exv10w9





Exhibit 10.9


DATED 8th September 2009


COOPER INDUSTRIES PUBLIC LIMITED COMPANY


 




DEED POLL OF ASSUMPTION

relating to

Cooper Industries, Ltd. Amended and Restated Directors’ Retainer Fee Stock Plan


 




 








 




DEED POLL OF ASSUMPTION


OF


COOPER INDUSTRIES PUBLIC LIMITED COMPANY


This Deed Poll relating to the Cooper Industries, Ltd. Amended and Restated Directors’ Retainer Fee
Stock Plan (the “Directors’ Retainer Fee Stock
Plan”) is made on 8th September 2009 by COOPER
INDUSTRIES PUBLIC LIMITED COMPANY, a company established in Ireland with registered number 471594
having its registered office at 5 Fitzwilliam Square, Dublin 2 (“Cooper Industries”).


WHEREAS on 4 September 2009, Cooper Industries, Ltd., a company incorporated in Bermuda, received
approval from the Supreme Court of Bermuda for a scheme of arrangement pursuant to section 99 of
the Companies Act of 1981 under Bermuda law (the “Scheme of Arrangement”) that effected a
transaction that resulted in the Class A common shareholders of Cooper Industries, Ltd. becoming
ordinary shareholders of Cooper Industries and Cooper Industries, Ltd. becoming a wholly-owned
subsidiary of Cooper Industries (the “Transaction”), such Transaction becoming effective as of
close of business on September 2009 upon the filing of the court order sanctioning the Scheme
of Arrangement with the Bermuda Registrar of Companies;


WHEREAS in connection with and contingent upon the consummation of the Transaction, Cooper
Industries proposed to assume the Directors’ Retainer Fee Stock Plan and any outstanding awards
issued thereunder (the “Assumption”);


WHEREAS in connection with and contingent upon the consummation of the Transaction and the
Assumption, Cooper Industries adopted the Directors’ Retainer Fee Stock Plan amended as necessary
or appropriate to give effect to the Transaction and the Assumption, such amendments principally
providing (1) for the appropriate substitution of Cooper Industries for Cooper Industries, Ltd. in
such plans; and (2) that shares of Cooper Industries will be issued, held available or used, as
appropriate, to measure benefits under such plans, in lieu of shares of Cooper Industries, Ltd.,
and


WHEREAS as a result of the Transaction becoming effective, Cooper Industries desires to assume
sponsorship of the Directors’ Retainer Fee Stock Plan, the terms of which (amended as necessary or
appropriate to give effect to the Transaction and the Assumption) are contained in Schedule 1 and
all outstanding awards issued thereunder.


NOW THIS DEED POLL WITNESSES AS FOLLOWS:


Cooper Industries hereby declares, undertakes and agrees for the benefit of each participant in the
Directors’ Retainer Fee Stock Plan that, with effect from 8 September 2009, it shall:



	1.	 	undertake and discharge all of the rights and obligations of the Company (as defined in the
Directors’ Retainer Fee Stock Plan) under the Directors’ Retainer Fee Stock Plan;






	2.	 	exercise all of the powers of the Company as provided for in the Directors’ Retainer Fee
Stock Plan;






	3.	 	be bound by the terms of the Directors’ Retainer Fee Stock Plan so that Cooper Industries
will be bound by the requirements, without limitation, that any outstanding Award subject to
any Stock Election (as such terms are defined in the Directors’ Retainer Fee Stock Plan) shall
be subject to the same terms and conditions of the Directors’ Retainer Fee Stock Plan as in
effect immediately prior to the effective date of this Deed Poll, save for such changes as are
necessary to effectuate and reflect the assumption by Cooper Industries of the Directors’
Retainer Fee Stock Plan and the rights and obligations of Cooper Industries, Ltd. thereunder.





 








 









This Deed Poll may be executed in any number of counterparts each of which when executed and
delivered shall be an original, but all the counterparts together shall constitute one and the same
instrument.



This Deed Poll shall be governed and construed in accordance with the laws of Ireland.



IN WITNESS WHEREOF this Deed Poll has been executed by Cooper Industries on the date first above
written.




GIVEN under the common seal of

COOPER INDUSTRIES PUBLIC LIMITED COMPANY





	 	 	 
	/s/ Paul Lewis
	 	 
	 

Director

	 	 
	 
	 	 
	/s/ Philomena Kane
	 	 
	 

Director/Secretary

	 	 






 









 





SCHEDULE 1




Cooper Industries plc Amended and Restated Directors’ Retainer Fee Stock Plan




 









 





COOPER INDUSTRIES PLC

AMENDED AND RESTATED

DIRECTORS’ RETAINER FEE STOCK PLAN

(As Amended and Restated as of September 8, 2009)





	1.	 	Purpose. The purpose of the Amended and Restated Directors’ Retainer Fee Stock Plan
(the “Plan”) is to attract, motivate and retain experienced and knowledgeable persons to serve
as directors of Cooper Industries plc (the “Company”) and to promote identification of such
directors’ interests with those of the Company’s shareholders.






	2.	 	Definitions. As used in the Plan:






	 	2.1.	 	“Affiliate” shall mean all employers, present and future, with whom the Company
is considered a single employer under Sections 414(b) and 414(c) of the Code.
	 
	 	2.2.	 	“Annual Service Fee” means the annual cash retainer fee payable to a
Nonemployee Director for his or her services on the Board and committees; the annual
retainer fee, if any, payable to a Nonemployee Director for serving as a chairperson of
a committee of the Board or as the presiding non-management director; and any fees
payable to a Nonemployee Director for attendance at meetings of the Board or any of its
committees.
	 
	 	2.3.	 	“Board” means the Board of Directors of the Company.
	 
	 	2.4.	 	“Change in Control” shall mean a change in the ownership or effective control
of the Company, or in the ownership of a substantial portion of the assets of the
Company, within the meaning of Section 409A.
	 
	 	2.5.	 	“Code” shall mean the Internal Revenue Code of 1986, as amended.
	 
	 	2.6.	 	“Committee” means the Committee on Nominations and Corporate Governance of the
Board.
	 
	 	2.7.	 	“Common Stock” means the ordinary shares, par value $0.01 a share, of the Company.
	 
	 	2.8.	 	“Deferral Election” shall have the meaning set forth in Section 7 hereof.
	 
	 	2.9.	 	“Deferred Shares” shall have the meaning set forth in Section 8 hereof.
	 
	 	2.10.	 	“Deferred Share Account” shall have the meaning set forth in Section 8 hereof.
	 
	 	2.11.	 	“Dividend Equivalents” shall have the meaning set forth in Section 8 hereof.
	 
	 	2.12.	 	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time.
	 
	 	2.13.	 	“Fair Market Value” of a share of Common Stock, as of any date, means the
closing sales price of a share of Common Stock as reported on the Stock Exchange on the
applicable date; provided that if no sales of Common Stock were made on the
Stock Exchange on that date, the closing sales price as reported on the Stock Exchange
for the preceding day on which sales of Common Stock were made and provided
further that, in the event of a




 









 






	 	 	 	Change in Control, Fair Market Value shall be no less than the highest price per
share actually paid for the Common Stock in connection with such Change in Control.
	 
	 	2.14.	 	“Issue Dates” means the first business day of each calendar quarter.
	 
	 	2.15.	 	“Nonemployee Director” means a member of the Board who is not an employee of
the Company or any of its Affiliates.
	 
	 	2.16.	 	“Plan Year” means the 12-month period commencing each May 1 and ending on the
following April 30.
	 
	 	2.17.	 	“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act (or any
successor rule to the same effect).
	 
	 	2.18	 	“Section 409A” shall mean Section 409A of the Code and the regulations and
rulings promulgated thereunder.
	 
	 	2.19.	 	“Separation from Service” shall mean the termination of service as a director,
and the termination of all employment (if any), of a Nonemployee Director with the
Company and all Affiliates for any reason other than death. Whether a Director has
incurred a Separation from Service shall be determined in accordance with Section 409A.
	 
	 	2.20.	 	“Stock Exchange” means the New York Stock Exchange, Inc. (“NYSE”) or, if the
Common Stock is no longer included on the NYSE, then such other market price reporting
system on which the Common Stock is traded or quoted.






	3.	 	Authorized Shares. The total number of shares of the Company’s Common Stock
available for issuance under the Plan is 200,000, including Deferred Shares, subject to
adjustment pursuant to Section 14 hereof. Shares of Common Stock available for issuance under
the Plan may be authorized and unissued shares, treasury shares, or shares held by any of the
Company’s subsidiaries as the Company may determine from time to time.






	4.	 	Administration of the Plan. The Plan shall be administered by the Committee. The
Committee shall, subject to the provisions of the Plan, adopt such rules as it may deem
appropriate in order to carry out the purpose of the Plan. All questions of interpretation,
administration, and application of the Plan shall be determined by a majority of the members
of the Committee, except that the Committee may authorize any one or more of its members, or
any officer or employee of the Company, to execute and deliver documents on behalf of the
Committee. The determination of such majority shall be final and binding in all matters
relating to the Plan. No member of the Committee shall be liable for any act done or omitted
to be done by such member or by any other member of the Committee in connection with the Plan,
except for such member’s own willful misconduct or as expressly provided by statute. All
costs and expenses involved in administration of the Plan shall be borne by the Company.






	5.	 	Participation. Each Nonemployee Director shall be eligible to participate in the
Plan.






	6.	 	Election to Receive Common Stock in Lieu of Annual Service Fee. Prior to the
December 31st preceding the first day of each Plan Year, each Nonemployee Director
may make an election to receive all or a portion of his or her Annual Service Fee for such
Plan Year in Common Stock (a “Stock Election”) in lieu of cash. Such shares of Common Stock
shall be transferred in accordance with Section 10 hereof, except to the extent that a
Deferral Election shall be in effect




 









 












	 	 	with respect to such shares or to the extent that Section 13 hereof applies. Any Stock
Election shall be in writing, shall specify the percentage of the Annual Service Fee to be
paid in Common Stock, and shall be irrevocable for the Plan Year for which the Stock
Election is made. Notwithstanding the foregoing, any Nonemployee Director who is newly
elected or appointed to the Board after the first day of a Plan Year may make the election
under this Section 6 within thirty (30) days of the date of his or her election or
appointment to the Board with respect to the percentage of the Annual Service Fee that is
payable for the remainder of that Plan Year. Any Stock Election made by a Nonemployee
Director shall remain in effect for future Plan Years unless changed by such Nonemployee
Director prior to the expiration of the time for making such Stock Election.
	 
	7.	 	Deferral Election. Prior to the December 31st preceding the first day of
each Plan Year, each Nonemployee Director may make an election to defer the receipt (a
“Deferral Election”) of all or any percentage of the shares of Common Stock otherwise payable
to such Nonemployee Director pursuant to Section 6 hereof. Any Deferral Election shall be in
writing on a Company-approved form, shall specify the percentage of shares to be deferred, and
shall be irrevocable for the Plan Year for which the Deferral Election is made, subject to the
provisions below in this Section 7. Notwithstanding the foregoing, any Nonemployee Director
who is newly elected or appointed to the Board after the first day of a Plan Year may make the
election under this Section 7, within thirty (30) days of election or appointment to the
Board, with respect to the percentage of the Stock Election that is to be deferred for the
remainder of that Plan Year; provided that the Nonemployee Director has not previously
been eligible to participate in the Plan or in any other nonqualified account balance plan of
the Company or of any Affiliate that is required to be aggregated with the Plan under Section
409A. All Deferral Elections are subject to Section 13 of this Plan. Any Deferral Election
made by a Nonemployee Director shall remain in effect for future Plan Years unless changed by
such Nonemployee Director prior to the expiration of the time for making such Deferral
Election. Notwithstanding any other provision of this Plan, no Deferral Election may be made
with respect to any shares of Common Stock that would otherwise be payable to such Director
after January 2, 2009, in the absence of such Deferral Election.
	 
	 	 	At the time of making a Deferral Election, a Nonemployee Director shall elect the time and
form of payment. The date for the payment, or commencement of payment, shall be a specified
calendar year. Subject to any limitations imposed by the Committee and/or Section 409A, the
specified calendar year may be during the Nonemployee Director’s service as a director; the
earlier or later of the calendar year in which a Nonemployee Director incurs a Separation
from Service or attains a specified age; or the earliest of the Nonemployee Director’s
death, Separation from Service, a specified calendar year, or a Change in Control. The form
of the payment shall be either a lump sum or a series of substantially equal annual
installments over a period not to exceed ten (10) years.
	 
	 	 	A Nonemployee Director may change an initial election in order to delay payment or to change
the form of payment if the following conditions are met: (i) such election shall not take
effect until at least twelve (12) months after the date on which the election is made; (ii)
the payment with respect to which such election is made is deferred for a period of not less
than five (5) years from the date such payment would otherwise be made; and (iii) any
election for a “specified time (or pursuant to a fixed schedule),” within the meaning of
Section 409A, may not be made less than twelve (12) months prior to the date of the first
scheduled payment. To the extent permitted under Section 409A, payments previously elected
as installments shall be treated as a single payment.




 









 






	 	 	On or before December 31, 2008, a Nonemployee Director may make an election to change the
time and form of payment of that portion of his Deferred Share Account credited for shares
that were deferred for calendar years 2005, 2006, 2007, and 2008; provided that:






     (i) The requirements for transition relief under Section 409A are met, including the
requirements that no shares subject to the election shall otherwise be payable in 2008 and
that the election shall not cause any shares to be paid in 2008 that would not otherwise be
payable in such year; and




     (ii) The special election shall be subject to the provisions of this Section 7 of the
Plan.




	8.	 	Deferred Share Account. The Company shall credit to an account (a “Deferred Share
Account”) maintained on behalf of a Nonemployee Director, as of the date on which the shares
would otherwise be transferred hereunder, notional shares for the shares of Common Stock
deferred (“Deferred Shares”). Deferred Shares shall be credited with an amount equal to the
dividends that would have been paid on an equal number of outstanding shares of Common Stock
(“Dividend Equivalents”). Dividend Equivalents shall be credited (i) as of the payment date
of such dividends, and (ii) only with respect to Deferred Shares credited to such Nonemployee
Director prior to the record date of the dividend. When credited, Dividend Equivalents shall
be converted into an additional number of Deferred Shares as of the payment date of the
dividend, based on the Fair Market Value on such payment date. Such Deferred Shares shall
thereafter be treated in the same manner as any other Deferred Shares under the Plan.
	 
	9.	 	Payment of Deferred Shares. Deferred Shares will be distributed in whole shares of
Common Stock and cash in lieu of fractional shares. Unless otherwise provided in the
Nonemployee Director’s Deferral Election, payments shall be made or begin on March 1 of the
calendar year specified by the Nonemployee Director in his deferral election, and if
installments are elected and effective, the second installment and any other subsequent
installments shall be paid on each subsequent March 1 for the period certain. If the Deferred
Shares are payable in installments, the amount of each installment shall be equal to a
fraction of the amount of the Deferred Shares remaining to be paid with respect to the
applicable Deferral Election, the numerator of which is one and the denominator of which is
the number of installments remaining to be paid.
	 
	 	 	Except as provided in Sections 9 and 13 and as permitted under Section 409A, no acceleration
of the time or form of payment of a Deferred Share Account, or any portion thereof, shall be
permitted.
	 
	 	 	In the event of the death of a Nonemployee Director, the undistributed balance of his
Deferred Share Account shall be distributed upon his death to his beneficiary in one lump
sum within ninety (90) days of his death provided that, if such ninety-day period begins in
one taxable year and ends in another taxable year, neither the estate nor any beneficiary of
the Nonemployee Director may choose in which taxable year such lump sum will be paid. The
beneficiary or beneficiaries shall be designated in writing by the Nonemployee Director in
the form and manner specified by the Committee; if no designation has been made, the estate
of the Nonemployee Director shall be his beneficiary.
	 
	10.	 	Transfer of Shares. Shares of Common Stock issuable to a Nonemployee Director under
Section 6 hereof shall be transferred to such Nonemployee Director on the Issue Dates. The
total number of shares of Common Stock to be transferred shall be determined by the following
formula:










 









 










% of Stock Election x Quarterly Service Fee Payable


Fair Market Value of a Share of Common Stock on Issue Date



	 	 	The Company will instruct its registrar to make an entry on the Company’s shareholder
records evidencing that the shares (including any fractional shares) of Common Stock have
been issued as of the Issue Dates.
	 
	 	 	Notwithstanding anything to the contrary herein, if on any Issue Date the number of shares
of Common Stock otherwise issuable to the Nonemployee Directors shall exceed the number of
authorized shares of Common Stock remaining available under the Plan, the available shares
shall be allocated among the Nonemployee Directors in proportion to the number of shares
they would otherwise be entitled to receive and the remainder of the Nonemployee Directors’
Annual Service Fee shall be payable in cash.
	 
	 	 	Any shares issued pursuant to the Plan will be paid up in consideration of the receipt by
the Company prior to, or simultaneously with, the issue of the shares of cash at least equal
to the nominal value of such shares and, when shares are issued under the Plan without the
payment of cash consideration by the Participant or permitted successors and assigns, then
such shares shall be paid up by the Company or one of its subsidiaries.
	 
	11.	 	Rights as a Shareholder. Except as otherwise expressly provided herein with respect
to Dividend Equivalents, a Nonemployee Director shall have no rights as a shareholder of the
Company with respect to any Common Stock to be issued under the Plan until he or she becomes
the holder of record of such shares.
	 
	12.	 	Vesting. A Nonemployee Director shall be 100% vested in his or her Deferred Share
Account at all times.
	 
	13.	 	Change in Control. Upon a Change in Control, all Deferred Shares, to the extent
credited prior to the Change in Control, shall be issued immediately or, if the Common Stock
is no longer trading on the Stock Exchange, shall be paid immediately in cash, based on the
Fair Market Value of such Deferred Shares.
	 
	14.	 	Effect of Certain Changes in Capitalization. In the event of any recapitalization,
stock split, reverse stock split, stock dividend, reorganization, merger, consolidation,
spin-off, combination, repurchase, or share exchange, or other similar corporate transaction
or event affecting the Common Stock, the maximum number or class of shares available under the
Plan, and the number or class of shares of Common Stock to be delivered hereunder shall be
adjusted by the Committee to reflect any such change in the number or class of issued shares
of Common Stock.
	 
	15.	 	Term of Plan. The Plan shall become effective on April 30, 1998. Unless terminated
earlier pursuant to Section 16, the term of the Plan shall expire on April 30, 2016.
Notwithstanding the foregoing, any Deferral Elections made prior to the termination of the
Plan shall continue in accordance with the terms thereof.
	 
	16.	 	Amendment; Termination. The Board may at any time and from time to time alter,
amend, or terminate the Plan in whole or in part; provided, however, that no such
action shall, without the consent of a Nonemployee Director, affect the rights of such
Nonemployee Director in any Common Stock issued to or deferred by such Nonemployee Director
under the Plan, and provided, further that no amendment shall be effective prior to
approval by the Company’s shareholders to the extent such approval is then required





 








 





	 	 	by law, rule, or regulation or pursuant to Rule 16b-3 in order to preserve the exemption
provided by Rule 16b-3.
	 
	17.	 	Rights of Directors. Nothing contained in the Plan shall confer upon any Nonemployee
Director any right to continue in the service of the Company as a director.
	 
	18.	 	Government and Other Regulations. The obligations of the Company to deliver shares
under the Plan shall be subject to all applicable laws, rules, and regulations and such
approvals by any government agency as may be required, including, without limitation,
compliance with the Securities Act of 1933, as amended.
	 
	19.	 	Nontransferability. The rights and benefits under the Plan shall not be transferable
by a Nonemployee Director other than by the laws of descent and distribution or pursuant to a
qualified domestic relations order as defined in the Code, Title I of the Employee Retirement
Income Security Act of 1974, as amended, or the rules thereunder.
	 
	20.	 	Withholding. To the extent required by applicable federal, state, local, or foreign
law, a Nonemployee Director shall make arrangements satisfactory to the Company for the
payment of any withholding tax obligations that arise in connection with the Plan. The Company
shall not be required to issue any Common Stock under the Plan until such obligations are
satisfied. A Nonemployee Director may satisfy any such withholding obligation by (i) having
the Company retain the number of shares of Common Stock or (ii) tendering the number of shares
of Common Stock, in either case, whose Fair Market Value equals the amount required to be
withheld.
	 
	21.	 	Interpretation. The Plan as applicable is designed and intended to comply with
Section 409A, and all provisions hereof shall be construed in a manner to so comply.
Notwithstanding any other provision of the Plan, although the Board, the Committee, and any
designee of the Board or Committee shall use their best efforts to avoid the imposition of
taxation, penalties, and interest under Section 409A, the tax treatment of Nonemployee
Director deferrals under the Plan shall not be, and is not, warranted or guaranteed. If the
Plan fails to meet the requirements of Section 409A with respect to a Nonemployee Director,
the Company shall distribute the amount required to be included in such Nonemployee Director’s
gross income as a result of such failure. Neither the Company, the Board, the Committee, nor
any of their designees shall be held liable for any taxes, penalties, or other monetary
amounts owed by a Nonemployee Director, Beneficiary, or other person as a result of any
deferral or payment under the Plan.
	 
	22.	 	Governing Law. To the extent that federal laws do not otherwise control, the Plan
and all rights hereunder shall be construed in accordance with and governed by the laws of the
State of Texas.
	 
	23.	 	Headings. The headings of sections herein are included solely for convenience of
reference and shall not affect the meaning of any of the provisions of the Plan.





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