Honeywell 2002 Annual Report Download - page 44

Internal Revenue Service addressed to the Participant which is not appealed,
(ii) a final determination by the United States Tax Court or any other federal
court affirming an IRS determination, or (iii) an opinion addressed to the
Corporation by the tax counsel for the Corporation that, by reason of the
Code, Treasury Regulations, published Internal Revenue Service rulings, court
decisions or other substantial precedent, the amount is subject to federal
income tax prior to payment.
7. Distribution on Death
(a) Participant Deferred Contribution Amounts. If a Participant should die
before all Participant Deferred Contribution Amounts credited to the
Participant's Account have been paid in accordance with the election referred to
in Sections 6(a) or 6(b), the balance of the Participant Deferred Contribution
Amounts in such Participant's Account shall be paid in cash as soon as
practicable following the Participant's death to the beneficiary designated in
writing by the Participant and filed with the Plan Administrator; provided,
however, if the Participant has made an election pursuant to Sections 9(a)(i) or
9(a)(ii), such amount shall be paid within the 90-day period following a Change
in Control, as defined in Section 9(c). If (i) no beneficiary designation has
been made, or (ii) the designated beneficiary shall have predeceased the
Participant and no further designation has been made, then such balance shall be
paid to the estate of the Participant. A Participant may change the designated
beneficiary at any time during the Participant's lifetime by filing a subsequent
designation in writing with the Plan Administrator.
(b) Plan Employer Contribution Amounts. If a Participant should die before
all Plan Employer Contribution Amounts credited to the Participant's Account
have been paid in accordance with the election referred to in Sections 6(a) or
6(b), the balance of the Plan Employer Contribution Amounts in such
Participant's Account shall be paid in Common Stock as soon as practicable
following the Participant's death to the beneficiary designated in writing by
the Participant and filed with the Plan Administrator; provided, however, if the
Participant has made an election pursuant to Sections 9(a)(i) or 9(a)(ii), such
amount shall be paid within the 90-day period following a Change in Control, as
defined in Section 9(c). If (i) no such beneficiary designation has been made,
or (ii) the designated beneficiary shall have predeceased the Participant and no
further designation has been made, then such balance shall be paid to the estate
of the Participant. A Participant may change the designated beneficiary at any
time during the Participant's lifetime by filing a subsequent designation in
writing with the Plan Administrator. Any fractional shares of Common Stock shall
be paid in an equivalent cash amount, as determined using the closing price of
Common Stock on the trading date next preceding the distribution date.
8. Payment in the Event of Hardship
Upon receipt of a request from a Participant, delivered in writing to the
Plan Administrator along with a Certificate of Unavailability of Resources form,
the Plan Administrator, or his designee, may cause the Corporation to accelerate
(or require the subsidiary of the Corporation which employs or employed the
Participant to accelerate) payment of all or any part of the amount credited to
the Participant's Account, including accrued amounts, if it finds in its sole
discretion that payment of such amounts in accordance with the Participant's
prior election under Sections 6(a) or 6(b) would result in severe financial
hardship to the Participant, and such hardship is the result of an unforeseeable
emergency caused by circumstances beyond the control of the Participant.
Acceleration of payment may not be made under this Section 8 to the extent
that such hardship is or may be relieved (a) through reimbursement or
compensation by insurance or otherwise, (b) by liquidation of the Participant's
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