Honeywell 2006 Annual Report Download - page 150
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fewer than five years of Vesting Service or has not been Chief Executive Officer of Honeywell for at least three years,
Executive may be designated as a Vested Executive for the limited purpose of this Agreement. Notwithstanding the foregoing,
Executive shall not be treated as a Vested Executive if Executive is Terminated for Cause.
3. Payment of Annual Payment.
a. Payments Before Executive's Death. Subject to Sections 5(a), 5(b), 9(a) and 9(b), Honeywell shall pay Executive the Annual
Payment no later than January 15th of each calendar year for which the Annual Payment is due; provided, that for 2006,
Honeywell shall pay Executive the Annual Payment no later than August 31, 2006. Honeywell shall tax and report each
Annual Payment as wages and shall withhold all applicable federal, state and local taxes from the Annual Payment. Executive
shall be solely responsible for paying the net proceeds of the Annual Payment to the Insurer.
b. Payments After Executive's Death. Subject to Sections 5(a), 5(b), 9(a) and 9(b), if Executive predeceases Co-insured,
Honeywell shall pay Co-insured the Annual Payment no later than January 15th of each calendar year for which the Annual
Payment is due. Honeywell shall properly report and withhold all applicable federal, state and local taxes from the Annual
Payment. Co-insured shall be solely responsible for paying the net proceeds of the Annual Payment to the Insurer.
c. Additional Payment Provisions. The parties anticipate that the Annual Payment shall be sufficient to allow Executive (or Co-
insured) to pay the Premium and to compensate Executive (or Co-insured) for estimated federal, state and local taxes that he
or she may incur as a result of this Agreement. If the Annual Payment exceeds the Premium and Executive's (or Co-insured's)
actual federal, state and local taxes, Executive (or Co-