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EXHIBIT 10.4

COOPER INDUSTRIES

AMENDED AND RESTATED

STOCK INCENTIVE PLAN

(Amended and Restated February 9, 2005)

I. Purpose of the Plan

     The Cooper Industries Stock Incentive Plan is intended to provide Cooper US, Inc. (the
“Company”) and its affiliates a means by which such companies can engender and sustain a sense of
proprietorship and personal commitment on the part of the executives, managers and other key
employees in the continued growth, development and financial success of the publicly-traded parent,
Cooper Industries, Ltd. (“CBE”) and encourage them to remain with and devote their best efforts to
the business of the Company and its affiliates, thereby advancing the interests of the Company, its
affiliates and CBE shareholders. Accordingly, the Company may award to certain employees shares of
the Common Stock of CBE, on the terms and conditions established herein.

II. Definitions

     2.1 “Award” means any form of Stock Option, Restricted Stock or Performance Share granted
under the Plan, whether singly or in combination, to a Participant by the Committee pursuant to
such terms, conditions, restrictions and limitations, if any, as the Committee may establish by the
Award Agreement or otherwise.

     2.2 “Award Agreement” means a written agreement with respect to an Award between the Company
and a Participant establishing the terms, conditions, restrictions and limitations applicable to an
Award. To the extent an Award Agreement is inconsistent with the terms of the Plan, the Plan shall
govern the rights of the Participant thereunder.

     2.3 “Board” shall mean the Board of Directors of CBE.

     2.4 A “Change in Control” shall be deemed to have occurred if the event set forth in any one
of the following paragraphs shall have occurred:

        (1) any Person is or becomes the Beneficial Owner, directly or indirectly, of CBE
securities (not including in the securities beneficially owned by such Person or any
securities acquired directly from CBE or its affiliates) representing 25% or more of the
combined voting power of CBE’s then outstanding securities, excluding any Person who becomes
such a Beneficial Owner in connection with a transaction described in clause (i) of paragraph
(3) below; or

        (2) the following individuals cease for any reason to constitute a majority of the number
of directors then serving: individuals who on the date hereof constitute the Board and any new
director (other than a director whose initial assumption of office is in

 

 

connection with an actual or threatened election contest, including but not limited to a consent solicitation,
relating to the election of directors of CBE) whose appointment or election by the Board or
nomination for election by CBE’s stockholders was approved or recommended by a vote of at
least two-thirds (2/3) of the directors then still in office who either were directors on the
date hereof or whose appointment, election or nomination for election was previously so
approved or recommended; or

        (3) there is consummated a merger or consolidation of CBE or any direct or indirect
subsidiary of CBE with any other corporation, other than (i) a merger or consolidation which
results in the directors of CBE immediately prior to such merger or consolidation continuing
to constitute at least a majority of the board of directors of CBE, the surviving entity or
any parent thereof, or (ii) a merger or consolidation effected to implement a recapitalization
of CBE (or similar transaction) in which no Person is or becomes the Beneficial Owner,
directly or indirectly, of CBE securities (not including in the securities Beneficially Owned
by such Person any securities acquired directly from CBE or its Affiliates) representing 25%
or more of the combined voting power of CBE’s then outstanding securities; or

        (4) the stockholders of CBE approve a plan of complete liquidation or dissolution of CBE
or there is consummated an agreement for the sale or disposition by CBE of all or
substantially all of CBE’s assets, other than a sale or disposition by CBE of all or
substantially all of CBE’s assets to an entity, at least 60% of the combined voting power of
the voting securities of which are owned by stockholders of CBE in substantially the same
proportions as their ownership of CBE immediately prior to such sale.

For purposes of this Section 2.4, “Affiliate” shall have the meaning set forth in Rule 12b-2
promulgated under Section 12 of the Exchange Act; “Beneficial Owner” shall have the meaning
set forth in Rule 13d-3 under the Exchange Act; and “Person” shall have the meaning given in
Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof,
except that such term shall not include (i) CBE or any of its subsidiaries, (ii) a trustee or
other fiduciary holding securities under an employee benefit plan of CBE or any of its
subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of
such securities, (iv) a corporation owned, directly or indirectly, by the shareholders of CBE
in substantially the same proportions as their ownership of stock of CBE or (v) any
individual, entity or group whose ownership of securities of CBE is reported on Schedule 13G
pursuant to Rule 13d-1 promulgated under the Exchange Act (but only for so long as such
ownership is so reported).

     2.5 “Change in Control Price” means the higher of (i) the Fair Market Value on the date of
determination of the Change in Control, or (ii) the highest price per share actually paid for the
Common Stock in connection with the Change in Control of CBE.

     2.6 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

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     2.7 “Commission” shall mean the Securities and Exchange Commission.

     2.8 “Committee” means the Management Development and Compensation Committee of the Board, or
such other committee designated by the Board to administer the Plan, provided that the Committee
shall consist of three or more persons, each of whom is an “outside director” within the meaning of
Section 162(m) of the Code and a “disinterested person” within the meaning of Rule 16b-3 under the
Exchange Act.

     2.9 “Common Stock” or “Shares” shall mean the Class A common shares, par value $0.01 a share,
of CBE and other such securities of CBE as the Committee may from time to time determine.

     2.10 “Dividend Equivalent” shall mean any right granted pursuant to Section X hereof.

     2.11 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     2.12 “Executive Officer” means an executive officer as defined in Rule 3b-7 promulgated under the Exchange Act.

     2.13 “Fair Market Value” of a share of Common Stock, as of any date, means the average of the
high and low sales prices of a share of Common Stock as reported on the Stock Exchange composite
tape on the applicable date, provided that if no sales of Common Stock were made on the Stock
Exchange on that date, the average of the high and low prices as reported on the composite tape for
the preceding day on which sales of Common Stock were made.

     2.14 “Incentive Stock Option” shall mean an option granted under Section VII hereof that is
intended to meet the requirements of Section 422 of the Code or any successor provision thereto.

     2.15 “Nonstatutory Stock Option” shall mean an option granted under Section VII hereof that is
not intended to be an Incentive Stock Option.

     2.16 “Option” shall mean any right granted to a Participant under the Plan allowing such
Participant to purchase Shares at such prices and during such Period or Periods as the Committee
shall determine.

     2.17 “Participant” means an officer or key employee of the Company or its affiliates who is
selected by the Committee to participate in the Plan.

     2.18 “Performance Goals” or “Targets” in respect to Awards of Performance Shares are defined
as the performance criterion or criteria established by the Committee, pursuant to Section 9.3
hereof.

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     2.19 “Performance Period” shall mean that period established by the Committee at the time any
Performance Shares are granted, provided that a Performance Period shall be a minimum of one year.

     2.20 “Performance Share” shall mean any grant pursuant to Section IX hereof of a unit valued
by reference to a designated number of Shares, which value may be paid to the Participant by
delivery of such property as the Committee shall determine, including cash, Shares or any
combination thereof, upon achievement of such Performance Goals during the Performance Period as
the Committee shall establish at the time of such grant or thereafter, or as a reward to recognize
significant personal contributions to Company initiatives under the Cooper Star Program as approved
by the Committee.

     2.21 “Plan” shall mean the Cooper Industries Amended and Restated Stock Incentive Plan (dated
November 7, 1995, as amended and restated February 9, 2005).

     2.22 “Restricted Stock” shall mean any Shares issued pursuant to Section VIII (or any
restricted stock units granted pursuant to Section VIII that are valued by reference to a
designated number of Shares) and which are subject to such terms, conditions and restrictions as
the Committee deems appropriate, including but not limited to restrictions on transferability,
which restrictions may lapse separately or in combination at such time or times, in installments or
otherwise, as the Committee may deem appropriate.

     2.23 “Section 162(m)” means Section 162(m) of the Code and the regulations promulgated
thereunder.

     2.24 “Stock Exchange” means the New York Stock Exchange, Inc. (“NYSE”) or, if the Common Stock
is no longer included on the NYSE, then such other market price reporting system on which the
Common Stock is traded or quoted.

     2.25 “Voting Stock” means securities entitled to vote in an election of Directors of CBE.

III. Administration

     3.1 The Plan shall be administered by the Committee.

     3.2 Subject to the provisions of the Plan, the Committee shall have the authority in its sole
discretion to administer the Plan and to exercise all the powers and authorities either
specifically granted to it under the Plan or necessary or advisable in the administration of the
Plan, including, without limitation, the authority to select the Participants; to determine the
type of Awards to be made to Participants; to determine the Shares subject to any Award and the
terms, conditions and restrictions relating to any Award; to determine whether, to what extent and
under what circumstances any Award may be settled, cancelled, forfeited, exchanged, or surrendered;
to waive or modify any condition applicable to an Award (other than a Performance Share Award to
Executive Officers if inconsistent with Section 162(m)); to make adjustments in

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the performance goals of an Award (i) in recognition of unusual or nonrecurring events affecting CBE or the
financial statements of CBE (with respect to Awards made to Executive Officers, to the extent in
accordance with Section 162(m), if applicable) or (ii) in response to changes in applicable laws,
regulations, or accounting principles; to interpret the Plan; to establish, amend or rescind any
administrative policies; to determine the terms and provisions of any agreements entered into
hereunder; and to make all other determinations necessary or advisable for the administration of
the Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency
in the Plan or in any Award in the manner and to the extent it shall deem desirable to carry it
into effect. The determinations of the Committee in the administration of the Plan, as described
herein, shall be final and conclusive: provided, however, that no action shall be taken which will
prevent Awards granted under the Plan from meeting the requirements for exemption from Section
16(b) of the Exchange Act, or subsequent comparable statute, as set
forth in Rule 16b-3 under the Exchange Act or any subsequent comparable rule; and, provided
further, that no action shall be taken which will prevent Awards hereunder that are intended to
provide “performance-based compensation,” within the meaning of Section 162(m), from doing so.

     3.3 In order to enable Participants who are foreign nationals or employed outside the United
States, or both, to receive Awards under the Plan, the Committee may adopt such amendments,
subplans and the like as are necessary or advisable, in the opinion of the Committee, to effectuate
the purposes of the Plan.

     3.4 Notwithstanding the powers and authorities of the Committee set forth in this Section III,
the Committee shall not permit the repricing of Stock Options by any method, including by
cancellation and reissuance.

IV. Eligibility

     Any key employee of the Company or any of its subsidiaries or affiliates is eligible to
receive one or more Awards under the Plan.

V. Shares Subject to the Plan

     5.1 There shall be available for Awards granted wholly or partly in Common Stock (including
rights or options which may be exercised for or settled in Common Stock) during the term of this
Plan an aggregate of 17,000,000 shares of Common Stock, subject to the adjustments provided for in
Section XIV hereof. The 17,000,000 Shares available for Awards consist of 12,000,000 Shares
previously approved by the Company and CBE shareholders and 5,000,000 Shares being submitted for
approval by shareholders at the 2004 annual meeting. Of the 12,000,000 Shares previously approved
by shareholders, no Shares remain available for future grants following the Board’s approval of
equity compensation awards granted in February 2004. Of the 5,000,000 Shares being submitted for
shareholder approval at the 2004 annual meeting, no more than 2,500,000 Shares are available for
Restricted Stock and Performance Shares.

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     5.2 Shares of Common Stock available for issuance under the Plan may be authorized and
unissued Shares, outstanding CBE Class A common shares held by the Company, or CBE Class B common
shares convertible into Class A common shares for issuance under the Plan, as the Company and CBE
may from time to time determine. The Board of Directors and the appropriate officers of CBE shall
from time to time take whatever actions are necessary to file required documents with governmental
authorities and the Stock Exchange to make shares of Common Stock available for issuance pursuant
to Awards. Common Stock related to Awards that are forfeited or otherwise terminated, or expire
unexercised, or are settled in a manner such that all or some of the Shares covered by an Award are
not issued to a Participant (other than an exchange for cash or other property of comparable value)
shall immediately become available for Awards hereunder. If an Award is exchanged for cash or
other property of comparable value, the Common Stock related to the Award will be deducted from the
Shares available for Awards hereunder. Any Shares issued by CBE in respect of the assumption or substitution of
outstanding awards from a corporation or other business entity acquired by CBE shall not reduce the
number of Shares available for Awards under this Plan. The Committee may from time to time adopt
and observe such procedures concerning the counting of shares against the Plan maximum as it may
deem appropriate under Rule 16b-3 issued pursuant to the Exchange Act.

     5.3 The number of shares of Common Stock subject to Awards granted under the Plan to any
individual who is an Executive Officer shall not exceed the limits set forth below:

	 	•  	Stock Options — a total of 1,500,000 Shares in a continuous five (5) year period.
	 
	 	•  	Restricted Stock and Performance Shares — the greater of 125,000 Shares per
calendar year or a total of 500,000 Shares in a continuous four (4) year period.

Determinations under the preceding sentence shall be made in a manner that is consistent with
Section 162(m).

VI. Awards

     Awards under the Plan may consist of: Stock Options (either Incentive Stock Options within the
meaning of Section 422 of the Code or Nonstatutory Stock Options), Restricted Stock, or Performance
Shares. Awards of Performance Shares and Restricted Stock may provide the Participant with
dividends or Dividend Equivalents and voting rights prior to vesting (whether based on a period of
time or based on attainment of specified performance conditions). The terms, conditions and
restrictions of each Award shall be set forth in an Award Agreement.

VII. Stock Options

     7.1 Grants. Awards may be granted in the form of Stock Options. Stock Options may be
Incentive Stock Options within the meaning of Section 422 of the Code or Nonqualified Stock Options
or a combination of both, or any particular type of tax-advantaged option authorized by the Code
from time to time, and approved by the Committee.

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     7.2 Terms and Conditions of Options. A Stock Option shall be exercisable in whole or in such
installments and at such times and upon such terms as may be determined by the Committee: provided,
however, that no Stock Option shall be exercisable more than 10 years after the date of grant
thereof. The option exercise price shall be established by the Committee, but such price shall not
be less than the Fair Market Value on the date of the Stock Option’s grant, subject to adjustment
as provided in Section XIV hereof.

     7.3 Restrictions Relating to Incentive Stock Options. Stock Options issued in the form of
Incentive Stock Options shall, in addition to being subject to all applicable terms, conditions,
restrictions and limitations established by the Committee, comply with Section 422 of the Code.
Incentive Stock Options shall be granted only to key employees of the Company and its subsidiaries
within the meaning of Section 424 of the Code.

     7.4 Payment. Upon exercise, a Participant may pay the option exercise price of a Stock Option
in cash or Shares, or a combination of cash and Shares, or such other consideration as the
Committee may deem appropriate. The Committee shall establish appropriate methods for accepting
Common Stock and may impose such conditions as it deems appropriate on the use of Common Stock to
exercise a Stock Option.

     7.5 Additional Terms and Conditions. The Committee may, by way of the Award Agreement or
otherwise, establish such other terms, conditions or restrictions, if any, on any Stock Option
Award, provided they are not inconsistent with the Plan. The Committee may condition the vesting
of Stock Options on the achievement of financial performance criteria established by the Committee
at the time of grant.

VIII. Restricted Stock Awards

     8.1 Grants. Awards may be granted in the form of Restricted Stock (“Restricted Stock
Awards”). Restricted Stock Awards shall be awarded in such numbers and at such times as the
Committee shall determine.

     8.2 Award Restrictions. Restricted Stock Awards shall be subject to such terms, conditions or
restrictions as the Committee deems appropriate, including, but not limited to, restrictions on
transferability, requirements of continued employment, individual performance or the financial
performance of CBE. The period of vesting and the forfeiture restrictions shall be established by
the Committee at the time of grant, provided that the period of vesting shall be at least one year
from the date of grant, except as provided in Section XVIII.

     8.3 Rights as Shareholders. The Committee may, in its discretion, grant to the Participant to
whom such Restricted Stock has been awarded, all or any of the rights of a shareholder with respect
to such shares of Restricted Stock, including the right to receive dividends or Dividend
Equivalents.

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     8.4 Evidence of Award. Any Restricted Stock Award granted under the Plan may be evidenced in
such manner as the Committee deems appropriate, including, without limitation, book entry
registration or issuance of a stock certificate or certificates.

IX. Performance Share Awards

     9.1 Grants. Awards may be granted in the form of Performance Shares.

     9.2 Performance Shares. The Committee may grant an Award of Performance Shares to
Participants as of the first day of each Performance Period. Performance Goals will be established
by the Committee not later than 90 days after the commencement of the Performance Period relating
to the specific Award. At the end of the Performance Period, the Performance Shares shall be
converted into Common Stock (or cash or a combination of Common Stock and cash, as determined by
the Award Agreement) and distributed to Participants based upon such entitlement. The Committee
may also grant Performance Shares as a reward to employees to recognize significant personal
contributions to Company initiatives under the Cooper Star Program. Award payment in respect of
Performance Shares made in cash rather than the issuance of Common Stock shall not, by reason of
such payment in cash, result in additional Shares being available for reissuance pursuant to
Section V hereof.

     9.3 Performance Criteria. Notwithstanding anything to the contrary contained in this Section
IX, Performance Share Awards shall be made to Executive Officers only in compliance with Section
162(m). Performance criteria used to establish Performance Goals for Performance Share Awards
granted to Executive Officers must include one or any combination of the following: (i) CBE’s
return on equity, assets, capital or investment; (ii) pre-tax or after-tax profit levels expressed
in earnings per share of CBE or any subsidiary or business segment of CBE; (iii) cash flow or
similar measure; (iv) total shareholder return; (v) change in the market price of the Common Stock;
or (vi) market share. The Performance Goals established by the Committee for each Performance
Share Award will specify achievement targets with respect to each applicable performance criterion
(including a threshold level of performance below which no amount will become payable with respect
to such Award). To the extent applicable, any such Performance Goals shall be determined in
accordance with generally accepted accounting principles. Each Award will specify the amount
payable, or the formula for determining the amount payable, upon achievement of the various
applicable Performance Targets. The Performance Goals established by the Committee may be (but
need not be) different for each Performance Period and different Performance Goals may be
applicable for Awards to different Executive Officers in the same Performance Period. Payment
shall be made with respect to a Performance Share Award to an Executive Officer only after the
attainment of the applicable Performance Goals has been certified in writing by the Committee.

     9.4 Adjustments. The Committee shall be authorized to make adjustments in the method of
calculating attainment of Performance Goals in recognition of: (i) extraordinary or non-recurring
items; (ii) changes in tax laws; (iii) changes in generally accepted accounting principles or
changes in accounting policies; (iv) charges related to restructured or discontinued operations;
(v) restatement of prior period financial results; and (vi) any other unusual, non-

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recurring gain or loss that is separately identified and quantified in CBE’s financial statements.
Notwithstanding the foregoing, the Committee may, at its sole discretion, modify the performance
results upon which Awards are based under the Plan, to offset
any unintended result(s) arising from events not anticipated when the Performance Goals were
established, provided, that such adjustment is permitted by Section 162(m).

     9.5 Additional Terms and Conditions. The Committee may, by way of the Award Agreement or
otherwise, determine the manner of payment of Awards of Performance Shares and other terms,
conditions or restrictions, if any, on any Award of Performance Shares, provided they are
consistent with the Plan.

X. Dividends

     Upon issuance of Performance Shares earned under the Plan, the Company also shall pay to the
Participant an amount equal to the aggregate amount of dividends that the Participant would have
received had the Participant been the owner of record of such earned Performance Shares during the
Performance Period. Upon the grant of restricted stock units, the Committee may, in its
discretion, provide for the accrual or payment of dividends that the Participant would have
received had the Participant been the owner of record of the underlying Shares during the vesting
period.

XI. Deferrals and Settlements

     The Committee may require or permit Participants to elect to defer the issuance of Shares or
the settlement of Awards in cash as set out in any Award Agreement or under such administrative
policies as it may establish under the Plan. It also may provide that deferred settlements include
the payment or crediting of interest on the deferral amounts, or the payment or crediting of
Dividend Equivalents where the deferral amounts are denominated in Shares.

XII. Termination of Employment

     Upon the termination of employment by a Participant, any unexercised, deferred or unpaid
Awards shall be treated as provided in the specific Award Agreement evidencing the Award, except
that the Committee may, in its discretion, accelerate the vesting or exercisability of an Award,
eliminate or make less restrictive any restrictions contained in an Award, waive any restriction or
other provision of this Plan or an Award or otherwise amend or modify the Award in any manner that
is either: (i) not adverse to such Participant; or (ii) consented to by such Participant.

XIII. Transferability and Exercisability

     Awards granted under the Plan shall not be transferable or assignable other than: (i) by will
or the laws of descent and distribution; (ii) by gift or other transfer of an Award (other than an
Incentive Stock Option unless permitted by the Code) to any trust or estate in which the original
Award recipient or such recipient’s spouse or other immediate relative has a substantial

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beneficial interest, or to a spouse or other immediate relative, provided that any such transfer is permitted
subject to Rule 16b-3 issued pursuant to the Exchange Act as in effect when such transfer occurs
and the Board does not rescind this provision prior to such transfer; or (iii) pursuant to a
qualified domestic relations order (as defined by the Code). However, any Award so transferred
shall continue to be subject to all the terms and conditions contained in the Award Agreement.

XIV. Adjustments

     14.1 The existence of outstanding Awards shall not affect in any manner the right or power of
CBE or its shareholders to make or authorize: (i) any adjustments, recapitalizations,
reorganizations or other changes in the capital stock of CBE or its business; (ii) any merger or
consolidation of CBE; (iii) any issuance of bonds, debentures, preferred or prior preference stock
(whether or not such issue is prior to, on a parity with or junior to the Common Stock); (iv) the
dissolution or liquidation of CBE, or any sale or transfer of all or any part of its assets or
business; or (v) any other corporate act or proceeding of any kind, whether or not of a character
similar to that of the acts or proceedings enumerated above.

     14.2 In the event of any Change in Capitalization, an equitable substitution or proportionate
adjustment may be made in (i) the aggregate number and/or kind of Shares or other property reserved
for issuance under the Plan and (ii) the number, kind and/or exercise price of Shares or other
property subject to outstanding Awards granted under the Plan, including but not limited to, the
substitution of new options for previously issued Stock Options, in each case as may be determined
by the Committee in its sole discretion. Such other equitable substitutions or adjustments may be
made as determined by the Committee in its sole discretion. “Change in Capitalization” means any
increase, reduction, change or exchange of Shares for a different number or kind of shares or other
securities or property by reason of a reclassification, recapitalization, merger, consolidation,
reorganization, issuance of warrants or rights, stock dividend, stock split or reverse stock split,
combination or exchange of shares, repurchase of shares, change in corporate structure or
otherwise; or any other corporate action, such as declaration of a special dividend, that affects
the capitalization of CBE.

XV. Withholding Taxes

     The Company shall have the right to deduct from any payment to be made pursuant to the Plan
the amount of any taxes required by law to be withheld therefrom, or to require a Participant to
pay to the Company such amount required to be withheld prior to the issuance or delivery of any
shares of Common Stock or the payment of cash under the Plan. The Committee may, in its
discretion, permit a Participant to elect to satisfy such withholding obligation by (i) having the
Company retain the number of shares of Common Stock, or (ii) tendering the number of shares of
Common Stock, in either case, whose Fair Market Value equals the amount required to be withheld.
Any fraction of a share of Common Stock required to satisfy such obligation shall be disregarded
and the amount due shall instead be paid in cash, to or by the Participant, as the case may be.

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XVI. Regulatory Approvals and Listings

     Notwithstanding anything contained in this Plan to the contrary, the Company shall have no
obligation to issue or deliver certificates evidencing Shares under this Plan prior to: (i) the
obtaining of any approval from any governmental agency which the Company shall, in its sole
discretion, determine to be necessary or advisable; (ii) the listing of such Shares on the Stock
Exchange; and (iii) the completion of any registration or other qualification of the Shares under
any state or federal law or ruling of any governmental body which the Company shall, in its sole
discretion, determine to be necessary or advisable.

XVII. No Right to Continued Employment or Grants

     No person shall have any claim or right to be granted an Award, and the grant of an Award
shall not be construed as giving a Participant the right to be retained in the employ of the
Company or its subsidiaries or affiliates. Further, the Company and its subsidiaries and
affiliates expressly reserve the right at any time to terminate the employment of any Participant
free from any liability, or any claim under the Plan, except as provided herein or in any Award
Agreement entered into hereunder.

XVIII. Change in Control

     18.1 Vesting and Deferral.

        (i) Vesting. Immediately upon a Change in Control, all outstanding Awards shall
vest automatically, all forfeiture restrictions shall lapse and all Performance Share
Awards shall be deemed earned at the commendable Performance Goal level.

        (ii) Deferral. In connection with a Change in Control, the Committee may permit
Participants to change a prior deferral election with respect to amounts deferred
pursuant to Article XI of the Plan, under such administrative policies as the Committee
may establish under the Plan, which policies shall not be inconsistent with the
provisions of Article XI of the Plan. Accounts denominated in cash immediately prior to
a Change in Control shall continue to be denominated in cash following a Change in
Control. Accounts denominated in Shares immediately prior to a Change in Control shall,
following such Change in Control, be denominated in (a) such form of consideration as
the Participant would have received had the Participant been the owner of record of such
Shares at the time of such Change in Control, in the case of a Change in Control With
Consideration and (b) Shares, in the case of a Change in Control Without Consideration.

        (iii) Definitions. “Change in Control With Consideration” shall mean a Change in Control
in which Shares are exchanged or surrendered for shares, cash or other property. “Change in
Control Without Consideration” shall mean a Change in Control

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pursuant to which Shares are not
exchanged or surrendered for shares, cash or other property.

        18.2 Payment and Rollover.

        (i) Payment of Deferral Accounts. In the absence of a timely deferral election (or
redeferral election, as the case may be) by a Participant, the Company shall, within 10
days after the occurrence of a Change in Control, (a) issue, or cause to be issued, for
any Shares credited to a Participant’s deferral account, (1) such form of consideration
as the Participant would have received had the Participant been the owner of record of
such Shares at the time of such Change in Control, in the case of a Change in Control
With Consideration and (2) Shares, in the case of a Change in Control Without
Consideration and (b) make, or cause to be made, a cash lump sum payment to the
Participant for any deferred cash Awards and any accrued interest and Dividend
Equivalents.

        (ii) Payment of Restricted Stock Awards and Performance Share Awards. With respect
to outstanding Restricted Stock Awards and Performance Share Awards deemed earned
pursuant to Section 18.1 of the Plan, the Company shall, within 10 days after the
occurrence of a Change in Control, (a) issue or cause to be issued, for any Shares
covered by such Awards, (i) such form of consideration as the Participant would have
received had the Participant been the owner of record of such Shares at the time of such
Change in Control, in the case of a Change in Control With Consideration and (ii)
Shares, in the case of a Change in Control Without Consideration and (b) make, or cause
to be made, a lump sum cash payment to the Participant for any accrued interest and
Dividend Equivalents.

        (iii) Stock Option Rollover or Cash-Out. With respect to outstanding Stock Options which
have vested pursuant to Section 18.1 of the Plan, unless the Committee has determined to make
an equitable adjustment or substitution of such Stock Options pursuant to Section 14.2 of the
Plan as a result of the Change in Control, upon a Change in Control the Company shall cancel
such Stock Options and, within 10 days thereafter, the Company shall make or cause to be made
a cash payment to each holder thereof in an amount equal to the excess, if any, of the Change
in Control Price over the option exercise price, multiplied by the number of Shares subject to
such Stock Option.

     18.3 It is recognized that under certain circumstances: (a) payments or benefits provided to a
Participant might give rise to an “excess parachute payment” within the meaning of Section 280G of
the Code; and (b) it might be beneficial to a Participant to disclaim some portion of the payment
or benefit in order to avoid such “excess parachute payment” and thereby avoid the imposition of an
excise tax resulting therefrom; and (c) under such circumstances it would not be to the
disadvantage of the Company or CBE to permit the Participant to disclaim any such payment or
benefit in order to avoid the “excess parachute payment” and the excise tax resulting therefrom.

12

 

     Accordingly, the Participant may, at the Participant’s option, exercisable at any time or from
time to time, disclaim any entitlement to any portion of the payment or benefits arising under this
Plan which would constitute “excess parachute payments,” and it shall be the Participant’s choice
as to which payments or benefits shall be so surrendered, if and to the extent that the Participant
exercises such option, so as to avoid “excess parachute payments.”

     18.4 The granting of Awards under the Plan shall in no way affect the right of the Company or
CBE to adjust, reclassify, reorganize or otherwise change its capital or business structures or to
merge, consolidate, dissolve, liquidate, sell or transfer all or any portion of its business or
assets.

XIX. Amendment, Modification, Suspension

or Termination

     The Board may amend, modify, suspend or terminate (individually or in the aggregate, a
“Change”) this Plan for any purpose except that: (i) no Change that would impair the rights of any
Participant under any Award previously granted to such Participant shall be made without such
Participant’s consent, (ii) no Change shall be effective prior to approval by CBE’s shareholders to
the extent such approval is required: (a) pursuant to Rule 16b-3 in order to preserve the
applicability of any exemption provided by such rule to any Award then outstanding (unless the
holder of such Award consents); (b) pursuant to Section 162(m) of the Code; or (c) otherwise
required by applicable legal requirements including applicable requirements of the Stock Exchange
on which CBE is listed and (iii) following a Change in Control, the terms and conditions of
deferrals under the Plan may not be changed to the detriment of any Participant without such
Participant’s written consent.

XX. Governing Law

     The validity, construction and effect of the Plan and any actions taken or relating to the
Plan shall be determined in accordance with the laws of the State of Ohio and applicable Federal
law.

XXI. Rights as Shareholder

     Except as otherwise provided in the Award Agreement, a Participant shall have no rights as a
shareholder until he or she becomes the holder of record.

XXII. Other Benefit and Compensation Programs

     Unless otherwise specifically provided to the contrary in the relevant plan, program or
practice, settlements of Awards received by Participants under the Plan shall not be deemed a part
of a Participant’s regular, recurring compensation for purposes of calculating payments or benefits
from any Company or CBE benefit plan, program or practice or any severance pay law of any country.
Further, the Company and CBE may adopt other compensation programs, plans or arrangements as it
deems appropriate or necessary.

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XXIII. Unfunded Plan

     Unless otherwise determined by the Committee, the Plan shall be unfunded and shall not create
(or be construed to create) a trust or a separate fund or funds. The Plan shall not establish any
fiduciary relationship between the Company and any Participant or other person. To the extent any
person holds any rights by virtue of an Award granted under the Plan, such rights (unless otherwise
determined by the Committee) shall be no greater than the rights of an unsecured general creditor
of the Company.

XXIV. Use of Proceeds

     The cash proceeds received by the Company from the issuance of Shares pursuant to Awards under
the Plan shall constitute general funds of the Company.

XXV. Successors and Assigns

     The Plan shall be binding on all successors and assigns of a Participant, including, without
limitation, the estate of such Participant and the executor, administrator or trustee of such
estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors.

XXVI. Effective Date

     This Plan shall be effective as of the date it is approved by the Board of Directors of CBE.
Notwithstanding the foregoing, the authorization of an additional 5,000,000 Shares available for
Awards under the Plan and the extension of the Plan’s term to November 7, 2010 is expressly
conditioned upon approval by CBE’s shareholders at the 2004 annual meeting. If the shareholders of
CBE shall fail to approve the authorization of such additional Shares and extension of the Plan’s
term, any grants of Awards hereunder shall be null and void to the extent the Awards are made from
such additional Shares. Subject to earlier termination pursuant to Section XIX, the term of the
Plan shall be extended from November 7, 2005 to November 7, 2010. After termination of the Plan,
no future Awards may be granted but previously granted Awards shall remain outstanding in
accordance with their applicable terms and conditions and the terms and conditions of the Plan.

XXVII. Interpretation

     The Plan as applicable to certain employees is designed and intended to comply with Rule 16b-3
promulgated under the Exchange Act and with Section 162(m) of the Code, and all provisions hereof
shall be construed in a manner to so comply with respect to such employees.

14exv10w5

 

EXHIBIT 10.5

MANAGEMENT CONTINUITY AGREEMENT

            THIS AGREEMENT, dated as of January 1, 2005 is made by and between Cooper Industries, Ltd., a
Bermuda corporation (“Cooper”), Cooper US, Inc., a Delaware corporation (the “Company”), and 
_____ (the “Executive”).

            WHEREAS, the Company is a significant subsidiary of Cooper and Executive is employed by the
Company in a key management position; and

            WHEREAS, Cooper considers it essential to the best interests of its shareholders to foster the
continued employment of key management personnel of the Company; and

            WHEREAS, the Board recognizes that, as is the case with many publicly held corporations, the
possibility of a Change in Control exists and that such possibility, and the uncertainty and
questions which it may raise among management, may result in the departure or distraction of
management personnel to the detriment of the Company and its shareholders; and

            WHEREAS, the Board has determined that appropriate steps should be taken to reinforce and
encourage the continued attention and dedication of members of the Company’s management, including
the Executive, to their assigned duties without distraction in the face of potentially disturbing
circumstances arising from the possibility of a Change in Control; and

            WHEREAS, Cooper will derive substantial direct and indirect benefit from this Agreement as the
Company’s parent and desires to guaranty the Company’s obligations hereunder in order to induce the
Executive to enter into this Agreement;

            NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
Cooper, the Company and the Executive hereby agree as follows:

            1. Defined Terms. The definitions of capitalized terms used in this Agreement are
provided in Section 17 hereof.

            2. Term of Agreement. The Term of this Agreement shall commence on the date hereof
and shall continue in effect through December 31, 2005; provided, however, that commencing on
January 1, 2006 and each January 1 thereafter, the Term shall automatically be extended for one
additional year unless, not later than September 30 of the preceding year, the Company or the
Executive shall have given notice not to extend the Term; and further provided, however, that if a
Change in Control shall have occurred during the Term, the Term shall expire no earlier than
twenty-four (24) months beyond the month in which such Change in Control occurred. Notwithstanding
any other provision hereof, (a) the Term shall expire upon any termination of the Executive’s
employment prior to a Potential Change in Control and (b) the Term shall expire (and for purposes
of the application of the provisions of the Agreement, shall be deemed to have expired) on the date
(or scheduled date, as the case may be) of the Executive’s Retirement.

            3. Company’s Covenants Summarized. In order to induce the Executive to remain in the
employ of the Company and in consideration of the Executive’s covenants set forth

 

 

in Section 4 hereof, the Company agrees, under the conditions described herein, to pay the Executive the
Severance Payments and the other payments and benefits described herein. Except as provided in
Section 9.1 hereof, no Severance Payments shall be payable under this Agreement unless there has
been (or, under the terms of the second sentence of Section 6.1 hereof, there shall be deemed to
have been) a termination of the Executive’s employment with the Company following a Change in
Control and during the Term. This Agreement shall not be construed as creating an express or
implied contract of employment and, except as otherwise agreed in writing between the Executive and
the Company, the Executive shall not have any right to be retained in the employ of the Company.

            4. The Executive’s Covenants. The Executive agrees that, subject to the terms and
conditions of this Agreement, in the event of a Potential Change in Control during the Term, the
Executive intends to remain in the employ of the Company until there occurs a Change in Control.

            5. Compensation Other Than Severance Payments.

            5.1 Following a Change in Control and during the Term, during any period that the Executive
fails to perform the Executive’s full-time duties with the Company as a result of incapacity due to
physical or mental illness, the Company shall pay the Executive’s full salary to the Executive at
the rate in effect at the commencement of any such period, together with all compensation and
benefits payable to the Executive under the terms of any compensation or benefit plan, program or
arrangement maintained by the Company during such period, until the Executive’s employment is
terminated by the Company for Disability.

            5.2 If the Executive’s employment shall be terminated for any reason following a Change in
Control and during the Term, the Company shall pay the Executive’s full salary to the Executive
through the Date of Termination at the rate in effect immediately prior to the Date
of Termination (without giving effect to any reduction in base salary, which reduction
constitutes an event of Good Reason) or, if higher, the rate in effect immediately prior to the
Change in Control, together with all compensation and benefits payable to the Executive through the
Date of Termination under the terms of the Company’s compensation and benefit plans, programs or
arrangements as in effect immediately prior to the Date of Termination (without giving effect to
any reduction in compensation or benefits, which reduction constitutes an event of Good Reason) or,
if more favorable to the Executive, as in effect immediately prior to the Change in Control.

            5.3 If the Executive’s employment shall be terminated for any reason following a Change in
Control and during the Term, the Company shall pay to the Executive the Executive’s normal
post-termination compensation and benefits as such payments become due. Such post-termination
compensation and benefits shall be determined under, and paid in accordance with, the Company’s
retirement, insurance and other compensation or benefit plans, programs and arrangements as in
effect immediately prior to the Date of Termination (without giving effect to any adverse change in
such plans, programs and arrangements, which adverse change constitutes an event of Good Reason)
or, if more favorable to the Executive, as in effect immediately prior to the Change in Control.

            6. Severance Payments.

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            6.1 Subject to Section 6.2 hereof, if (i) the Executive’s employment is terminated following
a Change in Control and during the Term, other than (A) by the Company for Cause, (B) by reason of
death, Disability or Retirement, or (C) by the Executive without Good Reason, then the Company
shall pay the Executive the amounts, and provide the Executive the benefits, described in this
Section 6.1 (“Severance Payments”) and Section 6.2, in addition to any payments and benefits to
which the Executive is entitled under Section 5 hereof. For purposes of this Agreement, the
Executive’s employment shall be deemed to have been terminated following a Change in Control by the
Company without Cause or by the Executive with Good Reason, if (i) the Executive’s employment is
terminated by the Company without Cause after the occurrence of a Potential Change in Control and
prior to a Change in Control (whether or not a Change in Control ever occurs) and such termination
was at the request or direction of a Person who has entered into an agreement with the Company the
consummation of which would constitute a Change in Control or (ii) the Executive terminates his
employment for Good Reason after the occurrence of a Potential Change in Control and prior to a
Change in Control (whether or not a Change in Control ever occurs) and the circumstance or event
which constitutes Good Reason occurs at the request or direction of such Person.

            (A) In lieu of any further salary payments to the Executive for periods subsequent to the
Date of Termination and in lieu of any severance benefit otherwise payable to the Executive, the
Company shall pay to the Executive a lump sum severance payment, in cash, equal to _______
[ ] (or, if less, the number of full and partial years between the Date of Termination and the
Executive’s scheduled date of Retirement) times the sum of (i) the Executive’s base annual salary
as in effect immediately prior to the Date of Termination (without giving effect to any reduction
in base annual salary, which reduction constitutes an event of Good Reason) or, if higher, in
effect immediately prior to the Change in Control, and (ii) the higher of (A) the average annual
bonus earned by the Executive pursuant to the annual bonus or incentive plan maintained by the
Company in respect of the three fiscal years ending immediately prior to the fiscal year in which
occurs the Date of Termination (without giving
effect to any reduction in bonus caused by an adverse change in the Executive’s bonus plan
participation, which adverse constitutes an event of Good Reason) or, if higher, immediately prior
to the fiscal year in which occurs the Change in Control or (B) the Executive’s target annual bonus
for the fiscal year in which occurs the Date of Termination (without giving effect to any reduction
in bonus caused by an adverse change in the Executive’s bonus plan participation, which adverse
change constitutes an event of Good Reason) or, if higher, the fiscal year in which occurs the
Change in Control.

            (B) For the                                          [ ] month period (or, if less, the number of
months between the Date of Termination and the Executive’s scheduled date of Retirement)
immediately following the Date of Termination, the Company shall arrange to provide the Executive
and his dependents with life, disability, accident and health insurance benefits substantially
similar to those provided to the Executive and his dependents immediately prior to the Date of
Termination (without giving effect to any reduction in benefits, which reduction constitutes an
event of Good Reason) or, if more favorable to the Executive, those provided to the Executive and
his dependents immediately prior to the Change in Control, at no greater cost to the Executive than
the cost to the Executive immediately prior to such date; provided, however, that, unless the
Executive consents to a different method (after taking into account the effect of such method on
the calculation of “parachute payments” pursuant to Section 6.2 hereof), such health insurance

3

 

benefits shall be provided through a third-party insurer. Benefits otherwise receivable by the
Executive pursuant to this Section 6.1 (B) shall be reduced to the extent benefits of the same type
are received by or made available to the Executive during the _______ [ ] (or,
if less, the number of months between the Date of Termination and the Executive’s scheduled date of
Retirement) month period following the Executive’s termination of employment (and any such benefits
received by or made available to the Executive shall be reported to the Company by the Executive);
provided, however, that the Company shall reimburse the Executive for the excess, if any, of the
cost of such benefits to the Executive over such cost immediately prior to the Date of Termination
or, if more favorable to the Executive, the date on which the Change in Control occurs. If the
Severance Payments shall be decreased pursuant to Section 6.2 hereof, and the Section 6.1(B)
benefits which remain payable after the application of Section 6.2 hereof are thereafter reduced
pursuant to the immediately preceding sentence, the Company shall, no later than five (5) business
days following such reduction, pay to the Executive the least of (a) the amount of the decrease
made in the Severance Payments pursuant to Section 6.2 hereof, (b) the amount of the subsequent
reduction in these Section 6.1(B) benefits, or (c) the maximum amount which can be paid to the
Executive without being, or causing any other payment to be, nondeductible by reason of section
280G of the Code.

            In the event the Executive receives health insurance benefits during the
_______ [ ] month period following the Date of Termination pursuant to the foregoing provisions of
this Section 6.1(B), the Executive and his or her dependents shall continue to be eligible for
health insurance benefits for up to an additional sixty (60) months, provided however, that no
benefits will be provided (i) if health insurance benefits are available to the Executive through
another employer during such period, or (ii) after the insured individual reaches age 65. Such
health insurance benefits shall be substantially similar to, and have no greater cost to the
Executive than those in effect for the ________ [ ] month period following the
Date of Termination.

            (C) Notwithstanding any provision of any annual incentive plan to the contrary, the Company
shall pay to the Executive a lump sum amount, in cash, equal to the product of (i) the target bonus
to which the Executive would have been entitled under the Company’s annual incentive plan in
respect of the year in which the Date of Termination occurs and (ii) a fraction, the numerator of
which shall be the number of months (including fractions thereof) from the first day of the fiscal
year during which the Date of Termination occurs to the Date of Termination, and the denominator of
which shall be twelve (12); provided, however, that if the Date of Termination occurs during the
same year as the Change in Control, the payment under this Section 6.1(C) shall be offset by any
payments received under the Company’s annual incentive plan in connection with such Change in
Control.

            (D) In addition to the retirement benefits to which the Executive is entitled under each
Pension Plan or any successor plan thereto, the Company shall pay the Executive a lump sum amount,
in cash, equal to the sum of (i) the pay related credits the Executive would have accrued under the
Salaried Employees’ Retirement Plan of Cooper Industries and the Cooper Industries Supplemental
Excess Defined Benefit Plan; and (ii) the Company-Matching Contributions the Executive would have
accrued under the Cooper Industries Savings and Stock Ownership Plan and the Cooper Industries
Supplemental Excess Defined Contribution Plan (the plans referred to in subsections (i) and (ii)
hereof, “The Plans”), in each case, during the

4

 

                                         [ ] month (or, if less, the number of months between the Date of Termination and the Executive’s scheduled date of
Retirement) period immediately following the Executive’s Date of Termination based upon: (1) the
terms and provisions of The Plans as in effect immediately prior to the Change in Control; (2) the
lump sum payment set forth in Section 6.1(A) hereof, which lump sum shall be deemed to have been
earned ratably over such period; and (3) the assumption that the Executive was making the maximum
allowable pre-tax contributions under The Plans during such period.

            (E) The Company shall provide the Executive with outplacement services suitable to the
Executive’s position for a period of one year or, if earlier, until the first acceptance by the
Executive of an offer of employment.

            (F) Cooper shall continue to maintain officers’ indemnification insurance for the Executive
for a period of five years following the Date of Termination, the terms and conditions of which
shall be no less favorable than the terms and conditions of the officers’ indemnification insurance
maintained by Cooper for the Executive immediately prior to the date on which the Change in Control
occurs.

            6.2 (A) Whether or not the Executive becomes entitled to the Severance Payments, if any
payment or benefit received or to be received by the Executive in connection with a Change in
Control or the termination of the Executive’s employment (whether pursuant to the terms of this
Agreement or any other plan, arrangement or agreement with the Company, any Person whose actions
result in a Change in Control or any Person affiliated with the Company or such Person) (all such
payments and benefits, including the Severance Payments, being hereinafter called “Total Payments”)
will be subject (in whole or part) to the Excise Tax, then, subject to the provisions of subsection
(B) of this Section 6.2, the Company shall pay to the Executive an additional amount (the “Gross-Up
Payment”) such that the net amount retained by the Executive, after deduction of any Excise Tax on
the Total Payments and any federal, state and local income and employment taxes and Excise Tax upon
the Gross-Up Payment, shall be equal to the Total Payments. For purposes of determining the amount
of the Gross-Up Payment, the Executive shall
be deemed to pay federal income taxes at the highest marginal rate of federal income taxation
in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes
at the highest marginal rate of taxation in the state and locality of the Executive’s residence on
the Date of Termination (or if there is no Date of Termination, then the date on which the Gross-Up
Payment is calculated for purposes of this Section 6.2), net of the maximum reduction in federal
income tax which could be obtained from deduction of such state and local taxes.

            (B) In the event that the amount of the Total Payments does not exceed 110% of the largest
amount that would result in no portion of the Total Payments being subject to the Excise Tax (the
“Safe Harbor”), then subsection (A) of this Section 6.2 shall not apply and the noncash Severance
Payments shall first be reduced (if necessary, to zero), and the cash Severance Benefits shall
thereafter be reduced (if necessary, to zero) so that the amount of the Total Payments is equal to
the Safe Harbor; provided, however, that the Executive may elect to have the cash Severance
Payments reduced (or eliminated) prior to any reduction of the noncash Severance Payments.

5

 

            (C) For purposes of determining whether any of the Total Payments will be subject to the
Excise Tax and the amount of such Excise Tax, (i) all of the Total Payments shall be treated as
“parachute payments” within the meaning of section 280G(b)(2) of the Code, unless in the opinion of
tax counsel (“Tax Counsel”) reasonably acceptable to the Executive and selected by the accounting
firm which was, immediately prior to the Change in Control, Cooper’s independent auditor (the
“Auditor”), such other payments or benefits (in whole or in part) do not constitute parachute
payments, including by reason of section 280G(b)(4)(A) of the Code, (ii) all “excess parachute
payments” within the meaning of section 280G(b)(l) of the Code shall be treated as subject to the
Excise Tax unless, in the opinion of Tax Counsel, such excess parachute payments (in whole or in
part) represent reasonable compensation for services actually rendered, within the meaning of
section 280G(b)(4)(B) of the Code, in excess of the Base Amount allocable to such reasonable
compensation, or are otherwise not subject to the Excise Tax, and (iii) the value of any noncash
benefits or any deferred payment or benefit shall be determined by the Auditor in accordance with
the principles of sections 280G(d)(3) and (4) of the Code. Prior to the payment date set forth in
Section 6.3 hereof, the Company shall provide the Executive with its calculation of the amounts
referred to in this Section 6.2(C) and such supporting materials as are reasonably necessary for
the Executive to evaluate the Company’s calculations. If the Executive disputes the Company’s
calculations (in whole or in part), the reasonable opinion of Tax Counsel with respect to the
matter in dispute shall prevail.

            (D) In the event that (i) amounts are paid to the Executive pursuant to subsection (A) of
this Section 6.2, (ii) the Excise Tax is finally determined to be less than the amount taken into
account hereunder in calculating the Gross-Up Payment, and (iii) after giving effect to such
redetermination, the Severance Payments are to be reduced pursuant to subsection (B) of this
Section 6.2, the Executive shall repay to the Company, within five (5) business days following the
time that the amount of such reduction in Excise Tax is finally determined, the portion of the
Gross-Up Payment attributable to such reduction (plus that portion of the Gross-Up Payment
attributable to the Excise Tax and federal, state and local income and employment taxes imposed on
the Gross-Up Payment being repaid by the Executive), to the extent that such repayment results in
(i) no portion of the Total Payments being subject to the Excise Tax and (ii) a dollar-for-dollar
reduction in the Executive’s taxable income and wages for purposes of federal, state and local
income and employment taxes) plus interest on the amount of such repayment at the
rate provided in section 1274(b)(2)(B) of the Code. In the event that (x) the Excise Tax is
determined to exceed the amount taken into account hereunder at the time of the termination of the
Executive’s employment (including by reason of any payment the existence or amount of which cannot
be determined at the time of the Gross-Up Payment) and (y) after giving effect to such
redetermination, the Severance Payments should not have been reduced pursuant to subsection (B) of
this Section 6.2, the Company shall make an additional Gross-Up Payment in respect of such excess
and in respect of any portion of the Excise Tax with respect to which the Company had not
previously made a Gross-Up Payment (plus any interest, penalties or additions payable by the
Executive with respect to such excess and such portion) within five (5) business days following the
time that the amount of such excess is finally determined.

            6.3 The payments provided in subsections (A), (C) and (D) of Section 6.1 hereof and in
Section 6.2 hereof shall be made not later than the fifth day following the Date of Termination;
provided, however, that if the amounts of such payments, and the limitations on such payments set
forth in Section 6.2 hereof, cannot be finally determined on or before such

6

 

day, the Company shall pay to the Executive on such day an estimate, as determined in good faith by the Executive or, in
the case of payments under Section 6.2 hereof, in accordance with Section 6.2 hereof, of the
minimum amount of such payments to which the Executive is clearly entitled and shall pay the
remainder of such payments (together with interest on the unpaid remainder [or on all such payments
to the extent the Company fails to make such payments when due] at the rate provided in section
1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined but in no event later
than the thirtieth (30th) day after the Date of Termination. In the event that the amount of the
estimated payments exceeds the amount subsequently determined to have been due, such excess shall
constitute a loan by the Company to the Executive, payable on the fifth (5th) business day after
demand by the Company (together with interest at the rate provided in section 1274(b)(2)(B) of the
Code). At the time that payments are made under this Agreement, the Company shall provide the
Executive with a written statement setting forth the manner in which such payments were calculated
and the basis for such calculations including, without limitation, any opinions or other advice the
Company has received from Tax Counsel, the Auditor or other advisors or consultants (and any such
opinions or advice which are in writing shall be attached to the statement).

            6.4 The Company also shall pay to the Executive all legal fees and expenses incurred by the
Executive in disputing in good faith any issue hereunder relating to the termination of the
Executive’s employment, in seeking in good faith to obtain or enforce any benefit or right provided
by this Agreement or in connection with any tax audit or proceeding to the extent attributable to
the application of section 4999 of the Code to any payment or benefit provided hereunder. Such
payments shall be made within five (5) business days after delivery of the Executive’s written
request(s) for payment accompanied with such evidence of fees and expenses incurred as the Company
reasonably may require.

            7. Termination Procedures and Compensation During Dispute.

            7.1 Notice of Termination. After a Change in Control and during the Term, any
purported termination of the Executive’s employment (other than by reason of death) shall be
communicated by written Notice of Termination from the Company to the Executive (or in the case of
a termination for Good Reason, from the Executive to the Company) in accordance with Section 10
hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall
indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Executive’s employment under the provision so indicated. Further, a
Notice of Termination for Cause is required to include a copy of a resolution duly adopted by the
affirmative vote of not less than three-quarters (3/4) of the entire membership of the Board at a
meeting of the Board which was called and held for the purpose of considering such termination
(after reasonable notice to the Executive and an opportunity for the Executive, together with the
Executive’s counsel, to be heard before the Board) finding that, in the good faith opinion of the
Board, the Executive was guilty of conduct set forth in clause (i) or (ii) of the definition of
Cause herein, and specifying the particulars thereof in detail.

            7.2 Date of Termination. “Date of Termination,” with respect to any purported
termination of the Executive’s employment after a Change in Control and during the Term, shall mean
(i) if the Executive’s employment is terminated for Disability, thirty (30) days after Notice

7

 

of Termination is given (provided that the Executive shall not have returned to the full-time
performance of the Executive’s duties during such thirty (30) day period), and (ii) if the
Executive’s employment is terminated for any other reason, the date specified in the Notice of
Termination (which, in the case of a termination by the Company, shall not be less than thirty (30)
days (except in the case of a termination for Cause) and, in the case of a termination by the
Executive, shall not be less than fifteen (15) days nor more than sixty (60) days, respectively,
from the date such Notice of Termination is given).

            7.3 Dispute Concerning Termination. If within fifteen (15) days after any Notice of
Termination is given, or, if later, prior to the Date of Termination (as determined without regard
to this Section 7.3), the party receiving such Notice of Termination notifies the other party that
a dispute exists concerning the termination, the Date of Termination shall be extended until the
earlier of (i) the date on which the Term ends or (ii) the date on which the dispute is finally
resolved, either by mutual written agreement of the parties or by a final judgment, order or decree
of an arbitrator or a court of competent jurisdiction (which is not appealable or with respect to
which the time for appeal therefrom has expired and no appeal has been perfected); provided, that
the Date of Termination shall be extended by a notice of dispute given by the Executive only if
such notice is given in good faith and the Executive pursues the resolution of such dispute with
reasonable diligence.

            7.4 Compensation During Dispute. If a purported termination occurs following a
Change in Control and during the Term and the Date of Termination is extended in accordance with
Section 7.3 hereof, the Company shall continue to pay the Executive the full compensation in effect
when the notice giving rise to the dispute was given (including, but not limited to, salary) and
continue the Executive as a participant in all compensation, benefit and insurance plans in which
the Executive was participating when the notice giving rise to the dispute was given, until the
Date of Termination, as determined in accordance with Section 7.3 hereof. Amounts paid under this
Section 7.4 are in addition to all other amounts due under this Agreement (other than those due
under Section 5.2 hereof) and shall not be offset against or reduce any other amounts due under
this Agreement.

            8. No Mitigation. The Company agrees that, if the Executive’s employment with the
Company terminates during the Term, the Executive is not required to seek other employment or to
attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to
Section 6 hereof or Section 7.4 hereof. Further, the amount of any payment or benefit provided for
in this Agreement (other than
Section 6.1(B) hereof) shall not be reduced by any compensation earned by the Executive as the
result of employment by another employer, by retirement benefits, by offset against any amount
claimed to be owed by the Executive to the Company, or otherwise.

            9. Successors; Binding Agreement.

            9.1 In addition to any obligations imposed by law upon any successor to Cooper or the
Company, Cooper or the Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of
Cooper or the Company, as the case may be, to expressly assume and agree to perform this Agreement
in the same manner and to the same extent that Cooper or the Company would be

8

 

required to perform it if no such succession had taken place. Failure of Cooper or the Company to obtain such
assumption and agreement prior to the effectiveness of any such succession shall be a breach of
this Agreement and shall entitle the Executive to compensation from the Company in the same amount
and on the same terms as the Executive would be entitled to hereunder if the Executive were to
terminate the Executive’s employment for Good Reason after a Change in Control, except that, for
purposes of implementing the foregoing, the date on which any such succession becomes effective
shall be deemed the Date of Termination.

     9.2 This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive shall die while any amount would still be payable to the
Executive hereunder (other than amounts which, by their terms, terminate upon the death of the
Executive) 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 executors, personal
representatives or administrators of the Executive’s estate.

     10. Notices. For the purpose of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have been duly given when
delivered or mailed by United States registered mail, return receipt requested, postage prepaid,
addressed, if to the Executive, to the address inserted below the Executive’s signature on the
final page hereof and, if to Cooper or the Company, to the address set forth below, or to such
other address as either party may have furnished to the other in writing in accordance herewith,
except that notice of change of address shall be effective only upon actual receipt:

To the Company:

Cooper US, Inc.

P.O. Box 4446

Houston, Texas 77210-4446

Attention: Senior Vice President, Human Resources

To Cooper:

Cooper Industries, Ltd.

P.O. Box 4446

Houston, Texas 77210-4446

Attention: General Counsel

            11. Miscellaneous. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and signed by the
Executive and authorized officers of Cooper and the Company. No waiver by any party hereto at any
time of any breach by another party hereto of, or of any lack of compliance with, any condition or
provision of this Agreement to be performed by any party shall be deemed a waiver of similar or
dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement
supersedes any other agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof which have been made by either party; provided, however, that
this Agreement shall supersede any agreement setting forth the terms and conditions of the
Executive’s employment with the Company only in the event that the

9

 

Executive’s employment with the Company is terminated on or following a Change in Control by the Company other than for Cause or by
the Executive for Good Reason. The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the State of Ohio. All references to sections of the
Exchange Act or the Code shall be deemed also to refer to any successor provisions to such
sections. Any payments provided for hereunder shall be reduced to the extent necessary so that the
Company may satisfy any applicable withholding required under federal, state or local law and any
additional withholding to which the Executive has agreed. The obligations of Cooper, the Company
and the Executive under this Agreement which by their nature may require either partial or total
performance after the expiration of the Term (including, without limitation, those under Sections 6
and 7 hereof) shall survive such expiration.

            12. Validity. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.

            13. Counterparts. This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

            14. Settlement of Disputes; Arbitration.

            14.1 All claims by the Executive for benefits under this Agreement shall be directed to and
determined by the Board and shall be in writing. Any denial by the Board of a claim for benefits
under this Agreement shall be delivered to the Executive in writing and shall set forth the
specific reasons for the denial and the specific provisions of this Agreement relied upon. The
Board shall afford a reasonable opportunity to the Executive for a review of the decision denying a
claim and shall further allow the Executive to appeal to the Board a decision of the Board within
sixty (60) days after notification by the Board that the Executive’s claim has been denied.

            14.2 Any further dispute or controversy arising under or in connection with this Agreement
shall be settled exclusively by arbitration in Houston, Texas in accordance with the rules of the
American Arbitration Association then in effect; provided, however, that the
evidentiary standards set forth in this Agreement shall apply. Judgment may be entered on the
arbitrator’s award in any court having jurisdiction. Notwithstanding any provision of this
Agreement to the contrary, the Executive shall be entitled to seek specific performance of the
Executive’s right to be paid until the Date of Termination during the pendency of any dispute or
controversy arising under or in connection with this Agreement.

            14.3 The Company shall pay to the Executive all legal fees and expenses incurred by the
Executive in disputing in good faith any issue hereunder relating to the termination of Executive’s
employment, or in seeking in good faith to obtain or enforce any benefit or right provided by this
Agreement. Such payment shall be made within five (5) business days after delivery of the
Executive’s written request for payment, accompanied by such evidence or fees and expenses incurred
as the Company reasonably may require.

10

 

            15. Termination of Prior Management Continuity Agreement. This Agreement supercedes
any Management Continuity Agreement previously executed by Cooper Industries, Inc. and the
Executive and any such previous agreement is terminated effective as of the date hereof.

            16. Guarantee by Cooper. Cooper, as direct obligor and not merely as a surety,
absolutely and unconditionally guarantees the punctual payment, performance and observance of each
and every covenant, agreement, duty or any other obligation of the Company under or arising out of
this Agreement (collectively, the “Guaranteed Obligations”). This is an irrevocable and continuing
guarantee of payment and performance and not merely a guarantee of collection and shall remain in
full force and effect until the Guaranteed Obligations have been satisfied, paid and performed in
full. Cooper waives any right to require that an Executive proceed against any other person or
entity or asset liable on or securing the Guaranteed Obligations or pursue or exhaust any other
remedy whatsoever. To the fullest extent permitted by applicable law, Cooper further waives any
legal or equitable defense to the enforceability of its obligations hereunder, and agrees that its
obligations shall be absolute and unconditional and shall not be affected or discharged by any
circumstance, act or event whatsoever (including without limitation the insolvency, voluntary or
involuntary bankruptcy, liquidation, dissolution, winding up, merger, consolidation or
reorganization of the Company), except payment and performance in full of the Guaranteed
Obligations.

            17. Definitions. For purposes of this Agreement, the following terms shall have the
meanings indicated below:

            (A) “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12
of the Exchange Act.

            (B) “Auditor” shall have the meaning set forth in Section 6.2 hereof.

            (C) “Base Amount” shall have the meaning set forth in section 280G(b)(3) of the Code.

            (D) “Beneficial Owner” shall have the meaning set forth in Rule 13d3 under the Exchange Act.

            (E) “Board”
shall mean the Board of Directors of Cooper.

            (F) “Cause” for termination by the Company of the Executive’s employment shall mean (i) the
willful and continued failure by the Executive to substantially perform the Executive’s duties with
the Company (other than any such failure resulting from the Executive’s incapacity due to physical
or mental illness or any such actual or anticipated failure after the issuance of a Notice of
Termination for Good Reason by the Executive pursuant to Section 7.1 hereof) after a written demand
for substantial performance is delivered to the Executive by the Board, which demand specifically
identifies the manner in which the Board believes that the Executive has not substantially
performed the Executive’s duties, or (ii) the willful engaging by the Executive in conduct which is
demonstrably and materially injurious to the Company or its subsidiaries, monetarily or otherwise.
For purposes of clauses (i) and (ii) of this definition, (x)

11

 

no act, or failure to act, on the Executive’s part shall be deemed “willful” unless done, or omitted to be done, by the Executive not
in good faith and without reasonable belief that the Executive’s act, or failure to act, was in the
best interest of the Company and (y) in the event of a dispute concerning the application of this
provision, no claim by the Company that Cause exists shall be given effect unless the Company
establishes to the Board by clear and convincing evidence that Cause exists.

            (G) A “Change in Control” shall be deemed to have occurred if the event set forth in any one
of the following paragraphs shall have occurred:

            (I) any Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of Cooper (not including in the securities beneficially owned by such Person
any securities acquired directly from Cooper or its Affiliates) representing 25% or more
of the combined voting power of Cooper’s then outstanding securities (other than Cooper’s
Class B Common Shares), excluding any Person who becomes such a Beneficial Owner in
connection with a transaction described in clause (i) of paragraph (III) below; or

            (II) the following individuals cease for any reason to constitute a majority of the
number of directors then serving on the Board: individuals who, on the date hereof,
constitute the Board and any new director (other than a director whose initial assumption
of office is in connection with an actual or threatened election contest, including but
not limited to a consent solicitation, relating to the election of directors of Cooper)
whose appointment or election by the Board or nomination for election by Cooper’s
shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors on the date hereof or whose
appointment, election or nomination for election was previously so approved or
recommended; or

            (III) there is consummated a merger or consolidation of Cooper or any direct or
indirect subsidiary of Cooper with any other corporation, other than (i) a merger or
consolidation which results in the directors of Cooper immediately prior to such merger
or consolidation continuing to constitute at least a majority of the board of directors
of Cooper, the surviving entity or any
parent thereof, or (ii) a merger or consolidation effected to implement a
recapitalization of Cooper (or similar transaction) in which no Person is or becomes the
Beneficial Owner, directly or indirectly, of securities of Cooper (not including in the
securities Beneficially Owned by such Person any securities acquired directly from the
Cooper or its Affiliates) representing 25% or more of the combined voting power of
Cooper’s then outstanding securities (other than Cooper’s Class B Common shares); or

            (IV) the shareholders of Cooper approve a plan of complete liquidation or
dissolution of Cooper or there is consummated an agreement for the sale or disposition by
Cooper of all or substantially all of Cooper’s assets, other than a sale or disposition
by Cooper of all or substantially all of Cooper’s assets to an entity, at least 60% of
the combined voting power of the voting securities of

12

 

which are owned by shareholders of
Cooper in substantially the same proportions as their ownership of Cooper immediately
prior to such sale.

            (H) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

            (I) “Company” shall mean Cooper US, Inc. and, shall include any successor to its business
and/or assets which assumes and agrees to perform this Agreement by operation of law or otherwise.

            (J) “Cooper” shall mean Cooper Industries, Ltd., a Bermuda corporation and, except in
determining under Section 17(G) hereof whether any Change in Control has occurred, shall include
any successor to its business and/or assets which assumes and agrees to perform this Agreement by
operation of law or otherwise.

            (K) “Date of Termination” shall have the meaning set forth in Section 7.2 hereof.

            (L) “Disability” shall be deemed the reason for the termination by the Company of the
Executive’s employment, if, as a result of the Executive’s incapacity due to physical or mental
illness, the Executive shall have been absent from the full-time performance of the Executive’s
duties with the Company for a period of six (6) consecutive months, the Company shall have given
the Executive a Notice of Termination for Disability, and, within thirty (30) days after such
Notice of Termination is given, the Executive shall not have returned to the full-time performance
of the Executive’s duties.

            (M) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time.

            (N) “Excise Tax” shall mean any excise tax imposed under section 4999 of the Code.

            (O) “Executive” shall mean the individual named in the first paragraph of this Agreement.

            (P) “Good Reason” for termination by the Executive of the Executive’s employment shall mean
the occurrence (without the Executive’s express written consent) after any Change in Control, or
prior to a Change in Control under the circumstances described in clauses (ii) and (iii) of the
second sentence of Section 6.1 hereof (treating all references in paragraphs (I) through (VII)
below to a “Change in Control” as references to a “Potential Change in Control”), of any one of the
following acts by Cooper or the Company, or failures by the Company to act, unless, in the case of
any act or failure to act described in paragraph (I), (V), (VI) or (VII) below, such act or failure
to act is corrected prior to the Date of Termination specified in the Notice of Termination given
in respect thereof:

            (I) the assignment to the Executive of any duties inconsistent with the Executive’s
status as a senior executive officer of the Company or a substantial adverse alteration
in the nature or status of the Executive’s responsibilities or

13

 

reporting relationship from those in effect immediately prior to the Change in Control;

            (II) a reduction by the Company in the Executive’s annual base salary as in effect
on the date hereof or as the same may be increased from time to time;

            (III) the relocation of the Executive’s principal place of employment to a location
which increases the Executive’s one-way commuting distance by more than 50 miles or the
Company’s requiring the Executive to be based anywhere other than the Executive’s
principal place of employment immediately prior to the Change in Control (or permitted
relocation thereof) except for required travel on the Company’s business to an extent
substantially consistent with the Executive’s business travel obligations immediately
prior to the Change in Control;

            (IV) the failure by the Company to pay to the Executive any portion of the
Executive’s current compensation, or to pay to the Executive any portion of an
installment of deferred compensation under any deferred compensation program of the
Company, within seven (7) days of the date such compensation is due, unless paid by
Cooper pursuant to Section 16 of this Agreement;

            (V) the failure by the Company to continue in effect any compensation plan in which
the Executive participates immediately prior to the Change in Control which is material
to the Executive’s total compensation, including but not limited to the Stock Incentive
Plan, the Amended and Restated Management Annual Incentive Plan and the Management
Incentive Compensation Deferral Plan or any substitute plans adopted prior to the Change
in Control, unless an equitable arrangement (embodied in an ongoing substitute or
alternative plan) has been made with respect to such plan, or the failure by the Company
to continue the Executive’s participation therein (or in such substitute or alternative
plan) on a basis not materially less favorable, both in terms of the amount or timing of
payment of benefits provided and the level of the Executive’s participation relative to
other participants, as existed immediately prior to the Change in Control;

            (VI) the failure by the Company to continue to provide the Executive with benefits
substantially similar to those enjoyed by the Executive under any of the Company’s
pension, savings, life insurance, medical, health and accident, or disability plans in
which the Executive was participating immediately prior to the Change in Control, the
taking of any other action by the Company which would directly or indirectly materially
reduce any of such benefits or deprive the Executive of any material fringe benefit
enjoyed by the Executive at the time of the Change in Control, or the failure by the
Company to provide the Executive with the number of paid vacation days to which the
Executive is

14

 

entitled on the basis of years of service with the Company in accordance
with the Company’s normal vacation policy in effect at the time of the Change in Control;

            (VII) any purported termination of the Executive’s employment which is not effected
pursuant to a Notice of Termination satisfying the requirements of Section 7.1 hereof;
for purposes of this Agreement, no such purported termination shall be effective. The
Executive’s right to terminate the Executive’s employment for Good Reason shall not be
affected by the Executive’s incapacity due to physical or mental illness. The
Executive’s continued employment shall not constitute consent to, or a waiver of rights
with respect to, any act or failure to act constituting Good Reason hereunder; or

            (VIII) any failure of Cooper or the Company to obtain assumption of this
Agreements, as set forth in Section 9.1 hereof.

For purposes of any determination regarding the existence of Good Reason, any claim by
the Executive that Good Reason exists shall be presumed to be correct unless the Company
establishes to the Board by clear and convincing evidence that Good Reason does not
exist.

            (Q) “Gross-Up Payment” shall have the meaning set forth in Section 6.2 hereof.

            (R) “Notice of Termination” shall have the meaning set forth in Section 7.1 hereof.

            (S) “Pension Plan” shall mean any tax-qualified, supplemental or excess benefit pension plan
maintained by the Company and any other plan or agreement entered into between the Executive and
the Company which is designed to provide the Executive with supplemental retirement benefits.

            (T) “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified
and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) Cooper or
any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee
benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding
securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or
indirectly, by the shareholders of Cooper in substantially the same proportions as their
ownership of Cooper stock or (v) any individual, entity or group whose ownership of Cooper
securities is reported on Schedule 13G pursuant to Rule 13d-1 promulgated under the Exchange Act
(but only for so long as such ownership is so reported).

            (U) “Potential Change in Control” shall be deemed to have occurred if the event set forth in
any one of the following paragraphs shall have occurred:

            (I) Cooper enters into an agreement, the consummation of which would result in the
occurrence of a Change in Control;

15

 

            (II) Cooper or any Person publicly announces an intention to take or to consider
taking actions which, if consummated, would constitute a Change in Control;

            (III) any Person becomes the Beneficial Owner, directly or indirectly, of
securities of Cooper representing 15% or more of either the then outstanding Class A
Common Shares of Cooper or the combined voting power of Cooper’s then outstanding
securities other than Cooper’s Class B Common Shares (not including in the securities
beneficially owned by such Person any securities acquired directly from Cooper or its
Affiliates); or

            (IV) the Board adopts a resolution to the effect that, for purposes of this
Agreement, a Potential Change in Control has occurred.

            (V) “Retirement” shall mean the termination of the Executive’s employment in accordance with
the Company’s mandatory retirement policy as in effect immediately prior to the Change in Control.

            (W) “Severance Payments” shall have the meaning set forth in Section 6.1 hereof.

            (X) “Tax Counsel” shall have the meaning set forth in Section 6.2 hereof.

            (Y) “Term” shall mean the period of time described in Section 2 hereof (including any
extension, continuation or termination described therein).

            (Z) “Total Payments” shall mean those payments so described in Section 6.2 hereof.

	 	 	 	 	 	 	 	 	 	 	 
	COOPER INDUSTRIES, LTD	 	 	 	COOPER US, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	

	 	

	 	 	 	 	 	

	 	 
	Name:

	 	H. John Riley, Jr.
	 	 	 	Name:
	 	David R. Sheil	 	 
	Title:

	 	Chairman and Chief
	 	 	 	Title:
	 	Senior Vice President,	 	 
	

	 	Executive Officer
	 	 	 	 	 	Human Resources and	 	 
	

	 	 	 	 	 	 	 	Chief Administrative Officer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Address	 	 

16

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