Honeywell 2006 Annual Report Download - page 151
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insured) shall retain the difference. If the Annual Payment is less than the Premium and Executive's (or Co-insured's) actual
federal, state and local taxes, Executive (or Co-insured) shall be solely responsible for the difference.
4. Policy Ownership. Executive (or Co-insured following Executive's death) shall be the owner of the Policy and shall be entitled to
exercise all rights of ownership. Honeywell shall have no rights with respect to the Policy.
5. Termination Events.
a. Termination Events. Except as provided in Section 5(b), Honeywell's obligation to pay the Annual Payment shall terminate:
i.Automatically upon the earliest to occur of the following:
(A)the payment of the Annual Payment that is attributable to the 48th policy year of the Policy,
(B)the death of the survivor of Executive and Co-insured,
(C)Executive's Termination for Cause,
(D)upon written action of the Administrator, if Executive's termination of employment from Honeywell and its subsidiaries
and affiliates occurs before he obtains an irrevocable right to the Annual Payment, as described in paragraph (b) below,
(E) the year the Policy is no longer in force because Executive or Co-insured fails to pay the Premium, or voluntarily
terminates, relinquishes, surrenders or cancels the Policy,
(F) the first day Executive provides services above a de minimis level and without Honeywell's consent to an entity deemed a
competitor of Honeywell's at any