Honeywell 2008 Annual Report Download - page 320

Section, and the provisions hereof shall be interpreted in a manner that satisfies the requirements of such Section and the related regulations,
and the Plan shall be operated accordingly. If any provision of this Plan or any term or condition of any Award would otherwise frustrate or
conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. Any reservation of
rights or discretion by the Company or the Committee hereunder affecting the timing of payment of any Award subject to Section 409A of the
Code will only be as broad as is permitted by Section 409A of the Code and any regulations thereunder.
7.15 Payments to Specified Employees. Nothwithstanding anything herein or in any Award grant agreement to the contrary, in the event
that a Participant is a "specified employee" (within the meaning of Section 409A(2)(B) of the Code) as of the date of such Participant's
separation from service (as determined pursuant to Section 409A of the Code), any Awards subject to Section 409A of the Code payable to
such Participant as a result of his or her separation from service, shall be paid on the first business day of the first calendar month that begins
after the six-month anniversary of the date of the separation from service, or, if earlier, the date of the Participant's death.