Document:

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                                                                    Exhibit 10.1

                                ESCROW AGREEMENT

         AGREEMENT (this "Agreement") dated as of April 26, 2002, by and among
U.S. Industries, Inc., a Delaware corporation ("Parent" or "USI"), JUSI
Holdings, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent
("US Seller"), Hubbell Incorporated, a Connecticut corporation ("Buyer") and The
Bank of New York, as escrow agent (the "Escrow Agent").

                                   WITNESSETH:

         WHEREAS, Buyer, US Seller, USI Canada Inc. and Parent have entered into
that certain Stock and Asset Purchase Agreement, dated March 19, 2002 (the
"Purchase Agreement").

         WHEREAS, this Escrow Agreement is entered into to create a fund for the
benefit of Buyer for the purpose of securing Remedial Action obligations
associated with the Special Pre-Closing Environmental Liabilities pursuant to
Section 10.03 of the Purchase Agreement.

         WHEREAS, The Bank of New York desires to serve as the Escrow Agent and
to hold the escrowed funds upon the terms and conditions set forth herein.

         WHEREAS, capitalized terms used herein and not otherwise defined shall
have the meanings assigned to them in the Purchase Agreement.

         NOW, THEREFORE, in consideration of the premises and of the mutual
promises and agreements herein contained, and the agreements and covenants
contained in the Purchase Agreement, the parties hereby agree as follows:

SECTION 1. ESTABLISHMENT OF ESCROW FUNDS.

         (a) Simultaneously with the execution and delivery hereof, Buyer has
delivered by wire transfer of immediately available funds to the Escrow Agent
the sum of $5,000,000 (the "Escrow Funds").

         (b) The Escrow Agent shall act as custodian of the Escrow Funds and
shall invest and reinvest the Escrow Funds as directed in writing from time to
time by Buyer and Parent (on behalf of itself and US Seller) only in: (i)
readily-marketable direct obligations of, or repurchase agreements
collateralized by direct obligations of, the United States Government or backed
by the full faith and credit of the United States Government; or (ii)
certificates of deposit, time deposits, money market accounts or other
interest-bearing deposits of commercial banks having total capital and surplus
of at least $250,000,000. The Escrow Agent shall have no responsibility for
determining such obligations and shall have no liability whatsoever for any
investment losses resulting from the investment or reinvestment of the Escrow
Funds, except as a result of (x) a breach of this Escrow Agreement or (y) gross
negligence, bad faith or willful misconduct by the Escrow Agent.

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         (c) In accordance with the provisions of Section 2.1, any interest or
other income received on such investment and reinvestment of the Escrow Funds
shall be held as part of the Escrow Funds and may be used to satisfy Buyer's
claims for Damages incurred or suffered by Buyer in connection with Special
Pre-Closing Environmental Conditions pursuant to Section 10.03 of the Purchase
Agreement (the "Escrow Claims"). To the extent not so used, such interest and
income shall be disbursed to Parent and US Seller upon release of the Escrow
Funds to Parent and US Seller at the end of the term of the Escrow Funds
pursuant to Section 2.1 of this Escrow Agreement. Neither US Seller nor Parent
has any legal or beneficial interest in the Escrow Funds or in any interest or
other income received on the investment and reinvestment of the Escrow Funds,
unless and until the Escrow Agent has received the joint written instructions
referred to in Section 2.1.

SECTION 2. CLAIMS AGAINST THE ESCROW FUNDS.

         Section 2.1 Distributions From the Escrow Funds. Distributions from the
Escrow Funds shall only be made as hereinafter provided. As soon as practicable
after receipt by the Escrow Agent of joint written instructions executed by
Buyer and the Parent (on behalf of itself and US Seller), the Escrow Agent shall
release the Escrow Funds (or any portion thereof) in accordance with such joint
written instructions.

         Section 2.2 Nonexclusive Remedy. Parent's and US Seller's liability
with respect to the Escrow Claims shall not be limited in any manner to the
outstanding balance of funds and other property in the Escrow Funds. Nothing in
this Agreement shall limit the Buyer's rights to pursue all remedies available
to it under the Purchase Agreement with respect to the Escrow Claims and any
other matters arising under or related to the Purchase Agreement.

SECTION 3. ESCROW AGENT.

         Section 3.1 Duties. The Escrow Agent's obligations and duties in
connection herewith are those specifically enumerated in this Escrow Agreement.
The Escrow Agent also will deliver copies of reports, invoices, and other
documents related to the Escrow Claims that it has received, as well as an
accounting of the Escrow Funds, to each of the parties on written request. The
Escrow Agent's duties will be determined only by reference to this Escrow
Agreement and applicable laws, and the Escrow Agent is not charged with any
duties or responsibilities in connection with any other document or agreement.
The parties acknowledge that the Escrow Agent shall not be responsible for any
diminution in Escrow Funds due to losses resulting from authorized investments.
The Escrow Agent may use its own bond department in executing purchases and
sales of authorized investments.

         Section 3.2 Liabilities.

         (a) The Escrow Agent will not be in any manner liable or responsible
for the sufficiency, correctness, genuineness, or validity of any instruments
deposited with it or with reference to the form of execution thereof, or the
identity, authority, or rights of any person executing or depositing same, and
the Escrow Agent will not be liable for any loss that may occur by reason of
forgery, false representation, or the exercise of its discretion in any
particular manner or for any other reason, except for its own gross negligence,
bad faith or willful

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misconduct. Except in instances of the Escrow Agent's own gross negligence, bad
faith or willful misconduct, Buyer, Parent and US Seller will jointly and
severally indemnify, defend, and hold the Escrow Agent harmless from any
demands, suits, or causes of action arising out of this Escrow Agreement
(including reasonable attorneys' fees). The Escrow Agent shall be fully
protected in acting in accordance with any written instructions given to it
hereunder and believed by it to have been executed by the proper party or
parties. The Escrow Agent may consult with counsel regarding any of its duties
or obligations hereunder, and shall be fully protected in any action taken in
good faith in accordance with such advice. The costs and expenses of enforcing
this right of indemnification also shall be paid by Buyer, Parent and US Seller
(jointly and severally). The right of indemnification shall survive the
termination of this Escrow Agreement and/or the resignation or removal of the
Escrow Agent.

         (b) Neither the Escrow Agent nor any of its officers, directors or
employees shall be liable to any person or party for any action taken or omitted
to be taken by it or any of its officers, directors or employees under this
Escrow Agreement, except in the case of Escrow Agent's gross negligence, bad
faith or willful misconduct

         Section 3.3 Receipt. By its execution and delivery of this Escrow
Agreement, the Escrow Agent acknowledges receipt from the Buyer of the Escrow
Funds.

         Section 3.4 Fees.

         (a) The Escrow Agent's fees hereunder will be as set forth in Schedule
1 and Buyer, Parent and US Seller shall be jointly and severally responsible for
such fees. The fees are intended as full compensation for the Escrow Agent's
services as contemplated by this Escrow Agreement; provided, however, that if
the Escrow Agent or its counsel renders any material service not contemplated in
this Escrow Agreement, or if any material controversy arises hereunder that
results in significant additional services by the Escrow Agent or its counsel,
or the Escrow Agent is made a party to or justifiably intervenes in any
litigation pertaining to this Escrow Agreement, or the subject matter hereof,
the Escrow Agent will be reasonably compensated by Buyer, Parent and US Seller
(jointly and severally) for such extraordinary service and reimbursed by Buyer,
Parent and US Seller (jointly and severally) for all reasonable costs and
expenses, including reasonable attorneys' fees, occasioned by any controversy or
event. As to Buyer, Parent and US Seller only, all fees and expenses due to the
Escrow Agent pursuant to this Section 3.4 shall be borne half by Buyer and half
by Parent and US Seller.

         (b) If any fees, expenses or costs incurred by, or any obligations owed
to, Escrow Agent hereunder are not promptly paid when due, Escrow Agent may
reimburse itself therefor from the Escrow Funds and may sell, convey or
otherwise dispose of any Escrow Funds for such purpose. As security for the due
and punctual performance of any and all of Buyer's, Parent's and US Seller's
obligations to Escrow Agent hereunder, now or hereafter arising, Buyer, Parent
and US Seller, individually and collectively, hereby pledge, assign and grant to
Escrow Agent a continuing security interest in, and a lien on, the Escrow Funds
and all additions thereto (whether such additions are the result of deposits by
Buyer, Parent or US Seller or the investment of Escrow Funds). The security
interest of Escrow Agent shall at all times be valid, perfected and enforceable
by Escrow Agent against Buyer, Parent and US Seller and all third parties in
accordance with the terms of this Escrow Agreement.

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         Section 3.5 Successor Escrow Agent. The Escrow Agent will have the
right to resign as escrow agent hereunder by delivering 30 days' prior notice in
writing to Buyer, Parent and US Seller. Buyer and Parent (on behalf of itself
and US Seller) will have the right to remove the Escrow Agent at any time by
written notice delivered to the Escrow Agent. If the Escrow Agent resigns or is
removed, a successor escrow agent will be appointed by agreement of Buyer, on
the one hand, and Parent (on behalf of itself and US Seller), on the other hand,
and such resignation or removal will take effect upon such appointment. Any
successor escrow agent at any time serving hereunder will be entitled to all
rights, powers, and indemnities granted to the Escrow Agent hereunder as if
originally named herein. If a successor escrow agent is not named within twenty
(20) days after the notice of resignation, the Escrow Agent may apply to a court
of competent jurisdiction for the appointment of a successor escrow agent.

         Section 3.6 Disputes. In the event that any dispute arises with respect
to this Escrow Agreement or in the event that any claim is made with respect to
the Escrow Funds, then the Escrow Agent, upon receipt of written notice of such
dispute, is authorized and directed to retain in its possession without
liability to any person or party, all of the Escrow Funds until such dispute
shall have been settled either by the mutual agreement of the parties involved
or by a final, unappealable order, decree or judgment of a court of competent
jurisdiction.

         Section 3.7 Federal Income Tax. The parties agree that for U.S. federal
income, and applicable state income, tax purposes, all interest and other income
earned on the Escrow Funds shall be considered the currently reportable income,
for federal income tax purposes, of the Parent and US Seller. The Escrow Agent
annually shall file information returns with the United States Internal Revenue
Service and payee statements with the Parent and US Seller, documenting such
income. The Parent and US Seller shall provide the Escrow Agent with all forms
and information necessary to complete such information returns and payee
statements. The Parent and US Seller agree to provide the Escrow Agent with a
certified tax identification number by signing and returning a W-9 to the Escrow
Agent within 30 days from the date hereof. Should the Escrow Agent become liable
for the payment of taxes, including withholding taxes, relating to income
derived from any funds held by it in the Escrow Funds or any payment made
hereunder the Escrow Agent may pay such taxes from the Escrow Funds.

         Section 3.8 Merger, Consolidation, etc. Any corporation or association
in which the Escrow Agent may be converted or merged, or with which it may be
consolidated, or to which it may sell or transfer its corporate trust business
and assets as a whole or substantially as a whole, or any corporation or
association resulting from any such conversion, sale, merger, consolidation or
transfer to which it is a party, shall be and become successor escrow agent
hereunder and vested with all of the title to the assets and all the trusts,
powers, discretions, immunities, privileges and all other matters as was its
predecessor, without the execution or filing of any instrument or any further
act, deed or conveyance on the part of any of the parties hereto, anything
herein to the contrary notwithstanding.

         Section 3.9 Consent to Jurisdiction. Buyer, Parent, US Seller and
Escrow Agent consent and submit to the jurisdiction of the courts of the State
of New York and of any federal court in the State of New York in connection with
any actions or proceedings arising out of or in relating to this Escrow
Agreement. In any such action or proceeding Buyer, Parent, US

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Seller and Escrow Agent hereby absolutely and irrevocably waive personal service
of any summons, complaint, declaration or other process and agrees that service
thereof may be made by certified or registered first class mail directed to
Buyer, Parent, US Seller and Escrow Agent at the addresses set forth in this
Escrow Agreement.

SECTION 4. INTERACTION OF DOCUMENTS.

         US Seller, Parent and Buyer agree that nothing in this Escrow Agreement
modifies their rights and obligations under the Purchase Agreement.

SECTION 5. MISCELLANEOUS.

         Section 5.1 Binding Effect. The provisions of this Escrow Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns; provided that Parent, US Seller and
Buyer, respectively, may not assign, delegate or otherwise transfer any of its
rights or obligations under this Escrow Agreement without the consent (which
consent shall not be unreasonably withheld) of Buyer (in the case of Parent and
US Seller) or Parent (in case of Buyer); provided, further, that Buyer may
without the prior written consent of Parent and US Seller (a) assign its rights
hereunder to any lender providing financing in connection with the transactions
contemplated hereby and hereunder as collateral security, (b) assign its rights
and obligations hereunder in whole or in part to any of the Transferred
Companies or to any purchaser of all or substantially all of the assets of the
Business or Transferred Company or (c) assign its rights and obligations
hereunder in whole or in part to one or more Affiliates of Buyer which shall
assume Buyer's obligations and liabilities hereunder, provided that in such case
Buyer shall remain liable for all obligations of Buyer hereunder.

         Section 5.2 Governing Law. This Escrow Agreement will be governed by
and construed and enforced in accordance with the internal laws of New York
without giving effect to the principles of conflict of laws thereof.

         Section 5.3 Headings. This section headings contained in this Escrow
Agreement are for reference purposes only and will not affect in any way the
meaning or interpretation of this Escrow Agreement.

         Section 5.4 Notices. All notices, requests and other communications to
any party hereunder shall be in writing (including facsimile transmission) and
shall be given as follows or to such address as the party may specify,

                  if to Buyer, to:

                  Hubbell Incorporated
                  584 Derby Milford Road
                  P.O. Box 549
                  Orange, Connecticut 06477
                  Attention: Richard W. Davies
                                Vice President, General Counsel and Secretary
                  Fax:  (203) 799-4333

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                  with a copy to:

                  Latham & Watkins
                  885 Third Avenue, Suite 1000
                  New York, New York 10022-4802
                  Attention: R. Ronald Hopkinson
                  Fax: (212) 751-4864

                  if to Parent and US Seller, to:

                  c/o U.S. Industries, Inc.
                  101 Wood Avenue South
                  P.O. Box 169
                  Iselin, NJ 08830-0169
                  Attention: General Counsel
                  Fax: (732) 767-2208

                  with a copy to:

                  Davis Polk & Wardwell
                  450 Lexington Avenue
                  New York, New York  10017
                  Attention: John A. Bick
                  Fax:  (212) 450-3800

                  If to Escrow Agent, addressed to:

                  The Bank of New York
                  Corporate Trust Division
                  5 Penn Plaza, 13th Floor
                  New York, NY 10001
                  Attention: Aldrin Bayne
                  Fax: 212-896-7293

         All such notices, requests and other communications shall be deemed
received on the date of receipt by the recipient thereof if received prior to 5
p.m. in the place of receipt and such day is a business day in the place of
receipt. Otherwise, any such notice, request or communication shall be deemed
not to have been received until the next succeeding business day in the place of
receipt.

         Section 5.5 Counterparts. This Escrow Agreement may be executed in two
or more counterparts, each of which will be deemed to be an original but all of
which together will constitute one and the same instrument.

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         Section 5.6 Entire Agreement; Modification. This Escrow Agreement and
the Purchase Agreement, together with all exhibits and schedules thereto,
constitutes the entire agreement among the parties pertaining to the Escrow
Claims. This Escrow Agreement may be modified only by a written instrument
signed by authorized representatives of each of the parties.

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         IN WITNESS WHEREOF, the parties hereto have executed this Escrow
Agreement as of the date first written above.

                                         U.S. INDUSTRIES, INC.

                                         By:      /s/ Steven C. Barre
                                                  -----------------------------
                                                  Name:  Steven C. Barre
                                                  Title: Senior Vice President
                                                         and Secretary

                                         JUSI HOLDINGS, INC.

                                         By:      /s/ Steven C. Barre
                                                  -----------------------------
                                                  Name:  Steven C. Barre
                                                  Title: Vice President

                                         HUBBELL INCORPORATED

                                         By:      /s/ James K. Biggart
                                                  -----------------------------
                                                  Name:  James K. Braun
                                                  Title: President & Treasurer

                                         THE BANK OF NEW YORK,
                                         as Escrow Agent

                                         By:      /s/ Aldrin M.F Bayne
                                                  -----------------------------
                                                  Name:  Aldrin M.F Bayne
                                                  Title: Assistant Treasurer<PAGE>
                                                                    Exhibit 10.2

                                                                  EXECUTION COPY

         TAX SHARING AND INDEMNIFICATION AGREEMENT effective as of March 19,
2002, by and among U.S. Industries, Inc., a Delaware corporation ("PARENT"),
JUSI Holdings, Inc., a Delaware corporation and a wholly owned subsidiary of
Parent (the "US SELLER"), USI Canada Inc., an Ontario corporation (the "CANADIAN
SELLER" and together with Parent and US Seller, the "SELLERS"), and Hubbell
Incorporated, a Connecticut corporation (the "BUYER").

         WHEREAS, Buyer and Sellers have entered into the Stock and Asset
Purchase Agreement (as defined herein); and

         WHEREAS, in connection with the transaction contemplated by the Stock
and Asset Purchase Agreement, Buyer and Sellers wish to enter into an agreement
governing tax sharing and indemnification and certain related tax matters.

         NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, Buyer and Sellers agree as follows:

         1. Definitions. Except as otherwise defined herein, all terms used
herein shall have the same meaning as in the Stock and Asset Purchase Agreement
among Sellers and Buyer dated March 19, 2002 (the "STOCK AND ASSET PURCHASE
AGREEMENT"). For purposes hereof:

         (a) "TAX SHARING AGREEMENT" shall mean this Tax Sharing and
Indemnification Agreement effective as of March 19, 2002;

         (b) "SELLER YEAR" shall mean any taxable period of any Company or any
Subsidiary ending on or before the Closing Date;

         (c) "BUYER YEAR" shall mean any taxable period of any Company or any
Subsidiary beginning after the Closing Date;
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         (d) "STRADDLE PERIOD" shall mean any taxable period of any Company or
any Subsidiary that includes (but does not end on) the Closing Date;

         (e) "TAX ASSET" means any net operating loss, net capital loss,
investment tax credit, foreign tax credit, charitable deduction or any other
credit or tax attribute that could be carried forward or back to reduce Taxes
(including, without limitation, deductions and credits related to alternative
minimum Taxes) and losses or deductions deferred by the Code or other applicable
law; and

         (f) "FEDERAL TAX" means any Tax imposed under Subtitle A of the Code
with respect to which any Company or any Subsidiary has filed or will file a Tax
Return with a member of the Seller Group on a consolidated basis. For purposes
hereof, a Person's liability for Tax shall be deemed to include without
limitation, such Person's obligation to withhold any Tax in respect of any other
Person.

         2. Tax Matters.

         (a) Filing. For any Straddle Period, Buyer shall timely prepare and
file with or deliver to the appropriate authorities or other persons all Tax
Returns required to be filed or delivered and shall timely pay all Taxes due
with respect to such Tax Returns; provided that Sellers shall reimburse Buyer
(in accordance with the procedures set forth in Section 2(a)) for any amount
owed by Sellers pursuant to Section 2(a) with respect to such Straddle Period.
To the extent permitted by law, any such Tax Returns shall be prepared in a
manner consistent with past practice of the relevant Company or Subsidiary and
without a change of any election or any accounting method and shall be submitted
by Buyer to the relevant Seller (together with schedules, statements and, to the
extent requested by such Seller, supporting documentation) at least 30 days
prior to the due date (including extensions) of such Tax Returns. Such Seller
shall

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have the right to review all work papers and procedures used to prepare any such
Tax Return. If such Seller, within 5 business days after delivery of such Tax
Return, notifies Buyer in writing that it objects to any items in such Tax
Return, the disputed items shall be resolved (within a reasonable time, taking
into account the deadline for filing such Tax Return) by a nationally recognized
independent accounting firm chosen and mutually acceptable to both Buyer and
such Seller. Upon resolution of all such items, the relevant Tax Return shall be
adjusted to reflect such resolution and shall be binding upon the parties
without further adjustment. The costs, fees and expenses of such accounting firm
shall be borne equally by Buyer and the applicable Seller.

         For any Seller Year, Sellers shall timely prepare and file with or
deliver to the appropriate authorities or other persons all Tax Returns based on
or measured by income that are required to be filed or delivered after the
Closing Date. To the extent permitted by law, any such Tax Returns shall be
prepared in a manner consistent with past practice of the relevant Company or
Subsidiary. At least 30 days prior to the due date (including extensions) of
such Tax Returns, Sellers shall deliver such Tax Returns to Buyer for Buyer's
approval not to be unreasonably withheld. Buyer shall pay to Sellers the amount,
if any, reserved for the Taxes reflected in such Tax Returns as shown on the
Closing Balance Sheet. Sellers shall timely pay all Taxes due with respect to
such Tax Returns. Buyer and Sellers agree to cause the Companies or Subsidiaries
to file all Tax Returns for periods that include the Closing Date on the basis
that the relevant taxable period ended as of the close of business on the
Closing Date, unless the relevant taxing authority will not accept a Tax Return
filed on that basis. The Federal Tax Return filed by the Sellers with respect to
any Company or any Subsidiary for the period that includes the Closing Date
shall reflect a tax period ending as of the close of the Closing Date.

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         (b) Cooperation. Sellers, the Companies, the Subsidiaries and Buyer
shall reasonably cooperate, and shall cause their respective Affiliates,
officers, employees, agents, auditors and representatives to cooperate, in
preparing and filing all returns, reports and forms relating to Taxes, including
maintaining and making available to each other all records necessary in
connection with Taxes and in resolving all disputes and audits with respect to
all taxable periods relating to Taxes. Buyer and Sellers recognize that Sellers
and their Affiliates will need access, from time to time, after the Closing
Date, to certain accounting and Tax records and information held by the
Companies or the Subsidiaries to the extent such records and information pertain
to events occurring on or prior to the Closing Date; therefore, Buyer agrees,
and agrees to cause the Companies and the Subsidiaries, (i) to use their best
efforts to properly retain and maintain such records until the expiration of the
applicable statute of limitations (giving effect to any extension thereof), (ii)
to allow Sellers and their agents and representatives (and agents or
representatives of any of Sellers' Affiliates), at times and dates mutually
acceptable to the parties, to inspect, review and make copies of such records as
Sellers reasonably deem necessary or appropriate from time to time, such
activities to be conducted during normal business hours, and (iii) to prepare,
in accordance with past practice and on a timely basis, the information required
by Sellers to file their Tax Returns in accordance with past practice.

         (c) Refunds. Except to the extent a refund or credit is set forth on
the Closing Balance Sheet as an asset and except for refunds or credits
resulting from a carryback of an item from a Buyer Year (which shall be for the
account of Buyer), any refunds or credits of Taxes of the Companies or the
Subsidiaries for any Seller Year shall be for the account of Sellers. Any
refunds or credits of Taxes of the Companies or the Subsidiaries for any Buyer
Year shall be for the account of Buyer. Any refunds or credits of Taxes for the
Companies or the Subsidiaries for

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any Straddle Period shall be equitably apportioned between Sellers and Buyer.
Buyer shall, if Sellers so request and at Sellers' expense, cause the Companies
or the Subsidiaries to file for and obtain any refunds or credits to which
Sellers are entitled under this Section 2(c). Buyer shall permit Sellers to
control the prosecution of any such refund claim and, where deemed appropriate
by Sellers, shall cause any Company or any Subsidiary to authorize by
appropriate powers of attorney such Persons reasonably satisfactory to Buyer as
Sellers shall designate to represent the Company or the Subsidiary with respect
to such refund claim, provided that Buyer may participate in any such proceeding
at its own expense. Notwithstanding the foregoing, Sellers may not settle or
otherwise resolve any refund claim that could affect the Tax liability of Buyer,
or any Company or any Subsidiary for periods ending after the Closing Date
without the consent of Buyer (such consent not to be unreasonably withheld).
Buyer shall pay or cause the Companies or the Subsidiaries to pay to Sellers any
such refund within 20 days after the refund is received. Sellers and Buyer shall
treat any payments that Sellers shall receive pursuant to this Section 2(c) as
an adjustment to the purchase price for tax purposes, unless a final
determination (which shall include the execution of a Form 870-AD or successor
form) with respect to Buyer causes any such payment not to be treated as an
adjustment to the purchase price for Federal Tax purposes.

         (d) Carryback. Buyer shall not and shall not permit any Company or any
Subsidiary after the Closing Date, to carryback any item into any consolidated,
combined or unitary Tax Returns for Seller Years without the consent of Sellers.

         (e) Amended Returns. Sellers shall be responsible for filing any
amended Tax Returns for Seller Years which are required as a result of
examination adjustments made by the Internal Revenue Service or by the
applicable state, local or foreign taxing authorities for such

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taxable years as finally determined. Any required amended returns resulting from
such Seller Year examination adjustments, as finally determined, shall be
prepared by Sellers and furnished to the Company or the Subsidiary, as the case
may be, for approval (which approval shall not be unreasonably withheld), and,
if necessary, signature and filing at least 30 days prior to the due date for
filing such returns. Without Buyer's consent (such consent not to be
unreasonably withheld), Sellers shall not otherwise file any amended Tax Returns
for Seller Years that could reasonably be expected to affect the Tax liability
of Buyer, or any Company or any Subsidiary for periods ending after the Closing
Date. Nothing in this Tax Sharing Agreement shall require Sellers to amend any
return other than as set forth above.

         (f) Transfer and Other Taxes. All transfer, documentary, sales, use,
registration and other such Taxes (including all applicable real estate transfer
Taxes, but not including the Canadian Federal Goods and Services Tax, or the
Quebec Sales Tax) and related fees (including any penalties, interest and
additions to Tax) incurred in connection with this Tax Sharing Agreement and the
transactions contemplated hereby shall be paid one-half by Buyer and one-half by
Sellers. For the avoidance of doubt, any fees paid in connection with Buyer's
efforts to obtain authorization to transfer to Buyer the grant of Industrial Tax
Exemption issued by the Puerto Rico Office of Industrial Tax Exemption to
Dual-Lite Manufacturing Inc. shall be governed by this Section 2(f). Buyer will,
at its own expense, file any necessary Tax Returns and other documentation with
respect to all such Taxes and fees, and Sellers shall cooperate with Buyer in
timely making all filings, returns, reports and forms as may be required to
comply with the provisions of such Tax laws.

         (g) Buyer Covenants. Subject to Section 4 of this Tax Sharing
Agreement, Buyer shall not make or change any Tax election, amend any Tax Return
or take any Tax position on

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any Tax Return, take any action, omit to take any action or enter into any
transaction, merger or restructuring that results in any increased Tax liability
or reduction of any Tax Asset of Sellers or the Seller Group in respect of any
Seller Year or the portion of any Straddle Period that ends on the Closing Date.
On the Closing Date, Buyer shall (A) cause any Company, any Subsidiary, or any
Affiliate of Buyer to conduct its business in the ordinary course in
substantially the same manner as presently conducted, and (B) not cause or
permit any Company, any Subsidiary, or any Affiliate of Buyer to effect any
extraordinary transactions (including, but not limited to, the distribution of
any dividend or the effectuation of any redemption, but other than any such
transactions expressly required by applicable law or expressly permitted by this
Tax Sharing Agreement or the Stock and Asset Purchase Agreement) that could give
rise to any Tax liability or reduce any Tax Asset of the Seller Group or give
rise to any loss of Seller or the Seller Group under this Agreement.

         (h) Reattribution. Sellers may, at their option, elect to reattribute
to themselves certain Tax Assets of the Companies and the Subsidiaries, pursuant
to Treasury Regulations Section 1.1502-20(g). If Sellers make such election,
Buyer shall, and shall cause the Companies and the Subsidiaries to, comply with
the requirements of Treasury Regulations Section 1.1502-20(g)(5).

         3. Indemnification.

         (a) General Provisions. Except to the extent such Taxes are reserved
for on the Closing Balance Sheet and Buyer has not paid the amount of any such
reserves to Sellers pursuant to Section 2(a) of the Tax Sharing Agreement,
Sellers agree to indemnify and hold Buyer (including the Companies and the
Subsidiaries) and its Affiliates, (and their respective officers, directors,
employees and agents) (each in its capacity as an indemnitee, an

                                       7
<PAGE>
"INDEMNITEE") harmless from and against (i) all liability for Taxes of the
Companies and the Subsidiaries for any Seller Year and portion of any Straddle
Period ending on the Closing Date, (ii) all liability (as a result of Treasury
Regulation Section 1.1502-6(a) or otherwise) for Taxes of Sellers or any other
corporation which is or has been affiliated with Seller (other than the
Companies or the Subsidiaries) on or prior to the Closing Date and (iii) all
liability for Taxes of the Companies and the Subsidiaries payable as a result of
a material breach of any representation or warranty set forth in Section 3.22 of
the Stock and Asset Purchase Agreement. Notwithstanding the foregoing, Sellers
shall not indemnify and hold harmless any Indemnitee from or against any
liability for Taxes attributable solely to (i) any action not in the ordinary
course of business taken on or after the Closing Date by Buyer (other than any
such action expressly required by applicable law or required or permitted by the
Stock and Asset Purchase Agreement or this Tax Sharing Agreement), such action
not in the ordinary course of business being referred to as a "BUYER TAX ACT",
or (ii) a breach by Buyer of its obligations under this Tax Sharing Agreement or
the Stock and Asset Purchase Agreement. If Sellers' indemnification obligation
under this Section 3(a) arises in respect of an adjustment which makes allowable
to Buyer, any of its Affiliates or, effective upon the Closing, any Company or
any Subsidiary any deduction, amortization, exclusion from income or other
allowance ("TAX BENEFIT") which would not, but for such adjustment, be
allowable, then any payment by Sellers to Buyer pursuant to this Section 3(a)
shall be an amount equal to (x) the amount otherwise due but for this paragraph,
minus (y) the amount of the Tax Benefit. For this purpose, the amount of the Tax
Benefit shall be determined in accordance with GAAP.

         Buyer (in its capacity as an indemnifying party, an "INDEMNIFYING
PARTY") agrees to, and shall cause the Companies and the Subsidiaries to,
indemnify and hold Sellers and their

                                       8
<PAGE>
Affiliates (and their respective officers, directors, employees and agents)
(each in its capacity as an indemnitee, an "INDEMNITEE") harmless from and
against (i) all liability for Taxes of the Companies and the Subsidiaries for
any Buyer Year and the portion of any Straddle Period beginning after the
Closing Date, (ii) all liability for Taxes attributable to a Buyer Tax Act or to
a breach by Buyer of its obligations under this Tax Sharing Agreement or the
Stock and Asset Purchase Agreement, and (iii) any Tax imposed on any Company or
any Subsidiary that Sellers have no obligation to make any payment pursuant to
Section 3(a).

         In the case of any Straddle Period:

         (i) real, personal and intangible property Taxes ("PROPERTY TAXES") of
a Company or a Subsidiary for property held during the portion of the Straddle
Period ending on the Closing Date shall be equal to the amount of such Property
Taxes for the entire Straddle Period multiplied by a fraction, the numerator of
which is the number of days in the Straddle Period prior to and including the
Closing Date and the denominator of which is the number of days in the Straddle
Period; and

         (ii) the Taxes of a Company or a Subsidiary (other than Property Taxes)
for the portion of the Straddle Period ending on the Closing Date shall be
computed as if such taxable period ended as of the close of business on the
Closing Date.

         Sellers' indemnity obligation in respect of Taxes for a Straddle Period
shall initially be effected by their payment to Buyer of the excess of (x) such
Taxes for the portion of the Straddle Period ending on the Closing Date over (y)
the amount of such Taxes paid by Sellers or any of their Affiliates at any time
and the balance of such Tax liabilities reserved for, if any, on the Closing
Balance Sheet, plus the amount of such Taxes paid by the Companies or the
Subsidiaries on or prior to the Closing Date. Sellers shall initially pay such
excess to Buyer within 20 days

                                       9

<PAGE>
after the return, report or form with respect to the final liability for such
Taxes is required to be filed (or, if after, is actually filed). If the amount
of such Taxes paid by Sellers or any of their Affiliates (other than the
Companies or the Subsidiaries), the balance of such Tax liabilities reserved for
on the Closing Balance Sheet, plus the amount of such Taxes paid by the
Companies or the Subsidiaries on or prior to the Closing Date exceeds the amount
payable by Sellers pursuant to clause (x) of the second preceding sentence,
Buyer shall pay such excess to Sellers within 20 days after the return, report
or form with respect to the final liability for such Taxes is required to be
filed (or, if later, is actually filed). The payments to be made pursuant to
this paragraph by Sellers or Buyer with respect to a Straddle Period shall be
appropriately adjusted to reflect any final determination (which shall include
the execution of Form 870-AD or successor form) with respect to Straddle Period
Taxes.

         (b) Losses Net of Insurance, etc. The amount of any loss, liability,
claim, damage, expense or Tax (collectively, a "LOSS") for which indemnification
is provided under this Section 3 or under the Stock and Asset Purchase Agreement
shall be net of any amounts recovered or recoverable by the Indemnitee under
insurance policies with respect to such Loss and shall be reduced to take
account of any net Tax benefit actually realized by the Indemnitee arising from
the incurrence or payment of any such Loss. In computing the amount of any such
Tax benefit, the Indemnitee shall be deemed to recognize all other items of
income, gain, loss, deduction or credit before recognizing any item arising from
the receipt of any indemnity payment hereunder or the incurrence or payment of
any indemnified Loss. For purposes of this Tax Sharing Agreement, an Indemnitee
shall be deemed to have "actually realized" a net Tax benefit to the extent
that, and at such time as, the amount of Taxes payable by such Indemnitee is
reduced below the amount of Taxes that such Indemnitee would be required to pay
but for the

                                       10
<PAGE>
incurrence or payment of such Loss. For the avoidance of doubt, if an
indemnification obligation would be reduced pursuant to both the foregoing
sentence and the third sentence of Section 3(a), the third sentence of Section
3(a) shall govern. The amount of any reduction hereunder shall be adjusted to
reflect any final determination (which shall include the execution of Form
870-AD or successor form) with respect to the Indemnitee's liability for Taxes
and payments between Sellers and Buyer. Any indemnity payment under this Tax
Sharing Agreement or the Stock and Asset Purchase Agreement shall be treated as
an adjustment to the purchase price for tax purposes, unless a final
determination (which shall include the execution of a Form 870-AD or successor
form) with respect to the Indemnitee or any of its Affiliates causes any such
payment not to be treated as an adjustment to the purchase price for Federal Tax
purposes.

         (c) Termination of Indemnification. The obligations to indemnify and
hold harmless a party hereto pursuant to Section 3(a) shall terminate 60 days
after the time the applicable statutes of limitations with respect to the Tax
liabilities in question expire (giving effect to any waiver, mitigation or
extension thereof); provided, however, such obligations to indemnify and hold
harmless shall not terminate with respect to any item as to which the Indemnitee
or the related party thereto shall have, before 60 days after the expiration of
the applicable period, previously made a claim by delivering a notice of such
claim (stating in reasonable detail the basis of such claim) to the Indemnifying
Party.

         (d) Procedures Relating to Indemnification. Any claims for
indemnification made hereunder shall be accompanied by a schedule or schedules
setting forth the Indemnitee's calculation of such claim. If a claim shall be
made by any taxing authority, which, if successful, might result in an indemnity
payment to Buyer pursuant to Section 3(a), Buyer shall notify

                                       11
<PAGE>
Sellers in writing of such claim (a "TAX CLAIM") within ten (10) days of receipt
of any notice from the taxing authority, or such earlier time that would allow
Sellers to timely respond to such claim or demand, and shall give Sellers such
other information with respect thereto as Sellers may reasonably request.

         Sellers may, at their own expense, participate in and assume the
defense of any such claim, suit, action, litigation or proceeding (including any
Tax audit). If Sellers assume such defense, Sellers shall control all
proceedings taken in connection with such Tax Claim (including selection of
counsel) and, without limiting the foregoing and notwithstanding anything else
contained herein, may in their sole discretion pursue or forego any and all
administrative appeals, proceedings, hearings and conferences with any taxing
authority with respect thereto, and may, in their sole discretion, either pay
the Tax claimed and sue for a refund where applicable law permits such refund
suits or contest the Tax Claim in any permissible manner. Notwithstanding the
foregoing, Sellers shall not settle any such claim, suit, action, litigation or
proceeding without Buyer's prior written consent (which consent shall not be
unreasonably withheld). Sellers and Buyer shall jointly control all proceedings
taken in connection with any Tax Claim relating solely to Taxes of the Companies
or the Subsidiaries for a Straddle Period.

         Buyer, the Companies and the Subsidiaries shall cooperate reasonably
with Sellers in contesting any Tax Claim, which cooperation shall include,
without limitation, the retention and (upon Sellers' request) the provision to
Sellers of records and information which are reasonably relevant to such Tax
Claim, and making employees available on a mutually convenient basis to provide
additional information or explanation of any material provided hereunder or to
testify at proceedings relating to such Tax Claim.

                                       12
<PAGE>
         In no case shall Buyer, the Companies or the Subsidiaries settle or
otherwise compromise any Tax Claim relating to a Seller Year or a Straddle
Period without Sellers' prior written consent (which consent shall not be
unreasonably withheld). Neither party shall settle a Tax Claim relating solely
to Taxes of a Company or a Subsidiary for a Straddle Period without the other
party's prior written consent (which consent shall not be unreasonably
withheld).

         (e) Resolution of Claims. Buyer and Sellers shall cooperate with each
other with respect to resolving any claim or liability with respect to which one
party is obligated to indemnify the other party hereunder, including by making
commercially reasonable efforts to resolve any such claim or liability; provided
that such party shall not be required to make such efforts if they would be
detrimental in any material respect to such party. In the event that Buyer or
Sellers shall fail to make such commercially reasonable efforts to resolve any
claim or liability, then (unless the provision to the foregoing covenant shall
be applicable) notwithstanding anything else to the contrary contained herein,
the other party shall not be required to indemnify any Person for any loss,
liability, claim, damage, or expense that could reasonably be expected to have
been avoided if Buyer or Sellers, as the case may be, had made such efforts.

         4. Tax Elections and Allocation.

         (a) Section 338(h)(10) Elections. At Buyer's request, Parent and Buyer
shall make a joint election under Section 338(h)(10) of the Code and any similar
election under the applicable income tax law of any state or political
subdivision of the United States (collectively, the "SECTION 338(h)(10)
ELECTIONS") with respect to Buyer's purchase of the stock of each of the
domestic Companies and Buyer's deemed purchase of the stock of any domestic
Subsidiary of the domestic Companies that is a corporation within the meaning of
Section 7701 of the Code,

                                       13
<PAGE>
including for this purpose Dual-Lite Manufacturing, Inc. Notwithstanding the
foregoing, Parent shall not be required to join in any such election unless
elections will be made with respect to all of the domestic Companies and their
domestic Subsidiaries, including for this purpose Dual-Lite Manufacturing, Inc.

         (b) Allocations and Procedures. Set forth on Schedule 4(b) is an
allocation of the Purchase Price in compliance with applicable law (the "GENERAL
ALLOCATION"). As soon as practicable, but no later than 120 days after the
Closing Date, Parent shall prepare and submit to Buyer a proposed allocation of
the adjusted grossed-up basis (as defined in Treasury Regulations Section
1.338-5) among the assets of each such domestic Company (other than the stock of
any domestic Subsidiary of such Company that is a corporation within the meaning
of Section 7701 of the Code) and the assets of each such Subsidiary, including
for this purpose Dual-Lite Manufacturing, Inc., consistent with the General
Allocation (the "SECTION 338 ALLOCATIONS" and together with the General
Allocation, the "ALLOCATIONS"). The Section 338 Allocations shall be reasonable,
based on the relative fair market value of the assets of each domestic Company
and their Subsidiaries, and prepared in the manner required by Treasury
Regulations Section 1.338-6 and other applicable law. If Buyer in good faith
disagrees with Parent's proposed Section 338 Allocations, Buyer may, within 20
days after delivery of the proposed Section 338 Allocations, deliver a notice
(an "Allocation Objection Notice") to Parent disagreeing with the proposed
Section 338 Allocations and setting forth Buyer's Section 338 Allocations. If an
Allocation Objection Notice is duly delivered to Parent, Parent and Buyer shall,
during the 20 days following such delivery, use their commercially reasonable
efforts to reach agreement with respect to the Section 338 Allocations. If,
during such period, Buyer and Parent are unable to reach such agreement, the
matter shall be promptly referred to the Unrelated Accounting Firm.

                                       14
<PAGE>
The Unrelated Accounting Firm shall be directed to render a written report
setting forth the Section 338 Allocations, in the manner required by Treasury
Regulations Section 1.338-6 and other applicable law, based on the relative fair
market value of the assets of each domestic Company and their Subsidiaries. The
resolution of the Unrelated Accounting Firm shall be final and binding on the
parties. The fees and expenses of the Unrelated Accounting Firm shall be paid
one-half by Buyer and one-half by Sellers.

         If the matter of the Section 338 Allocations has been referred to the
Unrelated Accounting Firm and Buyer has requested the Section 338(h)(10)
Elections, Buyer shall be liable for and hold US Seller harmless from any
Additional Taxes (up to a maximum of $1,500,000) arising solely by reason of the
Section 338(h)(10) Elections made. For purposes of this Section 4(b),
"Additional Taxes" shall mean the amount of state income Taxes incurred by US
Seller or US Seller's Affiliates that is in excess of the amount of state income
Taxes that would have been incurred by US Seller or US Seller's Affiliates if US
Seller were to have sold all the Shares without effecting the Section 338(h)(10)
Elections, reduced by the amount of any Federal Tax benefit from ordinary losses
allowable to US Seller or any of its Affiliates that would not, but for the
Section 338(h)(10) Elections, be allowable and further reduced by the amount of
any Federal Tax benefit allowable to US Seller or any of its Affiliates
attributable to the deductibility of the excess state income Taxes incurred by
US Seller or its Affiliates by reason of the Section 338(h)(10) Elections being
made.

         If the matter of the Section 338 Allocations has been referred to the
Unrelated Accounting Firm, not later than 20 days after the Unrelated Accounting
Firm delivers its determination as to the Section 338 Allocations, US Seller
shall give notice to Buyer of its calculation of Additional Taxes, which notice
shall include a detailed explanation of the

                                       15
<PAGE>
calculation and all workpapers supporting such calculation. US Seller shall
promptly make available to Buyer such information as Buyer reasonably requests
to allow Buyer to examine the accuracy of such calculation. Buyer shall give
written notice to US Seller of any objection to the calculation of Additional
Taxes within 20 days following receipt by Buyer of such notice. The parties
shall discuss Buyer's objection and use their commercially reasonable efforts to
reach agreement within 20 days of Buyer's delivery of its objection. If, during
such period, Buyer and Parent are unable to reach such agreement, the matter
shall be promptly referred to the Unrelated Accounting Firm. If, after the
Additional Tax amount has been determined, Buyer requests the Section 338(h)(10)
Elections, Buyer shall pay the amount of the Additional Taxes to US Seller
within 20 days after Seller gives notice to Buyer that it has filed its income
Tax Returns for the period which includes the Closing Date.

         If Buyer requests the Section 338(h)(10) Elections, Buyer and US Seller
shall exchange completed and executed copies of IRS Form 8023, required
schedules thereto, and any similar state or local forms as soon as practical
after the Closing Date. Buyer, Parent and Sellers shall report the transactions
contemplated by this Tax Sharing Agreement to the applicable Taxing authorities
consistent with the General Allocation (as adjusted pursuant to Section 2.04(c)
of the Stock and Asset Purchase Agreement) and the Section 338 Allocations, if
Buyer requests the Section 338(h)(10) Elections.

         (c) Section 338 Election. If Parent and Buyer make the Section
338(h)(10) Elections, Buyer may at its option make a Code section 338 election
with respect to its deemed purchase of the stock of Artesanias, Baja S.A. de
C.V., a Mexican corporation ("ARTESANIAS") or any Subsidiary of Artesanias.

         5. Canadian Tax Elections.

                                       16
<PAGE>
         (a) Income Tax Elections.

         (i) Canadian Seller and Buyer shall file an election with respect to
the accounts receivable forming part of the Purchased Assets under Section 22 of
the Income Tax Act (Canada), Section 184 of the Taxation Act (Quebec) and the
corresponding sections of any other applicable provincial statute and any
regulations under such statutes in a manner consistent with the General
Allocation. The parties hereto further agree to make jointly the necessary
elections and execute and file, within the prescribed delays, the prescribed
election forms and any other documents required to give effect to the foregoing.

         (ii) If applicable, Canadian Seller and Buyer shall file an election
under Section 20(24) of the Income Tax Act (Canada), Section 157.10 of the
Taxation Act (Quebec) and the corresponding sections of any other applicable
provincial statute and any regulations under such statutes in a manner
consistent with the General Allocation. The parties hereto further agree to make
jointly the necessary elections and execute and file, within the prescribed
delays, the prescribed election forms and any other documents required to give
effect to the foregoing.

         (b) Goods and Services Tax ("GST") and Quebec Sales Tax ("QST")
Election. The Canadian Seller and Buyer shall jointly execute an election under
Section 167 of the Excise Tax Act (Canada) and Section 75.1 of An Act Respecting
the Quebec Sales Tax in the forms prescribed for such purposes along with any
documentation necessary or desirable in order to effect the transfer of the
Purchased Assets by Canadian Seller without payment of any GST or QST. On or
prior to the Closing Date, Buyer shall provide Canadian Seller with its
registration numbers under Part IX of the Excise Tax (Canada) and Chapter VII of
An Act Respecting the Quebec Sales Tax. The Buyer shall file the election forms
referred to above, along with any documentation necessary or desirable to give
effect to such, with the Canada Customs and

                                       17
<PAGE>
Revenue Agency and Ministere du Revenu du Quebec, respectively, together with
the Buyer's GST and QST returns for the reporting period in which the
transactions contemplated herein are consummated. Notwithstanding the foregoing,
if the GST or QST Elections referred to above are not applicable according to
the Canada Customs and Revenue Agency and Ministere du Revenu du Quebec, Buyer,
or its assigns (as referred to in Section 12.05 of the Stock and Asset Purchase
Agreement) shall pay to the Canadian Seller, the applicable GST and QST.

         6. Miscellaneous. Except as otherwise expressly provided in this Tax
Sharing Agreement, the provisions of Article 12 (other than Section 12.03) of
the Stock and Asset Purchase Agreement shall apply equally to this Tax Sharing
Agreement.

                                       18
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers effective as of the day
and year first above written.

                                   U.S. INDUSTRIES, INC.

                                   By:      /s/ Steven C. Barre
                                            -----------------------------------
                                            Name:  Steven C. Barre
                                            Title: Senior Vice President
                                                   and Secretary

                                   JUSI HOLDINGS, INC.

                                   By:      /s/ Steven C. Barre
                                            -----------------------------------
                                            Name:  Steven C. Barre
                                            Title: Vice President

                                   USI CANADA INC.

                                   By:      /s/ Steven C. Barre
                                            -----------------------------------
                                            Name:  Steven C. Barre
                                            Title: Vice President

                                   HUBBELL INCORPORATED

                                   By:      /s/ James K. Braun
                                            -----------------------------------
                                            Name:  James K. Braun
                                            Title: Vice President

                                       19

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