Document:

EX-10.O

 

Exhibit 10.o

POLICY FOR PROVIDING SEVERANCE PAYMENTS TO KEY MANAGERS

ARTICLE 1 — Policy

     It is the policy of the Company to provide certain severance payments and insurance benefits
to Key Managers whose employment with the Company and its Subsidiaries is terminated under certain
conditions.

ARTICLE 2 — Definitions

     “Cause” prior to a Change in Control shall mean (a) action by the Key Manager involving
willful malfeasance, (b) substantial and continual refusal by the Key Manager to perform the duties
ordinarily associated with his or her job title, or (c) the Key Manager being convicted of a
felony.

     “Cause” after a Change in Control shall mean (a) action by the Key Manager involving willful
malfeasance having a material adverse effect on the Company, (b) substantial and continual refusal
by the Key Manager to perform the duties ordinarily associated with his or her job title, or (c)
the Key Manager being convicted of a felony; provided that any action or refusal by the Key Manager
shall not constitute “Cause” if, in good faith, the Key Manager believed such action or refusal to
be in or not opposed to the best interests of the Company, or if the Key Manager shall be entitled,
under applicable law or the Certificate of Incorporation or By-Laws of the Company, to be
indemnified with respect to such action or refusal.

     “Change of Control” shall mean the first to occur of any one of the following:

	 	(a)	 	Continuing Directors during any 12 month period no longer constitute a majority
of the Directors;
	 
	 	(b)	 	Any person or persons acting as a group (within the meaning of Treas. Reg.
§1.409A-3(i)(5)(vi)(D)), acquires (or has acquired within the 12 month period ending on
the date of the last acquisition by such person or persons) directly or indirectly,
thirty percent (30%) or more of the voting power of the then outstanding securities of
the Company entitled to vote for the election of the Company’s directors; provided that
this paragraph (b) shall not apply with respect to any acquisition of securities by (i)
the trust under a Trust Indenture dated September 2, 1957 made by Louie E. Roche, (ii)
the trust under a Trust Indenture dated August 23, 1957 made by Harvey Hubbell, and
(iii) any employee benefit plan (within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended) maintained by the Company or any
affiliate of the Company;
	 
	 	(c)	 	Any person or persons acting as a group (within the meaning of Treas. Reg.
§1.409A-3(i)(5)(v)(B)), acquires ownership (including any previously owned securities)
of more than fifty percent (50%) of either (i) the voting power value of the then
outstanding securities of the Company entitled to vote for the election of
the Company’s directors or (ii) the fair market value of the Company; provided that
this paragraph 2.5(c) shall not apply with respect to any acquisition of

 

 

	 	 	 	securities by (i) the trust under a Trust Indenture dated September 2, 1957 made by Louie E.
Roche, (ii) the trust under a Trust Indenture dated August 23, 1957 made by Harvey
Hubbell, and (iii) any employee benefit plan (within the meaning of Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended) maintained by the
Company or any affiliate of the Company; or
	 
	 	(d)	 	A sale of substantially all of the Company’s assets.

     Provided, that the transaction or event described in paragraph (a), (b), (c) or (d) above
constitutes a “change in control event,” as defined in Treas. Reg. §1.409A-3(i)(5).

     “Company” shall mean Hubbell Incorporated or its successors.

     “Continuing Director” shall mean any individual who is a member of the Company’s Board of
Directors on December 9, 1986 or was designated (before such person’s initial election as a
Director) as a Continuing Director by 2/3 of the then Continuing Directors.

     “Corporate Officer” shall mean each of the officers specified in Section 1 of Article IV of
the by-laws of the Company except for any such officer whose title begins with the word “Assistant”
and except for any officer who has a written employment agreement with the Company.

     “Director” shall mean any individual who is a member of the Company’s Board of Directors on
the date the action in question was taken.

     “General Manager” shall mean an individual who shall be so designated from time to time by the
Vice President of Human Resources as approved by the Chief Executive Officer of the Company.

     “Good Reason” shall mean one of the following:

	 	(a)	 	The assignment to the Key Manager by the Company of duties inconsistent with
the Key Manager’s positions, duties, responsibilities, titles or offices immediately
prior to a Change in Control, or any reduction in his duties or responsibilities or any
removal of the Key Manager from or any failure to re-elect or re-appoint the Key
Manager to any of such positions, except in connection with the termination of the Key
Manager’s employment for Cause, disability or as a result of the Key Manager’s death or
by the Key Manager other than for Good Reason;
	 
	 	(b)	 	A reduction by the Company in the Key Manager’s base salary as in effect
immediately prior to a Change in Control;
	 
	 	(c)	 	A failure by the Company to continue any bonus plans in which the Key Manager
is entitled to participate immediately prior to a Change in Control (the “Bonus Plans”)
provided that such plans may be modified from time to time but shall be deemed
terminated if they do not remain substantially in the forms then in effect
or plans providing the Key Manager with substantially similar benefits (“Substitute
Plans”), or a failure by the Company to continue the Key Manager as 

2

 

	 	 	 	a participant in
the Bonus Plans on at least the same basis as the Key Manager participates
immediately prior to a Change in Control in accordance with the Bonus Plans or in
the Substitute Plans on at least the same basis as the Key Manager participates at
the date of adoption of the Substitute Plans;

	 	(d)	 	Any relocation requiring the Key Manager to be based more than 30 miles from
the location at which the Key Manager immediately prior to a Change in Control performs
his or her duties;
	 
	 	(e)	 	Any material change by the Company to any benefit or compensation plan or stock
option plan (including any pension, profit sharing, bonus, life insurance, health,
accidental death or dismemberment or disability plan) in which the Key Manager is
participating immediately prior to a Change in Control or to any plan providing the Key
Manager with substantially similarly benefits immediately prior to a Change in Control
which would adversely affect the Key Manager’s participation in or reduce the Key
Manager’s benefits under any such plans;
	 
	 	(f)	 	The failure by the Company to provide the Key Manager with the number of paid
vacation days to which the Key Manager is entitled in accordance with the Company’s
normal vacation policy in effect immediately prior to a Change in Control;
	 
	 	(g)	 	The failure by the Company to obtain the specific assumption of this Policy by
any successor or assign of the Company or any person acquiring substantially all of the
Company’s assets.
	 
	 	(h)	 	Any material breach by the Company of any provision of this Policy.

     “Involuntarily” shall mean the Separation from Service by a Key Manager following one or more
of the following events or conditions:

	 	(a)	 	a material diminution in the Key Manager’s authority, duties or
responsibilities;
	 
	 	(b)	 	a material diminution in the Key Manager’s base compensation, unless such a
salary reduction is imposed across-the-board to senior management of the Company;
	 
	 	(c)	 	a change by more than fifty (50) miles in the geographic location at which the
Key Manager must perform his or her duties; or
	 
	 	(d)	 	any other action or inaction that constitutes a material breach by the Company
or any successor or affiliate of its obligations to the Key Manager.

     The Key Manager must provide written notice to the Company of the occurrence of any of the
foregoing events or conditions without the Key Manager’s written consent within ninety (90) days of
the occurrence of such event. The Company or any successor or affiliate shall have
a period of thirty (30) days to cure such event or condition after receipt of written notice
of such event from the Key Manager. Any involuntary termination of the Key Manager’s employment

3

 

following such thirty (30) day cure period must occur no later than the date that is six (6) months
following the initial occurrence of one of the foregoing events or conditions without the Key
Manager’s written consent.

     “Key Manager” shall mean a Corporate Officer, General Manager or other individual so
designated by the Compensation Committee of the Board of Directors of the Company. Any designation
as Key Manager, General Manager or Corporate Officer for the purposes of this Policy may be changed
by the Compensation Committee at any time prior to a Change in Control, but shall become fixed at
the time of a Change in Control.

     “Policy” means this Policy for Providing Severance Payments to Key Managers, as amended from
time to time.

     “Separation from Service” shall have the meaning set forth in Treas. Reg. §1.409A-1(h).

     “Subsidiary” shall mean any corporation in which Hubbell Incorporated owns directly or
indirectly stock possessing 50% or more of the total combined voting power of all classes of stock.

     “Target Bonus” shall mean the “target bonus” as established for a Key Manager for a particular
year by the Company.

     “Years of Company Service” shall mean a Key Manager’s fully completed years of continuous
service from date of hire by the Company until his or her date of termination. In the case of a
business acquired by the Company, Years of Company Service shall be as defined in the purchase
agreement. If not defined in the purchase agreement, Years of Company Service shall be from the
date of acquisition.

ARTICLE 3 — Eligibility Prior to Change in Control

     Prior to a Change in Control of the Company, a Key Manager whose employment with the Company
is terminated in a Separation from Service will qualify for severance payments and group insurance
benefits when all of the following conditions are met:

	 	(a)	 	The termination is either at the initiative of the Company for reasons other
than Cause, or Involuntarily by the Key Manager not due to a voluntary resignation,
retirement, disability or death.
	 
	 	(b)	 	If a business unit of the Company is sold or divested and a Key Manager
employed by such unit does not continue employment for at least 90 calendar days with
the new owner with the same or comparable pay, status and responsibilities (unless
terminated for Cause), or is not offered employment with the new owner at the same or
comparable pay, status and responsibilities; unless the Key Manager is re-employed by
the Company or is entitled to severance and benefits comparable to those provided by
this Policy from the new owner. Severance payments and benefits due from this Policy will be reduced by the value of
severance related payments and benefits received from the new owner.

4

 

	 	(c)	 	If a business unit of the Company is sold or divested and a Key Manager
employed by such unit continues employment with the new owner at the same or comparable
pay, status and responsibilities for at least 90 calendar days or is offered such
employment and declines such offer, then such Key Manager shall be ineligible for any
severance or other benefits under this Policy.

ARTICLE 4 — Eligibility After Change in Control

     For two years after a Change in Control of the Company, a Key Manager whose employment is
terminated by the Company or a Subsidiary of the Company (other than for Cause) in a Separation
from Service, or who terminates employment with the Company for Good Reason in a Separation from
Service, shall be entitled to severance payments as determined pursuant to the formula described
below, subject to the limitations set forth in the following sentence. A Key Manager whose
employment terminates in a Separation from Service, during the first year following a Change in
Control shall be entitled to 100% of the amount determined pursuant to the formula described below,
a Key Manager whose employment terminates in a Separation from Service, after the first year but
before the second year following a Change in Control shall be entitled to 67% of such amount.

ARTICLE 5 — Severance Pay

     Provided the Key Manager’s employment termination meets the eligibility criteria above,
post-employment severance payments will be made in accordance with the following formula:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Weeks of Base	 	 	 	 	 	 
	 	 	 	 	Salary Continuation	 	 	 	 	 	Maximum Payments
	 	 	 	 	Per Each Full Year	 	Weeks Minimum	 	Weeks Maximum	 	Following a Change
	Code	 	Position Level	 	of Company Service*	 	Payments	 	Payments	 	in Control
	A
	 	Non-Corporate Officer or	 	3.0	 	4	 	52	 	78
	 
	 	Non-General Manager	 	 	 	 	 	 	 	 
	B
	 	General Manager	 	3.5	 	8	 	52	 	78
	C
	 	Corporate Officer	 	4.0	 	13	 	78	 	104

 

			
	*	 	In the event of a termination by the Company other than for Cause or by a Key Manager for
Good Reason following a Change in Control, severance payments that would otherwise apply will
double, subject to the maximums shown in the far right-hand column above.

     To determine the amount of severance payments owed to the terminated Key Manager, multiply his
or her full (completed) Years of Company Service by the “weeks of base” figure shown. “Minimum”
and “maximum” figures are tests to be applied after this calculation is completed.

     Prior to a Change in Control, the Key Manager shall receive severance payments in the form of
monthly payments equal in amount to the eligible weeks of base salary continuation. Severance
payments after a Change in Control shall be equal to the present value of such amount

5

 

as calculated
by assuming monthly payments on the last day of each month and discounting such payments at 120% of
the short-term applicable federal rate (determined under Section 1274(d) of the Internal Revenue
Code of 1986, as amended) most recently published prior to the date of the calculation to the date
of termination of employment.

     Payment of severance will be made on the later of the 30th day after the date of termination
of employment or the day after the effective date of the release required under Article 8.

ARTICLE 6 — Group Insurance Continuation

     The actual or equivalent group life, medical and dental insurance plan coverages provided a
Key Manager as an active employee will be continued for the period that base salary would be
continued, whether or not the severance payment is made in the form of a lump sum. A lump sum
deduction covering the entire period of eligibility for group insurance continuation is applicable
when a lump sum severance payment is made.

ARTICLE 7 — Bonus

     If during the two-year period after a Change in Control of the Company a Key Manager’s
employment is terminated by the Company or a Subsidiary of the Company (other than for Cause) in a
Separation from Service or the Key Manager terminates employment with the Company for Good Reason
in a Separation from Service, the Key Manager shall be entitled to receive a bonus payment as
described hereafter:

	 	(a)	 	Any accrued but unpaid bonus pursuant to the then existing bonus plan or plans
as of the date of termination of employment shall be paid as soon as practicable after
such termination.
	 
	 	(b)(1)	 	If the termination of employment occurs during the year in which the Change in
Control occurs, the Key Manager shall be paid an amount equal to the average of the
three prior years’ bonuses (or if the Key Manager received bonuses for a fewer number
of years, the average of such years’ bonuses) multiplied by a fraction the numerator of
which is the number of whole and partial months of the year occurring through the date
of termination and the denominator of which is twelve (such fraction being referred to
hereinafter as the “Pro Rata Fraction”). If, however, the Key Manager has yet to
accrue or receive any bonuses as of the time of a termination of employment occurring
during the year in which a Change in Control occurs, such Key Manager shall be paid an
amount equal to his or her Target bonus in effect for such year multiplied by the Pro
Rata Fraction.
	 
	 	(2)	 	If the termination of employment occurs in a year subsequent to the year in
which a Change in Control occurs, the Key Manager shall be paid the greater of:

	 	(i)	 	an amount equal to his or her Target Bonus in effect for the
year in which the termination occurs multiplied by the Pro Rata Fraction, or

6

 

	 	(ii)	 	an amount as determined pursuant to (b)(1) immediately above,
assuming for such purposes that the Key Manager’s employment had terminated
after the Change in Control but within the same year in which the Change in
Control occurred.

ARTICLE 8 — Execution of Releases

     A Key Manager will not be eligible to receive severance benefits under this Policy unless he
or she executes a general release of claims within 60 days following termination.

ARTICLE 9 — Administration

     The Vice President Human Resources (the “Administrator”) is responsible for the
administration, compliance and appropriate application of this Policy. The Administrator will have
the discretion to make any findings of fact needed in the administration of the Policy and will
have the discretion to interpret or construe ambiguous, unclear or implied (but omitted) terms in
any fashion he or she deems to be appropriate in his or her sole judgment. The validity of any
such finding of fact, interpretation, construction or decision will not be given de novo review if
challenged in court, by arbitration or any other forum and will be upheld unless clearly arbitrary
or capricious.

     To the extent the Administrator has been granted discretionary authority under this Policy,
the Administrator’s exercise of such authority will not obligate him or her to exercise his or her
authority in a like fashion thereafter. If, due to errors in drafting, any provision of this
Policy does not accurately reflect its intended meaning, as demonstrated by consistent
interpretations or other evidence of intent, or as determined by the Administrator in his or her
sole and exclusive judgment, the provision will be considered ambiguous and will be interpreted by
the Administrator in a fashion consistent with its intent, as determined by the Administrator in
his or her sole discretion.

     The Administrator may amend the Policy retroactively to cure any such ambiguity. These
provisions may not be invoked by any person to require the Policy to be interpreted in a manner
which is inconsistent with its interpretation by the Administrator. All actions and all
determinations made in good faith by the Administrator shall be final and binding upon all persons
claiming any interest in or under the Plan.

ARTICLE 10 — Claims Procedure

     If a Key Manager believes he/she is incorrectly denied a benefit or entitled to a greater
benefit than the benefit received under the Policy, he/she may submit a signed, written application
to the Administrator. Such Key Manager will be notified in writing of the approval or denial of
this claim within ninety (90) days of the date that Administrator, receives the claim, unless
special circumstances require an extension of time for processing the claim. In the event an
extension is necessary, the Key Manager will be provided written notice prior to the end of the
initial ninety (90) day period indicating the special circumstances requiring the extension and
the date by which the Administrator, expects to notify him/her of approval or denial of the
claim. In no event will an extension extend beyond ninety (90) days after the end of the initial
ninety (90) day period. If the claim is denied, the written notification will state specific reasons for the

7

 

denial, make specific reference to the provision(s) of this Policy on which the
denial is based, and provide a description of any material or information necessary for the Key
Manager to perfect the claim and why such material or information is necessary. The written
notification will also provide a description of the review procedures under this Policy and the
applicable time limits, including a statement of the Key Manager’s right to bring a civil suit
under section 502(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
following denial of the claim on review.

     The Key Manager will have sixty (60) days from receipt of the written notification of the
denial of the claim to file a signed, written request for a full and fair review of the denial by a
review panel which will be a named fiduciary for purposes of such review. This request should
include the reasons the Key Manager is requesting a review and may include facts supporting the
request and any other relevant comments, documents, records and other information relating to the
claim. Upon request and free of charge, the Key Manager will be provided with reasonable access
to, and copies of, all documents, records and other information relevant to the claim, including
any document, record or other information that was relied upon in, or submitted, considered or
generated in the course of, denying the claim. A final, written determination of the eligibility
for benefits shall be made within sixty (60) days of receipt of the request for review, unless
special circumstances require an extension of time for processing the claim, in which case the Key
Manager will be provided written notice of the reasons for the delay within the initial sixty (60)
day period and the date by which he/she should expect notification of approval or denial of the
claim. This review will take into account all comments, documents, records and other information
submitted relating to the claim, whether or not submitted or considered in the initial review of
the claim. In no event will an extension extend beyond sixty (60) days after the end of the
initial sixty (60) day period. If an extension is required because the Key Manager failed to
submit information that is necessary to decide the claim, the period for making the benefit
determination on review will be tolled from the date the notice of extension is sent to the Key
Manager until the date on which the Key Manager responds to the request for additional information.
If the claim is denied on review, the written notification will state specific reasons for the
denial, make specific reference to the provision(s) of the Policy on which the denial is based and
state that the Key Manager is entitled to receive upon request, and free of charge, reasonable
access to, and copies of, all documents, records and other information relevant to the claim,
including any document, record or other information that was relied upon in, or submitted,
considered or generated in the course of, denying the claim. The written notification will also
include a statement of the right to bring an action under section 502(a) of ERISA.

     If the claim is initially denied or is denied upon review, the Key Manger is entitled to
receive upon request, and free of charge, reasonable access to, and copies of, any document, record
or other information that demonstrates that (1) the claim was denied in accordance with the terms
of the Policy, and (2) the provisions of the Policy have been consistently applied to similarly
situated participants, if any. In pursuing any of rights set forth in this section, an authorized
representative may act on behalf of a Key Manager.

     If the Key Manager does not receive notice within the time periods described above, whether on
initial determination or review, he/she may initiate a lawsuit under Section 502(a) of ERISA.

8

 

ARTICLE 11 — Limitation on Payments

     If any amounts payable to a Key Manager pursuant to this policy which are deemed to constitute
Parachute Payments (as hereinafter defined) when added to any other payments which are deemed to
constitute Parachute Payments, would result in the imposition on the Key Manager of an excise tax
under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), the amounts
payable under this Policy shall be reduced by the smallest amount necessary to avoid the imposition
of such excise tax; but shall be reduced only if, by reason of such reduction, the Key Manager’s
Net After Tax Benefit (as hereinafter defined) shall exceed the Net After Tax Benefit if such
reduction were not made. The foregoing calculations (including any calculations required under the
definition of Net After Tax Benefit) shall be made, at the Company’s expense, by the Company and
the Key Manager. If no agreement on the calculations is reached wherein five days after the date
of a termination of employment, then the calculations shall be made, at the Company’s expense, by
Price Waterhouse and an outside counsel mutually acceptable to the Key Manager and the Company. In
the event it becomes necessary to limit any payments under this Policy, the Key Manager’s health
and life insurance shall be the last payments to be so limited; any other payments payable under
this Policy shall be payable when due until the remaining maximum permissible amount has been paid
to the Key Manager pursuant to the terms hereunder.

     “Net After Tax Benefit” means the sum of (a) the total amounts payable to the Key Manager
under this Policy, plus (b) all other payments and benefits which the Key Manager receives or is
entitled to receive from the Company that would constitute a Parachute Payment, less (c) the amount
of federal income taxes payable with respect to the foregoing calculated at the maximum marginal
income tax rate for each year in which the foregoing shall be paid to the Key Manager (based upon
the rate in effect for such year as set forth in the Code at the time of termination of his
employment), less (d) the amount of excise taxes imposed with respect to the payments and benefits
described in (a) and (b) above by Section 4999 of the Code.

     “Parachute Payment” means any payment deemed to constitute a “parachute payment” as defined in
Section 280G of the Code.

ARTICLE 12 — 409A Delays

     Notwithstanding any provision to the contrary in the Agreement, if a Key Manager is deemed at
the time of his separation from service to be a “specified employee” for purposes of Section
409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”), to the extent
delayed commencement of any portion of the severance, continued health or bonus to which the Key
Manager is entitled under this Policy is required in order to avoid a prohibited distribution under
Section 409A(a)(2)(B)(i) of the Code, such portion of the Key Manager’s termination benefits shall
not be provided to the Key Manager prior to the earlier of (a) the expiration of the six-month
period measured from the date of the Key Manager’s Separation from Service, or (b) the date of the
Key Manager’s death. Upon the expiration of the applicable
Code Section 409A(a)(2)(B)(i) deferral period, all payments deferred pursuant to this
requirement shall be paid in a lump sum to the Key Manager, and any remaining payments due under
the Policy shall be paid as otherwise provided herein.

9

 

ARTICLE 13 — WARN Offset

     If a Key Manager is entitled to receive any payments or benefits from the Company pursuant to
the requirements of the Worker Adjustment and Retraining Notification Act and/or any similar
federal, state or local law (collectively referred to as “WARN laws”) then the amount of severance
and bonus payable under this Policy shall be reduced by any and all such payments made by the
Company. If a Key Manager is entitled to receive notice of termination from the Company pursuant to
WARN laws, then the severance payable under this Policy shall be reduced by an amount equal to the
amount of salary paid during the notice period provided by the Company.

ARTICLE 14 — Miscellaneous

	 	(a)	 	All severance payments are subject to applicable Federal and State payroll tax
withholdings.
	 
	 	(b)	 	Severance payments begin following the date of employment termination and,
therefore, are not considered “earnings” or “compensation” under Company benefit plans.
	 
	 	(c)	 	Medical and dental insurance provided in accordance with this Policy will be
secondary coverages for payments in the event the employee becomes covered by another
employer’s group medical and dental insurance plans.

	 	(d)	 	The Compensation Committee, with approval of the Board of Directors, has the
sole discretion and authority to change or to terminate this Policy at any time prior
to a Change in Control. In the event of a Change in Control of the Company, a Policy
termination or other changes that adversely affect the continued eligibility and
benefits of Key Managers will not become effective until receipt of written consent
from all affect Key Managers.

10EX-10.W

 

Exhibit 10.w

HUBBELL INCORPORATED

AMENDED AND RESTATED

TOP HAT RESTORATION PLAN

As Amended and Restated Effective as of January 1, 2005

 

 

HUBBELL INCORPORATED

TOP HAT RESTORATION PLAN

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE I PURPOSE AND EFFECTIVE DATE

	 	 	1	 
	 
	 	 	 	 
	ARTICLE II DEFINITIONS

	 	 	1	 
	 
	 	 	 	 
	ARTICLE III ELIGIBILITY

	 	 	3	 
	 
	 	 	 	 
	ARTICLE IV RETIREMENT BENEFITS

	 	 	4	 
	 
	 	 	 	 
	ARTICLE V PAYMENT OF RETIREMENT BENEFITS

	 	 	5	 
	 
	 	 	 	 
	ARTICLE VI PRE-RETIREMENT SPOUSE’S EXCESS BENEFIT

	 	 	6	 
	 
	 	 	 	 
	ARTICLE VII FUNDING

	 	 	6	 
	 
	 	 	 	 
	ARTICLE VIII PLAN ADMINISTRATION

	 	 	7	 
	 
	 	 	 	 
	ARTICLE IX AMENDMENT AND TERMINATION

	 	 	7	 
	 
	 	 	 	 
	ARTICLE X MISCELLANEOUS PROVISIONS

	 	 	8	 
	 
	 	 	 	 
	ARTICLE XI CHANGE OF CONTROL

	 	 	9	 
	 
	 	 	 	 
	ARTICLE XII CLAIMS PROCEDURES

	 	 	10	 
	 
	 	 	 	 
	EXHIBIT A — ASSUMPTIONS
	 	 	 	 

i

 

ARTICLE I

PURPOSE AND EFFECTIVE DATE

     1.1 The purpose of the Hubbell Incorporated Amended and Restated Top Hat Restoration Plan (the
“Plan”) is to provide monthly supplemental retirement income for a select group of key executives
of Hubbell Incorporated (the “Employer”) by providing a benefit which supplements the retirement
benefit payable under the Hubbell Incorporated Retirement Plan for Salaried Employees (the “Hubbell
Retirement Plan”). This Plan is being established and maintained primarily for the purpose of
providing deferred compensation for a select group of management or highly compensated employees
within the meaning of Section 4021(b)(6) of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), and is intended to be an “excess benefit plan,” as that term is defined in
Section 3(36) of ERISA.

     1.2 The provisions of this Plan as set forth in this document are effective as of January 1,
2005 and apply to Participants who were or become Participants on and after January 1, 2005.
Participants who had a Separation from Service prior to January 1, 2005 shall have their Retirement
Benefits paid and accrued in accordance with the provisions of the Plan as in effect on the date of
their Separation from Service.

ARTICLE II

DEFINITIONS

     2.1 “Beneficiary” shall mean the beneficiary or beneficiaries designated pursuant to the
Hubbell Retirement Plan.

     2.2 “Board of Directors” means the Board of Directors of Hubbell Incorporated.

     2.3 “Change of Control of Hubbell” means the first to occur of any one of the following:

          (a) Continuing Directors during any 12 month period no longer constitute a majority of the
Directors;

          (b) Any person or persons acting as a group (within the meaning of Treas. Reg.
§1.409A-3(i)(5)(vi)(D)), acquires (or has acquired within the 12 month period ending on the date of
the last acquisition by such person or persons) directly or indirectly, thirty percent (30%) or
more of the voting power of the then outstanding securities of Hubbell entitled to vote for the
election of Hubbell’s directors; provided that this Section 2.3(b) shall not apply with respect to
any acquisition of securities by (i) the trust under a Trust Indenture dated September 2, 1957 made
by Louie E. Roche, (ii) the trust under a Trust Indenture dated August 23, 1957 made by Harvey
Hubbell, and (iii) any employee benefit plan (within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended) maintained by an Employer or any affiliate of
Hubbell;

          (c) Any person or persons acting as a group (within the meaning of Treas. Reg.
§1.409A-3(i)(5)(v)(B)), acquires ownership (including any previously owned securities) of more than
fifty percent (50%) of either (i) the voting power value of the then outstanding securities of
Hubbell entitled to vote for the election of Hubbell’s directors or (ii) the fair market

 

 

value of Hubbell; provided that this Section 2.3(c) shall not apply with respect to any
acquisition of securities by (i) the trust under a Trust Indenture dated September 2, 1957 made by
Louie E. Roche, (ii) the trust under a Trust Indenture dated August 23, 1957 made by Harvey
Hubbell, and (iii) any employee benefit plan (within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended) maintained by an Employer or any affiliate of
Hubbell; or

          (d) A sale of substantially all of Hubbell’s assets.

          Provided, that the transaction or event described in subsection (a), (b), (c) or (d)
constitutes a “change in control event,” as defined in Treas. Reg. §1.409A-3(i)(5).

     2.4 “Change in Control of Employer” shall mean the any one of the following with respect to a
Participant employed by that Employer:

          (a) The date that Hubbell no longer owns at least 50% of the outstanding equity securities of
the Employer (other than Hubbell); provided, that on such date, there occurs a “change in control
event” with respect to the Employer under Treas. Reg. §1.409A-3(i)(5); or

          (b) A sale of substantially all of the assets of the Employer which qualifies as a change in a
substantial portion of the Employer’s assets under Treas. Reg. §1.409A-3(i)(5)(vii).

     2.5 “Code” means the Internal Revenue Code of 1986, as amended.

     2.6 “Compensation Cap” means the limitation imposed on a Participant’s annual compensation
pursuant to Section 401(a)(17) of the Code.

     2.7 “Compensation Committee” means the Compensation Committee of the Board of Directors.

     2.8 “Continuing Director” shall mean any individual who is a member of the Employer’s Board of
Directors on December 9, 1986 or was designated (before such person’s initial election as a
Director) as a Continuing Director by 2/3 of the then Continuing Directors.

     2.9 “Deferred Vested Retirement” shall have the meaning prescribed in the Hubbell Retirement
Plan.

     2.10 “Defined Benefit Maximum” means the limitation imposed on a Participant’s annual benefit
pursuant to Section 415(b) of the Code.

     2.11 “Director” shall mean any individual who is a member of the Employer’s Board of Directors
on the date the action in question was taken.

     2.12 “Disability Retirement” shall have the meaning prescribed in the Hubbell Retirement Plan.

     2.13 “Effective Date” means May 1,1993.

2

 

     2.14 “Early Retirement” shall have the meaning prescribed in the Hubbell Retirement Plan.

     2.15 “Employee” means a person who is employed by the Employer on a regular, full-time basis.

     2.16 “Employer” means Hubbell Incorporated, and its successor, and any of its subsidiaries so
designated by the Board of Directors.

     2.17 “Hubbell” means Hubbell Incorporated, a Connecticut corporation, and any successors in
interest.

     2.18 “Hubbell Retirement Plan” means the Hubbell Incorporated Retirement Plan for Salaried
Employees as amended from time to time.

     2.19 “Key Executive” means (a) an Employee hired prior to January 1, 2004 who was subject to
the Compensation Cap and (b) any Employee hired after January 1, 2004 designated by the
Compensation Committee as a Participant and as to whom the Compensation Committee has not withdrawn
such designation.

     2.20 “Late Retirement” shall have the meaning prescribed in the Hubbell Retirement Plan.

     2.21 “Normal Retirement” shall have the meaning prescribed in the Hubbell Retirement Plan.

     2.22 “Participant” has the meaning set forth in Section 3.1 hereof.

     2.23 “Separation from Service” shall have the meaning set forth in Treas. Reg. §1.409A-1(h).

     2.24 “Service” means a Participant’s Service pursuant to Article 3 of the Hubbell Retirement
Plan.

     2.25 “Spouse” shall mean the person to whom the Participant was lawfully married for at least
one (1) year on the date the Participant’s benefit under this Plan commences.

ARTICLE III

ELIGIBILITY

     3.1 Each Key Executive of the Employer whose compensation exceeds the Compensation Cap shall
be a Participant in the Plan. Key Executives shall continue to be Participants until they are no
longer entitled to retirement or deferred vested benefits under the Hubbell Retirement Plan or they
are no longer entitled to Retirement Benefits under this Plan, whichever is earlier.

     3.2 Each Participant shall be eligible to accrue benefits under this Plan for any period that
his benefit accrued for such period under the Hubbell Retirement Plan is subject to

3

 

limitations on
benefits and contributions imposed by the applicable sections of the Code (including, without
limitation, the Compensation Cap and the Defined Benefit Maximum).

ARTICLE IV

RETIREMENT BENEFITS

     4.1 A Participant’s Retirement Benefit under this Plan shall be the excess of (a) over (b),
where:

          (a) equals the applicable Early, Normal, Late, Deferred Vested or Disability Retirement
benefit to which the Participant is entitled under the Hubbell Retirement Plan as if the
calculation were performed without consideration of the Compensation Cap and Defined Benefit
Maximum, and including compensation amounts deferred by such Participant under the Hubbell
Incorporated Executive Deferred Compensation Plan (as if such amounts had not been so deferred),
and

          (b) equals the amount to which the Participant is entitled under the Hubbell Retirement Plan.

For purposes of the above calculations, it shall be assumed that the Participant’s benefit under
the Hubbell Retirement Plan is a single life annuity commencing on such Participant’s Separation
from Service or, if later, the date on which such Participant would attain age 55, regardless of
when such benefit actually commences.

     4.2 If a Participant is entitled to a supplemental medical benefit under Section 4.10 of the
Hubbell Retirement Plan, then in addition to the benefits under Section 4.1 hereof, such
Participant shall be entitled to an annual Retirement Benefit as a supplemental medical benefit
under this Plan equal to the excess of:

          (a) the supplemental medical benefit payable under Section 4.10 of the Hubbell Retirement Plan
as if the calculation were performed without consideration of the Compensation Cap, over

          (b) the amount to which the Participant is entitled under Section 4.10 of the Hubbell
Retirement Plan.

     4.3 Participant’s Retirement Benefit shall be calculated as a single life annuity but paid in
the form of an actuarial equivalent 50% joint and survivor annuity, over the life of the
Participant and if applicable the Participant’s Spouse pursuant to Articles V and if applicable
Article VI. The actuarial equivalence of and any actuarial reductions for the joint and survivor
annuity shall be calculated in accordance with the actuarial assumptions set forth in the Hubbell
Retirement Plan. If the Participant does not have a Spouse at the time his Retirement Benefit is
to commence, then the Participant’s Retirement Benefit shall be paid in the form of a single life
annuity.

4

 

ARTICLE V

PAYMENT OF RETIREMENT BENEFITS

     5.1 Except as provided in Sections 5.2, 5.3 and Article 11, all Retirement Benefits hereunder
shall be payable in monthly installments equal to one-twelfth (1/12th) of the annual
amounts determined under this Plan commencing on the later of (a) the fifteenth day of the seventh
month following the Participant’s Separation from Service or (b) the fifteenth day of the month
commencing after the Participant attains age 55; provided, however, that the first monthly
installment shall be increased by one-half of the annual amount determined under this Plan. The
Participant’s last payment of retirement benefits hereunder shall be made on the fifteenth day of
the month in which he dies unless the Participant has an eligible surviving Spouse at his date of
death, in which case survivor benefit payments shall be made to said Spouse in accordance with
Article VI hereof.

     5.2 Notwithstanding Section 5.1, if the Actuarial Equivalent of the Retirement Benefit, and
any supplemental medical benefit under Section 4.2, is less than an amount applicable under Code
Section 402(g) for the year in question, then such Retirement Benefit (and any supplemental medical
benefit) shall be distributed in a lump sum within sixty (60) days after the date when payments of
the Retirement Benefits under this Plan, if payable in the form of an annuity, would otherwise
commence. Any such lump sum distribution of a Participant’s or Beneficiary’s Retirement Benefits
under this Plan shall fully satisfy all present and future Plan liability with respect to such
Participant or Beneficiary for such portion or all of such Retirement Benefits so distributed.

     5.3 Notwithstanding Section 5.1 and 5.2, a Participant’s Retirement Benefit may be paid in the
discretion of Hubbell as follows upon the following events:

          (a) As necessary to comply with a domestic relations order (as defined in Code Section
414(p)(1)(B));

          (b) If the Internal Revenue Service, makes a determination that a Participant is required to
include in gross income the value of his Retirement Benefit, as soon as practicable following such
determination, Hubbell shall pay to the Participant, the amount required to be included in the
Participant’s gross income.

          (c) If a Participant’s Retirement Benefit, or any remaining installments thereof is less than
an amount applicable under Code Section 402(g) for the year in question, then the balance of such
Retirement Benefit may be distributed in a lump sum.

          (d) Upon the termination and liquidation of the Plan, the Retirement Benefit shall be
distributed in a lump sum twelve months following such termination and liquidation; provided that
such termination or liquidation is not in connection with a downturn in the financial health of
Hubbell and shall conform to the requirements of Treas. Reg. §1.409A-3(j)(4)(ix).

5

 

ARTICLE VI

PRE-RETIREMENT SPOUSE’S EXCESS BENEFIT

     6.1 If a married Participant dies prior to commencement of his Retirement Benefit under this
Plan, leaving a surviving Spouse entitled to receive a Pre-Retirement Spouse’s Retirement Benefit
pursuant to Section 4.08 of the Hubbel Retirement Plan, such surviving Spouse shall be entitled to
receive a Pre-Retirement Spouse’s Excess Benefit under this Plan equal to the difference between

          (a) the Pre-Retirement Spouse’s Retirement Benefit to which the Spouse is entitled under the
Hubbell Retirement Plan and

          (b) the amount to which the Spouse would be entitled if the calculation of the Pre-Retirement
Spouse’s Retirement Benefit were performed without consideration of the Compensation Cap and
Defined Benefit Maximum.

     6.2 Any Pre-Retirement Spouse’s Excess Benefit available under this Plan shall be paid an
annuity for the life of the Spouse in an amount which is equal to the benefit the Spouse would have
received under a joint and survivor annuity that provided the Spouse on the date of death of the
Participant an annual benefit equal to 50 percent of the Participant’s annual Retirement Benefit
if:

          (a) the Participant had a Separation from Service on the day before his death, in the case of
a Participant who dies after he has attained age 55, or

          (b) the Participant had a Separation from Service on the date of his death, survived to age
55, retired on such date, and died on the day after such date, in the case of a Participant who
dies before he is age 55.

     6.3 The Pre-Retirement Spouse’s Excess Benefit shall commence on fifteenth day of the month
following the Participant’s death (or, if later, the date on which the Participant would have
attained age 55, had the Participant survived until such date) and shall terminate on the fifteenth
(15th) day of the month in which the Spouse’s death occurs; provided,
however, that if the Actuarial Equivalent of the Pre-Retirement Spouse’s Excess Benefit is
less than the amount applicable under Code Section 402(g) for the year in question, then such
Retirement Benefit shall be paid as a lump sum within sixty (60) days after the date when payments
of the same benefits under this Plan, if payable in the form of an annuity, would otherwise
commence, or as soon as practicable thereafter. Any such lump sum distribution of a Pre-Retirement
Spouse’s Excess Benefit under this Plan shall fully satisfy all present and future Plan liability
with respect to such Spouse for such portion or all of such benefits so distributed.

ARTICLE VII

FUNDING

     7.1 The Employer may enter into a trust agreement creating an irrevocable grantor trust for
the holding of cash and/or annuity contracts for pension benefits accrued by the Participants under
the Plan. Any assets of such trust shall be subject to the claims of creditors of the Employer to
the extent set forth in the trust and Participants’ interests in benefits under this

6

 

Plan shall only be those of unsecured creditors of the Employer. In the event of a Change of
Control of Hubbell, the Employer shall enter into a trust agreement creating an irrevocable grantor
trust for the holding of cash and/or annuity contracts in respect of the pension benefits accrued
by the Participants (whether current or former); provided, further, that upon the occurrence of a
Change of Control of Hubbell, the Employer shall transfer to the trustee of the foregoing trust the
maximum amount of assets estimated to be necessary to satisfy the Employer’s obligations hereunder,
as in effect immediately prior to the Change of Control of Hubbell.

ARTICLE VIII

PLAN ADMINISTRATION

     8.1 The general administration of this Plan and the responsibility for carrying out the
provisions hereof shall be vested in the Compensation Committee.

     8.2 The Compensation Committee may adopt, subject to the approval of the Board of Directors,
such rules and regulations as it may deem necessary for the proper administration of this Plan, and
its decision in all matters shall be final, conclusive, and binding. The Compensation Committee
shall also have the discretion and authority to (a) make, amend, interpret, and enforce all
appropriate rules and regulations for the administration of this Plan, and (b) decide or resolve
any and all questions, including benefit entitlement determinations and interpretations of this
Plan, as may arise in connection with the Plan.

     8.3 To the extent applicable, this Plan shall be interpreted in accordance with Code Section
409A and Department of Treasury regulations and other interpretive guidance issued thereunder. If
the Company determines that any compensation or benefits payable under this Plan do not comply with
Code Section 409A and related Department of Treasury guidance, the Company may amend this Plan or
adopt other policies or procedures (including amendments, policies and procedures with retroactive
effect), or take such other actions as the Company deems necessary or appropriate to comply with
the requirements of Code Section 409A and related Department of Treasury guidance; provided that no
such amendment shall be effective without the Participant’s consent unless it preserves the
Participant’s economic benefit prior to such amendment.

ARTICLE IX

AMENDMENT AND TERMINATION

     9.1 The Board of Directors of the Employer reserves in its sole and exclusive discretion the
right at any time and from time to time to amend this Plan in any respect or terminate this Plan
without restriction and without the consent of any Participant, Beneficiary or Spouse;
provided, however, that no amendment or termination of this Plan shall impair the
right of any Participant, Beneficiary or Spouse to receive benefits earned and accrued hereunder
prior to such amendment or termination.

     9.2 Notwithstanding any other provisions of the Plan to the contrary following a Change of
Control of Hubbell:

7

 

          (a) the accrued benefit hereunder of any Participant as of the date of a Change of Control of
Hubbell may not be reduced;

          (b) any Service accrued by a Participant as of the date of a Change of Control of Hubbell
cannot be reduced;

          (c) no amendment or action of the Compensation Committee which affects any Participant is
valid and enforceable without the prior written consent of such Participant; and

          (d) no termination of the Plan shall have the effect of reducing any benefits accrued under
the Plan prior to such termination.

ARTICLE X

MISCELLANEOUS PROVISIONS

     10.1 Nothing contained herein shall be deemed to give any individual the right to be retained
in the service of the Employer or to interfere with the rights of the Employer to discharge any
individual at any time, with or without cause.

     10.2 No Retirement Benefit payable hereunder may be assigned, pledged, mortgaged or
hypothecated and, to the extent permitted by law, no such Retirement Benefit shall be subject to
legal process or attachment for the payment of any claims against any person entitled to receive
the same. Notwithstanding any provision herein to the contrary, the Employer may, as the
Compensation Committee in its sole and absolute discretion shall determine, offset any amount to be
paid to a Participant, Beneficiary or Spouse hereunder against any amounts which such Participant
may owe to the Employer or a subsidiary of the Employer.

     10.3 If a Participant, Beneficiary or Spouse entitled to receive any benefit hereunder is
deemed by the Compensation Committee or is adjudged by a court of competent jurisdiction to be
legally incapable of giving valid receipt and discharge for such benefit, such payments shall be
paid to such person or persons as the Compensation Committee shall designate or to the person’s
duly appointed guardian. Such payments shall, to the extent made, be deemed a complete discharge
for such payments under this Plan.

     10.4 At the sole discretion of the Compensation Committee, and after written notice to the
Participant, Beneficiary, or Spouse, as the case may be, rights to receive any benefit under this
Plan may be forfeited, suspended, reduced or terminated in cases of gross misconduct by the
Participant which is reasonably deemed to be prejudicial to the interests of the Employer or a
subsidiary of the Employer, including but not limited to the utilization or disclosure of
confidential information for gain or otherwise.

     10.5 Payments made by the Employer under this Plan to any Participant, Beneficiary or Spouse
shall be subject to such withholding as shall, at the time for such payment, be required under any
income tax or other laws, whether of the United States or any other jurisdiction.

     10.6 All expenses and costs in connection with the operation of this Plan shall be borne by
the Employer.

8

 

     10.7 The provisions of this Plan will be construed according to the laws of the State of
Connecticut, excluding the provisions of any such laws that would require the application of the
laws of another jurisdiction.

     10.8 The masculine pronoun wherever used herein shall include the feminine gender and the
feminine the masculine and the singular number as used herein shall include the plural and the
plural the singular unless the context clearly indicates a different meaning.

     10.9 The titles to articles and headings of sections of this Plan are for convenience of
reference, and in case of any conflict, the text of the Plan, rather than such titles and headings,
shall control.

     10.10 The Plan is intended to be a plan that is not qualified within the meaning of Code
Section 401(a) and that “is unfunded and is maintained by an employer primarily for the purpose of
providing deferred compensation for a select group of management or highly compensated employees”
within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1). The Plan shall be
administered and interpreted (a) to the extent possible in a manner consistent with the intent
described in the preceding sentence, and (b) in accordance with Code Section 409A and related
Treasury guidance and Regulations.

     10.11 Participants and their Beneficiaries, heirs, successors and assigns shall have no legal
or equitable rights, interests or claims in any property or assets of an Employer. For purposes of
the payment of benefits under this Plan, any and all of an Employer’s assets shall be, and remain,
the general, unpledged unrestricted assets of the Employer. An Employer’s obligation under the
Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.

ARTICLE XI

CHANGE OF CONTROL

     11.1 The provisions of Section 11.2 shall become effective immediately upon and apply to any
Participant who was a Participant on the date of a Change of Control of Hubbell. The provisions of
Section 11.3 shall apply to any Participant who is employed by the Employer who is involved in a
Change in Control of Employer

     11.2 Notwithstanding Section 5.1, 5.2, 5.4 or 6.2, upon the occurrence of a Change of Control
of Hubbell.

          (a) all benefits otherwise payable under this Plan to such Participant, Beneficiary or Spouse,
as the case may be, shall be paid out in one lump sum no later than thirty (30) days after such
Participant’s Separation from Service, or, if the Participant is in pay status or deceased at the
time of the Change of Control of Hubbell, to such Participant or his Spouse (as the case may be)
then receiving benefits no later than thirty (30) days after such Change of Control of Hubbell.
The amounts to be paid out in such lump sum shall be calculated using the actuarial assumptions set
forth on Exhibit A, attached hereto.

          (b) Notwithstanding Section 8.1 the Plan shall be administered by the Compensation Committee,
which shall have full authority to interpret the Plan, to establish rules

9

 

and regulations relating to the Plan, to determine the criteria for eligibility to participate
in the Plan, to select Participants in the Plan, and to make all other determinations and take all
other actions necessary or appropriate for the proper administration of the Plan.

          (c) No member of the Compensation Committee shall be eligible to participate in the Plan.

          (d) The Compensation Committee may not offset any Retirement Benefits under the provisions of
Section 9.2.

          (e) Section 10.4 shall no longer apply.

     11.3 Notwithstanding anything contained in the Plan to the contrary, the provisions of this
Section 11.3 shall apply solely with respect to any Participant who is employed by an Employer
involved in a Change in Control of Employer:

          (a) Each such Participant shall be fully vested in their accrued benefit as of the date of the
Change of Control of Employer; and

          (b) Such Employer (or successor in interest thereto) may in its sole discretion either:

               (i) Assume the responsibility for payment of all Retirement Benefits applicable to such
Participants under this Plan, in which case Hubbell will transfer such liabilities with
respect to such Participants to the Employer, or successor in interest thereto and Hubbell
and this Plan shall have no further liability with respect to any such Participants; or

               (ii) Terminate the Plan with respect to such Participants, in which case, the
Participant’s shall receive their Retirement Benefits paid in a lump sum within thirty (30)
days of the date of the Change in Control of Employer. The amounts to be paid out in such
lump sum shall be calculated using the actuarial assumptions set forth on Exhibit A,
attached hereto.

ARTICLE XII

CLAIMS PROCEDURES

     12.1 Presentation of Claim. Any Participant or Beneficiary of a deceased Participant
(such Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the
Compensation Committee a written claim for a determination with respect to the amounts
distributable to such Claimant from the Plan. If such a claim relates to the contents of a notice
received by the Claimant, the claim must be made within 60 days after such notice was received by
the Claimant. All other claims must be made within 180 days of the date on which the event that
caused the claim to arise occurred. The claim must state with particularity the determination
desired by the Claimant.

     12.2 Notification of Decision. The Compensation Committee shall consider a Claimant’s
claim within a reasonable time, but no later than 90 days after receiving the claim. If

10

 

the Compensation Committee determines that special circumstances require an extension of time
for processing the claim, written notice of the extension shall be furnished to the Claimant prior
to the termination of the initial 90 day period. In no event shall such extension exceed a period
of 90 days from the end of the initial period. The extension notice shall indicate the special
circumstances requiring an extension of time and the date by which the Compensation Committee
expects to render the benefit determination. The Compensation Committee shall notify the Claimant
in writing:

          (a) that the Claimant’s requested determination has been made, and that the claim has been
allowed in full; or

          (b) that the Compensation Committee has reached a conclusion contrary, in whole or in part, to
the Claimant’s requested determination, and such notice must set forth in a manner calculated to be
understood by the Claimant:

               (i) the specific reason(s) for the denial of the claim, or any part of it;

               (ii) specific reference(s) to pertinent provisions of the Plan upon which such denial
was based;

               (iii) a description of any additional material or information necessary for the
Claimant to perfect the claim, and an explanation of why such material or information is
necessary;

               (iv) an explanation of the claim review procedure set forth in Section 12.3 below; and

               (v) a statement of the Claimant’s right to bring a civil action under ERISA Section
502(a) following an adverse benefit determination on review.

     12.3 Review of a Denied Claim. On or before 60 days after receiving a notice from the
Compensation Committee that a claim has been denied, in whole or in part, a Claimant (or the
Claimant’s duly authorized representative) may file with the Committee a written request for a
review of the denial of the claim. The Claimant (or the Claimant’s duly authorized
representative):

          (a) may, upon request and free of charge, have reasonable access to, and copies of, all
documents, records and other information relevant (as defined in applicable ERISA regulations) to
the claim for benefits;

          (b) may submit written comments or other documents; and/or

          (c) may request a hearing, which the Compensation Committee, in its sole discretion, may
grant.

     12.4 The Compensation Committee shall render its decision on review promptly, and no later
than 60 days after the Compensation Committee receives the Claimant’s written request for a review
of the denial of the claim. If the Compensation Committee determines that special

11

 

circumstances require an extension of time for processing the claim, written notice of the
extension shall be furnished to the Claimant prior to the termination of the initial 60 day period.
In no event shall such extension exceed a period of 60 days from the end of the initial period.
The extension notice shall indicate the special circumstances requiring an extension of time and
the date by which the Compensation Committee expects to render the benefit determination. In
rendering its decision, the Compensation Committee shall take into account all comments, documents,
records and other information submitted by the Claimant relating to the claim, without regard to
whether such information was submitted or considered in the initial benefit determination. The
decision must be written in a manner calculated to be understood by the Claimant, and it must
contain:

          (a) specific reasons for the decision;

          (b) specific reference(s) to the pertinent Plan provisions upon which the decision was based;

          (c) a statement that the Claimant is entitled to receive, upon request and free of charge,
reasonable access to and copies of, all documents, records and other information relevant (as
defined in applicable ERISA regulations) to the Claimant’s claim for benefits; and

          (d) a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a).

     12.5 A Claimant’s compliance with the foregoing provisions of this Article 12 is a mandatory
prerequisite to a Claimant’s right to commence any legal action with respect to any claim for
benefits under this Plan. 

12

 

EXHIBIT A

ASSUMPTIONS

          The assumptions to be used are those specified under Section 417(e) of the Internal Revenue
Code of 1986, as amended, which assumptions are the minimum lump sum factors permitted to be used
for the calculation of pension benefits under the Hubbell Retirement Plan, calculated as if payable
at age 55 (or, if higher, the Participant’s actual age as of the date of termination of
employment).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}]]