Honeywell 2006 Annual Report Download - page 174

other payments due the participant or his spouse. The committee shall deduct from all payments under the plan any taxes required to
be withheld, including, without limitation, any Federal, state and or/local income or employment taxes. In the event that such
deductions and/or withholdings are not sufficient to pay the taxes, the participant (or his spouse) shall promptly remit the deficit to the
company upon its request.
3.4 Interests Not Transferable. Except as to withholding of any tax under the laws of the United States or any state, the interests of
participants and their spouses under the plan are not subject to the claims of their creditors and may not be voluntarily or involuntarily
transferred, assigned, alienated or encumbered. No participant shall have any right to any benefit payments hereunder prior to his
termination of employment with the Pittway Companies.
3.5 Payment with Respect to Incapacitated Participants or Beneficiaries. If any person entitled to benefits under the plan is under a
legal disability or in the committee's opinion is incapacitated in any way so as to be unable to manage his financial affairs, the
committee may direct the payment of such benefit to such person's legal representative or to a relative or friend of such person for
such person's benefit, or the committee may direct the application of such benefits for the benefit of such person in any manner which
the committee may select that is consistent with the plan. Any payments made in accordance with the foregoing provisions of this
section shall be full and complete discharge of any liability for such payments.
3.6 Limitation of Liability. To the extent permitted by law, no person (including the company, any subsidiary of the company, the
Board of Directors of the company (the "Board"), the board of directors of any subsidiary of the company, the committee, any present
or former member of the Board or of the board of directors of any subsidiary of the company or of the committee, and any present or
former officer of the company or of any subsidiary of the company) shall be personally liable for any act done or omitted to be done in
good faith in the administration of the plan.
3.7 Controlling Law. The plan shall be construed in accordance with the provisions of ERISA and other Federal laws, to the extent
such provisions are applicable to the plan. To the extent not inconsistent therewith, the plan shall be construed in accordance with the
laws of the State of Illinois.
3.8 Gender and Number. Where the context admits, words in the masculine gender shall include the feminine and neuter genders the
plural shall include the singular and the singular shall include the plural.
3.9 Action by the Company. Any action required of or permitted by the company under the plan, including action by the company to
amend the plan, shall be by resolution of the Board or by a duly authorized committee of the Board or by a person or persons
authorized by resolution of the Board or such committee. The procedure for amending the plan is that the plan shall be amended by the
company's taking appropriate corporate action to effectuate any amendment considered by it to be advisable to be made. Appropriate
corporate action includes action by resolution of the Board, by a committee authorized by the Board, or by a person or persons
authorized by the Board or such committee, as provided above.
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