Honeywell 2008 Annual Report Download - page 192

(i) “Existing Participant” means, except as further defined in Part II an individual who, on July 1, 1993, was an employee of an Employer in Salary
Grade 20 or above or in a position comparable to a position of Salary Grade 20 or above.
(ii) “Officer Participant” means, except as further defined in Part II, an individual (other than an Existing Participant) who is an officer of an Employer
in Career Band 7 as determined by the Plan Administrator in his or her sole discretion.
“New Participant” means an individual (other than an Existing Participant and an Officer Participant) who is employed by an Employer in a position
evaluated in Career Band 6 or above or in a position comparable to a position in Career Band 6 or above, all as determined by the Plan Administrator in his or
her sole discretion.
(u) “Pay Continuation” means the component of the severance benefit described in Section 3(a)(i).
(v) “Plan Administrator” means the person defined in Section 7 and Section 22(a).
(w) “Pro Rata Factor” means (i) for the Determination Year in which a Covered Termination occurs, a fraction the numerator of which is equal to the
number of calendar months which have elapsed from the first day of the calendar month following the Covered Termination through December 31st of the
Determination Year, and the denominator of which is twelve, and (ii) for any subsequent Determination Year shall mean a fraction, the numerator of which is
equal to the Severance Pay Factor, reduced by the number of calendar months which have elapsed from the first day of the calendar month following the
Covered Termination through December 31st of the year preceding the Determination Year, and the denominator of which is twelve; provided, however, that
the Pro Rata Factor shall never be greater than 1.0.
(x) “Prorated Annual Incentive Compensation” means the component of the severance benefit described in Section 3(a)(ii).
(y) “Salary Grade” means the salary and position classification used by the Company prior to January 1, 1994, or any comparable salary and position
classification used by any other Employer.
(z) “Severance Pay Factor” means, with respect to any Participant, the relevant factor specified in Section 3(a)(i)(A).
(aa) “Severance Period” means the period commencing on the first day of the first month following a Covered Termination, which is comprised of the
number of consecutive months equal to the lesser of (i) the Severance Pay Factor, or (ii) the number of months occurring before the first day of the month
following the Participant’s attainment of age 65 or, if later, eligibility to receive an unreduced retirement benefit under a qualified defined benefit pension plan
maintained by an Employer. In the event of a Change in Control, the Severance Period will commence immediately following the expiration of the Notice
Period (if any) referenced in Section 4(b) hereof; provided,
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