Honeywell 2003 Annual Report Download - page 41

individual severance agreement between such individual and
Honeywell Inc., such individual shall not become a Participant
in this Plan until the earlier of the date (A) such individual
waives his or her rights to benefits under such other severance
plan or arrangement, or (B) such other plan or individual
severance agreement lapses or is otherwise terminated.
(t) "Pay Continuation" means the component of the severance benefit
described in Section 3(a)(i):
(u) "Plan Administrator" means the person defined in Section 7 and Section
22(a).
(v) "Pro Rata Factor" means (I) for the Determination Year in which a
Covered Termination occurs, a fraction the numerator of which is equal
to the number of calendar months which have elapsed from the first day
of the calendar month following the Covered Termination through
December 31st of the Determination Year, and the denominator of which
is twelve, and (ii) for any subsequent Determination Year shall mean a
fraction, the numerator of which is equal to the Severance Pay Factor,
reduced by the number of calendar months which have elapsed from the
first day of the calendar month following the Covered Termination
through December 31st of the year preceding the Determination Year, and
the denominator of which is twelve; provided, however, that the Pro
Rata Factor shall never be greater than 1.0.
(w) "Prorated Annual Incentive Compensation" means the component of the
severance benefit described in Section 3(a)(ii).
(x) "Salary Grade" means the salary and position classification used by the
Company prior to January 1, 1994, or any comparable salary and position
classification used by any other Employer.
(y) "Severance Pay Factor" means, with respect to any Participant, the
relevant factor specified in Section 3(a)(i)(A).
(z) "Severance Period" means the period, commencing on the first day of the
first month following a Covered Termination, which is comprised of the
number of consecutive months equal to the lesser of (i) the Severance
Pay Factor, or (ii) the number of months occurring before the first day
of the month following the Participant's attainment of age 65 or, if
later, eligibility to receive an unreduced retirement benefit under a
qualified defined benefit pension plan maintained by an Employer. In
the event of a Change in Control, the Severance Period will commence
immediately following the expiration of the Notice Period (if any) and
Vacation Period payments referenced in Section 4(b) hereof.
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