Honeywell 2003 Annual Report Download - page 49

9. Unfunded Obligation.
All benefits payable under this Plan shall constitute an unfunded
obligation of the Employer. Payments shall be made, as due, from the
general funds of the Employer. This Plan shall constitute solely an
unsecured promise by the Employer to pay severance benefits to
employees to the extent provided herein.
10. Inalienability of Benefits.
No Participant shall have the power to transfer, assign, anticipate,
mortgage or otherwise encumber any rights or any amounts payable under
this Plan; nor shall any such rights or amounts payable under this Plan
be subject to seizure, attachment, execution, garnishment or other
legal or equitable process, or for the payment of any debts, judgments,
alimony, or separate maintenance, or be transferable by operation of
law in the event of bankruptcy, insolvency, or otherwise. In the event
a person who is receiving or is entitled to receive benefits under the
Plan attempts to assign, transfer or dispose of such right, or if an
attempt is made to subject such right to such process, such assignment,
transfer or disposition shall be null and void.
11. Withholding.
The Employer shall have the right to withhold any taxes required to be
withheld with respect to any payments due under this Plan.
12. Amendment or Termination.
Except to the extent otherwise provided in Section 22(i), the Company
reserves the right to amend or terminate the Plan at any time without
prior notice to or the consent of any employee. No amendment or
termination shall adversely affect the rights of any Participant whose
employment terminated prior to such amendment or termination. However,
except as provided in Section 22(i), any Participant whose employment
continues after amendment of the Plan shall be governed by the terms of
the Plan as so amended. Any Participant whose employment continues
after termination of the Plan shall have no right to a benefit under
the Plan.
13. Plan Not a Contract of Employment; Employer's Policies Control.
Nothing contained in this Plan shall give an employee the right to be
retained in the employment of an Employer. This Plan is not a contract
of employment between the Employer and any employee.
Any dispute involving issues of employment other than claims for
benefits under this Plan shall be governed by the appropriate
employment dispute resolution policies and procedures of the Employer.
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