Document:

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                                                                  EXHIBIT 10b(1)

                              HUBBELL INCORPORATED

                              AMENDED AND RESTATED
                    1973 STOCK OPTION PLAN FOR KEY EMPLOYEES

1.       Purpose of the Plan

         The purpose of the 1973 Stock Option Plan for Key Employees (the
"Plan") is to further the growth and development of Hubbell Incorporated (the
"Company") by providing an incentive through encouraging ownership of stock of
the Company to officers and other key employees who are in a position to
contribute materially to the prosperity of the Company, to increase their
interest in the Company's welfare and continue their services, and by affording
a means through which the Company can attract to its services, employees of
outstanding ability.

2.       Administration of the Plan

         The Plan shall be administered by the Compensation Committee (the
"Committee"), consisting solely of at least two or more members of the Board of
Directors of the Company ("Board of Directors") who are each "non-employee
directors" within the meaning of Rule 16b-3 under the Securities Exchange Act of
1934 (or any successor rule thereto). The members of the Committee shall be
appointed from time to time by the Board of Directors, to serve at the pleasure
of the Board. From and after the first meeting of shareholders at which
directors are to be elected that occurs after July 1, 1994, the Committee shall
contain at least two "outside directors" as that term is defined in Section
162(m) of the Internal Revenue Code of 1986, as amended (the "Code") (or any
successor section thereto).

         Subject to the express provisions of the Plan, the Committee shall have
authority in its discretion to determine the individuals to whom, and the time
or times at which options shall be granted, and the number of shares to be
subject to each option. In making such determinations, the Committee may take
into account the nature of the services rendered by the respective employees,
their present and potential contribution to the Company's success, and such
other factors as the Committee in its discretion shall deem relevant.

         Subject to the express provisions of the Plan, the Committee shall also
have authority to interpret the Plan, to prescribe, amend and rescind rules and
regulations relating to it, to determine the terms and provisions of the
respective option agreements (which need not be identical) and to make all other
determinations necessary or advisable for the administration of the Plan.

         The Committee shall select one of its members as a Chairman, who shall
preside at meetings and who shall have authority to execute and deliver
documents on behalf of the Committee. Meetings of the Committee shall be held at
such times and places as the members thereof may determine. The majority of its
members shall constitute a quorum, and all determinations of the Committee shall
be made by a majority of its members. No member of the Committee shall be liable
for anything done or omitted to be done by such member or by any

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other member of the Committee in connection with this Plan, except for such
member's own willful misconduct or as expressly provided by statute.

3.       Stock Subject to the Plan

         Subject to adjustment as provided in Paragraph 5(d) of this Plan, the
aggregate number of shares of stock which may be issued under options granted
under this Plan shall be 3,600,000 shares of the Company's Class A Common Stock,
par value $.01 per share, and 15,145,670 shares of the Company's Class B Common
Stock, par value $.01 per share. The number of shares of stock which may be
issued under options granted under this Plan to any one individual in any fiscal
year shall not exceed 300,000 shares, subject to adjustment pursuant to Section
5(d) hereof.

         Options granted by the Committee may be "incentive stock options" (as
defined in Section 422 of the Code) or options which are not "incentive stock
options", or a combination thereof, as determined by the Committee.

         Options may be granted with respect to authorized but unissued shares.
In the event that any option under the Plan expires or is terminated for any
reason prior to the end of the period during which options may be granted, the
shares allocable to the unexercised portion of such option shall again be
available for the purposes of this Plan.

4.       Eligibility

         Options may be granted only to officers and other key employees of the
Company and subsidiary corporations (as defined in Section 424(f) of the Code).
Directors who are not officers or employees shall not be eligible. Subject to
the other provisions of this Plan, an individual may hold or be granted more
than one option. No incentive stock option shall be granted hereunder which
would permit the person to whom the option is granted to own (within the meaning
of Section 424(d) of the Code), immediately after the option is granted, stock
(including stock issuable upon the exercise of options) possessing more than 10
percent of the total combined voting power of all classes of stock of the
Company, unless at the time any such option is granted the option price is at
least 110 percent of the fair market value of the stock subject to the option,
and such option by its terms is not exercisable after the expiration of five
years from the date such option is granted.

5.       Terms and Conditions of Options

         Options shall be granted under this Plan upon such terms and conditions
as the Committee shall determine, subject to the following provisions:

         (a)      Option Price

         The option price of the stock subject to each option shall not be less
than 100 percent of the fair market value of such stock, as determined in good
faith by the Committee, on the date such option is granted.

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                                                                               3

         (b)      Term of Option

         Options shall be granted for such term as the Committee shall determine
except that no option shall be exercisable after the expiration of ten years
from the date such option is granted.

         (c)      Exercise and Termination of Options

         The options granted under the Plan shall be exercisable immediately or
in such installments as the Committee may prescribe. The Committee may
accelerate the exercisability of options at any time in its sole discretion.

         Unless otherwise determined by the Committee, during the lifetime of
the individual to whom an option is granted, the option shall be exercisable
only by such individual.

         (A)      Termination of Employment -- General

         If the participant ceases to be an employee of the Company or a
subsidiary for any reason (including, without limitation, the sale of a
subsidiary) other than death, retirement with the consent of the Company or
retirement by reason of "Permanent Disability," such option shall expire on the
earlier of (i) the end of the option exercise period specified in the option or
(ii) the date three months from the date of the participant's termination of
employment (even though such participant is subsequently reemployed). "Permanent
Disability" shall mean that the participant is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or which has lasted
or can be expected to last for a continuous period of not less than twelve
months.

         (B)      Retirement with Company Consent

         If the employment of the participant with the Company or its
subsidiaries shall terminate by reason of the participant's retirement with the
consent of the Company, such participant's stock option shall continue to mature
in the normal manner and the participant (or in the event of his death after the
date of retirement, his estate or the person who acquires his option by bequest
or inheritance or by reason of his death) shall have the right to exercise his
option until the later of (i) the date three years after the date of such
retirement or (ii) in the event that the participant's death occurs during such
three-year period the date twelve months after the death of the participant; but
in no event later than the end of the option exercise period specified in the
option; provided, however, that in the event that the participant retires with
the consent of the Company, the Committee may, in its discretion, provide that
the participant shall have the right to exercise his option until the end of the
option exercise period specified in the option.

         (C)      Retirement Due to Permanent Disability

         If the employment of the participant with the Company or its
subsidiaries shall terminate by reason of the participant's retirement due to
Permanent Disability, the participant (or in the event of his death after the
date of retirement, his estate or the person who acquires his option by

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bequest or inheritance or by reason of his death) shall have the right to
exercise his option, to the extent that he could have exercised it at the date
of such disability retirement, until the later of (i) the date twelve months
after the date of such termination of employment or (ii) in the event that the
participant's death occurs during such twelve-month period the date twelve
months after the date of such death; but in no event later than the end of the
option exercise period specified in the option.

         (D)      Termination Due to Death

         If a participant's employment by the Company or any subsidiary
terminates by reason of death, any option held by the participant may thereafter
be immediately exercised, to the extent then exercisable, by his estate or the
person who acquires his option by bequest or inheritance or by reason of his
death for a period of one year from the date of such death or until the end of
the option exercise period specified in the option, whichever period is the
shorter.

         (E)      Miscellaneous

         A participant who is absent from work with the Company or a subsidiary
because of illness or temporary disability, or who is on leave of absence for
such purpose or reason as the Committee may approve, shall not be deemed during
the period of such absence, by reason of such absence, to have ceased to be an
employee of the Company or a subsidiary. Where a cessation of employment is to
be considered a retirement with the consent of the Company or by reason of
Permanent Disability for the purpose of this Plan shall be determined by the
Committee, which determination shall be final and conclusive.

         No option shall be exercisable unless at the time of exercise the
shares are covered by a currently effective registration statement filed under
the provisions of the Securities Act of 1933, as amended, or, in the sole
opinion of the Company and its counsel, the purchase of the shares upon exercise
of the option is otherwise exempt from the registration requirements of that
Act.

         Each participant shall be required, as a condition of exercising any
option, to make such arrangements with the Company as the Committee shall
determine for withholding (including, but not limited to, the retention of
shares by the Company or the delivery to the Company of shares, in each case
equal in fair market value as described in Paragraph 5(f) to the amount of all
or any portion of the withholding obligation pursuant to such rules as may be
prescribed by the Committee) and, in the event of the death of a participant, a
further condition of such exercise shall be the delivery to the Company of such
tax waivers and other documents as the Committee shall determine. With the
consent of the Committee, a participant may elect to have the Company retain a
number of shares otherwise issuable on exercise of an option, or to deliver
shares, in each case equal in fair market value as described in Paragraph 5(f)
to the amount of all or any portion of the participant's federal, state and
local income tax obligation resulting from such exercise determined at the
participant's maximum marginal tax rates.

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         (d)      Adjustments Upon Changes in Capitalization

         If (i) the Company shall at any time be involved in a transaction to
which Section 424(a) of the Code is applicable; (ii) the Company shall declare a
dividend payable in any class of shares, or shall subdivide or combine, its
shares; or (iii) any other event shall occur which in the judgment of the
Committee necessitates action by way of adjusting the terms of the outstanding
options, the Committee shall forthwith take any such action as in its judgment
shall be necessary to preserve the participant's rights substantially
proportionate to the rights existing prior to such event and to the extent that
such action shall include an increase or decrease in the number of shares
subject to outstanding options, the number of shares available under Paragraph 3
above shall be increased or decreased, as the case may be, proportionately. The
judgment of the Committee with respect to any matter referred to in this
Paragraph shall be conclusive and binding upon each participant.

         In the event of the proposed dissolution or liquidation of the Company,
or in the event of any proposed reorganization, merger or consolidation of the
Company with one or more corporations as a result of which the Company is not
the surviving corporation, or in the event of a proposed sale of all or
substantially all of the principal and/or assets of the Company to another
corporation, all options granted hereunder shall terminate as of a date to be
fixed by the Committee, provided that not less than 90 days' written notice of
the date so fixed shall be given to each participant, and each participant shall
have the right during such period to exercise his option as to all or any part
of the shares covered thereby to the extent such option is then otherwise
exercisable pursuant to the provisions of this Plan and of the option; and
provided further, however, that the Board of Directors may, in their discretion,
substitute or cause to be substituted new options for each such outstanding
option, provided each such new option applies to the stock of the new employer
corporation or a parent or subsidiary corporation of such corporation.

         (e)      Nontransferability of Options

         Unless otherwise determined by the Committee, no option shall be
assigned or transferable, except by will or by the laws of descent and
distribution.

         (f)      Payment for Stock

         The option price payable upon exercise of an option shall be payable to
the Company either (i) in cash (including check, bank draft, or money order),
(ii) by delivery to the Company of shares of either class of common stock of the
Company or a combination of common stock and cash, or (iii) to the extent
authorized by the Committee, through the written election of the optionee to
have shares of common stock withheld by the Company from the shares otherwise to
be received. The value of any common stock so delivered or withheld shall be the
fair market value of such common stock, as determined in good faith by the
Committee, on the date of the stock option exercise.

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         (g)      Limitation on Incentive Stock Options

         With respect to incentive stock options granted after December 31,
1986, the aggregate fair market value (determined at the time the option is
granted) of the stock with respect to which incentive stock options are
exercisable for the first time by a participant during any calendar year (under
all such plans of the individual's employer corporation and its parent and
subsidiary corporations) shall not exceed $100,000.

6.       Term of Plan

         No option shall be granted pursuant to the Plan after March 10, 2007.

7.       Termination and Amendment of Plan

         The Board of Directors of the Company may at any time amend, suspend or
terminate the Plan, except that no amendment which would increase the maximum
number of shares which may be issued under options granted under this Plan shall
be effective unless, within twelve months before or after the Board adopts such
amendment, it is approved by shareholders. No amendment, suspension or
termination of this Plan shall, without the consent of the participant,
terminate, or adversely affect the participant's rights under, any outstanding
option.

8.       Privileges of Stock Ownership

         The holder of an option shall not be entitled to the privileges of
stock ownership as to any shares of the Company not actually issued to him. No
shares shall be issued upon the exercise of an option until all applicable legal
requirements shall have been complied with to the satisfaction of the Company
and its counsel.

9.       Time of Granting of Options

         The granting of an option pursuant to this Plan shall take place at the
time the Committee makes a determination that an employee shall receive an
option.

10.      Construction

         Words and terms used in this Plan which are defined or used in Sections
421, 422 or 424 of the Code shall, unless the context clearly requires
otherwise, have the meanings assigned to them therein, in the regulations
promulgated thereunder and in the decisions construing the provisions thereof.
The place of administration of this Plan shall be conclusively deemed to be
within the State of Connecticut, and the validity, construction, interpretation
and effect of the Plan, its rules and regulations and the rights of any and all
participants having or claiming to have an interest therein or thereunder, shall
be governed by and determined conclusively and solely in accordance with the
laws of the State of Connecticut without regard to any conflicts of laws
provisions.

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11.      Provisions Relating to Change of Control

                  (i)      Each option granted under this Plan shall, to the
extent then exercisable determined after applying Paragraph 11(ii) below, have a
limited right of surrender allowing a participant who is an Officer, or any
other participant in the discretion of the Committee, to surrender his option
within the 30-day period following the Change of Control and to receive in cash,
in lieu of exercising the option, the amount by which the fair market value of
the common stock which the option represents exceeds the option exercise price
for all or part of the shares of common stock which are subject to the related
option. For this purpose, the fair market value of common stock shall be
determined as follows:

                  (a)      if the share was a share of the Company's Class A
                           Common Stock, the fair market value shall be deemed
                           to be the closing price of one share of the Company's
                           Class A Common Stock on the New York Stock Exchange
                           on that day, within the 60 days preceding the date on
                           which the Change of Control occurs, on which such
                           closing price was the highest. In the event that the
                           shares are not listed or admitted to trading on such
                           exchange, the fair market value shall be deemed to be
                           the closing price of one share of the Company's Class
                           A Common Stock on the principal national securities
                           exchange on which the shares are listed or admitted
                           to trading, or, if the shares are not listed or
                           admitted to trading on any national securities
                           exchange, the average of the highest reported bid and
                           lowest reported asked prices as reported on the New
                           York Stock Exchange (the "NYSE") or similar
                           organization if the NYSE is no longer reporting such
                           information. If on any such date the shares are not
                           quoted by any such organization, the fair market
                           value of the shares on such date, as determined in
                           good faith by the Board of Directors of the Company,
                           shall be used; or

                  (b)      if the share was a share of the Company's Class B
                           Common Stock, the fair market value shall be deemed
                           to be the closing price of one share of the Company's
                           Class B Common Stock on the NYSE on that day, within
                           the 60 days preceding the date on which the Change of
                           Control occurs, on which such closing price was the
                           highest. In the event that the shares are not listed
                           or admitted to trading on such exchange, the fair
                           market value shall be deemed to be the closing price
                           of one share of the Company's Class B Common Stock on
                           the principal national securities exchange on which
                           the shares are listed or admitted to trading, or, if
                           the shares are not listed or admitted to trading on
                           any national securities exchange, the average of the
                           highest reported bid and lowest reported asked prices
                           as reported on the NYSE or similar organization if
                           the NYSE is no longer reporting such information. If
                           on any such date the shares are not quoted by any
                           such organization, the fair market value of the
                           shares on such date, as determined in good faith by
                           the Board of Directors of the Company, shall be used.

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                                                                               8

Notwithstanding the foregoing, if the payment of cash in respect of such option
would cause the Change in Control transaction to be ineligible for
pooling-of-interests accounting under APB No. 16, unless and until the Committee
provides otherwise, such payment shall not be made.

                  (ii)     Notwithstanding any other provisions of this Plan, in
the event of a Change of Control all outstanding options which are not then
exercisable, except for incentive stock options granted on or after January 1,
1987, shall be immediately exercisable in full.

         For purposes of this section the following definitions shall apply:

         "Change of Control" shall mean any one of the following:

                  (w)      Continuing Directors no longer constitute at least
                           2/3 of the Directors;

                  (x)      any person or group of persons (as defined in Rule
                           13d-5 under the Securities Exchange Act of 1934),
                           together with its affiliates, becomes the beneficial
                           owner, directly or indirectly, of 20% or more of the
                           voting power of the then outstanding securities of
                           the Company entitled to vote for the election of the
                           Company's Directors; provided that this Paragraph 11
                           shall not apply with respect to any holding of
                           securities by (A) the trust under a Trust Indenture
                           dated September 2, 1957 made by Louie E. Roche, (B)
                           the trust under a Trust Indenture dated August 23,
                           1957 made by Harvey Hubbell, and (C) any employee
                           benefit plan (within the meaning of Section 3(3) of
                           the Employee Retirement Income Security Act of 1974,
                           as amended) maintained by the Company or any
                           affiliate of the Company;

                  (y)      the approval by the Company's stockholders of the
                           merger or consolidation of the Company with any other
                           corporation, the sale of substantially all of the
                           assets of the Company or the liquidation or
                           dissolution of the Company, unless, in the case of a
                           merger or consolidation, the incumbent Directors in
                           office immediately prior to such merger or
                           consolidation will constitute at least 2/3 of the
                           Directors of the surviving corporation of such merger
                           or consolidation and any parent (as such term is
                           defined in Rule 12b-2 under the Securities Exchange
                           Act of 1934) of such corporation; or

                  (z)      at least 2/3 of the incumbent Directors in office
                           immediately prior to any other action proposed to be
                           taken by the Company's stockholders determine that
                           such proposed action, if taken, would constitute a
                           change of control of the Company and such action is
                           taken.

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

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         "Director" shall mean any individual who is a member of the Company's
Board of Directors on the date the action in question was taken.

         "Officer" shall mean each of the officers specified in Section 1 of
Article IV of the by-laws of the Company except for any such officer whose title
begins with the word "Assistant".

                                    * * * * *

         Adopted by the Board of Directors on March 13, 1973 and amended May 5,
1980, December 9, 1980, March 9, 1982, June 12, 1985, March 10, 1987, May 7,
1990, September 12, 1991, May 2, 1994, May 5, 1997, May 3, 1999 and December 8,
1999.

L\P\BNFT\STOCKOPTPLAN<PAGE>   1
                                                                     EXHIBIT 10f

                              HUBBELL INCORPORATED

                              AMENDED AND RESTATED

                    DEFERRED COMPENSATION PLAN FOR DIRECTORS

                Restated and Amended, Effective December 8, 1999.

<PAGE>   2

                              HUBBELL INCORPORATED

                    DEFERRED COMPENSATION PLAN FOR DIRECTORS

<TABLE>
<CAPTION>
Table of Contents

                                                                                                            Page(s)
                                                                                                            -------
<S>                        <C>                                                                              <C>
ARTICLE I                  DEFINITIONS.........................................................................1
                           -----------

ARTICLE II                 ELECTION TO DEFER...................................................................2
                           -----------------

ARTICLE III                DEFERRED COMPENSATION ACCOUNTS....................................................3-6
                           ------------------------------

ARTICLE IV                 PAYMENT OF DEFERRED COMPENSATION..................................................6-8
                           --------------------------------

ARTICLE V                  ADMINISTRATION......................................................................8
                           --------------

ARTICLE VI                 AMENDMENT OF PLAN.................................................................8-9
                           -----------------

ARTICLE VII                CHANGE OF CONTROL................................................................9-14
                           -----------------
</TABLE>

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                                    ARTICLE I

                                   DEFINITIONS

1.1      "Board" shall mean the Board of Directors of Hubbell Incorporated.

1.2      "Director" shall mean a member of the Board of Directors of Hubbell who
         is not an employee of Hubbell or any of its subsidiaries.

1.3      "Hubbell" shall mean Hubbell Incorporated and any corporate successors.

1.4      "Plan" shall mean this Deferred Compensation Plan for Directors as it
         may be amended from time to time.

1.5      "Fees" shall mean amounts earned for serving as a member of the Board,
         including any Committees of the Board.

1.6      "Year" shall mean calendar year.

1.7      "Cash Account" shall mean the account created by Hubbell pursuant to
         Article III of this Plan in accordance with an election by a Director
         to receive deferred cash compensation under Article II hereof.

1.8      "Stock Unit" shall mean one share of Hubbell Class A Common Stock and
         one share of Hubbell Class B Common Stock.

1.9      "Stock Unit Account" shall mean the account created by Hubbell pursuant
         to Article III of this Plan in accordance with an election by a
         Director to receive deferred stock compensation under Article II
         hereof.

1.10     "He", "Him" or "His" shall apply equally to male and female members of
         the Board.

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                                   ARTICLE II

                                ELECTION TO DEFER

2.1      A Director may elect, on or before December 31 of any Year, to defer
         payment of all or a specified part of all Fees earned during the Year
         following such election and succeeding Years (until the Director ceases
         to be a Director). Any person who shall become a Director during any
         Year, and who was not a Director of Hubbell on the preceding December
         31, may elect, before the Director's term begins, to defer payment of
         all or a specified part of such Fees earned during the remainder of
         such Year and for succeeding Years. Any Fees deferred pursuant to this
         Section shall be paid to the Director at the time(s) and in the manner
         specified in Article IV hereof, in the form of cash or Hubbell Common
         Stock, or any combination thereof, as designated by the Director.

2.2      The election to participate and manner of payment shall be designated
         by submitting a letter in the form attached hereto as Appendix A to the
         Secretary of Hubbell; provided, however, that during the period of ten
         days after the signing of any agreement by the Company that would, upon
         the consummation of the transactions contemplated therein, result in a
         Change of Control, any Director (whether current or former) who has
         previously elected to receive installment payments of the amounts
         contained in the Director's Accounts shall have the opportunity to
         reconfirm his prior election under the Plan to receive installment
         payments in lieu of the receipt of payment of such amounts in one lump
         payment, and provided, further, however, that in the event that a
         Director does not so reconfirm, the Directors Cash Account and/or Stock
         Account shall be paid out in one lump sum, in accordance with the terms
         of Article IV hereof.

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                                                                               3

2.3      The election shall continue from Year to Year unless the Director
         terminates it by written request delivered to the Secretary of Hubbell
         prior to the commencement of the Year for which the termination is
         first effective.

                                   ARTICLE III

                         DEFERRED COMPENSATION ACCOUNTS

3.1      Hubbell shall maintain separate memorandum accounts for the Fees
         deferred by each Director.

3.2      Hubbell shall credit, on the date Fees become payable, to the Cash
         Account of each Director the deferred portion of any Fees due the
         Director as to which an election to receive cash has been made. Fees
         deferred in the form of cash (and interest thereon) shall be held in
         the general funds of Hubbell.

3.3      Hubbell shall credit the Cash Account of each Director on a quarterly
         basis with interest at the prime rate in effect at Hubbell's principal
         commercial bank on the date of the next immediately following regular
         quarterly Directors' meeting. A Director's Cash Account shall continue
         to accrue interest in the foregoing manner during the period beginning
         on the date that the Director retires or separates from the Board and
         ending two days prior to the date on which the balance of the
         Director's Cash Account will be paid (whether the Director has elected
         to receive the distribution of his or her Cash Account in a lump sum or
         in installment payments), in accordance with the terms of Article IV
         hereof, in satisfaction of all payments owed to the Director under the
         Plan.

3.4      Hubbell shall credit, on the date Fees become payable, the Stock Unit
         Account of each Director with the number of Stock Units which is equal
         to: the deferred portion of any

<PAGE>   6
                                                                               4

         Fees due the Director as to which an election to receive Hubbell Common
         Stock has been made, divided by the sum of the closing prices of
         Hubbell's Class A Common Stock and Class B Common Stock as reported on
         the New York Stock Exchange (the "NYSE") on the date such Fees would
         otherwise have been paid (the "Stock Unit Value"). If closing prices
         are not available from the NYSE for both the Class A Common Stock and
         the Class B Common Stock on the date such Fees would otherwise have
         been paid, then the next preceding practicable date for which such
         closing prices are available shall be used.

3.5      Hubbell shall credit the Stock Unit Account of each Director who has
         elected to receive deferred compensation in the form of Stock Units
         with the number of Stock Units equal to any cash dividends (or the fair
         market value of dividends paid in property other than dividends payable
         in Common Stock of Hubbell) payable on the number of shares of Class A
         Common Stock or Class B Common Stock represented by the number of Stock
         Units in each Director's Stock Unit Account divided by the Stock Unit
         Value on the dividend payment date. Dividends payable in Common Stock
         on both Class A and Class B Common Stock of Hubbell and in respect of
         each class in shares of such class will be credited to each Director's
         Stock Unit Account in the form of Stock Units. Dividends payable on
         both Class A and Class B Common Stock in shares of Class B Common Stock
         will be credited to each Director's Stock Unit Account in the form of
         Stock Units in an amount determined by multiplying the number of Class
         B dividend shares payable to such Director by the closing price of the
         Class B Common Stock on the dividend payment date and dividing that
         product by the Stock Unit Value on such dividend payment date. A
         Director's Stock Unit Account shall continue to be credited with
         dividends in the foregoing manner during the period beginning on the
         date that the Director retires or

<PAGE>   7
                                                                               5

         separates from the Board and ending two days prior to the date on which
         the balance of the Director's Stock Unit Account will be paid (whether
         the Director has elected to receive the distribution of his or her
         Stock Unit Account in a lump sum or in installment payments), in
         accordance with the terms of Article IV hereof, in satisfaction of all
         payments owed to the Director under the Plan. If adjustments are made
         to the outstanding shares of Hubbell Common Stock as a result of
         split-ups, recapitalizations, mergers, consolidations and the like, an
         appropriate adjustment also will be made in the number of Stock Units
         credited to the Director's Stock Unit Account.

3.6      Stock Units shall be computed to three decimal places.

3.7      Stock Units shall not entitle any person to rights of a stock holder
         with respect to such Stock Units unless and until shares of Hubbell
         Class A Common Stock or Class B Common Stock have been issued to such
         person in respect of such Stock Units pursuant to Article IV hereof.

3.8      Hubbell shall not be required to acquire, reserve, segregate, or
         otherwise set aside shares of its Class A Common Stock or Class B
         Common Stock for the payment of its obligations under the Plan, but
         shall make available as and when required a sufficient number of its
         Class A Common Stock and Class B Common Stock to meet the needs of the
         Plan.

3.9      Nothing contained herein shall be deemed to create a trust of any kind
         or any fiduciary relationship. To the extent that any person acquires a
         right to receive payments from Hubbell under the Plan, such right shall
         be no greater than the right of any unsecured general creditor of
         Hubbell.

<PAGE>   8
                                                                               6

3.10     Hubbell may enter into a trust agreement creating an irrevocable
         grantor trust for the holding of cash credited to the Cash Account of
         each Director under the Plan. Any assets of such trust shall be subject
         to the claims of creditors of Hubbell to the extent set forth in the
         trust, and Directors' interests in benefits under this Plan shall only
         be those of unsecured creditors of Hubbell. In the event of a Change of
         Control, if, unless all Directors (whether current or former) elect
         (pursuant to Section 2.2 hereof) to receive payment of his or her Cash
         Account in lump sum payments following a Change of Control Transaction,
         then, prior to the consummation of the Change of Control, Hubbell shall
         enter into a trust agreement creating an irrevocable grantor trust for
         the holding of cash, annuity contracts, and/or any other assets as
         determined by the Board in respect of the amounts contained in each
         such Director's Cash Account; provided, further, that upon the
         occurrence of a Change of Control, Hubbell shall transfer to the
         trustee of the foregoing trust the maximum amount of assets estimated
         to be necessary to satisfy Hubbell's obligations hereunder, as in
         effect immediately prior to the Change of Control.

                                   ARTICLE IV

                        PAYMENT OF DEFERRED COMPENSATION

4.1      Timing and Form of Payment. Unless otherwise provided for in this Plan,
         amounts contained in a Director's Cash Account and/or Stock Unit
         Account will be distributed in a lump sum or in installment payments as
         the Director's election (made pursuant to Section 2.2) shall provide.
         Distributions shall begin with the first day of the Year following the
         Director's retirement or separation from the Board. Amounts credited to
         a Director's Cash Account shall be paid in cash. Amounts credited to a
         Director's Stock

<PAGE>   9
                                                                               7

         Unit Account prior to July 7, 1988 (the "Cutoff Date") shall be paid in
         the form of one share of Hubbell Class A Common Stock and one share of
         Class B Common Stock for each Stock Unit. Amounts credited to a
         Director's Stock Unit Account on or after the Cutoff Date shall be paid
         in the form of (x) one share of Class B Common Stock for each Stock
         Unit, plus (y) the aggregate number of shares of Class B Common Stock
         equal to the total number of Stock Units in such Director's Stock Unit
         Account, multiplied by the closing price of the Class A Common Stock as
         reported on NYSE on the third business day preceding the date of
         payment, divided by the closing price of the Class B Common Stock as
         reported on NYSE on the third business day preceding the date of
         payment. A cash payment will be made with any final installment for any
         fractions of a Stock Unit remaining in the Director's Stock Unit
         Account. Such fractional share will be valued at the Stock Unit Value
         on the date of settlement.

4.2      Designation of Beneficiary. Each Director shall have the right to
         designate a beneficiary who is to succeed to his right to receive
         payments hereunder in the event of death. Any designated beneficiary
         will receive payments in the same manner as the Director if he had
         lived. In case of a failure of designation or the death of a designated
         beneficiary without a designated successor, the balance of the amounts
         contained in the Director's Cash Account and/or Stock Unit Account
         shall be payable in accordance with Section 4.1 to the Director's or
         former Director's estate in full on the first day of the Year following
         the Year in which the Director or his designated beneficiary dies. No
         designation of beneficiary or change in beneficiary shall be valid
         unless in writing signed by the Director and filed with the Secretary
         of Hubbell. Any beneficiary may be changed without the consent of any
         prior beneficiary.

<PAGE>   10
                                                                               8

4.3      No Termination. The Board shall not terminate this Plan solely to
         accelerate the payment of any amounts previously credited to a
         Director's Cash Account or Stock Unit Account.

                                    ARTICLE V

                                 ADMINISTRATION

5.1      The books and records to be maintained for the purpose of the Plan
         shall be maintained by Hubbell at its expense. All expenses of
         administering the Plan shall be paid by Hubbell.

5.2      Except to the extent required by law, the right of any Director or any
         beneficiary to any benefit or to any payment hereunder shall not be
         subject in any manner to attachment or other legal process for the
         debts of such Director or beneficiary; and any such benefit or payment
         shall not be subject to alienation, sale, transfer, assignment or
         encumbrance.

5.3      No member of the Board and no officer or employee of Hubbell shall be
         liable to any person for any action taken or omitted in connection with
         the administration of the Plan unless attributable to his own fraud or
         willful misconduct, and Hubbell shall not be liable to any person for
         any such action unless attributable to fraud or willful misconduct on
         the part of a Director, officer or employee of Hubbell.

                                   ARTICLE VI

                                AMENDMENT OF PLAN

6.1      The Plan may be amended, suspended or terminated in whole or in part
         from time to time by the Board except that no amendment, suspension, or
         termination shall apply to the

<PAGE>   11
                                                                               9

         payment to any Director or beneficiary of a deceased Director of any
         amounts previously credited to a Director's Cash Account or Stock Unit
         Account.

6.2      Notice of every such amendment shall be given in writing to each
         Director and beneficiary of a deceased director.

                                   ARTICLE VII

                                CHANGE OF CONTROL

7.1      The provisions of Sections 7.3 and 7.4 of this Article VII shall become
         effective immediately upon the occurrence of a Change of Control (as
         defined in Section 7.2(a) of this Article VII).

7.2      (a)      "Change of Control" - shall mean any one of the following:

                  (i)      Continuing Directors no longer constitute at least
                           2/3 of the Directors;

                  (ii)     any person or group of persons (as defined in Rule
                           13d-5 under the Securities Exchange Act of 1934),
                           together with its affiliates, becomes the beneficial
                           owner, directly or indirectly, of twenty (20%)
                           percent or more of the voting power of the then
                           outstanding securities of Hubbell entitled to vote
                           for the election of Hubbell's directors; provided
                           that this Article VII shall not apply with respect to
                           any holding of securities by (A) the trust under a
                           Trust Indenture dated September 2, 1957 made by Louie
                           E. Roche, (B) the trust under a Trust Indenture dated
                           August 23, 1957 made by Harvey Hubbell, and (C) any
                           employee benefit plan (within the meaning of Section
                           3(3) of the Employee Retirement Income Security Act
                           of 1974, as amended) maintained by Hubbell or any
                           affiliate of Hubbell;

<PAGE>   12
                                                                              10

                  (iii)    the approval by Hubbell's stockholders of the merger
                           or consolidation of Hubbell with any other
                           corporation, the sale of substantially all of the
                           assets of Hubbell or the liquidation or dissolution
                           of Hubbell, unless, in the case of a merger or
                           consolidation, the incumbent Directors in office
                           immediately prior to such merger or consolidation
                           will constitute at least 2/3 of the Directors of the
                           surviving corporation of such merger or consolidation
                           and any parent (as such term is defined in Rule 12b-2
                           under the Securities Exchange Act of 1934) of such
                           corporation; or

                  (iv)     at least 2/3 of the incumbent Directors in office
                           immediately prior to any other action proposed to be
                           taken by Hubbell's stockholders determine that such
                           proposed action, if taken, would constitute a change
                           of control of Hubbell and such action is taken.

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

         (c)      "Change of Control Transaction" shall mean the closing of the
                  transaction constituting the Change of Control, which shall
                  include, for purposes of the events described in Section
                  7.2(a)(iii), above, the consummation of the merger or
                  consolidation approved by Hubbell's stockholders.

7.3      Article IV is amended by inserting at the end of the second sentence of
         Section 4.1 the following proviso:

<PAGE>   13
                                                                              11

         "; provided, however, that in the event that such retirement or
         separation occurs on or after a Change of Control Transaction such
         distributions shall begin, if earlier, 30 days after the date of any
         such retirement or separation if such retirement or separation occurs
         after January 1 but prior to November 1 of any Year; and provided,
         further, that in the event that such Change of Control Transaction is
         intended to be, and is, otherwise eligible for pooling-of-interests
         accounting treatment under APB No. 16, any portion of such
         distributions payable in shares of common stock shall not commence
         until the first day on which a Director could sell such shares of
         common stock acquired in the Change of Control Transaction without
         incurring any liability under any federal or state securities laws or
         eliminating the ability of the Company to meet any applicable
         pooling-of-interests accounting requirements under APB No. 16."

7.4      Article IV is further amended by adding a new Section 4.4 as follows:
         Form of Payment Upon the Occurrence of a Change of Control Transaction.

         (a)      Upon the occurrence of a Change of Control Transaction, the
                  amounts credited to a Director's Cash Account shall be paid in
                  cash.

         (b)      Upon the occurrence of a Change of Control Transaction, the
                  amounts credited to a Director's Stock Unit Account shall be
                  converted into a Director's Cash Account under the following
                  circumstances:

                  (i)      In the event of a Change of Control Transaction in
                           which the shareholders of Hubbell are entitled to
                           receive cash in exchange for their shares of Hubbell
                           Common Stock, any Stock Unit credited to a Director's
                           Stock Unit Account shall be converted into a right to
                           receive cash and shall thereafter be treated in all
                           respects as part of such Director's Cash

<PAGE>   14
                                                                              12

                           Account. The amount added to the Cash Account
                           pursuant to the preceding sentence shall be
                           determined by converting each Stock Unit into the
                           right to receive an amount of cash equal to the
                           highest of the product of (x) the number of Units
                           held in the Stock Unit Account multiplied by (y) (A)
                           the per share amount payable to a shareholder of
                           Hubbell holding one share of Hubbell Class A Common
                           Stock and one share of Hubbell Class B Common Stock
                           in the Change of Control or (B) the sum of the
                           closing prices of one share of Hubbell Class A Common
                           Stock and one share of Hubbell Class B Common Stock,
                           as applicable, on the NYSE on that day on which the
                           aggregate of such closing prices was the highest,
                           within the 60 days preceding either (I) the date on
                           which the shareholders of Hubbell approve the Change
                           of Control Transaction or (II) the date on which the
                           Change of Control Transaction occurs.

                  (ii)     In the event of a Change of Control Transaction in
                           which the shareholders of Hubbell are entitled to
                           receive some number of shares of common stock of the
                           acquiror (or, if applicable, the merger partner) and
                           some amount of cash in exchange for their shares of
                           Hubbell Common Stock, any Stock Unit credited to a
                           Director's Stock Unit Account shall be converted into
                           a right to receive cash and shall thereafter be
                           treated in all respects as part of such Director's
                           Cash Account. The amount added to the Cash Account
                           pursuant to the preceding sentence shall be
                           determined by converting each Stock Unit into the
                           right to receive an amount of cash equal to the
                           highest of the product of (x) the number of Units
                           held in the Stock Unit Account

<PAGE>   15
                                                                              13

                           multiplied by (y) the sum of the closing prices of
                           one share of Hubbell Class A Common Stock and one
                           share of Hubbell Class B Common Stock, as applicable,
                           on the NYSE on that day on which the aggregate of
                           such closing prices was the highest, within the 60
                           days preceding either (A) the date on which the
                           shareholders approve the Change of Control
                           Transaction or (B) the date on which the Change of
                           Control Transaction occurs.

                  (iii)    In the event of a Change of Control Transaction in
                           which the shareholders of Hubbell are entitled to
                           receive only shares of common stock in the acquiror
                           (or the merger partner, if applicable), but the
                           Change of Control Transaction is not intended to be,
                           and is not otherwise, accounted for using
                           pooling-of-interests accounting treatment under APB
                           No. 16, the Director's Stock Unit Account shall be
                           treated as provided in Section 4.4(b)(ii).

         (c)      The amounts credited to a Director's Stock Unit Account shall
                  be paid in shares of common stock only upon the occurrence of
                  the following: (i) a Change of Control Transaction occurs in
                  which the shareholders of Hubbell are entitled to receive only
                  shares of common stock in the acquiror (or the merger partner,
                  if applicable), which Transaction is intended to be, and is
                  otherwise, accounted for using pooling-of-interests accounting
                  treatment under APB No. 16, and (ii) the conversion into a
                  right to receive cash in respect of any portion of such
                  Director's Stock Unit Account would cause such Transaction to
                  be ineligible for pooling-of-interests accounting under APB
                  No. 16. Under such circumstances, the foregoing conversion
                  shall not be made unless and until the Board provides
                  otherwise

<PAGE>   16
                                                                              14

                  and, in lieu thereof, a Director's Stock Unit Account shall be
                  immediately converted into a right to receive (x) the number
                  of shares of common stock otherwise receivable by a
                  shareholder of Hubbell holding one share of Hubbell Class A
                  Common Stock and one share of Hubbell Class B Common Stock in
                  the Change of Control Transaction multiplied by (y) the number
                  of Units held in the Director's Stock Unit Account, and shall
                  thereafter continue to be treated in all respects as part of
                  such Director's Stock Account, payable in accordance with
                  Section 4.1.

7.4      Article VI is amended by adding a new Section 6.3 as follows:

                  "Notwithstanding any other provision of the Plan to the
                  contrary:

                  (i)      any amounts credited to a Director's Cash Account or
                           Stock Unit Account as of the date of a Change of
                           Control may not be reduced;

                  (ii)     no amendment or action by the Board which affects any
                           Director under the Plan is valid and enforceable
                           without the prior written consent of such Director;
                           and

                  (iii)    no termination of the Plan shall have the effect of
                           reducing any amounts credited to a Director's Cash
                           Account or Stock Unit Account."

Adopted by the Board of Directors on December 12, 1978 and amended on December
14, 1982, December 9, 1986, June 14, 1989, June 20, 1991 and December 8, 1999.

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