Honeywell 2002 Annual Report Download - page 55

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such amounts currently payable to a Participant). The Corporation shall reserve
the right to accept or reject any such request at any time and such election
shall be subject to such restrictions and limitations as the Corporation shall
determine in its sole discretion, provided that any new election shall generally
be required to be made at least twelve (12) months prior to any scheduled
payment date.
Notwithstanding any provision in this Plan to the contrary, if all or a
portion of a Participant's Account is determined to be includible in the
Participant's gross income and subject to income tax at any time prior to the
time such Account would otherwise be paid, the Participant's Account or that
portion of the Participant's Account shall be distributed to the Participant.
For this purpose, an amount is determined to be includible in the Participant's
gross income upon the earliest of: (i) a final determination by the 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.
8. Distribution on Death
If a Participant should die before all amounts credited to the
Participant's Account have been distributed, the balance in the Account shall be
paid as soon as practical thereafter to the beneficiary designated in writing by
the Participant. Payment to a beneficiary pursuant to a designation by a
Participant shall be made in one lump sum to the designated beneficiary as soon
as practicable following the death of the Participant. Such beneficiary
designations shall be effective when received by the Corporation, and shall
remain in effect until rescinded or modified by the Participant by an
appropriate written direction. If no beneficiary is properly designated by the
Participant or if the designated beneficiary shall have predeceased the
Participant, such balance in the Account shall be paid to the estate of the
Participant.
9. Payment in the Event of Hardship
Upon receipt of a request from a Participant, delivered in writing to the
Corporation along with a Certificate of Unavailability of Other Resources form,
the Committee, the Senior Vice President - Human Resources and Communications,
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 Deferral Amount and Interest
Equivalents credited to the Participant's Account, if it finds in its sole
discretion that payment of such amounts in accordance with the Participant's
prior election under paragraph 3 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 paragraph 9 to the extent that such hardship
is or may be relieved (i) through reimbursement or compensation by insurance or
otherwise, (ii) by liquidation of the Participant's assets, to the extent the
liquidation of assets would not itself cause severe financial hardship or (iii)
by cessation of deferrals under this Plan or any tax-qualified savings plan of
the Corporation.