Document:

EX-10.LL

 

Exhibit 10.ll

CONTINUITY AGREEMENT

          This Agreement (the “Agreement”) is dated as of November 1, 2007 by and between HUBBELL
INCORPORATED, a Connecticut corporation (the “Company”), and William Tolley (the “Executive”).

          WHEREAS, the Company’s Board of Directors considers the continued services of key executives
of the Company to be in the best interests of the Company and its stockholders; and

          WHEREAS, the Company’s Board of Directors desires to assure, and has determined that it is
appropriate and in the best interests of the Company and its stockholders to reinforce and
encourage the continued attention and dedication of key executives of the Company to their duties
of employment without personal distraction or conflict of interest in circumstances which could
arise from the occurrence of a change in control of the Company; and

          WHEREAS, the Company’s Board of Directors has authorized the Company to enter into continuity
agreements with those key executives of the Company and any of its respective subsidiaries (all of
such entities, with the Company hereinafter referred to as an “Employer”), such agreements to set
forth the severance compensation which the Company agrees under certain circumstances to pay such
executives; and

          WHEREAS, the Executive is a key executive of an Employer and has been designated by the Board
as an executive to be offered such a continuity compensation agreement with the Company.

          NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained herein and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Company and the Executive agree as follows:

     1. Term. This Agreement shall become effective on the date hereof and remain in
effect until the second anniversary thereof; provided, however, that, thereafter, this Agreement
shall automatically renew on each successive anniversary, unless an Employer provides the
Executive, in writing, at least 180 days prior to the renewal date, notice that this Agreement
shall not be renewed. Notwithstanding the foregoing, in the event that a Change in Control occurs
at any time prior to the termination of this Agreement in accordance with the preceding sentence,
this Agreement shall not terminate until the second anniversary of the Change in Control (or, if
later, until the second anniversary of the consummation of the transaction(s) contemplated in the
Change in Control).

     2. Change in Control.

     (a) No compensation or other benefit pursuant to Section 4 hereof shall be payable under this
Agreement unless and until either (i) a Change in Control of the Company (as hereinafter defined)
shall have occurred while the Executive is an employee of an Employer and the Executive’s
employment by an Employer thereafter shall have terminated in accordance with Section 3 hereof or
(ii) the Executive’s employment by the Company shall have terminated in accordance with Section
3(a)(ii) hereof prior to the occurrence of the Change in Control.

 

 

     (b) For purposes of this Agreement:

     (i) “Change in Control” shall mean any one of the following:

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

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

     (C) any person, or persons acting as a group (within the meaning of Treas. Reg.
§1.409A-3(i)(5)(v)(B)), acquires ownership (including any previously owned
securities) of more than fifty percent (50%) of either (I) the voting power value of
the then outstanding securities of the Company entitled to vote for the election of
Directors or (II) the fair market value of the Company; provided that this Section
2(b)(i)(C) shall not apply with respect to any acquisition of securities by (I) the
trust under a Trust Indenture dated September 2, 1957 made by Louie E. Roche, (II)
the trust under a Trust Indenture dated August 23, 1957 made by Harvey Hubbell, and
(III) any employee benefit plan (within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended) maintained by the Company or any
affiliate of the Company; or

     (D) a sale of substantially all of the Company’s assets;

provided, that the transaction or event described in Section 2(b)(i)(A), (B), (C) or
(D) constitutes a “change in control event,” as defined in Treas. Reg.
§1.409A-3(i)(5).

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

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

     (iv) “Change in Control Transaction” shall mean a Change in Control or, if later, the
consummation of the transaction contemplated by the Change in Control.

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     3. Separation from Service; Definitions.

     (a) Termination without Cause by the Company for Good Reason by the Executive.

     (i) The Executive shall be entitled to the compensation provided for in Section 4
hereof, if within two years after a Change in Control Transaction, the Executive has a
Separation from Service (within the meaning of Treasury Regulation Section 1.409A-1(h)
(“Separation from Service”) (A) by an Employer for any reason other than (I) the Executive’s
Disability or Retirement, (II) the Executive’s death or (III) for Cause, or (B) by the
Executive with Good Reason (as such terms are defined herein).

     (ii) In addition, the Executive shall be entitled to the compensation provided for in
Section 4 hereof if, (A) in the event that an agreement is signed which, if consummated,
would result in a Change of Control and the Executive’s Separation from Service is without
Cause by the Company or with Good Reason prior to the Change in Control, (B) such Separation
from Service is at the direction of the acquiror or merger partner or otherwise in
connection with the anticipated Change in Control, and (C) such Change in Control actually
occurs.

     (b) Disability. For purposes of this Agreement, “Disability” shall mean the
Executive’s absence from the full-time performance of the Executive’s duties (as such duties
existed immediately prior to such absence) for 180 consecutive business days, when the Executive is
disabled as a result of incapacity due to physical or mental illness.

     (c) Retirement. For purposes of this Agreement, “Retirement” shall mean the
Executive’s voluntary Separation from Service pursuant to late, normal or early retirement under a
pension plan sponsored by an Employer, as defined in such plan, but only if such retirement occurs
prior to a termination by an Employer without Cause or by the Executive for Good Reason.

     (d) Cause. For purposes of this Agreement, “Cause” shall mean:

     (i) the willful and continued failure of the Executive to perform substantially all of
his or her duties with an Employer (other than any such failure resulting from incapacity
due to physical or mental illness), after a written demand for substantial performance is
delivered to such Executive by the Board of Directors (the “Board”) of the Company which
specifically identifies the manner in which the Board believes that the Executive has not
substantially performed his or her duties;

     (ii) the willful engaging by the Executive in gross misconduct which is materially and
demonstrably injurious to the Company or any Employer; or

     (iii) the conviction of, or plea of guilty or nolo contendere to, a felony.

Termination of the Executive for Cause shall be made by delivery to the Executive of a copy of a
resolution duly adopted by the affirmative vote of not less than a three-fourths majority of the
non-employee Directors of the Company or of the ultimate parent of the entity which caused the
Change in Control (if the Company has become a subsidiary) at a meeting of such Directors

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called and held for such purpose, after 30 days prior written notice to the Executive specifying
the basis for such termination and the particulars thereof and a reasonable opportunity for the
Executive to cure or otherwise resolve the behavior in question prior to such meeting, finding that
in the reasonable judgment of such Directors, the conduct or event set forth in any of clauses (i)
through (iii) above has occurred and that such occurrence warrants the Executive’s termination.

     (e) Good Reason. For purposes of this Agreement, “Good Reason” shall mean the
occurrence, within the Term of this Agreement, of any of the following without the Executive’s
express written consent:

     (i) after a Change of Control, any reduction in the Executive’s base salary from that
which was in effect immediately prior to the Change of Control, any reduction in the
Executive’s annual cash bonus below such bonus paid or payable in respect of the calendar
year immediately prior to the year in which the Change of Control occurs, or any reduction
in the Executive’s aggregate annual cash compensation (including base salary and bonus) from
that which was in effect immediately prior to the Change of Control ; or

     (ii) after a Change of Control, the failure to increase (within 12 months of the last
increase in base salary) the Executive’s salary in an amount which at least equals, on a
percentage basis, the average percentage of increase in base salary effected in the
preceding 12 months (which period may include some period of time prior to the Change of
Control) for all senior executives of the Company (unless such reduction is offset by an
increase in the amount of annual cash bonus that is paid to the Executive); or

     (iii) any material and adverse diminution in the Executives’ duties, responsibilities,
status, position or authority with the Company or any of its affiliates following a Change
in Control; or

     (iv) any relocation of the Executive’s primary workplace to a location that is more
than 35 miles from the Executive’s primary workplace as of the date immediately prior to the
Change in Control; or

     (v) any failure by the Company to obtain from any successor to the Company an agreement
reasonably satisfactory to the Executive to assume and perform this Agreement, as
contemplated by Section 11(a) hereof.

Notwithstanding the foregoing, in the event Executive provides the Company with a Notice of
Termination (as defined below) referencing this Section 3(e), the Company shall have 30 days
thereafter in which to cure or resolve the behavior otherwise constituting Good Reason. Any good
faith determination by Executive that Good Reason exists shall be presumed correct and shall be
binding upon the Company.

     (f) Notice of Termination. Any purported termination of the Executive’s employment
(other than on account of Executive’s death) with an Employer shall be communicated by a Notice of
Termination to the Executive, if such termination is by an Employer, or to an Employer, if such
termination is by the Executive. For purposes of this

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Agreement, “Notice of Termination” shall mean a written notice which shall indicate the
specific termination provision in this Agreement relied upon and shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of the Executive’s
employment under the provisions so indicated. For purposes of this Agreement, no purported
termination of Executive’s employment with an Employer shall be effective without such a Notice of
Termination having been given.

     4. Compensation Upon Termination.

          Subject to Section 10 hereof, if within two years of a Change in Control Transaction, the
Executive has a Separation from Service in accordance with Section 3(a) (the “Termination”), the
Executive shall be entitled to the following payments and benefits:

     (a) Severance. The Company shall pay or cause to be paid to the Executive a cash
severance amount equal to three times the sum of (i) the Executive’s annual base salary on the date
of the Change in Control (or, if higher, the annual base salary in effect immediately prior to the
giving of the Notice of Termination) and (ii) the highest of the actual bonuses paid or payable to
the Executive under the Company’s annual incentive Compensation plan in any of the three
consecutive fiscal years prior to the year in which the Change in Control occurs. This cash
severance amount shall be payable in a lump sum calculated without any discount.

     (b) Additional Payments and Benefits. The Executive shall also be entitled to:

     (i) a lump sum cash payment equal to the sum of (A) the Executive’s accrued but unpaid
annual base salary through the date of Termination, (B) the unpaid portion, if any, of
bonuses previously earned by the Executive pursuant to the Company’s annual incentive
compensation plan, plus the pro rata portion of (I) the Bonus or (II) if payable, the target
bonus to be paid for the year in which the date of Termination occurs, in either case
(calculated through the date of Termination), and (C) an amount, if any, equal to
compensation previously deferred (excluding any qualified plan deferral) and any accrued
vacation pay, in each case, in full satisfaction of Executive’s rights thereto; and

     (ii) an annual benefit under the Company’s Supplemental Management Retirement Plan (the
“SMRP”), calculated based on 5 years of service and unreduced for early retirement
thereunder; and

     (iii) unless otherwise provided under the Key Employee Supplemental Medical Plan,
continued medical, dental, vision, and life insurance coverage (excluding accident, death,
and disability insurance) for the Executive and the Executive’s eligible dependents or, to
the extent such coverage is not commercially available, such other arrangements reasonably
acceptable to the Executive, on the same basis as in effect prior to the Change in Control
or the Executive’s Termination, whichever is deemed to provide for more substantial
benefits, for a period ending on the earlier of (A) the end of the third anniversary of the
date of the Executive’s Termination (B) the commencement of comparable coverage by the
Executive with a subsequent employer. The amount of benefits the Executive receives
hereunder in any one year shall not affect the amount of benefits he may receive in any
subsequent year; and

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(iv) all other accrued or vested benefits in accordance with the terms of the
applicable plan (with an offset for any amounts paid under Section 4(b)(i)(C), above).

     (c) Timing of Payment. Except as required under Section 8, all lump sum payments
under this Section 4 shall be paid on the later of ten business days following the Executive’s date
of Termination or the second business day following the effective date of the release required by
Section 10(c); and, with respect to the SERP benefit set forth in Section 4(b)(ii), to the extent
the Executive is entitled to receive such SERP benefit in a lump sum payment under the terms of the
SERP, such lump sum payment shall equal the present value of his SERP benefit (as calculated in
Section 4(b)(ii) and otherwise in accordance with Exhibit A, as attached hereto).

     (d) Outplacement. If so requested by the Executive, outplacement services shall be
provided by a professional outplacement provider selected by Executive for a period of two years;
provided, however, that such outplacement services shall be provided to the Executive at a cost to
the Company each year of not more than fifteen (15) percent of such Executive’s annual base salary
at the time of Termination.

     (e) Withholding. Payments and benefits provided pursuant to this Section 4 shall be
subject to any applicable payroll and other taxes required to be withheld.

     5. Compensation Upon Termination for Death, Disability or Retirement.

          If Executive’s Separation from Service is by reason of Death, Disability or Retirement prior
to any other termination, Executive will receive:

     (a) the sum of (i) Executive’s accrued but unpaid salary through the date of Termination, (ii)
the pro rata portion of the Executive’s target bonus for the year of Executive’s Death or
Disability (calculated through the date of Termination), and (iii) an amount equal to any
compensation previously deferred and any accrued vacation pay; and

     (b) other accrued or vested benefits in accordance with the terms of the applicable plan (with
an offset for any amounts paid under item (a)(iii), above.

     6. Excess Parachute Excise Tax Payments.

(a) (i) If it is determined (as hereafter provided) that any payment or distribution by the
Company or any Employer to or for the benefit of the Executive, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant
to or by reason of any other agreement, policy, plan, program or arrangement, including
without limitation any stock option, stock appreciation right or similar right, or the lapse
or termination of any restriction on or the vesting or exercisability of any of the
foregoing (a “Payment”), would be subject to the excise tax imposed by Section 4999 of the
Code (or any successor provision thereto) by reason of being “contingent on a change in
ownership or control” of the Company, within the meaning of Section 280G of the Code (or any
successor provision thereto) or to any similar tax imposed by state or local law, or any
interest or penalties with respect to such excise tax (such tax or taxes, together with any
such interest and penalties, are hereafter collectively referred to as the “Excise Tax”),
then the Executive shall be entitled to

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receive an additional payment or payments (a “Gross-Up Payment”) in an amount such that,
after payment by the Executive of all taxes (including any interest or penalties imposed
with respect to such taxes), including any Excise Tax, imposed upon the Gross-Up Payment,
the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon
the Payments; provided, however, if the Executive’s Payment is, when calculated on a
net-after-tax basis, less than $50,000 in excess of the amount of the Payment which could be
paid to the Executive under Section 280G of the Code without causing the imposition of the
Excise Tax, then the Payment shall be limited to the largest amount payable (as described
above) without resulting in the imposition of any Excise Tax (such amount, the “Capped
Amount”).

     (ii) Subject to the provisions of Section 6(a)(i) hereof, all determinations required to
be made under this Section 6, including whether an Excise Tax is payable by the Executive
and the amount of such Excise Tax and whether a Gross-Up Payment is required and the amount
of such Gross-Up Payment, shall be made by the nationally recognized firm of certified
public accountants (the “Accounting Firm”) used by the Company prior to the Change in
Control (or, if such Accounting Firm declines to serve, the Accounting Firm shall be a
nationally recognized firm of certified public accountants selected by the Executive). The
Accounting Firm shall be directed by the Company or the Executive to submit its preliminary
determination and detailed supporting calculations to both the Company and the Executive
within 15 calendar days after the Termination Date, if applicable, and any other such time
or times as may be requested by the Company or the Executive. If the Accounting Firm
determines that any Excise Tax is payable by the Executive and that the criteria for
reducing the Payment to the Capped Amount (as described in Section 6(a)(i) above) is met,
then the Company shall reduce the Payment by the amount which, based on the Accounting
Firm’s determination and calculations, would provide the Executive with the Capped Amount,
and pay to the Executive such reduced Payment. If the Accounting Firm determines that an
Excise Tax is payable, without reduction pursuant to Section 6(a)(i), above, the Company
shall pay the required Gross-Up Payment to, or for the benefit of, the Executive within five
business days after receipt of such determination and calculations. If the Accounting Firm
determines that no Excise Tax is payable by the Executive, it shall, at the same time as it
makes such determination, furnish the Executive with an opinion that he has substantial
authority not to report any Excise Tax on his/her federal, state, local income or other tax
return. Any determination by the Accounting Firm as to the amount of the Gross-Up Payment
shall be binding upon the Company and the Executive absent a contrary determination by the
Internal Revenue Services or a court of competent jurisdiction; provided, however, that no
such determination shall eliminate or reduce the Company’s obligation to provide any
Gross-Up Payment that shall be due as a result of such contrary determination. As a result
of the uncertainty in the application of Section 4999 of the Code (or any successor
provision thereto) and the possibility of similar uncertainty regarding state or local tax
law at the time of any determination by the Accounting Firm hereunder, it is possible that
Gross-Up Payments that will not have been made by the Company should have been made (an
“Underpayment”), consistent with the calculations required to be made hereunder. In the
event that the Company exhausts or fails to pursue its remedies pursuant to Section 6(a)
hereof and the Executive thereafter is required to make a payment of any Excise Tax, the
Executive shall direct the Accounting

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Firm to determine the amount of the Underpayment that has occurred and to submit its
determination and detailed supporting calculations to both the Company and the Executive as
promptly as possible. Any such Underpayment shall be promptly paid by the Company to, or
for the benefit of, the Executive within five business days after receipt of such
determination and calculations.

     (iii) The Company and the Executive shall each provide the Accounting Firm access to and
copies of any books, records and documents in the possession of the Company or the
Executive, as the case may be, reasonably requested by the Accounting Firm, and otherwise
cooperate with the Accounting Firm in connection with the preparation and issuance of the
determination contemplated by Section 6(a) hereof.

     (iv) The federal, state and local income or other tax returns filed by the Executive
(or any filing made by a consolidated tax group which includes the Company) shall be
prepared and filed on a consistent basis with the determination of the Accounting Firm with
respect to the Excise Tax payable by the Executive. The Executive shall make proper payment
of the amount of any Excise Tax, and at the request of the Company, provide to the Company
true and correct copies (with any amendments) of his/her federal income tax return as filed
with the Internal Revenue Service and corresponding state and local tax returns, if
relevant, as filed with the applicable taxing authority, and such other documents reasonably
requested by the Company, evidencing such payment. If prior to the filing of the
Executive’s federal income tax return, or corresponding state or local tax return, if
relevant, the Accounting Firm determines that the amount of the Gross-Up Payment should be
reduced, the Executive shall within five business days pay to the Company the amount of such
reduction.

     (v) The fees and expenses of the Accounting Firm for its services in connection with
the determinations and calculations contemplated by Sections 6(a)(ii) and (iv) hereof shall
be borne by the Company. If such fees and expenses are initially advanced by the Executive,
the Company shall reimburse the Executive the full amount of such fees and expenses within
five business days after receipt from the Executive of a statement therefor and reasonable
evidence of his/her payment thereof.

     (b) In the event that the Internal Revenue Service claims that any payment or benefit received
under this Agreement constitutes an “excess parachute payment,” within the meaning of Section
280G(b)(1) of the Code, the Executive shall notify the Company in writing of such claim. Such
notification shall be given as soon as practicable but no later than 10 business days after the
Executive is informed in writing of such claim and shall apprise the Company of the nature of such
claim and the date on which such claim is requested to be paid. The Executive shall not pay such
claim prior to the expiration of the 30 day period following the date on which the Executive gives
such notice to the Company (or such shorter period ending on the date that any payment of taxes
with respect to such claim is due). If the Company notifies the Executive in writing prior to the
expiration of such period that it desires to contest such claim, the Executive shall (i) give the
Company any information reasonably requested by the Company relating to such claim; (ii) take such
action in connection with contesting such claim as the Company shall reasonably request in writing
from time to time, including without limitation, accepting legal representation with respect to
such claim by an attorney reasonably selected by

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the Company and reasonably satisfactory to the Executive; (iii) cooperate with the Company in
good faith in order to effectively contest such claim; and (iv) permit the Company to participate
in any proceedings relating to such claim; provided, however, that the Company shall bear and pay
directly all costs and expenses (including, but not limited to, additional interest and penalties
and related legal, consulting or other similar fees) incurred in connection with such contest and
shall indemnify and hold the Executive harmless, on an after-tax basis, for and against any Excise
Tax or other tax (including interest and penalties with respect thereto) imposed as a result of
such representation and payment of costs and expenses.

     (c) The Company shall control all proceedings taken in connection with such contest and, at
its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and
conferences with the taxing authority in respect of such claim; provided, however,
that if the Executive is required to extend the statute of limitations to enable the Company to
contest such claim, the Executive may limit this extension solely to such contested amount. The
Company’s control of the contest shall be limited to issues with respect to which a corporate
deduction would be disallowed pursuant to Section 280G of the Code and the Executive shall be
entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority. In addition, no position may be taken nor any final
resolution be agreed to by the Company without the Executive’s consent if such position or
resolution could reasonably be expected to adversely affect the Executive (including any other tax
position of the Executive unrelated to matters covered hereby).

     (d) If, after the receipt by the Executive of an amount advanced by the Company in connection
with the contest of the Excise Tax claim, the Executive becomes entitled to receive any refund with
respect to such claim, the Executive shall promptly pay to the Company the amount of such refund
(together with any interest paid or credited thereon after taxes applicable thereto); provided,
however, if the amount of that refund exceeds the amount advanced by the Company or it is otherwise
determined for any reason that additional amounts could be paid to the Named Executive without
incurring any Excise Tax, any such amount will be promptly paid by the Company to the named
Executive. If, after the receipt by the Executive of an amount advanced by the Company in
connection with an Excise Tax claim, a determination is made that the Executive shall not be
entitled to any refund with respect to such claim and the Company does not notify the Executive in
writing of its intent to contest the denial of such refund prior to the expiration of 30 days after
such determination, such advance shall be forgiven and shall not be required to be repaid and shall
be deemed to be in consideration for services rendered after the date of the Termination.

     (e) All amounts payable to Executive under this Section 6 shall be paid as soon as practicable
after the Change in Control or other event giving rise to any payment of the Excise Tax by the
Executive, but no later than the December 31 of the year next following the year in which the
Executive, or the Company on behalf of the Executive, remits the Excise Tax.

     7. Expenses. In addition to all other amounts payable to the Executive under this
Agreement, during the term of this Agreement and for a period of twenty (20) years following the
Executive’s Termination, the Company shall pay or reimburse the Executive for legal fees (including
without limitation, any and all court costs and attorneys’ fees and expenses) incurred by the
Executive in connection with or as a result of any claim, action or proceeding brought by

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the Company or the Executive with respect to or arising out of this Agreement or any provision
hereof; provided, however, that in the case of an action brought by the Executive, the Company
shall have no obligation for any such legal fees, if the Company is successful in establishing with
the court that the Executive’s action was frivolous or otherwise without any reasonable legal or
factual basis. All such expenses shall be reimbursed by December 31 of the year following the year
in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect
the amount eligible for reimbursement in any subsequent year.

     8. Section 409A Delay. Notwithstanding Sections 4, 5, 6 or 7, if the Company
determines that the Executive is deemed at the time of his Termination to be a “specified employee”
for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any
portion of the amounts to which Executive is entitled under this Agreement is required in order to
avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then such portion shall
not be provided to Executive prior to the earlier of (a) the expiration of the six-month period
measured from the date of the Executive’s Separation from Service or (b) the date of Executive’s
death. Upon the expiration of the applicable Code Section 409A(a)(2)(B)(i) deferral period, all
payments deferred pursuant to this Section 8 shall be paid in a lump sum to the Executive, 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 due under the Agreement shall be paid as otherwise provided herein.

     9. Obligations Absolute; Non-Exclusivity of Rights; Joint Several Liability.

     (a) The obligations of the Company to make the payment to the Executive, and to make the
arrangements, provided for herein shall be absolute and unconditional and shall not be reduced by
any circumstances, including without limitation any set-off, counterclaim, recoupment, defense or
other right which the Company may have against the Executive or any third party at any time.

     (b) Nothing in this Agreement shall prevent or limit the Executive’s continuing or future
participation in any benefit, bonus, incentive or other plan or program provided by the Company or
any other Employer and for which the Executive may qualify, nor shall anything herein limit or
reduce such rights as the Executive may have under any agreements with the Company or any other
Employer.

     (c) Each entity included in the definition of “Employer” and any successors or assigns shall
be joint and severally liable with the Company under this Agreement.

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     10. Not an Employment Agreement; Effect On Other Rights; Release and Offsets.

     (a) This Agreement is not, and nothing herein shall be deemed to create, a contract of
employment between the Executive and the Company. Any Employer may terminate the employment of the
Executive at any time, subject to the terms of this Agreement and/or any employment agreement or
arrangement between the Employer and the Executive that may then be in effect.

     (b) With respect to any employment agreement with the Executive in effect immediately prior to
the Change in Control, nothing herein shall have any effect on the Executive’s rights thereunder;
provided, however, that in the event of the Executive’s termination of employment in accordance
with Section 3 hereof, this Agreement shall govern solely for the purpose of providing the terms of
all payments and additional benefits to which the Executive is entitled upon such termination and
any payments or benefit provided thereunder shall-reduce the corresponding type of payments or
benefits hereunder. Notwithstanding the foregoing, in the event that the Executive’s employment is
terminated prior to the occurrence of a Change in Control under the circumstances provided for in
Section 3(a)(ii) and such circumstances also entitle Executive to payments and benefits under any
other employment or other agreement as in effect prior to the Change in Control (“Other
Agreement”), then, until the Change in Control occurs, the Executive will receive the payments and
benefits to which he/she is entitled under such Other Agreement. Upon the occurrence of the Change
in Control, the Company will pay to the Executive in cash the amount to which he/she is entitled to
under this Agreement (reduced by the amounts already paid under the Other Agreement) in respect of
cash payments and shall provide or increase any other noncash benefits to those provided for
hereunder (after taking into Account noncash benefits, if any, provided under such Other
Agreement). Amounts which are vested benefits or which the Executive is otherwise entitled to
receive under any plan or program of the Company or any other Employer shall be payable in
accordance with such plan or program, except as explicitly modified by this Agreement.

     (c) With respect to any limited stock appreciation rights (“LSARs”) granted to the Executive
pursuant to the Company’s 1973 Stock Option Plan for Key Executives held, as of the date of this
Agreement, by the Executive, the Executive hereby agrees to the cancellation of such LSARs in the
event that the Change in Control contemplated hereunder is intended to be, and is otherwise,
eligible for pooling-of-interests accounting treatment under APB No. 16.

     (d) All payments and benefits provided under Section 4 are conditioned on and subject to the
Executive’s continuing compliance with this Agreement, any other agreements regarding
non-competition, and non-solicitation of employees and customers. No payments or benefits will be
provided under Section 4 unless and until the Executive delivers an effective release of claims and
covenant not to sue in a form prescribed by the Company within sixty (60) days of his termination
of employment. Such release shall be in a reasonable and customary form. In addition, to the
extent Executive receives severance or similar payments and/or benefits under any other Company
plan, program, agreement, policy, practice, or the like, or under the WARN Act or similar state
law, the payments and benefits due to Executive under this Agreement will be correspondingly
reduced on a dollar-for-dollar basis (or vice-versa).

     11. Successors; Binding Agreement Assignment.

11

 

     (a) The Company shall require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business of the Company, by
agreement to expressly, absolutely and unconditionally assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform it if no
such succession had taken place. Failure of the Company to obtain such agreement prior to the
effectiveness of any such succession shall be a material breach of this Agreement and shall entitle
the Executive to terminate the Executive’s employment with the Company or such successor for Good
Reason immediately prior to or at any time after such succession. As used in this Agreement,
“Company” shall mean (i) the Company as hereinbefore defined, and (ii) any successor to all the
stock of the Company or to all or substantially all of the Company’s business or assets which
executes and delivers an agreement provided for in this Section 11(a) or which otherwise becomes
bound by all the terms and provisions of this Agreement by operation of law, including any parent
or subsidiary of such a successor.

     (b) This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive should die while any amount would be payable to the
Executive hereunder if the Executive had continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s
estate or designated beneficiary. Neither this Agreement nor any right arising hereunder may be
assigned or pledged by the Executive.

     12. Notice. For purpose of this Agreement, notices and all other communications
provided for in this Agreement or contemplated hereby shall be in writing and shall be deemed to
have been duly given when personally delivered, delivered by a nationally recognized overnight
delivery service or when mailed United States certified or registered mail, return receipt
requested, postage prepaid, and addressed, in the case of the Company, to the Company at:

Hubbell Incorporated

584 Derby Milford Road

Orange, Connecticut 06477-4024

Attention: General Counsel

and in the case of the Executive, to the Executive at the address set forth on the execution page
at the end hereof.

     Either party may designate a different address by giving notice of change of address in the
manner provided above, except that notices of change of address shall be effective only upon
receipt.

     13. Confidentiality. The Executive shall retain in confidence any and all
confidential information concerning the Company and its respective business which is now known or
hereafter becomes known to the Executive, except as otherwise required by law and except
information (i) ascertainable or obtained from public information, (ii) received by the Executive
at any time after the Executive’s employment by the Company shall have terminated, from a third
party not employed by or otherwise affiliated with the Company or (iii) which is or becomes known
to the public by any means other than a breach of this Section 13. Upon the

12

 

Termination of employment, the Executive will not take or keep any proprietary or confidential
information or documentation belonging to the Company.

     14. Miscellaneous. No provision of this Agreement may be amended, altered, modified,
waived or discharged unless such amendment, alteration, modification, waiver or discharge is agreed
to in writing signed by the Executive and such officer of the Company as shall be specifically
designated by the Committee or by the Board of Directors of the Company. No waiver by either
party, at any time, of any breach by the other party of, or of compliance by the other party with,
any condition or provision of this Agreement to be performed or complied with by such other party
shall be deemed a waiver of any similar or dissimilar provision or condition of this Agreement or
any other breach of or failure to comply with the same condition or provision at the same time or
at any prior or subsequent time. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either party which are not
expressly set forth in this Agreement. The Agreement supersedes the Prior Agreement, which shall
no longer be in force or have any effect.

     15. Severability. If any one or more of the provisions of this Agreement shall be
held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions of this Agreement shall not be affected thereby. To the extent permitted by
applicable law, each party hereto waives any provision of law which renders any provision of this
Agreement invalid, illegal or unenforceable in any respect.

     16. Governing Law; Venue. The validity, interpretation, construction and performance
of this Agreement shall be governed on a non-exclusive basis by the laws of the State of
Connecticut without giving effect to its conflict of laws rules. For purposes of jurisdiction and
venue, the Company and each Employer hereby consents to jurisdiction and venue in any suit, action
or proceeding with respect to this Agreement in any court of competent jurisdiction in the state in
which Executive resides at the commencement of such suit, action or proceeding and waives any
objection, challenge or dispute as to such jurisdiction or venue being proper.

     17. Code Section 409A Exempt. Certain compensation and benefits payable under this
Agreement, including without limitation the severance benefits described in Section 4(a), are not
intended to constitute nonqualified deferred compensation subject to Section 409A of the Code. To
the extent applicable, this Agreement shall be interpreted in accordance with Code Section 409A and
Department of Treasury regulations and other interpretive guidance issued thereunder. If the
Company and Employee determine that any compensation or benefits payable under this Agreement do
not comply with Code Section 409A and related Department of Treasury guidance, the Company and
Employee agree to amend this Agreement, or take such other actions as the Company and Employee deem
necessary or appropriate to comply with the requirements of Code Section 409A and related
Department of Treasury guidance, while preserving the economic agreement of the parties.

     18. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be an original and all of which shall be deemed to constitute one and the same
instrument.

13

 

          IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Continuity
Agreement as of the date first above written.

	 	 	 	 	 
	 	HUBBELL INCORPORATED

 	 
	 	By:  	/s/ Richard W. Davies
 	 
	 	 	Title:      V.P., General Counsel & Secretary 	 
	 	 	 	 
	 
	 	 	 
	 	 	 	
/s/ William T. Tolley
 	 
	 	Executive:
William T. Tolley	 
	 	 	 
	 	 	 
	 	Address 	 

14

 

	 	 	 	 	 

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 Executive’s separation from service.
	 
	 	 
	Qualified Plan Offset:

	 	Amount actually payable at age 55 (or, if higher,
the Executive’s actual age as of separation from
service).

15EX-10.MM

 

 Exhibit 10.MM

TRUST AGREEMENT

     THIS TRUST AGREEMENT is made by and between HUBBELL INCORPORATED, a Connecticut corporation
(the “Employer”), and T. ROWE PRICE TRUST COMPANY, a Maryland limited purpose trust company (the
“Trustee”).

W I T N E S S E T H   T H A T:

     WHEREAS, the Employer has established the HUBBELL INCORPORATED EXECUTIVE DEFERRED COMPENSATION
PLAN (the “Plan”) to provide deferred compensation benefits for a select group of its management or
highly compensated employees;

     WHEREAS, the Employer has incurred or expects to incur liability under the terms of the Plan
with respect to the participants of the Plan and their beneficiaries (collectively referred to as
“Trust Beneficiaries”);

     WHEREAS, it is the intention of the Employer to make contributions to a trust to provide it
with a source of funds to assist it in meeting some or all of its liabilities under the Plan;

     NOW THEREFORE, in consideration of the mutual covenants herein contained, the Employer and the
Trustee declare and agree as follows:

SECTION 1. Establishment of the Trust.

     1.1 The Employer hereby establishes with the Trustee a trust to accept such sums of money and
other property acceptable to the Trustee as from time to time shall be paid or delivered to the
Trustee (the “Trust”). All such money and other property, all investments and reinvestments made
therewith or proceeds thereof and all earnings and profits thereon, less all payments and charges
as authorized herein, are hereinafter referred to as the (“Trust Fund”). The Trust Fund shall be
held, administered and disposed of by the Trustee in accordance with the provisions of this Trust
Agreement.

     1.2 It is the intention of the parties that this Trust shall constitute an unfunded
arrangement and shall not affect the status of the Plan as an unfunded plan for purposes of Title I
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). This Trust is not
intended to be subject to Part 4 of Title I of ERISA. The Employer represents that this Trust is
not intended to be and is not subject to Part 4 of Title I of ERISA.

     1.3 This Trust is intended to be a grantor trust, of which the Employer is the grantor, within
the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code
of 1986, as amended (the “Code”), and shall be construed accordingly.

     1.4 The Trust Fund shall be held separate and apart from other funds of the Employer and shall
be used exclusively for the uses and purposes of Trust Beneficiaries and general creditors as
herein set forth. Trust Beneficiaries shall have no preferred claim on, or any beneficial
ownership interest in, any assets of the Trust Fund. Any rights credited under the Plan and this
Trust Agreement shall be mere unsecured contractual rights of Trust Beneficiaries against the
Employer. Any assets held in the Trust Fund will be subject to the claims of the

 

 

Employer’s general creditors under federal and state law in the event that the Employer is
Insolvent, as defined in Section 8.1 hereof.

SECTION 2. Acceptance by the Trustee.

     The Trustee accepts the Trust established under this Trust Agreement on the terms and subject
to the provisions set forth herein, and it agrees to discharge and perform fully and faithfully all
of the duties and obligations imposed upon it under this Trust Agreement.

SECTION 3. Limitation on Use of Funds.

     The Trust established hereby shall be irrevocable and the Employer shall have no right or
power to direct Trustee to return to the Employer or to divert to others any assets of the Trust
Fund before all payment of benefits have been made to Trust Beneficiaries pursuant to the terms of
the Plan[s]; provided, however, that (i) nothing in this Section 3 shall be deemed to limit or
otherwise prevent the payment from the Trust Fund of expenses and other charges as provided in
Sections 5.1(h), 10.1 and 10.2 of this Trust Agreement or the application of the Trust Fund as
provided in Section 14 of this Trust Agreement and (ii) the Trust Fund shall at all times be
subject to the claims of the general creditors of the Employer as set forth in Section 8 of this
Trust Agreement. The Trustee shall have no duty to determine whether all benefit payments have been
made to Trust Beneficiaries and may rely on the Employer’s notification regarding such payment.

SECTION 4. Duties and Powers of the Trustee with Respect to Investments.

     4.1 The Trustee shall invest and reinvest the principal and income of the Trust Fund and keep
the Trust Fund invested, without distinction between principal and income, solely as directed by
the Employer, in publicly traded common and preferred stocks, publicly traded bonds and other
evidences of indebtedness, governmental obligations, savings and time deposits, certificates of
deposit, cash, guaranteed investment contracts, bank investment contracts, synthetic investment
contracts, individual or group annuity contracts, regulated investment companies registered under
the Investment Company Act of 1940 (including any investment company which has an investment
management or other agreement with an affiliate of the Trustee). The Employer’s investment
direction to the Trustee may represent the aggregate of deemed investment elections of Trust
Beneficiaries with respect to amounts allocated to each Trust Beneficiary’s account under the Plan.
The Trustee shall have no duty to question any action or direction of the Employer or any failure
to give directions, or to make any suggestion to the Employer as to the investment or reinvestment
of, or the disposition of, such assets.

     4.2 Notwithstanding any provisions of this Trust Agreement to the contrary, the Employer shall
not direct the Trustee to invest any portion of the Trust Fund in any security or other obligation
issued by Employer, other than a de minimis amount held in a common investment vehicle in which the
Trustee invests.

     4.3 During the term of this Trust, all income received in the Trust Fund, net of expenses and
taxes, shall be accumulated and reinvested.

- 2 -

 

     4.4 In the event that insurance policies or contracts or investment contracts (including
structured or synthetic investment contracts) issued by a bank, insurance company or other
financial or similar institution are held in the Trust Fund at the direction of an investment
manager, as such term is defined in Section 3(38) of ERISA, or the Employer (“Contracts”), the
Trustee shall not be liable for the refusal or inability of any insurance company, bank or other
financial institution to issue, change, pay proceeds or make payments due under any Contract; for
the form, terms, genuineness, validity or sufficiency of any Contract; or for any delay in payment
or proceeds due under any Contract. The Trustee shall not be responsible for the valuation of any
Contract and the Trustee shall be entitled to conclusively rely upon such valuation provided by the
issuer of the Contract for all purposes under this Trust Agreement. The Employer and/or the
investment manager, as the case may be, shall be responsible, and the Trustee shall not be
responsible, for evaluating or monitoring the financial condition or status of any financial
institution or insurance company issuing any such Contract which the Employer or an investment
manager directs the Trustee to hold or to purchase with assets of the Trust Fund.

SECTION 5. Additional Powers and Duties of the Trustee.

     5.1 Subject to the provisions of Section 4, the Trustee shall have the following powers and
authority with respect to property constituting a part of the Trust Fund:

          (a) To receive and hold all contributions paid to it by the Employer; provided, however, that
the Trustee shall have no duty to require any contributions to be made, or to determine that any of
the contributions received comply with the conditions and limitations of the Plan.

          (b) At the direction of the Employer, to sell, exchange or transfer any property at public or
private sale for cash or on credit and grant options for the purchase or exchange thereof,
including call options for property held in the Trust Fund and put options for the purchase of
property.

          (c) To participate in any plan of reorganization, consolidation, merger, combination,
liquidation or other similar plan relating to any such property, and at the direction of the
Employer, to consent to or oppose any such plan or any action thereunder, or any contract, lease,
mortgage, purchase, sale or other action by any corporation or other entity.

          (d) To deposit any such property with any protective, reorganization or similar committee and
to pay part of the expenses and compensation of any such committee and any assessments levied with
respect to any property so deposited.

          (e) At the direction of the Employer, to exercise any conversion privilege or subscription
right available in connection with any such property; to oppose or to consent to the
reorganization, consolidation, merger or readjustment of the finances of any corporation, company
or association, or to the sale, mortgage, pledge or lease of the property of any corporation,
company or association any of the securities of which may at any time be held in the Trust Fund and
to do any act with reference thereto, including the exercise of options, the making of agreements
or subscriptions and the payment of expenses, assessments or

- 3 -

 

subscriptions, which may be deemed necessary or advisable in connection therewith, and to hold
and retain any securities or other property which it may so acquire.

          (f) Subject to its proper indemnification as provided in Section 18, to commence or defend
suits or legal proceedings and to represent the Trust in all suits or legal proceedings; to settle,
compromise or submit to arbitration, any claims, debts or damages, due or owing to or from the
Trust.

          (g) At the direction of the Employer, to exercise any right, including the right to vote or
tender, appurtenant to any securities or other such property.

          (h) To engage any legal counsel, including counsel to the Employer or counsel to the Trustee,
or any other suitable agents, to consult with such counsel or agents with respect to the
construction of this Trust Agreement, the duties of the Trustee hereunder, the transactions
contemplated by this Trust Agreement or any act which the Trustee proposes to take or omit, to rely
upon the advice of such counsel or agents and to pay its reasonable fees, expenses and compensation
out of the Trust Fund, if not paid by the Employer.

          (i) To register any securities held by it in its own name or in the name of any custodian of
such property or of its nominee, including the nominee of any system for the central handling of
securities, with or without the addition of words indicating that such securities are held in a
fiduciary capacity, to deposit or arrange for the deposit of any such securities with such a system
and to hold any securities in bearer form.

          (j) To make, execute and deliver, as Trustee, any and all deeds, leases, notes, bonds,
guarantees, mortgages, conveyances, contracts, waivers, releases or other instruments in writing
necessary or proper for the accomplishment of any of the foregoing powers.

          (k) At the direction of the Employer, to transfer assets of the Trust Fund to a successor
trustee as provided in Section 12.4.

     Each and all of the foregoing powers may be exercised without a court order or approval.

SECTION 6. Payments to Trust Beneficiary.

     6.1 The Employer shall provide the Trustee with payment instructions that indicate the amounts
payable to each Trust Beneficiary, the form in which such amounts are to be paid (as provided for
under the Plan) and the time of commencement for payment of such amounts. Except as otherwise
provided herein, the Trustee shall make payments out of the Trust Fund to Trust Beneficiaries in
accordance with such payment instructions. Pursuant to instructions by the Employer, the Trustee
shall withhold federal and state income taxes from each payment made under this Trust Agreement at
the rate(s) designated by the Employer and shall report and pay such amounts to the appropriate
federal and state taxing authorities. The Trustee shall rely completely on Employer instructions
and shall have no duty to inquire into the accuracy of such instructions. The Trustee also shall
rely completely on the Employer’s determination, without any duty of inquiry, with respect to any
failure of the Plan to comply with Code Section 409A. The Trustee shall have no tax reporting or
withholding obligations with respect to contributions

- 4 -

 

made to the Trust or any taxable income or excise tax resulting from any failure to comply
with Code Section 409A.

     6.2 If any check for a benefit directed to be made from the Trust has been mailed by the
Trustee, by regular United States mail, to the last known address of the Trust Beneficiary and is
returned unclaimed, or if a benefit payment check is not cashed by the Trust Beneficiary, the
Trustee shall notify the Employer and the Employer shall be responsible for locating such Trust
Beneficiary and for instructing the Trustee on the action to take with respect to the payment of
such Trust Beneficiary’s benefits.

     6.3 The entitlement of a Trust Beneficiary to benefits under the Plan shall be determined by
the Employer or its designee (which may not be the Trustee) and any claim for benefits shall be
considered and reviewed under the claims procedures set forth in the Plan. The Trustee shall
follow the instructions of the Employer and shall have no duty or right to inquire into the
Employer’s decision with respect to the payment of benefits and shall be fully indemnified therefor
by the Employer.

     6.4 The Employer may make payment of benefits directly to Trust Beneficiaries as they become
due under the terms of the Plan. The Employer shall notify the Trustee of its decision to make
payment of benefits directly prior to the time amounts are payable to Trust Beneficiaries. In
addition, if the Trust Fund is not sufficient to make payments of benefits in accordance with the
terms of the Plan, the Employer shall make the balance of each such payment as it falls due. The
Trustee shall notify the Employer where the Trust Fund is not sufficient to make the requested
benefit payments.

     6.5 The Employer shall remain primarily liable to pay benefits under the Plan. However, the
Employer’s liability under the Plan shall be reduced or offset to the extent benefit payments are
made from the Trust Fund.

SECTION 7. Funding of the Trust.

     7.1 Funding of the Trust Fund by the Employer is not mandatory.

     7.2 The Employer may at any time or from time to time make additional deposits of money or
other property acceptable to the Trustee to the Trust Fund to augment the principal to be held,
administered and disposed of by the Trustee as provided in this Trust Agreement. Neither the
Trustee nor any Trust Beneficiary shall have any right to compel such additional deposits.

SECTION 8. Trustee Responsibility Regarding Payments to 

Trust Beneficiaries When the Employer is Insolvent.

     8.1 Upon receipt of notification issued in accordance with Section 8.2(a) hereof, the Trustee
shall cease payment of benefits to Trust Beneficiaries if the Employer is Insolvent. The Employer
shall be considered “Insolvent” for purposes of this Trust Agreement if: (i) the Board of
Directors or the Chief Executive Officer of the Employer provides written certification to the
Trustee that the Employer is unable to pay its debts as they become due, or (ii) the Employer is
subject to a pending proceeding as a debtor under the United States Bankruptcy Code.

- 5 -

 

     8.2 At all times during the continuance of this Trust, as provided in Section 1.4 hereof, the
principal and income of the Trust Fund shall be subject to the claims of general creditors of the
Employer in the event of the Employer’s Insolvency as set forth below:

          (a) The Board of Directors and the Chief Executive Officer of the Employer shall have the duty
to inform the Trustee in writing if the Employer becomes Insolvent. If a person claiming to be a
creditor of the Employer alleges in writing to the Trustee that the Employer has become Insolvent,
the Trustee shall determine solely through written certification of the Employer whether the
Employer is Insolvent and, pending such determination, the Trustee shall discontinue payment of
benefits to Trust Beneficiaries.

          (b) Unless the Trustee has received written notice from the Employer or a person claiming to
be creditor of the Employer alleging that the Employer is Insolvent, the Trustee shall have no duty
to inquire whether the Employer is Insolvent. The Trustee may in all events rely on such
certification concerning the Employer’s solvency as may be furnished to the Trustee by the Employer
in accordance with Section 8.2(a) hereof.

          (c) If at any time the Trustee has received written notice of Insolvency from the Board of
Directors or the Chief Executive Officer of the Employer, the Trustee shall discontinue payments of
benefits under the Plan to Trust Beneficiaries and shall hold the assets of the Trust Fund for the
benefit of the Employer’s general creditors. The Trustee shall deliver the assets of the Trust Fund
to satisfy the claims of the Employer’s general creditors as directed by final order of a court of
competent jurisdiction. Nothing in this Trust Agreement shall in any way diminish any rights of
Trust Beneficiaries to pursue their rights as general creditors of the Employer with respect to
benefits due under the Plan or otherwise.

          (d) The Trustee shall resume the payment of benefits to Trust Beneficiaries in accordance with
this Trust Agreement only after the Board of Directors or Chief Executive Officer of the Employer
has notified the Trustee in writing that the Employer is not Insolvent (or is no longer Insolvent).

     8.3 If the Trustee discontinues the payment of benefits from the Trust Fund pursuant to
Section 8.2 hereof and subsequently resumes such payments, the first payment to each Trust
Beneficiary following such discontinuance shall, provided that there are sufficient assets in the
Trust Fund, include the aggregate amount of all payments which would have been made to such Trust
Beneficiary in accordance with the relevant provisions of the Plan during the period of such
discontinuance, less the aggregate amount of any payments made to such Trust Beneficiary by the
Employer during any such period of discontinuance.

SECTION 9. Third Parties.

     A third party dealing with the Trustee shall not be required to make inquiry as to the
authority of the Trustee to take any action nor be under any obligation to see to the proper
application by the Trustee of the proceeds of sale of any property sold by the Trustee or to
inquire into the validity or propriety of any act of the Trustee.

- 6 -

 

SECTION 10. Taxes, Expenses and Trustee Fees.

     10.1 The Employer shall from time to time pay taxes of any and all kinds whatsoever which at
any time are lawfully levied or assessed upon or become payable in respect of the Trust Fund, the
income or any property forming a part thereof, or any security transaction pertaining thereto.
Subject to the provisions of Section 6.1 hereof, to the extent that any taxes levied or assessed
upon the Trust Fund are not paid by the Employer, the Trustee shall pay such taxes out of the Trust
Fund. The Trustee shall if requested by the Employer, or may, in its discretion, contest the
validity of taxes in any manner deemed appropriate by the Employer or its counsel, but at the
Employer’s expense, and only if it has received an indemnity bond or other security satisfactory to
it to pay any such expenses. In the alternative, the Employer may itself contest the validity of
any such taxes. The Trustee will withhold federal and state income taxes from any payments made to
a Trust Beneficiary in accordance with Section 6.1 of this Agreement.

     10.2 The Employer shall pay the Trustee a fee of $0.00 annually as compensation for its
services hereunder. The Trustee fee may be changed by the Trustee upon 90 days prior written
notice to the Employer. The Employer also shall pay the administrative expenses and other expenses
incurred by the Trustee in the performance of its duties under this Trust Agreement, including but
not limited to brokerage commissions, fees of counsel engaged by the Trustee pursuant to Section
5.1(h) hereof and fees for preparation of annual trust tax returns. Such fees and expenses shall be
charged against and paid from the Trust Fund, to the extent the Employer does not pay such fees and
expenses.

SECTION 11. Administration and Records.

     11.1 The Trustee shall keep or cause to be kept accurate and detailed accounts of any
investments, receipts, disbursements and other transactions under the Trust and all accounts, books
and records relating thereto shall be open to inspection and audit at all reasonable times by any
person designated by the Employer. All such accounts, books and records shall be preserved (in
original form, or on microfilm, magnetic tape or any other similar process) for such period as the
Trustee may determine, but the Trustee may only destroy such accounts, books and records after
first notifying the Employer in writing of its intention to do so and transferring to Employer any
of such accounts, books and records requested.

     11.2 Within ninety (90) days after the close of each Plan Year (as such term is defined in the
Plan), and within ninety (90) days after the removal or resignation of the Trustee or the
termination of the Trust, the Trustee shall file with the Employer a written account setting forth
all investments, receipts, disbursements and other transactions effected by it during the preceding
Plan Year, or during the period from the close of the preceding Plan Year to the date of such
removal, resignation or termination, including a description of all investments and securities
purchased and sold with the cost or net proceeds of such purchases or sales and showing all cash,
securities and other property held at the end of such Plan Year or other period. Upon the
expiration of ninety (90) days from the date of filing such annual or other account, the Trustee
shall to the maximum extent permitted by applicable law be forever released and discharged from all
liability and accountability with respect to the propriety of its acts and transactions shown in
such account except with respect to any such acts or transactions as to which the Employer shall
within such ninety (90) day period file with the Trustee written objections.

- 7 -

 

     11.3 The Trustee shall upon the Employer’s reasonable request permit an independent public
accountant selected by the Employer to have access during ordinary business hours to such records
as may be necessary to audit the Trustee’s accounts for the Trust.

     11.4 As of each valuation date set forth in the Plan and at such other times as is necessary
or as the Trustee and Employer agree, the fair market value of the assets held in the Trust Fund
shall be determined. The valuation shall be based, without independent investigation, upon
valuations provided by investment managers, trustees of common trust funds, sponsors of mutual
funds and records of securities exchanges. Notwithstanding the foregoing, the Trustee shall not be
responsible for providing the value of any bank investment contracts, structured or synthetic
investment contracts or insurance contracts, or for any asset which is not liquid or not publicly
traded, the value of which shall be provided by the Employer. The Trustee may obtain the opinions
of qualified appraisers, as necessary in the discretion of the Trustee, to determine the fair
market value of any security or other obligation issued by the Employer, the fees of which
appraiser shall, unless paid by the Employer, be paid from the Trust Fund.

     11.5 Nothing contained in this Trust Agreement shall be construed as depriving the Trustee or
Employer of the right to have a judicial settlement of the Trustee’s accounts.

     11.6 In the event of the removal or resignation of the Trustee, the Trustee shall deliver to
the successor trustee all records which shall be required by the successor trustee to enable it to
carry out the provisions of this Trust Agreement.

     11.7 The Trustee shall prepare and file such tax reports and other returns as the Employer and
the Trustee may from time to time agree to in writing.

SECTION 12. Removal or Resignation of the Trustee

and Designation of Successor Trustee.

     12.1 At any time the Employer may remove the Trustee with or without cause, upon at least
sixty (60) days advance written notice to the Trustee.

     12.2 The Trustee may resign at any time upon at least sixty (60) days advance written notice
to the Employer.

     12.3 In the event of such removal or resignation, the Trustee shall duly file with the
Employer a written account as provided in Section 11.2 of this Trust Agreement for the period since
the last previous annual accounting, listing the investments of the Trust and any uninvested cash
balance thereof, and setting forth all receipts, disbursements, distributions and other
transactions respecting the Trust not included in any previous account, and if written objections
to such account are not filed as provided in Section 11.2, the Trustee shall to the maximum extent
permitted by applicable law be forever released and discharged from all liability and
accountability with respect to the propriety of its acts and transactions shown in such account.

     12.4 Prior to the effective date of the removal or resignation of the Trustee, the Employer
shall designate a successor trustee qualified to act hereunder. In the event that the Employer
fails to designate a successor trustee as of the effective date of the Trustee’s resignation or
removal, the Trustee shall have the right to apply to a court of competent

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jurisdiction for the appointment of a successor. All of the Trustee’s expenses in such court
proceeding, including attorneys’ fees, shall, if not paid by the Employer, be allowed as
administrative expenses of the Trust. Each such successor trustee, during such period as it shall
act as such, shall have the powers and duties herein conferred upon the Trustee, and the word
“Trustee” wherever used herein, except where the context otherwise requires, shall be deemed to
include any successor trustee. Upon designation of a successor trustee and delivery to the
resigned or removed Trustee of written acceptance by the successor trustee of such designation,
such resigned or removed Trustee shall promptly assign, transfer, deliver and pay over to such
Trustee, in conformity with the requirements of applicable law, the funds and properties in its
control or possession then constituting the Trust Fund.

SECTION 13. Enforcement of Trust Agreement and Legal Proceedings.

     The Employer shall have the right to enforce any provision of this Trust Agreement, and any
Trust Beneficiary shall have the right as a beneficiary of the Trust to enforce any provision of
this Trust Agreement that affects the right, title and interest of such Trust Beneficiary in the
Trust. In any action or proceedings affecting the Trust, the only necessary parties shall be the
Employer, the Trustee and the Trust Beneficiaries and, except as otherwise required by applicable
law, no other person shall be entitled to any notice or service of process. Any judgment entered
in such an action or proceedings shall, to the maximum extent permitted by applicable law, be
binding and conclusive on all persons having or claiming to have any interest in the Trust.

SECTION 14. Termination and Suspension.

     The Trust shall terminate when all payments, which have or may become payable to Trust
Beneficiaries pursuant to the terms of the Plan, have been made or the Trust Fund has been
exhausted. The Employer also may terminate the Trust prior to the time that all benefit payments
have been made pursuant to the Plan, upon written approval of all Trust Beneficiaries entitled to
payment of benefits under the Plan. The Trustee shall have no duty to determine whether all
benefit payments have been made to Trust Beneficiaries and may rely on the Employer’s notification
regarding such payment. Upon termination of the Trust, all remaining assets shall then be paid by
the Trustee to Employer.

SECTION 15. Amendments.

     15.1 The Employer and the Trustee may from time to time by written instrument, amend any or
all of the provisions of this Trust Agreement. Notwithstanding the foregoing, no such amendment
shall conflict with the terms of the Plan(s) or shall make the Trust revocable after it has become
irrevocable in accordance with Section 3 hereof.

     15.2 The Employer shall furnish the Trustee with a copy of all amendments to the Plan prior to
their adoption.

SECTION 16. Nonalienation.

     Except insofar as applicable law may otherwise require and subject to Sections 1, 3 and 8 of
this Trust Agreement: (i) no amount payable to or in respect of any Trust Beneficiary at any

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time under the Trust shall be subject to any manner of alienation by anticipation, sale,
transfer, assignment, bankruptcy, pledge, attachment, charge or encumbrance of any kind, and any
attempt to so alienate, sell, transfer, assign, pledge, attach, charge or otherwise encumber any
such amount, whether presently or thereafter payable, shall be void; and (ii) the Trust Fund shall
in no manner be liable for or subject to the debts or liabilities of any Trust Beneficiary.

SECTION 17. Communications.

     17.1 Communications to the Employer shall be addressed to the Employer at 584 Derby Milford
Road, Orange, CT 06477; provided, however, that upon the Employer’s written request, such
communications shall be sent to such other address as the Employer may specify.

     17.2 Communications to the Trustee shall be addressed to T. Rowe Price Trust Company at 100
East Pratt Street, Baltimore, Maryland 21202; Attention Legal Department; provided, however, that
upon the Trustee’s written request, such communications shall be sent to such other address as the
Trustee may specify.

     17.3 No communication shall be binding on the Trustee until it is received by the Trustee, and
no communication shall be binding on the Employer until it is received by the Employer.

     17.4 Any action of the Employer pursuant to this Trust Agreement, including all orders,
requests, directions, instructions, approvals and objections of the Employer to the Trustee, shall
be in writing or by such electronic transmission as agreed upon by the Employer and the Trustee,
signed on behalf of the Employer by any duly authorized officer of the Employer. Any communication
by a Trust Beneficiary with the Trustee must be in writing in order to have effect. The Trustee
may rely on, and will be fully protected with respect to, any such action taken or omitted in
reliance on any information, order, request, direction, instruction, approval, objection, or list
delivered to the Trustee by the Employer.

SECTION 18. Indemnification.

     The Employer shall indemnify and hold harmless the Trustee (including its affiliates,
representatives, agents and employees) from and against any liability, cost or other expense,
including, but not limited to, the payment of attorneys’ fees that the Trustee incurs in
prosecuting or defending against any claim or litigation in connection with the Trust or that the
Trustee otherwise incurs in connection with this Trust Agreement or the Plan, unless such
liability, cost or other expense arises from the Trustee’s own willful misconduct or gross
negligence.

SECTION 19. Miscellaneous Provisions.

     19.1 Successors and Assigns. This Trust Agreement shall be binding upon and inure to
the benefit of the Employer and the Trustee and their respective successors and assigns.

     19.2 No Assumption/Limitation of Duties. The Trustee assumes no obligation or
responsibility with respect to any action required by this Trust Agreement on the part of the
Employer. The duties of the Trustee with respect to the Plan and this Trust are limited to those

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as specifically set forth under the terms of this Trust Agreement. Without limiting the generality
of the preceding sentence, the Trustee is not a party to the Plan, has no obligation to know
or interpret any provision of the Plan, assumes no responsibility for plan design, and assumes no
responsibility for any particular tax effect for any person with respect to or arising out of the
Plan or this Trust.

     19.3 Headings. Titles to the Sections as well as all headings and subheadings of this
Trust Agreement are included for convenience only and shall not control the meaning or
interpretation of any provision of this Trust Agreement.

     19.4 Conflict with Plan. In the event of any conflict between the provisions of the
Plan document and this Trust Agreement, the provisions of this Trust Agreement shall prevail.

     19.5 Construction. Whenever used in this Trust Agreement, unless the context
indicates otherwise, the singular shall include the plural, the plural shall include the singular,
and the male gender shall include the female gender.

     19.6 Severability. If any provision of this Trust Agreement is held invalid or
unenforceable, such invalidity or unenforceability shall not affect any other provision, and this
Agreement shall be construed and enforced as if such provision had not been included.

     19.7 Law to Govern. This Trust Agreement and the Trust established hereunder shall be
governed by and construed, enforced and administered in accordance with the laws of the State of
Maryland and the Trustee shall be liable to account only in the courts of the State of Maryland.

     19.8 Counterparts. This Trust Agreement may be executed in any number of
counterparts, each of which shall be deemed to be the original and all of which together shall
constitute one and the same instrument.

     19.9 Trustee as Successor Trustee. If the Trustee is acting as a successor trustee
with respect to the Trust, the Employer shall indemnify the Trustee against all liabilities with
respect to the Trust arising prior to the appointment of the Trustee and its acceptance thereof.

     19.10 Patriot Act Compliance. Pursuant to federal law, the Trustee is required to
obtain certain information relating to the Trust and/or the Employer and to verify and maintain the
information. Also under federal law, the Trustee is required to provide the following notice:
Before the Trust can be funded, the Trustee must have or be provided with: (a) the taxpayer
identification number of the Trust and/or the Employer (or have a copy of a submitted taxpayer
identification number application for the Trust); (b) a signed copy of the Trust Agreement; and (c)
the Employer’s street address (a place to contact the Employer for matters regarding the Trust).
If the Trustee is not provided or able to verify any such information, the Trust may be frozen or
closed.

     19.11 Effective Date. This Agreement shall be effective as of the date of transfer to
T. Rowe Trust Company of the assets which are to be held in trust pursuant to this Agreement but in
any event no earlier than January 1, 2008.

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     19.12 Signature Authority and Conformity with the Plan. The person executing this
Trust Agreement on behalf of the Employer certifies that he or she is duly authorized by the
Employer consistent with the terms of the Plan to do so. The Employer represents that copies of
all Plan documents as in effect on the date of this Trust Agreement have been delivered to the
Trustee.

     IN WITNESS WHEREOF, this Trust Agreement has been duly executed by the parties hereto.

	 	 	 	 	 	 	 	 	 
	Attest/Witness:	 	 	 	HUBBELL INCORPORATED	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ James H. Biggart	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	James H. Biggart	 	 
	 

	 	 	 	Title:	 	Vice President and Treasurer 	 	 
	 

	 	 	 	Date:	 	December 4, 2007	 	 
	 
	 	 	 	 	 	 	 	 
	Attest/Witness:	 	 	 	T. ROWE PRICE TRUST COMPANY	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Steve Clark	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Vice President	 	 
	 

	 	 	 	Name:	 	Steve Clark	 	 
	 

	 	 	 	Date:	 	December 10, 2007	 	 

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