Document:

EX-10.A

 

Exhibit 10.a

HUBBELL INCORPORATED

AMENDED AND RESTATED

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

As Amended and Restated Effective as of January 1, 2005

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE I. PURPOSE
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II. DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE III. EFFECTIVE DATE
	 	 	4	 
	 
	 	 	 	 
	ARTICLE IV. ELIGIBILITY
	 	 	4	 
	 
	 	 	 	 
	ARTICLE V. RETIREMENT BENEFITS
	 	 	4	 
	 
	 	 	 	 
	ARTICLE VI. PAYMENT OF RETIREMENT BENEFITS
	 	 	6	 
	 
	 	 	 	 
	ARTICLE VII. DISABILITY BENEFIT
	 	 	7	 
	 
	 	 	 	 
	ARTICLE VIII. DEATH BENEFIT
	 	 	8	 
	 
	 	 	 	 
	ARTICLE IX. FUNDING
	 	 	9	 
	 
	 	 	 	 
	ARTICLE X. PLAN ADMINISTRATION
	 	 	9	 
	 
	 	 	 	 
	ARTICLE XI. AMENDMENT AND TERMINATION
	 	 	10	 
	 
	 	 	 	 
	ARTICLE XII. MISCELLANEOUS PROVISIONS
	 	 	10	 
	 
	 	 	 	 
	ARTICLE XIII. CHANGE OF CONTROL
	 	 	12	 
	 
	 	 	 	 
	ARTICLE XIV. CLAIMS PROCEDURES
	 	 	13	 

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ARTICLE I.

PURPOSE

     1.1 The purpose of this Supplemental Executive Retirement Plan (the “Plan”) is to provide
monthly supplemental retirement income for a select group of officers and other key employees of
Hubbell Incorporated (the “Employer”). It is intended to provide a retirement benefit, which
supplements the retirement benefit payable under the Hubbell Incorporated Retirement Plan for
Salaried Employees, and other such pension plans of Hubbell Incorporated and its subsidiaries as
deemed appropriate by the Board of Directors in its sole and absolute discretion.

ARTICLE II.

DEFINITIONS

     2.1 “Accrued Deferred Vested Retirement Benefit” means the benefit described in Section 5.4.

     2.2 “Accrued Vested Participant” means a Participant who has been credited with ten (10) or
more years of Service.

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

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

     2.5 “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 2.5(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 2.5(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 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).

     2.6 “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).

     2.7 “Code” shall mean the Internal Revenue Code of 1986 as amended and any successor statute
thereto.

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

     2.9 “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.

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

     2.11 “Disability Retirement Benefit” shall mean the benefit payable under Section 7.1 of the
Plan.

     2.12 “Early Retirement Benefit” means the retirement benefit accrued under Section 5.2 of this
Plan.

     2.13 “Earnings” means, with respect to a particular calendar year, the total of (a) cash
earnings paid to a Participant in the form of base salary, (b) awards in respect of the prior
calendar year (regardless of when paid) under the incentive compensation plan (annual bonus) by his
Employer, and (c) any amount by which an Employee’s base salary and annual bonus awards are reduced
under any 401(k) plan or any flexible benefit plans under the Internal Revenue Code
Sections 125 and 129 maintained by the Employer or under the Hubbell Incorporated Executive
Deferred Compensation Plan during the respective calendar year.

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

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

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

     2.17 “Key Executive” means (a) (i) any Officer elected prior to May 1,1993 and (ii) any other
Employee who was so designated by the Compensation Committee prior to May 1, 1993, and (b) any
Officer or other Employee who is so designated by the Compensation Committee on or after May 1,
1993 and as to who the Compensation Committee has not withdrawn such designation.

     2.18 “Normal Retirement Benefit” means the retirement benefit accrued under Section 5.1 of the
Plan.

     2.19 “Normal Retirement Date” means the first day of the month coincident or next following a
Participant’s 65th birthday.

     2.20 “Officer” means the individual elected by the Board of Directors as provided in Article
IV of the By-Laws of Hubbell Incorporated to any of the following offices: Chairman of the Board,
President, Executive Vice President, Senior Vice President, Group Vice President, Vice President,
Treasurer, Controller, or Secretary of Hubbell Incorporated.

     2.21 “Participant” means a Key Executive with a benefit accrued under this Plan.

     2.22 “Plan” means the Hubbell Incorporated Supplemental Executive Retirement Plan.

     2.23 “Postponed Retirement” means the Participant’s Separation from Service after his Normal
Retirement Date.

     2.24 “Postponed Retirement Benefit” means the retirement benefit accrued under Section 5.3 of
the Plan.

     2.25 “Retirement Benefit” means the Participant’s Normal Retirement Benefit, Early Retirement
Benefit, Postponed Retirement Benefit or Accrued Deferred Vested Retirement Benefit, as applicable.

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

     2.27 “Service” means a Participant’s entire period of employment with the Employer as an
Officer and such other period of employment with the Employer as a Key Executive as designated and
determined by the Compensation Committee.

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

     2.29 “Total Disability” means that the Participant: (i) is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or continue for at least 12 months; (ii) by reason of any medically
determinable physical or mental impairment that can be expected to result in death or continue for
at least 12 months, the Participant is receiving income replacement benefits under the Employer’s
disability plan; or (iii) the Participant has been determined to be totally disabled by the Social
Security Administration; each of (i), (ii) and (iii) as determined by the Compensation Committee in
its sole discretion, in accordance with the requirements of Treas. Reg. §1.409A-3(i)(4).

ARTICLE III.

EFFECTIVE DATE

     3.1 This Plan was originally adopted by the Board of Directors effective April 1, 1980 and
amended on September 1, 1984, December 9, 1986, December 19, 1990, December 18, 1991, December 16,
1992, May 1, 1993, December 11, 1996, December 10, 1997, December 8, 1999, and June 7, 2001. 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 IV.

ELIGIBILITY

     4.1 Key Executives shall continue to be Participants until their Separation from Service or
they are no longer entitled to retirement or deferred vested benefits under this Plan, whichever is
later. A Participant who has been credited with ten (10) or more years of Service becomes an
Accrued Vested Participant eligible for an Accrued Deferred Vested Retirement Benefit. If a
Participant is no longer a Key Executive, but remains an Employee, his accrued Service as a
Participant shall not be forfeited.

ARTICLE V.

RETIREMENT BENEFITS

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

          (a) Equals — Six (6%) percent multiplied times the number of full years and months of a Key
Executive’s Service. In no event shall the percentage of benefit credit calculated under this
Section 5.1(a) exceed sixty (60%) percent. The appropriate percentage of
benefit credit calculated under this Section 5.1(a) shall then be multiplied by the
Participant’s Average Earnings.

          (b) Equals — The benefits, if any, available from the following sources:

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     (i) any defined benefit pension plan or defined contribution plan of the
Employer which is qualified under Section 401 of the Internal Revenue Code
(excluding, however: (a) any ancillary benefits such as Medical or Transitional
Supplements in the defined benefit pension plans, and (b) any 401(k) contributions
made to a plan maintained by the Employer);

     (ii) any top-hat excess pension plan of the Employer; and

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

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

The benefits payable under any qualified defined contribution plan of the Employer shall be equal
to the value of the Participant’s discretionary employer contribution or profit sharing account as
of the Participant’s Separation from Service divided by an annuity factor. The annuity factor
shall be based on the applicable mortality table and interest rate under Section 417(e) that is
currently used by the Hubbell Incorporated Retirement Plan for Salaried Employees. The annuity
factor shall be an annuity factor deferred to the date of such Participant’s Separation from
Service or, if later, the date on which such Participant would attain age 55. If the Participant
is eligible for an employer discretionary or profit sharing contribution as of December 31 in the
year in which the Participant’s Separation from Service occurs, then for purposes of calculating
the benefit payable under any qualified defined contribution plan, the Participant’s account shall
reflect such contribution and the benefit payable under this Plan shall be adjusted accordingly.

     5.2 Early Retirement Benefit. A Participant whose Separation from Service is on or after age
55 but before his Normal Retirement Date shall be entitled to an Early Retirement Benefit
commencing on the date described in Article 6.1 hereof. The annual amount of the Early Retirement
Benefit payable to a Participant shall be an amount computed in accordance with Section 5.1 hereof
except that the Early Retirement Benefit shall be based upon the Participant’s full years and
months of Service up to his Separation from Service, with the amount reduced by three-tenths of one
percent (3/10%) for each complete month by which the commencement date of his Early Retirement
Benefit precedes his attainment of age 62 and by an additional two-tenths of one percent (2/10%)
for each complete month by which the commencement date of his Early Retirement Benefit precedes his
60th birthday and, for purposes of determining the benefits available from any qualified defined
benefit pension plan, qualified defined contribution plan or top hat excess pension plan of the
Employer, it shall be assumed that the Participant
commenced receiving his benefits under such plan on his Separation from Service or, if later,
the date on which such Participant would attain age 55.

     5.3 Postponed Retirement. A Participant’s Postponed Retirement Benefit under this Plan shall
be the same amount that would have been payable had the Participant retired on his Normal
Retirement Date. For purposes of determining the benefits available from any qualified
defined benefit pension plan, qualified defined contribution plan or top hat excess pension plan of the
Employer, it shall be assumed that the Participant commenced receiving his benefits under such plan
on his Separation from Service.

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     5.4 Accrued Deferred Vested Retirement Benefit. Subject to Articles 12.4 and 12.5 hereof, an
Accrued Vested Participant whose employment with the Employer terminates on or after September 12,
1984, prior to age 55 and not by reason of Total Disability or death shall, if he has then
completed ten (10) or more full years of Service, be entitled to an Accrued Deferred Vested
Retirement Benefit commencing on the date described in Article 6.1 hereof. The annual amount of
the Accrued Deferred Vested Retirement Benefit payable to an Accrued Vested Participant shall be
computed in accordance with Article 5.1 hereof except that the Accrued Deferred Vested Retirement
Benefit shall be based upon the Accrued Vested Participant’s Service as of the date of his
Separation from Service, with the amount reduced by three-tenths of one percent (3/10%) for each
complete month by which the commencement date of his Accrued Deferred Vested Retirement Benefit
precedes his Normal Retirement Date and by an additional two-tenths of one percent (2/10%) for each
complete month by which the commencement date of his Accrued Deferred Vested Retirement Benefit
precedes his 60th birthday and, for purposes of determining the benefits available from any
qualified defined benefit pension plan, qualified defined contribution plan or top hat excess
pension plan of the Employer, it shall be assumed that the Participant commenced receiving his
benefits under such plan at age 55.

     5.5 Additional Death Benefits. A Participant who is entitled to a Retirement Benefit under
this Plan shall be eligible for additional death benefits equal to (a) three times (subject to
reduction for Separation from Service prior to age 65) the Participant’s base salary as in effect
at the time of Separation from Service (“Final Base Salary”), declining at the rate of 5% per year
for ten years until the amount of such death benefit is reduced to one and one-half times Final
Base Salary; plus (b) accidental death and dismemberment insurance in the amount of $150,000.

ARTICLE VI.

PAYMENT OF RETIREMENT BENEFITS

     6.1 Payment of Benefits. Except as set forth herein and in Sections, 6.3, 6.4 or Article 13
below, all Retirement Benefits hereunder shall be payable in monthly installments (on the fifteenth
day of the month) equal to one-twelfth (1/12th) of the annual amounts determined under this Plan;
provided, however, that the first monthly payment shall be increased by an amount equal to one-half
of the annual amount determined under this Plan. A Participant’s Retirement Benefit, if any,
hereunder shall be payable for the life of the Participant, commencing (a) for Normal, Early or
Postponed Retirements, on the fifteenth day of the seventh month following his Separation from
Service and (b) for an Accrued Vested Participant, on the fifteenth day of the month commencing
after the Participant attains age 55 (but not sooner than the fifteenth day of the seventh month
following his Separation from Service). 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 VIII hereof.

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     6.2 Payments Rounded to Next Higher Full Dollar. Each monthly payment which is computed in
accordance with this Plan will, if not in whole dollars, be increased to the next whole dollar.
Such rounding shall be made after applying any applicable reduction factors.

     6.3 Permissible Acceleration. Notwithstanding Article VI, 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 Treasury Reg. §1.409A-3(j)(4)(ix).

ARTICLE VII.

DISABILITY BENEFIT

     7.1 Disability Benefit. If a Participant is deemed by the Compensation Committee to have
incurred a Total Disability, he shall receive a Disability Retirement Benefit hereunder commencing
on the fifteenth day of the month commencing after the date he is deemed by the Compensation
Committee to be so disabled. The annual amount of the Participant’s Disability Retirement Benefit
hereunder shall be computed as in Article 5.1 hereof, but assuming that the Participant has been
employed with the Employer until his Normal Retirement Date at the last rate of his Earnings in
effect at the time he was deemed by the Compensation Committee to have incurred the Total
Disability.

     7.2 Medical Examination. Any Participant retired for Total Disability may be required by the
Compensation Committee to submit to a medical examination at any time prior to his 65th birthday,
but not more than once each year, to determine whether the Participant is eligible for continuance
of the Disability Retirement Benefit provided hereunder.

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ARTICLE VIII.

DEATH BENEFIT

     8.1 Pre-Retirement Death Benefit.

          (a) If an Accrued Vested Participant or a former Accrued Vested Participant whose benefit has
not yet commenced dies, and he is survived by a Spouse to whom he was married throughout the
one-year period ending on the date of his death, such Spouse shall be entitled to receive a death
benefit described herein, payable in the amount and manner prescribed in subsections (b) and (c) of
this Section 8.1.

          (b) The death benefit is 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:

     (i) 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

     (ii) 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.

          (c) Payments of the death benefit shall commence as of the later of (i) the first day of the
month, following the Participant’s death; or (ii) the month following the date the Participant
would have attained age 55, provided the spouse survives to that date.

          (d) For purposes of computing the death benefit, actuarial factors shall be used as are then
applicable under the Hubbell Incorporated Retirement Plan for Salaried Employees.

     8.2 Post-Retirement Death Benefit. If a Participant or Accrued Vested Participant dies while
receiving Retirement Benefits under this Plan, a death benefit equal to fifty (50%) percent of the
Retirement Benefit which the Participant or Accrued Vested Participant was receiving under this
Plan immediately prior to his death shall be paid to his eligible surviving Spouse, if any. If, as
of the date of the Participant’s or Accrued Vested Participant’s death, his eligible surviving
Spouse, if any, is ten (or more) years younger than the Participant or Accrued Vested Participant,
then the death benefit payable to said eligible surviving Spouse shall be actuarially reduced
pursuant to the actuarial factors then applicable under the Hubbell Incorporated Retirement Plan
for Salaried Employees. Notwithstanding anything contained herein to the contrary, in no event
shall an eligible surviving Spouse receive in any year under this Plan more than the excess (if
any) of thirty-three and one-third percent (33-1/3%) of the Participant’s or Accrued Vested
Participant’s Average Earnings over the aggregate value (as determined by the Compensation
Committee) of benefits receivable in such year under the Hubbell Incorporated Retirement Plan for
Salaried Employees and any defined benefit pension plan or defined contribution plan of the
Employer which is qualified under Section 401(a) of the Internal Revenue Code (excluding, however:
(a) any ancillary benefits such as Medical or Transitional Supplements in the defined benefit
pension plans, and (b) any 401(k) plan maintained by the Employer). Payments of said death benefit to the surviving Spouse shall
commence to be paid on the fifteenth day of the month coinciding with or next following the
Participant’s or Accrued Vested Participant’s death and shall continue until the Spouse dies.

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ARTICLE IX.

FUNDING

     9.1 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 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) and in respect of the pension benefits provided to certain
Employees who shall be deemed to be Participants pursuant to agreements with the Employer;
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 X.

PLAN ADMINISTRATION

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

     10.2 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.

     10.3 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 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.

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ARTICLE XI.

AMENDMENT AND TERMINATION

     11.1 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, Accrued Vested Participant, or
Spouse, provided, however, that no amendment or termination of this Plan shall
impair the right of any Participant, Accrued Vested Participant, or Spouse to receive benefits
earned and accrued hereunder prior to such amendment or termination.

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

          (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 XII.

MISCELLANEOUS PROVISIONS

     12.1 No Guarantee of Employment. 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.

     12.2 Non-Alienation of Benefits. 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, Accrued Vested Participant, or Spouse hereunder in order to
recoup amounts that have been misappropriated by such Participant or Accrued Vested Participant
against any amounts which such Participant or Accrued Vested Participant may owe to the Employer or
a subsidiary of the Employer.

     12.3 Payment to Incompetents. If a Participant or Accrued Vested Participant entitled to
receive any retirement benefit payments 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 retirement benefit, such payments shall be paid to such person or persons as the
Compensation Committee shall designate or to the duly appointed

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guardian. Such payments shall, to the extent made, be deemed a complete discharge for such
payments under this Plan.

     12.4 Loss of Benefits. At the sole discretion of the Compensation Committee, and after
written notice to the Participant, Accrued Vested Participant, or his Spouse as beneficiary, rights
to receive any retirement benefit under this Plan may be forfeited, suspended, reduced or
terminated in cases of gross misconduct by the Participant or Accrued Vested 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.

     12.5 Noncompetition. A Participant and Accrued Vested Participant shall forfeit for himself
and his Spouse any and all retirement benefits pursuant to this Plan if said Participant or Accrued
Vested Participant violates the notice provision of the next paragraph hereof or anywhere in the
United States or outside of the United States, directly or indirectly, owns, manages, operates,
joins or controls, or participates in the ownership, management, operation or control of, or
becomes a director or an employee of, or a consultant to, any person, firm, or corporation which
competes with the Employer; provided, however, that the provisions of this Article 12.5 shall not
apply to investments by the Participant or Accrued Vested Participant in shares of stock traded on
a national securities exchange or on the national over-the-counter market which shall have an
aggregate market value, at the time of acquisition, of less than two (2%) percent of the
outstanding shares of such stock.

     A Participant and Accrued Vested Participant shall be obligated to give the Employer at least
sixty (60) days’ prior written notice, registered or certified mail, postage prepaid, addressed to
the Secretary, Hubbell Incorporated, 584 Derby Milford Road, Orange, Connecticut, 06477, of his
intention, directly or indirectly, to own, manage, operate, join or control, or participate in the
ownership, management, operation or control of, or become a director or an employee of, or a
consultant to, any person, firm, or corporation, following which, within a period of sixty (60)
days from its receipt of such notice, the Employer will mail to the Participant or Accrued Vested
Participant by registered or certified mail, postage prepaid, a statement of its opinion as to
whether said intention of the Participant or Accrued Vested Participant violates this Article 12.5.

     12.6 Withholding. Payments made by the Employer under this Plan to any Participant, Accrued
Vested Participant, or Spouse shall be subject to 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.

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

     12.8 Governing Law. 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.

     12.9 Gender and Number. The masculine pronoun wherever used herein shall include the feminine
gender and the feminine the masculine and the singular number as used herein shall

11

 

include the plural and the plural the singular unless the context clearly indicates a
different meaning.

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

     12.11 Non-Qualified Plan. 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).

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

ARTICLE XIII.

CHANGE OF CONTROL

     13.1 The provisions of Section 13.2 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 13.3 shall apply to any Participant who is employed by the Employer who is involved in a
Change in Control of Employer.

     13.2 Notwithstanding anything contained in the Plan to the contrary after a Change of Control
of Hubbell the following provisions shall apply to each Participant in the Plan as of the date of
the Change of Control of Hubbell:

          (a) No actuarial reductions for early payment shall apply under Section 5.2 or 5.4.

          (b) Each Participant on the date of the Change in Control of Hubbell shall have their
Retirement Benefit paid out in one lump sum on the later of (i) the tenth day of the seventh month
following a Participant’s Separation from Service, or (ii) ten days after a 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.

          (c) A Participant who has a Total Disability shall not have to submit to a medical examination
under Section 7.2.

          (d) Notwithstanding Section 10.1 the Plan shall be administered by the Compensation Committee,
which shall have full authority to interpret the Plan, to establish rules 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

12

 

actions necessary or appropriate for the proper administration of the Plan. No member of the
Compensation Committee shall be eligible to participate in the Plan.

          (e) The Compensation Committee may not offset any Retirement Benefits under the provisions of
Section 12.2.

          (f) In Section 12.3, all references to “Compensation Committee” are deleted and in lieu
thereof is inserted the term “Trustee.”

          (g) Section 12.4 and 12.5 shall no longer apply.

     13.3 Notwithstanding anything contained in the Plan to the contrary, the provisions of this
Section 13.3 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 XIV.

CLAIMS PROCEDURES

     14.1 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.

     14.2 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 the Compensation
Committee determines that special circumstances require an extension of time

13

 

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 14.3
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.

     14.3 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.

     14.4 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 circumstances
require an extension of time for processing the claim, written notice of the

14

 

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).

     14.5 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.

15

 

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 calculating pension benefits under the Company’s qualified defined benefit plans.

	 	 	 
	Benefit:

	 	Lump sum payment of unreduced benefit deferred to
age 55, increased to reflect the 50% joint and
survivor form.
	 
	 	 
	Mortality Rates:

	 	The Applicable mortality table under Section 417(e)
that is currently used by the Hubbell Incorporated
Retirement Plan for Salaried Employees.
	 
	 	 
	Interest Rate:

	 	10-year treasury rate on the first day of the
fourth quarter of the calendar year immediately
prior to the Separation from Service.
	 
	 	 
	Qualified Plan Offset:

	 	Amount actually payable at age 55 (or, if higher,
the participants actual age as of Separation from
Service).

16EX-10.F

 

Exhibit 10.f

HUBBELL INCORPORATED

AMENDED AND RESTATED

DEFERRED COMPENSATION PLAN FOR DIRECTORS

As Amended and Restated Effective as of January 1, 2005.

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	ARTICLE I. DEFINITIONS
	 	 	1	 
	 
	ARTICLE II. ELECTION TO DEFER
	 	 	2	 
	 
	ARTICLE III. DEFERRED COMPENSATION ACCOUNTS
	 	 	3	 
	 
	ARTICLE IV. PAYMENT OF DEFERRED COMPENSATION
	 	 	4	 
	 
	ARTICLE V. ADMINISTRATION
	 	 	6	 
	 
	ARTICLE VI. AMENDMENT OF PLAN
	 	 	7	 
	 
	ARTICLE VII. CHANGE OF CONTROL
	 	 	7	 
	 
	ARTICLE VIII. EFFECTIVE DATE
	 	 	8	 
	 
	ARTICLE IX. MISCELLANEOUS PROVISIONS
	 	 	8	 

i

 

HUBBELL INCORPORATED

DEFERRED COMPENSATION PLAN FOR DIRECTORS

ARTICLE I.

DEFINITIONS

     1.1 “Accounts” shall mean collectively the Director’s Cash Account and Stock Unit Account.

     1.2 “Board” shall mean the Board of Directors of Hubbell Incorporated.

     1.3 “Cash Account” shall mean the account created by Hubbell pursuant to Article III of this
Plan in accordance with an election by a Director to receive deferred cash compensation under
Article II hereof.

     1.4 “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 Hubbell entitled to vote for the
election of Hubbell’s directors; provided that this Section 1.4(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 Hubbell 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 1.4(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 Hubbell 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).

 

 

     1.5 “Code” shall mean the Internal Revenue Code of 1986, as amended and any successor statute
thereto.

     1.6 “Compensation Committee” shall mean the Compensation Committee of the Board.

     1.7 “Continuing Director” shall mean any individual who is a member of Hubbell’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.

     1.8 “Director” shall mean a member of the Board of Directors of Hubbell who is not an employee
of Hubbell or any of its subsidiaries.

     1.9 “Fees” shall mean amounts earned for serving as a member of the Board, including any
Committees of the Board.

     1.10 “He”, “Him” or “His” shall apply equally to male and female members of the Board.

     1.11 “Hubbell” shall mean Hubbell Incorporated and any corporate successors.

     1.12 “Plan” shall mean this Deferred Compensation Plan for Directors as it may be amended from
time to time.

     1.13 “Year” shall mean calendar year.

     1.14 “Separation from Service” shall mean termination of service as a Director; provided that
the individual is not or does not as a result thereof become an employee or maintain an independent
contractor relationship with Hubbell. All determinations of whether an individual has had a
Separation from Service shall be made applying the definition contained in Treas. Reg.
§1.409A-1(h).

     1.15 “Stock Unit” shall mean one share of Hubbell Class A Common Stock and one share of
Hubbell Class B Common Stock.

     1.16 “Stock Unit Account” shall mean the account created by Hubbell pursuant Article III of
this Plan in accordance with an election by a Director to receive deferred stock compensation under
Article II hereof.

ARTICLE II.

ELECTION TO DEFER

     2.1 A Director may elect, on or before December 31 of any Year, to defer payment of all or a
specified part of all Fees earned during the Year following such election and succeeding Years
(until the Director ceases to be a Director). Any person who shall become a Director during any
Year, and who was not a Director of Hubbell on the preceding December 31, may elect, before the
Director’s term begins, to defer payment of all or a specified part of such Fees earned during the
remainder of such Year and for succeeding Years. Any Fees deferred pursuant

2

 

to this Section shall be paid to the Director at the time(s) and in the manner specified in
Article IV hereof, in the form of cash or Hubbell Common Stock, or any combination thereof, as
designated by the Director.

     2.2 The election to participate and manner of payment shall be designated by submitting a
letter in the form attached hereto as Appendix A to the Secretary of Hubbell.

     2.3 The election shall continue from Year to Year unless the Director terminates it by written
request delivered to the Secretary of Hubbell prior to the commencement of the Year for which the
termination is first effective.

ARTICLE III.

DEFERRED COMPENSATION ACCOUNTS

     3.1 Hubbell shall maintain separate memorandum accounts for the Fees deferred by each
Director.

     3.2 Hubbell shall credit, on the date Fees become payable, to the Cash Account of each
Director the deferred portion of any Fees due the Director as to which an election to receive cash
has been made. Fees deferred in the form of cash (and interest thereon) shall be held in the
general funds of Hubbell.

     3.3 Hubbell shall credit the Cash Account of each Director on a quarterly basis with interest
at the prime rate in effect at Hubbell’s principal commercial bank on the date of the next
immediately following regular quarterly Directors’ meeting. A Director’s Cash Account shall
continue to accrue interest in the foregoing manner during the period beginning on the Director’s
Separation from Service and ending two days prior to the date on which the balance of the
Director’s Cash Account will be paid (whether the Director has elected to receive the distribution
of his or her Cash Account in a lump sum or in installment payments), in accordance with the terms
of Article IV hereof, in satisfaction of all payments owed to the Director under the Plan.

     3.4 Hubbell shall credit, on the date Fees become payable, the Stock Unit Account of each
Director with the number of Stock Units which is equal to: the deferred portion of any Fees due the
Director as to which an election to receive Hubbell Common Stock has been made, divided by the sum
of the closing prices of Hubbell’s Class A Common Stock and Class B Common Stock as reported on the
New York Stock Exchange (the “NYSE”) on the date such Fees would otherwise have been paid (the
“Stock Unit Value”). If closing prices are not available from the NYSE for both the Class A Common
Stock and the Class B Common Stock on the date such Fees would otherwise have been paid, then the
next preceding practicable date for which such closing prices are available shall be used.

     3.5 Hubbell shall credit the Stock Unit Account of each Director who has elected to receive
deferred compensation in the form of Stock Units with the number of Stock Units equal to any cash
dividends (or the fair market value of dividends paid in property other than dividends payable in
Common Stock of Hubbell) payable on the number of shares of Class A Common Stock or Class B Common
Stock represented by the number of Stock Units in each Director’s Stock Unit Account divided by the
Stock Unit Value on the dividend payment date. Dividends payable in Common Stock on both Class A
and Class B Common Stock of Hubbell and in

3

 

respect of each class in shares of such class will be credited to each Director’s Stock Unit
Account in the form of Stock Units. Dividends payable on both Class A and Class B Common Stock in
shares of Class B Common Stock will be credited to each Director’s Stock Unit Account in the form
of Stock Units in an amount determined by multiplying the number of Class B dividend shares payable
to such Director by the closing price of the Class B Common Stock on the dividend payment date and
dividing that product by the Stock Unit Value on such dividend payment date. A Director’s Stock
Unit Account shall continue to be credited with dividends in the foregoing manner during the period
beginning on the date of the Director’s Separation from Service and ending two days prior to the
date on which the balance of the Director’s Stock Unit Account will be paid (whether the Director
has elected to receive the distribution of his or her Stock Unit Account in a lump sum or in
installment payments), in accordance with the terms of Article IV hereof, in satisfaction of all
payments owed to the Director under the Plan. If adjustments are made to the outstanding shares of
Hubbell Common Stock as a result of split-ups, recapitalizations, mergers, consolidations and the
like, an appropriate adjustment also will be made in the number of Stock Units credited to the
Director’s Stock Unit Account.

     3.6 Stock Units shall be computed to three decimal places.

     3.7 Stock Units shall not entitle any person to rights of a stock holder with respect to such
Stock Units unless and until shares of Hubbell Class A Common Stock or Class B Common Stock have
been issued to such person in respect of such Stock Units pursuant to Article IV hereof.
Notwithstanding the foregoing, no more than 2,431 shares of Class A Common Stock and 300,000 shares
of Class B Common Stock may be issued as payment under the Plan.

     3.8 Hubbell shall not be required to acquire, reserve, segregate, or otherwise set aside
shares of its Class A Common Stock or Class B Common Stock for the payment of its obligations under
the Plan, but shall make available as and when required a sufficient number of its Class A Common
Stock and Class B Common Stock to meet the needs of the Plan.

     3.9 Nothing contained herein shall be deemed to create a trust of any kind or any fiduciary
relationship. To the extent that any person acquires a right to receive payments from Hubbell
under the Plan, such right shall be no greater than the right of any unsecured general creditor of
Hubbell.

ARTICLE IV.

PAYMENT OF DEFERRED COMPENSATION

     4.1 Unless otherwise provided for in this Plan, amounts contained in a Director’s Accounts
will be distributed in a lump sum or in installment payments as the Director’s election (made
pursuant to Section 2.2) shall provide. Distributions shall begin with the first day of the Year
following the Director’s Separation from Service. Amounts credited to a Director’s Cash Account
shall be paid in cash. Amounts credited to a Director’s Stock Unit Account prior to July 7, 1988
(the “Cutoff Date”) shall be paid in the form of one share of Hubbell Class A Common Stock and one
share of Class B Common Stock for each Stock Unit. Amounts credited to a Director’s Stock Unit
Account on or after the Cutoff Date shall be paid in the form of (x) one share of Class B Common
Stock for each Stock Unit, plus (y) the aggregate number of shares of Class B Common Stock equal to
the total number of Stock Units in such Director’s

4

 

Stock Unit Account, multiplied by the closing price of the Class A Common Stock as reported on the third
business day preceding the date of payment, divided by the closing price of the Class B Common
Stock as reported on NYSE on the third business day preceding the date of payment. A cash payment
will be made with any final installment for any fractions of a Stock Unit remaining in the
Director’s Stock Unit Account. Such fractional share will be valued at the Stock Unit Value on the
date of settlement. Notwithstanding the foregoing to the contrary, in the event that payment of a
Directors Stock Unit Account in the form of Class A Common Stock or Class B Common Stock would
cause the limits on the maximum number of shares which may be issued under the Plan under Section
3.8 to be exceeded, then the Director’s Stock Unit Account shall be distributed first up to the
maximum number of shares of Class A Common Stock and Class B Common Stock which would not exceed
the limit, and the balance thereof shall be distributed in cash.

     4.2 Each Director shall have the right to designate a beneficiary who is to succeed to his
right to receive payments hereunder in the event of death. Any designated beneficiary will receive
payments in the same manner as the Director if he had lived. In case of a failure of designation
or the death of a designated beneficiary without a designated successor, the balance of the amounts
contained in the Director’s Accounts shall be payable in accordance with Section 4.1 to the
Director’s or former Director’s estate in full on the first day of the Year following the Year in
which the Director or his designated beneficiary dies. No designation of beneficiary or change in
beneficiary shall be valid unless in writing signed by the Director and filed with the Secretary of
Hubbell. Any beneficiary may be changed without the consent of any prior beneficiary.

     4.3 Notwithstanding Section 4.1, all or a portion of a Director’s Accounts may be paid prior
to Separation of Service with the approval of the Board upon the following events:

          (a) 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 Director is required to
include in gross income the value of his Accounts, as soon as practicable following such
determination Hubbell shall pay to the Director in a lump sum, the amount required to be included
in the Director’s gross income.

          (c) If the distributable balance of the Director’s Accounts is less than the amount applicable
under Code Section 402(g) for the year in question, then notwithstanding any prior installment
election, the balance of such Accounts shall be distributed in a lump sum.

          (d) Upon the termination and liquidation of the Plan, the balance of the Directors Accounts
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. Section 1.409A-3(j)(4)(ix).

     4.4 Notwithstanding Sections 4.1 or 7.3 to the contrary, if a Director is deemed at the time
of his Separation from Service to be a “specified employee” for purposes of Section

5

 

409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of payment of the Director’s
Accounts is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of
the Code, such portion of Director’s Accounts shall not be payable to the Director prior to the
earlier of (a) the expiration of the six-month period measured from the date of the Director’s
Separation from Service or (b) death. Upon the expiration of the applicable Code Section
409A(a)(2)(B)(i) deferral period, all payments deferred pursuant to this Section 4.4 shall be paid
in a lump sum to the Director, plus interest thereon from the date of the Executive’s Separation
from Service through the payment date at a rate equal to the prime rate of interest as reported in
the Wall Street Journal from time to time. Any remaining payments shall be paid as
otherwise provided under Section 4.1 or 7.3.

ARTICLE V.

ADMINISTRATION

     5.1 The general administration of this Plan and the responsibility for carrying out the
provisions hereof shall be vested in the Compensation Committee. The Compensation Committee may
adopt, subject to the approval of the Board, 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.

     5.2 The books and records to be maintained for the purpose of the Plan shall be maintained by
Hubbell at its expense. All expenses of administering the Plan shall be paid by Hubbell.

     5.3 Except to the extent required by law, the right of any Director or any beneficiary to any
benefit or to any payment hereunder shall not be subject in any manner to attachment or other legal
process for the debts of such Director or beneficiary; and any such benefit or payment shall not be
subject to alienation, sale, transfer, assignment or encumbrance.

     5.4 No member of the Board and no officer or employee of Hubbell shall be liable to any person
for any action taken or omitted in connection with the administration of the Plan unless
attributable to his own fraud or willful misconduct, and Hubbell shall not be liable to any person
for any such action unless attributable to fraud or willful misconduct on the part of a Director,
officer or employee of Hubbell.

     5.5 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 Compensation Committee determines that any compensation or benefits payable under this Plan do
not comply with Code Section 409A and related Department of Treasury guidance, the Board 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 Board 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 Director’s consent unless it
preserves the Director’s economic benefit prior to such amendment.

6

 

ARTICLE VI.

AMENDMENT OF PLAN

     6.1 Subject to any shareholder approval which may be required by law or the requirements of
any stock exchange on which Hubbell’s Class A or Class B Common Stock is then listed, the Plan may
be amended, suspended or terminated in whole or in part from time to time by the Board, except no
amendment, suspension, or termination shall apply to the payment to any Director or beneficiary of
a deceased Director of an amount previously credited to a Director’s Accounts, without the
Director’s consent.

     6.2 Notice of every such amendment shall be given in writing to each Director and beneficiary
of a deceased director.

     6.3 Notwithstanding any other provision of the Plan to the contrary:

          (a) no amendment or action by the Board which adversely affects any Director under the Plan
will be valid and enforceable without the prior written consent of such Director;

          (b) no termination of the Plan shall have the effect of reducing any amounts credited to a
Director’s Accounts.

ARTICLE VII.

CHANGE OF CONTROL

     7.1 Notwithstanding any election under Section 2.2 to the contrary, upon the occurrence of a
Change of Control the amounts credited to a Director’s Accounts shall be paid in cash lump sum,
with the Director’s Stock Unit Account being converted into cash on the date of the Change of
Control.

     7.2 A Director’s Stock Unit Account shall be converted into cash by converting each Stock Unit
into the right to receive an amount of cash equal to the highest of the product of (a) the number
of Units held in the Stock Unit Account multiplied by (b) (i) per share amount payable to a
shareholder of Hubbell holding one share of Hubbell Class A Common Stock and one share of Hubbell
Class B Common Stock in the Change of Control or (ii) the sum of the closing prices of one share of
Hubbell Class A Common Stock and one share of Hubbell Class B Common Stock, applicable, on the NYSE
on that day on which the aggregate of such closing prices was the highest, during the 60 days
preceding the date on which the Change of Control occurs.

     7.3 If the Board, in its discretion, determines that a Change in Control is likely to occur,
then Hubbell shall deposit the estimated cash equivalent of the Directors’ Accounts into an
irrevocable grantor trust to be held for the benefit of the Directors under this Plan. In
determining the cash value of Director’s Stock Unit Accounts, for this purpose, the value of a
Stock Unit shall be estimated in accordance with Section 7.2 assuming that the Change of Control
occurred on such date and using a per share amount which the Board estimates is likely to be paid
to shareholders in the Change of Control for purposes of Section 7.2(b)(i). Any assets of such
trust shall be subject to the claims of creditors of Hubbell to the extent set forth in the

7

 

trust, and Directors’ interests in benefits under this Plan shall only be those of unsecured
creditors of Hubbell. To the extent the actual value of the Stock Unit Account upon the Change of
Control is less than estimated by the Board, then such excess shall be returned to Hubbell, or used
to pay expenses of such trust. Notwithstanding the foregoing, the Company is not required to fund
any trust for the benefit of the Eligible Directors if such funding would result in taxation to the
Eligible Directors under Section 409A of the Code.

     7.4 Following a Change of Control all references to “Compensation Committee” in Section 9.3
are deleted and in lieu thereof is inserted the phrase “trustee under the trust, created pursuant
to Section 7.3.”

     7.5 A Director’s Accounts shall be paid within thirty (30) days following the Change of
Control.

ARTICLE VIII.

EFFECTIVE DATE

     8.1 This Plan was originally adopted by the Board of Directors on December 12, 1978 and
amended on December 14, 1982, December 9, 1986, June 14, 1989, June 20, 1991, December 8, 1999 and December 3, 2002.
The provisions of this Plan as set forth in this document are effective as of January 1, 2005 and
apply to Directors who were or become members of the Board of Directors on and after January 1,
2005, and all fees deferred under this Plan, whether occurring prior to, on or after January 1,
2005. Directors who had a Separation from Service prior to January 1, 2005 shall have their
Accounts paid in accordance with the provisions of the Plan as in effect on the date of their
Separation from Service.

ARTICLE IX.

MISCELLANEOUS PROVISIONS 

     9.1 This Plan does not in any way obligate Hubbell to continue to retain a Director on the
Board, nor does this Plan limit the right of Hubbell to terminate a Director’s service on the
Board.

     9.2 No amounts payable hereunder may be assigned, pledged, mortgaged or hypothecated and to
the extent permitted by law, no such amounts shall be subject to legal process or attachment for
the payment of any claims against any person entitled to receive the same.

     9.3 If a Director entitled to receive any payments of his Accounts under the terms of this
Plan 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 retirement benefit, such
payments shall be paid to such person or persons as the Compensation Committee shall designate or
to the duly appointed guardian of such Eligible Director. Such payments shall, to the extent made,
be deemed a complete discharge for such payments under this Plan.

     9.4 Payments made by Hubbell under this Plan to any Eligible Director shall be subject to
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.

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     9.5 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.

     9.6 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.

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

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

9

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