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Subscribers | 2004 |
Severance Plan for Senior Executives
Severance Plan for Senior Executives (69K)
Doc #215589: Click preview link for longer preview.
HONEYWELL INTERNATIONAL INC. SEVERANCE PLAN
FOR SENIOR EXECUTIVES
Amended and Restated
Effective as of
December 20, 2001
{PAGE}
PART I
GENERAL PROVISIONS
1. Purpose.
The purpose of the Honeywell International Inc. Severance Plan for Senior
Executives (the "Plan") is to provide severance related benefits to
selected eligible employees of a Honeywell International Employer (as
defined in Part II) who are employed in a position in Career Band 6 or
above and whose employment relationship is involuntarily terminated at the
initiative of the Employer for reasons other than Gross Cause (as defined
below). This Plan is intended to be an unfunded plan for a select group of
management or highly compensated employees for purposes of ERISA (as
defined below).
This Plan is comprised of Part I--general provisions relating to the
operation of the Plan, and Part II--special provisions that become
effective only upon a Change in Control (as defined below). As set forth
herein, this Plan constitutes the amendment and restatement, as of December
20, 2001, of the Severance Plan for Senior Executives established by Allied
Corporation on March 31, 1983 and amended and restated by AlliedSignal Inc.
as of April 25, 1988, January 1, 1990, April 29, 1991, January 1, 1994 and
May 1, 1999.
As used throughout the Plan unless otherwise clearly or necessarily
indicated by context:
(a) "Annual Base Salary" means an amount equal to the product of Base
Salary and twelve.
(b) "Annual Incentive Compensation" means, except as provided in Section
19(b), the product of (i) times (ii) where (i) is the target percentage
that would be utilized in determining the Incentive Award for the
Participant in the calendar year in which Participant's Covered
Termination occurs and (ii) is Annual Base Salary.
(c) "Base Salary" means the monthly base salary payable to a Participant at
the highest rate in effect during any of the thirty-six months
preceding a Covered Termination.
(d) "Board" means the Board of Directors of the Company.
(e) "Career Band" means the salary and position classification system
adopted by the Company for use after January 1, 1994.
(f) "Change in Control" is deemed to occur at the time (i) when any entity,
person or group (other than the Company, any subsidiary or any savings,
pension or other benefit plan for the benefit of employees of the
Company or its subsidiaries) which theretofore beneficially owned less
than 30% of the Common Stock then outstanding acquires shares of Common
Stock in a transaction or series of transactions that results in such
entity, person or group directly or indirectly
-1-
{PAGE}
owning beneficially 30% or more of the outstanding Common Stock, (ii)
of the purchase of shares of Common Stock pursuant to a tender offer or
exchange offer (other than an offer by the Company) for all, or any
part of, the Common Stock, (iii) of a merger in which the Company will
not survive as an independent, publicly owned corporation, (iv) of a
consolidation, or a sale, exchange or other disposition of all or
substantially all of the Company's assets, (v) of a substantial change
in the composition of the Board during any period of two consecutive
years such that individuals who at the beginning of such period were
members of the Board cease for any reason to constitute at least a
majority thereof, unless the election, or the nomination for election
by the shareowners of the Company, of each new director was approved by
a vote of at least two-thirds of the directors then still in office who
were directors at the beginning of the period, or (vi) of any
transaction or other event which the Management Development and
Compensation Committee of the Board, in its discretion, determines to
be a Change in Control for purposes of this Plan.
(g) "Code" means the Internal Revenue Code of 1986, as amended from time to
time.
(h) "Common Stock" means the common stock of the Company or such other
stock into which the common stock may be changed as a result of
split-ups, recapitalizations, reclassifications and any similar
transaction.
(i) "Company" means Honeywell International Inc., a Delaware corporation.
(j) "Covered Termination" means, except as provided in Section 19(c), a
Participant's Discharge. Notwithstanding the preceding sentence, in the
event of a sale or transfer of a facility or line of business that
causes a severance of the employment relationship with the Employer, a
Covered Termination shall be deemed to have occurred only if the
Participant is not offered substantially comparable employment with the
new employer, as determined by the Plan Administrator, in its sole
discretion. In addition, following a Change in Control, a Covered
Termination shall include any geographic relocation of the
Participant's position to a new location which is more than fifty (50)
miles from the location of the Participant's position immediately prior
to a Change in Control.
(k) "Discharge" means an involuntary termination of a Participant's
employment relationship by the Employer for reasons other than death or
Gross Cause.
(l) "Determination Year" means a calendar year within which performance is
measured for purposes of determining the amount of Incentive Awards
payable for that year.
(m) "Effective Date" means March 31, 1983.
215589
|
Honeywell Int'l
As referenced in this Severance Plan for Senior Executives:
honeywell international – TYPE}EX-10
{SEQUENCE}3
{FILENAME}ex10-7.txt
{DESCRIPTION}EXHIBIT 10.7
{TEXT}
{PAGE}
HONEYWELL INTERNATIONAL INC. SEVERANCE PLAN
FOR SENIOR EXECUTIVES
Amended and Restated
Effective as of
December 20, 2001
{
honeywell international – of
December 20, 2001
{PAGE}
PART I
GENERAL PROVISIONS
1. Purpose.
The purpose of the Honeywell International Inc. Severance Plan for Senior
Executives (the "Plan") is to provide severance related benefits to
honeywell international – Executives (the "Plan") is to provide severance related benefits to
selected eligible employees of a Honeywell International Employer (as
defined in Part II) who are employed in a position in Career Band
honeywell international – as a result of
split-ups, recapitalizations, reclassifications and any similar
transaction.
(i) "Company" means Honeywell International Inc., a Delaware corporation.
(j) "Covered Termination" means, except as provided in Section 19(c),
honeywell international – event that (i) a Participant in the Plan is covered by another
severance plan of Honeywell International Inc. or an affiliate which
provides benefits similar to those provided under the Plan, and (
dt 14917
| |
| Preview
Subscribers | 2001 |
Severance Plan For Senior Executives [Amended and Restated 1999]
Severance Plan For Senior Executives [Amended and Restated 1999] (66K)
Doc #215789: Click preview link for longer preview.
ALLIEDSIGNAL INC. SEVERANCE PLAN
FOR SENIOR EXECUTIVES
Amended and Restated
Effective as of
May 1, 1999
{PAGE}
PART I
GENERAL PROVISIONS
1. Purpose.
The purpose of the AlliedSignal Inc. Severance Plan for Senior
Executives (the "Plan") is to provide severance related benefits to
selected eligible employees of an AlliedSignal Employer (as defined in
Part II) who are employed in a position in Career Band 6 or above and
whose employment relationship is involuntarily terminated at the
initiative of the Employer for reasons other than Gross Cause (as
defined below). This Plan is intended to be an unfunded plan for a
select group of management or highly compensated employees for purposes
of ERISA (as defined below).
This Plan is comprised of Part I--general provisions relating to the
operation of the Plan, and Part II--special provisions that become
effective only upon a Change in Control (as defined below). As set
forth herein, this Plan constitutes the amendment and restatement, as
of May 1, 1999, of the Severance Plan for Senior Executives established
by Allied Corporation on March 31, 1983 and amended and restated by
AlliedSignal Inc. as of April 25, 1988, January 1, 1990, April 29,
1991, and January 1, 1994.
As used throughout the Plan unless otherwise clearly or necessarily
indicated by context:
(a) "Annual Base Salary" means an amount equal to the product of Base
Salary and twelve.
(b) "Annual Incentive Compensation" means, except as provided in
Section 18(b), the product of (i) times (ii) where (i) is the
target percentage that would be utilized in determining the
Incentive Award for the Participant in the calendar year in which
Participant's Covered Termination occurs and (ii) is Annual Base
Salary.
(c) "Base Salary" means the monthly base salary payable to a
Participant at the highest rate in effect during any of the
thirty-six months preceding a Covered Termination.
(d) "Board" means the Board of Directors of the Company.
(e) "Career Band" means the salary and position classification system
adopted by the Company for use after January 1, 1994.
(f) "Change in Control" is deemed to occur at the time (i) when any
entity, person or group (other than the Company, any subsidiary
or any savings, pension or other benefit plan for the benefit of
employees of the Company or its subsidiaries) which theretofore
beneficially owned less than 30% of the Common Stock then
outstanding acquires shares of Common Stock in a transaction or
series of transactions that results in such entity, person or
group directly or indirectly
-1-
{PAGE}
owning beneficially 30% or more of the outstanding Common Stock,
(ii) of the purchase of shares of Common Stock pursuant to a
tender offer or exchange offer (other than an offer by the
Company) for all, or any part of, the Common Stock, (iii) of a
merger in which the Company will not survive as an independent,
publicly owned corporation, (iv) of a consolidation, or a sale,
exchange or other disposition of all or substantially all of the
Company's assets, (v) of a substantial change in the composition
of the Board during any period of two consecutive years such that
individuals who at the beginning of such period were members of
the Board cease for any reason to constitute at least a majority
thereof, unless the election, or the nomination for election by
the shareowners of the Company, of each new director was approved
by a vote of at least two-thirds of the directors then still in
office who were directors at the beginning of the period, or (vi)
of any transaction or other event which the Management
Development and Compensation Committee of the Board, in its
discretion, determines to be a change in control for purposes of
this Plan.
(g) "Code" means the Internal Revenue Code of 1986, as amended from
time to time.
(h) "Common Stock" means the common stock of the Company or such
other stock into which the common stock may be changed as a
result of split-ups, recapitalizations, reclassifications and any
similar transaction.
(i) "Company" means AlliedSignal Inc., a Delaware corporation.
(j) "Covered Termination" means, except as provided in Section 18(c),
a Participant's Discharge. Notwithstanding the preceding
sentence, in the event of a sale or transfer of a facility or
line of business that causes a severance of the employment
relationship with the Employer, a Covered Termination shall be
deemed to have occurred only if the Participant is not offered
substantially comparable employment with the new employer, as
determined by the Plan Administrator, in its sole discretion.
(k) "Discharge" means an involuntary termination of a Participant's
employment relationship by the Employer for reasons other than
death or Gross Cause.
(l) "Determination Year" means a calendar year within which
performance is measured for purposes of determining the amount of
Incentive Awards payable for that year.
(m) "Effective Date" means March 31, 1983.
(n) "Employer" means the Company and its participating divisions,
subsidiaries, strategic business units and their respective
successors.
(o) "ERISA" means the Employee Retirement Income Security Act of
1974, as amended from time to time, together with applicable
final regulations thereunder.
215789
| | AlliedSignal Inc.
|
| Preview
Subscribers | 2000 |
Executive Severance Plan
Executive Severance Plan (35K)
Doc #353852: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-10.1
{SEQUENCE}2
{FILENAME}0002.txt
{DESCRIPTION}EXHIBIT 10.1
{TEXT}
{PAGE} 1
Exhibit 10.1
JLG INDUSTRIES, INC.
EXECUTIVE SEVERANCE PLAN
---------------------------------
Effective February 16, 2000
{PAGE} 2
JLG Industries, Inc.
Executive Severance Plan
TABLE OF CONTENTS
Page
Section 1. Establishment and Purpose of the Plan ..................... 1
1.1 Establishment.............................................. 1
1.2 Purpose ................................................... 1
Section 2. Participation by Eligible Executives....................... 1
2.1 Eligible Executives on Effective Date...................... 1
2.2 No Other Participants...................................... 1
2.3 Written Proof of Participation Required.................... 1
Section 3. Severance Benefits......................................... 1
3.1 Basic Benefits............................................. 1
3.2 Additional Benefits........................................ 2
3.3 Dismissal from Employment.................................. 2
3.4 Good Reason in Connection with Change in Control........... 2
Section 4. Nature of Participant's Interest in Plan................... 3
4.1 No Right to Assets......................................... 3
4.2 No Right to Transfer Interest.............................. 3
4.3 No Employment Rights....................................... 3
4.4 Withholding and tax Liabilities............................ 3
Section 5. Administration, Interpretation, and Modification of Plan... 4
5.1 Plan Administrator......................................... 4
5.2 Powers of Committee........................................ 4
5.3 Finality of Committee Determinations....................... 4
5.4 Incapacity................................................. 4
5.5 Amendment, Suspension, and Termination..................... 4
5.6 Power to Delegate Board Authority.......................... 4
5.7 Headings................................................... 4
5.8 Severability............................................... 4
5.9 Governing Law.............................................. 4
5.10 Complete Statement of Plan................................. 4
Section 6. Terms Used in the Plan..................................... 5
6.1 Gender and Number.......................................... 5
6.2 Definitions................................................ 5
{PAGE} 3
JLG INDUSTRIES, INC.
EXECUTIVE SEVERANCE PLAN
Effective February 16, 2000
================================================================================
SECTION 1. ESTABLISHMENT AND PURPOSE OF THE PLAN.
1.1 ESTABLISHMENT. Effective June 1, 1995, the Company established the
Plan for the benefit of the Participants and to replace their severance pay
benefits under the Prior Plan.
1.2 PURPOSE. The Plan is an unfunded plan maintained primarily for the
purpose of providing severance pay benefits to a select group of management and
highly compensated employees.
SECTION 2. PARTICIPATION BY ELIGIBLE EXECUTIVES.
2.1 ELIGIBLE EXECUTIVES ON EFFECTIVE DATE. An employee who has an
agreement in effect on the Effective Date under the Prior Plan will become a
Participant in the Plan beginning on the Effective Date if he agrees in writing
to waive all rights he may have under the Prior Plan.
2.2 ELIGIBLE EXECUTIVES AFTER EFFECTIVE DATE. If an Eligible Executive
was not covered by an agreement under the Prior Plan on the Effective Date, the
Eligible Executive shall not become a Participant in the Plan unless the
Compensation Committee, in its sole discretion, permits him to do so. If the
Compensation Committee does permit him to participate in the Plan, the Eligible
Executive will become a Participant in the Plan on the date specified by the
Compensation Committee in its sole discretion.
2.3 WRITTEN PROOF OF PARTICIPATION REQUIRED. No employee will become a
Participant in the Plan unless he and the Company execute a copy of the Plan
document recognizing his participation in the Plan. The executed copy will
constitute an agreement between the Company and the employee that binds both of
them to the terms of the Plan. Their agreement will be binding on their heirs,
executors, administrators, successors, and assigns, both present and future. The
executed copy must be signed on the Company's behalf by an authorized officer
(other than the employee) and by the employee on his own behalf. In the case of
an employee who becomes a Participant under Section 2.1, the executed copy will
constitute the employee's written agreement to waive all rights he may have the
under the Prior Plan.
SECTION 3. SEVERANCE BENEFITS.
3.1 BASIS BENEFIT.
(a) LUMP-SUM BENEFIT. A Participant who is Dismissed from employment
with the Company is entitled to a Severance Benefit. The Severance Benefit will
be paid to the Participant in an immediate lump sum equal to the Applicable
Percentage of his base salary and cash bonus for the final twelve calendar
months of his employment with the Company, each including (i) amounts that are
contributed, at the election of a Participant, on behalf of the Participant to a
cafeteria plan or a cash or deferred arrangement and not included in the
Participant's gross income for federal income tax purposes by reason of section
125 or 402(e)(3) of the Code and (ii) compensation deferred under the JLG
Industries, Inc. Executive Deferred Compensation Plan (or any successor
thereto). If the Participant is Dismissed in connection with a Change in Control
as provided in Section 3.3 and prior to Participant completing twelve months of
employment, then the lump sum shall be equal to the Applicable Percentage of his
then current annual base salary rate and to the bonus he would have been
entitled to for that
1
{PAGE} 4
applicable fiscal year under the then current management incentive plan assuming
target objectives had been achieved. If the Participant dies after being
Dismissed from employment with the Company but before receiving his Severance
Benefit, the lump sum described in the preceding sentence will be paid to his
Beneficiary. Notwithstanding any other provision of this Section 3.1(a), a
participant will not be entitled to a Severance Benefit if he is entitled to a
retirement benefit under the SERP unless, at the time he is Dismissed from
employment with the Company, a Change in Control has occurred.
(b) APPLICABLE PERCENTAGE. A Participant's Applicable Percentage is the
percentage that is specified by the Compensation Committee with respect to the
Participant for purposes of the Plan and that is reflected in the written
agreement between the Company and the Participant executed in accordance with
Section 2.3.
3.2 ADDITIONAL BENEFIT. A Participant who is Dismissed from employment
with the Company in connection with a Change in Control is entitled to an
additional benefit under this Section 3.2 if the Participant is paid from any
plan, program or arrangement sponsored by the Company, in connection with the
Change in Control, a total amount that is an "excess parachute payment" within
the meaning of section 280G(b) of the Code and a tax is imposed on the
Participant under section 4999 of the Code. The additional benefit will be paid
to the Participant in an immediate lump sum equal to the amount of tax imposed
upon the Participant under section 4999 of the code in respect of the excess
parachute payment (but the additional benefit shall not include any amount in
respect of tax that the Participant will owe solely on account of the additional
benefit paid under this Section 3.2). If the Participant dies after being
353852
|
JLG Industries
As referenced in this Executive Severance Plan:
JLG INDUSTRIES, INC – {DOCUMENT}
{TYPE}EX-10.1
{SEQUENCE}2
{FILENAME}0002.txt
{DESCRIPTION}EXHIBIT 10.1
{TEXT}
{PAGE} 1
Exhibit 10.1
JLG INDUSTRIES, INC .
EXECUTIVE SEVERANCE PLAN
---------------------------------
Effective February 16, 2000
{PAGE} 2
JLG Industries, Inc.
Executive Severance Plan
TABLE OF CONTENTS
Page
Section 1. Establishment and Purpose of the Plan ..................... 1
1.
_____________
JLG Industries, Inc – EX-10.1
{SEQUENCE}2
{FILENAME}0002.txt
{DESCRIPTION}EXHIBIT 10.1
{TEXT}
{PAGE} 1
Exhibit 10.1
JLG INDUSTRIES, INC.
EXECUTIVE SEVERANCE PLAN
---------------------------------
Effective February 16, 2000
{PAGE} 2
JLG Industries, Inc .
Executive Severance Plan
TABLE OF CONTENTS
Page
Section 1. Establishment and Purpose of the Plan ..................... 1
1.1 Establishment.............................................. 1
1.2 Purpose ................................................... 1
Section 2. Participation by Eligible
_____________
JLG INDUSTRIES, INC – Governing Law.............................................. 4
5.10 Complete Statement of Plan................................. 4
Section 6. Terms Used in the Plan..................................... 5
6.1 Gender and Number.......................................... 5
6.2 Definitions................................................ 5
{PAGE} 3
JLG INDUSTRIES, INC .
EXECUTIVE SEVERANCE PLAN
Effective February 16, 2000
================================================================================
SECTION 1. ESTABLISHMENT AND PURPOSE OF THE PLAN.
1.1 ESTABLISHMENT. Effective June 1, 1995, the Company established the
Plan for the
_____________
JLG
Industries, Inc – included in the
Participant's gross income for federal income tax purposes by reason of section
125 or 402(e)(3) of the Code and (ii) compensation deferred under the JLG
Industries, Inc . Executive Deferred Compensation Plan (or any successor
thereto). If the Participant is Dismissed in connection with a Change in Control
as provided in Section 3.3 and prior to
_____________
JLG Industries, Inc – the
following words and phrases have the following meanings, unless the context
clearly indicates that a different meaning is intended:
"ADMINISTRATIVE COMMITTEE" means the Administrative Committee
appointed to administer the JLG Industries, Inc . Employees' Retirement
Savings Plan. However, following a Change in Control, "Administrative
Committee" means the trustee under the grantor trust maintained by the
Company in connection with the Plan.
"APPLICABLE
_____________
dt 1548580
| |
| Preview
Subscribers | 2004 |
Severance Plan for Senior Executives
Severance Plan for Senior Executives (4K)
Doc #961694: Click preview link for longer preview.
SEVERANCE PLAN FOR SENIOR EXECUTIVES
As Amended and Restated as of December 20, 2001
WITNESSETH
WHEREAS, Honeywell International Inc. (the "Corporation") is the sponsor of the
Honeywell International Inc. Severance Plan for Senior Executives, as amended
and restated as of December 20, 2001 (the "Plan"); and
WHEREAS, Section 12 of the Plan reserves to the Corporation the right to amend
the Plan at any time; and
WHEREAS, the Corporation is desirous of amending the Plan in certain
particulars;
NOW, . . .
961694
|
Honeywell Int'l
As referenced in this Severance Plan for Senior Executives:
HONEYWELL INTERNATIONAL INC –
EX-10
4
ex10-7.txt
EXHIBIT 10.7
Exhibit 10.7
AMENDMENT OF THE
HONEYWELL INTERNATIONAL INC .
SEVERANCE PLAN FOR SENIOR EXECUTIVES
As Amended and Restated as of December 20, 2001
WITNESSETH
WHEREAS, Honeywell International Inc. (the "Corporation") is the sponsor of the
Honeywell International Inc.
_____________
Honeywell International Inc – EXHIBIT 10.7
Exhibit 10.7
AMENDMENT OF THE
HONEYWELL INTERNATIONAL INC.
SEVERANCE PLAN FOR SENIOR EXECUTIVES
As Amended and Restated as of December 20, 2001
WITNESSETH
WHEREAS, Honeywell International Inc . (the "Corporation") is the sponsor of the
Honeywell International Inc. Severance Plan for Senior Executives, as amended
and restated as of December 20, 2001 (the "Plan"); and
WHEREAS, Section
_____________
Honeywell International Inc – THE
HONEYWELL INTERNATIONAL INC.
SEVERANCE PLAN FOR SENIOR EXECUTIVES
As Amended and Restated as of December 20, 2001
WITNESSETH
WHEREAS, Honeywell International Inc. (the "Corporation") is the sponsor of the
Honeywell International Inc . Severance Plan for Senior Executives, as amended
and restated as of December 20, 2001 (the "Plan"); and
WHEREAS, Section 12 of the Plan reserves to the Corporation the right
_____________
dt 1559480
| |
| Subscribers | 2007 |
Retention and Severance Plan
Retention and Severance Plan (72K)
Doc #3170918: This document is immediately available for purchase, but does not have a preview available for viewing.
3170918
| | |