Honeywell 2003 Annual Report Download - page 304

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Last Day of Active Employment and ending on the last day of your Salary
Continuation Period is referred to herein as the "Benefit Period".
During your Salary Continuation Period, you shall be eligible for a short-term
incentive compensation award in accordance with the terms of the Senior
Severance Plan. The amount of such award for each calendar year that contains a
portion of your Salary Continuation Period shall be as follows:
2004 Award (payable in March 2005) = $479,250
2005 Award (payable in March 2006) = $479,250
2006 Award (payable in March 2007) = $248,625
These salary continuation payments are hereinafter collectively referred to as
"Severance Pay".
The Company reserves the right in its sole discretion to continue your Severance
Pay and/or certain benefits while you review this Agreement and Release,
provided that this Severance Pay and benefits continuation shall in no event be
construed as a waiver by the Company of the provision in the Senior Severance
Plan making benefits contingent on execution of a release of claims in favor of
the Company.
Provided that you have signed and returned this Agreement and Release in the
form provided, in the event of your death after your Last Day of Active
Employment, payment of any remaining Severance Pay owing under this Agreement
and Release will be made to your estate.
All vacation and Severance Pay benefits are subject to federal, state and other
applicable taxes and withholdings.
Employee Benefits
A general description of your rights to continued participation in your employee
benefit plans is attached hereto as Exhibit A. Such description is for
information purposes only and is not a part of this Agreement and Release.
Additional Consideration
In addition to the benefits to which you are entitled under the Senior Severance
Plan, you shall be entitled to the following benefit(s) ("Additional Benefits"),
provided you sign and return this Agreement and Release in the form provided to
you:
1. Executive outplacement assistance is available to you for up to twelve
(12) months, ending January 9, 2005. Executive outplacement assistance will
be provided through Lee Hecht Harrison's personalized senior executive
"Signature Service" and shall be coordinated through your Human Resources
office.
2. The provision of Severance Pay during your Extended Salary Continuation
Period.