Honeywell 2010 Annual Report Download - page 151
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Please find page 151 of the 2010 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.-
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OTHER EXECUTIVE BENEFITS
You will also be entitled to the following Executive Benefits:
•Vacation: You will be eligible for 4 weeks of vacation.
•Excess Liability Insurance: Honeywell will pay the annual premium for an Excess Liability Insurance policy that provides $10,000,000 of
coverage per occurrence.
•Executive Severance: You shall be covered by the Honeywell International Inc. Severance Plan for Senior Executives (the "Severance Plan"). In
the event of your involuntary termination from the Company, your sole remedy for termination related pay shall be the Severance Plan, and you
hereby acknowledge that you shall have no right to any other termination related pay, whether under this Letter, any other Company plan or
agreement, or any statute or common law. By executing this Letter, you acknowledge the sufficiency of the benefits for termination pay under the
Severance Plan.
STOCK OWNERSHIP GUIDELINES FOR HONEYWELL OFFICERS
As an Officer of the Corporation, you will be required to hold four-times your annual base salary in Honeywell shares in accordance with the Corporation's
Stock Ownership Guidelines. The following table provides an overview of the Stock Ownership Guidelines. A copy of the Stock Ownership Guidelines policy
document will be separately provided to you.
Honeywell Shares
Counted for
Ownership Purposes:
• Unvested restricted stock units (RSUs)
• Deferred restricted stock units
• Shares in tax qualified and non-qualified savings plans
• Private holdings
Ownership Threshold: • 4X base salary
Retention
Requirements:
• Indefinite holding requirement until ownership threshold is met for net gain shares from RSU vesting, payment of deferred
RSUs and all stock option exercises
• One year for net gain shares from RSU vesting and all stock option exercises (Note: payment of deferred RSUs are exempt
from the one year minimum hold requirement)
Time Limit: • No time requirement to meet ownership threshold
• Must meet threshold in order to sell stock
• RSUs granted prior to 2/7/03 are not subject to retention requirements
Age/Service Limit: • Suspended at age 60 with 10 years of service
ACCEPTANCE OF OFFER
As a condition of this employment offer, you are required to execute, in the form attached hereto, Honeywell's "Employee Agreement Relating to Trade
Secrets, Proprietary and Confidential Information" and the related "Employee Non-Competition Agreement."
Honeywell has a long and distinguished history. But, more importantly, we are a company with
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