Honeywell 2003 Annual Report Download - page 303

Exhibit 10.13
Honeywell
Memorandum
Date: February 10, 2004
To: J. Kevin Gilligan
From: Thomas W. Weidenkopf
Subject: Employment Separation Agreement and Release
This Employment Separation Agreement and Release ("Agreement and Release")
confirms our mutual understanding regarding your rights and benefits under the
Honeywell International Inc. Severance Plan for Senior Executives ("Senior
Severance Plan") incident to your termination of employment with Honeywell
International Inc., its predecessor companies, affiliates, subsidiaries and
business units, past and present ("Honeywell" or the "Company"). By signing this
Agreement and Release, you hereby acknowledge that these benefits are in full
satisfaction of all rights to termination or severance related benefits for
which you may have been eligible or may claim to be eligible under any agreement
or promise, whether written or oral, express or implied, or any Company
sponsored severance plan (including the Senior Severance Plan) or program.
Date of Termination
You have previously agreed to your separation from service from the Company.
Accordingly, your last day of work ("Last Day of Active Employment") will be
January 9, 2004.
Vacation Pay
Unused 2003 vacation pay shall be paid out as a lump sum as soon as practicable
after your Last Day of Active Employment. You are entitled to six (6) days of
unused prior year vacation pay.
Unused 2004 accrued vacation pay shall be paid out as a lump sum as soon as
practicable after your Last Day of Active Employment. You are entitled to two
and one-half (2.5) days of unused current year accrued vacation pay. Current
year vacation pay ceases to accrue as of your Last Day of Active Employment.
Severance Pay
Provided you sign and return this Agreement and Release in the form provided to
you, you shall receive eighteen (18) months of initial base salary continuation
("Initial Salary Continuation Period") and twelve (12) months of extended base
salary continuation ("Extended Salary Continuation Period") following your Last
Day of Active Employment. Your Initial Salary Continuation Period and Extended
Salary Continuation Period are hereinafter collectively referred to as your
"Salary Continuation Period". Your Salary Continuation Period shall extend from
January 10, 2004 through July 9, 2006. The period commencing on the day
following your