Common use of Additional Retirement Benefit Clause in Contracts

Additional Retirement Benefit. (i) Subject to the terms and conditions set forth herein, the Executive shall be entitled to payment by the Company of an annual supplemental retirement benefit (the "SERP Benefit"), expressed as a life annuity commencing on the Executive's sixty- fifth birthday, equal to (1) the product of (A) 60% times (B) the Executive's Final Average Compensation (as defined below), minus (2) the aggregate annual vested benefit (expressed as a life annuity commencing on the Executive's sixty-fifth birthday) payable to the Executive under the terms of any "defined benefit plan" (as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended) or plans, including excess benefit or supplemental retirement plans or agreements, maintained by the Company or H. As of the Effective Time, the Executive shall be fully vested in the SERP Benefit. The SERP Benefit shall be reduced by 3% for each year (or pro rata for any portion thereof) during which the Executive collects his SERP Benefit prior to January 1, 2003. Following the Executive's death (whether or not the payment of the SERP Benefit has commenced), an annual survivor benefit equal to 50% of the SERP Benefit shall be payable to the Executive's surviving spouse (if any) for her life.

Additional Retirement Benefit. (i) Subject to the terms and conditions set forth herein, upon termination of Executive's employment with the Company, Executive shall be entitled to payment by the Company of an annual supplemental retirement benefit (the "a SERP Benefit"), expressed as a life annuity commencing on the Executive's sixty- fifth sixtieth birthday, equal to (1) the product of (A) 60% %, times (B) the Executive's Final Average Compensation (as defined below), minus (2) the aggregate sum of the annual vested benefit retirement benefits (each expressed as a life annuity commencing on the Executive's sixty-fifth sixtieth birthday) payable to the Executive under the terms of any "defined benefit plan" (as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended) or plans, including excess benefit or supplemental retirement plans or agreements, maintained by the Company or H. As by any of Executive's prior employers; provided, however, if Executive's employment is terminated by the Company for Cause or by Executive without Good Reason prior to the fifth anniversary of the Effective TimeDate, the Executive shall be fully vested in the forfeit such SERP Benefit. The SERP Benefit shall be reduced by 34% for each year (or pro rata for any portion thereof) during which the Executive collects his SERP Benefit prior to January 1, 2003attainment of age 60. Following In the event of Executive's death (whether or not the payment of the SERP Benefit has commenced), an annual survivor benefit equal to 5075% of the SERP Benefit shall be payable to the Executive's surviving spouse (if any) commencing on the date Executive would have attained age 60 and continuing for her life.

Additional Retirement Benefit. (i) Subject to the terms and conditions set forth herein, the Executive shall be entitled to payment by the Company of an annual supplemental retirement benefit (the "SERP Benefit"), expressed as a life annuity commencing on the Executive's sixty- sixty-fifth birthday, equal to (1) the product of (A) 60% times (B) the Executive's Final Average Compensation (as defined below), minus (2) the aggregate annual vested benefit (expressed as a life annuity commencing on the Executive's sixty-fifth birthday) payable to the Executive under the terms of any "defined benefit plan" (as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended) or plans, including excess benefit or supplemental retirement plans or agreements, maintained by the Company or H. Honeywell. As of the Effective Time, the Executive shall be fully vested in the SERP Benefit. The SERP Benefit shall be reduced by 3% for each year (or pro rata for any portion thereof) during which the Executive collects his SERP Benefit prior to January 1, 2003. Following the Executive's death (whether or not the payment of the SERP Benefit has commenced), an annual survivor benefit equal to 50% of the SERP Benefit shall be payable to the Executive's surviving spouse (if any) for her life.