Honeywell International Inc. said it would give...
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Honeywell International Inc. said it would give new Chief Executive David Cote $8.3 million in salary and bonus and to compensate him for pay he lost after resigning as CEO of TRW Inc. last month.
Cote will receive a base salary of $1.5 million and a guaranteed bonus of $1.88 million for 2002, Honeywell said in a Securities and Exchange Commission filing.
Honeywell’s contract with Cote comes on the heels of TRW’s decision not to grant him a bonus for 2001 and to terminate his stock options because of the potential effect his resignation will have on the No. 2 maker of air bags.
Morris Township, N.J.-based Honeywell also will pay Cote $2.7 million by the end of this month to replace the performance bonus Cote gave up at TRW. He will receive an additional $2.25 million for 2003 to offset lost compensation.
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