Honeywell 2008 Annual Report Download - page 176

(collectively, the "Participant Deferred Contribution Amounts "), and the aggregate number of shares of Common Stock representing
the Plan Employer Contributions, plus dividends reinvested pursuant to this Paragraph 6 (collectively the "Plan Employer
Contribution Amounts," and together with Participant Deferred Contribution Amounts, the "Total Contribution Amounts") credited to
the Participant's Grandfathered Account pursuant to this Paragraph 6, will hereinafter be referred to as "Grandfathered Contribution
Amounts." Total Contribution Amounts credited to a Participant's Non-Grandfathered Account will hereinafter be referred to as "Non-
Grandfathered Contribution Amounts."
7. Distribution from Accounts.
(a) Form and Timing of Payment.
(i) Participant Deferred Contributions.
(A) 2006 Plan Year and Later. The aggregate amount of the Participant's Participant Deferred Contribution Amounts
credited to the Participant's Non-Grandfathered Account for Plan Years beginning on or after January 1, 2006 shall be paid in one
lump-sum payment to such Participant in the January of the Plan Year that follows the Plan Year in which the Participant has a
Separation from Service (as defined in Section 409A(a)(2)(A)(i) of the Code and its corresponding regulations) with the Corporation
and its affiliates, unless the Participant elects in his Election Form at the time of his election to defer Base Annual Salary for such Plan
Year that such Participant Deferred Contribution Amounts for the Plan Year will instead be paid in substantially equal annual
installments (not to exceed ten (10)) if he has a Separation from Service with the Corporation and its affiliates on or after he attains
age 55 and has completed ten (10) Years of Service (as defined below), in which case the first installment shall commence in the
January of the Plan Year that follows the Plan Year in which the Participant has a Separation from Service and each remaining
installment will be paid to the Participant in each succeeding January.
Notwithstanding the foregoing, if at the time of the Participant's Separation from Service, the Participant is a "Specified
Employee" (as defined below) the payments provided in the immediately preceding paragraph shall be paid (or commence, in the case
of installments) in (i) the January of the Plan Year that follows the Plan Year in which the Participant's Separation from Service with
the Corporation and its affiliates occurs, if the Participant's Separation from Service with the Corporation and its affiliates occurs prior
to July 1 of such Plan Year, or (ii) the July of the Plan Year that follows the Plan Year in which the Participant's Separation from
Service with the Corporation and its affiliates occurs, if the Participant's Separation from Service with the Corporation and its
affiliates occurs after June 30 of such Plan Year. If the Participant elected to receive his distribution in the form of installment
payments, after the first payment is made pursuant to the immediately preceding sentence, each subsequent installment will be paid to
the Participant in the January of each Plan Year that follows until all installments are paid to the Participant.
(B) For purposes of this Plan, the term (i) "Years of Service" shall mean each consecutive twelve (12) month period in which
the Participant was employed by the
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