Honeywell 2008 Annual Report Download - page 253

entire Plan Statement and not to any particular paragraph or Section of this Plan Statement unless the context clearly indicates to the
contrary. The titles given to the various Sections of this Plan Statement are inserted for convenience of reference only and are not part
of this Plan Statement, and they shall not be considered in determining the purpose, meaning or intent of any provision hereof. Any
reference in this Plan Statement to a statute or regulation shall be considered also to mean and refer to any subsequent amendment or
replacement of that statute or regulation. This instrument has been executed and delivered in the State of New Jersey and has been
drawn in conformity to the laws of that State and shall, except to the extent that federal law is controlling and except for its law
respecting choice of law, be construed and enforced in accordance with the laws of the State of New Jersey.
SECTION 2
ELIGIBILITY AND PARTICIPATION
2.1. Participation. An employee is eligible to participate in and receive benefits under this Plan if the employee satisfies the
requirements of either Section 2.1.1 or Section 2.1.2:
2.1.1. General Participation Requirements. The employee (a) (i) is eligible to commence a normal or early retirement benefit under
the Base Plan when employment terminates, (ii) dies while still actively employed by Honeywell with a vested benefit in the Base
Plan, (iii) has been granted a vested benefit in this Plan, or (iv) has been specifically selected by the Committee to participate in this
Plan; and (b) has a benefit in the Base Plan that is reduced on account of (i) the benefit limitation under section 415 of the Code or (ii)
the compensation limitation under section 401(a)(17) of the Code, or (iii) the provision in the Base Plan excluding from earnings (A)
any deferred incentive awards paid under the Honeywell Corporate Executive Compensation Plan, the AlliedSignal Inc. Incentive
Compensation Plan for Executive Employees, or the Salary and Incentive Award Deferral Plan for Selected Employees of Honeywell
International Inc. and its Affiliates (or any successor plans), or (B) any deferrals by the employee under the Supplemental Savings
Plan.
2.1.2. Minimum Benefit Participation Requirements. The employee fails to satisfy the general participation requirements of
Section 2.1.1 and has a benefit in the Base Plan that, after excluding from earnings any deferred incentive awards paid under the
Honeywell Corporate Executive Compensation Plan, the AlliedSignal Inc. Incentive Compensation Plan for Executive Employees, or
the Salary and Incentive Award Deferral Plan for Selected Employees of Honeywell International Inc. and its Affiliates (or any
successor plans) and application of the benefit limitation under section 415 of the Code and the compensation limitation of section
401(a)(17) of the Code, is reduced solely on account of the exclusion under the Base Plan of any deferrals by the employee under the
Supplemental Savings Plan.