Honeywell 2008 Annual Report Download - page 177

Corporation or an affiliate as measured from the Participant's commencement of employment with the Corporation or an affiliate, and
(ii) "Specified Employee" shall mean any Participant who, at any time during the twelve (12) month period ending on the
identification date (as determined by the Vice President, Compensation and Benefits or its delegate), is a specified employee under
Section 409A of the Code, as determined by the Vice President – Compensation and Benefits (or his delegate), which determination of
"specified employees," including the number and identity of persons considered "specified employees" and identification date, shall be
made by the Vice President – Compensation and Benefits (or his delegate) in accordance with the provisions of Sections 416(i) and
409A of the Code and the regulations issued thereunder.
2005 Plan Year. For the 2005 Plan Year only, the Participant Deferred Contribution Amounts credited to the Participant's Non-
Grandfathered Account for such Plan Year shall be paid in one lump-sum payment in cash in January of the Plan Year immediately
following the Plan Year in which the Participant has a Separation from Service with the Corporation and its affiliates. Notwithstanding
the foregoing, if at the time of the Participant's Separation from Service, the Participant is a Specified Employee the payment provided
in the immediately preceding sentence shall be paid 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.
(C) Plan Years Prior to January 1, 2005. The Participant made an election at the time the Participant made a deferral election
for Plan Years beginning before January 1, 2005, with respect to the distribution of the Participant Deferred Contribution Amounts
credited to the Participant's Grandfathered Account pursuant to such election. A Participant elected to receive such amount in one
lump-sum payment or in a number of annual installments (up to fifteen (15)). The lump-sum payment or the first installment shall be
paid in cash as soon as practicable during the month of January of such future calendar year as the Participant may designate or, if the
Participant so elects, as soon as practicable during the month of January of the calendar year immediately following the year in which
the Participant last contributed to the Plan or the year in which the Participant terminates employment with the Corporation or any of
its subsidiaries (whether by reason of retirement or otherwise). Subsequent installments shall be paid in cash as soon as practicable
during the month of January of each succeeding calendar year until the entire amount of the Participant Deferred Contribution
Amounts credited to the Participant's Grandfathered Account shall have been paid.
(ii) Plan Employer Contributions. The distribution form and timing that apply to the Participant's Deferred Contribution
Amounts for a Plan Year pursuant to Subparagraph 7(a) above shall also apply to the form and timing of the distribution of the Plan
Employer Contribution Amounts credited to the Participant's Account pursuant to Paragraph 5. Except to
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