Document:

c56028_ex10-23.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.23

AMENDMENT TO THE LETTER AGREEMENT 

BETWEEN

HONEYWELL INTERNATIONAL INC. AND LARRY KITTELBERGER, 

DATED JULY 27 2001 

          WHEREAS, Honeywell International Inc. (the “Company”) and Mr. Larry E. Kittelberger (the “Executive”) entered into a letter agreement dated July 27, 2001 (the
“Letter Agreement”) which was intended to set forth certain terms and conditions relating to the compensation and benefits for which Executive would be eligible during his employment with the Company; and 

          WHEREAS, the Company and the Executive wish to amend the Letter Agreement to the extent necessary to comply with Section 409A of the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder.

          NOW, THEREFORE, the Letter Agreement is hereby amended effective December 31, 2008 in the following manner: 

	
1. 	
Under Section I “Compensation,” the subsection entitled “Annual Incentive Bonus” shall be replaced in its entirety with the following language:
	

“Annual Incentive Bonus: You shall be eligible for annual awards under the Honeywell International Inc. Incentive Compensation Plan for
Executive Employees with a short-term incentive compensation target opportunity of at least 100% of your annual cash base salary earnings during the year.” 

	
2.	
Under Section II “Benefits,” the final sentence of the subsection entitled “Pension” shall be replaced in its entirety with the following sentence:
	

“Your Band 6 SERP benefit shall be available in an annuity (determined in accordance with the assumptions specified in the Band 6 SERP at the time of your termination or retirement) and shall be reduced by the
actuarial value of any qualified pension benefit payable to you under the terms of any tax-qualified pension plan of the Company which has not already been taken into account in determining the Band 6 SERP benefit.” 

	
3.  		
Under Section II “Benefits,” the following new sentence shall be added immediately prior to the final sentence of the subsection entitled “Medical and Dental Plans”:
	

“Such cash payment shall be made to you on March 15th of the year following the year in which such annual premium cost was incurred.”

	
4. 	
Under Section II “Benefits,” the subsection entitled “Executive Severance” shall be replaced in its entirety with the following language:
	

“The Company will provide 36 months, or such longer period as provided in this letter, of Cash Base Salary, Annual Incentive Bonus at the target bonus opportunity then in effect, and the Benefits (collectively the
“Severance”), in the event of your involuntary termination for other than Gross Cause or termination by you for Good Reason. Such Severance shall be payable in accordance with the terms and conditions of Honeywell’s Severance Plan
for Senior Executives (the “Severance Plan”), as may be amended from time to time. Gross Cause and Good Reason shall have the same meaning as said terms are currently defined in the Severance Plan as amended and restated effective as of
May 1, 1999. The term Good Reason shall also mean any change in your direct reporting relationship to David Cote (currently Chairman of the Board/CEO) or his successor or your removal from the Honeywell Leadership Council for 

reasons other than Gross Cause. In addition, you will become fully vested in all of the Plans listed below (other than any qualified pension or savings plan) and the Company will allow all unvested equity to continue to
vest as scheduled and all options provided under the Long Term Incentive Award to be exercisable in the same manner as if you were still employed. 

Notwithstanding the foregoing, if you are a “Specified Employee” within the meaning of Section 409A at the time of your Separation from Service (as defined in Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”)), the payment of Severance to which you would otherwise be entitled during the first six months following your Separation from Service shall be deferred and paid in a lump sum on the first day of the seventh month
following such Separation from Service (or, if earlier, the date of your death), with no interest or earnings accruing on such payments during the deferral period.” 

	
5.	
Under Section III “Plan Participation and Benefits Guarantee” the second and third paragraphs shall be replaced in their entirety with the following language:
	

“To the extent all Benefits provided in this offer letter (the “Benefits”) are not provided in their entirety under the Plans, the Company guarantees that, to the extent permissible under Section 409A of
the Code, you will nevertheless receive all of the Benefits. The Company further guarantees that the Board of Directors will take all actions necessary, to the extent permissible under Section 409A of the Code, to provide you with such
Benefits.

If any of the Plans are modified or amended in any way which impacts your Benefits, other than to the extent necessary to comply with Section 409A of the Code or de
minimis modifications to any medical, life or disability plans that shall also apply to similarly situated executives, the Company guarantees that, to the extent permissible under Section 409A of the Code, you
will nevertheless receive the better of the (i) the Benefits or (ii) such benefits as are provided under any such modified or amended Plan.” 

	
6. 	
Under Section III “Plan Participation and Benefits Guarantee” a new paragraph shall be inserted after the fourth paragraph, which such paragraph shall read as follows:

	
	 
	 	
“The Company and you intend that the terms of this offer shall comply with Section 409A of the Code and shall be interpreted, operated and administered accordingly.”

	
	 

Agreed to and Accepted: 

/s/ Mark James 

Mark James

Senior Vice
President – Human Resources and Communications 

Honeywell International Inc. 

/s/ Larry E. Kittelberger

Larry E. Kittelberger

Date: December 30, 2008

2c56028_ex10-25.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.25

AMENDMENT 

TO THE

PITTWAY CORPORATION 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

	1.  	The provisions of this Amendment to the Plan applies
      to a participant who (i) has any portion of a supplemental retirement benefit
      that accrues on or after January 1, 2005, (ii) has any portion of a supplemental
      retirement benefit that accrued prior to January 1, 2005 but was vested
      on or after December 31, 2004, or (iii) has an increase in the value of
      any subsidy with respect to Grandfathered Benefits payable upon retirement
      before the qualified plan’s normal retirement date that accrues or
      increases as a result of service after December 31, 2004. The Plan in effect
      prior to this Amendment applies to a participant not described in clause
      (iii) of the preceding sentence whose entire supplemental retirement benefit
    accrued and vested before January 1, 2005 (“Grandfathered Benefit”). 
	 	 
	
2.      		
The following definitions shall be added to the Plan:
	
	 	 
	 	(a) 	Earliest Retirement Date means the earliest date as
      of which the participant would be eligible to commence the receipt of his
      qualified plan benefit, whether or not he elects to commence receipt of
    such qualified plan benefit as of such date. 
	 	 	 
	 	(b) 	Separation from Service Date means the date on which
      the participant’s separation from service with Honeywell and its
      subsidiaries and affiliates occurs within the meaning of Section 409A of
      the Code. A participant’s Separation from Service Date occurs when
      the facts and circumstances indicate that Honeywell and the participant
      reasonably anticipate that no further services will be performed after
      a certain date or that the level of services the participant will perform
      after such date will permanently decrease to no more than 20% of the average
      level of services performed over the immediately preceding 36-month period
      (or, if shorter, the entire period of the participant’s employment
    by Honeywell and its subsidiaries and affiliates). 
	 	 	 
	 	(c)  	Specified Employee means any participant who, at any
      time during the twelve (12) month period ending on the identification date
      (as determined by the Vice President, Compensation and Benefits or his
      delegate), is a specified employee under Section 409A of the Code, as determined
      by the Vice President, Compensation and Benefits or his delegate, which
      determination of “specified employees” and 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. 

 

	
3.      		
The following rules shall be used to pay supplemental retirement benefits that are subject to this Amendment:

	
	 

     (a) A participant who was provided
a payment election for his supplemental retirement benefit prior to January 1,
2009 and who elected an annuity as his payment form shall, prior to his benefit
commencement date, be entitled to elect from among the Actuarially Equivalent
annuity forms of payment available to the participant under the Pension Plan
other than annuity forms with a level income option. Such payments will begin
as of the first day of the month following 105 days after the later of the participant’s
Separation from Service Date or Earliest Retirement Date. If a participant fails
to elect an annuity payment form by the required date, his supplemental retirement
benefit shall be paid in a single life annuity if he is unmarried on his benefit
commencement date or in a joint and 50% survivor annuity, with his opposite sex
spouse on his benefit commencement date as his contingent annuitant, if he is
married on his benefit commencement date. 

      (b) A participant who was provided a payment election for his supplemental retirement benefit prior to January 1, 2009 and who elected a single lump sum payment shall receive the Actuarial Equivalent value of his supplemental
retirement benefit as of the first day of the month following 105 days after the later of the participant’s Separation from Service Date or Earliest Retirement Date. 

      (c) A participant who is entitled
to disability pension benefits under the qualified plan that qualify as “ancillary
benefits” shall continue to receive such benefits as required by the qualified
plan as long as the participant satisfies the conditions applicable to such benefits.
The Actuarial Equivalent value of such participant’s supplemental retirement
benefit at retirement shall be paid as of the first day of the month following
105 days after the latest date the ancillary disability pension benefits could
be paid, whether or not the ancillary disability pension benefits continue to
be paid to such date. The form of payment shall be determined in accordance with
clause (a) or (b) as applicable. 

      (d) A participant who is entitled to a supplemental
    retirement benefit and whose Separation from Service Date and Earliest Retirement
    Date both occurred before July 1, 2009 shall receive his supplemental retirement
    benefit as of July 1, 2009, with the form of payment determined in accordance
    with clause (a) or (b) as applicable.

      (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.

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