Honeywell 2003 Annual Report Download - page 314

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You may access your stock option account via the internet at
www.benefitaccess.com, via the Honeywell intranet, or by contacting the
Honeywell Stock Option Service Center at Salomon Smith Barney at 1-888-723-3391.
Restricted Units
Subject to the Additional Consideration paragraph of the Agreement and Release,
all unvested restricted units will be forfeited. In accordance with the
Additional Consideration paragraph of the Agreement and Release, certain
unvested restricted units shall vest as follows:
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Grant Date Unvested RU's Vesting Schedule
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01/01/2000 12,000 01/28/2005
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07/16/2001 12,500 07/16/2004
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02/07/2002 50,000 02/07/2004
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74,500
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Growth Units
Any Growth Units issued pursuant to the 2003 Stock Incentive Plan of Honeywell
International Inc. and its Affiliates that have not (i) vested, and (ii) been
paid out as of your Last Day of Active Employment, will be forfeited.
Deferred Incentive Compensation and Deferred Salary
Your eligibility to participate in the Deferred Incentive and Deferred Salary
programs will end on your Last Day of Active Employment. Any deferred incentive
compensation and deferred salary account balances, plus interest at the
"applicable interest rate" (determined pursuant to the applicable program and
subject to the Additional Consideration paragraph of the Agreement and Release),
will be paid in accordance with your applicable payment elections.
Deferred Compensation from Honeywell Inc.
Any Honeywell Inc. deferred compensation account balance you have will be paid
per your previous payment elections.
Executive Life Insurance
You will be eligible to continue to participate in this program until the end of
your Salary Continuation Period by making the required annual premium payments.
The Executive Life Insurance Plan provides pre- and post-retirement life
insurance for the beneficiaries or estates of former key executives of Honeywell
Inc. This plan is called a "split dollar" plan because both you and the Company
share premiums, cash value, and death benefits. By collateral assignment, you
assigned to the Company an interest in the policy equal to its portion of the
premiums paid. At "plan maturity," you will reimburse the Company for its