Honeywell 2008 Annual Report Download - page 200

(ii) The arbitrator shall be selected by mutual agreement of the parties, if possible. If the parties fail to reach agreement upon appointment of an
arbitrator within 30 days following receipt by one party of the other party’s notice of desire to arbitrate, the arbitrator shall be selected from a panel or panels
of persons submitted by the American Arbitration Association (the “AAA”). The selection process shall be that which is set forth in the AAA Employment
Dispute Resolution Rules, except that, if the parties fail to select an arbitrator from one or more panels, AAA shall not have the power to make an
appointment but shall continue to submit additional panels until an arbitrator has been selected.
(iii) All fees and expenses of the arbitration, including a transcript if requested, will be borne by the Company. The arbitrator shall have no power to
amend, add to or subtract from this Plan. The award shall be admissible in any court or agency seeking to enforce or render unenforceable this Plan or any
portion thereof. Any action to enforce or vacate the arbitrator’s award shall be governed by the Federal Arbitration Act, if applicable.
9. Unfunded Obligation.
All benefits payable under this Plan shall constitute an unfunded obligation of the Employer. Payments shall be made, as due, from the general funds of
the Employer. This Plan shall constitute solely an unsecured promise by the Employer to pay severance benefits to employees to the extent provided herein.
10. Inalienability of Benefits.
No Participant shall have the power to transfer, assign, anticipate, mortgage or otherwise encumber any rights or any amounts payable under this Plan; nor
shall any such rights or amounts payable under this Plan be subject to seizure, attachment, execution, garnishment or other legal or equitable process, or for
the payment of any debts, judgments, alimony, or separate maintenance, or be transferable by operation of law in the event of bankruptcy, insolvency, or
otherwise. In the event a person who is receiving or is entitled to receive benefits under the Plan attempts to assign, transfer or dispose of such right, or if an
attempt is made to subject such right to such process, such assignment, transfer or disposition shall be null and void.
11. Withholding.
The Employer shall have the right to withhold any taxes required to be withheld with respect to any payments due under this Plan. Each Participant,
however, shall be responsible for the payment of all individual tax liabilities relating to any such benefits.
12. Amendment or Termination.
Except to the extent otherwise provided in Section 22(i), the Company reserves the right to amend or terminate the Plan at any time without prior notice to
or the consent of any employee. No amendment or termination shall adversely affect the rights of any Participant whose employment terminated prior to such
amendment or termination.
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