{"id":38912,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-alliedsignal-inc-and-alan-belzer.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-alliedsignal-inc-and-alan-belzer","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-alliedsignal-inc-and-alan-belzer.html","title":{"rendered":"Employment Agreement &#8211; AlliedSignal Inc. and Alan Belzer"},"content":{"rendered":"<pre>\n\n[LOGO]                             AlliedSignal Inc.            201 455 3997\n                                   P.O. Box 2245                201 455 2608 Fax\n                                   Morristown, NJ 07962-2245\n\nDONALD J. REDLINGER\nSenior Vice President\nHuman Resources\n\n\nDecember 21, 1993\n \nMr. Alan Belzer\nAlliedSignal Inc.\n101 Columbia Road\nMorristown, NJ 07962\n \nDear Alan:\n \nThis  letter  will  confirm  our  understanding  regarding  the  extent  of your\nsalary continuation and other benefits to which you are entitled as a result  of\nthe termination of your employment on December 31, 1993.\n \nSALARY CONTINUATION\n \nFor   the   36-month   salary   continuation   period   commencing   with   your\ntermination date on December  31, 1993, your compensation  at an annual rate  of\n$765,000  with benefits as set forth below  and as described in, and subject the\nconditions set  forth  in,  the  AlliedSignal Inc.  Severance  Plan  for  Senior\nExecutives,  will continue to be paid  through December 31, 1996 (the 'Severance\nPeriod'). The Severance  Period includes  a ninety  (90) day  notice period  for\npurposes of certain benefit programs. You will receive payment for earned unused\nvacation.\n \nINCENTIVE COMPENSATION DURING SALARY CONTINUATION\n \nYou  will  be eligible  for  full  bonus  consideration  for 1993. In  addition,\nincentive compensation payments will be made under the Severance Plan for Senior\nExecutives  for  calendar  years  of   1994,  1995  and  1996.  Such   incentive\ncompensation  payments will  be based  on a  target bonus  percentage of  75% in\naccordance with the Plan.\n \nSTANDARD COMPANY PROVIDED BENEFITS\n \nYou  may  elect  to   retain  your  coverage  in   the  Group  Life  and  Health\nInsurance  Programs at  active employee  rates through the  end of  the month in\nwhich salary  continuation  ends;  provided, however,  group  life  and  medical\ninsurance will cease on the date you become eligible for similar coverage from a\nsubsequent employer.\n \nEXECUTIVE LIFE INSURANCE\n \nYour  Executive  Life  coverage  of  $3,060,000  is 100%  vested and will remain\nin force until  you reach  age 65.  At age 65,  ownership of  the company  owned\npolicies  ($3,060,000) will be transferred to you.  The cash value of the policy\nwill be taxable to you  at that time. However, there  will be cash available  to\nborrow to offset a 30% tax liability.\n \n\n \n\nEXECUTIVE STOCK OPTIONS\n \nThe Committee has approved the vesting of  all stock  options effective December\n31, 1993. As a participant in the Corporation's Stock Plan, you  will have until\nthe lapse dates noted below to exercise these options.\n \n\n<font size=\"2\">\n            PREVIOUSLY    COMMITTEE\nDATE OF       VESTED       VESTED      OPTION\n GRANT        SHARES       SHARES      PRICE     LAPSE DATE\n- - - - - --------    ----------    ---------    ------    ----------\n                                     \n02\/04\/87       7,500         --        $46.38    02\/04\/1997\n02\/03\/89      50,000         --        $34.75    02\/03\/1999\n02\/09\/90      56,250        18,750     $35.44    02\/08\/2000\n02\/01\/91       --           37,500     $28.69    01\/31\/2001\n03\/26\/92      32,800        49,200     $54.07    03\/25\/2002\n03\/25\/93       --           83,000     $68.69    03\/24\/2003\n<\/font>\n \nThe  accompanying  performance  units  on  the non-qualified options will  lapse\nwithout value.\n \n     For assistance in exercising your options, please contact Mark Wolitzer  in\nMorristown at (201) 455-5435.\n \nRESTRICTED UNITS\n \nThe Committee approved the lapsing of restrictions on all outstanding restricted\nunits as of December 30, 1993.\n \n\n<font size=\"2\">\nYEAR OF AWARD                       UNVESTED UNITS\n- - - - - --------------                      --------------\n                                 \n     1989                               40,000\n     1990                                1,875\n     1991                                7,000\n     1992                                3,750\n     1993                                2,635\n<\/font>\n \nThe units will be paid in one of two ways:\n \n          [*] 100% stock  upon receipt  of  a check  from  you for  the  minimum\n              Federal and State tax withholding\n \n          [*] 50%  stock, 50%  cash with  minimum withholding  deducted from the\n              cash\n \nRETIREMENT BENEFITS\n \nAt  the  end  of  the  Severance  Period,  you will be  eligible for a  80-point\npension.  You will  be provided  with an estimate  of your  pension benefits and\noptions available to you in accordance with the Plan, under separate cover. Your\nqualified benefits will  be paid in  an annuity form,  while your  non-qualified\nbenefit can be paid in a lump sum, with approval.\n \nALLIEDSIGNAL SAVINGS PLAN\n \nAs  a  participant  in  the AlliedSignal Savings  Plan (ASSP),  you may elect to\ncontinue to participate  in ASSP through  the earlier of  the conclusion of  the\nsalary  continuation  period  or  the  date  on  which  you  become  eligible to\nparticipate in a  similar plan  sponsored by a  subsequent employer.  If you  so\nelect, you will be required to continue to make contributions to ASSP by payroll\ndeduction from any severance payments due you and per ASSP the company will also\ncontinue its contributions. Following the severance period, you will be entitled\nto a distribution from ASSP in the manner described in the Plan.\n \n\n \n\nSUPPLEMENTAL SAVINGS PLAN\n \nParticipation in the Supplemental  Savings Plan  may continue  during the salary\ncontinuation period. Participation as well as withdrawals and distributions will\nbe in accordance with the terms of the Plan.\n \nPERQUISITES\n \nYou will be permitted to purchase  your company  car for 75%  of the fair market\nvalue.  The  amount by which  the fair market  value exceeds the  purchase price\nwill be included as income on your 1993 W-2.\n \nFinancial  and estate  planning assistance will  be paid by  the company on your\nbehalf through calendar year 1994. Tax preparation will be  paid by  the Company\non your behalf for tax years 1993 and 1994.\n \nAll other company-provided perquisites will cease on December 31, 1993.\n \nCONTINGENCIES\n \nIf  you  become  ill  while  on this severance arrangement, you will continue to\nreceive  severance pay. In the event of  your death during the severance period,\nany remaining payments will be made to your designated beneficiary.\n \nCONFIDENTIALITY\n \nYou will continue to be bound by your existing  agreement  with  the Corporation\nregarding  disclosure   of  trade  secrets  or  other  confidential  information\ndivulged  to  or acquired by  you during or  in connection with  your employment\nwith the Corporation.\n \nIn the event of your death  during the severance period,  any remaining payments\nshould be paid to:\n \n                Debra L. Cruz and\n              Frances Belzer Reid -- Daughters\n        Name: __________________________________\n \n        Social Security Number: ________________\n \n        Address: _______________________________\n \n                 _______________________________\n \n                 _______________________________\n \nIf  no  designation  has  been  made,  or if  the  designated beneficiary  shall\npredecease you, any such balance shall be paid to your estate.\n \nGENERAL RELEASE\n \nIn  consideration  of  the  foregoing,  you hereby  release the Corporation from\nany and all claims which you now, or hereafter may have in connection with  your\nemployment  or the termination thereof,  except for such claims  as you may have\nwith respect to the benefits set forth above.\n \n\n \n\nPlease sign and date the original and  the enclosed copy in  the  space provided\nbelow, retain the signed original for your files and return the copy to me.\n \n                                          AlliedSignal Inc.\n \n                                          BY: \/s\/ D.R. REDLINGER\n                                              ------------------\n                                          Agreed: \/s\/ A. BELZER\n                                                 --------------\n                                          Date: 12\/21\/93\n                                                ----------------\n\nI elect\/ [the words  'do not elect'  are crossed out here in the paper format]\nto continue Group Life and Medical Insurance through the Severance Period.\n \n                                                      12\/21\/93\n                                                      --------\n                                                       (Date)\n \nI request that my restricted units be paid in (select one):\n \n                          100% stock\n        -----------------\n               X          50% stock, 50% cash\n        -----------------\n \n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7791],"corporate_contracts_industries":[9473],"corporate_contracts_types":[9539,9544],"class_list":["post-38912","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-honeywell-international-inc","corporate_contracts_industries-aerospace__aircraft","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/38912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=38912"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=38912"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=38912"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=38912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}