Document:

EX-10.JJ

 

Exhibit 10.jj

HUBBELL INCORPORATED

EXECUTIVE DEFERRED COMPENSATION PLAN

Effective January 1, 2008

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Article I. Definitions
	 	 	1	 
	 
	 	 	 	 
	Article II. Selection, Enrollment, Eligibility
	 	 	5	 
	 
	 	 	 	 
	Article III. Deferral Commitments/Company Contribution Amounts/ Vesting/Crediting/Taxes
	 	 	6	 
	 
	 	 	 	 
	Article IV. In-Service Distribution; Unforeseeable Emergencies
	 	 	10	 
	 
	 	 	 	 
	Article V. Change in Control
	 	 	11	 
	 
	 	 	 	 
	Article VI. Separation from Service, Disability or Death
	 	 	12	 
	 
	 	 	 	 
	Article VII. Beneficiary Designation
	 	 	13	 
	 
	 	 	 	 
	Article VIII. Leave of Absence
	 	 	14	 
	 
	 	 	 	 
	Article IX. Termination of Plan, Amendment or Modification
	 	 	15	 
	 
	 	 	 	 
	Article X. Administration
	 	 	15	 
	 
	 	 	 	 
	Article XI. Other Benefits and Agreements
	 	 	16	 
	 
	 	 	 	 
	Article XII. Claims Procedures
	 	 	16	 
	 
	 	 	 	 
	Article XIII. Trust
	 	 	18	 
	 
	 	 	 	 
	Article XIV. Miscellaneous
	 	 	19	 

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PURPOSE

     The purpose of this Plan is to provide nonqualified deferred compensation to a select group of
management or highly compensated Employees of Hubbell Incorporated, a Connecticut corporation, and
its subsidiaries. This Plan shall be unfunded for tax purposes and for purposes of Title I of
ERISA.

     This Plan is intended to comply with all applicable law, including Code Section 409A and
related Treasury guidance and Regulations, and shall be operated and interpreted in accordance with
this intention.

ARTICLE I.

DEFINITIONS

     For the purposes of this Plan, unless otherwise clearly apparent from the context, the
following phrases or terms shall have the following indicated meanings:

     1.1 “Account Balance” shall mean, with respect to a Participant, an entry on the records of
the Employer equal to the sum of the Participant’s Annual Accounts. The Account Balance shall be a
bookkeeping entry only and shall be utilized solely as a device for the measurement and
determination of the amounts to be paid to a Participant, or his or her designated Beneficiary,
pursuant to this Plan.

     1.2 “Annual Account” shall mean, with respect to a Participant, an entry on the records of the
Employer equal to (a) the sum of the Participant’s Annual Deferral Amount, Company Contribution
Amount (if any) for any one Plan Year, plus (b) amounts credited or debited to such amounts
pursuant to this Plan, less (c) all distributions made to the Participant or his or her Beneficiary
pursuant to this Plan that relate to the Annual Account for such Plan Year. The Annual Account
shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and
determination of the amounts to be paid to a Participant, or his or her designated Beneficiary,
pursuant to this Plan.

     1.3 “Annual Deferral Amount” shall mean that portion of a Participant’s Bonus, that a
Participant defers in accordance with Article III for any one Plan Year, without regard to whether
such amounts are withheld and credited during such Plan Year.

     1.4 “Base Salary” shall mean the base or regular cash salary relating to services performed
during any calendar year, excluding distributions from nonqualified deferred compensation plans,
bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive
payments, non-monetary awards and automobile and other allowances paid to a Participant for
services rendered (whether or not such amounts are included in the Employee’s gross income). Base
Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by
the Participant pursuant to all qualified or nonqualified plans of any Employer and shall be
calculated to include amounts not otherwise included in the Participant’s gross income under Code
Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer; provided,
however, that all such amounts will be included in compensation only to the extent that had there
been no such plan, the amount would have been payable in cash to the Employee.

 

 

     1.5 “Beneficiary” shall mean one or more persons, trusts, estates or other entities,
designated in accordance with Article X, that are entitled to receive benefits under this Plan upon
the death of a Participant.

     1.6 “Board” shall mean the board of directors of the Company.

     1.7 “Bonus” shall mean any cash incentive or bonus compensation, in addition to Base Salary,
earned by a Participant under any Employer’s annual bonus and cash incentive plans, but shall not
include any stock options, stock appreciation rights, restricted stock, commissions or fringe
benefits. A Participant’s Bonus shall be calculated before reduction for compensation voluntarily
deferred or contributed by the Participant pursuant to all qualified or nonqualified plans of any
Employer and shall be calculated to include amounts not otherwise included in the Participant’s
gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to plans established by
any Employer; provided, however, that all such amounts will be included in compensation only to the
extent that had there been no such plan, the amount would have been payable in cash to the
Employee.

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

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

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

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

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

          (b) Any person or persons acting as a group (within the meaning of Treas. Reg.
§1.409A-3(i)(5)(vi)(D)), acquires (or has acquired within the 12 month period ending on the date of
the last acquisition by such person or persons) directly or indirectly, thirty percent (30%) or
more of the voting power of the then outstanding securities of the Company entitled to vote for the
election of the Company’s directors; provided that this Section 1.9(b) shall not apply with respect
to any acquisition of securities by (i) the trust under a Trust Indenture dated September 2, 1957
made by Louie E. Roche, (ii) the trust under a Trust Indenture dated August 23, 1957 made by Harvey
Hubbell, and (iii) any employee benefit plan (within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended) maintained by an Employer or any affiliate of
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

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securities of the Company entitled to vote for the election of the Company’s directors or (ii)
the fair market value of the Company; provided that this Section 1.9(c) shall not apply with
respect to any acquisition of securities by (i) the trust under a Trust Indenture dated September
2, 1957 made by Louie E. Roche, (ii) the trust under a Trust Indenture dated August 23, 1957 made
by Harvey Hubbell, and (iii) any employee benefit plan (within the meaning of Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended) maintained by an Employer or any
affiliate of the Company; or

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

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

     1.10 “Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to
time.

     1.11 “Committee” shall mean the committee described in Article XIII.

     1.12 “Company” shall mean Hubbell Incorporated, a Connecticut corporation, and any successor
to all or substantially all of the Company’s assets or business.

     1.13 “Company Contribution Amount” shall mean, for any one Plan Year, the amount determined in
accordance with Section 3.4(a).

     1.14 “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.

     1.15 “Director” shall mean a member of the board of directors of the Company.

     1.16 “Disability” or “Disabled” shall mean that a Participant is either (a) unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, or (b) by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, receiving income replacement benefits for a period of
not less than 3 months under an accident and health plan covering employees of the Participant’s
Employer. For purposes of this Plan, a Participant shall be deemed Disabled if determined to be
totally disabled by the Social Security Administration. A Participant shall also be deemed
Disabled if determined to be disabled in accordance with the applicable disability insurance
program of such Participant’s Employer, provided that the definition of “disability” applied under
such disability insurance program complies with the requirements of this Section.

     1.17 “Distribution Date” shall mean the date upon which all or an objectively determinable
portion of a Participant’s vested benefits will become eligible for distribution. Except as
otherwise provided in the Plan, a Participant’s Distribution Date shall be determined based on the earliest to occur of an event or scheduled date set forth in Articles IV through
VI, as applicable.

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     1.18 “Election Form” shall mean the form, which may be in electronic format, established from
time to time by the Committee that a Participant completes, signs and returns to the Committee to
make an election under the Plan.

     1.19 “Eligible Employee” shall mean a person who (for any Plan Year or portion thereof) is:
(1) an Employee of an Employer; (2) subject to U.S. income tax laws; and (3) designated by the
Committee as eligible to participate in the Plan, or a member of a group of Employees designated by
the Committee as eligible to participate in the Plan, as determined from time to time.

     1.20 “Employee” shall mean a person who is an employee of an Employer.

     1.21 “Employer(s)” shall mean:

          (a) except as otherwise provided in part (b) of this Section 1.22, the Company and/or any of
its subsidiaries (now in existence or hereafter formed or acquired), and

          (b) for the purpose of determining whether a Participant has experienced a Separation from
Service:

               (i) the entity for which the Participant performs services and with respect to which
the legally binding right to compensation deferred or contributed under this Plan arises;
and

               (ii) all other entities with which the entity described above would be aggregated and
treated as a single employer under Code Section 414(b), or as applicable, however
substituting 50% for wherever 80% appears in, and otherwise must be used when applying, the
applicable provisions of (A) Code Section 1563 for determining a controlled group of
corporations under Code Section 414(b), and (B) Treas. Reg. §1.414(c)-2 for determining the
trades or businesses that are under common control under Code Section 414(c).

     1.22 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be
amended from time to time.

     1.23 “401(k) Plan” shall mean, the Hubbell Incorporated Employee Savings and Investment Plan
as it may be amended from time to time, or any successor thereto.

     1.24 “Participant” shall mean an Employee who has an Account Balance under the Plan.

     1.25 “Performance-Based Compensation” shall mean compensation the entitlement to or amount of
which is contingent on the satisfaction of pre-established organizational or individual performance
criteria relating to a performance period of at least 12 consecutive months, as determined by the
Committee in accordance with Treas. Reg. §1.409A-1(e).

     1.26 “Plan” shall mean the Hubbell Incorporated Executive Deferred Compensation Plan, as set
forth herein as amended from time to time, and by any other documents that together

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with this
document define a Participant’s rights to amounts credited to his or her Account Balance.

     1.27 “Plan Year” shall mean a period beginning on January 1 of each calendar year and
continuing through December 31 of such calendar year.

     1.28 “Separation from Service” shall mean a termination of services provided by a Participant
to his or her Employer, whether voluntarily or involuntarily, other than by reason of death or
Disability, as determined by the Committee in accordance with Treas. Reg. §1.409A-1(h).

     1.29 “Trust” shall mean one or more trusts established by the Company in accordance with
Article XIII.

     1.30 “Unforeseeable Emergency” shall mean a severe financial hardship of the Participant
resulting from (a) an illness or accident of the Participant, the Participant’s spouse, the
Participant’s Beneficiary or the Participant’s dependent (as defined in Code Section 152 without
regard to paragraphs (b)(1), (b)(2) and (d)(1)(b) thereof), (b) a loss of the Participant’s
property due to casualty, or (c) such other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant, all as determined by the
Committee based on the relevant facts and circumstances.

ARTICLE II.

SELECTION, ENROLLMENT, ELIGIBILITY

     2.1 Designation by Committee. Participation in the Plan shall be limited to Eligible
Employees. The Committee shall designate the Employees or groups of Employees who are eligible to
participate in the Plan.

     2.2 Enrollment and Eligibility Requirements; Commencement of Participation.

          (a) As a condition to participation, each Eligible Employee shall complete, execute and return
to the Committee an Election Form by the deadline(s) established by the Committee in accordance
with the applicable provisions of this Plan. In addition, the Committee shall establish from time
to time such other enrollment requirements as it determines, in its sole discretion, are necessary.

          (b) Each Eligible Employee who is eligible to participate in the Plan shall commence
participation in the Plan on the date that the Committee determines that the Eligible Employee has
met all enrollment requirements set forth in this Plan and required by the Committee, including
returning all required documents to the Committee within the specified time period.

          (c) If an Eligible Employee fails to meet all requirements established by the Committee within
the period required, that Employee shall not be eligible to participate in the Plan during such
Plan Year.

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          (d) A Participant shall not be permitted to make any deferrals to the Plan, if he ceases to be
an Eligible Employee. If a Participant ceases to be an Eligible Employee then his Accounts will
remain in and continue to be subject to the provisions of the Plan until fully distributed from the
Plan and the Participant has no further Account Balance.

ARTICLE III.

DEFERRAL COMMITMENTS/COMPANY CONTRIBUTION AMOUNTS/

VESTING/CREDITING/TAXES

     3.1 Maximum Deferral.

          (a) Annual Deferral Amount. For each Plan Year, a Participant may elect to defer, as
his or her Annual Deferral Amount, a percentage of his or her Bonus, up to such percentage as is
determined by the Committee from time to time (such percentage not to exceed 50%); provided,
however, that the amount deferred under the Plan shall be only the amount that is in excess of the
sum of (i) the amount first elected to be deferred into the 401(k) Plan for such Plan Year
(regardless of any subsequent changes to such election during the Plan Year), (ii) the amount
necessary for the Employer to satisfy any income and employment tax withholding obligations with
respect to such Participant for such Plan Year, and (iii) the contributions by the Participant to
or any other employee benefit plan of the Employer.

          (b) Short Plan Year. Notwithstanding the foregoing, if a Participant first becomes a
Participant after the first day of a Plan Year, then to the extent required by Section 3.2 and Code
Section 409A and related Treasury Regulations, the maximum amount of the Participant’s Bonus that
may be deferred by the Participant for the Plan Year shall be determined by applying the
percentages elected by the Participant to the portion of such Bonus attributable to services
performed after the date that the Participant’s deferral election is made.

          (c) Limitation on Bonus Deferral. Notwithstanding subsection (a), a Participant’s
deferral of Bonus for a Plan Year shall not be greater than the excess, if any, of: (i) the sum of
the Participant’s Base Salary for such Plan Year and the Participant’s Bonus for such Plan Year,
over (ii) the limitation imposed on the Participant’s annual compensation pursuant to Section
401(a)(17) of the Code for the Plan Year in which the Bonus (or portion thereof) is payable.

     3.2 Timing of Deferral Elections; Effect of Election Form.

          (a) General Timing Rule for Deferral Elections. Except as otherwise provided in this
Section 3.2, in order for a Participant to make a valid election to defer Bonus the Participant
must submit an Election Form on or before the deadline established by the Committee, which in no
event shall be later than the December 31st preceding the Plan Year in which such
compensation will be earned.

          Any deferral election made in accordance with this Section 3.2(a) shall be irrevocable;
provided, however, that if the Committee permits or requires Participants to make a deferral
election by the deadline described above for an amount that qualifies as Performance-Based
Compensation, the Committee may permit a Participant to subsequently change his or her

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deferral election for such compensation by submitting a new Election Form in accordance with
Section 3.2(c) below.

          (b) Timing of Deferral Elections for Newly Eligible Plan Participants. An Eligible
Employee who first becomes eligible to participate in the Plan on or after the beginning of a Plan
Year may be permitted to make an election to defer the portion of Bonus attributable to services to
be performed after such election, provided that the Participant submits an Election Form on or
before the deadline established by the Committee, which in no event shall be later than 30 days
after the Participant first becomes eligible to participate in the Plan.

          If a deferral election made in accordance with this Section 3.2(b) relates to compensation
earned based upon a specified performance period, the amount eligible for deferral shall be equal
to (i) the total amount of compensation for the performance period, multiplied by (ii) a fraction,
the numerator of which is the number of days remaining in the service period after the
Participant’s deferral election is made, and the denominator of which is the total number of days
in the performance period.

          Any deferral election made in accordance with this Section 3.2(b) shall become irrevocable no
later than the 30th day after the date the Eligible Employee becomes eligible to
participate in the Plan.

          (c) Timing of Deferral Elections for Performance-Based Compensation. Subject to the
limitations described below, the Committee may determine that an irrevocable deferral election for
an amount that qualifies as Performance-Based Compensation may be made by submitting an Election
Form on or before the deadline established by the Committee, which in no event shall be later than
6 months before the end of the performance period.

          In order for a Participant to be eligible to make a deferral election for Performance-Based
Compensation in accordance with the deadline established pursuant to this Section 3.2(c), the
Participant must have performed services continuously from the later of (i) the beginning of the
performance period for such compensation, or (ii) the date upon which the performance criteria for
such compensation are established, through the date upon which the Participant makes the deferral
election for such compensation. In no event shall a deferral election submitted under this Section
3.2(c) be permitted to apply to any amount of Performance-Based Compensation that has become
readily ascertainable.

     3.3 Withholding and Crediting of Annual Deferral Amounts. The Annual Deferral Amount
shall be withheld at the time the Bonus otherwise would be paid to the Participant, whether or not
this occurs during the Plan Year itself. Annual Deferral Amounts shall be credited to the
Participant’s Annual Account for such Plan Year at the time such amounts would otherwise have been
paid to the Participant.

     3.4 Company Contribution Amount.

          (a) For each Plan Year, an Employer, in its sole discretion, may, but is not required to,
credit any amount it desires to any Participant’s Annual Account under this Plan, which amount
shall be part of the Participant’s Company Contribution Amount for that Plan Year. The amount so
credited to a Participant may be smaller or larger than the amount credited to any other
Participant, and the amount credited to any Participant for a Plan Year may be zero,

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even though one or more other Participants receive a Company Contribution Amount for that Plan
Year. The Company Contribution Amount described in this Section 3.4(a), if any, shall be credited
to the Participant’s Annual Account for the applicable Plan Year on a date or dates to be
determined by the Committee.

(b) If not otherwise specified in an agreement entered into between the Participant and the
Employer, the amount (or the method or formula for determining the amount) of a Participant’s
Company Contribution Amount shall be set forth in writing in one or more documents, which shall be
deemed to be incorporated into this Plan in accordance with Section 1.26, no later than the date on
which such Company Contribution Amount, as applicable is credited to the applicable Annual Account
of the Participant.

     3.5 Vesting.

          (a) A Participant shall at all times be 100% vested in the portion of his or her Account
Balance attributable to Annual Deferral Amounts, plus amounts credited or debited on such amounts
pursuant to Section 3.6.

          (b) In the event that an Employer makes a Company Contribution Amount, such contributions may
be subject to vesting and forfeiture based on a Participant’s continued employment, and/or years of
service with the Employer, as may be determined by the Employer. In such case the Employer shall
set forth in writing, which shall be deemed to be incorporated into this Plan in accordance with
Section 1.26, any such vesting provisions,

     3.6 Crediting/Debiting of Account Balances. In accordance with, and subject to, the
rules and procedures that are established from time to time by the Committee, in its sole
discretion, amounts shall be credited or debited to a Participant’s Account Balance in accordance
with the following rules:

          (a) Measurement Funds. The Participant may elect one or more of the measurement funds
selected by the Committee, in its sole discretion, which are based on certain mutual funds (the
“Measurement Funds”), for the purpose of crediting or debiting additional amounts to his or her
Account Balance. As necessary, the Committee may, in its sole discretion, discontinue, substitute
or add a Measurement Fund.

          (b) Election of Measurement Funds. A Participant, in connection with his or her
initial deferral election in accordance with Section 3.2 above, shall elect, on the Election Form,
one or more Measurement Fund(s) (as described in Section 3.6(a) above) to be used to determine the
amounts to be credited or debited to his or her Account Balance. If a Participant does not elect
any of the Measurement Funds as described in the previous sentence, the Participant’s Account
Balance shall automatically be allocated into a default Measurement Fund, selected by the
Committee, in its sole discretion. The Participant may (but is not required to) elect, by
submitting an Election Form to the Committee that is accepted by the Committee or in such other
manner as is prescribed by the Committee from time to time, to add or delete one or more
Measurement Fund(s) to be used to determine the amounts to be credited or debited to his or her
Account Balance, or to change the portion of his or her Account Balance allocated to each
previously or newly elected Measurement Fund. If an election is made in accordance with the

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previous sentence, it shall apply as of the first business day deemed reasonably practicable
by the Committee, in its sole discretion, and shall continue thereafter for each subsequent day in
which the Participant participates in the Plan, unless changed in accordance with the previous
sentence. Notwithstanding the foregoing, the Committee, in its sole discretion, may impose
limitations on the frequency with which one or more of the Measurement Funds elected in accordance
with this Section 3.6(b) may be added or deleted by such Participant; furthermore, the Committee,
in its sole discretion, may impose limitations on the frequency with which the Participant may
change the portion of his or her Account Balance allocated to each previously or newly elected
Measurement Fund.

          (c) Proportionate Allocation. In making any election described in Section 3.6(b)
above, the Participant shall specify on the Election Form, in increments of one percent (1%), the
percentage of his or her Account Balance or Measurement Fund, as applicable, to be
allocated/reallocated.

          (d) Crediting or Debiting Method. The performance of each Measurement Fund (either
positive or negative) will be determined on a daily basis based on the manner in which such
Participant’s Account Balance has been hypothetically allocated among the Measurement Funds by the
Participant.

          (e) No Actual Investment. Notwithstanding any other provision of this Plan that may
be interpreted to the contrary, the Measurement Funds are to be used for measurement purposes only,
and a Participant’s election of any such Measurement Fund, the allocation of his or her Account
Balance thereto, the calculation of additional amounts and the crediting or debiting of such
amounts to a Participant’s Account Balance shall not be considered or construed in any manner as an
actual investment of his or her Account Balance in any such Measurement Fund. In the event that
the Company or any trustee, in its own discretion, decides to invest funds in any or all of the
investments on which the Measurement Funds are based, no Participant shall have any rights in or to
such investments themselves. Without limiting the foregoing, a Participant’s Account Balance shall
at all times be a bookkeeping entry only and shall not represent any investment made on his or her
behalf by the Company or any Trust; the Participant shall at all times remain an unsecured creditor
of the Company.

     3.7 FICA and Other Taxes.

          (a) Annual Deferral Amounts. For each Plan Year in which an Annual Deferral Amount is
being withheld from a Participant, the Participant’s Employer(s) shall withhold from that portion
of the Participant’s Base Salary, Bonus or any other compensation that is not being deferred, in a
manner determined by the Employer(s), the Participant’s share of FICA and other employment taxes on
such Annual Deferral Amount. If necessary, the Committee may reduce the Annual Deferral Amount in
order to comply with this Section 3.7.

          (b) Company Contribution Amounts. When a Participant becomes vested in a portion of
his or her Account Balance attributable to any Company Contribution Amounts, the Participant’s
Employer(s) shall withhold from that portion of the Participant’s Base Salary, Bonus, or any other
compensation that is not deferred, in a manner determined by the Employer(s), the Participant’s
share of FICA and other employment taxes on such amounts. If

9

 

necessary, the Committee may reduce the vested portion of the Participant’s Company
Contribution Amount in order to comply with this Section 3.7.

          (c) Distributions. The Participant’s Employer(s), or any trustee of the Trust, shall
withhold from any payments made to a Participant under this Plan all federal, state and local
income, employment and other taxes required to be withheld by the Employer(s), or the trustee of
the Trust, in connection with such payments, in amounts and in a manner to be determined in the
sole discretion of the Employer(s) and any trustee of the Trust.

ARTICLE IV.

IN-SERVICE DISTRIBUTION; UNFORESEEABLE EMERGENCIES 

          4.1 In-Service Distributions. In connection with each election to defer an Annual
Deferral Amount, a Participant may elect to receive all or a portion of such Annual Deferral
Amount, plus amounts credited or debited on that amount pursuant to Section 3.6, in the form of a
lump sum payment, prior to incurring a Separation from Service, calculated as of the close of
business on or around the Distribution Date designated by the Participant in accordance with this
Section (an “In-Service Distribution”). The Distribution Date for the amount subject to an
In-Service Distribution election shall be the first business day of any Plan Year designated by the
Participant, which may be no sooner than two (2) Plan Years after the end of the Plan Year to which
the Participant’s deferral election relates, unless otherwise provided on an Election Form approved
by the Committee. A Participant may have in existence no more than five (5) In-Service
Distribution elections at any one time.

     Subject to the other terms and conditions of this Plan, each In-Service Distribution elected
shall be paid out during a thirty (30) day period commencing immediately after the Distribution
Date. By way of example, if an In-Service Distribution is elected for Annual Deferral Amounts that
are earned in the Plan Year commencing January 1, 2008, the earliest Distribution Date that may be
designated by a Participant would be the first business day of January, 2011, and the In-Service
Distribution would be paid out during the thirty (30) day period commencing immediately after such
Distribution Date.

     4.2 Postponing In-Service Distributions. A Participant may elect to postpone an
In-Service Distribution described in Section 4.1 above, and have such amount paid out during a
thirty (30) day period commencing immediately after an allowable alternative Distribution Date
designated in accordance with this Section 4.2. In order to make such an election, the Participant
must submit an Election Form to the Committee in accordance with the following criteria:

          (a) The election of the new Distribution Date shall have no effect until at least 12 months
after the date on which the election is made;

          (b) The new Distribution Date selected by the Participant for such In-Service Distribution
must be the first business day of a Plan Year that is no sooner than 5 years after the previously
designated Distribution Date; and

          (c) The election must be made at least 12 months prior to the Participant’s previously
designated Distribution Date for such In-Service Distribution.

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          For purposes of applying the provisions of this Section 4.2, a Participant’s election to
postpone an In-Service Distribution shall not be considered to be made until the date on which the
election becomes irrevocable. Such an election shall become irrevocable no later than the date
that is 12 months prior to the Participant’s previously designated Distribution Date for such
In-Service Distribution.

     4.3 Other Distributions Take Precedence Over In-Service Distributions. Should an
event occur prior to any Distribution Date designated for an In-Service Distribution that would
trigger payment under Articles V or VI, as applicable, all amounts subject to an In-Service
Distribution election shall be paid in accordance with the other applicable provisions of the Plan
and not in accordance with this Article IV.

     4.4 Unforeseeable Emergencies.

          (a) If a Participant experiences an Unforeseeable Emergency prior to the occurrence of a
distribution event described in Articles V or VI, as applicable, the Participant may petition the
Committee to receive a partial or full payout from the Plan. The payout, if any, from the Plan
shall not exceed the lesser of (i) the Participant’s vested Account Balance, calculated as of the
close of business on or around the Distribution Date for such payout, as determined by the
Committee in accordance with provisions set forth below, or (ii) the amount necessary to satisfy
the Unforeseeable Emergency, plus amounts necessary to pay Federal, state, or local income taxes or
penalties reasonably anticipated as a result of the distribution. A Participant shall not be
eligible to receive a payout from the Plan to the extent that the Unforeseeable Emergency is or may
be relieved (A) through reimbursement or compensation by insurance or otherwise, (B) by liquidation
of the Participant’s assets, to the extent the liquidation of such assets would not itself cause
severe financial hardship or (C) by cessation of deferrals under this Plan.

          If the Committee, in its sole discretion, approves a Participant’s petition for payout from
the Plan, the Participant’s Distribution Date for such payout shall be the date on which such
Committee approval occurs and such payout shall be distributed to the Participant in a lump sum no
later than thirty (30) days after such Distribution Date. In addition, in the event of such
approval the Participant’s outstanding deferral elections under the Plan shall be cancelled.

          (b) A Participant’s deferral elections under this Plan shall also be cancelled to the extent
the Committee determines that such action is required for the Participant to obtain a hardship
distribution from the 401(k) Plan pursuant to Treas. Reg. §1.401(k)-1(d)(3).

ARTICLE V.

CHANGE IN CONTROL 

     5.1 Change in Control of Hubbell. A Participant, in connection with his or her
commencement of participation in the Plan, shall have an opportunity to irrevocably elect to
receive his or her vested Account Balance in the form of a lump sum payment in the event that a
Change in Control of Hubbell occurs prior to the Participant’s Separation from Service, Disability
or death (a “Change in Control Distribution”). The Distribution Date for the Change in Control
Distribution, if any, shall be the date on which the Change in Control occurs.

11

 

          If a Participant elects not to receive a Change in Control Distribution, or fails to make an
election in connection with his or her commencement of participation in the Plan, the Participant’s
Account Balance shall be paid in accordance with the other applicable provisions of the Plan.

     5.2 Payment of Change in Control Distribution. The Change in Control Distribution, if
any, shall be calculated as of the close of business on or around the Participant’s Distribution
Date, as determined by the Committee, and paid to the Participant no later than thirty (30) days
after the Participant’s Distribution Date.

     5.3 Change in Control of Employer. Notwithstanding anything contained in the Plan to
the contrary, the provisions of this Section 5.3 shall apply solely with respect to any Participant
who is employed by an Employer involved in a Change in Control of Employer:

          (a) Such Participant shall be fully vested in his or her Account Balances as of the date of
the Change in Control of Employer.

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

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

               (ii) Terminate the Plan with respect to such Participants, in which case, the
Participant’s shall receive their Account Balances paid in a lump sum within thirty (30)
days of the date of the Change in Control of Employer.

ARTICLE VI.

SEPARATION FROM SERVICE, DISABILITY OR DEATH 

     6.1 Timing of Benefit. If a Participant experiences a Separation from Service,
becomes Disabled or dies while in the employ of the Employer then, the Participant (or in the case
of death the Designated Beneficiary) shall receive his or her vested Account Balance in either a
lump sum payment or annual installments as elected by the Participant in accordance with Section
6.2. A Participant’s vested Account Balance shall be distributed commencing on the first business
day of the seventh month following the date on which the Participant experiences such Separation
from Service and within thirty (30) days following the Participant’s Disability or death. If the
Participant elected to receive his or her vested Account Balance in installments, the second and
each subsequent installment shall be made on the first business day of the Plan Year next following
the Plan Year in which the first such installment was paid, each of which shall be a Distribution
Date. The Participant’s vested Account Balance shall be calculated on or around each Distribution
Date.

12

 

     6.2 Payment of Retirement Benefit.

          (a) In connection with a Participant’s election to defer an Annual Deferral Amount, the
Participant shall elect the form in which his or her Annual Account for such Plan Year will be
paid. The Participant may elect to receive each Annual Account in the form of a lump sum or in
installments over 5, 10 or 15 years. If the Participant elects installment, then the amount of
each annual payment due to the Participant shall be calculated by multiplying the Participant’s
vested Account Balance by a fraction, the numerator of which is one and the denominator of which is
the remaining number of annual payments due to the Participant. For purposes of this Plan, the
right to receive payment in annual installments shall be treated as the entitlement to a single
payment. If a Participant does not make any election with respect to the payment of an Annual
Account, then the Participant shall be deemed to have elected to receive such Annual Account as a
lump sum.

          (b) A Participant may change the form of payment for an Annual Account by submitting an
Election Form to the Committee in accordance with the following criteria:

     (i) The election shall not take effect until at least 12 months after the date
on which the election is made;

     (ii) The new Distribution Date for such Annual Account shall be 5 years after
the Distribution Date that would otherwise have been applicable to such Annual
Account; and

     (iii) The election must be made at least 12 months prior to the Distribution
Date that would otherwise have been applicable to such Annual Account.

          For purposes of applying the provisions of this Section 6.2(b), a Participant’s election to
change the form of payment for an Annual Account shall not be considered to be made until the date
on which the election becomes irrevocable. Such an election shall become irrevocable no later than
the date that is 12 months prior to the Distribution Date that would otherwise have been applicable
to such Annual Account. Subject to the requirements of this Section 6.2(b), the Election Form most
recently accepted by the Committee that has become effective for an Annual Account shall govern the
form of payout of such Annual Account.

ARTICLE VII.

BENEFICIARY DESIGNATION

     7.1 Beneficiary. Each Participant shall have the right, at any time, to designate his
or her Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable under
the Plan to a beneficiary upon the death of a Participant. The Beneficiary designated under this
Plan may be the same as or different from the Beneficiary designation under any other plan of an
Employer in which the Participant participates.

     7.2 Beneficiary Designation; Change; Spousal Consent. A Participant shall designate
his or her Beneficiary by completing and signing such forms as the Committee shall require, and
returning it to the Committee or its designated agent. A Participant shall have the

13

 

right to change a Beneficiary by completing, signing and otherwise complying with the terms of
the Committee’s rules and procedures, as in effect from time to time. If the Participant names
someone other than his or her spouse as a Beneficiary, the Committee may, in its sole discretion,
determine that spousal consent is required to be provided in a form designated by the Committee,
executed by such Participant’s spouse and returned to the Committee. The Committee shall be
entitled to rely on the last Beneficiary designation form filed by the Participant and accepted by
the Committee prior to his or her death.

     7.3 Acknowledgment. No designation or change in designation of a Beneficiary shall be
effective until received and acknowledged in writing by the Committee or its designated agent.

     7.4 No Beneficiary Designation. If a Participant fails to designate a Beneficiary as
provided in Sections 7.1, 7.2 and 7.3 above or, if all designated Beneficiaries predecease the
Participant or die prior to complete distribution of the Participant’s benefits, then the
Participant’s designated Beneficiary shall be deemed to be his or her surviving spouse. If the
Participant has no surviving spouse, the benefits remaining under the Plan to be paid to a
Beneficiary shall be payable to the executor or personal representative of the Participant’s
estate.

     7.5 Discharge of Obligations. The payment of benefits under the Plan to a Beneficiary
shall fully and completely discharge all Employers and the Committee from all further obligations
under this Plan with respect to the Participant, and that Participant’s Plan Agreement shall
terminate upon such full payment of benefits.

ARTICLE VIII.

LEAVE OF ABSENCE

     8.1 Paid Leave of Absence. If a Participant is authorized by the Participant’s
Employer to take a paid leave of absence from the employment of the Employer, and such leave of
absence does not constitute a Separation from Service, (a) the Participant shall continue to be
considered eligible for the benefits provided under the Plan, and (b) the Annual Deferral Amount
shall continue to be withheld during such paid leave of absence in accordance with Section 3.2.

     8.2 Unpaid Leave of Absence. If a Participant is authorized by the Participant’s
Employer to take an unpaid leave of absence from the employment of the Employer for any reason, and
such leave of absence does not constitute a Separation from Service, such Participant shall
continue to be eligible for the benefits provided under the Plan. During the unpaid leave of
absence, the Participant shall not be allowed to make any additional deferral elections. However,
if the Participant returns to employment, the Participant may elect to defer an Annual Deferral
Amount for the Plan Year following his or her return to employment and for every Plan Year
thereafter while a Participant in the Plan, provided such deferral elections are otherwise allowed
and an Election Form is delivered to and accepted by the Committee for each such election in
accordance with Section 3.2 above.

14

 

ARTICLE IX.

TERMINATION OF PLAN, AMENDMENT OR MODIFICATION

     9.1 Termination of Plan. Although each Employer anticipates that it will continue the
Plan for an indefinite period of time, there is no guarantee that any Employer will continue the
Plan or will not terminate the Plan at any time in the future. Accordingly, each Employer reserves
the right to terminate the Plan with respect to all of its Participants. In the event of a Plan
termination no new deferral elections shall be permitted for the affected Participants and such
Participants shall no longer be eligible to receive new company contributions. However, after the
Plan termination the Account Balances of such Participants shall continue to be credited with
Annual Deferral Amounts attributable to a deferral election that was in effect prior to the Plan
termination to the extent deemed necessary to comply with Code Section 409A and related Treasury
Regulations, and additional amounts shall continue to credited or debited to such Participants’
Account Balances pursuant to Section 3.6. The Measurement Funds available to Participants
following the termination of the Plan shall be comparable in number and type to those Measurement
Funds available to Participants in the Plan Year preceding the Plan Year in which the Plan
termination is effective. In addition, following a Plan termination, Participant Account Balances
shall remain in the Plan and shall not be distributed until such amounts become eligible for
distribution in accordance with the other applicable provisions of the Plan. Notwithstanding the
preceding sentence, to the extent permitted by Treas. Reg. §1.409A-3(j)(4)(ix), the Employer may
provide that upon termination of the Plan, all Account Balances of the Participants shall be
distributed, subject to and in accordance with any rules established by such Employer deemed
necessary to comply with the applicable requirements and limitations of Treas. Reg.
§1.409A-3(j)(4)(ix).

     9.2 Amendment. Any Employer may, at any time, amend or modify the Plan in whole or in
part with respect to that Employer. Notwithstanding the foregoing, no amendment or modification
shall be effective to decrease the value of a Participant’s vested Account Balance in existence at
the time the amendment or modification is made.

     9.3 Effect of Payment. The full payment of the Participant’s vested Account Balance
in accordance with the applicable provisions of the Plan shall completely discharge all obligations
to a Participant and his or her designated Beneficiaries under this Plan, and the Participant’s
Plan Agreement shall terminate.

ARTICLE X.

ADMINISTRATION

     10.1 Committee Duties. Except as otherwise provided in this Article X, this Plan
shall be administered by a Committee, which shall consist of the Board, or such committee as the
Board shall appoint. Members of the Committee may be Participants under this Plan. The Committee
shall also have the discretion and authority to (a) make, amend, interpret, and enforce all
appropriate rules and regulations for the administration of this Plan, and (b) decide or resolve
any and all questions, including benefit entitlement determinations and interpretations of this
Plan, as may arise in connection with the Plan. Any individual serving on the Committee who is a
Participant shall not vote or act on any matter relating solely to himself or herself. When

15

 

making a determination or calculation, the Committee shall be entitled to rely on information
furnished by a Participant or the Company.

     10.2 Binding Effect of Decisions. The decision or action of the Committee or
Administrator, as applicable, with respect to any question arising out of or in connection with the
administration, interpretation and application of the Plan and the rules and regulations
promulgated hereunder shall be final and conclusive and binding upon all persons having any
interest in the Plan.

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

ARTICLE XI.

OTHER BENEFITS AND AGREEMENTS

     11.1 Coordination with Other Benefits. The benefits provided for a Participant and
Participant’s Beneficiary under the Plan are in addition to any other benefits available to such
Participant under any other plan or program for employees of the Participant’s Employer. The Plan
shall supplement and shall not supersede, modify or amend any other such plan or program except as
may otherwise be expressly provided.

ARTICLE XII.

CLAIMS PROCEDURES

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

     12.2 Notification of Decision. The Committee shall consider a Claimant’s claim within
a reasonable time, but no later than 90 days after receiving the claim. If the Committee
determines that special circumstances require an extension of time for processing the claim,
written notice of the extension shall be furnished to the Claimant prior to the termination of the
initial 90 day period. In no event shall such extension exceed a period of 90 days from the end of
the initial period. The extension notice shall indicate the special circumstances requiring an

16

 

extension of time and the date by which the Committee expects to render the benefit
determination. The Committee shall notify the Claimant in writing:

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

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

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

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

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

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

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

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

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

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

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

     12.4 Decision on Review. The Committee shall render its decision on review promptly,
and no later than 60 days after the Committee receives the Claimant’s written request for a review
of the denial of the claim. If the Committee determines that special circumstances require an
extension of time for processing the claim, written notice of the extension shall be furnished to
the Claimant prior to the termination of the initial 60 day period. In no event shall such
extension exceed a period of 60 days from the end of the initial period. The extension notice
shall indicate the special circumstances requiring an extension of time and the date by which the
Committee expects to render the benefit determination. In rendering its decision, the Committee
shall take into account all comments, documents, records and other information

17

 

submitted by the Claimant relating to the claim, without regard to whether such information
was submitted or considered in the initial benefit determination. The decision must be written in
a manner calculated to be understood by the Claimant, and it must contain:

          (a) specific reasons for the decision;

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

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

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

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

ARTICLE XIII.

TRUST

     13.1 Establishment of the Trust. The Employer may enter into a trust agreement
creating an irrevocable grantor trust (the “Trust”) for the holding of cash and/or annuity
contracts for benefits accrued by the Participants under the Plan. Any assets of the Trust shall
be subject to the claims of creditors of the Participant’s Employer to the extent set forth in the
Trust and Participants’ interests in benefits under this Plan shall only be those of unsecured
creditors of the Employer. In the event of a Change of Control of Hubbell, the Company shall enter
into a trust agreement creating an irrevocable grantor trust for the holding of cash and/or annuity
contracts in respect of the benefits accrued by the Participants (whether current or former);
provided, further, that upon the occurrence of a Change of Control of Hubbell, the Company shall
transfer to the trustee of the foregoing trust the maximum amount of assets estimated to be
necessary to satisfy each Employer’s obligations hereunder, as in effect immediately prior to the
Change of Control of Hubbell.

     13.2 Interrelationship of the Plan and the Trust. The provisions of the Plan and the
Plan Agreement shall govern the rights of a Participant to receive distributions pursuant to the
Plan. The provisions of the Trust shall govern the rights of the Employers, Participants and the
creditors of the Employers to the assets transferred to the Trust. Each Employer shall at all
times remain liable to carry out its obligations under the Plan.

     13.3 Distributions From the Trust. Each Employer’s obligations under the Plan may be
satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such
distribution shall reduce the Employer’s obligations under this Plan.

18

 

ARTICLE XIV.

MISCELLANEOUS

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

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

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

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

     14.5 Not a Contract of Employment. Nothing contained herein shall be deemed to give
any individual the right to be retained in the service of the Employer or to interfere with the
rights of the Employer to discharge any individual at any time, with or without cause.

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

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

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

19

 

     14.9 Domestic Relations Orders. If necessary to comply with a domestic relations
order, as defined in Code Section 414(p)(1)(B), pursuant to which a court has determined that a
spouse or former spouse of a Participant has an interest in the Participant’s benefits under the
Plan, the Committee shall have the right to immediately distribute the spouse’s or former spouse’s
interest in the Participant’s benefits under the Plan to such spouse or former spouse.

     14.10 Distribution in the Event of Income Inclusion Under Code Section 409A. If any
portion of a Participant’s Account Balance under this Plan is required to be included in income by
the Participant prior to receipt due to a failure of this Plan to comply with the requirements of
Code Section 409A and related Treasury Regulations, the Committee may determine that such
Participant shall receive a distribution from the Plan in an amount equal to the lesser of (i) the
portion of his or her Account Balance required to be included in income as a result of the failure
of the Plan to comply with the requirements of Code Section 409A and related Treasury Regulations,
or (ii) the unpaid vested Account Balance.

          IN WITNESS WHEREOF, the Company has signed this Plan document as of                                         , 2007.

	 	 	 	 	 
	 	Hubbell Incorporated, a Connecticut corporation

 	 
	 	 	 
	 	By:  	 	 
	 	 	Its: 	 	 
	 	 	 	 	 

20EX-10.KK

 

Exhibit 10.kk

HUBBELL INCORPORATED

SUPPLEMENTAL MANAGEMENT RETIREMENT PLAN

Effective as of September 12, 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE I. PURPOSE
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II. DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE III. EFFECTIVE DATE
	 	 	4	 
	 
	 	 	 	 
	ARTICLE IV. ELIGIBILITY
	 	 	4	 
	 
	 	 	 	 
	ARTICLE V. RETIREMENT BENEFITS
	 	 	4	 
	 
	 	 	 	 
	ARTICLE VI. PAYMENT OF RETIREMENT BENEFITS
	 	 	6	 
	 
	 	 	 	 
	ARTICLE VII. DISABILITY BENEFIT
	 	 	7	 
	 
	 	 	 	 
	ARTICLE VIII. DEATH BENEFIT
	 	 	7	 
	 
	 	 	 	 
	ARTICLE IX. FUNDING
	 	 	8	 
	 
	 	 	 	 
	ARTICLE X. PLAN ADMINISTRATION
	 	 	9	 
	 
	 	 	 	 
	ARTICLE XI. AMENDMENT AND TERMINATION
	 	 	9	 
	 
	 	 	 	 
	ARTICLE XII. MISCELLANEOUS PROVISIONS
	 	 	10	 
	 
	 	 	 	 
	ARTICLE XIII. CHANGE OF CONTROL
	 	 	11	 
	 
	 	 	 	 
	ARTICLE XIV. CLAIMS PROCEDURES
	 	 	13	 

i

 

ARTICLE I.

PURPOSE

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

ARTICLE II.

DEFINITIONS

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

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

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

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

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

          (c) Any person or persons acting as a group (within the meaning of Treas. Reg.
§1.409A-3(i)(5)(v)(B)), acquires ownership (including any previously owned securities) of more than
fifty percent (50%) of either (i) the voting power value of the then outstanding securities of
Hubbell entitled to vote for the election of Hubbell’s directors or (ii) the fair market value of
Hubbell; provided that this Section 2.3(c) shall not apply with respect to any acquisition of
securities by (i) the trust under a Trust Indenture dated September 2, 1957 made by Louie E. Roche,
(ii) the trust under a Trust Indenture dated August 23, 1957 made by Harvey Hubbell, and (iii) any
employee benefit plan (within the meaning of Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended) maintained by an Employer or any affiliate of Hubbell; or

 

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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     2.14 “Gross Top Hat Benefit” means the amount calculated under Section 4.1(a) of the Hubbell
Incorporated Amended and Restated Top Hat Restoration Plan, as amended from time to time,
calculated using the Participant’s service under that plan for the period of Participant’s
employment with the Employer through the date the Participant became eligible to participate in
this Plan.

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

     2.16 “Key Executive” means an Employee who is designated by the Compensation Committee on or
after September 12, 2007 and as to who the Compensation Committee has not withdrawn such
designation.

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

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

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

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

     2.21 “Plan” means the Hubbell Incorporated Supplemental Management Retirement Plan.

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

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

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

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

     2.26 “Service” means a Participant’s period of employment with the Employer commencing on his
first day of employment with the Employer on which he is designated a Key
Executive and ending on the date he is no longer designated as a Key Executive by the
Compensation Committee.

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     2.27 “Social Security Benefit” means the old age or disability insurance benefit which the Key
Employee is entitled under Title IV of the Social Security Act as in effect on the date of his
Separation of Service.

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

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

     2.30 “Vesting Service” means a Participant’s period of employment with the Employer commencing
on his first day of employment with the Employer and ending on the date he is no longer an
Employee.

ARTICLE III.

EFFECTIVE DATE

     3.1 This Plan as set forth in this document is effective as of September 12, 2007.

ARTICLE IV.

ELIGIBILITY

     4.1 Key Executives shall continue to be Participants until their Separation from Service or
they are no longer entitled to retirement or deferred vested benefits under this Plan, whichever is
later. A Participant who has attained age 55 and been credited with five (5) or more years of
Vesting Service shall be eligible for a benefit pursuant to Article V of this Plan. A Participant
who incurs a Separation from Service prior to age 55 or having five (5) or more years of Vesting
Service shall not be entitled to any benefit under this Plan. If a Participant is no longer a Key
Executive, but remains an Employee, his Service accrued as a Participant shall not be forfeited,
but he shall not accrue any additional Service.

ARTICLE V.

RETIREMENT BENEFITS

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

          (a) Equals —  The product of (i) three (3%) percent multiplied times the number of full years
and months of a Key Executive’s Service, and (ii) the excess of the Participant’s Average Earnings
over the Participant’s Social Security Benefit.

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          (b) Equals — the Participant’s Gross Top Hat Benefit.

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

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

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

     However, in no event shall the sum of (a) plus (b) exceed sixty (60%) percent of the
Participant’s Average Earnings.

     For purposes of determining a Participant’s Social Security Benefit, in the case of a
Participant with an Early Retirement Benefit, the Committee will estimate the Participant’s benefit
based on the Social Security Table in effect on the date of the Participant’s Separation from
Service, with such table computed on the assumption that the Participant will continue to receive
compensation until January 1 coincident with or preceding his attainment of age 65 which would be
treated as wages for purposes of the Social Security Act at the same rate as in effect in the last
full calendar year prior to Separation from Service. In computing any Social Security Benefit no
wage index adjustment or cost of living adjustment shall be assumed with respect to any period
following the Participant’s Separation from Service.

     For purposes of determining the benefits available from any qualified defined benefit pension
plan of the Employer, it shall be assumed that the Participant commenced receiving his benefits
under such plan on the fifteenth day of the month commencing after his Separation from Service.

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

     5.2 Early Retirement Benefit. A Participant whose Separation from Service is on or after age
55 but before his Normal Retirement Date shall be entitled to an Early Retirement
Benefit commencing on the date described in Article 6.1 hereof. The annual amount of the
Early Retirement Benefit payable to a Participant shall be an amount computed in accordance with
Section 5.1 hereof except that the Early Retirement Benefit shall be based upon the Participant’s
full years and months of Service up to his Separation from Service, with the amount reduced by
three-tenths of one percent (3/10%) for each complete month by which the commencement date of his
Early Retirement Benefit precedes his attainment of age 65 and by an additional two-tenths of one
percent (2/10%) for each complete month by which the commencement date of his Early Retirement
Benefit precedes his 60th birthday and, for purposes of determining the benefits available from any
qualified defined benefit pension plan, qualified defined contribution plan or top hat excess
pension plan of the Employer, it shall be assumed that the Participant commenced receiving his
benefits under such plan on his Separation from Service.

5

 

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

ARTICLE VI.

PAYMENT OF RETIREMENT BENEFITS

     6.1 Payment of Benefits. Except as set forth herein and in Section 6.3 or Article 13 below,
all Retirement Benefits hereunder shall be payable in monthly installments (on the fifteenth day of
the month) equal to one-twelfth (1/12th) of the annual amounts determined under this Plan;
provided, however, that the first monthly payment shall be increased by an amount equal to one-half
of the annual amount determined under this Plan. A Participant’s Retirement Benefit, if any,
hereunder shall be payable for the life of the Participant, commencing on the fifteenth day of the
seventh month following his Separation from Service. The Participant’s last payment of Retirement
Benefits hereunder shall be made on the fifteenth day of the month in which he dies unless the
Participant has an eligible surviving Spouse at his date of death, in which case survivor benefit
payments shall be made to said Spouse in accordance with Article VIII hereof.

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

     6.3 Permissible Acceleration. Notwithstanding Article VI, a Participant’s Retirement Benefit
may be paid in the discretion of Hubbell as follows upon the following events:

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

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

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

6

 

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

ARTICLE VII.

DISABILITY BENEFIT

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

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

ARTICLE VIII.

DEATH BENEFIT

     8.1 Pre-Retirement Death Benefit.

          (a) If a Participant who is at least age 55 and has five (5) or more years of Service and
whose benefit has not yet commenced under Section 6.1 dies, and he is survived by a Spouse to whom
he was married throughout the one-year period ending on the date of his death, such Spouse shall be
entitled to receive a death benefit described herein, payable in the amount and manner prescribed
in subsections (b) and (c) of this Section 8.1.

          (b) The death benefit is an annuity for the life of the Spouse in an amount which is equal to
the benefit the Spouse would have received under a joint and survivor annuity that provided the
Spouse on the date of death of the Participant an annual benefit equal to 50 percent of the
Participant’s annual Retirement Benefit if:

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

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

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

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

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

ARTICLE IX.

FUNDING

     9.1 The Employer may enter into a trust agreement creating an irrevocable grantor trust for
the holding of cash and/or annuity contracts for pension benefits accrued by the Participants under
the Plan. Any assets of such trust shall be subject to the claims of creditors of the Employer to
the extent set forth in the trust and Participants’ interests in benefits under this Plan shall
only be those of unsecured creditors of the Employer. In the event of a Change of Control of
Hubbell, the Employer shall enter into a trust agreement creating an irrevocable grantor trust for
the holding of cash and/or annuity contracts in respect of the pension benefits accrued by the
Participants (whether current or former) and in respect of the pension benefits provided to certain
Employees who shall be deemed to be Participants pursuant to agreements with the Employer;
provided, further, that upon the occurrence of a Change of Control of Hubbell, the Employer shall
transfer to the trustee of the foregoing trust the maximum amount of assets estimated to be
necessary to satisfy the Employer’s obligations hereunder, as in effect immediately prior to the
Change of Control of Hubbell

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ARTICLE X.

PLAN ADMINISTRATION

     10.1 The general administration of this Plan and the responsibility for carrying out the
provisions hereof shall be vested in the Compensation Committee. The Compensation Committee may
adopt, subject to the approval of the Board of Directors, such rules and regulations as it may deem
necessary for the proper administration of this Plan, and its decision in all matters shall be
final, conclusive, and binding.

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

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

ARTICLE XI.

AMENDMENT AND TERMINATION

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

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

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

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

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

9

 

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

ARTICLE XII.

MISCELLANEOUS PROVISIONS

     12.1 No Guarantee of Employment. Nothing contained herein shall be deemed to give any
individual the right to be retained in the service of the Employer or to interfere with the rights
of the Employer to discharge any individual at any time, with or without cause.

     12.2 Non-Alienation of Benefits. No retirement benefit payable hereunder may be assigned,
pledged, mortgaged or hypothecated and, to the extent permitted by law, no such retirement benefit
shall be subject to legal process or attachment for the payment of any claims against any person
entitled to receive the same. Notwithstanding any provision herein to the contrary, the Employer
may, as the Compensation Committee in its sole and absolute discretion shall determine, offset any
amount to be paid to a Participant or Spouse hereunder in order to recoup amounts that have been
misappropriated by such Participant against any amounts which such Participant may owe to the
Employer or a subsidiary of the Employer.

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

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

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

     A Participant shall be obligated to give the Employer at least sixty (60) days’ prior written
notice, registered or certified mail, postage prepaid, addressed to the Secretary, Hubbell
Incorporated, 584 Derby Milford Road, Orange, Connecticut, 06477, of his intention, directly or

10

 

indirectly, to own, manage, operate, join or control, or participate in the ownership,
management, operation or control of, or become a director or an employee of, or a consultant to,
any person, firm, or corporation, following which, within a period of sixty (60) days from its
receipt of such notice, the Employer will mail to the Participant by registered or certified mail,
postage prepaid, a statement of its opinion as to whether said intention of the Participant
violates this Article 12.5.

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

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

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

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

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

     12.11 Non-Qualified Plan. The Plan is intended to be a plan that is not qualified within the
meaning of Code Section 401(a) and that “is unfunded and is maintained by an employer primarily for
the purpose of providing deferred compensation for a select group of management or highly
compensated employees” within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1).

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

ARTICLE XIII.

CHANGE OF CONTROL

     13.1 The provisions of Section 13.2 shall become effective immediately upon and apply to any
Participant who was a Participant on the date of a Change of Control of Hubbell. The provisions of
Section 13.3 shall apply to any Participant who is employed by the Employer who is involved in a
Change in Control of Employer.

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

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

          (b) Each Participant on the date of the Change in Control of Hubbell shall have their
Retirement Benefit paid out in one lump sum on the later of (i) the tenth day of the seventh month
following a Participant’s Separation from Service, or (ii) ten days after a Change of Control of
Hubbell. The amounts to be paid out in such lump sum shall be calculated using the actuarial
assumptions set forth on Exhibit A, attached hereto.

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

          (g) Notwithstanding Section 10.1 the Plan shall be administered by the Compensation Committee,
which shall have full authority to interpret the Plan, to establish rules and regulations relating
to the Plan, to determine the criteria for eligibility to participate in the Plan, to select
Participants in the Plan, and to make all other determinations and take all other actions necessary
or appropriate for the proper administration of the Plan. No member of the Compensation Committee
shall be eligible to participate in the Plan.

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

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

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

     13.3 Notwithstanding anything contained in the Plan to the contrary, the provisions of this
Section 13.3 shall apply solely with respect to any Participant who is employed by an Employer
involved in a Change in Control of Employer:

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

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

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

     (ii) Terminate the Plan with respect to such Participants, in which case, the
Participant’s shall receive their Retirement Benefits paid in a lump sum within

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thirty (30) days of the date of the Change in Control of Employer. The amounts
to be paid out in such lump sum shall be calculated using the actuarial assumptions
set forth on Exhibit A, attached hereto.

ARTICLE XIV.

CLAIMS PROCEDURES

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

     14.2 Notification of Decision. The Compensation Committee shall consider a Claimant’s claim
within a reasonable time, but no later than 90 days after receiving the claim. If the Compensation
Committee determines that special circumstances require an extension of time for processing the
claim, written notice of the extension shall be furnished to the Claimant prior to the termination
of the initial 90 day period. In no event shall such extension exceed a period of 90 days from the
end of the initial period. The extension notice shall indicate the special circumstances requiring
an extension of time and the date by which the Compensation Committee expects to render the benefit
determination. The Compensation Committee shall notify the Claimant in writing:

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

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

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

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

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

     (iv) an explanation of the claim review procedure set forth in Section 14.3
below; and

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

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

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

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

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

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

          (a) specific reasons for the decision;

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

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

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

     14.5 A Claimant’s compliance with the foregoing provisions of this Article 14 is a mandatory
prerequisite to a Claimant’s right to commence any legal action with respect to any claim for
benefits under this Plan. 

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 Separation from Service.
	 
	 	 
	Qualified Plan Offset:

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

15

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