Honeywell 2008 Annual Report Download - page 267

Exhibit 10.14
AMENDMENT TO THE LETTER AGREEMENT BETWEEN HONEYWELL
INTERNATIONAL INC. AND DAVID J. ANDERSON, DATED JUNE 12, 2003
WHEREAS, Honeywell International Inc. (the “Company”) and Mr. David J. Anderson (the “Executive”) entered into a letter
agreement dated June 12, 2003 (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 subsection entitled “Pension” shall be replaced in its entirety with the following language:
“Pension: You will be eligible for an enhanced retirement benefit through a combination of Honeywell’s qualified retirement plan and a special non-qualified pension enhancement that will provide:
A monthly benefit equal to the benefit provided under the Honeywell International Inc. Supplemental Executive Retirement Plan for Executives in Career Band 6 and Above (the “SERP”). Honeywell will credit your years
of service with both ITT and Honeywell as Service under the SERP for all plan purposes. Such benefit will be paid as an annuity as of the first of the month following 105 days following the later of your Separation from
Service (as such term is defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)) or your earliest retirement date as provided under the SERP.
Plus,
If you retire on or after age 60, a benefit for your lifetime in the amount of $125,000 annually, commencing as of the first of the month following your Separation from Service. In the event that you are terminated by the
Company, other than for Gross Cause (as defined in the Honeywell International inc. Senior Severance Plan, as amended from time to time (the “Senior Severance Plan”)), payment will commence as of the later of the first
of the month following your Separation from Service or January 1, 2010. In