Amendment to Honeywell Supplemental Defined Benefit Retirement Plan (Effective January 1, 2010)
Honeywell International Inc. is amending its Supplemental Defined Benefit Retirement Plan, effective January 1, 2010. The amendment changes how incentive compensation is counted as eligible pay for certain executive employees (Bands 5, 6, or 7) who are earning a pension benefit as of March 15, 2010. The eligible pay will now include the greater of incentive compensation received in 2009 or 2010, with adjustments to prevent double counting. The amendment excludes employees with no incentive compensation in 2010 due to performance issues. This change affects how retirement benefits are calculated for eligible participants.
Exhibit 10.13
AMENDMENT
TO THE
HONEYWELL SUPPLEMENTAL DEFINED BENEFIT RETIREMENT PLAN
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| Pursuant to the authority granted to proper officers of Honeywell International Inc. (the “Company”) by the Management Development and Compensation Committee of the Board of Directors on December 11, 2009, the Honeywell Supplemental Defined Benefit Retirement Plan shall be amended effective January 1, 2010 to include as eligible pay for an eligible participant (defined below) the greater of (a) the incentive compensation received under the terms of the Honeywell International Inc. Incentive Compensation Plan for Executive Employees (“ICP”) in 2009 (earned in 2008), or (b) the incentive compensation received under the terms of the ICP in 2010 (earned for 2009); provided, however, that if incentive compensation is included under clause (a), the value of the incentive compensation received in 2009 (earned in 2008) shall be reduced by the actual incentive compensation received and credited to Honeywell’s qualified pension plans and/or non-qualified pension plans in 2010 (earned for 2009) to avoid double counting. If incentive compensation is included under clause (a), such incentive compensation shall be treated under the applicable pension formula as eligible pay earned in 2009 and paid in 2010. |
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| This amendment shall be subject to the following conditions: |
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| (a) | an eligible participant is a participant who, on March 15, 2010, is earning a pension benefit under the Honeywell Retirement Earnings Plan and is employed by the Company in Band 5, 6 or 7, other than a participant who receives zero incentive compensation in 2010 (earned for 2009) and is coded in the Company’s records as having a performance planning reason for such (e.g., “performance issue” (PI) or “performance termination” (PT)); and |
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| (b) | the amounts required to be included in eligible pay shall not be included more than one time. |
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| HONEYWELL INTERNATIONAL INC. |
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| /s/ Mark James |
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| Mark James |
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| Senior Vice President – Human Resources and Communications |
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| Dated: January 12, 2010 |
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