Honeywell 2008 Annual Report Download - page 274

and (3) the Employer-paid portion of the monthly premium for the Health Plan Coverage shall be imputed as income to the
Participant as may be required under Section 105(h) of the Code, subject to applicable withholding from amounts otherwise
payable to the Participant.
(iii) Basic and contributory life insurance (including for qualified dependents) ("Life Insurance Coverage"), at the active
employee coverage level and prevailing active employee contribution rate, if any; provided, however, (1) that such level of Life
Insurance Coverage shall not exceed the level of Life Insurance Coverage in effect on the date of the Participant's Involuntary
Termination, (2) that such continuation of Life Insurance Coverage will cease on the earlier of (I) the date similar benefits are
provided 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, and (3) the Employer-paid contributions
required to maintain the Life Insurance Coverage will be imputed as income to the Participant as may be required by applicable
law.
(iv) To the extent that a Participant was provided with a flex-perk allowance, executive liability insurance or an executive
life insurance plan or policy immediately prior to an Involuntary Termination, such benefit or benefits shall be continued for the
duration of the Severance Pay Period.
(c) Pension Service Continuation - Participants entitled to benefits under the Plan shall become 100% vested in their defined
benefit pension plan benefits (all defined benefit plans, whether qualified or non-qualified, in which a Participant has accrued a benefit
are collectively referred to as the "DB Plans"). During their Severance Pay Period, Participants shall continue to be credited with
additional age and service credit for purposes of benefit accrual (up to a maximum of 12 months of a Participant's Severance Pay
Period), vesting and eligibility under the DB Plans in which they participate. At the end of a Participant's Severance Pay Period,
Participants shall immediately be credited with 3 years of age and service, respectively, for purposes of benefit accruals, vesting and
eligibility under the DB Plans; provided, however, that such 3 years of additional age shall be credited only if such additional age
credits would (either alone or in conjunction with a bridge leave of absence) enable a Participant to be eligible for immediate payment
of an early or normal retirement benefit under the applicable defined benefit pension plan in which the Participant participates. The
normal policy for qualifying bridge leaves of absence, as reflected in the applicable defined benefit pension plan in which the
Participant participates, shall remain applicable thereafter.
(d) 280G Gross-Up –
(i) If any payment to a Participant made pursuant to the terms of this Plan (including payments from any benefit or
compensation plan or program sponsored or funded by Honeywell but excluding payments and benefits provided upon a change in
control under the Senior Severance Plan and any similar plan or arrangement under which participants have their benefits
increased because of taxes under Section 4999 of
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