Document:

EX-10.4

 Exhibit 10.4 

AMENDED AND RESTATED CHANGE IN CONTROL SEVERANCE 

AGREEMENT 
 This Amended
and Restated Change in Control Severance Agreement (the “Agreement”) is dated as of December 29, 2022 (the “Effective Date”), by and between Hubbell Incorporated, a Connecticut corporation (the
“Company”), and William R. Sperry (the “Executive”) and amends and restates the prior Change in Control Severance Agreement by and between the Company and Executive, dated as of December 31, 2010 and amended on
September 11, 2012 (the “Prior Agreement”). 
 In consideration of the premises and the mutual covenants and
agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Executive agree as follows: 

1. Certain Definitions. As used in this Agreement, the following terms shall have the following meanings: 

(a) “Benefit Continuation Period” shall mean the 30 month period immediately following the date of the Qualifying Event. 

(b) “Board” shall mean the Board of Directors of the Company. 

(c) “Bonus” shall mean the aggregate of the Executive’s then-current target bonus(es) (as previously established by the
Compensation Committee) under the Company’s annual incentive compensation plan(s) in which the Executive is a participant in the year in which the Change in Control occurs. 

(d) “Cause” shall mean the Executive’s (i) misconduct which is reasonably deemed to be prejudicial to the interest
of the Company, (ii) utilization or disclosure of confidential information of the Company (or of any other entity learned in the course of his/her job) for reasons unrelated to his/her employment with the Company, (iii) willful failure to
perform the material duties of his/her job, (iv) fraud in connection with the business affairs of the Company regardless of whether said conduct is designed to defraud the Company or otherwise, (v) violation of the code of conduct or
material policies of the Company, including any written policies related to discrimination, harassment, performance of illegal or unethical activities, ethical misconduct and conflicts of interest, (vi) violation of any fiduciary duty owed to
the Company, or (vii) conviction of, or plea of no contest or guilty to, a felony or other crime involving moral turpitude; 
 provided that a
termination of the employment of the Executive for Cause shall be made by delivery to the Executive of a copy of a resolution duly adopted by the affirmative vote of not less than a three-fourths majority of the
non-employee directors of the Company or of the ultimate parent of the entity which caused the Change in Control (if the Company has become a subsidiary) at a meeting of such directors called and held for such
purpose, after thirty (30) days prior written notice to the Executive specifying the basis for such termination and the particulars thereof and a reasonable opportunity for the Executive to cure or otherwise resolve the behavior in question
prior to such meeting, finding that in the reasonable judgment of such directors, the conduct or event set forth in any of clauses (i) through (vii) above has occurred and that such occurrence warrants the Executive’s termination. 

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

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

 (ii) any person, or persons acting as a group (within the meaning of Treas. Reg.
§1.409A-3(i)(5)(vi)(D)), acquires (or has acquired within the 12 month period ending on the date of the last acquisition by such person or persons), directly or indirectly, thirty percent (30%) or more of
the voting power of the then outstanding securities of the Company entitled to vote for the election of Directors; provided that this Section 1(e)(ii) shall not apply with respect to any acquisition of securities by any employee benefit
plan (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended) maintained by the Company or any affiliate of the Company; 

(iii) 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 (x) the voting power value of the then outstanding securities of the
Company entitled to vote for the election of Directors or (y) the fair market value of the Company; provided that this Section 1(e)(iii) shall not apply with respect to any acquisition of securities by any employee benefit plan
(within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended) maintained by the Company or any affiliate of the Company; or 

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

provided that the transaction or event described in Section 1(e)(i), (ii), (iii) or (iv) constitutes a “change in control event” as
defined in Treas. Reg. §1.409A-3(i)(5). 
 (f) “Code” shall mean the Internal
Revenue Code of 1986, as amended. 
 (g) “Continuing Director” shall mean any individual who is a member of the Board on
the Effective Date or was designated (before such person’s initial election as a Director) as a Continuing Director by 2/3 of the then Continuing Directors. 

(h) “Director” shall mean an individual who is a member of the Board on the relevant date. 

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

(j) “Good Reason” shall mean the occurrence, within the term of this Agreement, of any of the following without the
Executive’s express written consent: 
 (i) after a Change in Control, any material reduction in the Executive’s base salary from
that which was in effect immediately prior to the Change in Control, any material reduction in the Executive’s annual cash bonus below such bonus paid or payable in respect of the calendar year immediately prior to the year in which the Change
in Control occurs, or any material reduction in the Executive’s aggregate annual cash compensation (including base salary and bonus) from that which was in effect immediately prior to the Change in Control, unless such a reduction is imposed across-the-board to senior management of the Company; 

  
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 (ii) any material and adverse diminution in the Executives’ duties, responsibilities,
status, position or authority with the Company or any of its affiliates following a Change in Control; provided, however, that no such diminution shall be deemed to exist solely because of changes in the Executive’s duties,
responsibilities or titles as a consequence of the Company ceasing to be a company with publicly-traded securities or becoming a wholly-owned subsidiary of another company; 

(iii) any relocation of the Executive’s primary workplace to a location that is more than fifty (50) miles from the
Executive’s primary workplace as of the date immediately prior to the Change in Control; 
 (iv) any other action or inaction that
constitutes a material breach by the Company or any successor or affiliate of its obligations to the Executive under any agreement pursuant to which the Executive provides services to the Company; or 

(v) any failure by the Company to obtain from any successor to the Company an agreement reasonably satisfactory to the Executive to assume
and perform this Agreement, as contemplated by Section 14(a) hereof; 
 provided that, notwithstanding the foregoing, the Executive may not
resign his/her employment for Good Reason unless (x) the Executive provides the Company with at least thirty (30) days prior written notice of his/her intent to resign for Good Reason (which notice is provided not later than the sixtieth
(60th) day following the occurrence of the event constituting Good Reason) and (y) the Company does not cure or resolve the behavior otherwise constituting Good Reason within such thirty
(30) day period. Any such termination of the Executive’s employment by the Executive with Good Reason following such thirty (30) day cure period must occur no later than the date that is six (6) months following the initial
occurrence of one of the foregoing events or conditions without the Executive’s written consent. 
 (k) “Officer”
shall mean a senior employee designated by the Board as a corporate officer of the Company. 
 (l) “Parachute Value” of a
Payment shall mean the present value as of the date of the Change in Control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, for
purposes of determining whether and to what extent the Excise Tax will apply to such Payment. 
 (m) “Retirement” shall
mean the Executive’s voluntary Separation from Service pursuant to late, normal or early retirement under a pension plan sponsored by the Company or one of its subsidiaries, as defined in such plan, but only if such retirement occurs prior to a
termination by the Company without Cause or by the Executive for Good Reason. 
 (n) “Safe Harbor Amount” shall mean 2.99
times the Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Code. 
 (o)
“Section 409A” shall mean Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder. 

(p) “Severance Multiple” shall mean 2.5; provided, however, that notwithstanding the foregoing, for each full
month that elapses during the period beginning on the date the Executive attains age sixty-three (63) and ending on the date the Executive attains age sixty-five (65), the Severance Multiple shall be reduced by an amount equal to the product of
(i) 1/24 and (ii) the excess of (A) the original Severance Multiple set forth above over (B) 1.0 (rounded to the nearest hundredth). 

  
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 (q) “Supplemental Retirement Plan” shall mean, as applicable (i) the
Company’s Amended and Restated Supplemental Executive Retirement Plan, (ii) the Company’s Supplemental Management Retirement Plan, (iii) the Company’s Amended and Restated Top Hat Restoration Plan, and (iv) the
Company’s Defined Contribution Restoration Plan. 
 2. Term. 

(a) Initial Term. This Agreement shall become effective on the Effective Date and shall remain in effect until December 28,
2023 unless earlier terminated as provided in this Section 2 (the “Initial Term”). 
 (b) Renewal Terms. This
Agreement shall automatically renew on each successive anniversary of December 29, 2022 (each, a “Renewal Term” and together with the Initial Term, the “Term”) unless (i) the Company provides the Executive
written notice of nonrenewal at least sixty (60) days prior to the end of the Initial Term or any Renewal Term, or (ii) this Agreement is terminated prior to the end of the Initial Term or any Renewal Term as provided in Section 2(c).

 (c) Termination if Executive No Longer Serving as Officer. Prior to a Change in Control, this Agreement shall terminate
immediately and automatically upon the Executive no longer serving as an Officer of the Company (including due the Executive no longer being employed with the Company or any of its subsidiaries or moving into a different role within the Company),
except as expressly set forth in clauses (d) and (e) below. 
 (d) Effect of Any Definitive Agreement. In the event the Company
has entered into a binding, definitive agreement which, if consummated, would result in a Change in Control (a “Definitive Agreement”), then: 

(i) any notice of nonrenewal described in Section 2(b)(i) or termination due to the Executive no longer serving as an Officer described
in Section 2(c) shall not be effective if delivered or occurring, as applicable, while such Definitive Agreement is in effect; 
 (ii)
if a Change in Control occurs pursuant to such Definitive Agreement, then Section 2(e) below shall apply; 
 (iii) if such Definitive
Agreement is terminated prior to the consummation of a Change in Control contemplated thereby and the Company has previously delivered a notice of nonrenewal as contemplated by Section 2(b)(i) then the Term shall terminate as contemplated by
Section 2(b)(i), effective on the later to occur of (A) the last day of the then-current Term (treating the nonrenewal notice as having been effective for this purpose), and (B) the date upon which the Definitive Agreement is
terminated; and 
 (iv) if such Definitive Agreement is terminated prior to the consummation of a Change in Control contemplated thereby
and the Executive ceased serving as an Officer while such Definitive Agreement was in effect, then the Term shall terminate effective upon the date termination of such Definitive Agreement. 

  
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 (e) Extended Term and Termination In Connection with a Change of Control. If a Change
in Control occurs during the Term, the Term shall be automatically extended until the second (2nd) anniversary of the consummation of the Change in Control. If the Term is extended as set forth in
this clause (e), it shall not be subject to any renewal and this Agreement shall be terminated effective upon the last day of such Term. 

3. Eligibility for Compensation. 

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

(b) Termination of Employment. The Executive shall be entitled to the compensation provided for in Section 4 hereof if: 

(i) within two years after a Change in Control, the Executive’s employment is terminated (A) by the Company for any reason other
than (I) the Executive’s Disability or Retirement, (II) the Executive’s death or (III) for Cause, or (B) by the Executive with Good Reason; or 

(ii) (A) an agreement is signed which, if consummated, would result in a Change in Control, (B) the Executive’s employment is
terminated by the Company without Cause or by the Executive with Good Reason prior to the consummation of such Change in Control, (C) the Executive’s termination of employment is at the direction of the acquiror or merger partner or
otherwise in connection with the anticipated Change in Control, and (D) such Change in Control actually occurs; 
 provided that the
Executive’s termination of employment described in Section 3(b)(i) or 3(b)(ii) constitutes a “separation from service” (within the meaning of Treas. Reg. §1.409A-1(h)) (a
“Separation from Service”). 
 (c) Notice of Termination. Any purported termination of the Executive’s
employment (other than on account of the Executive’s death) with the Company by the Company shall be communicated by a Notice of Termination to the Executive, if such termination is by the Company, or to the Company, if such termination is by
the Executive. For purposes of this Agreement, “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon (if such termination is by the Company for
Cause or due to Executive’s Disability or by the Executive with Good Reason) and shall set forth in reasonable detail the facts and circumstances claimed to be a basis for termination of the Executive’s employment under the provisions so
indicated. For purposes of this Agreement, no purported termination of the Executive’s employment with the Company (by the Company for Cause or due to Executive’s Disability or by the Executive with Good Reason) shall be effective without
such a Notice of Termination having been given. 

  
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 4. Compensation upon Qualifying Termination. Subject to the Executive’s
execution and non-revocation of a Release pursuant to Section 5(a), upon the date of (x) the Executive’s termination of employment pursuant to Section 3(b)(i) or (y) the consummation
of a Change in Control pursuant to Section 3(b)(ii) (each, a “Qualifying Event”), the Executive shall become entitled to receive the following payments and benefits at the time set forth in Section 5(b): 

(a) Severance. The Company shall pay or cause to be paid to the Executive a cash severance amount equal to the product of (i) the
Severance Multiple and (ii) the sum of (A) the Executive’s annual base salary on the date of the Change in Control (or, if higher, the annual base salary in effect immediately prior to the giving of the Notice of Termination), and
(B) the Executive’s Bonus. This cash severance amount shall be payable in a lump sum calculated without any discount. 
 (b)
Additional Payments and Benefits. The Executive shall also be entitled to receive: 
 (i) an immediate
lump-sum cash payment equal to the sum of (A) the Executive’s accrued but unpaid base salary through the date of Separation from Service, (B) the unpaid portion, if any, of bonuses previously
earned by the Executive pursuant to any Company annual incentive compensation plans, and (C) an amount equal to any accrued vacation pay, in each case in full satisfaction of the Executive’s rights thereto, payable in no event later than
thirty (30) days following such termination of employment; 
 (ii) a lump-sum cash payment
equal to the pro rata portion of 100% of the Executive’s Bonus, calculated through the date of the Qualifying Event, 
 (iii) a lump-sum cash payment equal to the excess of (A) the present value of the payments that the Executive would be entitled to receive under the Supplemental Retirement Plans in which the Executive is eligible to
participate immediately prior to the Qualifying Event, assuming that the Executive receives (1) additional service credit for purposes of eligibility, vesting and benefit accrual under such Supplemental Retirement Plans, to the extent
applicable, with respect to the number of months equal to the Benefit Continuation Period and (2) additional age credit under such Supplemental Retirement Plans with respect to the number of months equal to the Benefit Continuation Period
solely to the extent applicable for purposes of calculating any early retirement reduction (in each case, calculated using the assumptions set forth under such Supplemental Retirement Plans) over (B) the present value of the payments that the
Executive would be entitled to receive under such Supplemental Retirement Plans absent the additional service and age credit credited pursuant to Sections 4(b)(iii)(A)(1) and (2); 

(iv) continued medical, dental and vision insurance coverage for the Executive and the Executive’s eligible dependents or, to the extent
such coverage is not commercially available, such other arrangements reasonably acceptable to the Executive, on the same basis as in effect immediately prior to the Change in Control or the Qualifying Termination, whichever is deemed to provide for
more substantial benefits, during the Benefit Continuation Period; provided that the amount of benefits the Executive receives in any one year shall not affect the amount of benefits he may receive in any subsequent year; and 

  
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 (v) all other accrued or vested benefits and any compensation previously deferred, payable
in accordance with the terms of the applicable plan. 
 (c) Outplacement. If so requested by the Executive, outplacement services
shall be provided for a period of one year following the termination of the Executive’s employment by a professional outplacement provider selected by the Executive; provided, however, that such outplacement services shall be
provided to the Executive at a cost to the Company of not more than the lesser of (i) fifteen percent (15%) of the Executive’s annual base salary immediately prior to the Qualifying Event and (ii) $50,000. 

5. Release; Timing of Payment; Withholding.  

(a) Payments and benefits provided pursuant to Section 4(a), (b)(ii), (iii) and (iv) and (c) are conditioned on the Executive’s
execution and non-revocation of a release of claims agreement and covenant not to sue (a “Release”). The Company shall deliver the Release to the Executive within seven (7) days following
the date of the Qualifying Event (and the Company’s failure to deliver a Release prior to the expiration of such seven (7) day period shall constitute a waiver of any requirement to execute a Release) and the Executive shall be required to
execute and deliver the Release on or prior to the Release Expiration Date. If the Executive fails to execute the Release on or prior to the Release Expiration Date or timely revokes his/her acceptance of the Release following timely execution and
delivery thereof, the Executive shall not be entitled to receive any of the conditional payments and benefits provided pursuant to Section 4. For purposes of this Agreement, “Release Expiration Date” shall mean the date that is
21 days following the date upon which the Company timely delivers the Release to the Executive, or, in the event that the Executive’s termination of employment is “in connection with an exit incentive or other employment termination
program (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is 45 days following such delivery date. 

(b) Except as otherwise provided in Section 10, all lump sum payments under Section 4 (other than Section 4(b)(i) and (v)) and
under Section 6(b) shall be paid on the first payroll date to occur on or after the sixtieth (60th) day following the Qualifying Event. For the avoidance of doubt, to the extent that the
Executive is entitled to receive any lump sum payments with reference to any Supplemental Retirement Plans in connection with the Qualifying Event, pursuant to Section 4(b)(iii), the present value of his/her Supplemental Retirement Plan
benefit(s) shall be calculated under the terms of the applicable Supplemental Retirement Plans and, for purposes of determining the lump-sum payment under Section 4(a)(iii), such calculation of present
value shall include any additional age and service credit provided pursuant to Section 4(b)(iii). 
 (c) Payments and benefits provided
pursuant to Section 4 shall be subject to any applicable payroll and other taxes required to be withheld. 
 6. Compensation upon
Death, Disability or Retirement. If the Executive’s employment is terminated by reason of death, Disability or Retirement prior to any other termination, the Executive will be entitled to receive: 

(a) An immediate lump sum cash payment equal to the sum of (i) the Executive’s accrued but unpaid salary through the date of such
termination, and (ii) an amount equal to any accrued vacation pay, in each case in full satisfaction of the Executive’s rights thereto, payable in no event later than thirty (30) days following such termination of employment; 

  
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 (b) Subject to the Executive’s (or his/her estate’s) execution and non-revocation of a Release pursuant to Section 5(a), a lump sum cash payment equal to the pro rata portion of 100% of the Executive’s Bonus, calculated through the date of termination of employment,
payable at the time set forth in Section 5(b); and 
 (c) other accrued or vested benefits and any compensation previously deferred,
payable in accordance with the terms of the applicable plans. 
 7. Excess Parachute Payments. If it is determined (as hereafter
provided) that any payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other
agreement, policy, plan, program or arrangement, including without limitation any stock option, stock appreciation right or similar right, or the lapse or termination of any restriction on, or the vesting or exercisability of, any of the foregoing
(a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code (or any successor provision thereto) by reason of being “contingent on a change in ownership or control” of the Company, within the
meaning of Section 280G of the Code (or any successor provision thereto) or to any similar tax imposed by state or local law, or any interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest or
penalties, are hereafter collectively referred to as the “Excise Tax”), then, in the event that the after-tax value of all Payments to the Executive (such
after-tax value to reflect the deduction of the Excise Tax and all income or other taxes on such Payments) would, in the aggregate, be less than the after-tax value to
the Executive of the Safe Harbor Amount, (a) the cash portions of the Payments payable to the Executive under this Agreement shall be reduced, in the order in which they are due to be paid, until the Parachute Value of all Payments paid to the
Executive, in the aggregate, equals the Safe Harbor Amount, and (b) if the reduction of the cash portions of the Payments, payable under this Agreement, to zero would not be sufficient to reduce the Parachute Value of all Payments to the Safe
Harbor Amount, then any cash portions of the Payments payable to the Executive under any other agreements, policies, plans, programs or arrangements shall be reduced, in the order in which they are due to be paid, until the Parachute Value of all
Payments paid to the Executive, in the aggregate, equals the Safe Harbor Amount, and (c) if the reduction of all cash portions of the Payments, payable pursuant to this Agreement or otherwise, to zero would not be sufficient to reduce the
Parachute Value of all Payments to the Safe Harbor Amount, then non-cash portions of the Payments shall be reduced, in the order in which they are due to be paid, until the Parachute Value of all Payments paid
to the Executive, in the aggregate, equals the Safe Harbor Amount. All calculations under this section shall be determined by the Company and the Company’s outside auditors. 

8. Expenses. In addition to all other amounts payable to the Executive under this Agreement, during the term of this Agreement and for
a period of twenty (20) years following the Qualifying Event, the Company shall pay or reimburse the Executive for legal fees (including, without limitation, any and all court costs and attorneys’ fees and expenses) incurred by the
Executive in connection with or as a result of any claim, action or proceeding brought by the Company or the Executive with respect to or arising out of this Agreement or any provision hereof; provided, however, that in the case of an
action brought by the Executive, the Company shall have no obligation for any such legal fees if the Company is successful in establishing with the court that the Executive’s action was frivolous or otherwise without any reasonable legal or
factual basis. All such expenses shall be reimbursed by December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any
subsequent year. 

  
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 9. Offsets. Notwithstanding anything to the contrary in this Agreement, to the extent
that the Executive receives severance or similar payments and/or benefits under any other Company plan, program, agreement, policy, practice or arrangement, or under the WARN Act or similar state law, the payments and benefits due to the Executive
under this Agreement will be correspondingly reduced on a dollar-for-dollar basis. 

10. Section 409A Delay. Notwithstanding anything to the contrary in this Agreement, if the Company determines that the Executive is
deemed at the time of his/her Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of the payment of any portion of the amounts to which the
Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then such portion shall not be provided to the Executive prior to the earlier of (a) the
expiration of the six-month period measured from the date of the Executive’s Separation from Service or (b) the date of the Executive’s death. Upon the expiration of the applicable deferral
period under Section 409A(a)(2)(B)(i) of the Code, all payments deferred pursuant to this Section 10 shall be paid in a lump sum to the Executive, plus interest thereon from the date of the Executive’s Separation from Service through
the payment date at a rate equal to the prime rate of interest as reported in the Wall Street Journal from time to time. Any remaining payments due under this Agreement shall be paid as otherwise provided herein. 

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

(a) The obligations of the Company to make the payment to the Executive and to make the arrangements provided for herein shall be absolute and
unconditional and, except as provided in Section 7 or 9, shall not be reduced by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the
Company may have against the Executive or any third party at any time. 
 (b) Nothing in this Agreement shall prevent or limit the
Executive’s continuing or future participation in any benefit, bonus, incentive or other plan or program provided by the Company or any of its subsidiaries and for which the Executive may qualify, nor shall anything herein limit or reduce such
rights as the Executive may have under any agreements with the Company or any of its subsidiaries. 
 13. Not an Employment Agreement;
Effect on Other Rights. 
 (a) This Agreement is not, and nothing herein shall be deemed to create, a contract of employment between the
Executive and the Company. The Company may terminate the employment of the Executive at any time, subject to the terms of this Agreement and/or any employment agreement or arrangement between the Company and the Executive that may then be in effect.

  
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 (b) With respect to any employment agreement with the Executive in effect immediately prior
to a Change in Control, nothing herein shall have any effect on the Executive’s rights thereunder; provided, however, that in the event of the Executive’s termination of employment in accordance with Section 3(b) hereof,
this Agreement shall govern solely for the purpose of providing the terms of all payments and additional benefits to which the Executive is entitled upon such termination and any payments or benefits provided under any employment agreement with the
Executive in effect immediately prior to the Change in Control shall reduce the corresponding type of payments or benefits hereunder. Notwithstanding the foregoing, in the event that the Executive’s employment is terminated prior to the
occurrence of a Change in Control under the circumstances provided for in Section 3(b)(ii) and such circumstances also entitle the Executive to payments and benefits under any other employment or other agreement as in effect prior to the Change
in Control (and “Other Agreement”), then, until the Change in Control occurs, the Executive will receive the payments and benefits to which he is entitled under such Other Agreement. Upon the occurrence of the Change in Control,
such Other Agreement shall automatically terminate as to any rights of the Executive with no further liability of the Company thereunder, and the Company will pay to the Executive in cash the amount to which he is entitled under this Agreement
(reduced by the amounts already paid under the Other Agreement) in respect of cash payments and shall provide or increase any other noncash benefits to those provided for hereunder (after taking into account noncash benefits, if any, provided under
such Other Agreement). Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan or program of the Company or any of its subsidiaries shall be payable in accordance with such plan or program, except as
explicitly modified by this Agreement. 
 14. Successors; Binding Agreement; Assignment. 

(a) The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business of the Company, by agreement to expressly, absolutely and unconditionally assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no
such succession had taken place. Failure of the Company to obtain such agreement prior to the effectiveness of any such succession shall be a material breach of this Agreement and shall entitle the Executive to terminate the Executive’s
employment with the Company or such successor for Good Reason immediately prior to or at any time after such succession. Upon and following the assumption of this Agreement by a successor, “Company,” as used in this Agreement, shall mean
(i) the Company (as defined above), and (ii) any successor to all the stock of the Company or to all or substantially all of the Company’s business or assets which executes and delivers an agreement provided for in this
Section 14(a) or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law, including any parent or subsidiary of such a successor. 

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

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

Hubbell Incorporated 

40 Waterview Drive 

P.O. Box 1000 

Shelton, Connecticut 06484 

Attention: Senior Vice President, General Counsel and Secretary 

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

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

(a) All payments and benefits provided under Section 4 are conditioned on and subject to the Executive’s continuing compliance with
this Agreement and any other agreements regarding non-competition and non-solicitation of employees and customers, including those contained in the Company’s stock
grant award agreements (collectively, the “Restrictive Covenants Agreements”). 
 (b) The Executive shall retain in
confidence any and all confidential information concerning the Company and its respective business which is now known or hereafter becomes known to the Executive, except as otherwise required by law and except information (i) ascertainable and
easily obtained from public information, (ii) received by the Executive at any time after the Executive’s employment by the Company shall have terminated, from a third party not employed by or otherwise affiliated with the Company, or
(iii) which is or becomes known to the public by any means other than a breach of this Section 16(b). Upon the termination of his/her employment, the Executive will not take or keep any proprietary or confidential information or
documentation belonging to the Company. 
 17. Entire Agreement; Amendments; No Waiver. 

(a) This Agreement, together with the Restrictive Covenants Agreements, contains the entire understanding of the parties (including for this
purpose any subsidiary of the Company) with respect to the subject matter described herein, and no agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which
are not expressly set forth in this Agreement or the Restrictive Covenants Agreements. The Executive represents and agrees that this Agreement supersedes the Prior Agreement, which shall no longer be in force or have any effect. 

(b) No provision of this Agreement may be amended, altered, modified, waived or discharged unless such amendment, alteration, modification,
waiver or discharge is agreed to in writing and signed by the Executive and such officer of the Company as shall be specifically designated by the Board. 

(c) No waiver by either party, at any time, of any breach by the other party of, or of compliance by the other party with, any condition or
provision of this Agreement to be performed or complied with by such other party shall be deemed a waiver of any similar or dissimilar provision or condition of this Agreement or any other breach of or failure to comply with the same condition or
provision at the same time or at any prior or subsequent time. 

  
 11 

 18. Severability. If any one or more of the provisions of this Agreement shall be
held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. To the extent permitted by applicable law, each party hereto waives such provision
of law which renders any provision of this Agreement invalid, illegal or unenforceable. 
 19. Governing Law; Venue. The validity,
interpretation, construction and performance of this Agreement shall be governed on a non-exclusive basis by the laws of the State of Connecticut without giving effect to its conflict of laws rules. For
purposes of jurisdiction and venue, the Company hereby consents to jurisdiction and venue in any suit, action or proceeding with respect to this Agreement in any court of competent jurisdiction in the state in which the Executive resides at the
commencement of such suit, action or proceeding and waives any objection, challenge or dispute as to such jurisdiction or venue being proper. 

20. Section 409A Compliance. To the extent applicable, this Agreement shall be interpreted in accordance with, and incorporate the
terms and conditions required by, Section 409A, including any ambiguity herein. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that any compensation or benefits payable under this
Agreement will be immediately taxable to the Executive under Section 409A, the Company reserves the right (without any obligation to do so or to indemnify the Executive for failure to do so) to (a) adopt such amendments to this Agreement
and appropriate policies and procedures, including amendments, policies and procedures with retroactive effect, that the Company determines to be necessary or appropriate to preserve the intended tax treatment of the benefits provided by this
Agreement, to preserve the economic benefits of this Agreement and to avoid less favorable accounting or tax consequences for the Company and/or (b) take such other actions as the Company determines to be necessary or appropriate to exempt the
amounts payable hereunder from Section 409A or to comply with the requirements of Section 409A and thereby avoid the application of penalty taxes thereunder. No provision of this Agreement shall be interpreted or construed to transfer any
liability for failure to comply with Section 409A from the Executive or any other individual to the Company or any of its affiliates, employees or agents. 

21. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of
which together shall be deemed to constitute one and the same instrument. 
 [signature page follows] 

  
 12 

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

	
	HUBBELL INCORPORATED
	
	/s/ Katherine A. Lane
	By:Katherine A. Lane
	Its: Senior Vice President, General Counsel and Secretary

  

	
	EXECUTIVE
	
	/s/ William R. Sperry
	William R. SperryDocument

EXHIBIT 10.1

AGREEMENT

This AGREEMENT (this “Agreement”), dated December 30, 2022, is by and among Matthews International Corporation (the “Company”) and Barington Companies Equity Partners, L.P. (“Barington Equity”), Barington Capital Group, L.P. (“Barington Capital”) and Barington Companies Management, LLC (“BCM” and, together with Barington Equity, “Barington”). Each of the Company and Barington is a “Party” to this Agreement and, collectively, the “Parties.”

W I T N E S S E T H :

            WHEREAS, Barington Equity submitted a letter to the Company regarding a Notice of Intention to Nominate Persons for Election as Directors at the 2023 Annual Meeting of Stockholders of the Company dated December 4, 2022 (including any related materials, demands or notices, the “Nomination Letter”), notifying the Company of its intent to nominate candidates for election to the Company’s board of directors (the “Board”) at the 2023 annual meeting of stockholders of the Company (including any adjournment or postponement thereof, the “2023 Annual Meeting”); and

WHEREAS, the Company and Barington have determined to come to an agreement with respect to certain matters related to the 2023 Annual Meeting and certain other matters, as provided in this Agreement.

NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements contained herein, the Parties agree as follows:

1.Annual Meeting.  

a.Barington hereby (i) irrevocably withdraws the Nomination Letter, (ii) agrees not to nominate any person for election to the Board at the 2023 Annual Meeting and (iii) agrees not to take any further action with respect to the Nomination Letter or otherwise related to the 2023 Annual Meeting.

b.During the period from the date of this Agreement until the termination of this Agreement in accordance with Section 12 (the “Term”), at each meeting of stockholders of the Company (the “Shareholders”), Barington shall (i) cause to be present for quorum purposes all Voting Securities beneficially owned, directly or indirectly, by Barington or any of its Affiliates or Associates (the “Barington Shares”), and (ii) cause the Barington Shares to be voted on the Company’s proxy card (A) in favor of the election of all of the director nominees recommended for election to the Board by the Board and against any director nominees recommended for election to the Board by Shareholders and not by the Board, (B) to ratify the appointment of the Company’s independent registered public accounting firm, (C) in any manner Barington desires with respect to any proposals pertaining to a merger, consolidation, business combination or other Business Transaction (as hereinafter defined), an amendment of the Company’s Articles of Incorporation or Bylaws, or any other fundamental change to or with respect to the Company and (D) in accordance with the Board’s recommendation on all other proposals; provided, however, in the event that Institutional Shareholder Services Inc. (“ISS”) or Glass Lewis & Co., LLC (“Glass Lewis”) recommends otherwise with respect to a proposal by the Company or by Shareholders (other than proposals relating to the 

election of directors), Barington shall be permitted to vote in accordance with the ISS or Glass Lewis recommendation.

2.Appointment of Consultant.  

a.The Company hereby appoints BCM as a Consultant to the Company (the “Consultant”) during the Term. During the Term, the Consultant will provide consulting and advisory services to the Company from time to time with respect to the Company’s business, operations, strategic and financial matters, corporate governance, the composition of the Board and potential candidates for nomination to the Board.

b.During (i) the period prior to the first Notice Date and (ii) each 12-month period within the Term after the first Notice Date, the Company agrees to provide James A. Mitarotonda (Chief Executive Officer of the Consultant) (the “Principal”) with the opportunity to attend at least four (4) meetings during which the Principal will be able to discuss and present the Principal’s views with respect to the Company’s business, operations, strategic and financial matters, corporate governance, the composition of the Board and potential candidates for nomination to the Board, and at which representatives of the Company will be present as follows:

i.all meetings will be attended by representatives of the Company’s senior management;
ii.at least one meeting will be attended by the Chief Executive Officer of the Company; and
iii.at least one meeting will be attended by the Chairman of the Board, if the Chairman is an independent director, or by the lead independent director, if the Chairman is not an independent director.

c.During (i) the period prior to the first Notice Date and (ii) each 12-month period within the Term after the first Notice Date, the Company shall permit the Principal to present the Principal’s views with respect to the Company’s business, operations, strategic and financial matters, corporate governance, the composition of the Board and potential candidates for nomination to the Board at at least one meeting of the Board, and to discuss such matters with the Board at such meeting.

d.The Company shall (i) pay the Consultant, at the end of each month, a fee (the “Advisory Fee”) of $19,167 during the Term, and (ii) reimburse the out of pocket costs and expenses of the Principal to travel to any meetings with the Company pursuant to the terms of this Agreement.

3.Consultant Obligations.  

a.Barington acknowledges that the U.S. securities laws generally prohibit any Person who has received from an issuer material, non-public information concerning such issuer from purchasing or selling securities of such issuer or from communicating such information to any other Person under circumstances in which it is reasonably foreseeable that such Person is likely to purchase or sell such securities. The Consultant may inquire of the General Counsel or Chief Financial Officer of the Company from time to time during the Term as to whether the Company believes that the Consultant possesses at such time any 
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material, non-public information concerning the Company that has been provided to the Consultant hereunder and/or whether the Company is at such time in an open trading window for Company insiders with access to no more material, non-public information than that which has been provided to the Consultant hereunder, and the General Counsel or Chief Financial Officer or any other officer of the Company designated by such persons shall respond to any such inquiry reasonably promptly (and in any event no later than prior to the end of the next business day in Pittsburgh, Pennsylvania).

b.During the Term and for a one-year period thereafter, except with the prior written consent of the Company or except as otherwise required by applicable law, rule or regulation, Barington and the Barington Restricted Persons (as defined below) shall (i) hold in strict confidence and trust all non-public information relating to the Company or any of its subsidiaries or their respective assets or operations that is provided to Barington or any of its Affiliates or any of its or their employees, officers, directors or representatives by the Company or any of its subsidiaries or any of their respective employees, officers, directors or representatives (the “Confidential Information”), (ii) not release or disclose in any manner whatsoever to any other Person any Confidential Information, provided, however, that nothing herein shall limit the ability of the Principal to disclose such Confidential Information to Barington or any Barington Restricted Person, and (iii) use the Confidential Information solely in connection with BCM’s appointment as the Consultant and the performance of its obligations set forth in Section 2 hereunder and not for any other purpose; provided that (A) the foregoing provisions shall not apply where Barington is compelled to disclose Confidential Information by judicial or regulatory process or, in the reasonable opinion of its counsel, by other requirements of applicable law, rule or regulation (provided that, if legally permissible, upon learning that the disclosure of any such Confidential Information is sought in or by a court or governmental body of competent jurisdiction or through other means, prompt written notice is given to the Company to allow the Company to undertake (at the Company’s expense) appropriate action to prevent or limit the disclosure of, or to obtain a protective order for, such Confidential Information), and (B) the term “Confidential Information” shall not include information which (i) has been made generally available to the public other than by disclosure in violation of this Agreement or any other agreement with Barington or any of its Affiliates, on the one hand, and the Company or any of its subsidiaries, on the other hand, (ii) was in the possession of Barington or one of its Affiliates or any of its or their employees, officers, directors or representatives prior to receipt hereunder, (iii) may hereafter be obtained by Barington or one of its Affiliates or any of its or their employees, officers, directors or representatives without obligation of confidentiality from a third party that is not known by such parties to be under any confidentiality obligation to the Company or any of its subsidiaries regarding such Confidential Information, or (iv) was independently developed by Barington or one of its Affiliates or any of its or their employees, officers, directors or representatives without use of or reference to any Confidential Information. Following the termination of this Agreement, Barington and the Barington Restricted Persons shall promptly (i) return to the Company or destroy all physical materials containing or consisting of Confidential Information and all hard copies thereof, and (ii) destroy all electronically stored Confidential Information, provided, that Barington shall be permitted to retain electronically stored Confidential Information to the extent necessary to comply with any applicable document retention requirements under any applicable law, rule or regulation, and shall not be required to delete any Confidential 
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Information in electronic form that has been automatically archived or backed-up on its computer servers. Barington shall be responsible for any breach by any Barington Restricted Person of the obligations in this Section 3(b).

c.During the Term, Barington shall cause the Principal to consult with the Company’s General Counsel prior to serving as a consultant, independent contractor, agent, employee, officer, partner, or special advisor with any Person that is a significant competitor to the Company in any of its principal businesses. 

4.Standstill.  During the Term, with respect to the Company, Barington shall not, and shall cause its Affiliates and Associates and any Person acting on behalf of or in concert with Barington or any of its Affiliates or Associates (each, a “Barington Representative”) not to, directly or indirectly:

a.engage in any solicitation of proxies or consents or become a “participant” in a “solicitation” (as such terms are defined in Regulation 14A under the Exchange Act, but, with respect to the term “solicitation”, without regard to the exclusion set forth in Rule 14a-1(l)(2), except for the exclusion set forth in Rule 14a-1(l)(2)(iv)(B)) of proxies or consents (including, without limitation, any solicitation of consents that seeks to call a special meeting of shareholders), in each case, with respect to the securities of the Company;

b.knowingly encourage, advise or influence any other Person, or knowingly assist any other Person in encouraging, advising or influencing any other Person, (i) with respect to the voting or the giving or withholding of any proxy, consent or other authority to vote involving the Company or the taking of any other action with respect to a Barington Representative’s Voting Securities or (ii) in conducting any type of referendum, binding or non-binding, involving the Company, in each case of the foregoing other than such encouragement, advice or influence that is consistent with the Company management’s recommendation in connection with such matter;

c.form, join or participate in any way in any “group” (as defined pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) with respect to the securities of the Company, except that nothing in this Agreement will limit the ability of an Affiliate, Associate or investment advisory client of Barington to join the Barington “group” following the execution of this Agreement so long as any such Affiliate, Associate or investment advisory client agrees to be bound by the terms and conditions of this Agreement including this Section 4;

d.initiate, encourage, seek to effect or in any way assist with or facilitate any offer or proposal (with or without conditions), or negotiations, agreements or understandings whether or not legally enforceable, with respect to a merger, acquisition, tender offer, exchange offer, business combination, share exchange, recapitalization, restructuring, liquidation, dissolution, disposition, asset sale or other similar transaction involving the Company or any of its subsidiaries or any material portion of its or their businesses (each, a “Business Transaction”);

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e.deposit any Voting Securities in any voting trust or subject any Voting Securities to any arrangement or agreement with respect to the voting of any Voting Securities, other than any such voting trust, arrangement or agreement solely among Barington and otherwise in accordance with this Agreement;

f.grant any proxy with respect to any Voting Securities (other than to a designated representative of the Company pursuant to a proxy statement of the Company) or take any action requiring a Barington Representative to report beneficial ownership of Voting Securities on Schedule 13D under the Exchange Act;

g.initiate, encourage or participate in any (A) nominations in furtherance of a “contested solicitation” for the election or removal of directors with respect to the Company, (B) other action with respect to the election or removal of any directors of the Company, (C) effort, alone or in concert with others, to obtain representation on the Board or (D) referendum of Shareholders;

h.make or be the proponent of any shareholder proposal (pursuant to Rule 14a-8 under the Exchange Act or otherwise) for consideration by the Shareholders;

i.make any request for stockholder list material or other books and records of the Company;

j.unless required by law, rule or regulation, make or issue or cause to be made or issued any public disclosure, announcement or statement concerning the Company or aimed at influencing the management or direction of the Company; provided, however, that without limiting Section 5, this Section 4 shall not prevent Barington from publicly commenting on any merger, consolidation, business combination or other material Business Transaction of the Company, or any amendment of the Company’s Articles of Incorporation or Bylaws;

k.enter into any negotiations, agreements or understandings with any third party to take any action that any Barington Representative is prohibited from taking pursuant to this Section 4; or

l.make any request or submit any proposal to amend or waive the terms of this Agreement, in each case which would reasonably be expected to result in a public announcement of such request or proposal.  

5.Non-Disparagement.  During the Term:

a.Barington agrees that, except as required by applicable law, rule or regulation, it shall not, and shall cause its Affiliates and its and their respective principals, members, general partners, directors, officers, employees and consultants, agents and representatives acting on Barington’s or such Affiliate’s behalf (the “Barington Restricted Persons”) not to, make, or cause to be made, any public statement, announcement or other communication, including through social media or in any document or report filed with or furnished to the Securities and Exchange Commission (the “SEC”) or through the press, media, analysts or other Persons, that constitutes an ad hominem attack on, or otherwise disparages, calls into disrepute, defames, criticizes or slanders in any manner (any such statement, a 
-5-
			
	

“Disparaging Statement”) any Company Restricted Persons (as defined below, provided that the Company’s employees are Company Restricted Persons for purposes of this Section 5(a)); and

b.the Company agrees that, except as required by applicable law, rule or regulation, it shall not, and shall cause its subsidiaries and its and their respective directors, officers, employees (but only to the extent acting at the direction of the Company’s or such subsidiary’s director or officer), and consultants, agents and representatives acting on the Company’s or such subsidiary’s behalf (the “Company Restricted Persons”) not to, make, or cause to be made, any Disparaging Statement with respect to any Barington Restricted Person;

provided that the foregoing shall not prevent (i) the making of any factual statement in the event that any Barington Restricted Person or any Company Restricted Person is required to make such statement by applicable subpoena, legal process, other legal or regulatory requirement or the rules of any securities exchange to which it is subject or (ii) a response by Barington or the Company to any statement made by any Company Restricted Person or Barington Restricted Person, respectively, which is in violation of this Section 5. Without limiting this Section 5, Barington may publicly comment on the merits of any merger, consolidation, business combination or other material Business Transaction of the Company, or any amendment of the Company’s Articles of Incorporation or Bylaws (except for any such amendment contemplated by the Mutual Press Release).

6.Additional Agreements.  The Company shall provide the proposed form of its Form 8-K announcing this Agreement to Barington and its counsel at least one (1) business day in advance of filing such materials with the SEC in order to permit Barington a reasonable opportunity to review and comment on such materials, and shall consider in good faith any comments received from Barington and its counsel as may relate to either Barington or this Agreement subject to applicable law, rule or regulation.  Except as otherwise required by applicable law, rule or regulation, the Company shall use the same or substantially similar language, or a summary thereof, for any other filing or public disclosure, including, if applicable, the Company’s proxy statement for the 2023 Annual Meeting, that discloses, discusses, refers to or is being filed in response to or as a result of this Agreement, unless otherwise reviewed and agreed in writing by Barington.

7.Press Release. Promptly following the execution and delivery of this Agreement by the Parties, the Company shall issue on behalf of the Company and Barington a mutually agreeable joint press release (the “Mutual Press Release”) in the form attached to this Agreement as Exhibit A.  On the date of the issuance of such Mutual Press Release, the Parties agree not to (i) issue a press release in connection with this Agreement or the actions contemplated hereby (other than the press release in Exhibit A) or (ii) make any other public statement, disclosure or announcement with respect to this Agreement or the actions contemplated hereby, other than, in each case of (i) and (ii), a Form 8-K filing by the Company with the SEC made in compliance with the provisions of Section 6(a) of this Agreement and as mutually agreed to by the Company and Barington.

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8.Barington Expenses.  Within five business days of the date hereof, the Company shall pay to Barington $50,000 by certified check or wire transfer of immediately available funds to reimburse Barington for its out-of-pocket fees and expenses incurred in connection with its communication and meetings with representatives of the Board and the Company’s management, the drafting and submission of the Nomination Letter, the negotiation and execution of this Agreement, its preparation for a solicitation of Shareholders, and all of its other activities and matters related to the foregoing, including, but not limited to, the fees and disbursements of counsel, consultants and other advisors.

9.Certain Defined Terms.

a.“Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under the Exchange Act and Affiliates of a specified Person shall include Persons who become Affiliates of such Person subsequent to the date of this Agreement.

b.“Associate” shall have the meaning set forth in Rule 12b-2 promulgated under the Exchange Act and Associates of a specified Person shall include Persons who become Associates of such Person subsequent to the date of this Agreement.

c.“Person” means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

d.“Voting Securities” shall mean the shares of Class A common stock of the Company, par value $1.00 per share, and any other securities of the Company entitled to vote in the election of directors, or securities convertible into, or exercisable or exchangeable for, such shares or other securities.

10.Power and Authority of the Company. The Company represents and warrants to Barington that (i) the Company has the corporate power and authority to execute and deliver this Agreement and to bind it hereto, (ii) this Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, and (iii) the execution, delivery and performance of this Agreement by the Company does not and will not violate or conflict with (A) any law, rule, regulation, order, judgment or decree applicable to the Company or (B) result in any breach or violation of or constitute a default (or an event which with or without notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound.

11.Power and Authority of Barington. Each of BCM and Barington Equity represents and warrants to the Company that (i) such Person has the organizational power and authority to execute and deliver this Agreement and to bind it hereto, (ii) this Agreement has been duly authorized, executed and delivered by such Person, constitutes a valid and binding obligation of such Person, and is enforceable against such Person in accordance with its terms, and (iii) the execution, delivery and performance of this Agreement by such Person does not and will not violate or conflict with (A) any law, rule, regulation, order, judgment or decree applicable to such Person, or (B) result in any breach or violation of or constitute a default (or an event which with or 
-7-
			
	

without notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which such Person is a party or by which it is bound.

12.Termination. As of the date that is thirty (30) business days prior to the nomination deadline for the Company’s next annual meeting of Shareholders (such date, hereinafter the “Notice Date”), commencing with the Company’s 2024 annual meeting of Shareholders, the Company shall notify Barington in writing whether it desires to continue to engage Barington as a Consultant in accordance with the terms of this Agreement until the next Termination Date (as hereinafter defined) (the “Continuation Notice”).  If the Company notifies Barington that it does not wish to continue to engage Barington as a Consultant, then the Term shall expire as of the date that is twenty (20) business days prior to the nomination deadline for the next annual meeting of Shareholders (the “Termination Date”), commencing with the Company’s 2024 annual meeting of Shareholders.  If the Company notifies Barington that it desires to continue to engage Barington as a Consultant, then within five (5) business days of its receipt of the Continuation Notice, Barington shall notify the Company in writing whether it consents to continuing to serve as a Consultant until the next potential Termination Date.  If Barington consents to continuing to serve as a Consultant, then the Term shall extend until the next potential Termination Date.  If Barington does not consent to continuing to serve as a Consultant, then the Term shall expire as of the Termination Date.  If the Term is extended to the next potential Termination Date pursuant to the provisions of this Section 12, then the Parties shall follow the same procedures set forth in this Section 12 to determine if the Term shall be subsequently extended hereunder.  Notwithstanding the foregoing, the Company may elect to terminate the provisions of Sections 2(a)-(d) of this Agreement following ten (10) business days’ written notice to Barington (i) at such time that Barington is the beneficial owner of fewer than 100,000 shares of the Company’s Class A common stock, par value $1.00 per share (subject to adjustment for share issuances, stock splits, reclassifications, combinations and other similar actions by the Company), or (ii) upon a material breach of this Agreement by Barington that is not cured within such ten business day period; it being understood and agreed that the termination of the provisions of Sections 2(a)-(d) of this Agreement by the Company shall not limit the monthly payment of the Advisory Fee and the reimbursement of any costs and expenses incurred by the Consultant and the Principal prior to the date of termination.  

13.Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the Parties and delivered to the other Parties (including by means of electronic delivery or facsimile).

14.Specific Performance. Each Party acknowledges and agrees that irreparable injury to the other Parties would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that money damages are not an adequate remedy for such a breach. It is accordingly agreed that each Party may be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof. Each Party agrees to waive any bonding requirement under any applicable law in the case any other Party seeks to enforce the terms by way of equitable relief. 

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15.APPLICABLE LAW AND JURISDICTION. THIS AGREEMENT shall BE GOVERNED BY, AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICTS OF LAWS PRINCIPLES. EACH OF THE PARTIES IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING BASED ON OR ARISING OUT OF THIS AGREEMENT shall BE BROUGHT EXCLUSIVELY IN THE U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK (OR, IF SUCH COURT DECLINES TO ACCEPT JURISDICTION, ANY STATE OR FEDERAL COURT SITTING IN THE CITY OF NEW YORK, NEW YORK COUNTY). EACH OF THE PARTIES IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY SUCH ACTION OR PROCEEDING. EACH OF THE PARTIES HEREBY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY WAIVES ANY ARGUMENT THAT SUCH COURTS ARE AN INCONVENIENT OR IMPROPER FORUM. EACH PARTY CONSENTS TO SERVICE OF PROCESS BY A REPUTABLE OVERNIGHT DELIVERY SERVICE, SIGNATURE REQUESTED, TO THE ADDRESS OF SUCH PARTY set forth in Section 15.

16.Notice. All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, (i) if given by email transmission, when actually received at the email address below, or (ii) if given by any other means, when actually received during normal business hours at the address specified in this Section, which address may be updated from time to time by the applicable Party:

If to the Company:

Matthews International Corporation 
Two NorthShore Center 
Pittsburgh, Pennsylvania 15212-5851 
Attention: Brian D. Walters 
Email: bwalters@matw.com

With a copy to (which shall not constitute notice):

Jones Day 
500 Grant Street, Suite 4500 
Pittsburgh, Pennsylvania 15219 
Attention: David A. Grubman 
Email: dgrubman@jonesday.com

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If to Barington:

Barington Companies Management, LLC 
888 Seventh Avenue, 6th Floor 
New York, New York 10019 
Attention:  James A. Mitarotonda 
Email: jmitarotonda@barington.com

With a copy to (which shall not constitute notice):

Kramer Levin Naftalis & Frankel LLP 
1177 Avenue of the Americas 
New York, NY 10036 
Attention: Peter G. Smith 
Email:  psmith@kramerlevin.com

17.Entire Agreement; Amendment. This Agreement, including exhibits attached to this Agreement, contains the entire understanding of the Parties with respect to the subject matter hereof. This Agreement may be amended only by an agreement in writing executed by the Company and Barington, and no waiver of compliance with any provision or condition of this Agreement and no consent provided for in this Agreement shall be effective unless evidenced by a written instrument executed by the Party against whom such waiver or consent is to be effective. No failure or delay by a Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

18.Severability.  If at any time subsequent to the date hereof, any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this Agreement.

19.No Third Party Beneficiaries; Assignment.  This Agreement is solely for the benefit of the Parties and is not binding upon or enforceable by any other persons. No Party may assign its rights or delegate its obligations under this Agreement, whether by operation of law or otherwise, and any assignment in contravention hereof shall be null and void; provided that the Company may assign its rights and obligations hereunder to an acquirer of the Company or of all or substantially all of the Company’s assets. Nothing in this Agreement, whether express or implied, is intended to or shall confer any rights, benefits or remedies under or by reason of this Agreement on any Person other than the Parties. 

20.Interpretation and Construction.  When a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement, unless otherwise indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” and “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “or” means “and/or”. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms. Any 
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agreement, instrument, law, rule or statute defined or referred to herein means, unless otherwise indicated, such agreement, instrument, law, rule or statute as from time to time amended, modified or supplemented. Each of the Parties acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of said independent counsel. Each Party cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the Parties shall be deemed the work product of all of the Parties and may not be construed against any Party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any Party that drafted or prepared it is of no application and is hereby expressly waived by each of the Parties, and any controversy over interpretations of this Agreement shall be decided without regards to events of drafting or preparation.

[Signature Page Follows]
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IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the date set forth on the cover page of this Agreement.

									
	MATTHEWS INTERNATIONAL CORPORATION

	By:	/s/ Joseph C. Bartolacci
		Name:	Joseph C. Bartolacci
		Title:	Chief Executive Officer

									
	BARINGTON COMPANIES EQUITY PARTNERS, L.P.

By: Barington Companies Investors, LLC, its general partner

	By:	/s/ James A. Mitarotonda
		Name:	James A. Mitarotonda
		Title:	Pres/CEO
	BARINGTON CAPITAL GROUP, L.P.

By: LNA Capital Corp., its general partner
	By:	/s/ James A. Mitarotonda
		Name:	James A. Mitarotonda
		Title:	Pres/CEO

									
	BARINGTON COMPANIES MANAGEMENT, LLC
	By:	/s/ James A. Mitarotonda
		Name:	James A. Mitarotonda
		Title:	Pres/CEO

			
	

EXHIBIT A
MUTUAL PRESS RELEASE

			
	

						
	
	NEWS RELEASE

Matthews International Corporation
Corporate Office
Two NorthShore Center
Pittsburgh, PA  15212-5851
Phone: (412) 442-8200
												
	December 30, 2022	Contact:	Steven F. Nicola	William D. Wilson
			Chief Financial Officer	Senior Director,
			and Secretary	Corporate Development

 
 
MUTUAL PRESS RELEASE

MATTHEWS INTERNATIONAL ENTERS INTO AGREEMENT WITH BARINGTON

PITTSBURGH, PA, DECEMBER 30, 2022 - Matthews International Corporation (“Matthews”) (NASDAQ GSM: MATW) today announced that it has entered into an agreement with Barington Capital Group, L.P., Barington Companies Equity Partners, L.P., and Barington Companies Management, LLC (collectively, “Barington”), pursuant to which Barington Companies Management, LLC will serve as a consultant to Matthews.  Under the agreement, Barington has also agreed to vote all of its shares in favor of Matthews’ nominees at the 2023 Annual Shareholders’ Meeting.

Joseph C. Bartolacci, President and Chief Executive Officer, stated: “We have appreciated our discussions over the past year with Barington and their insights as a shareholder of Matthews.  We look forward to their contributions as a consultant toward the Company’s continued growth.”

James A. Mitarotonda, Chief Executive Officer of Barington, commented: “We look forward to working constructively with the Board and Management to build value for the company and its shareholders.”

About Matthews International Corporation

Matthews International Corporation is a global provider of memorialization products, industrial technologies, and brand solutions. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets, cremation-related products, and cremation and incineration equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. The Industrial Technologies segment designs, manufactures, services and distributes high-tech custom energy storage solutions, product identification, and warehouse automation technologies and solutions. The SGK Brand Solutions segment is a leading provider of packaging solutions and brand experiences, helping companies simplify their marketing, amplify their brands and provide value. The Company has approximately 12,000 employees in more than 30 countries on six continents that are committed to delivering the highest quality products and services.

			
	

About Barington Capital Group, L.P.

Barington Capital Group, L.P. is a fundamental, value-oriented activist investment firm that was established by James A. Mitarotonda in January 2000. Barington invests in undervalued publicly traded companies that Barington believes can appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance. Barington's investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value. Barington has significant experience investing in companies across many industries.

Forward-looking Information

Any forward-looking statements contained in this release are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to be materially different from management’s expectations. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove correct. Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company's products, changes in mortality and cremation rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates, or other factors such as supply chain disruptions, labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, ability to achieve cost-reduction objectives, unknown risks in connection with the Company's acquisitions, cybersecurity concerns, effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, impact of pandemics or similar outbreaks, or other disruptions to our industries, customers, or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine, and other factors described in the Company’s Annual Report on Form 10-K and other periodic filings with the U.S. Securities and Exchange Commission.

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