Honeywell 2003 Annual Report Download - page 61

AMENDMENT OF THE
HONEYWELL INTERNATIONAL INC.
SEVERANCE PLAN FOR SENIOR EXECUTIVES
As Amended and Restated as of December 20, 2001
WITNESSETH
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WHEREAS, Honeywell International Inc. (the "Corporation") is the sponsor of the
Honeywell International Inc. Severance Plan for Senior Executives, as amended
and restated as of December 20, 2001 (the "Plan"); and
WHEREAS, Section 12 of the Plan reserves to the Corporation the right to amend
the Plan at any time; and
WHEREAS, the Corporation is desirous of amending the Plan in certain
particulars;
NOW, THEREFORE, the Plan is hereby amended, effective January 1, 2003, as
follows:
1. Section 3(c)(i) of the Plan shall be amended to read as follows:
(i) Except as provided in subparagraph (ii) below, any benefit determined
to be payable to a Participant under this Plan (excluding any benefit
payable under Section 19(a)) shall be reduced by the amount of any
severance, redundancy or employment termination benefit payable to the
Participant under (A) any other severance plan sponsored or funded by
an Employer, (B) any agreement, whether oral or written, express or
implied, or (C) any statutory, regulatory, court or other legally
mandated entitlement, regardless of whether the benefit determined
under such other plan, agreement or statutory or court mandated
entitlement is payable at an earlier or a later date than payments
under the Plan.
2. Section 17 of the Plan shall be amended to read as follows:
In the event that a Participant in the Plan becomes entitled to severance,
redundancy or employment termination benefits under another severance plan,
agreement or statutory, regulatory, court or other legally mandated
entitlement, each benefit to which the Participant is entitled shall
contain those rights and features which combine the most favorable rights
and features of such benefit under the Plan and such other plan, agreement
or statutory or court mandated entitlement; provided, however, that in no
event shall there be any duplication of such benefit.