Honeywell 2006 Annual Report Download - page 162
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•Accidental Death and Dismemberment insurance is available on a contributory basis and provides a benefit up to a maximum of five (5)
times your base salary.
•Business Travel Accident insurance is provided on a non-contributory basis, and provides a death benefit in the case of a business-related
accident, of up to four (4) times your annual base salary (up to a maximum of $2.4 million).
Executive Perquisites:
•Flexible Perquisite Allowance: You will be eligible for a quarterly payment of $12,500 (an annual benefit of $50,000), which is designed to
pay for, but is not limited to, expenses such as a car and financial and estate planning assistance. Payments are taxable income, and the taxes
are withheld at the time the payment is made. Upon acceptance of this offer, you will receive a pro-rated payment for the third quarter, based
on your hire date.
•Executive Travel - As an officer of the Company, you are eligible to fly first-class.
•Excess Liability Insurance: You will receive Excess Liability Insurance of $10,000,000 per occurrence.
•Executive Severance: The Company will provide 36 months, or such longer period as provided in this letter, of Cash Base Salary, Annual
Incentive Bonus at the target bonus opportunity then in effect, and the Benefits (collectively the "Severance"), in the event of your involuntary
termination for other than Gross Cause or termination by you for Good Reason. Gross Cause and Good Reason shall have the same meaning
as said terms are currently defined in the AlliedSignal Inc. Severance Plan for Senior Executives as amended and restated effective as of May
1, 1999 (the "Severance Plan"). The term Good Reason shall also mean any change in your direct reporting relationship to Larry Bossidy
(currently Chairman of the Board/CEO) or his successor or your removal from the Honeywell Leadership Council for reasons other than
Gross Cause. In addition, you will become fully vested in all of the Plans listed below (other than any qualified pension or savings plan) and
the Company will allow all unvested equity to continue to vest as scheduled and all options provided under the Long Term Incentive Award to
be exercisable in the same manner as if you were still employed.
III. PLAN PARTICIPATION AND BENEFITS GUARANTEE
You will be a participant in the plans described in the following Plan documents (individually a "Plan", collectively the "Plans") and your participation is
subject to the terms and conditions of such Plans: