Honeywell 2008 Annual Report Download - page 235

(d) For the purpose of determining the Actuarial Equivalent present value of a participant's accrued Supplemental Benefit, the "Applicable
Mortality Table" and the "Applicable Interest Rate" shall be used, as defined below.
(1) The "Applicable Mortality Table" means the mortality table prescribed by the Secretary of the Treasury pursuant to Code Section
417(e). Such table shall be based on the prevailing commissioners' standard table (described in Code Section 807(d)(5)(A)) used
to determine reserves for group annuity contracts issued on the date as of which the present value is being determined (without
regard to any other subparagraph of Code Section 807(d)(5)).
(2) The "Applicable Interest Rate" means the average annual rate of interest on 30-year Treasury securities determined as of the
third calendar month preceding the month during which the benefit commencement occurs.
(e) In the event that a Supplemental Benefit becomes payable and the relevant Pension Plan or agreement is terminated in accordance with
its terms, then the participant shall have a right to only the Supplemental Benefit accrued to the date of termination of the relevant Pension Plan
or agreement. In such event, Honeywell shall remain liable for the payment of the Supplemental Benefit and payment shall be made at such
times and in such manner as provided in this Section 4.01.
(f) Except to the extent that a participant's Supplemental Benefit is funded as described in Section 4.01(a), the rights and interest of any
participant, joint annuitant, or beneficiary to a Supplemental Benefit under this Plan shall be the same as any other unsecured creditor of
Honeywell (or any successor thereto). In the event of any bankruptcy proceeding by or against Honeywell, a participant, joint annuitant or
beneficiary shall be entitled to prove a claim for any unpaid portion of the benefit provided by the Plan.
(g) No person shall have a right to acceleration of any payment under the Plan. No person shall be entitled to anticipate such benefit by
assignment, pledge or transfer in any form or manner prior to actual or constructive receipt of payment.
(h) Notwithstanding any provision of this Section 4.01 to the contrary, if a participant is a Specified Employee at his Separation from Service
Date and payment under this Section 4.01 is required to be made or commence within the 6-month period following his Separation from Service
Date, such payment shall be delayed if it is to be made in a single lump sum payment or accumulated if it is to be made in an annuity until the
earlier of the first day of the seventh month following the Separation from Service Date or the first day of the month following the participant’s
death, with no interest or earnings accruing on the delayed payments.