Honeywell 2008 Annual Report Download - page 179

year in which the Participant terminates his employment with the Corporation or any of its subsidiaries (whether by reason of
Retirement or otherwise); provided, however, if the Participant has made an election pursuant to Subparagraphs 10(a), 10(b) or 10(c),
the lump sum payment shall be made within the ninety (90) day period following a Change in Control, as defined in Subparagraph
10(e).
(B) Distribution Default for Plan Employer Contribution Amounts. Any Plan Employer Contribution Amounts credited to a
Participant's Grandfathered Account which are not covered by a timely distribution election under Subparagraph 7(a)(ii) above shall
be distributed to the Participant in Common Stock as soon as practicable during the month of January of the calendar year
immediately following the later of the calendar year in which the Participant last contributed to the Plan or the calendar year in which
the Participant terminates his employment with the Corporation or any of it subsidiaries (whether by reason of Retirement or
otherwise); provided, however, if the Participant has made an election pursuant to Subparagraphs 10(a), 10(b) or 10(c), the distribution
shall be made within the ninety (90) day period following a Change in Control, as defined in Subparagraph 10(e). Any fractional
shares of Common Stock shall be paid in an equivalent cash amount, as determined using the closing price of Common Stock on the
trading date next preceding the distribution date.
(c) Changing Prior Distribution Elections with Respect to Amounts Deferred for Plan Years Prior to January 1, 2005.
(i) For Total Contribution Amounts credited to the Participant's Grandfathered Account, the Plan Administrator may from time
to time allow Participants to request new elections with respect to the distribution of a Participant's Prior Balance under the Plan
(other than with respect to any such Prior Balance for which distributions have already commenced). The Plan Administrator shall
reserve the right to accept or reject any such request at any time and such election shall be subject to such restrictions and
limitations as the Plan Administrator shall determine in its sole discretion, provided that any new election shall generally be
required to be made at least twelve (12) months prior to any scheduled payment date.
(ii) For Total Contribution Amounts credited to the Participant's Grandfathered Account for Plan Years beginning before
January 1, 2005, the Plan Administrator may also allow a Participant to request an immediate distribution of all or a portion of
such Participant's Prior Balance (including any portion of such Prior Balance for which distributions have already commenced)
and any Deferred Contribution Amounts and Plan Employer Contribution Amounts credited to the Participant's Grandfathered
Account immediately prior to such request. Any such immediate distribution shall be subject to a penalty equal to six percent (6%)
of the amount requested to be distributed and shall be subject to the approval of the Plan Administrator and such other restrictions
or conditions as may be established by the Plan Administrator from time to time.
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