Preview | Benefit Restoration Plan |

TABLE OF CONTENTS


ARTICLE I Purpose of the Plan			1

ARTICLE II Definitions			1

ARTICLE III Administration of the Plan			3

ARTICLE IV Allocations Under the Plan; Participation in Plan; Selection for Awards			4

ARTICLE V Non-Assignability of Awards			5

ARTICLE VI Vesting			5

ARTICLE VII Distribution of Awards			5

ARTICLE VIII Nature of Plan			6

ARTICLE IX Funding of Obligation			7

ARTICLE X Amendment or Termination of Plan			7

ARTICLE XI General Provisions			7

ARTICLE XII Effective Date			8

SCHEDULE A			9

APPENDIX A			10

ARTICLE XIII Allocations Under the Plan; Participation in the Plan; Selection for Awards			10

ARTICLE XIV Distribution of Awards			10

(i)

KBR
BENEFIT RESTORATION PLAN

W I T N E S S E T H:

WHEREAS, the Board of Directors of Halliburton Company (Halliburton) has previously adopted the Halliburton Company Benefit Restoration Plan, as most recently amended and restated effective January 1, 2004, for the benefit of its employees and the employees of its subsidiaries to aid such employees in making more adequate provision for their retirement; and

WHEREAS, Halliburton determined that it would be appropriate and desirable for Halliburton to separate the business and assets of KBR, Inc. (the Company) and its subsidiaries, from the business and assets of Halliburton and its other subsidiaries through an initial public offering of the common stock of the Company; and

WHEREAS, Halliburton plans to take action which will result in the Company and its subsidiaries ceasing to be a member of the Halliburton controlled group; and

WHEREAS, the Company desires to provide benefits for certain of its new employees including certain current employees who had previously participated in the HAL Plan, as hereafter defined; and

WHEREAS, pursuant to the terms of the HAL Plan, each Employer thereunder was liable for the benefits related to its employees, and the Company and the Employers hereunder desire to continue to provide to such employees an opportunity to make deferrals of certain amounts, consistent with the provisions of Section 409A of the Internal Revenue Code of 1986 as amended (the Code); and

WHEREAS, the provisions of the HAL Plan, as amended through the Effective Date, will remain in effect for all deferrals prior to the Effective Date; and

WHEREAS, the Company desires to preserve the material terms of the HAL Plan as in effect on December 31, 2004 (the Grandfathered Plan) in order that the Grandfathered Plan qualify as a grandfathered plan for purposes of Section 409A of the Code; and

WHEREAS, certain provisions applicable solely to the Grandfathered Plan are preserved in Appendix A, for purposes of determining the terms applicable to amounts deferred under the Grandfathered Plan, which provisions shall be substituted for the corresponding provisions contained herein.

NOW THEREFORE, the HAL Plan, including the Grandfathered Plan, is hereby continued for Participants with the terms set forth below, and is hereby renamed the KBR Benefit Restoration Plan to read as follows, effective as of the Effective Date:

(ii)

ARTICLE I

Purpose of the Plan

The purpose of the KBR Benefit Restoration Plan is to provide a vehicle to restore qualified plan benefits which are reduced as a result of limitations on contributions imposed under the Internal Revenue Code or due to participation in other company sponsored plans and to defer compensation that would otherwise be treated as excessive employee remuneration within the meaning of Section 162(m) of the Internal Revenue Code.

ARTICLE II

Definitions

Where the following words and phrases appear in the Plan, they shall have the respective meanings set forth below, unless their context clearly indicates to the contrary.

End of Preview

Home Intelligence Services Subscriptions News About Us