Honeywell 2008 Annual Report Download - page 291

Exhibit 10.25
AMENDMENT
TO THE
PITTWAY CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
1. The provisions of this Amendment to the Plan applies to a participant who (i) has any portion of a supplemental retirement benefit that accrues on or after January 1, 2005, (ii) has any portion of a supplemental retirement
benefit that accrued prior to January 1, 2005 but was vested on or after December 31, 2004, or (iii) has an increase in the value of any subsidy with respect to Grandfathered Benefits payable upon retirement before the
qualified plan’s normal retirement date that accrues or increases as a result of service after December 31, 2004. The Plan in effect prior to this Amendment applies to a participant not described in clause (iii) of the preceding
sentence whose entire supplemental retirement benefit accrued and vested before January 1, 2005 (“Grandfathered Benefit”).
2. The following definitions shall be added to the Plan:
(a) Earliest Retirement Date means the earliest date as of which the participant would be eligible to commence the receipt of his qualified plan benefit, whether or not he elects to commence receipt of such qualified plan
benefit as of such date.
(b) Separation from Service Date means the date on which the participant’s separation from service with Honeywell and its subsidiaries and affiliates occurs within the meaning of Section 409A of the Code. A
participant’s Separation from Service Date occurs when the facts and circumstances indicate that Honeywell and the participant reasonably anticipate that no further services will be performed after a certain date or
that the level of services the participant will perform after such date will permanently decrease to no more than 20% of the average level of services performed over the immediately preceding 36-month period (or, if
shorter, the entire period of the participant’s employment by Honeywell and its subsidiaries and affiliates).
(c) Specified Employee means any participant who, at any time during the twelve (12) month period ending on the identification date (as determined by the Vice President, Compensation and Benefits or his delegate), is
a specified employee under Section 409A of the Code, as determined by the Vice President, Compensation and Benefits or his delegate, which determination of “specified employees” and identification date shall be
made by the Vice President, Compensation and Benefits or his delegate in accordance with the provisions of Sections 416(i) and 409A of the Code and the regulations issued thereunder.