed in the notice of a special Ileting of St9ckholdQrs $hii .be ~ouqbt ~fore and acted upon tbê~at. a

and direc:ting tba the proposed 8ldint set forth abve shall be effecti., .upon approvalof the pro.posed amendmt to the COrpration i. Restated Certificate of inco~o~ation set forth ~bov. by the shaaowners and shall be reflected in the eorat1oils By-laws as ofsuoh date.

i

JOHN CHEVEDDEN

February 3, 2009

Offce of Chief Counsel

Division of Corporation FinanceSecurities and Exchange Commssion100 F Street, NEWashington, DC 20549

# 4 Honeywell International (HON)Rule 14a-8 Proposal of June Kreutzer and Cathy SnyderSpecial Shareholder Meetings


This responds to the company Febru 2, 2009 request for reconsideration in the event thecompany is granted its request. In ths event ths is to respectfully request that permission begranted for the deletion of one sentence in the followig text as ilustrated in the followig onesentence strike"out:

Special Shareowner MeetingsRESOLVED, Shareowners ask our board to take the steps necessary to amend ourbylaws and each appropriate governing document to give holders of 10% of ouroutstanding common stock (or the lowest percentage allowed by law above 10%) thepower to call special shareowner méetings. This inoludec thai such byki'." and/orcharter text ,¡'¡il not have any exoeption or exclusion oonditions (to the fullest extentpermitted by state law) that app~y only to shareo'Nners but not to management and/orthe board.

Special meetings allow shareowners to vote on important matters, such as electing newdirectors, that can arise between annual meetings. If shareowners cannot call specialmeetings, management may become insulated and investor returns may suffer.Shareowners should have the ability to call a special meeting when a matter issuffciently important to merit prompt consideration.

Fidelity and Vanguard have supported a shareholder right to call a special meeting.The proxy voting guidelines of many public employee pension funds also favor this right.Governance ratings services, such as The Corporate Library and Governance MetricsInternational, take special meeting rights into consideration when assigning companyratings.

Merck (MRK) shareholders voted 57% in favor of a proposal for 10% of shareholders tohave the right to call a special meeting.

Please encourage our board to respond positively to this proposal:Special Shareowner Meetings -

Yes on 3


Division of Corporation Finance: Staf Legal Bulletin No. 14 permts shareholders to revise their proposals in certain circumstances (emphasis added):

5. When do our responses afford shareholders an opportunity to revise their proposals and supporting statements?

We may, under limited circumstances. permit shareholders to revise their proposals and supporting statements. Thé following table provides examples of the rule 14a-8 bases under which we typically allow revisions, as well as the types ofpermissible changes:

Rule 14a-8(i)(3) If the proposal contains specific statements that may be materially false or misleading or Îrrelevanfto the subject matter of the proposal, we may permit the shareholder to revise or delete these statements. Also, if the proposal or supporting statement contains vague terms, we may, in rare circumstances, permit the shareholder to clarify these terms.

The above strikeout sentence is irrelevant to the rue 14a-8 proposal to the extent that the proposal is complete without the sentence. An ilustration of this is that the same proposal topic was submitted to MatteI (MAT) on December 23,2008 (attched) and the strikeout sentence was omitted prior to the due date for the rule 14a-8 proposal:

(MAT: Rule 14a-8 Proposal, November 29,2008, Modified December 23, 2008J3 - Special Shareowner Meetings

RESOLVED, Shareowners ask our board to take the steps necessary to amend our bylaws and each appropriate governing document to give holders of 10% of our outstanding common stock (or the lowest percentage allowed by law above 10%) the fullest power to call special shareowner meetings consistent with state law.

Special meetings allow shareowners to vote on important matters, such as electing new directors, that can arise between annual meetings. If shareowners cannot call special meetings investor returns may suffer. Shareowners should have the abilty to call a special meeting when a matter merits prompt consideration.

Staff Legal Bulletin No. 14B (CF) states: "We have had, however, a long-standing practice of issuing no-action responses that permt shareholders to make revisions that are minor in natue

".

2. Our approach to rule 14a-8(i)(3) no-action requests

As we noted in SLB No. 14, there is no provision in rule 14a-8 that allows a shareholder to revise his or her proposal and supporting statement. We have had, however, a longstanding practice of issuing no-action responses that permit shareholders to make revisions that are minor in nature and do not alter the substance of the proposal. We

adopted this practice to deal with proposals that comply generally with the substantive requirements of rule 14a-8, but contain some minor defects that could be corrected easily. Our intent to limit this practice to minor defects was evidenced by our statement in SLB No. 14 that we may find it appropriate for companies to exclude the entire proposal, supporting statement, or both as materially false or misleading if a proposal or

supporting statement would require detailed and extensive editing in order to bring it into complianæ with the proxy rules.

The deletion of one-sentence is a simple and "minor in natue." .

F or these reasons it is requested that permssion be granted to delete one sentence from the above rule 14a-8 proposal in the event the company request for reconsideration is granted.

Sincerely,&1~ Ithn Chevedden

cc: June Kreutzer Cathy Snyder

Thomas Larkins ,Tom.Larkis~oneyweii.com)o

(MAT: Rule 14a-8 Proposal, November 29,2008, Modified pecember 23, 2008) 3 - Special Shareowner Meetigs .

RESOLVED, Sharewners ask our board to tae the steps necssar to amend our bylaws and each appropriat goverg document to give holders of 10% of our outding common stock (or the lowest percetage allowed by law above 10%) the fullest power to call spcial shareowner meetings consistent with stte law.

Special meetings alow shaeowners to vote on importt matts, such as electing new directors, that can arse betee anua meegs. If shareowners caot call special meetigs investor returs may suffer. Shareowners should have the abilty to ca a special meetig when a matter merits prompt consideration.

Statement of John CheveddeD Fidelity and Vangud surted a shaeholder righ to call a specia meeg. The proxy votig guidelines of may public employee pension fuds also favored ths right. The Corporate Librar and Governance Metrics Intertional have taen spial meeting rights into consideration when aSigng company ratings.

This proposal topic won impressive 2008 support:Occidental Petrleum (OXY) 66% Emi Rossi (Sponsor)FirstEnergy (FE) 67% Chrs RossiMarathon Oil (MO) 69% Nick Rossi

The merits of tis Speial Shaeowner Meetings proposa should also be considered in the context of the need for fuer improvements in our company's corpte goverance and in individua directr performance. In 2008 the following governce and performance issues were identified:

· The Corprate Librar ww.thecolJratelibrai.com.anindependent invesent resech firm, rated our compay:

"D" in corporae goverance. "High Governance Risk Assssent."

"Ver High Concern" in executve pay. · CEO pay included perks lie club membeships and related ta gross-ups. · Our directors served on boards rtlted "n" by The Corporate Librar:

Robert Eckert McDonald's (MCD) Crag Sullivan Goodyear (GT) Kathy Britt Whte Novell (NOVL)

· Our Lead Director, Tuly Freedma, had.24-yea tenur -Indepedence concern. · Tully Freed wa also negatvely cite as an "Accelerated Vesting" diector by The Corprate Librar and served on our executive pay commttee.

· At the 2008 anua meetg Robert Eckert sad shaeholders would have to list caefuly

because there was no audio recording of the anua meetig. , · Rober Ecker would not alow the chaian of the executive pay commttee to anWer aquetion at the 2008 anual meeting. · Two directors owned no MatteI stock:

Dea Scaboroug Frances Daly Ferguson

· We had no shaeholder right to: An independent Board Chaan Cumulative voting (Removed in 2007). Fil diector vacacies (Removed in 2006).

Call a special meetig.Vote on executive pay.

The above concerns shows there is nee for improvement. Plea encourage our board torespond positively to ths proposa:

Special Shareowner Meegs -Yes on 3

Notes:John Chevedden, 2215 Nelson sponsored ths proposal.***FISMA & OMB Memorandum M-07-16***

f. ~ '" Honeywell Thomas F. Larkins Honeywell

Vice President 101 Columbia Road

Corporate Secretary and Morrstown, NJ 07962-2245

Deputy General Counsel 973-455-5208

973-455-4413 Fax

tom.larkins(§honeywell.com ~.--.-'\

February 2, 2009 c-:)

....J ,..,. ,

'._..\

VIA EMAIL AND FEDEX c5 ;~~ ,

u.s. Securties and Exchange Commission CO

Division of Corporation Finance Office of Chief Counsel 100 F Street, N.E. Washington, D.C. 20549

shareholderproposals(qsec. gov

Re: Honeywell International Inc.: Request for Reconsideration relating to Shareowner Proposal Submitted by Mmes. June Kreutzer and Cathy Snyder


On behalf of Honeywell International Inc. ("Honeywell"), we respectfully request that the staff the Securities and Exchange Commission (the "Commission") reconsider its(the "Staff') of

response dated Januar 15, 2009 (Anex A), denying Honeywell no-action relief with respect to a shareowner proposal (the "Proposal") received from Mmes. June Kreutzer and Cathy Snyder and represented by Mr. John Chevedden (the "Proponents"). Should the Staff not reverse its position, we respectfully request that the Staff refer this matter to the Commission for review pursuant to 17 C.F.R. § 202.1 (d) because it involves "matters of substantial importance" and "novel or highly complex" issues for the reasons discussed below.

We believe that reconsideration is waranted in light of the intervening Staff no-action letter, International Business Machines Corp. (Jan. 26, 2009) ("IBM"), in which the Staff concluded that a proposal identical to the Proposal was inherently vague and indefinite and, therefore, excludable, as well as in light of the arguents raised in our prior correspondence relating to the Proposal.

I. Background

The Proposal asks Honeywell's board of directors "to take the steps necessary to amend our bylaws and each appropriate governing document to give holders of 10% of our outstanding common stock (or the lowest percentage allowed by law above 10%) the power to call special shareowner meetings. This includes that such bylaw and/or charer text wil not have any exception or exclusion conditions (to the fullest extent permitted by state law) that apply only to shareowners but not to management and/or the board."

Securties and Exchange Commission Februar 2, 2009

This is the third consecutive year in which the Proponents have submitted a special meeting proposal to Honeywell. In 2006, the Proponents submitted a proposal seeking to "give holders of at least 10% to 25% of the outstanding common stock" the right to call a special shareholder meeting (the "2006 Proposal"), which was approved by shareowners in April 2007. The Company's Board of Directors subsequently determined to include in the Company's 2008 proxy materials a proposal giving holders of at least 25% of the Company's common stock the right to call a special meeting (the "Management Proposal"). In the interim, the Proponents submitted a proposal on this topic with "no (thresholdJ restrction" (the "2007 Proposal"). Following their review of the Management Proposal, the Proponents withdrew the 2007 Proposal, acknowledging the "implementation of the topic of the Rule 14a-8 shareholder proposaL." The Management Proposal was approved by shareowners and implemented in 2008.

II. Reason for Request for Reconsideration

On December 18, 2008, Honeywell filed with the Staff a letter (the "December 18 Letter") seeking no-action relief from the Staff relating to exclusion of the Proposal from its 2009 proxy materials. The Staff did not concur that the Proposal was excludable. We believe that the intervening IBM decision warants Staff reconsideration of its conclusion.

That Honeywell did not assert Rule 14a-8(i)(3) as a basis for exclusion in the December 18 Letter should not affect the Staffs consideration of this request for reconsideration. As stated in Staff Legal Bulletin No. 14B (Sept. 15,2004), objections under Rule 14a-8(i)(3) on vagueness grounds have "evolve(dJ well beyond (the StaffsJ original intent." The Staff has therefore

discouraged companies from undue reliance on objections on the basis of Rule 14a-8(i)(3). In light of this guidance, Honeywell limited the basis for its request to Rule 14a-8(i)(10), which it believes constitutes a proper basis for exclusion in light of the virtally identical facts and

circumstances surounding the Proposal (see discussion above) to that set forth in prior Staff precedent, notably Borders Group Inc. (Mar. 11,2008). While we continue to believe that the Proposal should be excluded under Rule 14a-8(i)(lO) as it has been substantially implemented,

based on Rule 14a-8(i)(3), we also believe that Honeywell shareowners should not be forced to vote on a proposal that the Staff itself has judged to be "vague and indefinite."

given the intervening Staff decision in IBM granting relief

In its request for relief, IBM pointed out that the proposal could be subject to many interpretations, including some of questionable enforceability under state law. For example, IBM noted that the second senténce of the proposal could be interpreted as requiring the company to discriminate against common shareowners who were members of the "management and/or the board," by attempting to prevent the shares of IBM common stock held by "management and/or the board" from being considered and counted in connection with the right to call a special meeting. Additionally, IBM noted that the second sentence of the proposal could also be read to require a 10% stock ownership threshold for members of "management and/or the board" to call a special meeting. These same potential interpretations (which have the same questionable legal import in Delaware, where Honeywell is organized) exist with respect to the Proposal.

2

Securities and Exchange CommissionFebruary 2, 2009

IBM noted that the proposal was not simply subject to multiple interpretations, but wasalso impermissibly confusing and unclear. IBM noted that, while the proposal seeks shareownerability to call a special meeting without "any exception or exclusion conditions," it goes on in thesame sentence to exclude "members of management and/or the board" from paricipation. IBMalso asserted that the proposal could be read to require "management and/or the board" to meet a10% stock ownership theshold to call a special meeting, but the use of the double negative in thesecond sentence prevents a clear understanding of its meaning. These same ambiguities existwith respect to the ProposaL.

The Staff concluded that IBM could exclude its proposal because it was "vague andindefinite." Implicit in this conclusion is the determination that "neither the stockholders votingon the proposal, nor the company in implementing the proposal (if adopted), would be able todetermine with any reasonable certainty exactly what actions or measures the proposal requires."Staff Leg. Bull. No. 14B. In light of IBM, it would be plainly inequitable - and certainly not inthe interests of Honeywell shareowners - to require shareowners to sift through competinginterpretations to divine the Proposal's meaning when the Staffhas already deemed itunintelligible. In addition to shareowner confusion, a shareowner vote on the Proposal may resultin "any action ultimately taken by the company upon implementation (being) signficantlydifferent from the actions envisioned by shareholders voting on the (P)roposal." Fuqua Indus..Inc. (Mar. 12, 1991). For the foregoing reasons, it is Honeywell's position that the Staff shouldreconsider and reverse its position with respect to the Proposal.

* * *

Pursuant to Rule 14a-8G), enclosed herewith are six copies of this letter and itsattachments. Consistent with the provisions of Rule 14a-8(j), we are concurrently providingcopies of this correspondence to the Proponents by email. As Honeywell expects to clear its 2009proxy materials for printing on or around March 2,2009, we respectfully request to be notified ofthe Staffs position prior to that date. If you have any questions or require additional informationconcernng this matter, please call me at 973.455.5208.

Very trly yours,

~ cf~Thomas F. LarkinsVice President, Corporate Secretary andDeputy General Counsel

Enclosures

cc: Mr. John Chevedden, via email and overnight courier

#244759

3


Anex A

UNITED STATES(i SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549-3010

DIVISION OF CORPORATION FINANce

Januar is, 2009

Thomas F. Larkis

Vice President, Corporate Secetar and Deputy General Counsel Honeywell International Inc. 101 Columbia Road Morrstown, NJ 07962-2245

Re: HoneyWell International Inc. Incoming letter dated December 18, 2008

Dear Mr. Larkins:

Ths is in response to your letter dated December 18, 2008 concering the shareholder proposal submitted to Honeywell by June Kreutzer and Cathy Snyder. We also have received letters on the proponents' behäIf dated December 22, 2008 and Januar 14,2009. Our response is attached to the enclosed photocopy of your correspondence. By doing this, we avoid having to recite or suarze the facts set fort

in the correspondence. Copies of all of the correspondence also wil be provided to the proponents.

In connection with ths matter, your attention is directed to the enclosure, which sets fort a brief discussion of the Division's informal procedures regarding shareholder proposals.

Sincerely,

Heather L. Maples Senor Special Counsel

Enclosurs

cc: John Chevedden

*-FISMA & OMS Memorandum M-07-16***

Januar 15, 2009

Response of the Offce of Chief Counsel Diviion of Corporation Finance

Re: Honeywell International Inc. Incoming letter dated Decber 18, 2008

The proposal asks the board to tae the steps necssar to amend the bylaws and each appropriate governg docwent to give holders of 10% ofHoneywells outstanding common stock (or the lowest percentage allowed by law above 10%) the power to call

special shareowner meetings.

We are unable to concu in your view that Honeywell may exclude the proposal under rule 1 4a-8(i)( 10). Accordingly, we do not believe that Honeywell may omit the proposal from its proxy materials in reliance on rule 1 4a-8(i)( 1 0).

Sincerely,

Caren Moncada-Terr Attorney-Adviser

DIVSION OF CORPORATION FINANCE INORM PROCEDURS REGARING SHARHOLDER PROPOSALS

The Division of Corporation Finance believes that its responsibilty with respect to matters arsing under Rule 14a-8 (17 CPR 240. 14a-8), as with other matters under the proxy rules, is to aid those who must comply with the rule by offerig inormal advice and suggestions and to determe, initialy, whether or not it may be appropriate in a parcular mattr to recommend enorcement action to the Commssion. In connection with a shareholder proposa under Rule 14a-8, the Division's staf considers the inormtion fushed to it by the Company in support of its intention to exclude the proposals from the Company's proxy materials, as well as any inormation fushed by the proponent or the proponent's representative.

Although Rule 14a-8(k) does not requie any communcations from shareholders to the Commssion's staff the stafwill always consider inormation concerning alleged violations of the statutes admstered by the Commssion, includig arguent as to whether or not activities proposed to be taken would be violative of the statute or rule involved. The receipt by the st

of such inormation, however, should not be .constred as changig the staffs inform procedures and proxy review into a formal or adversar procedure.

It is important to note that the stafs and Commssion's no-action respnses to Rule 14a-8G) submissions reflect only inormal views. The detennations reached in these noaction letter do not and camot adjudicate the merits of a company's position with resect to the proposal. Only a cour such as a U.S. Distct Cour can decide whether a company is obligated

to include shareholder proposals in its proxy materials. Accordigly a discretionar determation not to recommend or tae Commssion enforcement action, does not preclude a proponent, or any shaeholder of a company, froi: puruing any rights he or she may have agait the company in cour, should the management omit the proposal from the compa:y's proxy materiaL. .

. ,

JOHN CHEVEDEN ***FISMA& OMS Memorandum M-07-1S***

-*FISMA a. OMS Memorandum M-07-1S-*

Janua 14, 2009

Ofce of Chief Counel Divsion of Corporon FinceSeurties an Excha Commion i 00 F Str NE Wasgtn, DC 20549

# 2 Honeyel International (lON) Rule 14a-8 Proposiil of June Krutzr and Cath SnyderSpecal Shaolder Meeti

Ladies and Geemen:

Tlus respond fuer to th compy Decbe 18, 2008 no acon requst regardig th rue14a-8 prosal wi the followi te (emha aded):

Spemal Sha~wner Meetings RESOLVED, Shareowners ask our board to take the steps necery to amend our bylaws and each appropnate governing document to give holders of 10% of our outstanding common stock (or the lowest percentage allowe by law above 10%) the power to call special shareowner meetings. This includes that such bylaw and/or chartr text wiD not have any exception or exclusion conditons .(to the fullest extent permitted. by stte law) that apply only to shareowners but not to management andlor the board.

Special meetings allow sharewners to vote on importnt mattrs, such as electing new direct, that can arise between annual meetigs. If shareowners cannot call speial

meetings, management may become insulated and .investor returns may suffr. Shareowners should have the abilit to call a speial meeting when a mattr is suffcientl importnt to meri prompt consideration.

The coany clai th it has imlemente this prposa by Sily not tag any action whatoeer rela to the propo si th 2009 rue 14a-8 prposa wa submitt Th compay fàs to provide any no aeon preen for proposa be juded substtialy implemente by no ne company acon - esia in cass where there is .a la ga, for

intace betwn a lOOAi reent and a 25% requient - a 150% gap.

Th comp claims .tha it is enttled to credit for implementng 0 rue 140-8 proposal when the coman stillfa/ls short ofjû imlemnton an ins on staing-stll asfar as movig an closer to jùll implementation.

The compay in ef clai th 25% of shholde is the sae as 10% of shholders in the righ to -c a spial mee. Du to th dispers ownersp of the compa (plea se the athment), the reuiement of 25% of sheholde to ca a special meeg estiy prents a spial sheholder meetig from being caed.

I, . .

The dier ownerp (843 intu1Ins) of the compay gry :i the dicu of cal a specal mee espciy when 25% of ths dise group of shholders arreq to tae the ext eff to support the cag of asp meet. The .comp ha provided no evidenc from an exp that would contrct ths.

For may of these sholders their pecente of the tota ownp oftbe compay is sm and their owerp of the company is also a sm pa of thei tota portlio. And the compaha not provided one exaple of 25% of shholder of a company, wi a dise owner of 843 intutions, ever cag a spia meeti.

The disp ownerp issue wa not inuce in Bordrs Group, Inc. (Mch i i, 2008) and 3M Co., (Feb. 27, 2008).

For these reons it is reuest th the sta fid th th relution caot be omitt from th compay proxy. It is al respey reque th th sholder have the la opport to submit maeral in suort of includ ths proposa- si the compay had the :f

opporty.

Sincerely,

~~~ cc: June Krtz Caty Snyder

Thoma Larki .qom.Laki~Honeyell.coiw

JOHN CHEVEDEN "'FISMA& OMS Memorandum M-07-1Ei'"

'''FISMA & OMEl Memorandum M-07-16'"

Decber 22, 2008

Ofce of Chef Counl Division of Cooraon Fin Securties and Exche Commssion 100 F Stet, NE wason, DC 20549

# 1 HoneyweH International (BON) Sharholder Position on Compan No-Action Reues Rule 14a-8 Prposal: Speia Sharolder MeeJoe Kreutzr Cathy Snyder

Lades and Gentlemen:

1b is th fi reons to 1he copany Decber is, 200S no adon reues regar th rue 14a-S proposa with the followi te (empha aded:

Special Shareowner Meetings RESOLVED, Shareowners ask our board to take the ste necessry to amend our bylaws and each appropriate governing document to give holders of 10% of our

i outstanding COmmon stock (or the lowest percentage allowe by law above 10%) the power to call special shareowner meetings. This includes that such bylaw andfor chaTtr. text will not have any exception or exclusion conditions (to the fuHest extent permited by state law) that apply only to shareowners but not tQ management and/or the Qoard.

Special meetings allow shareowners to vote on importnt matters, such as electing new directors, that can arise between annual meetings. If shareowners cannot call special meetings, management may become insuiated and investor returns may suffer. Shareowners should have th abilit to call a special meeting when a mattr is suffciently important to merit prompt consideration.

The company clai that it ha implemente th proposal by sily not ta any action whatsoever relate to the proposa since 1h 2009 rue 14a.8 proposa wa suttd.

The company in effec cla that 25% of sheholders is the sae as 10% of sholders in th

right to ca a special mee. Due to the dierse ownerhip of the copay (plea see the atchment), the reent of 25% of sholders to ca a. spial meeti estialy

prvets a special shaholder meet :f bein caed.

The disprs ownp (843 initons) of the company greay increas the diculty of cali a S"pecial meetig espeiay when 25% of ths dirsed group of shholder are

reed to tae the ext efor to suport th caing of a speci mee. The company ha provided no evdence 1Iom any exp that would contrct ths.

For many of these sholder thei pentae of the tota ownershp of the company is small and thir ownerp of th compay is also a smal par of their tota portolio_ And the compay has not provided one exaple of 25% of shholders of a compay, with a disper owneipof 843 intuons, ever ca a spec meeg.

The dirsed ownership iss wa not intrce in Border Grup, Inc. (Mch II, 2008) and 3M Co., (Feb. 27, 2008).

For th reans it is requested th th st fid tht th resluton caot be omtt from the company proxy. It is also recty rees tht the shehlde have the la opportty to submit maeri in surt of includ ths proposa- sice the compay ha the :f opportty.

Sinely,~. ~ ,L J&

co: June Kreutr Cathy Snyder

Thoma Larki ~om.Lakioneyell.cow

IlH 'i.. F. La. Hcill ~p~ .\01 t;1n.R

Mo NJ 01?6.:25~ SilD De 0eCl COl m-4s-52OS~~ m.SS-13Fal

Deeber 18, 2008

V1 EMA AN FEDEX

U.S. Secuties and Exchange Comisson Division of Corporation Finace Ofce of Chef Couni 100 F Str N.E.

was~ D.C. 20S49

sharhoiderposäs~.gov.

Re: Honeywell Inûona mc.; Notice of Intention to Omt Shaeowner Prposal Sub~ by Mmes. June Krutz and Cathy Snyder

Ladies and Getlemen:

on behalf of Honeywell Iìtemonal In., a Delawar corpration (the "CoJIany" or"Hone-xwell''), we ate fiing ths let by email. Put to Rule 148-8(j prulgat under the Secties Bxche Açt of 1934, as amended (the "Exchange Act", we tu a1 filûg si

had coies oftb letter, includg the relate shwner prpøsa (the "Proposa'') su by Mmes. June: Kreut an Cathy Snyder, and represented by Mr. John èhevodè1 (the ~'PtQPonents"), for jnusion in the 2()Q9 aoUà ~ofthe Compay's proxy niten$ fu

shaWitt (the "200. ProxyMateäls").

Th Prosal.an r~laed shaeown corrondce -ate att he as Exòit A. Th Prposa, in peent p.m, rees tht BoneyWëI shawner adopt the followingreution

RESOL VEn, Sh8Iwners ask our boar to tae the stes Ilecar to amend our bylaws and each appropriate governing

docuent to give holder of 100,4 of our outstadig common stock (or the lowes percetage allowed by law above 10%) the power toca $peçal$lwner meegs. Ths incles .tht Slh bylaw and/or chaer text wi .not haYe any exceon or excluson condtion (tQ the fuest extet petted by stte laW) th :aly

omy.t( shwner bu.i not toumaemeI anor the boar

Secties and Exchage Commion, P~e 2

Fot 1ie:reaoD$ se. fort beow, we intand. to .o.iit the Prp.osal frm tle CoiiY's 2009the st oft1e Di\lion o.f Coraon F"ince

(the ~Sti ÇQtmm.l thaÜt-wlhioe remmend any enorcent acton to th Seties and PrxyMateral. We repe ièes that

Exchge Coin$ÎOil (the "Comon'') ìfthe Compayo.míts the Pral. Wear sedig a copy o.fth let by eiail tø the Proponents as formal no.tice o.fthe Co.mpy's intetion to. exclude th Prposal :l its.200 Prxy Mater.

Excluded Putto Rule 14a~8(i)(1 0).'f Prsà May Be

Bl;cægeAètRule 14a-8(î)10)perts the Uo.tlp$ytQ Omit.8 sbaeonørptpø if th Compay "has.aleay subSfalyiilemëntedthe prpoal/' The pur'orthe Rule is "t avoid the possbn.ity'öfstocioi~ having to. çonsidermatter whiçh hae.eayb~ favorably ac upon byin~t" ExehageAc.tRcl_eNo. 3Lli598 (luly7;i976).The Staffhas consistently fouid dia "a detenation that ra Côniy) has substy Iìpltme(te (a) proposa dep upn whether its pareular poljc;es, prace md proceures compa fuvo.rably with the gtdelines of the proposal," Texaco In. (Mar. 28, 1991). Differen between a companY'$ acons æi a shareowner prposa are peritted so long as the

actions satisfàcto.rily ades the unerlying conces of thepro.Po.sa. See e.g.. Human Inc. (Feb. 27t 2001); Mas Coi;. (Mar. 29, 1999). copay's

l'eStahas aded to th principle in the area o.f proposals seekig to. imlement a Grup. Inc. (Mar. i 1,rightofsh~wnerto. call spial meengs. For example, in Border

20OSh: the prposa submitted by Mr Will Steiner souglt "no. restrcton on the sbaehoder ng1tto ea ~ speçalm~J1 compared to the stdad allowed by applicale law." 't Sta

cOncued tbt the prposal wa excludable in light oftheco:ipany's ealier adoptio.no.f a bylaw

~tt lJolde of at lea :25% ófits common .stck to..cl 8 spal iieëng, which bylawwa consstt With.. and a4te af 8Sìm~ Prto.sa! subnûtted the pt'VÓ\l yeby Mr. Stener and :suport bya majOrty of Vo.tes ca atthe anua meeng. Consstent with the

the prponent'sStas lo.ngsng aplicao.n ofR,e 14a-8(i)(1O), the essental objecve of

meagfprposal was satisfied: th shaeown~()fthecojIpany wer provide with a

o.pportty to. ca a special mooti

rest in 3M Co, (Feb. 27,20(8), whe the pI'po stted:Thø Sta rehlK the sae

REOLVE, Sharholder aS. Ol bo töamen ou bylaws and any otheiappratê goverg docuents to give holdm¡ ora reanae ~e of o~ oUtdìn common stock the power to cal a specalsleho1der meeg" in complice with applicale law. Ths pro.posa favors i 0% of o.ur outtag common stock to cal a spialshaeho.lder meeg. (Emphais added)

In .rpotl to. the proposa, the company deterined to. approve, prior to the sharwner' meetIg; a bylaw amdment peg shareowners holdig at lea 25% o.f its o.utsdig

meeting. The Sta concur that the propose bylawcommon ~ck to. ca a speal

$ectiesan Exçb~Commi~iù~Pagt3

amendment woul sutially implement the prposa, evèn though theprpotO favorea stficay rt~ownër1ïiptb1d. Seemso Joh&.John (peb. 19,. 2(08).

MOieei ""~"'an ..t.~ . er, havealea, vote to a U \r a . · . sä 'Sbs..ny.. , _~ __y i";wwn . _ y _ pppxpQ _ . au siar to the Pro. In 2(), th.Proponents (whØ werth as now, re., by Mr. Checxden) sub:mtta shetptposaseki tø"give holder oÎtl lea i 0% to 25% of the outsdicommon sto,ck the poer to cal a spal shholde meeti (the "200 Proposal; a~ched hero as Exhbit B)~" The 2006 Proos was include in the Coinpa's

200 proxymaeial aid was aproved by the shareown on Apri23, 2007. The Proponents (a~ reped by Mr. Chvedden) thn sumittl! anoter propø in Novembe 2007 (the "2007 PrtSa1~l e.lìng for an amendmen to the Company'sbyIaws to pet slwnerto

on calig a speøal rneeg. tl cala Specal meeg, sujec to "no retrcton. . ., êOmpaèd to the stda ø1owed by law

2007 Prosa (ated

heoas Exhbit C. tQgetWitb relate shawner corrndence), the Company's boar of

di, afer Iee\ an cpûS~on (lfthe PtQposas prested at the COUy's 2007

At apptxiatelytl S8 tie the Prôponentssubmtted the

anua Øleetûg,. d~the (:mpany would. include in its 200S prxy mateal a p¡.pQsato giveincorpration.

(the UMan~ent Prposal'') to amend the Cnipany's ,Çeñca of

holder orat leat .2S%ofthe Q1gSlofHòneywell CQmmon stock the right to caa. specal meeg. The Compay inonned theP!pQnøts: onDeclx 121 2007 of its intentiøntoSubmt the Ma~eit Prpo tò a sheowner vote at the 2008 anua tteeg: wherupn the Prponents with~w th 2007 Prpnal. The MaeitPrposa was aproved by sharwn () Apri2R. 2008.

The Compay has therfoTe;susttìally implemente.the.Pr sic. the~ti Ptoposaan ~.MaageientProp (an'the 200 Pipos. appvedbyobjecve of the

meagf, opty to c. as1wn) - givi theslwn~ of'the Coi:y a

spal metig - isi4entiea Based on the Sfas positions çì above, and. parC1ady its

position in, BOlder' Grup. Inc.~ which pertted the exclusion of a spec.meetli prøpos.a1 when theprponøi ha prviol1lysUmitted a similar special meeting prposa tht was

acted upon by mànagement the Compay believes thataproved by shateoer and favoraly

the Propo may be omtted frm its 2009 Prxy Maters. To reuie sharwn to vote on Rule 14a-g(i)(1 0), as state above, to avoidthe Proposa would clealy defeat th purse of

vote on mater as to which maageent ha favoraly ac

Seeties and Exchgç CommSson,. Page; 4

.. . .. We wouldappc a reSns fr the Sta on ths no-acton reuest as soon as

praticale so tbl!t~Conpany ca mee itspñnting.an malin scedule fur the 2009 Proxy

Maals. Ifyouha:ve any q)ìon or reUÙ adtional Momion coccg th in, plea call me at 973.455.$208.

~¥,.~.,.,,',d ...YOl, ~,..,.... ,.

. ',' .' ".... . '.' .' .- .,',". ' . , . -,' " .'... . " .. .... ;z... '.:' .... . . . . oma. F. La Vice Prêide~Corae Secrta and P~uty Gétëil Co~

EncloSU

cc: Mr. John Cheven ".FISMA & OMB Memoradum M.Q7.16'"

11/10/2Ø0i:: '(lPSMA a OMB Memorandum M-7-1S- PNæ 01108 '1 .. .. . ..

¡un"'~('.ati Snyde

"'FI5MA & OMB Memorandum M-C7-1S-

Mr.baYi Coe ~ HoiilnenoiqlON) tvOlJ. loaDb t !ÄPPitTl. i .."

iot Coumbia ROad P;;O.Box 40 Morrstwn NJ 07962 PH~ 9734SS-2000 FX 973;4SS~2

R.ule 14a-8 PrposaDe.Mr. Co

."I RUle 14á8 pr;is i'y Slbttt iasi oftU, lo~tepeo~otOQ~. 1.s pr,P.l iSfot)ll~wd ~Øc~. IWet 48ICree: iØ'm~ to hemet ildudin th cøti1lø~p,;OfUitaui stock value unti.,ih d.'wth.~vcshlide mcantb P~Oø nfth.. ,__1 ai ths:ua .,....n. -n.. ..bmttod:g-...wi...tb1b--i..--'Ldlf- .... tied _h.....J'F-"... . ..~. . ;f_8m .. .iViw..... . ii~O ~-S. . _ _~~

is ii. . d . . 10 beU$fordefi~. . ... ....'I~i....::.. Thi. 'tl ... fodol l"....A_, ... ,1n~~ve,PfXY inG~n.. . $ . 1!.. ... "'JM;Y~anor his da to...- .' .. .. ... 'LAL_,I._-i:. . . :d.~~ D..; i A.~6. ~. - ..1 .l_-.th :ir........:..... ..., .. ~_. onin ~. ."',.m~ LQ r.ç ~ ,y'''i-- WI ~__.~sbhQler meii be~ dUrøn a.1b for.ingshldc mengPlea di al fù counéns to Jôhn~den '''FISMA & OMB Memoradum M-c7-1e

'''FISMA & OMB Memorandum M-7-1S-'

to façf1tae prpt coaion and in æder tht it wi be veed th. COlluncaon have&e se

Y ourconsdcQI an the ç,DSiderQuof the Bod QfPirt9i:s Í$ apat ii supprt of the .Jong..teperfce of ouroo. 'Plea a:wlfJ$e rept of th ptpo.t prompty by em.

SInely.-..-.. ., lbJ. i ik ~f/~Jk~~ Vi Jb~F~ Da~.

.. t .(!'· A1xIPøA,- ¡ji lø 1'Cat . ny . ... .

cc: Thoma L$1kins ~.o~oneyii.cOC~c.~ PH: 9'n4S5-$208 FX: 973455-'13

11/18/2008, as:,.FISMA & OMS Memordum M-07-j'" ~AG :e2/BS.

LH01~H K.l4a PJpo, Up~Novc tOt 200&)J-$pl Sløet MeeiæQLVE~.~_øubouto ~ lhc'at~ #CcSS~ to ~OW byla-.aeah apopate. govdoçe¡t togive1i14eii ;o.t iO% of ouö~n¡ CQn stØó (nl'tl lowes pee alO\by la áb nl%) th to ca spslwnpôwem~ Th:i~lutbt$leh by anotcñer _ wiiïot!1ve lI -aOt or t¡c1Q$iQD _d;Ons (to th fb..ut pet:ed.by ~.la) th aply ooy.ioalwn.blnoto ni~~ ~a¡~'tñö bø

Spe1â,meiialiow~.fD vo'O imrttmi .suasct~11 ~tb .. .'fi .be.;"- .: _..,........''_ If.. ~;.,,~. . .~ . ca .-11 ~,.I ~."mzæi.an. ... '.,..Q.&mi,,_-.. 'lWeowrei. ..~.~..n_~ ~~.lW ~ _1l... Û\veI're may suff.. si~ihoU1d havethê,a1i1ty to~eihupeci-i ~wl&liiàtel's ,sucieay.im to met pr__...t~ . .~uOii av ~ ~~~ 9~~.~~~~W .. ~ ~ .~_Fi..dil:ku..", v......... L""Yê..._...r.. . _"'....1.. l:......h'k+:.... :caa ._;..1 m,..... tb 'I

v0di gudeli of ma puüQ CDioy-pebn 1\ all'avo t1s rl ~vc:ii~se~sub8$ Th~COrøe.Libriø ãnd GOv~M4 I~øns tatlalmNtiDi rlts into OØd,ra ~~com.ra M:er,(MR~ ~lde voed 51'.4 ;nfàvot eta prposa fò 10% ot slto baetherigbhbca.,,~~ . Plea e~w:e our bo to ~4. poSiiivdy to tl,Pl.p.:

Spda SbalOer Meeti. Yes.OJi 3

Note ".FISMA & OMS Memorandum M~7-16...lU1e Ktu~ and Cathy Sny~~ spnsrethis prsa.

Thø abve. to:is requøfOr publcaon withut.te..ting~ ~fomiat or eliiniitiQi()f +-.in..ei..d:....'b. .'~Il. ci...-.1...i:.._._."._'... .0.... .......¡;is--...-i IllS'.-A~.. . ,~~iøl~-l~-n i- ~~pn.r~9W..l~ ... .... .respull, r~uë that fh.prsa ~proñ: beòr it-s'puJi-liitl de\I

==:e~,==:i~~~folltlSiølûùi d1~:~~ pi~not .tbtlc tiaofthçprpl is par of th är,gi;tm.m.vot.ofth ¡tpá.. In thil'otclatv a:chø .' d :,-..~: ..i. ~l of..' an ea oth bãtta d ....._-l to. ~.. aV01!óDI~Qn \le ~uC. . 1,111$ ,. . 0 i, IS ~~_..~ .be COstt tho\JQ\ äl thJ)Xy n1~.

The.co is requ tQ assn.a pri- num (repnt by "3D abve) 'l oithe cbrloøça Olin wJèl. prats.ubmitt. ",lhè téqUe desgnöi of-L3~ oy bigbètiiunbe alows for,racaon~tauOn tQbe it 2.

Tbisprposais believed tQ coiióm Wi. SdLeg Bulle No. 14B (CF .Sepembe 15~ 2004 intÌ1dbi:

11/10/2Ba8. B8: 4'F1SMA &.OMB Memorandum M.o7-16'" p~ 93/03

A~., goùi.fø 'W ~1i~:tbit wøQ nøt bò.àpÐ- ibCOéSto _ C:4:i. ~m:. sl ~ anor an cupiùiicQl rWo 1~)(3) inth~follow~:

· th oo ObjCctoDc~.be thamDO.~;· thecøpa øb.eC to.t- ~ th whe DO øuàUy talse or IDIlenibè dlspll or QO~;..~ COliy 9bjecto fa asons be thos iloi ma be in_rp bysbdilde in a ~ th is unvorw bc;mpj it di or ltoffce. and/or .. th~. compa objec tö ~.bc. thø)' .rpret the opon of_ shldtr

prnet Of a rece so bu the steD ,ar not idedfedspeaY 8$ si

~idso: Sun Mi~!r. (July 21, 2005).

Stok wi beheld un. ihaniiee an the ptQo$8 wi be ~.l. th anuamætùg.

Plea acowledge tbspr prempy by c:.

IB/i7/2B.Be 22: 4S'FISMA&OMBMemordum M.Q7-16- Pt: 01/83"

~~ Ca ~ -FISMA & OMB Memorndum M.Q7-1e--

Mr. t).coCb Honell I1iteona (RON) 101 Côli-bi Røc,iP.O. Bo~40go Moistwn Nl019 PH~ 973-455-200 1X: 91345S-400

auc 14a$l'ro1'sa Dea Mr. C$.

ThsRule 14a-8 pr is reecy submtt in surt ofl-lon-tepcoim of our.c:. This pli¡j$- fo th ncx ...n' ii~oide mene. RulE 14:-8 ~en ar indé. to bemct:mçh .thçôntus ownp òfthI-~stQk VG1¡:u. th da Qttho ~eçve $haolde mee ln the pron ottis pt ,at the anuá mec1í' Th $ibm fom with tf shlda-sulicd emha, is inte tq be us fQT deti pm pubUcaton Ths is th prxy for Joh Chcdniiorhidç;gni;to -0(\ût1 be~~1:s Rul~ 14...$ prop fo thc\ ~ s1uboldeniee beore dur1)g an . the forlI shaolder mee. Pl c1 all :f.communcintl$ tolnlm c'heeddim ~'FISMA&OMBMoiorndum M.Q7.16'"

"'FI5MA & OMS Memraum M.0-16'"

to facüit p.øinÇQwùcaoosardin o. that it wi be..VC i1 CQm,nicaon have be sé;

Your co~on an the coi~o.of~Bæ.of~toøis çpiaedinau of tL- l_",_+__ ..Ot'n..mcP of .... . . ."! . ."-L--wlc4' ... t ~~ ~l._ -._1Ai ..~""- r-... '. ou compa)' ~.~ea -"' . - ~ ~~"l'. '" - ya-rpro.y by em.

Siceely,

.,- . -~..., l1..~~ 11'''' êJ , lJ, .Loo"nne . fetJl Dat

" ....l~...... Caty.. nyder~~ iJ. co: th Laki 4'omLi~.~IICorpra s~ PH:. 91.45$-5:208 FX 9734554413

18/17/2888 22~.48ISMA & OMB Memoradum M-07-16"" PAG eves

lHON: Rue 14.8 tr. Oebe 11,208)3 -Spec ShtrM..i.p

iæQLvnD..~~_ew'bo.tolao.th ~ii~to ~ c)Uf~ai ea appri. govem dot to giv~ ho.ldeof 1 O%Qr 0l 0ldb commn st(or th lowe peøente alow by la aoovi: l()Ái) the i1we fO ca spsbøw meeings. Thi itehmes th such byla anor cha text wi11 not have an exepon Ot

fJçlqsion cotio.ns (to. the fulles exent pett~ by ste law) applyi to Sharrs onlyand meaw.léttt aply to lU$âenandfor ih boar

S~a1 mee,iHllow sb't to votenn imrt Dl~ $d as elecing nGW diJ'~;--;~,=;:~~. ab. . asp ii \W ain~issu~y,~ to . .~.(løndeon~

FideütyanVaqguetc::b&vt ,suJPed a sh1d d.ghtiÓ ca a.~, ~. 'l ptX) votùgudtl- (Jtrø P\liçeiploye pension ~ ~so fâvonbis it. Go..~ ra scoesuch as Th Corp Libnan Go\lmat: MécsInteona. tai; m~ ii in ooc:on wh _pi copiy 1'.

Plea eDut our boar to 1'nd pöûvd to dn$ ptosa:SPJiaSluer Meè-

VQon3 ,~

Nots: Jue ~ æi Cay Snydéj $pilmi~'FISMA & OMB Memorandum M-0-16'~th prpösa . Tb.e ab Iòr is rtuc fOrliubIiCaön 'WthuttMti refonit or climon of texinclud ~g andQócJudns te~ \l1es pror a¡en is rca. It is_-..n . ..Á.._..' ..t... ..i.:. ~i .1.~ _.._~ 1.d ....h1. th d.ti.._~~ytc~~'~~.Vl"__~pAvv.n""IQtitupu. ..,m. d.... ve proxy. tQ _su th ih Întgrty of the subii fo is l'liêaii th pi"y.lI.Plea ndvi5e itiiban1yo~ica queson.

.pleenote that th 1i øfth pr is pa or1be li. iidàvoröfih pt.:r th íi of(:lâty.tm to ~çonfon t1 tieof'thand ~ot balot ite ÍI:~_be eo th11'UaIl ~ pr. má$. . Th copmy is reue to. .as~. a prop in (~te by "3". abe) ba on thchroMløgieal trer in whtct I'mìil~.~ Jlihmit.Th re~ de.~~on øri")" or hi~ numbeiiows for racaon of auitor to be ite 2-

This prposal is believed to (:nfnn with StaLe Bulletin No. 14B (CF Sep is~ 204 inludi:ÅC.rdly.,goin fQ~d;.)W ~lieve t11at it woiid not beappiifo ~ to exclud suoIst lan anor an en prl ,in td Otrue 14a-S(i)(3) in tbfollQwi cirçum$tce~

-1le1impany objcd to Di asns.be tJar not suor;

16/17/2888,22.: i(l!FISMA & OMS Memorandm M.o7-16- PAG eia/B.3

· th eoin QbjeoSto'fa ~ 1h" wbenø-Iyra~ø.nrea) mabe di or co~ . . . th cotny objec to fa.8$On&. becaus th asOl.ma be .rnby

Ide ';a. . _. -¿lo.-;. .--~..i,i .to th ..-l.. :~.. ~-.- ~1tofce'.sh . o. . _ ../ _ ~ ~ ag UU&~:".Ul.CW C ~.l.n uu_Ol "'. . ... . .., anoc· th ~ objto~em bethtei-th opof1b~~.or.~sømc.buthe stmCn,ai nøideiei~~yas..

See ilso: Sun MiGrstloc (July 21, 2005).

St. win be hedwtU af th. aiua in an th pr wibc pr li th aDualme. Plai acwlcdgc th prpo promptly by ein.

.ExbitB

Excerøtftiò7 ~x'(Sta~for:2007 AnMenJ.of8~

PI' No.. ~ SHeHDER MEETNG lbis.pro.P ha lln $lbmit bY .,Uri Krelder ll ~ySnrl '~F'SMA & OMB Memorandum M-07-16-'

'~FISMA & OMB Memoradum M-07-16".(th, ow :of mlJ1 share of COIn St).

ÆSVE. sh~dE:ask, ou .bo. øf dJrec 'to amnd our býlto,pef' ,of atle 1 ó% to 25%öf l- oU co st th Pòt to câl a spGi ,shøldèr. nl-tng;

Sfl'nt $hUl hav th ab,w1thìn ree ßit, to cà a Stii'ñgwhe -Ièy thnk '. m-t is S\en import to merit exitus cos1ëraon. Shar-OldF' colrlovØf tlmin is ..--..iho I d rl In' the coót'a "I' àcq. uBl -o rectng..' Wh.etB ulid. 9 ....-.J mp.. ... ..... . tI .. ,. ..,qUJ1ld. l$Q may be. mo-ot by th ne ennua meetiru;i.

~,thlspr as ol,rbQ to amençt dUr byaws to éSDs a p.~ bJwh ~ Qf10"k to .25. of oU oug QØmonstres may dEd tha Spai m~ lM.caed. Tbe cote.klWt of man st. ,(tiiòt Dear. where ~r ÇOy Is 'IiCOnie~l prQde'thPt hofrs òf'nly 10% Qt... macnlJ a sp,m-lng; aben aco~ pilòn In 'to chrt orbyâW$: Acrdgly~ a '10% to .25. (hi-hold $1kØ8 runabl bŠ. bØ.enancioshrø.øl'i1 anti avöiéXlYe. d~raonatQUr cQy.

ProIne lnna invéSrs and orgizen suppor a sh.areòlt ri to cala speal mée1l; Adellt; V8:guar; Amer Cetury and Maschusetf Fínaal Sece an amng th mutå1 '-ri copale surtng a stider riht to call e. spec meeng. Th pro vOting gulde1fnts 'O ma publIc émployee Pøioi' fund. inclUdig the Conec Retent PIa.tle Ae Ýork Cit Empl Reiremet Sy an th Lo' Angees Count Emploee RetreentAsocon.als far preMn this riht 'Govemance rating servce; su as The CoiwrateUbraan Gover Melntematnal, taè speal meeting right Int acnt whn asignincomp ning.

This 1opJ:8. wo es% ~~rt.Qf JPMorganChlS & Co. ("PM) sl1fl.reoi.at th:2 JPanni. JU-i.

--al Stuld.. ""'b9. Y.. ønl$

Exhbit C

11/011268 23: EJASMA & OMS Memorandum M-7-6-

PAG 01

JweKir Cay Snyder

"'FISMA & OMS Memordum M-07-16'"

Mr. David ~Chfl HØi~wel"l.nmatiQDal ~QN) . . JOt CollUbi. aoa. P.O. Bo~ 4000

Moniow NJ 0196 PH: 973,..$5..200

PX: 97~4$$A02 Rule 14a"! Prposa

Dear Mr~ Cote.

Th Rule 14a-R prosa is re~lIy $U~tt hi supp oftb lon~term péonaio! our copa. Th Prpo :i for the ne an sholder mc. Rli~ 148-8

reents ar inténdc tø be .me i~luth cotiu(Gsowip Qfthe re stockvalue untilaft.et the dat ottb.e rcvesbuèholder meeng an 1f ~ma()n oftbIs )'mpal at th annua meeng. This subntt for wlth.tlø shaholdesuplied emhas. is inted :t be used for defnitve prxy pubücaon. Th is th prxy for Job. Ched anor his designee to acon my bebafregng ths Rule 14a..g propo for th foroos sbareholdenneetlng~fordugan af the foitmjii~hoi__ mee.. PIeas dkaU fut oouniCaon to lohn Cheieden at:

'''FISMA & OMS Memorandum M-07-16'''

(hithc Ìl~ofoo, cost saines an împrovigthee1Qien oftl~ rule 14a-8 pr pleQ eomil1~vieii-)

'''FJSMA & OMS Memorandum M-7-16'"

Your C(nsd~ation and th CQderaon of the .BoofDirtØ ¡$apeciat. in supp

the long-temi peomøe of our oompay.Pleas acknowledge rePt oftbs prpromptly byemail. u of

Si~ly. ~.t ~.~~- ~. L ~.' ~! ~.5 ;leal£,une Kreu '.! Dat .

1/- ?f-1J7 Date~~j

cc: Thll Larkins

C0rptä Secet PH:973-4~S-S208 FX: 973.0455-13

11/87/288.7 23: 88ISMA & OMS Memoradum M.o7-1ii PAGfJ2

(RON: Rwe 14...8 Pr~ Novembe 7, 2007)3-Spal Sh.rekl~t Meetb

RESOI.VB~.Speiai Shaldër Meetas ShQIÓø _ ou bQ to .ai.our byläwsandimyòt'~.8øYemg.~m~ th tb is.riQ~~OD.th shaöldetrigb to .cal açeiå inr com,p~ to the 1l alöwed. byla OD calùia $pe¡~medn8.

Spe mmìgs alow mvcòtto VO'æ on bnrtt in su as a taer offer, th ca arse be~l in~ If shlde Clot cal spia meetings maent ma become insuated and inVèor re11may si;er.

Slil& should ñ.ve tlabityto çal a~Ìl inDl when thci t'nta ~i$St '. '1 .~. ,;_..~ èr.c'ir_....'.u 'ifó\i:....I.i-taon Sb8fldèOl~ttMl..",.t...CU&JY: impø)lI4.u, ~ ni.. . ..~ - . ~l- . '. .. . .",...~ ""'0 ~~a1ly impd- ~amao'!luiQn orre~ whe tvet und 4\cly an isues ma kcme .nwt by th ~t-iua.imag. FióUty lld VSQgu.su. shatehòld ~glt 1( Çll a $pialmee.TJi pmvol gudelines of niypUbli~ t-loyee ~ion fucí~ mcludib New York Ci Employ~Ret~t Syst. "$0 fa $.srtpt. (Jv~ rass ~èe, sn as Th ColP_Libni iiÖòv~ Met~ lnon. tae spálmee rights into acUD whe assigning c(Jhipäy ratis,

Eighteen (18) prsa onths wpic avered 56%-suort in 207 - inlud 74%-pø atHonell (RON acin to Riske.cs (formy Insttuoii ShldeSeCl). Our74%-supon at Honeyll was the high vote on this topic in 2007. "aø sbo\îd täaçtionsremnended insbaer pral that .r(!ive a miQtity or-vote C8 t'ór an ag8Ùsl tlacrding to The Council oflniuticmallnvrs. DÌf~ors at fir Energy (FE) revø as many as 39. wiold Vot6sin 2001 afr tb~y igndniajor $hldervot

PleaeIUté out bø to tcnd potively to th propo: Speelal Shareolder Meetigs -

Yes un 3

Note&: June K~ abd Cathy Snyder, '"FISMA & OMS Memoradum M.o7-16-' spr this.propo,

The abQvc fòmat \$ requeföt publiÇaonWithout ie-eti& re-foig OfcliQion of' tex.t, inludil:sbegiin aneöludng tut i.ISS p-:ror agim is ~. It isresptñdly reue th th FOpo be Pl'1W ~fc: it ÍlpUi~li in,tbdø.nitive

the submtt fOm' is reli~ intbpr~øiabptQ,çy 10' ~1ht.th. intgrit of

Plea advi~ if~.is'&1Y tygrhical q~on.

Ple not that th titl.i oftb l)posa is partQftheugt in fàvor ofthe:plopsa. In ~.

intere of clarit an to avod ccntuson tbctitle ottbs an ea ot balot ite is reuested to be costt tbughoi.t âll the proxy maals,

lllii1/~ai 2i:.0lsMA & OMS Memorandum M.;7-16* PAG 63

Th.ecoqi is rêue~ to as a ~nnØbe (.;t¡n~d~by "$" ab~) baønthechrnologloa oreibi which prposa ar sutt. Thereue degnono'"3" or higher .numbe aloWJ for rañcaon ofaudÎl$ to be ite 2-

This pr is beli~ed to coorm with StaLc ßullet No. 14B (CF). Sepbé 15,.

20 inludng: .Aceing. going forwd, webeeve tha jtwoul not. be apate förCCi:paesto exclude sutt ~en lagu aror ;¡$Îre plp.iire1i on nde 14a8.i)3) inth fOJlowing ~r~tace.

'. tb ~ objtets to f- ~oDS be.th arno su.j; th~compaobj~ to ~ '8-onstbt. wbe not maaly felse ofmísleà maybe disped or cotet~ . · thê'eòpay objeets tØ fà-lonsb! thse ason may beinte~ byslarelder in a maer thalis unavorle to the compá. its dirers, or its ofics; anä!or · the company objectS to stateentsbeuse thy reest the opinon of th shholder

pmponet or a refetnce $Oure~ but th statemen are not identified spjfca)y as suh.

See ilSö: Sun Mi~S:ine. (July 2t, 2005).

StÒèk win be bejel until afer'~anua ineetingan th proposa 'Wl be.prn~ at the anuanwna, . 1l1~seacooiedge thispn¡isa i.inpt by eml .iJ ad 'th inóst co.Êerfà tibet ànd enl adre to fu.abrèf (c:. ifnee to tb COtá Sçe'$()m~

ofl

Mardru Lind. M.

Froin:Lán$, Tom Sé: WSdne~ O~ 12, 2O,1t2:1Q PM TO.: Jøn C~ "'FISMA&OMBMBmoranõum M-l7-16'"

SUGe: Reest ForWirai mPrpáIRerding.Spe Sharho Metis linpoC9: HIgl

Atm.,nts: Speial Meengs 2001 (vF)~do; GLOBAl_LAW-#143v1~hevédd$n__Amnded_Cørttê_of.:lncrpratìon_&_Byl.law.OOC .

VIA E:MAIL- PER PROPONENT'S. REUEST. . . Mr. Chevedd$'n:

As you $rëaWN, th Bord of Direetf$ ofHo.neywelllntem'ãtinallnc. (the "Qopan~) has apprOVedamendments to Hôneywl"s certfite of Incorption and By-4 that would gîv holder of 25% or more of HoneyWell's comon stock the rihtto çall specii meetings ofsharswnrs. The Bo has di.rect the Company tQ se approval ãf lheamendment to the Certficae of Incorpraon at the 2008 Annual tieeng. ~ amendment to 'the By-law will become eff.ctve upon approval of theamendmentto the Cerifate oflncororation. A copy of a pres release rearding this acton, together wrth the amended and retated tex of the relevant sectons of the certficate of Incooration and BylaWs. is encosed for your referece.

In liht of tt. BQ8Rfs acQonï we repelly requSS tht yo withdraw the PropOSI entitled "Specil SharehQlder MeetiOgs" submiltd by June KnranCJthy snydr '(for whiçh .Uiy tJve designate

Inclusion inyou as their proxy andor designee to aet on thir behalf regardingthis prcipoi) for

HoneyweU's 208 proxy statèmenl -Thank you for YOlr ooopeÆiíiOi in this mattr. Please do not hesitate to çan me if you have any questions or wish to discss this malterfUrter.

Thomas F. larkIns Vice Preident, Corporte Seçetary and Oeputy:Gem,ra COunsel Honeywe" Intemationallnc. (973) 455-20,8 .(phone)

(973) 455-13 (fa)

1211812008

Honeywell

IVe \'1" S R f'¡ e tì .\ e

Contacts: Med Inesr ReJtlons Robe C. Ferr Mury Grager (973) 455-3388 (973) 455-2222rob.fers(ghone~el1;com mury.graing~rfShonevweU.~ni

HONEL 1'OP:ROPOSE CHTER AMNDME TO GIV SIOWNRS RIGHT TO, CAL SPECl METIG

MOlU TOWNHI. NJ. :Dember 10, 2cxrr -- Honeywell(NSE:BON)tny

anounce that its Bow of Diec vote to submit a proal to shwn to amd the compy's ceca of Incorprâòn to :giveholde of 25 pent or Iîre øf Roneywel.s

common stock the rit tn ca a speial metig of sliwn. Cunntly,noy th CEO Of a

ttoityofthe Boa may ca a spe meeg of $harwner. c'Following a thorough review. the. Boar Qf'Jtors and itsCorpmte Govemce aid

Reooibllty COntte have detrmne tht it is approprie to relÌend ths change to the sliW,e.:' sad Honeywell Chai and CEO Dave Cote.

Ths pfOposal wil be consdere at th 2008 Annual Meeting of Sharolders to be held

28. 208. A full ~scrption of eah of the proosal wi be contaed ìn the company's Apri

proxy sta(it. whch wi be avaible inMarch 2008. The Board. al approved relate

amndments to th By-laws, whiCh wObld bemeëffectiveupoil shawner aproval oftb

prosa to amd theCertça of Incø~tion.

Honeell Iïteonal is a $3 biln diverfied tehnology and mauftug lea. seng custmers worldwid~ with aeropace prts an sece; contrl telmtllogies rOt buiIdi, hom an

intr; :atoti"e prt$; mr~; and spcâlty maris. Bas in MonsTownshp, NJ.. HoneeI's shar -at tred on the N~w Yark, Londo aid Chicao Stok. Exchage. It is one of the

30 st tht ine up th Dow Jones Indnstr'al Avera an Î$ al a eol) oftb Sta &. Por's,sOO Indç. FQ. addlÎ.óiW Ui()on, plea visitww.honeywelLc.om.

Th relea contans ce stments tht iDay be demed "'forwaróokig stemnts" withn th meg of Secon 2l. of th Seöçs Exange Act of 1934. All stme, other th st of bistnca fa thaddr ac~ events or developJits th we. or our inasmet intends, exts, prje believes or anticipat wil or may øc iit the ti,~ forwarloklg stments Such stinnts li ba. up cenasump1Ions and us~ntin by oúringemet in light of thexpantbei peon of hiriirndS CUnt condiòD, êxpe fu deveøpme and other firs they bève to be awaæ. The furw-loølQng ,Š~mè indU: in 'tN$rele ar IiSo subjëtto a Ii of ma nsk an uncties, including bll1iot lb~ to ecQnoimc. competitive, governta, and tebnologicli factrs afg our opttIons, makets. pro11ts $tmce an pns. Siih forwa-looking stients ar not guarte of futu

peoi:nce and acti ~u1ts. deve.lømets ,and business decsions may dier fr. th envisa by suchforwd-looIdng s~ts

###

The Bob8$ approved reslUtoncaling for.

(i) Art EIHtH oftha COrpratio's RestØd CèJ'te of JnèQ)ia to beamend$ an .reste tø redbi lïs ehtire. follows:

"Ext.as oblW reqUire by law and subjeQto .the right of the ñOløf 1l .Pl'errstkwrslll to the prs!Ons òf this Gert.Øof IOQi'Ql,

by (i) the Chie Execespecial menQ of $todoldei\ may be caled only

Ofcer. (ù1 the Bo of Direstrs pursuant to a resóluÎion approVed bya majoñty

of tOe thEm aulho~ number of Direcors of the corporation (as deermined in acrdl\wi the eylaws). or(üi) the the holders of not iøwren ~ues of

thn. tw-fe percent of the outtading shares of the Corprati's coma.nSerear. of th Corpration and oterwise in acrdanstocfilecfwi the

wi tb,aylaws." . and directing that th amendment set forth above be considered at the next anual meeting of shaers; and

Artclø: II () the Coration's By.lawsto be arended and reste to(¡¡lSdon 3 of

rea.d hi it .entiretyas follows

KSECTION 3, SpelaIMelnga. Specal meetgs of Stoctiolders, unles otherwse proviGd by law, may be called at any tie by the Boar.d pursuant to a reolutin. adopted by a rnajotlly of the then authorized numbj¡r of ditØol'(8$ determin in açeanwih Saion 2 of Arcle II of th By-1aw), or by1he ChieExut Ofcer,or by the wrtten request of th holders of not less than

lwnl-fiVe perøentOf thQ øundng .shns of the Görp.oration'a ÇQØ'ØR støci filed Wi the Seretry of the Co~ion. Any such 'ca must $P~1h matter or maters to beac.edupøn atsueh meting, each ofWlichmustbe a propesubje .forStochQlderacion ~tkr applica~lelaW~ liiaddiion, $ocdef$ lidingsufdøm,sbares to calla$pèCl meng øf Stokh1drsmust alSO pro a brief desril)tion of the busines desre to be brought beforeUl&meeng (incudg the çopletê tex Qfany resution and any âmèndent to any Corpr:ati.on dOCument intended to be presnted at th meeting). the resons

for conducting such business at a special meeting of Stockholders, any other information which may be required pursuat to these By-laws or whic may be requin:d to bediose under the Oelaware Genøra Corpraton Law or incuded in a prøx stement fi pursant to the i:les of th seuiñes a.nd Exchange Comisio.. and~ as. to the: Stò.lders calling the: meeting and thb.nefiti ow Qn wh. b$a1 th meeng is beg çalé, (i)Dl~ir OM1 a.nd add.øs, asfhey apear QIth Corprationls.bøk.. (11) the dass.anctnumb$r of

shares 0. the Còtra which aie~ owed bealyorofreeord, an (Ui).i;y materi Interè$ in the ,bUSineS to be brought beore the meetng, ari that :tlè

prosa amendments. fø.tthabove slI.be .ctiveifthe proPosed amenclen to the Certficte or Incorptinsøt ,fortCorpratiri'$ Restaed

above is apprved by the sharWlers and Shall be reflected. in theOorpratron's By-1ws as of such date.

-2..

upo the Wren reqofan peron or peon who havecaec a spel meng,it .shn be th dutOf,theSøcetar Of tb Coration to fi the date of tbe meng Which ,$hll. be helai,such tfeandtime as the Serery may fix. not Jess than 10 nor mor than 60 daY$ afrthe reipt of ther.eqUØ$l (pro~d

that suçhreqas cXlnpllê8With aU ¥pJIç proViSiòñS òf thè$ By-law), ànd tQ gJye due riotthøreoflrlactrd~wi th~ applica P-vî$otthes By.:iaWl.Onlymalters Bs-$re st$d'in tile- noticeot a .Spia mHing Qf stoldrs shD. be brughbeore andaded upon thÆiat.lò . .

and direng that the propo,amI1Øisnt.$8uonhab\ishall be effecve :up approval of theproctamendnntlo the: Co.rratiQn's Resta.ted cee of IrtcOration set foI1 ab by tlé:$hareoWil'ersand shall bel'ed ¡ntheOorpo.ratio.n,'. By..Jaws,as of suçh ,dä

~43

MarCi"I1l, Unda M.

from: larkns; .Tom $ent: Mor:dâV.. Dember 17., 2il072~4$ PM To: -'FISMA & OMS Memorand~m M-07-16~'

S_u~jiBet: Rat SpeŠmirehdder Meetings (HON)

Mr. chevedden

When do you exp.êt t:o make a de-cI.sion on you.r willhigness to wi.thdr.aw this proposal? I f mnotti:yinq to rush YQu,but ¡ neeø to kno~ as the. de:àdl,ine for ttie Company tò file noactian requests wi:th t.heSl!C is- f~$.:tapproachlI:q--------------.""-~---------: Sen.t erom myaiacKBerry Wireless Device

----- Original Mes.sagé--..-Fr.oin.: -FISMA & OMS Memorandum M-07.16'"

To: Lar kinlSl Tom Sent: Wed Dee 1221: 5.6: sa 20Ò7 su.jeet :SpécialSha:reholder Meetings (HON)

Mr. Larkins; TÀank y.oU .for the tøxt wh$.çh in~tially looks encouraging. I am døing some more checking_ John CheV'edden

1

M.... LindaM.

i=~:Sent:To:$QbJlM:

La$, TomTiJday,Deber 18; 2074:58 PMMarrus, UndM.F'w: SPßai ShaderMeeling CHON)

Please print. Thank .

sent from my alackBerry Wirel~ss Device

----- Oriqinal Message -----From.; -FISMA & OMS M~morndum M-07-16-To: Larkins, TomSent: Tue Dee: 18 lh2!ih07 :2001Subject: S~cia.l Sb¡a;¡eno.ider Meet;ing,s ,(ijON)

Mr. 'ihomas Lark.in.sHoneyweii international CHON)

Mr. Larkins, Based ön y.our apil messages reia:ted to anq, il1cl\ldi.ng 'your Decei!!r 12, 2008mess.age wi.th tloo att;ac)uents em ìmlemettaHon of the top:Lc of the Rule Ua-8 stia:ieholderproposal, Special Sharehoider Meetings by June Kreutzer and Cathy Snyder, this is töwithc4aw the 200S rule 14a-8 proposal by J.uné Kreutzer and Cathy Snyder. K~ysegments o£.the December 12, 20.07 attachme:qt:. are ~~low.

Sincerely,Johrì Chevedden

cc~June KreutzerCathy Snyder

------ Forwarded MessageFrom 1 "Larkins, Tam" ~Tom.Larkins~Honeyweii.com~Da'te: 12 Dec2D01To: -FISMA & OMS M~morandum M-07-1&-'

Conversation: - Reqllest For Withdrawal of Proposal Rega.rdii:g Special Shareholder Meetings

HONEYWELL TO PROPOSE CHARTER AMNDMENT TO GIVE SHAEOWNERS RIGHT TO CAL SPECIAL MEETING

MORIS TOWNS-aip, NJl Decemer 1,0, ~Ø07 -- Hi;neywell (NYSE::IlON) today announced that itsBoard of Directors voted to subit a proposal to shareowners to amend the companyisCertificate of rncö~pórat~Qn t9gi~eholders of 2& Pèr~ßnt or more of Honeywell

1 s common

stock the right to call a $.peøiai m~~ting(1f $hareowre;ts. CnrrentlYi .onl:9 th.e CEO or amajority of th~aoard may qall a special meeting of shareowners.

a Following a thorough review, the Boç:rd of Dîrecto.rs .and i,ts CQrporate Gôvernance and

Responsibi.lity Co:mttee' haVe dØ:tepn¡Ì1ied tha.t it is app:r,öpriate to reôOilend this changeto the shareowners, II -said Honeywell ChaiPlan and CEO Pave Cot:e..

---.------------------~----------The Board has approved resolutions. calling fôr~

(i) Article EIGHTH of the Corporatlon1S Restated Certificate o,f Incorporationto be am$;nded and restated to read in its éntirety .asföiióws;

3Except as oth~wise re~ired by laW and s~ject to the rigntsof thenoiders of the~referred Stock pursuarìt to theprQvisions of this Certifieatë of tnèe~øt$~iont specialmeetings of stockhöldera iny b~. calleø only by (1) the Chi'ef ExecutbeQfricer, (ii.) theB.Qa,rd oe Direc.tors pursl,ant to aresQl ution :?lPpro.ved bya majority of the then authorizednumer of Di~eeto~$ Qf t.he ootporatlon (as dê:termned in accordance with the By-laws), o:t

1


I , .

(iii) the written request of the holders of not less than twenty-five percent of the outstanding shares of the Corpor~tion1s common stock, filed with the Secretary of theCorpßra:tion and. otherwise in accordance with the By-laws.z

ancl dire.cting, thRt. the amenQmiant s.etforth move be cons.iderea at thj! ne~t antu~l meeting of shareowners;and

(l.i) S~iøn :3 oifArt:icle :Etof the CÔi:rcitionis By"J;a~s tope. amended and restatea to. r,ead in its entirety as ~-9iiows:

¡i SECTIQN3. . Sp-eia:ll'e~~d.Jj9's. Sp.ecl,al :meetings ofS:tòC:kbolders" unes.s öt~;ti$e provided by law, may pe call:ed at any timé. hy the Boa:rd pursuant tCi a resòlution adopted by a majority 01 the then authorized .humer of directors (~4 aetermineQ in aCc.or4ãnce with Section 2 of Article III of these By-laws), or by the Chief Executive Officer or by the written requt;$t of the holders afnot less than twenty-f,ive percent of the Q)its-t'anding's:hareS' of the Cørporatión1s common stoGk, fil~dwith th~ S~cretai;yof th~ Coi:or:átion.. Any such call mus:t: specify the matter or matters to' be ac:ted \lon atsucl: meeting, each of which must be a proper subject for Stockholder action undèl: applicable law. tn addition,Stockholders ho.ldlnq sufficient Shares to.' call a ~pecial ~èeting ö£ stoc~oiders must also. provide abrie.f description of tbe business desired to. be. brought ~eforè the meeting

(including the c~pl,eté text of any r-esolution and any amendment to. any Co.rporat.ion documnt intended to be presented at the meeting), the reasons far conductin9 such busine$S at a special meeting of Stockholders, arty other infornathm which may be requiredpursuant to. tbes:eBy-laws or which may be re.qtiired to. be disclosed unc:er the Oelawa,:re General Corporation Law or included in a pro~Y statement filed pursuant to the rules of :the Securities and Exchang.e CQ..ssion" and, as to the Stockholders callin'g the meeting and the bene.ficial owners on whosebehal~ thi; meeting is being called, (1) their name and address, as they appear on the Corporation~s books, (Ii) the class and numer of shares of the Corporation which are owned beneficial1y or of record, and (iii) any material interest in the pusinessto be brøught befo.re therieeting, and that the proposed amendment set forthabov~ Shall be ef~eqtive if the proposed amelldment to thè .có.rporat;ion1s Restated Certificate or Incorporation. Sf¡t forth above i.s approved by theshareowners and shall be reflected in the C()rPoration'~s By-laws as tif such 'date.

Upon the wri.tten reqpii.st of any p.erson or persons who haVe called ~ sPeoial ineetinqi i,t shall be the duty .of the Se~crétary pf the Corporati.oh t'o fi~ the date of the meéirq which shall be held ats.ïich date and tiJe as the $ecretary m.ayfix;, not lë:$tbçl;í iOtì(j.rmør~. than 6Ö days after tbe ret:ipt of the request (provÌ-dedtbat $.uch r~qtest complies. with all applicable provisions ot these By-l,ws), and to give due notice thereof in aocordancewith the applicable provisio.ns of these By~iaws. Only matters as are stat~d in the notice

be bi;ou9ht before and a:ëted upon thereat.:iof a special meeting o'.f S.tQ.ekhoid~rs shall

and directing that the proposed amenàmentsat forth above shall be e£fective upon approval of the proposed amendment to the Corprationi~ Restàted .certizisate ox Incø.~oration set forth above by the share owners and shall bereflec;ted in the Corporation~s, By-laws as. Cifsuch date.

i

Honeywell Thomas F. Larkins Honeywell

,---' t.... C~ ; \. j l-':101 Columbia RoadVice President Morrstown, NJ 07962-2245Corporate Secretary and

¡: 'if.Deputy General Counsel 973-455-5208 l0;H LD 1- ¡ ¡ v V

973-455-4413 Fax ~.' '''.;

tomJarkins(ihoneywelLcom 1 ¡'--, I;_~ ; \ i

Januar 23, 200'9'

VIA EMAIL AND FEDEX

U.S. Securities and Exchange Commission Division of Corporation Finance Office of Chief Counsel 100 F Street, N.E. Washington, D.C. 20549

shareholderproposals(isec.gov

Re: Honeywell International Inc.: Supplemental Submission relating to a Shareowner Proposal Submitted by Mmes. June Kreutzer and Cathy Snyder


On behalf of Honeywell International Inc., a Delaware corporation (the "Company" or "Honeywell"), we are filing this letter by email to supplement the no-action request that we submitted on behalf of the Company on December 18, 2008 (our "December 18 Letter") relating to the shareowner proposal and supporting statement (the "Proposal") submitted to the Company by Mmes. June Kreutzer and Cathy Snyder, and represented by Mr. John Chevedden (the "Proponents"). Pursuant to Rule 14a-8G) promulgated under the Securties Exchange Act of 1934, as amended (the "Exchange Act"), we are also filing six hard copies ofthis letter. The purpose ofthis supplemental submission is to respond to the Proponents' letters to the staff of the Division of Corporation Finance (the "Staff') dated December 22,2008 (the "Proponents' First Response") and January 14,2009 (the "Proponents' Second Response" and together with the Proponents' First Response, the "Proponents' Responses"). The Company received the Proponents' First Response on December 22,2008 and the Proponents' Second Response on

which are attached hereto, with related shareowner correspondence, as Exhibit A. We are sending a copy ofthis letter by email and overnght courier to Mr. Chevedden.

Januar 15,2009, both of

Whle we continue to believe that our December 18 Letter provides in and of itself an ample basis for exclusion ofthe Proposal from the Company's 2009 proxy materials, the Proponents' Responses raised two points that we feel merit a response.

First, the Proponents' Second Response erroneously states that the Company "fail(ed) to provide any no action precedents for proposals being judged substantially implemented by no new company action." The Company specifically cited Borders Group. Inc. (Mar. 11, 2008), in

permitted the exclusion of a special meeting proposal when the proponent hadwhich the Staff

Securties and Exchange Commission, Page 2

previously submitted a similar special meeting proposal, the substance of which was approved by shareowners and favorably acted upon by management. As we stated in our December 18 Letter:

(I)n Borders Group. Inc. (Mar. 11, 2008), the proposal submitted by Mr. Wiliam Steiner sought "no restriction on the shareholder right to call a special meeting, compared to the standard allowed by applicable law." The Staff concurred that the proposal was excludable in light of the company's earlier adoption of a bylaw permitting holders of at least 25% of its common stock to call a special meeting, which bylaw was consistent with, and adopted after, a similar proposal submitted the previous year by Mr. Steiner and supported by a majority of votes cast at the anual meeting.

In our December 18 Letter, we set fort facts and circumstances virtally identical to those in Borders Group. In 2006, the Proponents submitted a proposal requesting that holders of at least 10 to 25% ofthe outstanding common stock be permitted to call a special meeting (the "2006 Proposal"). The 2006 Proposal was submitted to shareowners and passed by majority vote at the Company's 2007 anual meeting. The Company subsequently determined to put fort its own proposal with a 25% ownership threshold at the 2008 annual meeting (the "Management Proposal"). In the interim, the Proponents submitted a proposal on this topic with "no (theshold) restrction" (the "2007 Proposal"). Upon being informed ofthe Management Proposal with the 25% ownership threshold, the Proponents agreed to withdraw the 2007 Proposal. The Management Proposal was approved at the Company's 2008 anual meeting, and the Company's governng documents were amended accordingly. Consequently, the essential objective of the 2006 Proposal, the 2007 Proposal and the Management Proposal- providing a meaningful opportty for shareowners to call a special meeting - has been substantially implemented. Indeed, Mr. Chevedden's December 18, 2007 email confirming withdrawal of the 2007 Proposal stated that the withdrawal was "based on implementation (emphasis added) of the topic of the Rule 14a-8 shareholder proposal" as described in the Management Proposal; see Exhibit C to our December 18 Letter. The Proposal is therefore excludable under Borders Group.

The Company also notes the arguent in the Proponents' Responses that "(d)ue to the dispersed ownership of the (C)ompany . . ., the requirement of 25% of shareholders to call a special meeting essentially prevents a special shareholder meeting from being called." Although the Proponents' Responses claim this dispersion argument was not previously introduced in Borders Group or 3M Co. (Feb. 27, 2008), the Proponents themselves could have previously raised this issue, yet failed to do so. Indeed, the dispersion of ownership of Honeywell common stock has remained substantially identical from 2006 when the Proponents submitted the 2006 Proposal with its "10% to 25%" ownership theshold (1,041 institutional investors) though 2008 when the Proponents submitted the Proposal with its 10% ownership threshold (1,098 institutional investors). The Proponents do not explain why, at the time of withdrawal of the 2007 Proposal, they did not view the Company's ownership strctue as an impediment to achieving the essential objective ofthat proposal, but now believe it to be so. Furhermore, the dispersed ownership arguent has less relevance at companies such as Honeywell with a significant concentration of institutional ownership (over 70% in the case of Honeywell, with

Securties and Exchange Commission, Page 3

25% being held by fewer than 10 investors) than at companes with a significant retailshareowner base that could require the coordinated effort of an extremely large number ofindividual investors. Consequently, it is the Company's position that the underlying concerns ofthe Proposal - providing shareowners with a meaningful opportnity to call a special meeting -have been considered and approved by the shareowners and substantially implemented by theCompany.

* * *

For the foregoing reasons, the Company reiterates its request that the Staff confirm it wilnot recommend any enforcement action to the Securties and Exchange Commission if theCompany omits the Proposal. We would appreciate a response from the Staff on this no-actionrequest as soon as practicable so that the Company can meet its printing and mailing schedule forthe 2009 proxy materials. If you have any questions or require additional informationconcernng this matter, please call me at 973.455.5208.~o~~

~LakiSVice President, Corporate Secretary andDeputy General Counsel

Enclosures

cc: Mr. John Chevedden ***FISMA & OMB Memorandum M-07-16***

Exhibit A

A-I

JOHN CHVEDEN

December 22, 2008

. Offce of Chef CounselDivision of Corporaton FinceSecwities and Exchage Commssioni 00 F Street, NEWashion, DC 20549

# 1 Honeywen International (BON). Shareholder Positon on Company No-Action ReuestRule 14a-8 Prposal: Speeia Sharholder MeegsJune KreutzrCathy Snyder

Lades and Gentlemen:

Ths is the :f response to the company Decmber 18,2008 no acon reques regardin ths rue14a-8 proposal with the followi text (emphas added:

Special Sharewner MeetingsRESOLVED, Shareowners ask our board to take the steps necessary to amend ourbylaws and each appropriate governing document to give holders of 10% of ouroutstanding common stock (or the lowest percentage allowed by law above 10%) thepower to call special shareowner meetings. This includes that such byrawand/orcharter text will not have any exception or exclusion conditions (to the fullest extentpermited by state law) that apply only to shareowners but not to management and/orthe board.

Special meetings allow shareowners to vote on important matters, such as electing newdirectors, that can arie between annual meetings. If shareowners cannot call specialmeetings, management may become insulated and investor returns may suffer.Shareowners should have the abilrt to call a special meeting when a matr issufciently important to meri prompt consicleration.

The compay clais tht it ha implemente ths proposa by simply not tang any aconwhoever related to the proposa since ths 2009 rue i 4a-8 prposa wa submtted.

The company in effect clai th 25% of shholders is the sae as i 0% of sheholder in the

. right to cal a special meeti. Due to the disperse ownerhip of the company (plea se theathmen), the requiemnt of 25% of shareholders to call a spia meetg essentialyprevents a special shaholder mee from beg called.

The disprsd ownersp (843 intutions) of the company greatly increas the diculty ofcalling a special meeti espiay when 25% of ths disperse group of shholders arerequired to tae the exta effort to suport the calling of a special meeti. Th company baprovided no evidenc from any expert tht would contradct ths.


For may of these shholders their percentae of the tota ownerp of the company is sml and thir ownrship of the company is also a smal par of their tota portolio. And the company has not provide one exaple of 25% of shareholders of a company, with a disprsd ownership of 843 intuons, ever cal a special meeg.

The dierse ownership iss wa not introduced in Borders Group, Inc. (Mach 11, 2008) and 3M Co., (Feb. 27,2008).

For these reans it is request tht the stfid tht ths resolution caot be omitted from the

company proxy. It is alo respecty requesed tht the shaeholder have the la opprtty to

submit materal in support of includg ths proposa- since the company ha the :fst opportty.

Sincerely,

-L .J ohn Chevedden

~~tI cc: June Kreutzer Caty Snyde

Thoma Larki -:om.Larki~oneywell.conP

JOHN CHEVDEN

Janua 14,2009

Offce of Chief CounlDivision of Corporaon FinceSecurties an Exchage Comssion100 F Stet NEWashigt~ DC 20549

# 2 Honeyell International (BON)Rule 14a-8 Proposal of JUle Kreutzr and Cathy SnyderSpecial Shaeholder Meeti


This respnd fuer to the company December 18, 2008 no action reques regardig ths rue

14a-8 proposal with the followig te (emphasis added):

Special Shareowner MeetingsRESOLVED, Shareowners ask our board to take the steps necessry to amend ourbylaws and each appropriate governing document to give holders of 100" of ouroutstanding common stock (or the lowest percentage allowed by law above 10%) thepower to cali special shareowner meetings. This includes that such bylaw and/orcharter text wil not have any exception or exclusion conditions (to the fullest extentpermitted by state law) that apply only to shareowners but not to management and/orthe board.

Special meetings allow shareowners to vote on importnt matters, such as electing newdirectors, that can arise between annual meetings. If shareowners cannot call specialmeetings, management may become insulated and investor returns may suffer.Shareowners should have the abilit to call a special meeting when a matter issuffciently importnt to merit prompt consideration.

The company clai th it has implemented ths proposa by simly not tag any actionwhatever relat to the proposa si ths 2009 rue i 4a-8 proposa wa submitted Thecompany fais to provide any no action precedents for proposas bein judged substtialy

implemente by no new compay action - esecial in cases where there is a lage gap, forince beten a i 0% reirement an a 25% reuireent - a 150% gap.

Th compan claims tha it is entitled to credit for implementing a rue 14a-8 proposal when thecompan still falls short of jùll implementon and inSIsts on stanng-still as far as moving ancloser to jùll implementation.

The company in efec clai that 25% of shareholde is the sae as i 0% of sheholders in thenght to call a specia meetg. Due to the disper ownershp of the compay (pleas see theatchent), the requiement of 25% of shaeholde to cal a special meetg essntialy

. prevents a spcial shaeholder meetig from being caled.


The dispers ownership (843 intuons) of the company gry increas the diffcuty of

calig a special meeti espcialy when 25% of ths dierse group of shaeholders are requi to tae the ext effort to support the calig of a speial meetig. The compay has

provided no evidence frm any exp that would contradct ths.

For may of these shholders their percentae of the tota ownership of the company is sml and their ownersp of the company is also a sm pa of their tota portolio. And the company has not provided one exple of 25% of shareholder of a company, wi a disperd ownerhip of 843 intutions, ever caing a special meet.

The dispse ownersp issue wa not introduce in Bordes Group, Inc. (Mch 11, 2008) and 3M Co., (Feb. 21, 2008).

For these reaons it is requested tht the st fid th th resolution caot be omitt from the company proxy. It is also resctly requested th the shaeholder have the las opport to

submit mateal in support of includi th proposa - sice the company ha the fi

opportty.

Sincerely,

Co ':~ cc: June Kreutzr Cathy Snyder

Thomas Larki 4om.Larki(goneywell.cow

JOHN cHEVEDDEN

January 23, 2009

Offce of Chief CoUnsel

Division of Corporation FinanceSecurties and Exchange Commssion100 F Street, NEWashington, DC 20549

# 3 Honeywell International (lON)Rule 14a-8 Proposal of June Kreutzer and Cathy SnyderSpecial Shareholder Meetings


This responds fuher to the company December 18, 2008 no action request and Januar 23, 2009supplement regarding this rule 14a-8 proposal with the followig text (emphasis added):

Special Shareowner MeetingsRESOLVED, Shareowners ask our board to take the steps necessarY to amend ourbylaws and each appropriate governing document to give holders of 10% of ouroutstanding common stock (or the lowest percentage allowed by law above 10%) thepower to call special shareowner meetings. This includes that-such bylaw and/or

. charter text Wil not have any exception or exclusion conditions (to the fullest extentpermitted by state law) that apply only to shareowners but not to management and/orthe board.

Special meetings allow shareowners to vote on important matters, such as electing newdirectors, that can arise between annual meetings. If shareowners cannot call specialmeetings, management may become insulated and investor returns may suffer. .Shareowners should have the abilty to call a special meeting when a matter issuffciently important to merit prompt consideration.-.

The company claims that it has implemented this proposal by simply not takg any actionwhatsoever related to the proposal since ths 2009 rule 14a-8 proposal was submitted. Again thecompany fais to provide any no. action precedents for proposals being judged substantiallyimplemented by no new company action- especialy in cases where there is a large gap, forinstance between a 10% requirement and a 25% requirement - a 150% gap. On January 23,

2009 the company failed to note that the proposal in Borders Grouv. Inc. (March 11, 2008) didnot specif 10% or any percent.

The company takes the incongruous position that if a proponent makes a compromise agreementon a corporate governance topic, that the proponent is bound for an indefinite period from anyattempt to improve the corporate governance on that topic. Under the company concept ofcorporate governance the proponent is allowed to make one compromised step forward and thenmust stop indefinitely.


The company claims that it is entitled to credit for implementing a rule 14a-8 proposal when the company stil falls short of full implementation and insists on standing-stil as far as moving any closer to full implementatîon.

The company in effect claims that 25% of shareholders is the same as 10% of shareholders in the right to call a special meetig. Due to the dispersed ownership of the company (please see the attachment), the requiement of 25% of shareholders to call a special meeting essentialy prevents a special shareholder meeting from being called.

The dispersed ownership (843 institutions) of the company greatly increases the difculty of

ca1lng a special meeting especially when 25% of ths dispersed group of shareholders are required to take the exta effort to suppOrt the caling of a special meeting. The company has provided no evidence from any expert that would contradict this.

The company did not dîspute that for many of these shareholders their percentage of the tota ownership of the company is small and their ownership of the company is also a small par of their total portolio. And the company has not provided one example of 25% of shaeholders of a company, with a dispersed ownership of 843 institutions, ever calg a special meetig.

The dispersed ownership issue was not introduced in Borders Group, Inc. (March i i, 2008) and 3M Co., (Feb. 27, 2008). Now the company implies that the dispersed ownership issue should be assumed to have been considered in Borders Group and 3M Co. because "the proponents themselves could have previously raised this issue ... "

The company refers to the institutional holders of the compan, but fails to address whether its institutional holders could be the least lilæly candidates to call for a special meeting - at least to reach a 25% threshold The company fails to cite one example of a company with the same level ..f "institutional" shareholders succeeding in obtaining 25% to call a special meeting.

For these reasons it Ü¡ requested that the staf fid tht this resolution canot be omitted from the

company proxy. It is also respectflly requested that the shareholder have the last opportity to submit material in support of including this proposal- since the company had the :fst opportity .

Sincerely,

~~. cc: June Kreutzer Cathy Snyder

Thomas Larkins 40m.Larkins~Honeywell.com;:

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