Honeywell 2008 Annual Report Download - page 260

SECTION 5
GENERAL MATTERS
5.1. Funding. All benefits under this Plan shall be paid exclusively from the general assets of Honeywell. No fund or trust shall be
established apart from the general assets of Honeywell for the purpose of this Plan and no assets or property shall be segregated,
pledged or set apart from the general assets of Honeywell for the purposes of funding this Plan. Any person entitled to benefits under
this Plan shall be a general, unsecured creditor of Honeywell. The foregoing shall not preclude the establishment by Honeywell of a
"rabbi trust".
Notwithstanding the preceding paragraph, the Committee is authorized (but not required) to cause Honeywell to fund all or a part of
the benefits for such Participant or Participants as it may select in its sole discretion from time to time. The Committee is authorized to
select, appoint and remove trustees, to enter into, amend and terminate trust agreements, to create trust funds, to cause Honeywell to
make contributions to such trust funds in such amounts as the Committee may determine from time to time and to take all other
actions that it may determine to be necessary or helpful in implementing the funding.
5.2. Status of Participant. A Participant shall have no right, title, or interest in or to any investments which Honeywell may make to aid
it in meeting the obligations of this Plan. Nothing contained in this Plan, and no action taken pursuant to its provisions shall create or
be construed to create a trust of any kind, or a fiduciary relationship between Honeywell and a Participant or any beneficiary. To the
extent that any person acquires a right to receive payments from Honeywell, such right shall be no greater than the right of an
unsecured creditor.
5.3. Spendthrift Provision. No Participant, surviving spouse, joint annuitant or beneficiary shall have the power to transmit, assign,
alienate, dispose of, pledge or encumber any benefit payable under this Plan before its actual payment to such person. Honeywell shall
not recognize any such effort to convey any interest under this Plan. No benefit payable under this Plan shall be subject to attachment,
garnishment, execution following judgment or other legal process before actual payment to such person.
5.4. No Employment Contract. This Plan shall not give any employee the right to be retained in the employment of the Employer,
shall not enlarge or diminish any person's employment rights or rights or obligations under the Base Plan, and shall not affect the right
of the Employer to deal with any employees or participants in employment respects, including, without limitation, their hiring,
discharge, compensation, and conditions of employment.
SECTION 6
AMENDMENT AND TERMINATION
6.1. Amendment. The Committee (or its delegate) shall have the right to amend or terminate the Plan at any time, for any reason and
without notice to any affected person;