Honeywell 2008 Annual Report Download - page 193

however, that the amounts attributable to the Notice Period shall be paid in accordance with the “short-term deferral exception” under Treas. Reg. §1.409A
-1(b)(4).
(bb) “Specified Employee” means 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.
2. Participation.
(a) An employee of an Employer who is at any time a Participant in the Plan shall continue as a Participant in the Plan until the earlier of (i) the date the
employment relationship with the Employer is severed for reasons other than a Covered Termination, or (ii) the date the employee ceases to be employed in a
position equivalent to Career Band 6 or above; provided, however, any employee who ceases to be employed in a position equivalent to Career Band 6 or
above on or after a Change in Control shall nevertheless continue to be a Participant in the Plan.
(b) A Participant in the Plan who is at any time the subject of a Covered Termination shall continue to be a Participant in the Plan until all of the benefits
for which he or she is entitled under Section 3 of the Plan, if any, have been paid.
3. Severance Benefits.
(a) Eligibility for Benefits. Subject to Section 3(b) below, a Participant who is the subject of a Covered Termination shall receive the benefits described in
this Section 3.
(i) Pay Continuation.
(A) An Existing Participant shall receive a benefit in an amount equal to his or her Base Salary multiplied by the relevant Severance Pay Factor
determined as follows (a detailed schedule of each Existing Participant’s Severance Pay Factor is attached hereto as Exhibit A):
Salary Grade as of July 1, 1993Severance Pay Factor
20 and 21 18
22 and 23 24
24 and above 36
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