Honeywell 2006 Annual Report Download - page 169

Exhibit 10.25
PITTWAY CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
SECTION 1
Introduction
1.1 The Plan and Its Effective Date. This Pittway Corporation Supplemental Executive Retirement Plan (the "plan") has been
established by Pittway Corporation (the "company"), effective January 1, 1996.
1.2 Purpose. The company maintains the Pittway Corporation Retirement Plan (As Amended and Restated Effective as of January 1,
1989) (as the same may hereafter be amended, the "retirement plan"), which is intended to meet the requirements of a "qualified plan"
under the Internal Revenue Code of 1986, as amended (the "Code"). While the Code places limitations on the maximum benefits
which may be paid from a qualified plan and the maximum amount of an employee's compensation that may be taken into account for
determining benefits payable under a qualified plan, the Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
permits the payment under an "unfunded plan" of benefits which may not be paid under a qualified plan because of such limitations.
The purpose of the plan is to provide certain key employees of the company and its subsidiaries with certain benefits which may not
be provided under the retirement plan because of the maximum compensation limitation of the Code.
SECTION 2
Eligibility and Benefits
2.1 Eligibility. Each key employee of the company or a subsidiary of the company (a "participant") who participates in the retirement
plan and who is a party to an employment agreement with the company or subsidiary of the company substantially in the form
attached hereto as Exhibit 1 (as the same may hereafter be amended, his "Employment Agreement") that provides for his participation
in the plan shall participate in the plan, subject to the conditions and limitations of the plan. It is expressly understood that variations
among the participants' Employment Agreements may result in differences in the numbered paragraphs thereof in which
corresponding provisions appear (for example, the non-competition provisions which are in paragraph 10 of Exhibit 1 attached hereto,
or variations thereof, may be in paragraph 10 of certain of the Employment Agreements but in paragraph 9 of others). Accordingly,
each reference in the plan to a particular numbered paragraph of a participant's Employment Agreement shall be deemed to be a
reference to the paragraph thereof, if any, which corresponds to the identically numbered paragraph of Exhibit 1.
2.2 Accrued Benefit. For 1995 and for each full calendar year and any final fraction of a calendar year of a participant's Employment
Period (as such term is defined in such participant's Employment Agreement), the participant shall accrue a benefit under the plan
equal to 1.85 percent of that portion of his earnings (as defined in section 2.3 below) for such year or fraction that is in excess of the
"maximum dollar limitation" (as defined below) for such year or fraction and is less than $300,000. For purposes of the plan,
"maximum dollar limitation" means, for