Honeywell 2003 Annual Report Download - page 44

(b) Benefits Conditioned on Release. Notwithstanding anything in this
Section 3 to the contrary, all benefits under this Plan except benefits
provided pursuant to Part II, shall be provided in consideration for,
and conditioned upon, execution of a release by the Participant of all
current or future claims, known or unknown, arising on or before the
date of the release against the Employer, its subsidiaries, affiliates
and their respective officers, directors and employees in a form and
manner prescribed by the Plan Administrator. Additionally, no severance
benefits shall be payable under this Section 3 unless the Participant
has returned to the Employer all property of the Employer and any
information of a proprietary nature in his or her possession.
(c) Benefit Limitations.
(i) Except as provided in subparagraph (ii) below, any benefit
determined to be payable to a Participant under any other
severance plan sponsored or funded by an Employer shall be
reduced by the amount of any similar benefit payable to the
Participant under this Plan (excluding any benefit payable under
Section 20(a)) regardless of whether the benefit determined under
the Plan is payable at an earlier or a later date than payments
under such other severance plan.
(ii) Any benefit determined to be payable under this Plan (excluding
any benefit payable under Section 20(a)) to a Participant who was
not eligible to participate in this Plan prior to April 25, 1988
will be reduced to the extent of any duplication of benefits
between the Plan and any benefits that may be payable to the
Participant under arrangements existing prior to April 25, 1988.
4. Benefit Payments.
(a) Form and Timing of Payments. Except as provided in Sections 21(a) and
21(b), any Pay Continuation shall be paid in equal monthly installments
during the Severance Period, and any Prorated Annual Incentive
Compensation shall be paid annually as soon after the end of the
Determination Year as is practicable. No Prorated Annual Incentive
Compensation shall be payable for any Determination Year with respect
to which the Pro Rata Factor is less than or equal to zero.
(b) Interim Incentive Compensation Payments. In the event that a
Participant's employment is terminated pursuant to a Covered
Termination within two years following a Change in Control, the
Participant shall be paid an additional amount, with respect to any
notice period provided under applicable law (whether working or
non-working) ("Notice Period"), if any, and any periods of accrued and
unused vacation time (not including any 'grandfathered' transitional
vacation credited to a Participant), but only to the extent paid
periodically ("Vacation Period"), equal to the product of (1) the
amount of annual incentive compensation that such
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