Honeywell 2006 Annual Report Download - page 153

Download and view the complete annual report

Please find page 153 of the 2006 Honeywell annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 217

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217

d. Disposition of Policy. If this Agreement terminates for any reason, Executive
(or Co-insured following Executive's death) shall be solely responsible for
paying the Premium as long as the Policy remains in force.
6. Change in Control. If there is a Change in Control:
a. The Agreement and Honeywell's (or its successor's) obligation to pay the Annual Payment shall become irrevocable
at the time of the Change in Control; and
b. Honeywell (or its successor) shall immediately fund an irrevocable rabbi trust with an amount sufficient to pay all
necessary projected future Annual Payments.
Notwithstanding the creation and funding of an irrevocable rabbi trust in accordance with the provisions of this Section, Honeywell
or its successor shall continue to be responsible for the Annual Payment if such amounts are not paid by the trust for any reason, or
if the trust's assets become insufficient to pay any required amounts.
7. Governing Laws & Notices.
a. Governing Law. This Agreement shall be governed by and construed in accordance with the substantive law of the
State of New Jersey without giving effect to the choice of law rules of the State of New Jersey.
b. Notices. All notices hereunder shall be in writing and sent by first class mail with postage prepaid. Any notice to
Honeywell shall be addressed to the Senior Vice President, Human Resources and Communications, Honeywell
International Inc., 101 Columbia Road, Morristown, New Jersey 07962. Any notice to Executive shall be addressed
to Executive at the address following such party's signature on this Agreement. Any party may change the address
for such party herein set forth by giving written notice of such change to the other parties pursuant to the Section.