Honeywell 2006 Annual Report Download - page 152
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time within three years following Executive's termination of employment from Honeywell (or any subsidiary or affiliate of
Honeywell). For purposes of this subsection, an entity shall be deemed a competitor if that entity and Honeywell could not have
interlocking directors under 15 U.S.C. ยง19, as the same may be amended from time to time, and
(G) upon the written agreement of Honeywell and Executive (or Co-insured following Executive's death).
b.Irrevocable Obligation. Notwithstanding any other provision of the Agreement:
i. If Executive becomes a Vested Executive, Honeywell's obligation to pay the Annual Payment shall be irrevocable while
Executive is employed by Honeywell and thereafter until the earlier of (a) the 48th policy year of the Policy, or (b) the year the
survivor of Executive and Co-insured dies, unless Executive incurs a Termination for Cause or the provisions of Section 5(a)(i)
(E), 5(a)(i)(F) or 5(a)(i)(G) apply; and
ii. If Executive obtains an irrevocable right pursuant to the provisions of Section 6 hereof (relating to Change in Control),
Honeywell's obligation to pay the Annual Payment shall continue until the earlier of (a) the 48th policy year of the Policy, or
(b) the year the survivor of Executive and Co-insured dies.
c.Allocation of Policy Death Benefit. If the Agreement terminates due to the death of the survivor of Executive and Co-insured, the
entire death benefit under the Policy shall be paid to the beneficiary or beneficiaries of the survivor of Executive or Co- insured.
Honeywell shall not be entitled to receive any death benefits from the Policy.