Honeywell 2008 Annual Report Download - page 197

and offers employment to any management employee of the Employer, (d) engages in intentional misconduct substantially damaging to the property or
business of any Employer, (e) makes false or misleading statements about the Employer or its products, officers or employees to (A) competitors or customers
or potential customers of the Employer, or (B) current or former employees of the Employer, or (f) violates the terms of the release or non-competition
agreement described in Section 3(b) of the Plan.
6. Payment of Benefits Upon Incompetence or Death.
In the event the Named Fiduciary is presented with evidence satisfactory to it that a Participant receiving benefits or entitled to receive benefits is
adjudged to be legally incompetent, the remainder of such Participant’s unpaid benefits shall be paid to the Participant’s conservator, legal representative or
any other person deemed by the Named Fiduciary to have assumed responsibility for the maintenance of such person receiving or entitled to receive benefits
at the same time and in the same form as such unpaid benefits would be paid to the Participant prior to such adjudication. In the event a Participant receiving
benefits or entitled to receive benefits dies, the remainder of such Participant’s unpaid benefits shall be paid to the Participant’s beneficiary (as determined in
the following paragraph) at the same time and in the same form as such unpaid benefits would have been paid to the Participant had the Participant survived.
A Participant may designate a beneficiary in the form and manner prescribed by the Named Fiduciary. Any designation of a beneficiary may be revoked
by filing a later designation or revocation. In the absence of an effective designation of a beneficiary by a Participant or upon the death of all designated
beneficiaries on or before a Participant’s death, the remainder of the Participant’s unpaid benefits shall be paid to the Participant’s spouse or, if none, to the
Participant’s estate. Any payment made pursuant to this Section 6 shall be a discharge of any liability under the Plan therefor.
7. Administration.
(a) Plan Administration. Except as provided in Section 22(a), the Plan shall be administered by the Plan Administrator, who may act through one or more
Named Fiduciaries under this Plan who shall have the powers and authorities as described in this Section 7. The Plan Administrator shall be the Senior Vice
President, Human Resources and Communications, or such other person as the Board may appoint. The Plan Administrator shall have the authority to appoint
and remove any other Named Fiduciary at his or her discretion.
Any person acting on behalf of the Named Fiduciary shall serve without additional compensation. The Named Fiduciary shall keep or cause to be kept
such records and shall prepare or cause to be prepared such returns or reports as may be required by law or necessary for the proper administration of the Plan.
(b) Powers and Duties of Named Fiduciary. The Named Fiduciary shall have the full discretionary power and authority to construe and interpret the Plan
(including, without limitation, supplying omissions from, correcting deficiencies in, or resolving
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