Honeywell 2006 Annual Report Download - page 159
Download and view the complete annual report
Please find page 159 of the 2006 Honeywell annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149 -
150 -
151 -
152 -
153 -
154 -
155 -
156 -
157 -
158 -
159 -
160 -
161 -
162 -
163 -
164 -
165 -
166 -
167 -
168 -
169 -
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
 |
 |
Exhibit 10.23
July 27, 2001
Mr. Larry E. Kittelberger
4 McVickers Lane
Mendam, NJ 07945
Dear Larry:
I am delighted to confirm our offer to you to become the Senior Vice President, Information Technology and Administration. In this position, reporting
directly to me, you will become a member of the Honeywell Leadership Council and will be appointed an Officer of Honeywell, pending the Board of
Directors' approval. Please note that other elements of this offer, such as equity awards, are also subject to approval by our Board of Directors. In this
position, you will participate in, or be eligible for the compensation and benefits outlined below.
I. COMPENSATION
Cash Base Salary: Your annual cash base salary will be $490,000 and will be reviewed periodically on an interval that is approximately 18 months.
Annual Incentive Bonus: Your target bonus opportunity will be 75% of your annual cash base salary earnings during the year. Bonuses are awarded based
on annual individual and business performance against objectives and are typically paid in the first quarter following each performance year. Your 2001 bonus
will be guaranteed at target ($367,500) and is payable in the first quarter of 2002. Any relevant Lucent bonus payment will be offset against such payment.
II. BENEFITS
Long Term Incentive Award: You are eligible for an annual stock option grant, with your actual grant determined by performance and potential. You will
be granted the following on the later of your start date or the next Board meeting:
•250,000 Nonqualified Stock options, vesting 40%, 30%, 30% on January 1, 2002, January 1, 2003 and January 1, 2004, respectively.
•50,000 Restricted Units, vesting 50% respectively on the 1st and then the 2nd anniversary of your hire date.
Contingent on Board of Director approval, the Company will also grant you, on or before April 1, 2002 but no earlier than January 31, 2002 the following:
•100,000 Nonqualified Stock options, vesting 40%, 30%, 30% on January 1, 2003, January 1, 2004 and January 1, 2005, respectively.