Honeywell 2006 Annual Report Download - page 160

•25,000 Restricted Units, vesting 50% respectively on the 1st and then the 2nd anniversary of the grant date.
In the event of your death or disability, any outstanding Long-Term Incentive Awards will be vested and exercisable in accordance with the terms and
conditions of the 1993 Stock Plan for Employees of Honeywell International Inc. and its Affiliates (the "1993 Stock Plan"). In the event of your involuntary
termination other than for Gross Cause or termination by you for "Good Reason" (as defined below), any outstanding Long-Term Incentive Awards will
continue to vest as originally scheduled and shall be exercisable for their full remaining term.
Pension: You will be provided a pension benefit equal to the benefit defined in the "Honeywell International Inc. Supplemental Executive Retirement Plan
for Executives in Career Band 6 and Above" (the "Band 6 SERP") (which provides total pension benefits equal to those historically offered to similarly
situated Honeywell Corporate staff executives) and such Band 6 SERP benefit shall be determined by (1) combining your prior AlliedSignal service with your
Lucent service and (2) providing you with two years of service credit for each year you perform services for Honeywell subsequent to your reemployment.
Your Band 6 SERP benefit shall be available in an annuity or a single sum (determined in accordance with the assumptions specified in the Band 6 SERP at
the time of your termination or retirement) and shall be reduced by the actuarial value of any qualified pension benefit payable to you under the terms of any
tax-qualified pension plan of the Company which has not already been taken into account in determining the Band 6 SERP benefit.
Savings Plan: Upon reemployment, you are immediately eligible to participate in the Company's Savings Plan at the same Company match level ($0.50 on
the dollar of your savings, up to 8% of your base salary) as when you left the Company in November 1999. The match will increase to one dollar ($1.00) for
each one dollar ($1.00) of employee savings, up to 8% of your base salary after five (5) years of matching participation in the Savings Plan (including your
prior AlliedSignal years of participation).
The Company's contribution shall be fully vested after completion of five (5) years of vesting service with Honeywell, including your prior service with
AlliedSignal. The amount of any Company contribution previously forfeited when you left AlliedSignal shall be restored to your account provided you repay
any prior distribution from the Savings Plan within 60 months of your reemployment.
Supplemental Savings and Retirement Plans: These plans are designed to assist highly paid employees who are limited by tax laws in the amount of
employer contributions or payout to attain levels of participation enjoyed by other Honeywell employees. The current interest rate for amounts contributed
under the plan is 10%. Benefits under any applicable Supplemental Pension Plan will be determined based on applicable base pay and incentive awards;
Company contributions under the Supplemental Savings Plan are based on the amount of base pay deferred by you to the Plan.