Honeywell 2008 Annual Report Download - page 219

(b) 2005 Plan Year. Deferral Amounts and corresponding Interest Equivalents for the Plan Year beginning on January 1, 2005 shall
be paid to the Participant at the time and in the form as elected by the Participant on his Election Form for such Plan Year in
accordance with the requirements of Paragraph 5(b).
(c) Plan Years Beginning Prior to January 1, 2005.
(i) Grandfathered Accounts. Deferral Amounts and corresponding Interest Equivalents credited to a Participant’s Grandfathered
Account shall be paid to a Participant at the time and in the form as elected by the Participant on his Election Form for such Plan
Years in accordance with the requirements of subparagraph 5(c)(i).
(ii) Non-Grandfathered Accounts. 2002-2004 Deferrals shall be paid to a Participant at the time and in the form as elected by
the Participant on his Election Form for such Plan Years in accordance with the requirements of subparagraph 5(c)(ii).
(iii) Special Election Change Applicable to Grandfathered Accounts. The Corporation may from time to time allow Participants
to request new elections with respect to the distribution of Deferral Amounts and Interest Equivalents credited to their
Grandfathered Accounts (other than any such amounts currently payable to a Participant). The Corporation 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
Corporation shall determine in its sole discretion, provided that any new election shall generally be required to be made at least 12
months prior to any scheduled payment date.
(d) Type of Distribution. All distributions from this Plan shall be paid in cash.
9. Distribution on Death. If a Participant should die after payments under this Plan have commenced but before all amounts credited to
the Participant’s Account have been distributed, the balance in the Account shall be paid as soon as practical thereafter to the
beneficiary designated in writing by the Participant, but not later than 60 days after the date of the Participant’s death. Payment to a
beneficiary pursuant to a designation by a Participant shall be made in one lump sum cash payment. Such beneficiary designations
shall be effective when received by the Corporation, and shall remain in effect until rescinded or modified by the Participant by an
appropriate written direction. If no beneficiary is properly designated by the Participant, or if the designated beneficiary shall have
predeceased the Participant, such balance in the Account shall be paid to the estate of the Participant.
10. Payment in the Event of Hardship. For Deferral Amounts and Interest Equivalentscredited to a Participant’s Grandfathered
Account, upon receipt of a request from a Participant, delivered in writing to the Corporation along with a hardship distribution form
and supporting documentation of the hardship, the Senior Vice President – Human Resources and Communications (or his designee),
may cause the Corporation to accelerate (or require the subsidiary of the Corporation which employs or employed the Participant to
accelerate) payment of all or any part of the Deferral Amount and Interest Equivalents credited to the Participant’s Account, if it finds
in its sole discretion that payment of such amounts in accordance with the
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