Honeywell 2002 Annual Report Download - page 185

HONEYWELL INTERNATIONAL INC.
SEVERANCE PLAN FOR CORPORATE STAFF EMPLOYEES
(Involuntary Termination Following a Change in Control)
ARTICLE I
PURPOSE
1.1 The purpose of this Plan is to provide severance benefits to Plan
Participants in the event of the Involuntary Termination of their employment
following a Change in Control. This Plan constitutes the amendment and
restatement, as of December 20, 2001, of the Severance Plan for Corporate Staff
Employees (Involuntary Termination following a Change in Control) established by
Honeywell International Inc. (formerly AlliedSignal Inc.) as of February 6,
1988, and amended and restated effective October 21, 1988, April 1, 1999 and
October 24, 2000.
ARTICLE II
DEFINITIONS
2.1 Affiliated Company - means (a) any member of a controlled group of
corporations as defined in Section 414(b) of the Code of which Honeywell
International Inc. or a predecessor of Honeywell International Inc. is or was a
member, (b) any unincorporated trade or business which is under common control
with Honeywell International Inc. as determined under Section 414(c) of the
Code, or (c) any organization, employment with which is counted as employment
with Honeywell International Inc. or a predecessor of Honeywell International
Inc. under the provisions of Section 414(m), (n), or (o) of the Code.
2.2 Honeywell International Inc. - means Honeywell International Inc., a
Delaware corporation, and its subsidiaries, and any successors thereto.
2.3 Annual Incentive Compensation - means the product of (a) times (b) where (a)
is a Participant's target award level under the AlliedSignal Inc. Incentive
Compensation Plan for Executive Employees, or any successor plan, for the most
recent incentive period ended prior to the Change in Control, and (b) is Base
Salary. Long-term performance incentive awards shall not be considered in
determining Annual Incentive Compensation.
2.4 Base Salary - means the annual base salary, exclusive of bonus, incentive or
other extra compensation, but inclusive of overtime (in the case of non-exempt
Participants), being paid to a Participant at the time of Involuntary
Termination of employment, but in no event less than the annual base
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