Honeywell (HON) on Wednesday announced an agreement with activist investor Elliott Investment Management that will see Honeywell add one of Elliott's partners to its board.

Elliott partner Marc Steinberg will join Honeywell's board at the end of the month for a term through next year's shareholder meeting.

The companies also agreed to a wider deal that includes a non-disparagement clause, Elliott's agreement to vote in favor of Honeywell's board candidates, and against any other outside nominees or shareholder proposals not backed by the company.

Elliott also agreed to a "standstill" clause, stating that it won't acquire shares to move above a 4.9% stake in Honeywell's outstanding shares, look to call a board meeting, or work to remove any other board members, among other provisions.

Deal Follows Elliott Stake in November, Honeywell🌠 Spinoff Plans

澳洲幸运5官方开奖结果体彩网:Last November, Elliott announced that it had built a stake in Honeywell and said it had recommended to Honeywell's board that the conglomerate spin off its aerospace and automation businesses, 澳洲幸运5官方开奖结果体彩网:similar to how General Electric split itself into three standalone companies las🦩t year.

Honeywell 澳洲幸运5官方开奖结果体彩网:said in February that it would go through with the transformation, splitting into three separate public companies by the second half of next year. The Wall Street Journal reported earlier Wednesday morning that Honeywell and Elliott were approaching a deal.

Honeywell shares saw a slight uptick shortly after markets opened Wednesday. They entered the day flat on the year, after recovering from a 15% drop in the days following the Trump administration's 澳洲幸运5官方开奖结果体彩网:April 2 tariff announcement.