Honeywell 2008 Annual Report Download - page 293

(e) A participant’s supplemental retirement benefit shall include an estimate of any service or compensation (such as during a
severance period or bridge leave of absence) following the participant’s benefit commencement date that is required to be taken
into account in calculating a participant’s supplemental retirement benefit. In no event shall Honeywell be required to recalculate
or otherwise true up the supplemental retirement benefit actually paid.
(f) Notwithstanding any provision of this Item 3 to the contrary, if a participant is a Specified Employee at his Separation from
Service Date and payment under this Item 3 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.
(g) If a participant receives his supplemental retirement benefit in a single lump sum payment, no supplemental retirement
benefit shall be paid to his surviving spouse or beneficiary following his death.
(h) If a participant elects to receive his supplemental retirement benefit in an annuity that provides a survivor annuity or death
benefit, the participant’s surviving spouse or beneficiary, as applicable, shall receive the applicable survivor benefit or death
benefit following the participant’s death.
(i) If a participant dies before he receives his supplemental retirement benefit, his surviving spouse or beneficiary shall receive
the Actuarial Equivalent value of any pre-retirement surviving spouse benefits or death benefits provided by the qualified plan (1)
in the form of the annuity required by the qualified plan if the participant elected to receive his supplemental retirement benefits in
an annuity, or (2) in all other cases, in the form of a single lump sum payment. Such payment will be paid or begin to be paid as of
the first day of the month following 105 days after the later of the participant’s death or the date that would have been the
participant’s Earliest Retirement Date.
4. Compliance with Section 409A of the Code. The Plan, as amended by this Amendment, is intended to comply with the
applicable requirements of Section 409A of the Code, and will be administered in accordance with Section 409A of the Code to the
extent that Section 409A of the Code applies to the Plan. Notwithstanding any provision of the Plan to the contrary, distributions from
the Plan may only be made in a manner, and upon an event, permitted by Section 409A of the Code. If any payment or benefit cannot
be provided or made at the time specified herein without incurring penalties under Code section 409A, then such benefit or payment
will be provided in full at the earliest time thereafter when such penalties will not be imposed. To the extent that any provision of the
Plan would cause a conflict with the applicable requirements of Section 409A of the Code, or would cause the administration of the
Plan to fail to satisfy the applicable requirements of Section 409A of the Code, such provision shall be deemed null and void to the
extent permitted by applicable law.