Exhibit 10.2


 


HONEYWELL EXCESS BENEFIT PLAN


AND


HONEYWELL SUPPLEMENTAL SAVINGS PLAN


(amended and restated effective April
1, 2018)


 


1.        History. Honeywell
International Inc. (the “Corporation”) initially established an excess benefit plan effective January 1, 2006
when the Supplemental Non-Qualified Savings Plan For Highly Compensated Employees Of Honeywell International Inc. And Its Subsidiaries
(Career Band 5 and Below) was merged with and into the Supplemental Non-Qualified Savings Plan for Highly Compensated Employees
of Honeywell International Inc. and its Subsidiaries (Career Band 6 and above) and the resulting plan from this merger became
known as the Supplemental Non-Qualified Savings Plan for Highly Compensated Employees of Honeywell International Inc. and its
Subsidiaries.


 


Effective July 1, 2015,
the Supplemental Non-Qualified Savings Plan for Highly Compensated Employees of Honeywell International Inc. and its Subsidiaries
was then separated into two separate plans for all legal purposes in order to ensure its qualification as an excess benefit plan
within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934, as amended. The following provisions constitute and
govern the terms of those two plans as follows:


 


(a)        The Excess Benefit
Plan of Honeywell International Inc. and its Subsidiaries (the “Excess Benefit Plan”) provides only for the
benefits and contributions that would be provided under the Qualified Savings Plans but for any benefit or limitations set forth
in the Code, including any amounts credited to each Participant’s Account as of July 1, 2015, that would have been so characterized
at the time such amounts were credited, and including (for purposes of clarity) all Employer Matching Contributions described in
Subparagraph 5(b). The Excess Benefit Plan shall consist of, be governed by, and be subject to, the terms set forth below excluding
Clause 5(a)(ii) and the other provisions of the Plan to the extent relating to Clause 5(a)(ii).


 


(b)        The Supplemental
Non-Qualified Savings Plan for Highly Compensated Employees of Honeywell International Inc. and its Subsidiaries (the “Supplemental
Savings Plan”) provides for all other benefits and contributions under the Plan. The Supplemental Savings Plan shall
consist of, be governed by, and be subject to, the terms set forth below excluding Clause 5(a)(i) and Subparagraph 5(b) and the
other provisions of the Plan to the extent relating to Clause 5(a)(i) and Subparagraph 5(b).


 


(c)        Both the Excess
Benefit Plan and the Supplemental Savings Plan are now part of a plan named the “Honeywell Excess Benefit Plan and the Honeywell
Supplemental Savings Plan” and, unless the context specifically states otherwise, are collectively referred to herein as
the “Plan.”



    	 



    	



    


(d)        The Plan was last
amended and restated, effective as of January 1, 2009, to implement changes required pursuant to and consistent with Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”), and the corresponding regulations. The Plan is
hereby amended and restated, effective as of April 1, 2018, to implement changes required or desired to reflect a change in the
amount of Employer Matching Contributions, a change in the Plan record keeper, and to change the collective Plan name. This Plan
document covers any Participant (as defined below) who was entitled to receive a benefit from the Plan as of March 31, 2018, but
did not receive full payment of such benefit under the Plan as of such date, as well as any individual who becomes a Participant
in the Plan on or after April 1, 2018. Plan benefit payments commencing before April 1, 2018 are governed by the terms of Plan
as they existed before this amendment and restatement.


 


2.        Eligibility. Any employee of the Corporation and its participating affiliates who is (i) the Chief Executive Officer
of the Corporation or designated by the Corporation as an “officer” of the Corporation (an “Officer”),
during the designated election period (the “Open Enrollment Period”) that occurs before the beginning of the
applicable Plan Year (as defined below), or (ii) (A) an Executive level employee but not an Officer at any time during the Open
Enrollment Period that occurs before the beginning of the applicable Plan Year, and (B) whose annual Base Annual Salary (as defined
in Subparagraph 4(a)(i)) that is paid and posted to the Plan’s electronic recordkeeping system as of the last paydate in
September of the Plan Year immediately preceding the applicable Plan Year exceeds the dollar limit for a highly compensated employee
for the Plan Year under Section 414(q) of the Code, shall be eligible (an “Eligible Employee”) to participate
in the Plan (subject to the limitations set forth in the following paragraph) and elect deferrals of Base Annual Salary for such
Plan Year effective as of the first paydate of such Plan Year that follows the Open Enrollment Period.


 


Notwithstanding the
foregoing, an Eligible Employee may only participate in the Plan for a Plan Year if such employee is eligible to participate in
the Honeywell 401(k) Plan (formerly the Honeywell Savings and Ownership Plan) or any other savings plan designated as included
by the Corporation from time to time (the “Qualified Savings Plans”), and has made an irrevocable election during
the applicable Open Enrollment Period to defer Base Pay to the applicable Qualified Savings Plan. For
purposes of this Plan, the “Plan Year” shall mean the calendar year.


 


3.        Definitions.
Capitalized terms not otherwise defined in the Plan have the respective meanings set forth in the applicable Qualified Savings
Plans.


 


4.        Participation.


 


(a)        Time and Form of Election.


 


(i)        Each Eligible Employee
who wishes to participate in the Plan for a particular Plan Year (a “Participant”), must file a timely written
or electronic deferral election (the “Election”) with the Plan Administrator during the applicable Open Enrollment
Period. Such Eligible Employee shall designate in the Election that a portion (determined in accordance with Subparagraph 5(a))
of the Eligible Employee’s Base Pay as defined in the Qualified Savings Plan without regard to any benefit or contribution
limitations under the Code or the applicable



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Qualified Savings Plan
and inclusive of salary deferred for the Plan Year under this Plan (“Base Annual Salary”), which would have
been payable to such Eligible Employee during such Plan Year, in lieu of such payment, be credited to a deferred compensation account
maintained under the Plan as an unfunded book entry account stated as a cash balance (the “Account”). On a Participant’s
Election, the Participant shall also indicate the form of payment for all deferrals credited to the Participant’s Account,
as described in Paragraph 7 below, and shall indicate if he wishes to change the default Change in Control election, as described
in Paragraph 10 below.


 


(b)        Election Changes.
A Participant may not modify his deferral election for a particular Plan Year at any time during that Plan Year.


 


5.        Contributions to Participants’
Accounts.


 


(a)        Participant Deferred
Contributions. For a particular Plan Year, a Participant may elect to defer an aggregate amount
equal to (i) the difference between the maximum percentage of Base Annual Salary that the Participant may contribute for the Plan
Year as Pre-tax Contributions and/or Roth Contributions under the Qualified Savings Plans (8% of Base Pay for 2018), without regard
to any other limitations that may apply under the Code or the Qualified Savings Plans, and the actual Pre-tax Contributions and/or
Roth Contributions the Participant contributes to the Qualified Savings Plans for the Plan Year, and/or (ii) from 1% to 25% (in
whole percentages) of such Participant’s Base Annual Salary, without regard to any other limitations that may apply under
the Code (collectively, “Participant Deferred Contributions”); provided, however, that a Participant who
elects to defer any amount hereunder shall be required to make the maximum Pre-tax Contributions and/or
Roth Contributions permissible under the Qualified Savings Plans for the applicable Plan Year (after giving effect to deferrals
under the Plan or otherwise).


 


For the avoidance of
doubt, all Participant Deferred Contributions to the Plan shall be deferred on a pre-tax basis. No after-tax contributions (such
as Roth 401(k) contributions) shall be permitted. For purposes of any “spillover” of deferrals from the Qualified Savings
Plans to the Excess Benefit Plan, any amounts that were contributed as Roth Contributions to the Qualified Savings Plans shall
be contributed as pre-tax contributions to the Plan.


 


(b)        Plan Employer
Contributions. There shall be credited to the Participant’s Account employer contributions under the Plan (“Plan
Employer Contributions”) in an aggregate amount equal to the difference between (i) the maximum
Employer Matching Contributions that could be contributed for the Plan Year under the Qualified Savings Plans, without regard to
any limitations that may apply under the Code or the Qualified Savings Plans, and (ii) the total amount of Employer Matching
Contributions actually contributed to the Participant’s account under the Qualified Savings Plans.


 


Notwithstanding the foregoing:


(A) beginning
April 1, 2018, the Plan Employer Contributions described in this Paragraph shall be credited to a Participant’s Account only
if the Participant is actively employed by the Corporation or an affiliate on December 15th of the Plan Year, has died
while actively employed by the Corporation or an affiliate during the Plan Year, or has



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become disabled
(as defined in the Qualified Savings Plan) while actively employed by the Corporation or an affiliate during the Plan Year, and


 


(B) only Participant
Deferred Contributions described in Clause 5(a)(i) shall be used in determining the amount of Plan Employer Contributions to be
credited to an Account for a Plan Year.


 


(c)         Vesting.
Participant Deferred Contributions and Plan Employer Contributions (collectively “Total Contribution Amounts”)
and all amounts accrued with respect to Total Contribution Amounts in accordance with Paragraph 6, shall be vested at the time
such amounts are credited to the Participant’s Account.


 


(d)        Timing of Contributions.
Effective for Plan Years beginning on and after January 1, 2017, the Participant Deferred Contributions described in Clause 5(a)(i)
shall be credited to a Participant’s Account once the Participant has contributed the maximum Pre-tax
Contributions and/or Roth Contributions for the Plan Year to the Qualified Savings Plans. The Participant Deferred Contributions
described in Clause 5(a)(ii) shall be credited to a Participant’s Account each pay period during the Plan Year. The Plan
Employer Contributions described in Section 5(b) shall be credited to a Participant’s Account at the same time Employer Matching
Contributions are credited to the Participant account under the applicable Qualified Savings Plans.


 


6.        The Participant’s Account.


 


(a)        Types of Accounts.
A Participant’s Account shall consist of two sub-accounts, as applicable: (1) a sub-account which
consists of Participant Deferred Contributions and Plan Employer Contributions, and interest and earnings thereon, for amounts
that were earned and vested as of December 31, 2004 (the “Grandfathered Account”), and (2) a sub-account which
consists of Participant Deferred Contributions and Plan Employer Contributions, and interest and earnings thereon, for amounts
that are earned and vested on or after January 1, 2005 (the “Non-Grandfathered Account”).


 


(b)        Participant Deferred Contributions.


 


(i)        Participant Deferred
Contributions shall be credited to the Participant’s Account under the Plan as unfunded book entries stated as cash balances.


 


(ii)       Participant Deferred
Contributions credited to the Participant’s Account after December 31, 2004, and all Participant Deferred Contributions credited
to a Participant’s Account under the Supplemental Non-Qualified Savings Plan For Highly Compensated Employees Of Honeywell
International Inc. And Its Subsidiaries (Career Band 5 and Below) before January 1, 2006, shall accrue amounts (to be posted on
the Valuation Date) equivalent to interest, compounded daily, at a rate based upon the cost to the Corporation of borrowing at
a fixed rate for a 15-year term. The interest rate described in this paragraph is subject to change from Plan Year to Plan Year
and shall be determined annually by the Chief Financial Officer of



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the Corporation in consultation
with the Treasurer of the Corporation before January 1 of each Plan Year.


 


(iii)      Participant Deferred
Contributions credited to the Participant’s Account under the Supplemental Non-Qualified Savings Plan for Highly Compensated
Employees of Honeywell International Inc. and its Subsidiaries (Career Band 6 and above) before January 1, 1994 or after the Participant
has terminated employment shall accrue amounts (to be posted each Valuation Date) equivalent to interest, compounded daily, at
a rate based upon the cost to the Corporation of borrowing at a fixed rate for a 15-year term. The interest rate described in this
paragraph is subject to change from Plan Year to Plan Year and shall be determined annually by the Chief Financial Officer of the
Corporation in consultation with the Treasurer of the Corporation before January 1 of each Plan Year.


 


(iv)      Participant Deferred
Contributions credited to the Participant’s Account under the Supplemental Non-Qualified Savings Plan for Highly Compensated
Employees of Honeywell International Inc. and its Subsidiaries (Career Band 6 and above) between January 1, 1994 and December 31,
2004, but before a Participant terminates employment, shall accrue amounts (to be posted each Valuation Date) equivalent to interest,
compounded daily, at a rate that was determined annually by the Management Development and Compensation Committee (the “Committee”)
of the Board of Directors of the Corporation (the “Board”). This rate, once established for a Plan Year, remains
in effect with respect to all Participant Deferred Contributions credited to the Participant’s Account during such Plan Year
until such amounts are distributed.


 


(c)        Plan Employer
Contributions. Plan Employer Contributions shall be credited to the Participant’s Account under the Plan as unfunded
book entries stated as shares of Common Stock (including fractional shares). The number of shares of Common Stock credited to a
Participant’s Account shall be determined by dividing the equivalent cash amount (as determined under Subparagraph 5(b))
by the closing price of Common Stock on the day that such Plan Employer Contributions are credited to the Participant’s Account.
Amounts equivalent to the dividends that would have been payable in respect of the Common Stock shall be credited to the Participant’s
Account as if reinvested in Common Stock, with the number of shares credited determined by dividing the equivalent cash dividend
amount by the closing price of Common Stock on the date the dividends would have been payable. Amounts credited to the Participant’s
Account shall accrue amounts equivalent to interest and dividends, as the case may be, until distributed in accordance with the
Plan.


 


(d)        Grandfathered
and Non-Grandfathered Accounts. The aggregate amount of the Participant’s Deferred Contributions, plus interest and earnings
credited thereon pursuant to this Paragraph 6 (collectively, the “Participant Deferred Contribution Amounts”),
and the aggregate number of shares of Common Stock representing the Plan Employer Contributions, plus dividends reinvested pursuant
to this Paragraph 6 (collectively the “Plan Employer Contribution Amounts,” and together with Participant Deferred
Contribution Amounts, the “Total Contribution Amounts”) credited to the Participant’s Grandfathered Account
pursuant to this Paragraph 6, will hereinafter be referred to as “Grandfathered Contribution Amounts.” Total



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Contribution Amounts
credited to a Participant’s Non-Grandfathered Account will hereinafter be referred to as “Non-Grandfathered Contribution
Amounts.”


 


7.        Distribution from Accounts.


 


(a)        Form and Timing of Payment.


 


(i)        Participant
Deferred Contributions.


 


(A)        2006 Plan Year
and Later. The aggregate amount of the Participant’s Participant Deferred Contribution Amounts credited to the Participant’s
Non-Grandfathered Account for Plan Years beginning on or after January 1, 2006 shall be paid in one lump-sum in the January of
the Plan Year that follows the Plan Year in which the Participant has a Separation from Service (as defined in Section 409A(a)(2)(A)(i)
of the Code and its corresponding regulations) with the Corporation and its affiliates, unless the Participant elects in his Election
for any such Plan Year that his Participant Deferred Contribution Amounts for such Plan Year be paid in substantially equal annual
installments (not to exceed ten (10)) if his Separation from Service occurs on or after he attains age 55 and has completed ten
(10) Years of Service (as defined below), in which case the first installment shall be paid in the January of the Plan Year that
follows the Plan Year in which he has a Separation from Service and each remaining installment will be paid in each succeeding
January.


 


Notwithstanding the
foregoing, if the Participant is a “Specified Employee” (as defined below) at his Separation from Service, the payments
provided in the immediately preceding paragraph shall be paid (or begin for installments) in (i) the January of the Plan Year that
follows the Plan Year in which the Participant’s Separation from Service with the Corporation and its affiliates occurs,
if the Participant’s Separation from Service occurs before July 1 of such Plan Year, or (ii) the July of the Plan Year that
follows the Plan Year in which the Participant’s Separation from Service with the Corporation and its affiliates occurs,
if the Participant’s Separation from Service occurs after June 30 of such Plan Year. If the Participant elected to receive
his distribution in installments, after the first payment is made, each subsequent installment will be paid in the January of each
Plan Year that follows until all installments are paid to the Participant.


 


(B)        For purposes of
this Plan, the term (i) “Years of Service” shall be determined using the Participant’s most-recent adjusted
service date, as reflected at the Participant’s Separation from Service in the Company’s records, and (ii) “Specified
Employee” shall mean any Participant who, at any time during the twelve (12) month period ending on the identification
date, is a specified employee under Section 409A of the Code, which determination of “specified employees,” including
the number and identity of persons considered “specified employees” and the identification date, shall be made by the
Vice President – Compensation and Benefits (or his delegate) in accordance with the provisions of Sections 416(i) and 409A
of the Code and the regulations issued thereunder.


 


(C)        2005 Plan Year.
For the 2005 Plan Year only, the Participant Deferred Contribution Amounts credited to the Participant’s Non-Grandfathered
Account for



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such Plan Year shall
be paid in one lump-sum in January of the Plan Year immediately following the Plan Year in which the Participant has a Separation
from Service with the Corporation and its affiliates.


 


Notwithstanding the
foregoing, if at the time of the Participant’s Separation from Service, the Participant is a Specified Employee the payment
provided in the immediately preceding paragraph shall be paid in (i) the January of the Plan Year that follows the Plan Year in
which the Participant’s Separation from Service with the Corporation and its affiliates occurs, if the Participant’s
Separation from Service occurs before July 1 of such Plan Year, or (ii) the July of the Plan Year that follows the Plan Year in
which the Participant’s Separation from Service occurs, if the Participant’s Separation from Service occurs after June
30 of such Plan Year. If the Participant elected to receive his distribution in the form of installments, after the first payment
is made pursuant to the immediately preceding sentence, each subsequent installment will be paid in the January of each Plan Year
that follows until all installments are paid to the Participant.


 


(D)        Plan Years Before
January 1, 2005. Each Participant made an election when he made a deferral election for Plan Years beginning before January
1, 2005, with respect to the distribution of the Participant Deferred Contribution Amounts credited to the Participant’s
Grandfathered Account pursuant to such election. A Participant elected to receive such amount in one lump-sum or in a number of
annual installments (up to fifteen (15)). The lump-sum payment or the first installment shall be paid as soon as practicable during
the month of January of such future calendar year as the Participant may designate or, if the Participant so elects, as soon as
practicable during the month of January of the calendar year immediately following the year in which the Participant last contributed
to the Plan or the year in which the Participant terminates employment with the Corporation and its affiliates. Subsequent installments
shall be paid as soon as practicable during the month of January of each succeeding calendar year until the entire amount of the
Participant Deferred Contribution Amounts credited to the Participant’s Grandfathered Account have been paid.


 


(ii)       Plan Employer
Contributions. The distribution form and timing that apply to the Participant’s Deferred Contribution Amounts for a Plan
Year pursuant to Subparagraph 7(a)(i) above shall also apply to the form and timing of the distribution of the Plan Employer Contribution
Amounts credited to the Participant’s Account. Except to the extent otherwise provided with respect to fractional shares,
all distributions of Plan Employer Contribution Amounts shall be made in Common Stock. Installments after the first installment
payment, if applicable, shall be paid in the January of each succeeding calendar year until the entire amount of the Plan Employer
Contribution Amounts have been paid. Any fractional shares of Common Stock shall be paid in an equivalent cash amount.


 


(iii)      Calculation
of Installment Payments. If installment payments are to be made to a Participant for any Plan Year, the amount of each installment
shall be determined by (A) multiplying the balance of the Participant Deferred Contribution Amounts credited to the Participant
for such Plan Year by a fraction, the numerator of which is one and the denominator of which is (x) the number of installments
elected, reduced by (y) one for each annual installment previously received, and (B) multiplying the balance of the Plan Employer



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Contribution Amount on
the last Valuation Date of such Plan Year by a fraction, the numerator of which is one and the denominator of which is (x) the
number of installments elected, reduced by (y) one for each annual installment previously received, and then rounding down to the
next whole share of Common Stock; provided, however, the amount of the last installment shall consist of the amount remaining in
the Participant’s Account on the distribution date.


 


(b)        Adjustment of Form of Distribution.


 


(i)         2005 Plan Year and Later. For Plan Years beginning on or after January 1, 2005, a Participant may not change the
timing or payment form of distribution of the Non-Grandfathered Contribution Amounts credited to his Non-Grandfathered Account
unless otherwise permitted by the Plan Administrator in its sole and absolute discretion in accordance with Code section 409A and
its corresponding regulations.


 


(ii)      
2004 Plan Year and Earlier. For Plan Years beginning before January 1, 2005, a Participant may change the timing
and/or form of distribution of all or any portion of the Participant’s Grandfathered Account only in accordance with Clause
7(c)(i).


 


(iii)      Distribution
Default for Amounts Credited to the Participant’s Grandfathered Account.


 


(A)        Distribution
Default for Participant Deferred Contribution Amounts. Any Participant Deferred Contribution Amounts credited to a Participant’s
Grandfathered Account that are not covered by a timely distribution election shall be distributed to the Participant in one lump-sum
as soon as practicable during the month of January of the calendar year immediately following the later of the calendar year in
which the Participant last contributed to the Plan or the year in which the Participant terminates his employment with the Corporation
and its affiliates (whether by reason of Retirement or otherwise); provided, however, if the Participant has made an election pursuant
to Subparagraphs 10(a), 10(b) or 10(c), the lump sum payment shall be made within the ninety (90) day period following a Change
in Control, as defined in Subparagraph 10(e).


 


(B)        Distribution
Default for Plan Employer Contribution Amounts. Any Plan Employer Contribution Amounts credited to a Participant’s Grandfathered
Account that are not covered by a timely distribution election shall be distributed to the Participant in Common Stock as soon
as practicable during the month of January of the calendar year immediately following the later of the calendar year in which the
Participant last contributed to the Plan or the calendar year in which the Participant terminates his employment with the Corporation
and its affiliates (whether by reason of Retirement or otherwise); provided, however, if the Participant has made an election pursuant
to Subparagraphs 10(a), 10(b) or 10(c), the distribution shall be made within the ninety (90) day period following a Change in
Control, as defined in Subparagraph 10(e). Any fractional shares of Common Stock shall be paid in an equivalent cash amount.





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(c)        Changing Distribution
Elections for Plan Years Before January 1, 2005.

 

(i)       For Total
Contribution Amounts credited to the Participant’s Grandfathered Account, the Plan Administrator may from time to time allow
a Participant to request new elections (other than with respect to any such amounts for which distributions have already commenced).
The Plan Administrator shall reserve the right to accept or reject any such request at any time and such election shall be subject
to such restrictions and limitations as the Plan Administrator shall determine in its sole discretion, provided that any new election
shall generally be required to be made at least twelve (12) months before any scheduled payment date.


 


(ii)      For Total
Contribution Amounts credited to the Participant’s Grandfathered Account, the Plan Administrator may allow a Participant
to request an immediate distribution of all or a portion of such Participant’s Grandfathered Account (including any portion
for which distributions have already commenced). Any such immediate distribution shall be subject to a penalty equal to six percent
(6%) of the amount requested to be distributed and shall be subject to the approval of the Plan Administrator and such other restrictions
or conditions as may be established by the Plan Administrator from time to time.


 


8.        Distribution on Death.


 


(a)        Participant Deferred
Contribution Amounts. If a Participant dies before all Participant Deferred Contribution Amounts credited to the Participant’s
Non-Grandfathered Account have been paid, the balance of the Participant Deferred Contribution Amounts in the Non-Grandfathered
Account shall be paid in cash within sixty (60) days following the date of the Participant’s death to the beneficiary designated
by the Participant and filed with the Plan Administrator in the form and manner prescribed by the Plan Administrator. If a Participant
dies before all Participant Deferred Contribution Amounts credited to the Participant’s Grandfathered Account have been paid,
the balance of the Participant Deferred Contribution Amounts in the Grandfathered Account shall be paid in cash as soon as practicable
following the Participant’s death to the beneficiary designated by the Participant and filed with the Plan Administrator
in the form and manner prescribed by the Plan Administrator; provided, however, if the Participant made an election pursuant to
Subparagraphs 10(a), 10(b) or 10(c) for Participant Deferred Contribution Amounts credited to the Participant’s Grandfathered
Account, such amount shall be paid within the ninety (90) day period following a Change in Control, as defined in Subparagraph
10(e). If (i) no beneficiary designation has been made, or (ii) the designated beneficiary has predeceased the Participant and
no further designation has been made, then such balance shall be paid to the Participant’s estate. A Participant may change
the designated beneficiary at any time during the Participant’s lifetime by filing a subsequent designation with the Plan
Administrator in the form and manner prescribed by the Plan Administrator.


 


(b)        Plan
Employer Contribution Amounts. If a Participant dies before all Plan Employer Contribution Amounts credited to the
Participant’s Non-Grandfathered Account have been paid, the balance of the Plan Employer Contribution Amounts in such
Participant’s Non-Grandfathered Account shall be paid in Common Stock within sixty (60) days following the date of the
Participant’s death to the beneficiary designated by the Participant and filed with the Plan Administrator in the form
and manner prescribed by the Plan Administrator. If a Participant



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dies before all Plan
Employer Contribution Amounts credited to the Participant’s Grandfathered Account have been paid, the balance of the Plan
Employer Contribution Amounts in such Participant’s Grandfathered Account shall be paid in Common Stock as soon as practicable
following the Participant’s death to the beneficiary designated by the Participant and filed with the Plan Administrator
in the form and manner prescribed by the Plan Administrator; provided, however, if the Participant has made an election pursuant
to Subparagraphs 10(a), 10(b) or 10(c) for Plan Employer Contribution Amounts credited to the Participant’s Grandfathered
Account, such amount shall be paid within the ninety (90) day period following a Change in Control, as defined in Subparagraph
10(e). If (i) no such beneficiary designation has been made, or (ii) the designated beneficiary has predeceased the Participant
and no further designation has been made, then such balance shall be paid to the Participant’s estate. A Participant may
change the designated beneficiary at any time during the Participant’s lifetime by filing a subsequent designation with the
Plan Administrator in the form and manner prescribed by the Plan Administrator. Any fractional shares of Common Stock shall be
paid in an equivalent cash amount.


 


9.        Payment in the Event of Hardship.


 


(a)        Non-Grandfathered
Account. For Plan Years beginning on or after January 1, 2005, a Participant may not receive a distribution in the event of
hardship or unforeseeable emergency from his Non-Grandfathered Account unless otherwise permitted by the Plan Administrator in
its sole and absolute discretion in accordance with Code section 409A and its corresponding regulations.


 


(b)        Grandfathered
Account. Upon receipt of a request from a Participant delivered in writing to the Plan Administrator along with a Certificate
of Unavailability of Resources form, the Plan Administrator or his designee may cause the Corporation to accelerate payment of
all or any part of the amount credited to the Participant’s Grandfathered Account if it finds in its sole discretion that
payment of such amounts in accordance with the Participant’s prior Election would result in severe financial hardship to
the Participant, and such hardship is the result of an unforeseeable emergency caused by circumstances beyond the control of the
Participant. Acceleration of payment may not be made to the extent that such hardship is or may be relieved (a) through reimbursement
or compensation by insurance or otherwise, or (b) by liquidation of the Participant’s assets, to the extent the liquidation
of assets would not itself cause severe financial hardship. Any distribution of Participant Deferred Contribution Amounts pursuant
to this Subparagraph shall be made in cash, while any distribution of Plan Employer Contribution Amounts pursuant to this Subparagraph
shall be made in Common Stock. Any fractional shares of Common Stock shall be paid in an equivalent cash amount.


 


10.       Change in Control.


 


(a)        Initial Lump-Sum Payment Election.


 


(i)        Non-Grandfathered
Contribution Amounts. Notwithstanding any election made pursuant to Paragraph 4 hereof, for Participant Deferred Contributions
attributable to each Plan Year beginning on or after January 1, 2007, a Participant may designate as



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part of his
Election during the Open Enrollment Period for a Plan Year to have his Participant Deferred Contributions and corresponding Plan
Employer Contributions for such Plan Year paid in a lump sum as soon as practicable following a Change in Control, but in no event
later than ninety (90) days after such Change in Control (as defined below); provided however that if the event that constitutes
a Change in Control does not qualify as a change in ownership or effective control of the Corporation, or in the ownership of a
substantial portion of the assets of the Corporation, within the meaning of Section 409A(a)(2)(A)(v) of the Code and its corresponding
regulations, a Change in Control shall not be deemed to have occurred for purposes of this clause (i).


 


(ii)       Grandfathered
Contribution Amounts. Notwithstanding any election made pursuant to Paragraph 4 for Grandfathered Contribution Amounts, each
Participant filed a written election with the Plan Administrator as part of his Election to have his Grandfathered Contribution
Amount paid in lump-sum as soon as practicable following a Change in Control (as defined below), but in no event later than ninety
(90) days after such Change in Control.


 


(iii)      Form
of Consideration. Any distribution of Participant Deferred Contribution Amounts pursuant to this Paragraph 10 shall be made
in cash, while any distribution of Plan Employer Contribution Amounts pursuant to this Paragraph 10 shall be made in Common Stock
(or the common stock of any successor corporation issued in exchange for, or with respect to, Common Stock incident to the Change
in Control). Any fractional shares of Common Stock (or the common stock of any successor corporation issued in exchange for, or
with respect to, Common Stock incident to the Change in Control) shall be paid in an equivalent cash amount.


 


(b)        Subsequent Lump-Sum
Payment Election. For Grandfathered Contribution Amounts only, a Participant who did not make an election pursuant to Subparagraph
10(a)(ii) or who has revoked, pursuant to Subparagraph 10(c), an election previously made under Subparagraph 10(a)(ii) or this
Subparagraph 10(b) may, before the earlier of a Change in Control or the beginning of the calendar year in which the election is
to take effect, elect to have the aggregate amount credited to the Participant’s Grandfathered Account for all calendar years
commencing with the first calendar year beginning after the date the election is made, paid in lump-sum as soon as practicable
following a Change in Control, but in no event later than ninety (90) days after such Change in Control.


 


(c)        Revocation of
Prior Change in Control Payment Elections. For Grandfathered Contribution Amounts only, a Participant may, before a Change
in Control, file an election revoking any election made pursuant to Subparagraphs 10(a)(ii) or 10(b) or file a new lump sum payment
election under this Paragraph 10 with respect to amounts previously credited to the Participant’s Grandfathered Account.
Any such revocation or new election shall be made at the time specified by the Plan Administrator and shall be subject to such
restrictions and limitations as the Plan Administrator shall determine from time to time.


 


(d)        Interest Equivalents.
Notwithstanding anything to the contrary in the Plan, after a Change in Control, the Plan may not provide, or be amended to provide,
interest accruals with



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respect to Participant
Deferred Contributions at rates lower than the rates in effect under Paragraph 6 immediately before the Change in Control.


 


(e)        Definition of
Change in Control. For purposes of the Plan, “Change in Control” means (a) any one person, or more than one person
acting as a group (as defined under U.S. Department of Treasury Regulation (“Treasury Regulation”) § 1.409A-3(i)(5)(v)(B))
acquires ownership of stock of the Corporation that, together with stock held by such person or group, constitutes more than 50
percent of the total fair market value or total voting power of the stock of the Corporation; or (b) any one person, or more than
one person acting as a group (as defined under Treasury Regulation § 1.409A-3(i)(5)(v)(B)) acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Corporation
possessing 30 percent or more of the total voting power of the stock of the Corporation; or (c) a majority of members of the Board
of Directors of the Corporation (the “Board”) is replaced during any 12-month period by directors whose appointment
or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or (d) any
one person, or more than one person acting as a group (as defined in Treasury Regulation § 1.409A-3(i)(5)(v)(B)) acquires
(or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets
from the Corporation and its subsidiaries on a consolidated basis that have a total gross fair market value equal to or more than
40 percent of the total gross fair market value of all of the assets of the Corporation and its subsidiaries on a consolidated
basis immediately before such acquisition or acquisitions. For purposes of clause (d), “gross fair market value” means
the value of the assets of the Corporation and its subsidiaries on a consolidated basis, or the value of the assets being disposed
of, determined without regard to any liabilities associated with such assets. The foregoing clauses (a) through (d) shall be interpreted
in a manner that is consistent with the Treasury Regulations promulgated pursuant to Section 409A of the Code so that all, and
only, such transactions or events that could qualify as a “change in control event” within the meaning of Treasury
Regulation § 1.409A-3(i)(5)(i) shall be deemed to be a Change in Control for purposes of this Plan.


 


11.       Administration.


 


(a)        Plan Administrator.
The Plan Administrator and “named fiduciary” for purposes of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”) shall be the Senior Vice President-Human Resources and Communications of the Corporation (or
the person acting in such capacity in the event such position is abolished, restructured or renamed). The Plan Administrator shall
have the authority to appoint one (1) or more other named fiduciaries of the Plan and to designate persons, other than named fiduciaries,
to carry out fiduciary responsibilities under the Plan, pursuant to Section 405(c)(1)(B) of ERISA. Any person acting on behalf
of the Plan Administrator shall serve without additional compensation. The Plan Administrator shall keep or cause to be kept such
records and shall prepare or cause to be prepared such returns or reports as may be required by law or necessary for the proper
administration of the Plan.


 


(b)        Powers and Duties
of Plan Administrator. The Plan Administrator shall have the full discretionary power and authority to construe and interpret
the Plan (including, without



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limitation, supplying
omissions from, correcting deficiencies in, or resolving inconsistencies or ambiguities in, the language of the Plan); to determine
all questions of fact arising under the Plan, including questions as to eligibility for and the amount of benefits; to establish
such rules and regulations (consistent with the terms of the Plan) as it deems necessary or appropriate for administration of the
Plan; to delegate responsibilities to others to assist it in administering the Plan; to retain attorneys, consultants, accountants
or other persons (who may be employees of the Corporation and its affiliates) to render advice and assistance as it shall determine
to be necessary to effect the proper discharge of any duty for which it is responsible; and to perform all other acts it believes
reasonable and proper in connection with the administration of the Plan. The Plan Administrator shall be entitled to rely on the
records of the Corporation and its subsidiaries in determining any Participant’s entitlement to and the amount of benefits
payable under the Plan. Any determination of the Plan Administrator, including interpretations of the Plan and determinations of
questions of fact, shall be final and binding on all parties.


 


(c)        Indemnification.
To the extent permitted by law, the Corporation shall indemnify the Plan Administrator from all claims for liability, loss, or
damage (including payment of expenses in connection with defense against such claims) arising from any act or failure to act in
connection with the Plan.


 


12.       Claims Procedures and Appeals.


 


(a)        A written request
for a Plan benefit is a claim and the person making such claim is a claimant. Any claim must be made in writing and shall be deemed
to be filed by a claimant when a written request is made by the claimant or the claimant’s authorized representative which
is reasonably calculated to bring the claim to the attention of the Plan Administrator.


 


(b)        The Plan Administrator
shall provide notice in writing to any claimant when a claim for benefits under the Plan has been denied in whole or in part. Such
notice shall be provided within ninety (90) days of the receipt by the Plan Administrator of the claimant’s claim or, if
special circumstances require, and the claimant is so notified in writing, within one hundred eight (180) days of the receipt by
the Plan Administrator of the claimant’s claim. The notice shall be written in a manner calculated to be understood by the
claimant and shall:


 


(i)        set forth the specific reasons
for the denial of benefits;


 


(ii)       contain specific references
to Plan provisions relative to the denial;


 


(iii)      describe
any material and information, if any, necessary for the claim for benefits to be allowed, that had been requested, but not received
by the Plan Administrator;


 


(iv)      advise
the claimant that any appeal of the Plan Administrator’s adverse determination must be made in writing to the Plan Administrator
within sixty (60) days after receipt of the initial denial notification, and must set forth the facts upon which the appeal is
based; and



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(v)        advise
the claimant of his right to bring a civil action under Section 502(a) of ERISA, following an adverse benefit determination on
review.


 


(c)        When a claimant
receives notice of denial of a claim or does not receive notification of acceptance or denial within ninety (90) days after submitting
a claim, the claimant, either in person or by duly authorized representative, may:


 


(i)        request, in writing, a review
of the claim by the Plan Administrator;


 


(ii)       review pertinent documents
relating to the denial;


 


(iii)      submit issues and comments
in writing; and


 


(iv)      request,
in writing, a hearing with the Plan Administrator; provided that the claimant takes appropriate action within sixty (60) days after
receiving notice of denial.


 


(d)        The Plan Administrator
shall make its decision with respect to a claim review promptly, but not later than sixty (60) days after receipt of the request.
Such sixty (60) day period may be extended for another period of sixty (60) days if the Plan Administrator reviewing the claim
finds that special circumstances require an extension of time for processing.


 


(e)        The final decision
of the Plan Administrator shall be in writing, (i) give specific reason(s) for the adverse decision, (ii) make specific references
to the pertinent Plan provisions on which the decision is based, (iii) include a statement that the claimant is entitled to receive,
upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to
the claimant’s claim for benefits, and (iv) a statement describing any voluntary appeals procedures offered by the Plan and
the claimant’s right to obtain information about such procedures, and a statement of the claimant’s right to bring
an action under Section 502(a) of ERISA. All interpretations, determinations and decisions of the Plan Administrator in respect
of any claim shall be made in its sole discretion based on the applicable Plan documents and shall be final, conclusive and binding
on all parties.


 


(f)        A claimant or potential
claimant must file a claim with the Plan Administrator no later than one (1) year after the claimant or potential claimant knows,
or should have known, the principal facts upon which their claim is based. Any legal action in connection with the Plan must be
brought in the Federal District Court of New Jersey within the six (6) month period beginning on the date the claimant’s
claim and appeal rights are exhausted.


 


13.        Miscellaneous.


 


(a)        Anti-Alienation. The right of a Participant to receive any amount credited to the Participant’s Account shall
not be transferable or assignable by the Participant, except by will or by the laws of descent and distribution. To the extent
that any person acquires a right to receive any amount credited to a Participant’s Account hereunder, such right shall be
no greater than that of an unsecured general creditor of the Corporation. Except as expressly provided herein, any



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person having an interest
in any amount credited to a Participant’s Account under the Plan shall not be entitled to payment until the date the amount
is due and payable. No person shall be entitled to anticipate any payment by assignment, pledge or transfer in any form or manner
before actual or constructive receipt thereof.


 


(b)        Section 409A.
The Plan is intended to comply with the applicable requirements of Section 409A of the Code and its corresponding regulations and
related guidance with respect to Non-Grandfathered Contribution Amounts credited to the Participant’s Account, and shall
be administered in accordance with Section 409A of the Code with respect to such Non-Grandfathered Contribution Amounts. Notwithstanding
anything in the Plan to the contrary, elections to defer Non-Grandfathered Contribution Amounts under the Plan, and distributions
of Non-Grandfathered Contribution Amounts, may only be made in a manner and upon an event permitted by Section 409A of the Code.
To the extent that any provision of the Plan would cause a conflict with the requirements of Section 409A of the Code, or would
cause the administration of the Plan to fail to satisfy the requirements of Section 409A of the Code, such provision shall be deemed
null and void to the extent permitted by applicable law. Other than a valid Election, in no event shall a Participant, directly
or indirectly, designate the Plan Year of payment with respect to Non-Grandfathered Accounts. For the avoidance of doubt, deferrals
under the Plan are maintained on a Plan Year basis.


 


(c)        Unsecured General
Creditor. Neither the Corporation nor any of its subsidiaries shall be required to reserve or otherwise set aside funds, Common
Stock or other assets for the payment of its obligations hereunder. However, the Corporation or any subsidiary may, in its sole
discretion, establish funds for payment of its obligations hereunder. Any such funds shall remain assets of the Corporation or
such subsidiary, as the case may be, and subject to the claims of its general creditors. Such funds, if any, shall not be deemed
to be assets of the Plan. The Plan is intended to be unfunded for tax purposes and for purposes of Title I of ERISA.


 


(d)        Withholding.
The Corporation shall withhold from any distribution made from Participant Deferred Contribution Amounts the amount necessary to
satisfy applicable federal, state and local tax withholding requirements. With respect to distributions of Plan Employer Contribution
Amounts, the delivery of the shares of Common Stock shall be delayed until the Participant makes arrangements, pursuant to procedures
to be adopted by the Plan Administrator, to satisfy the applicable federal, state and local tax withholding requirements. Each
Participant, however, shall be responsible for the payment of all individual tax liabilities relating to any such benefits.


 


(e)        Offset. To
the maximum extent permitted under Section 409A of the Code and its corresponding regulations, if a Participant becomes entitled
to a distribution of benefits under the Plan, and if at such time the Participant has outstanding any debt, obligation, or other
liability representing an amount owing to the Corporation or any participating affiliate, then the Corporation may offset such
amount owed to the Corporation or the participating affiliate against the amount of benefits otherwise distributable. Such determination
shall be made by the Plan Administrator.



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(f)        Termination and
Amendment. The Corporation may at any time amend or terminate the Plan, subject to the requirements of Section 409A of the
Code with respect to the Non-Grandfathered Amounts. Notwithstanding the foregoing, and unless such amendment is required by Section
409A of the Code, the Plan may not, without the consent of an affected Participant, be amended in any manner which would (i) adversely
affect such Participant’s rights and expectations with respect to deferral amounts credited to such Participant’s Account
immediately before such amendment (including, but not limited to, any amendment which would adversely affect the rights or features
applicable to, or any of the components that are taken into account in determining, the deferral amounts of any Participant hereunder),
or (ii) with respect to any Participant who separates from service either during a Potential Change in Control Period (as defined
below) or within two years following a Change in Control under circumstances entitling such Participant to severance benefits under
the Corporation’s Severance Plan for Corporate Staff Employees (Involuntary Termination Following a Change in Control) or
Part II of the Corporation’s Severance Plan for Designated Officers, adversely affect such Participant’s rights and
expectations with respect to Grandfathered Contribution Amounts to defer the receipt of severance payments pursuant to such plan.
For purposes of the preceding sentence, a “Potential Change in Control Period” shall commence when: (A) the
Corporation enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; (B) the
Corporation or any person or group publicly announces an intention to take or to consider taking actions which, if consummated,
would constitute a Change in Control; (C) any person or group (other than the Corporation, any subsidiary or any savings, pension
or other benefit plan for the benefit of employees of the Corporation or its subsidiaries) becomes the beneficial owner, directly
or indirectly, of securities of the Corporation representing 15% or more of either the then outstanding shares of common stock
of the Corporation or the combined voting power of the Corporation’s then outstanding securities (not including in the securities
beneficially owned by such person or group any securities acquired directly from the Corporation or its affiliates); or (D) the
Board adopts a resolution to the effect that, for purposes of the Plan, a Potential Change in Control Period has commenced. The
Potential Change in Control Period shall continue until the earlier of (I) a Change in Control, or (II) the adoption by the Board
of a resolution stating that, for purposes of the Plan, the Potential Change in Control Period has expired.


 


(g)        Benefit Statements.
Each Participant shall receive periodic statements (not less frequently than annually) regarding the Participant’s Account.
Each such statement shall indicate the amount of the balances credited to the Participant’s Account as of the end of the
period covered by such statement.


 


(h)        Legal Interpretation.
This Plan and its provisions shall be construed in accordance with the laws of New Jersey to the extent such New Jersey law is
not inconsistent with the provisions of ERISA. The text of this Plan shall, to the extent permitted by law, govern the determination
of the rights and obligations created or referred to herein. Headings to the Sections, Paragraphs and Subparagraphs are for reference
purposes only and do not limit or extend the meaning of any of the Plan’s provisions.


 


(i)        Gender; Number.
All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter,
as the identity of the person or persons may require. As the context may require, the singular may read as the plural and the plural
as the singular.



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(j)        Employment.
The adoption and maintenance of this Plan shall not be deemed to constitute a contract between the Corporation or its subsidiaries
and any employee or to be a consideration for or condition of employment of any person. No provision of the Plan shall be deemed
to give any employee the right to continue in the employ of the Corporation or its subsidiaries or to interfere with the right
of the Corporation or its subsidiaries to discharge any employee at any time without regard to the effect which such discharge
might have upon the employee’s participation in the Plan or benefits under it.


 


(k)        Fiduciary Capacities.
Any person or group of persons may serve in more than one fiduciary capacity with respect to the Plan. For purposes of this Subparagraph
13(k), the term “fiduciary” shall have the same meaning as in ERISA.


 


(l)        Participants
Subject to Section 16. Notwithstanding anything herein to the contrary, if any request and subject to Section 409A of the Code,
election or other action under the Plan affecting a Participant subject to Section 16 of the Securities Exchange Act of 1934 should
require the approval of the Committee to exempt such request, election or other action from potential liability under Section 16,
then the approval of the Committee shall be obtained in lieu of the approval of the Plan Administrator.



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