Amendment to the Pittway Corporation Supplemental Executive Retirement Plan
This amendment updates the Pittway Corporation Supplemental Executive Retirement Plan to clarify how benefits are calculated for participants accruing benefits as of December 31, 2015. It specifies that, starting January 1, 2016, a participant's annual earnings for benefit calculations will be the lesser of their earnings for the current year or their earnings in 2015, in line with changes made in the Honeywell Retirement Earnings Plan. This ensures benefit calculations are capped based on 2015 earnings.
Exhibit 10.16
AMENDMENT
TO THE
PITTWAY CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
The Pittway Corporation Supplemental Executive Retirement Plan shall be, and hereby is, amended by inserting the following new paragraph at the end of Section 2.3:
“Notwithstanding any provision of this plan to the contrary, the benefit for a participant who is accruing a benefit in this plan as of December 31, 2015 shall be calculated by taking into account the amendments that were made to the definition of Earnings in Supplement DD of the Honeywell Retirement Earnings Plan. For the avoidance of doubt, earnings for any year beginning after December 31, 2015 shall equal the lesser of the participant’s earnings for that year or the participant’s earnings for the 2015 year.”
