Honeywell 2006 Annual Report Download - page 161

Salary and Incentive Compensation Deferrals: You may defer up to 50% of your base salary and 100% of your bonus. The interest rate for amounts
deferred in 2001 is 11%, if you remain with Honeywell for 3 years from the beginning of your deferral, or 8% if your employment terminates sooner. The
interest rate for 2002 will be 10%. In the event that the Company adopts a rabbi trust with respect to any deferred compensation program of the Company, you
shall be covered by such trust to the same extent as similarly situated executive employees. Once you've accepted the position, Terri Acquaviva will forward a
detailed enrollment package to you.
Medical and Dental Plans: Medical and Dental Plans provide competitive and comprehensive coverage on a subsidized basis. Coverage begins for you, your
spouse and dependents on the first day of employment. The Company's health plans cover pre-existing conditions if you enroll within 31 days of first
becoming eligible for the plans. We agree to combine your prior AlliedSignal service with your Lucent service and give you two years of service credit for
years worked with Honeywell subsequent to your reemployment. If you are eligible to participate in the retiree medical plan upon your termination of
employment with the Company, the Company shall make an annual cash payment to you equal to difference between the annual premium cost you are
required to pay under the terms of the retiree medical plan and the annual premium cost you would have been required to pay if your service taken into
account for purposes of calculating your Band 6 SERP benefit were recognized under the retiree medical plan.
In any event, coverage shall continue for you, your spouse and/or eligible dependents for your and their lifetime upon your death, disability, involuntary
termination for other than Gross Cause or termination by you for Good Reason on terms equivalent to the Company's Retiree Medical Plan for similarly
situated executives.
Short Term Disability (STD): A benefit of up to 6 months cash base salary will be provided.
Long Term Disability (LTD): The plan provides 60% of your base salary and incentive compensation target up to a maximum of $30,000 per month. This
plan is contributory.
Vacation: You will be eligible for four (4) weeks' vacation.
Life Insurance:
•Group Life will be provided on a non-contributory basis in an amount equal to one and one-half times your base salary. Additionally, Group
Universal Life is available; equal to five (5) times base salary and is contributory on an attractive group basis. Group Universal Life amounts
over $250,000 are subject to evidence of good health.
•Executive Life Insurance provides for a pre-retirement death benefit generally equal to four (4) times base salary. In the event of your
disability and provided you have enrolled in the basic LTD Plan described above, you are entitled to a long-term disability benefit equal to
100% of base pay for the first five (5) years of disability (reduced by your basic LTD Plan benefit) and 50% of base pay for the next five (5)
years of disability (reduced by your basic LTD Plan benefit).