Amendment to Appendix G of Huntington Ingalls Industries Supplemental Plan 2—Officers Supplemental Executive Retirement Program (OSERP)

Summary

This amendment, effective January 1, 2014, modifies the Huntington Ingalls Industries Officers Supplemental Executive Retirement Program (OSERP). It states that participants who become eligible for the program on or after this date will forfeit all accrued benefits if they voluntarily leave the company within three years of eligibility, unless the departure is due to mandatory retirement, death, disability, involuntary termination without cause, or divestiture. The Compensation Committee has sole discretion in determining forfeiture. All other terms of the OSERP remain unchanged.

EX-10.18 2 hii-ex1018201310xkxamendme.htm SUPPLEMENTAL PLAN 2 AND AMENDMENT TO APPENDIX G HII-EX10.18 2013 10-K - Amendment to HII Supplemental Plan 2-OSERP

EXHIBIT 10.18

AMENDMENT TO

APPENDIX G TO THE HUNTINGTON INGALLS INDUSTRIES SUPPLEMENTAL PLAN 2—OFFICERS SUPPLEMENTAL EXECUTIVE RETIREMENT PROGRAM (OSERP)

WHEREAS, Huntington Ingalls Industries, Inc. (the “Employer”) maintains Appendix G to the Huntington Ingalls Industries Supplemental Plan 2-Officers Supplemental Executive Retirement Plan (the “OSERP”), has the reserved right to amend the OSERP and now wishes to do so;

NOW, THEREFORE, effective January 1, 2014 the OSERP is hereby amended as follows:

1. Add a new Section G.13 at the end thereof to read as follows:

G.13 Forfeiture of Benefits due to Voluntary Termination. This Section applies to a Participant who first becomes eligible under this Program on or after January 1, 2014. Notwithstanding any other provision of this Program, if the Participant resigns, retires or otherwise experiences a voluntary Termination of Employment within three years after the date of the Participant’s initial eligibility under this Program, the Participant shall forfeit 100% of his or her total accrued benefit under this Program. The Compensation Committee or its delegate will, in its sole discretion, determine whether a Participant’s accrued benefit is subject to forfeiture under this Section G.13; provided that no forfeiture shall occur if the Participant’s Termination of Employment is due to mandatory retirement pursuant to Company policy, death, disability, involuntary termination without cause or the divestiture of the Participant’s business unit. Any forfeiture pursuant to this Section will also apply with respect to survivor benefits or benefits assigned under a Qualified Domestic Relations Order.

2. The OSERP, as amended herein, is hereby ratified and affirmed in all other respects.

IN WITNESS WHEREOF, Huntington Ingalls Industries, Inc. has caused this Amendment to be executed by its duly authorized representative on this 15th day of January , 2014.

HUNTINGTON INGALLS INDUSTRIES, INC.

By: /s/ William R. Ermatinger

William R. Ermatinger
Vice President and Chief, Human Resources Officer