Honeywell 2008 Annual Report Download - page 173

only participate in the Plan for a Plan Year if such employee is eligible to participate in any of the qualified savings plans (as
determined under Section 401(a) of the Code) maintained by the Corporation or its subsidiaries, other than a plan as may be
designated by the Corporation from time to time (the "Qualified Savings Plans"), and has made an irrevocable election prior to the
beginning of the applicable Plan Year to defer Base Annual Salary to the applicable Qualified Savings Plan. For purposes of this Plan,
the "Plan Year" shall mean the calendar year.
3. Definitions. Capitalized terms not otherwise defined in the Plan have the respective meanings set forth in the applicable Qualified
Savings Plans.
4. Participation.
(a) Time and Form of Election.
(i) Each Eligible Employee who wishes to participate in the Plan for a particular Plan Year (a "Participant"), must file a timely
written or electronic deferral election (the "Election Form") with the Plan Administrator during the applicable Open Enrollment
Period. Such Eligible Employee shall designate in the Election Form that a portion (determined in accordance with Subparagraph 5(a))
of the Eligible Employee's base annual salary, exclusive of shift differentials, overtime or other premium pay, bonus, incentive or
other extra compensation, but inclusive of salary deferred for the Plan Year under this Plan ("Base Annual Salary"), which would have
been payable to such Eligible Employee during such Plan Year, in lieu of such payment, be credited to a deferred compensation
account maintained under the Plan as an unfunded book entry account stated as a cash balance (the "Account"). On a Participant's
Election Form, the Participant shall also indicate the form of payment for all deferrals credited to the Participant's Account, as
described in Paragraph 7 below, and the Change in Control election is made, as described in Paragraph 10 below.
(b) Change of Amount Deferred. A Participant may not modify his deferral election for a particular Plan Year at any time during
that Plan Year.
5. Contributions to Participants' Accounts.
(a) Participant Deferred Contributions. For a particular Plan Year, a Participant may elect to defer an aggregate amount equal to (i)
the difference between the maximum percentage of Base Annual Salary that the Participant may contribute for the Plan Year as
Before-Tax Contributions under the Qualified Savings Plans (8% for 2009), without regard to any other limitations that may apply
under the Code, and the actual Before-Tax Contributions the Participant contributes to the Qualified Savings Plans for the Plan Year,
and/or (ii) from 1% to 25% (in whole percentages) of such Participant's Base Annual Salary, without regard to any other limitations
which may apply under the Code (collectively, "Participant Deferred Contributions"); provided, however, that a Participant who elects
to defer any amount hereunder shall be required to make the maximum Before-Tax Contributions permissible under the Qualified
Savings Plans for the applicable Plan Year (after giving effect to deferrals under the Plan or otherwise).
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