UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Thomas, Patrick L.
Sundstrand Corporation
4949 Harrison Avenue
P.O. Box 7003
Rockford, IL 61125-7003
U.S.A.
2. Issuer Name and Ticker or Trading Symbol
Sundstrand Corporation
SNS
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
01/31/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Executive Vice President and Chief Operating Officer, Industrial
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |1/1/99|F(1)| |259 |D |$50.5625 |21,806.9375 |D |--- |
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| | | | | | |7,838 |I |Owned by Spouse |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Restricted Stock Unit | | | |V| | |(2) | |Common Stock| | |21,400 |D |--- |
(2) | | | | | | | | | | | | | | |
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Employee Nonqualified | | | |V| | |(3) |(3) |Common Stock| | |106,750 |D |--- |
Stock Option (Right to| | | | | | | | | | | | | | |
Buy)w/Tandem Withhold| | | | | | | | | | | | | | |
ing Right | | | | | | | | | | | | | | |
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Explanation of Responses:
(1)Shares withheld to pay taxes on vesting of restricted stock pursuant to
exercise of tax withholding right under
the Sundstrand Corporation Stock Incentive Plan in transaction exempt under
Rule 16b-3.
(2)A restricted stock unit entitles the holder to receive one share of the
Company's Common Stock when the
restrictions lapse and the unit has become payable. Restrictions lapse on 20%
of the restricted stock units on
each of the fifth through ninth anniversary dates of the original date of
grant. The most recent grant date was
December 8, 1998, with 7,000 restricted stock units granted on that
date.
(3)Previous grants to the Reporting Person of options to buy Common Stock under
the Company's Stock Incentive
Plan in transaction exempt under Rule 16b-3(d). The tax withholding right
permits a participant to elect, subject to
the approval of the Compensation Committee, to satisfy the tax withholding
requirement, in whole or in part, by
having the Company withhold shares equal to the tax. Of the 106,750 options
held by the Reporting Person, 2,250
first became exercisable on each of December 1, 1995, December 1, 1996, and
December 1, 1997, all with an
exercise price of $19.3125 and an expiration date of December 1, 2002; 2,500
options first became exercisable on
each of November 15, 1996, November 15, 1997, and November 15, 1998, and 2,500
options will become
exercisable on November 15, 1999, all with an exercise price of $22.375 and an
expiration date of November 15,
2004; 6,250 options first became exercisable on November 19, 1998, and 6,250
will become exercisable on each
of November 19, 1999, November 19, 2000, and November 19, 2001, all with an
exercise price of $38.9375 and an
expiration date of November 19, 2006; 7,500 options will become exercisable on
each of November 18, 1999,
November 18, 2000, November 18, 2001, and November 18, 2002, all with an
exercise price of $51.3125 and an
expiration date of November 18, 2007; and 8,750 options will become exercisable
on each of December 8, 2000,
December 8, 2001, December 8, 2002, and December 8, 2003, all with an exercise
price of $50.5938 and an
expiration date of December 8, 2008. All of the nonexercisable stock options,
in the event of a "Change of Control"
as defined in the Plan under which they were granted, may become immediately
exercisable unless specifically
prohibited by the terms of applicable
law.
