Honeywell 2003 Annual Report Download - page 55

in this Section 21(a), such late payment shall be credited with
interest for the period from the date payment should have been made to
the date actually made at a rate equal to the average quoted rate for
three-month U.S. Treasury Bills for the week preceding the date of
payment, as determined by the New Plan Administrator, plus six
percentage points.
(b) Subsequent Benefit Payments. Notwithstanding the provisions of Section
4, in the event the Internal Revenue Service assesses a Section 4999
tax due which is in excess of the amount determined by the Honeywell
Employer under Section 20(b), a Participant shall be paid within thirty
days following the date the Participant gives notice to the New Plan
Administrator of proof of payment of the Section 4999 tax in a single
payment equal to the amount of the additional benefit determined under
Section 20(b), based upon the amount of the Section 4999 tax paid in
excess of any Section 4999 tax with respect to which any Enhancement
Benefit was previously paid. If any benefit is paid later than the time
provided in this Section 21(b), such late payment shall be credited
with interest for the period from the date payment should have been
made to the date actually made at a rate equal to the average quoted
rate for three-month U.S. Treasury Bills for the week preceding the
date of payment, as determined by the New Plan Administrator, plus six
percentage points.
(c) Forfeiture of Benefits. Notwithstanding the provisions of Section 5, a
Participant receiving benefits or entitled to receive benefits under
the Plan shall cease to receive such benefits under the Plan and the
right to receive any benefits in the future under the Plan shall be
forfeited, in the event the Participant, as determined by the New Plan
Administrator, (i) is convicted of a felony committed against an
Honeywell Employer, its property or business, (ii) commits any fraud or
misappropriates property, proprietary information, intellectual
property or trade secrets of an Honeywell Employer for personal gain or
for the benefit of another party, or (iii) actively recruits and offers
employment to any management employee of an Honeywell Employer.
22. Administration.
(a) New Plan Administrator. On or before a Change in Control, the Company,
its successors, or persons operating under its control or on its behalf
(hereafter the "Corporation") shall appoint a person independent of the
Corporation to be the New Plan Administrator upon the occurrence of a
Change in Control and the Plan Administrator shall immediately provide
to the New Plan Administrator such information with respect to each
Participant in the Plan as shall be necessary to enable the New Plan
Administrator to determine the amount of any benefit which is then or
may thereafter become payable to such Participants.
(b) Authority. Upon the occurrence of a Change in Control, the New Plan
Administrator shall have exclusive authority to make initial
determinations of eligibility for the benefits under the Plan, subject
to the requirements of Section
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