Summary
This 8-K filing from Honeywell International Inc. reports the upcoming retirement of Senior Vice President - Technology & Operations, Larry Kittelberger, effective April 12, 2010. While Mr. Kittelberger's departure is noted, the filing also specifies that his previously granted stock options will vest upon retirement and remain exercisable for their remaining terms. This provides a degree of continuity in compensation for the departing executive, though it is contingent on his adherence to non-competition and non-solicitation agreements.
Key Highlights
- 1Larry Kittelberger, Senior Vice President - Technology & Operations, to retire effective April 12, 2010.
- 2Stock options previously granted to Mr. Kittelberger will vest on his retirement date.
- 3Vested stock options will remain exercisable over their remaining terms.
- 4Mr. Kittelberger is subject to non-competition and non-solicitation covenants.
- 5Breach of covenants will result in forfeiture of outstanding options and repayment of compensatory gains from option exercises after retirement.
- 6A press release announcing the retirement was issued on March 22, 2010, and is attached as an exhibit.
Frequently Asked Questions
Larry Kittelberger, Senior Vice President of Technology & Operations, is retiring from Honeywell.
His retirement is effective on April 12, 2010.
His previously granted stock options will vest on his retirement date and will be exercisable for their remaining terms. However, these are subject to forfeiture and repayment obligations if he breaches his non-competition and non-solicitation covenants.
Yes, Mr. Kittelberger must adhere to non-competition and non-solicitation agreements. Failure to comply with these covenants will lead to the forfeiture of any outstanding options and the obligation to repay any compensatory gains realized from option exercises after his retirement date.