Document:

EX-4.4

 

Exhibit 4.4

[FACE OF NOTE]

	 	 	 
	CUSIP NO.
	 	 
	 
	 	 
	REGISTERED

PRINCIPAL AMOUNT

No. FX -

	 	FACE AMOUNT

EATON CORPORATION

MEDIUM-TERM NOTE

(SINGLE INDEXED NOTE)

(FIXED RATE)

          If the registered owner of this Security (as indicated below) is The Depository Trust Company
(the “Depository”) or a nominee of the Depository, this Security is a Global Security and
the following two legends apply:

Unless this certificate is presented by an authorized representative of The Depository Trust
Company (55 Water Street, New York, New York) to the issuer or its agent for registration of
transfer, exchange or payment, and such certificate issued is registered in the name of CEDE & CO.,
or such other name as requested by an authorized representative of the Depository, ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, since the
registered owner hereof, CEDE & CO., has an interest herein.

Unless and until this certificate is exchanged in whole or in part for Securities in certificated
form, this certificate may not be transferred except as a whole by the Depository to a nominee
thereof or by a nominee thereof to the Depository or another nominee of the Depository or by the
Depository or any such nominee to a successor of the Depository or a nominee of such successor.

IF APPLICABLE, THE “TOTAL AMOUNT OF OID”, “YIELD TO MATURITY” AND “INITIAL
ACCRUAL PERIOD OID” (COMPUTED UNDER THE APPROXIMATE METHOD) BELOW WILL BE COMPLETED SOLELY FOR
THE PURPOSES OF APPLYING THE FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT (“OID”) RULES.

 

 

2

	 	 	 
	ISSUE PRICE:
	 	 
	 
	 	 
	ORIGINAL ISSUE DATE:

	 	OPTION TO ELECT REPAYMENT:
	

	 	o YES o NO
	 
	 	 
	STATED MATURITY DATE:
	 	 
	 
	 	 
	SPECIFIED CURRENCY:
	 	OPTIONAL REPAYMENT DATE[S]:
	United States Dollars:
	 	 
	o YES o NO

	 
	 
	 	 
	Foreign Currency:

	 	MINIMUM DENOMINATIONS:
	

	 	o $2,000

o Other:
	 
	 	 
	EXCHANGE RATE AGENT:
	 	 
	 
	 	 
	OPTION TO RECEIVE PAYMENTS IN
	 	ADDITIONAL AMOUNTS:
	SPECIFIED CURRENCY OTHER THAN
	 	 
	U.S. DOLLARS: o YES o NO

	 
	 
	 	 
	INTEREST RATE:

	 	DEFEASANCE: o YES o NO
	 
	 	 
	INDEXED CURRENCY:
	 	 
	

	 	COVENANT DEFEASANCE: o YES o NO
	United States Dollars: o YES o NO
	 	 
	 
	 	 
	Foreign Currency:

	 	TOTAL AMOUNT OF OID:
	 
	 	 
	PRINCIPAL FINANCIAL CENTER:
	 	 
	

	 	YIELD TO MATURITY:
	BASE EXCHANGE RATE:
	 	 
	 
	 	 
	

	 	INITIAL ACCRUAL PERIOD OID:
	DETERMINATION AGENT:
	 	 
	 
	 	 
	REFERENCE DEALERS:
	 	 
	 	 	 
	1. ___
	 	 
	 	 	 
	2. ___
	 	 
	 	 	 
	3. ___
	 	 
	 
	 	 
	INTEREST PAYMENT DATES IF OTHER

THAN APRIL 15 AND OCTOBER 15:
	 	 
	 
	 	 
	REGULAR RECORD DATES IF OTHER

THAN APRIL 1 AND OCTOBER 1:
	 	 
	 
	 	 
	OPTIONAL REDEMPTION: o YES o NO
	 	 
	 
	 	 
	INITIAL REDEMPTION DATE:
	 	 
	 
	 	 
	INITIAL REDEMPTION PERCENTAGE:
	 	 
	 
	 	 
	ANNUAL REDEMPTION PERCENTAGE REDUCTION:
	 	 
	 
	 	 
	OTHER/DIFFERENT PROVISIONS:
	 	 
	 
	 	 
	SINKING FUND:
	 	 

 

          EATON CORPORATION, an Ohio corporation (herein referred to as the “Company”,
which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to                                         , or registered assigns, in the
Specified Currency on the Stated Maturity Date shown above (except to the extent redeemed or repaid
prior to the Stated Maturity Date), the principal sum of                      (the “Face Amount”), plus
or minus an amount determined by the Determination Agent specified above in accordance with the
formula set forth below, and to pay interest on the Face Amount as described below and on the
reverse hereof.

          If the Spot Rate exceeds or equals the Base Exchange Rate, the principal amount of this
Security payable on the Maturity Date (as defined below) shall equal:

	 	 	 	 	 
	Face Amount + (Face Amount x

	 	Spot Rate - Base Exchange Rate)
	 	 
	

	 	 	 	 
	

	 	          Base Exchange Rate	 	 

          If the Base Exchange Rate exceeds the Spot Rate, the principal amount of this Security payable
on the Maturity Date shall equal:

	 	 	 	 	 
	Face Amount - (Face Amount x

	 	Base Exchange Rate - Spot Rate)
	 	 
	

	 	 	 	 
	

	 	          Base Exchange Rate	 	 

; provided, however, that in no event shall such principal amount be less than
zero.

          In making the above calculations, the (i) “Base Exchange Rate” is the exchange rate
specified as such above and (ii) “Spot Rate” is the rate at which the Specified Currency
can be exchanged for the Indexed Currency specified above (such rate stated as units of Indexed
Currency per unit of the Specified Currency) as determined on the second Exchange Rate Day, as
defined below, prior to the Maturity Date (the “Determination Date”) by the Determination
Agent based upon the arithmetic mean of the open market spot offer quotations for such Indexed
Currency (spot bid quotations for the Specified Currency) obtained by the Determination Agent from
the Reference Dealers specified above in The City of New York at 11:00 A.M., New York City time, on
the Determination Date, for an amount of Indexed Currency equal to the Face Amount of this Security
multiplied by the Base Exchange Rate, in terms of the Specified Currency for settlement on the
Maturity Date. If such quotations from the Reference Dealers are not available on the
Determination Date due to circumstances beyond the control of the Company or the Determination
Agent, the Spot Rate will be determined on the basis of the most recently available quotations from
the Reference Dealers. If any of the Reference Dealers shall be unwilling or unable to provide the
requested quotations, the Company may select other major money center bank or banks in The City of
New York, in consultation with the Determination Agent, to act as Reference Dealer or Dealers in
replacement therefor. In the absence of manifest error, the determination by the Determination
Agent of the Spot Rate and the principal amount of this Security payable on the Maturity Date shall
be final and binding on the Company, the Trustee (referred to on the reverse hereof) and the Holder
(as defined below) of this Security.

 

 

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          AExchange Rate Day@ means any day which is a Business Day in The City of New York and, if the
Specified Currency or Indexed Currency is any currency or currency unit other than U.S. dollars, in
Principal Financial Center of the country of such Specified Currency or Indexed Currency.

          The Company shall pay interest on the Face Amount hereof at the Interest Rate shown above from
the Original Issue Date shown above or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, semiannually on April 15 and October 15 of each year (unless
other Interest Payment Dates are shown on the face hereof) (each, an “Interest Payment
Date”) until the principal hereof is paid or made available for payment and on the Stated
Maturity Date, any Redemption Date or Repayment Date (such terms are together hereinafter referred
to as the “Maturity Date” with respect to the principal repayable on such date);
provided, however, that any payment of principal (or premium, if any) or interest,
if any, to be made on any Interest Payment Date or on the Maturity Date that is not a Business Day
(as defined below) shall be made on the next succeeding Business Day with the same force and effect
as if made on such Interest Payment Date or the Maturity Date, as the case may be, and no
additional interest shall accrue on the amount so payable as a result of such delayed payment. For
purposes of this Security, unless otherwise specified on the face hereof, “Business Day”
means any day that is not a Saturday or Sunday and that is neither a legal holiday nor a day on
which commercial banks are authorized or required by law, regulation or executive order to close in
The City of New York; provided, however, that, if the Specified Currency shown
above is a foreign currency, such day is also not a day on which commercial banks are authorized or
required by law, regulation or executive order to close in the Principal Financial Center (as
defined below) of the country issuing the Specified Currency (or, if the Specified Currency is the
euro, such day is also a day on which the Trans-European Automated Real-Time Gross Settlement
Express Transfer (TARGET) System is open). “Principal Financial Center” means the capital
city of the country issuing the Specified Currency or the Indexed Currency, as the case may be,
except that with respect to United States dollars, Australian dollars, Canadian dollars, Deutsche
marks, Dutch guilders, South African rand and Swiss francs, the “Principal Financial Center” shall
be The City of New York, Sydney and (solely in the case of the Specified Currency) Melbourne,
Toronto, Frankfurt, Amsterdam, Johannesburg and Zurich, respectively.

          Any interest hereon will accrue from, and including, the immediately preceding Interest
Payment Date in respect of which interest, if any, has been paid or duly provided for (or from, and
including, the Original Issue Date if no interest has been paid or duly provided for) to, but
excluding, the succeeding Interest Payment Date or the Maturity Date, as the case may be. The
interest, if any, so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture and subject to certain exceptions described herein
(referred to on the reverse hereof), be paid to the person (the “Holder”) in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the
April 1 or October 1 (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date (unless other Regular Record Dates are specified on the face hereof) (each, a
“Regular Record Date”); provided, however, that, if this Security was
issued between a Regular Record Date and the initial Interest Payment Date relating to such Regular
Record Date, interest, if any, for the period beginning on the Original Issue Date and ending on
such initial Interest Payment Date shall be paid on the Interest Payment Date following the next
succeeding Regular Record Date to the Holder hereof on such next succeeding Regular Record Date;
and

 

 

3

provided further that interest, if any, payable on the Maturity Date will be
payable to the person to whom the principal hereof shall be payable. Any such interest not so
punctually paid or duly provided for on any Interest Payment Date other than the Maturity Date
(“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a special record date (the
“Special Record Date”) for the payment of such Defaulted Interest to be fixed by the
Trustee (referred to on the reverse hereof), notice whereof shall be given to the Holder of this
Security not less than ten days prior to such Special Record Date, or may be paid at any time in
any other lawful manner, all as more fully provided in the Indenture.

          Unless otherwise specified above, all payments in respect of this Security will be made in
U.S. dollars regardless of the Specified Currency shown above unless the Holder hereof makes the
election described below. If the Specified Currency shown above is other than U.S. dollars, the
Exchange Rate Agent (referred to on the reverse hereof) will arrange to convert any such amounts so
payable in respect hereof into U.S. dollars in the manner described on the reverse hereof;
provided, however, that the Holder hereof may, if so indicated above, elect to
receive all or a specified portion of any payment of principal, premium, if any, and/or interest,
if any, in respect of this Security in such Specified Currency by delivery of a written request to
the corporate trust office of the Trustee in The City of New York, on or prior to the applicable
Regular Record Date or at least fifteen days prior to the Maturity Date, as the case may be. Such
request may be in writing (mailed or hand delivered) or by cable, telex or other form of facsimile
transmission. The Holder hereof may elect to receive payment in such Specified Currency for all
principal, premium, if any, and interest payments, if any, and need not file a separate election
for each payment. Such election will remain in effect until revoked by written notice to the
Trustee, but written notice of any such revocation must be received by the Trustee on or prior to
the applicable Regular Record Date or at least fifteen days prior to the Maturity Date, as the case
may be.

          Notwithstanding the foregoing, if the Company determines that the Specified Currency is not
available for making payments in respect hereof due to the imposition of exchange controls or other
circumstances beyond the Company’s control, or is no longer used by the government of the country
issuing such currency or for the settlement of transactions by public institutions of or within the
international banking community, then the Holder hereof may not so elect to receive payments in the
Specified Currency and any such outstanding election shall be automatically suspended, until the
Company determines that the Specified Currency is again available for making such payments. If the
euro has been substituted for such Specified Currency, the Company may at its option (or shall, if
so required by applicable law) without the consent of the holder of this Security effect the
payment of principal of or premium, if any, or interest on this Security in euro in lieu of such
Specified Currency in conformity with legally applicable measures taken pursuant to, or by virtue
of, the Treaty establishing the European Community, as amended. Any payment made under such
circumstances in U.S. dollars or euro where the required payment is in a Specified Currency will
not constitute a default under the Indenture.

          In the event of an official redenomination of the Specified Currency, the obligations of the
Company with respect to payments on this Security shall be deemed,

 

 

4

immediately following such redenomination, to provide for payment of that amount of
redenominated currency representing the amount of such obligations immediately before such
redenomination. Except as set forth above, in no event shall any adjustment be made to any amount
payable hereunder as a result of any change in the value of the Specified Currency shown above
relative to any other currency due solely to fluctuations in exchange rates.

          Until this Security is paid in full or payment therefor in full is duly provided for, the
Company will at all times maintain a Paying Agent (which Paying Agent may be the Trustee) in The
City of New York (which, unless otherwise specified above, shall be the “Place of
Payment”). The Company has initially appointed JPMorgan Chase Bank, N.A., at its office in The
City of New York as Paying Agent.

          Unless otherwise shown above, payment of interest on this Security (other than on the Maturity
Date) will be made by check mailed to the registered address of the Holder hereof as of the Regular
Record Date; provided, however, that, if (i) the Specified Currency is U.S. dollars
and this is a Global Security (as defined on the reverse hereof) or (ii) the Specified Currency is
a Foreign Currency, and the Holder has elected to receive payments in such Specified Currency as
provided for above, such interest payments will be made by transfer of immediately available funds,
but only if appropriate wire transfer instructions have been received in writing by the Trustee on
or prior to the applicable Regular Record Date. Simultaneously with any election by the Holder
hereof to receive payments in respect hereof in the Specified Currency (if other than U.S.
dollars), such Holder may provide appropriate wire transfer instructions to the Trustee, and all
such payments will be made in immediately available funds to an account maintained by the payee
with a bank, but only if such bank has appropriate facilities therefor. Unless otherwise specified
above, the principal hereof (and premium, if any) and interest, if any, hereon payable on the
Maturity Date will be paid in immediately available funds upon surrender of this Security at the
office of the Trustee maintained for that purpose in the Borough of Manhattan, The City of New York
(or at such other location as may be specified above). The Company will pay any administrative
costs imposed by banks in making payments in immediately available funds but, except as otherwise
provided under Additional Amounts above, any tax, assessment or governmental charge imposed upon
payments will be borne by the Holders of the Securities in respect of which such payments are made.

          Interest on this Security, if any, will be computed on the basis of a 360-day year of twelve
30-day months.

          REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE
HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT
THIS PLACE.

 

 

          Unless the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Security shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
facsimile corporate seal.

	 	 	 	 	 
	 	 	EATON CORPORATION
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:

Title:
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:

Title:

[CORPORATE SEAL]

Attest:                                         

          Name:

          Title:
Secretary

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture

	 	 	 	 	 	 	 	 	 	 	 
	Dated:	 	 	 	JPMORGAN CHASE BANK, N.A.,	 	 
	 	 	 	 	 	 	  as Trustee	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	Authorized Officer	 	 

 

 

[REVERSE OF NOTE]

EATON CORPORATION

MEDIUM-TERM NOTE

          Section 1. General. This Security is one of a duly authorized issue of securities
(herein called the “Securities”) of the Company, issued and to be issued in one or more
series under an indenture, dated as of April 1, 1994, as it may be supplemented from time to time
(herein called the “Indenture”), between the Company and JPMorgan Chase Bank, N.A.
(formerly known as Chemical Bank), Trustee (herein called the “Trustee”, which term
includes any successor trustee under the Indenture with respect to a series of which this Security
is a part), to which Indenture and all indentures supplemental thereto, reference is hereby made
for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, limited in aggregate principal amount to U.S.$800,000,000 (or the
equivalent thereof in one or more foreign currencies) or such other principal amount as shall be
provided pursuant to the Indenture.

          Section 2. Payments. If the Specified Currency is other than U.S. dollars and the
Holder hereof fails to elect payment in such Specified Currency in accordance with the procedures
set forth on the face hereof, the amount of U.S. dollar payments to be made in respect hereof will
be determined by the Exchange Rate Agent specified on the face hereof or a successor thereto (the
“Exchange Rate Agent”) based on the highest bid quotation in The City of New York at
approximately 11:00 A.M., New York City time, on the second Business Day preceding the applicable
payment date received by the Exchange Rate Agent from three recognized foreign exchange dealers
(one of whom may be the Exchange Rate Agent) selected by the Exchange Rate Agent and approved by
the Company for the purchase by the quoting dealer of the Specified Currency for U.S. dollars for
settlement on such payment date in the aggregate amount of the Specified Currency payable to all
holders of Securities scheduled to receive U.S. dollar payments and at which the applicable dealer
commits to execute a contract. If three such bid quotations are not available, payments will be
made in the Specified Currency.

          If the Specified Currency is other than U.S. dollars and the Holder hereof has elected payment
in such Specified Currency in accordance with the procedures set forth on the face hereof and the
Specified Currency is not available due to the imposition of exchange controls or to other
circumstances beyond the Company’s control, the Company will be entitled to satisfy its obligations
to the Holder of this Security by making such payment in U.S. dollars on the basis of the noon
buying rate in The City of New York for cable transfers of such Specified Currency as certified for
customs purposes (or, if not so certified, as otherwise determined) by the Federal Reserve Bank of
New York (the “Market Exchange Rate”)as computed by the Exchange Rate Agent on the second
Business Day prior to the applicable payment date or, if the Market Exchange Rate is then not
available, on the basis of the most recently available Market Exchange Rate or as otherwise
indicated above. Any payment made under such circumstances in U.S. dollars where the required
payment is in a Specified Currency will not constitute a default under the Indenture.

 

 

2

          All determinations referred to above made by the Exchange Rate Agent shall be at its sole
discretion (except to the extent expressly provided that any determination is subject to approval
by the Company) and, in the absence of manifest error, shall be conclusive for all purposes and
binding on the Holder of this Security, and the Exchange Rate Agent shall have no liability
therefor.

          All currency exchange costs will be borne by the Company.

          References herein to “U.S. dollars” or “U.S. $” or “$” are to the
currency of the United States of America.

          Section 3. Redemption. If so specified on the face hereof, the Company may at its
option redeem this Security in whole or from time to time in part in increments of $1,000 (provided
that any remaining principal amount of this Security shall not be less than the Minimum
Denomination specified on the face hereof) on or after the date designated as the Initial
Redemption Date on the face hereof at 100% of the unpaid principal amount hereof or the portion
thereof redeemed (or, if this Security is a Discount Security, such lesser amount as is provided
for below) multiplied by the Initial Redemption Percentage specified on the face hereof, together
with accrued interest, if any, to the Redemption Date. Such Initial Redemption Percentage shall
decline at each anniversary of the Initial Redemption Date by an amount equal to the Annual
Redemption Percentage Reduction, if any, specified on the face hereof until the Redemption Price is
100% of the unpaid principal amount hereof. The Company may exercise such option by causing the
Trustee to mail a notice of such redemption at least 30 but not more than 60 days prior to the
Redemption Date. In the event of redemption of this Security in part only, a new Security or
Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon
the cancellation hereof. If less than all of the Securities with like tenor and terms to this
Security are to be redeemed, the Securities to be redeemed shall be selected by the Trustee by such
method as the Trustee shall deem fair and appropriate. However, if less than all the Securities of
the series with differing tenor and terms to this Security are to be redeemed, then the Company in
its sole discretion shall select the particular Securities to be redeemed and shall notify the
Trustee in writing thereof at least 45 days prior to the relevant Redemption Date.

          Section 4. Repayment. If so specified on the face hereof, this Security shall be
repayable prior to the Stated Maturity Date at the option of the Holder on each applicable Optional
Repayment Date shown on the face hereof at a repayment price equal to 100% of the principal amount
to be repaid, together with accrued interest, if any, to the Repayment Date. In order for this
Security to be repaid, the Trustee must receive at least 30 but not more than 45 days prior to an
Optional Repayment Date, this Security with the form attached hereto entitled “Option to Elect
Repayment” duly completed. Any tender of this Security for repayment shall be irrevocable.
The repayment option may be exercised by the Holder of this Security in whole or in part in
increments of $1,000 (provided that any remaining principal amount of this Security shall not be
less than the Minimum Denomination specified on the face hereof). Upon any partial repayment, this
Security shall be canceled and a new Security or Securities for the remaining principal amount
hereof shall be issued in the name of the Holder of this Security.

          Section 5. Discount Securities. If this Security (such a Security being referred to
as a “Discount Security”) (a) has been issued at an Issue Price lower, by more than a de
minimis

 

 

3

amount (as determined under United States federal income tax rules applicable to original
issue discount instruments), than the stated redemption price at maturity (as defined below) hereof
and (b) would be considered an original issue discount security for United States federal income
tax purposes, then the amount payable on this Security in the event of redemption by the Company,
repayment at the option of the Holder or acceleration of the maturity hereof, in lieu of the
principal amount due at the Stated Maturity Date hereof, shall be the Amortized Face Amount (as
defined below) of this Security as of the date of such redemption, repayment or acceleration. The
“Amortized Face Amount” of this Security shall be the amount equal to the sum of (a) the
Issue Price (as set forth on the face hereof) plus (b) the aggregate of the portions of the
original issue discount (the excess of the amounts considered as part of the “stated redemption
price at maturity” of this Security within the meaning of Section 1273(a)(2) of the Internal
Revenue Code of 1986, as amended (the “Code”), whether denominated as principal or
interest, over the Issue Price of this Security) which shall theretofore have accrued pursuant to
Section 1272 of the Code (without regard to Section 1272(a)(7) of the Code) from the date of issue
of this Security to the date of determination, minus (c) any amount considered as part of the
“stated redemption price at maturity” of this Security which has been paid on this Security from
the date of issue to the date of determination.

          Section 6. Modification and Waivers; Obligation of the Company Absolute. The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series. Such amendment may be effected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of not less than a majority in principal
amount of Outstanding Securities of each series affected thereby. The Indenture also contains
provisions permitting the Holders of not less than a majority in principal amount of the
Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of
such series, to waive compliance by the Company with certain provisions of the Indenture.
Provisions in the Indenture also permit the Holders of not less than a majority in principal amount
of all Outstanding Securities of any series to waive on behalf of all of the Holders of Securities
of such series certain past defaults under the Indenture and their consequences. Any such consent
or waiver shall be conclusive and binding upon the Holder of this Security and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Security.

          The Securities are unsecured and rank pari passu with all other unsecured and
unsubordinated indebtedness of the Company.

          No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of (and premium, if any) and interest, if any, on this Security at the times, place
and rate, and in the Specified Currency herein prescribed, except as set forth in Section 2 on the
reverse hereof.

          Section 7. Defeasance and Covenant Defeasance. The Indenture contains provisions for
defeasance at any time of (a) the entire indebtedness of the Company on this Security and (b)
certain restrictive covenants and the related defaults and Events of Default, upon

 

 

4

compliance by the Company with certain conditions set forth therein, which provisions apply to
this Security, unless otherwise specified on the face hereof.

          Section 8. Minimum Denomination. Authorized Denominations. Unless otherwise provided
on the face hereof, this Security is issuable only in registered form without coupons in
denominations of $2,000 or any amount in excess thereof which is an integral multiple of $1,000.
If this Security is denominated in a Specified Currency other than U.S. dollars or is a Discount
Security, this Security shall be issuable in the denominations set forth on the face hereof.

          Section 9. Registration of Transfer. As provided in the Indenture and subject to
certain limitations herein and therein set forth, the transfer of this Security is registrable in
the Security Register upon surrender of this Security for registration of transfer at a Place of
Payment for the series of Securities of which this Security forms a part, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series, of like authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee or transferees.

          If the registered owner of this Security is the Depository (such a Security being referred to
as a “Global Security”), and (i) the Depository is at any time unwilling or unable to
continue as depository and a successor depository is not appointed by the Company within 90 days
following notice to the Company, or (ii) an Event of Default occurs, the Company will issue
Securities in certificated form in exchange for this Global Security. In addition, the Company may
at any time, and in its sole discretion, determine not to have Securities represented by a Global
Security and, in such event, will issue Securities in certificated form in exchange in whole for
this Global Security. In any exchange pursuant to this paragraph, the Company will execute, and
the Trustee, upon receipt of a Company Order for the authentication and delivery of individual
Securities of this series in exchange for this Global Security, will authenticate and deliver
individual Securities of this series in certificated form in an aggregate principal amount equal to
the principal amount of this Global Security in exchange herefor. Securities issued in exchange
for this Global Security pursuant to this paragraph shall be registered in such names and in such
authorized denominations as the Depository, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee. None of the Company, the Trustee, any
Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of
the records relating to or payments made on account of beneficial ownership interests in this
Global Security or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests. For purposes of the Indenture, this Global Security constitutes a
Security issued in permanent global form. Securities so issued in certificated form will be issued
in denominations of $2,000 (or such other denomination as shall be specified on the face hereof) or
any amount in excess thereof which is an integral multiple of $1,000 and will be issued in
registered form only, without coupons.

          As provided in the Indenture and subject to certain limitations therein and herein set forth,
this Security is exchangeable for a like aggregate principal amount of Securities of this series of
different authorized denominations but otherwise having the same terms and conditions, as requested
by the Holder hereof surrendering the same.

 

 

5

          No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

          Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Holder as the owner hereof for
all purposes, whether or not this Security be overdue, and none of the Company, the Trustee nor
any such agent shall be affected by notice to the contrary.

          Section 10. Events of Default. If an Event of Default with respect to the Securities
of the series of which this Security forms a part shall have occurred and be continuing, the
principal of this Security may be declared due and payable in the manner and with the effect
provided in the Indenture.

          Section 11. Defined Terms. All terms used in this Security which are defined in the
Indenture and are not otherwise defined herein shall have the meanings assigned to them in the
Indenture.

          Section 12. Governing Law. Unless otherwise specified on the face hereof, this
Security shall be governed by and construed in accordance with the law of the State of New York.

 

 

OPTION TO ELECT REPAYMENT

          The undersigned hereby irrevocably requests and instructs the Company to repay this Security
(or the portion thereof specified below), pursuant to its terms, on the “Optional Repayment
Date” first occurring after the date of receipt of the within Security as specified below (the
“Repayment Date”), at a Repayment Price equal to 100% of the principal amount thereof,
together with interest thereon accrued to the Repayment Date, to the undersigned at:

(Please Print or Type Name and Address of the Undersigned.)

          For this Option to Elect Repayment to be effective, this Security with the Option to Elect
Repayment duly completed must be received at least 30 but not more than 45 days prior to the
Optional Repayment Date (or, if such Repayment Date is not a Business Day, the next succeeding
Business Day) by the Company at its office or agency in The City of New York, which will be located
initially at the office of the Trustee at 4 New York Plaza, 15th Floor, New York, New
York 10004.

          If less than the entire principal amount of this Security is to be repaid, specify the portion
thereof (which shall be $1,000 or an integral multiple thereof) which is to be repaid: $                     .

          If less than the entire principal amount of the within Security is to be repaid, specify the
denomination(s) of the Security(ies) to be issued for the unpaid amount ($2,000 or any integral
multiple of $1,000; provided that any remaining principal amount of this Security shall not
be less than the Minimum Denomination): $                     .

Dated:                     

 Note: The signature to this Option to Elect Repayment must correspond with
the name as written upon the face of this Security in every particular
without alteration or enlargement or any change whatsoever.

 

 

ABBREVIATIONS

          The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 
	

	 	TEN COM - as tenants in common
	 
	

	 	TEN ENT - as tenants by the entireties
	 
	

	 	JT TEN  - as joint tenants with right of survivorship and not as

     tenants in common

          UNIF
GIFT MIN ACT -  Custodian

(Cust.)                (Minor)
 

Under Uniform Gifts to Minors Act
 

                                                            

                      (State)

Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED, the undersigned

hereby sell(s), assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

  IDENTIFYING NUMBER OF ASSIGNEE

                                        

Please print or type name and address, including zip code of assignee

the within Security of EATON CORPORATION and all rights thereunder and does hereby irrevocably
constitute and appoint

                                                                                                                                                                 Attorney

to transfer the said Security on the books of the within-named Company, with full power of
substitution in the premises.

Dated

SIGNATURE GUARANTEED:

	NOTICE:	 	The signature to this assignment must correspond with the
name as it appears upon the face of the Security in every particular,
without alteration or enlargement or any change whatsoever.EX-10.17

 

Exhibit 10.17

SUMMARY OF DIRECTOR COMPENSATION

     Directors who are not employees of Black Box Corporation (the “Company”) receive
directors’ fees of $7,500 per annum, paid quarterly, and an additional fee of $375 for
each meeting of the Board of Directors attended in person. The Chairman of the Board
also receives an annual fee of $60,000, paid quarterly. Non-employee directors also
may receive grants of stock options or stock appreciation rights under the 1992
Director Stock Option Plan, as amended (the “Plan”). During
Fiscal 2005, non-employee
directors were each granted an option to purchase 6,000 shares of the Company’s common
stock, par value $.001 per share (the “Common Stock”) under the Plan at an exercise
price of $34.29 per share, the fair market value of the Common Stock on the date of
grant of the options.

     Members of the Audit Committee of the Board of Directors receive a fee of $1,500
for each meeting of the Audit Committee attended in person or by telephone. The
Chairman of the Audit Committee also receives an annual fee of $6,000, paid quarterly.

     In addition, the Company maintains directors’ and officers’ liability insurance.
Directors also are reimbursed customary expenses for attending meetings of the board
of directors, board committees and stockholders.

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