Honeywell 2008 Annual Report Download - page 273

ARTICLE III
PARTICIPATION
The benefits provided under the Plan are limited solely to Participants. Notwithstanding any other provision of the Plan to the
contrary, no individual who first satisfies the definition of "Corporate Staff Employee" after December 31, 2007 shall participate in
the Plan.
ARTICLE IV
ELIGIBILITY FOR AND CONTINUATION OF PAY, BENEFITS
AND PENSION SERVICE
4.1 Eligibility for Pay, Benefit and Pension Service Continuation
In the event of the Involuntary Termination of a Participant's employment during the Protected Period, Pay, benefit and pension
service continuation shall be provided to the Participant by Honeywell (or any successor to Honeywell) in accordance with this Article
IV.
4.2 Pay, and Benefit and Pension Service Continuation
(a) Pay Continuation - A Participant shall receive Base Salary paid in installments in accordance with Honeywell's normal
payroll periods during the Severance Pay Period, with the first installment to be paid within sixty (60) days following the date of the
Participant's Involuntary Termination. In addition to continuation of Base Salary, Participants employed in Career Band 5 or above
shall receive Annual Incentive Compensation, paid during the Severance Pay Period in equal installments in accordance with the
Participant's normal pay period, with the first installment to be paid within sixty (60) days following the date of the Participant's
Involuntary Termination, unless delayed pursuant to Section 12.2(b) below.
(b) Benefit Continuation - For the Severance Pay Period, the Participant shall be entitled to the continuation of the following
employee benefits:
(i) Vacation accruals at the rate in effect on the date of the Participant's Involuntary Termination with the dollar value of
accruals paid in a single lump sum within sixty (60) days of the date accrued;
(ii) Basic and contributory medical insurance (including for qualified dependents) ("Health Plan Coverage"), at the active
employee coverage level and prevailing active employee contribution rate, if any; provided, however, (1) that such level of Health
Plan Coverage shall not exceed the level of Health Plan Coverage in effect on the date of the Participant's Involuntary
Termination, (2) that such continuation of Health Plan Coverage will cease on the earlier of (I) the first month that similar benefits
are provided to the Participant by a subsequent employer, (II) the first month in which the Participant fails to pay to Honeywell the
prevailing active employee contribution rate, or (III) the end of the Severance Pay Period,
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