Honeywell 2006 Annual Report Download - page 148

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Exhibit 10.22
DEFERRED COMPENSATION AGREEMENT
This Agreement is made and entered into this 4thday of August 2006, by and between
Honeywell International Inc. ("Honeywell"), and David M. Cote ("Executive").
WHEREAS,Honeywell highly values the efforts of Executive and wishes to assist Executive with his personal life insurance
program,
WHEREAS, Honeywell is obligated to provide Executive with life insurance coverage in the amount of $10,000,000 under the
terms of Executive's Employment Agreement dated February 18, 2002 (the "Employment Agreement"), and
WHEREAS,Honeywell and Executive agree that Honeywell satisfies its obligation to Executive for the life insurance coverage
by providing Executive with an annual amount so that Executive can pay premiums for a personal life insurance policy.
NOW, THEREFORE, the parties named above agree as follows:
1. The Policy. Executive owns a policy of insurance on the joint lives of Executive and his wife, Linda Cote ("Co-insured"), issued by the Pacific
Life Insurance Company (the "Insurer") and designated as Policy Number VF51472790.
2. Definitions. For purposes of this Agreement, the following terms have the meanings set forth below:
a. "Administrator" refers to the Senior Vice President, Human Resources and Communications of Honeywell, or any successor position thereto.
b. "Agreement" means, this Agreement, as maybe amended from time to time in accordance with the terms of this Agreement.
c. "Annual Payment" means, $124,000.