Document:

Exhibit

THIRD AMENDMENT
TO
HUBBELL INCORPORATED
AMENDED AND RESTATED
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(AS AMENDED AND RESTATED EFFECTIVE AS OF JANUARY 1, 2005)

This Third Amendment (the “Amendment”) is adopted by Hubbell Incorporated, a Connecticut corporation (the “Company”), for the purpose of amending that certain Hubbell Incorporated Amended and Restated Supplemental Executive Retirement Plan (As Amended and Restated Effective as of January 1, 2005), as previously amended on February 15, 2008 and December 28, 2010 (as amended, the “Plan).  Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned to such terms in the Plan.

WHEREAS, pursuant to Section 11.1 of the Plan, the Board of Directors, in its sole and exclusive discretion, may at any time and from time to time amend the Plan in any respect without restriction and without the consent of any Participant, Accrued Vested Participant or Spouse; provided that no such amendment shall impair the right of any Participant, Accrued Vested Participant or Spouse to receive benefits earned and accrued under the Plan prior to such amendment; 

WHEREAS, Plan benefits are calculated using the benefit formula under the Hubbell Incorporated Retirement Plan for Salaried and Hourly Employees, formerly known as the Hubbell Incorporated Salaried Retirement Plan (the “DB Retirement Plan”);

WHEREAS, the Company is amending the DB Retirement Plan to freeze credited service, effective February 28, 2017, and to freeze ‘compensation’ (including ‘final average compensation’), effective December 31, 2020, in each case for all benefit accrual purposes; and 

WHEREAS, the Board has determined that, in light of the foregoing, it is advisable and in the best interests of the Company to amend the Plan as set forth herein to freeze credited service and ‘compensation’ (including ‘final average compensation’), effective December 31, 2016, in each case for all benefit accrual purposes, and that such amendment is permitted under Section 11.1 of the Plan.

NOW, THEREFORE, in consideration of the foregoing recitals, the Plan is hereby amended as follows, effective as of December 31, 2016, except as provided below:

1.    Effective January 1, 2016, the Plan is hereby amended such that all references in the Plan to the “Hubbell Incorporated Retirement Plan for Salaried Employees” shall instead be references to the “Hubbell Incorporated Retirement Plan for Salaried and Hourly Employees, as amended from time to time.”

2.    Section 2.3 of the Plan is hereby amended and restated in its entirety as follows:

“2.3    “Average Earnings” means the annual average of the Participant’s earnings for any three (3) calendar years in his last ten (10) years of Service prior to December 31, 2016, which produce the highest such average.” 

3.    Section 5.1 of the Plan is hereby amended and restated in its entirety as follows:

“5.1    Normal Retirement Benefit.  A Participant’s Normal Retirement Benefit under this Plan, computed as a straight life annuity, shall equal (a) minus (b), where:

(a)     equals six percent (6%) multiplied by the number of full years and months of a Participant’s Service as of December 31, 2016.  In no event shall the percentage of benefit credit calculated under this Section 5.1(a) exceed sixty percent (60%).  The appropriate percentage of benefit credit calculated under this Section 5.1(a) shall then be multiplied by the Participant’s Average Earnings as of December 31, 2016, and 

(b)     equals the benefits, if any, available from the following sources:

(i)    any benefits under any defined benefit pension plan of the Employer which is qualified under Section 401 of the Internal Revenue Code (excluding, however, any ancillary benefits such as medical or transitional supplements under any such defined benefit pension plan);

(ii)    any profit-sharing contributions made by the Employer with respect to any period prior to January 1, 2017 under any defined contribution plan of the Employer which is qualified under Section 401 of the Internal Revenue Code;

(iii)    any benefits under the Hubbell Incorporated Amended and Restated Top Hat Restoration Plan; 

(iv)    any “Company Contribution” made with respect to any period prior to January 1, 2017 under the Hubbell Incorporated Defined Contribution Restoration Plan; and

(v)    any other retirement benefits so designated and defined by the Compensation Committee through a special arrangement with the Employer.

For purposes of determining the benefits available from any defined benefit pension plan of the Employer, it shall be assumed that the Participant commenced receiving his benefits under such plan on the date of his Separation from Service or, if later, the date on which such Participant would attain age 55.  

The benefits payable under any defined contribution plan of the Employer shall be equal to the value of the Participant’s employer contribution accounts as of the earlier of December 31, 2016 or the Participant’s Separation from Service, divided by an annuity factor.  The annuity factor shall be based on the applicable mortality table and interest rate under Section 417(e) that is used by the DB Retirement Plan as of December 31, 2016.  The annuity factor shall be an annuity factor deferred to the date as of which such Participant would attain age 65.  If the Participant is eligible for an employer contribution as of December 31, 2016, then, for purposes of calculating the benefit payable under any defined contribution plan, the Participant’s account shall reflect such contribution and the benefit payable under this Plan shall be adjusted accordingly.”

4.    Section 5.2 of the Plan is hereby amended and restated in its entirety as follows:

“5.2     Early Retirement Benefit.  Effective as of December 31, 2016, a Participant whose Separation from Service is on or after age 55 but before his Normal Retirement Date shall be entitled to an Early Retirement Benefit commencing on the date described in Article 

6.1 hereof.  The annual amount of the Early Retirement Benefit payable to a Participant shall be an amount computed in accordance with Section 5.1 hereof except that such net amount shall be reduced by three-tenths of one percent (3/10%) for each complete month by which the commencement date of his Early Retirement Benefit precedes his attainment of age 62 and by an additional two-tenths of one percent (2/10%) for each complete month by which the commencement date of his Early Retirement Benefit precedes his 60th birthday.”

5.    Section 5.5 of the Plan is hereby amended to define “Final Base Salary” as the Participant’s base salary as in effect at the earlier of December 31, 2016 or the time of the Participant’s Separation from Service.  

6.    The Plan is hereby amended to add a new Section 5.6 as follows:

“5.6    Notwithstanding any other provision of this Plan to the contrary, for purposes of calculating a Participant’s Postponed Retirement Benefit, Accrued Deferred Vested Retirement Benefit or Disability Retirement Benefit, as applicable, under the Plan, (a) applicable references to Section 5.1 of the Plan shall mean Section 5.1 as amended by this Amendment, (b) applicable references to length of “Service” shall mean Service through the earlier of December 31, 2016 or the Participant’s Separation from Service, and (c) any projection of imputed benefits for purposes of calculating the Disability Retirement Benefit shall be determined as of December 31, 2016.” 

7.    Except as modified by the foregoing, the terms and conditions of the Plan shall remain in full force and effect following the adoption of this Amendment.

IN WITNESS WHEREOF, the Company has adopted this Third Amendment as of December 29, 2016.

HUBBELL INCORPORATED

/s/ Megan C. Preneta
By: Megan C. Preneta
Its: Corporate Secretary and Associate General CounselExhibit

FIRST AMENDMENT
TO
HUBBELL INCORPORATED
DEFINED CONTRIBUTION RESTORATION PLAN

(AMENDED AND RESTATED EFFECTIVE DECEMBER 8, 2015)

This First Amendment (the “Amendment”) is adopted by Hubbell Incorporated, a Connecticut corporation (the “Company”), for the purpose of amending that certain Hubbell Incorporated Defined Contribution Restoration Plan (Amended and Restated Effective December 8, 2015) (as amended, the “Plan”), effective as of January 1, 2017 (the “Amendment Effective Date”).  Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned to such terms in the Plan.

WHEREAS, pursuant to Section 10.1(a) of the Plan, except as limited by applicable law, the Plan may be wholly or partially amended by the Board from time to time, including retroactive amendments; provided that any such amendment does not decrease the Vested percentage or amount of interest any Participant or any other person entitled to payment under the Plan has in the Participant’s Account; 

WHEREAS, effective as of the Amendment Effective Date, the Company is amending and restating the Hubbell Incorporated Employee Savings and Investment Plan (the “Savings Plan”); and

WHEREAS, the Board has determined that it is advisable and in the best interests of the Company to amend the Plan as set forth herein to provide Participants with Company Contributions that reflect the terms of the Savings Plan, as amended and restated, and that such amendment is permitted under Section 10.1 of the Plan.

NOW, THEREFORE, in consideration of the foregoing recitals, the Plan is hereby amended as follows, effective as of the Amendment Effective Date:

1.    Article I of the Plan is hereby amended to add the following definitions:

“1.13A        DC Restoration Plan Matching Contribution 

“DC Restoration Plan Matching Contribution” for each Participant in each Plan Year shall mean an amount equal to the excess of (a) fifty percent (50%) of such Participant’s Match-Eligible Deferrals for such Plan Year over (b) the amounts that would have been credited as “Regular Matching Contributions” and “True-Up Matching Contributions” on such Participant’s behalf under the Savings Plan for such Plan Year assuming that such Participant had made aggregate pre-tax and Roth deferrals under the Savings Plan during such Plan Year in an amount equal to the maximum amount permitted for such Plan Year under Section 402(g) of the Code or the Savings Plan.

“1.13B        DC Restoration Plan Nonelective Contribution 

“DC Restoration Plan Nonelective Contribution” for each Participant in each Plan Year shall mean an amount equal to the excess of (a) four percent (4%) of such Participant’s Compensation for such Plan Year over (b) the amounts credited as “Safe Harbor Nonelective Contributions” on such Participant’s behalf under the Savings Plan for such Plan Year.   

“1.19A        Match-Eligible Deferrals 

“Match-Eligible Deferrals” for each Participant in each Plan Year shall mean an amount equal to the sum of (a) the amount of such Participant’s pre-tax and Roth deferrals under the Savings Plan for such Plan Year and (b) the amount of such Participant’s deferrals of any base salary and bonus award amounts under the Hubbell Incorporated Executive Deferred Compensation Plan (as amended from time to time) for such Plan Year, up to a combined maximum of six percent (6%) of such Participant’s Compensation for such Plan Year.

1.23A        Prior Contributions 

“Prior Contributions” shall mean any Company Contributions made prior to the Amendment Effective Date.

2.    Section 1.10 of the Plan (definition of “Company Contribution Account”) is hereby deleted in its entirety.

3.    Section 3.2 of the Plan is hereby amended and restated in its entirety as follows:

“Section 3.2    Determination of Credits

Pursuant to the Rules of the Plan, for each Plan Year, each Participant’s Account shall be credited with an amount (a “Company Contribution”) which is equal to the sum of such Participant’s DC Restoration Plan Nonelective Contribution and DC Restoration Plan Matching Contribution for such Plan Year.”

4.    Section 6.1 of the Plan is hereby amended and restated in its entirety as follows:

“Section 6.1    Vesting of Accounts

(a)    All DC Restoration Plan Nonelective Contributions shall be fully Vested at all times.

(b)    The Vested portion of any DC Restoration Matching Contributions in a Participant’s Account as of a given date shall be the percentage of such DC Restoration Matching Contributions equal to the vested percentage of such Participant’s “Regular Matching Contributions” and True-Up Matching Contributions” as of such date under the Savings Plan.  

(c)    The Vested portion of any Prior Contributions in a Participant’s Account as of a given date shall be the percentage of such Prior Contributions equal to the vested percentage of such Participant’s “Prior Nonelective Contributions” as of such date under the Savings Plan. 

(d)    Notwithstanding anything to the contrary in this Section 6.1, all Accounts shall become fully Vested upon the occurrence of a Change in Control.”

5.    Except as modified by the forgoing, the terms and conditions of the Plan shall remain in full force and effect following the adoption of this Amendment.

        
IN WITNESS WHEREOF, the Company has adopted this First Amendment as of January 17, 2017.

HUBBELL INCORPORATED

/s/ Megan C. Preneta
By: Megan C. Preneta
Its: Corporate Secretary and Associate General Counsel

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