Document:

EX-10.X: TERMINATION AGREEMENT

 

Exhibit 10.X

THIS IS AN IMPORTANT LEGAL DOCUMENT. BY SIGNING IT, YOU GIVE UP YOUR RIGHT
TO SUE HUBBELL INCORPORATED. YOU SHOULD THOROUGHLY REVIEW AND UNDERSTAND THE
EFFECT OF THIS RELEASE BEFORE ACTING ON IT. IF YOU DO NOT UNDERSTAND IT, DO
NOT SIGN IT. THE COMPANY URGES YOU TO SEE A LAWYER BEFORE YOU SIGN THIS
AGREEMENT.

TERMINATION AGREEMENT AND GENERAL RELEASE

         You and the Company, for the promises and money set forth below, desire to
enter into this Agreement and agree as follows:

	1.	 	Definitions used in this Termination Agreement And General Release:

	 	(a)	 	The words “You” and “Your” refer to Harry B.
Rowell, Jr., a former employee of Hubbell Incorporated. It
also means anyone acting on Your behalf, which includes Your
heirs, Your executors, Your administrators, Your successors,
and Your assigns.
	 
	 	(b)	 	“The Company” is Hubbell Incorporated, the
employer, with its offices located at 584 Derby Milford Road,
Orange, Connecticut 06477-4024. “The Company” means Hubbell
Incorporated itself and all persons and entities acting on
behalf of the Company. This includes its employees, officers,
directors, and agents. It also includes organizations related
to the Company such as the Company’s affiliates, subsidiaries,
divisions, successors, and assigns.
	 
	 	(c)	 	The “Agreement” means this Termination Agreement
and General Release.

	2.	 	You received this Agreement from the Company on December 18,
2001.
	 
	3.	 	Your termination date from the Company is October 1, 2001.
	 
	4.	 	You acknowledge that the Company has encouraged You to
consult with an attorney before signing this Agreement.
	 
	5.	 	You have carefully thought about alternatives to signing this
Agreement.
	 
	6.	 	In exchange for Your signing this Agreement and Your
agreement to fulfill the promise made in it, the Company promises:

	 	(a)	 	You will be considered administratively retired
with the consent of the Company for purposes of the Hubbell
Incorporated 1973 Stock Option Plan for Key Employees. In
effect, Your option grants of December 8, 1998, December 7,
1999 and December 5, 2000 will continue to mature (vest) in
the normal manner and each of Your outstanding option grants
(other than Your option grants of December 18, 1991, December
15,

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	 	 	 	1992 and December 14, 1993, as described below) will be
exercisable by
You until the close of business on September 30, 2004 (the third
anniversary date of Your retirement). Notwithstanding the
foregoing, Your option grant of December 18, 1991 expires on the
close of business on December 17, 2001; and Your option grant of
December 15, 1992 expires on the close of business on December
14, 2002; and Your option grant of December 14, 1993 expires on
the close of business December 13, 2003.
	 
	 	(b)	 	You will be considered administratively retired
with the consent of the Company for purposes of the Hubbell
Incorporated Key Man Supplemental Medical Plan. In effect,
You will be a “Covered Retiree” under this medical program
and, effective October 1, 2001, the lifetime maximum of
$150,000 will be reestablished pursuant to Article II, Section
5 thereof.
	 
	 	(c)	 	Richard W. Davies’ letter to You dated July 7,
2000 indicates the term of the Agreement dated as of December
13, 1988 between the Company and You (“Employment Agreement”)
terminates on July 7, 2002. Therefore, Your termination date
of October 1, 2001 results in nine (9) months remaining on
Your Employment Agreement. At the Company’s request, You
delayed Your retirement from July 1, 2001 to October 1, 2001;
therefore, the Company agrees to treat the remaining period of
the Employment Agreement as if there were twelve (12) months
remaining under the Employment Agreement, using Your full 2000
base salary of $416,000 and full bonus average of $245,000
(bonus average calculated using 1998 bonus $370,000, 1999
bonus $185,000, 2000 bonus $180,000) for purposes of
calculating the present value of Your lump sum payment under
the Employment Agreement. This lump sum is $654,376, less
required deductions, and will be paid to You by the Company
within fourteen (14) days after both parties sign this
Agreement. You also authorize the Company to deduct from this
lump sum payment the amount of $46,259.77 representing the
Medicare tax portion of FICA related to Your SERP benefit.
	 
	 	(d)	 	The Company agrees to pay for the cost of moving
Your household goods from Your home at 535 Stonehouse Road,
Trumbull, Connecticut, to Your residence at Reynolds
Plantation, 1601 Bennett Springs Drive, Greensboro, GA 30642,
in the amount of $8,142.27. This amount will be deducted from
the lump sum payment specified in Paragraph 6(c).
	 
	 	(e)	 	As of Your termination date, October 1, 2001, You
will be age 60. The Company agrees to waive the early
retirement reduction factors under Section 5.2 of the Hubbell
Incorporated Supplement Executive Retirement Plan (SERP),
therefore, Your SERP benefit will be unreduced.

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	 	(f)	 	The Company agrees to give to You Your current
Company vehicle, a 2001 Cadillac STS. However, You will be
responsible for any and all costs associated with the transfer
and/or registration of the vehicle
including, but not limited to, all registration, tax and
transfer fees, as required.
	 
	 	(g)	 	The Company agrees to provide You with the
miscellaneous benefits set forth in Section 4.4 of Your
Employment Agreement, including Club Dues of $7,228, Tax
Preparation Service of $3,000 and the value of Office
Rental/Secretary of $140,000, which will be paid to You in a
lump sum totaling $150,228. This lump sum will be paid to You
by the Company within fourteen (14) days after both parties
sign this Agreement.
	 
	 	(h)	 	The Company agrees to provide You with the
benefits set forth in Section 4.3 of Your Employment
Agreement.
	 
	 	(i)	 	For a period of six (6) years from and after
December 31, 2001, the Company will attempt to maintain
coverage for You as an insured on any insurance policy
protecting directors and/or officers of the Company, commonly
known as Directors and Officers Liability Policy(ies), unless,
in the sole opinion of the Company, the cost of doing so would
be impractical. In the event the Company does not maintain
such coverage for You, the Company agrees to indemnify You
during such period for any claims brought against You in Your
capacity as a former director and/or officer of the Company
under its By-Laws and Title 33, Chapter 601, Part VIII(E) of
the Connecticut General Statutes to the same extent, and
subject to the same limitations, as it indemnifies its
then-existing directors and/or officers.
	 
	 	(j)	 	You will receive an additional lump sum payment
of $10,000 within fourteen (14) days after both parties sign
this Agreement.

         7A. General Release of Claim. For and in consideration of the payments
and promises set forth herein, You knowingly and voluntarily release and
forever discharge the Company, of and from any and all claims, known and
unknown, which against the Company, You, Your heirs, executors, administrators,
successors, and assigns (referred to collectively throughout this Agreement as
“You”) have or may have as of the date of execution of this Agreement,
including, but not limited to, any alleged violation of:

	 	•	 	The Age Discrimination in Employment Act;
	 
	 	•	 	The Family and Medical Leave Act;
	 
	 	•	 	The Connecticut Family and Medical Leave Act;
	 
	 	•	 	The non-discrimination and/or anti-retaliation
provisions of the Connecticut Workers’ Compensation Law (C.G.S
§ 31-290a);
	 
	 	•	 	Title VII of the Civil Rights Act of 1964, as amended;

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	 	•	 	The Civil Rights Act of 1991;
	 
	 	•	 	Sections 1981 through 1988 of Title 42 of the
United States Code, as amended;
	 
	 	•	 	The Employee Retirement Income Security Act of 1974, as amended;
	 
	 	•	 	The Immigration Reform and Control Act, as amended;
	 
	 	•	 	The Americans with Disabilities Act of 1990, as amended;
	 
	 	•	 	The Workers Adjustment and Retraining Notification Act, as amended;
	 
	 	•	 	The Occupational Safety and Health Act, as amended;
	 
	 	•	 	The Connecticut Civil Rights Act, as amended;
	 
	 	•	 	The Connecticut Minimum Wage Law, as amended;
	 
	 	•	 	Equal Pay Law for Connecticut, as amended;
	 
	 	•	 	Any other federal, state or local civil or human
rights law or any other local, state or federal law,
regulation or ordinance;
	 
	 	•	 	Any public policy, contract, tort, or common law;
or
	 
	 	•	 	Any allegation for costs, fees, or other expenses
including attorneys’ fees incurred in these matters.

         Provided, however, that the release in this Paragraph 7A does not apply to
(i) Your rights under the 1973 Stock Option Plan for Key Employees, and Your
option grants pursuant to that plan; (ii) Your rights under the Hubbell
Incorporated Retirement Plan for Salaried Employees; (iii) Your rights under
the Hubbell Incorporated Supplemental Executive Retirement Plan, restated and
amended effective June 7, 2001, as modified and supplemented by the Agreement;
(iv) Your rights under the Hubbell Incorporated Key Man Supplemental Medical
Plan, amended and restated effective December 9, 1986; (v) Your rights under
the Hubbell Incorporated (Alternate Choice – Out of Area) Plan AB-2001 health
care plan, or any successor plan; and (vi) any claims or matters arising on or
after the Effective Date of this Agreement. You agree that this Agreement
provides You with all the benefits that You are entitled to receive under the
Employment Agreement and any claims that You may have under the Employment
Agreement are covered by this Agreement.

         7B. No Claims Exist. You confirm that no claim, charge, complaint, or
action by You exists in any forum or form against the Company. If any such
claim, charge, complaint or action is filed, You will withdraw it with
prejudice and You shall not be entitled to recover any relief or recovery
therefrom, including costs and attorneys’ fees.

         7C. You acknowledge that, while employed by the Company, You acquired
confidential information about the business, affairs and financial condition of
the Company,

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its affiliates and customers, the continued confidentiality of
which is of material importance to the Company and such affiliates. You will
not disclose or reveal to any person, firm or
corporation or use for his own benefit trade secrets or other confidential
information concerning the Company or its affiliates, including, without
limitation, financial information, business plans, budgets, corporate policies
or sales programs, without the prior written consent of the Corporate Secretary
unless such information has been made generally available to the public. You
confirm that You are not aware of any adverse information relating to the
Company or its affiliates which has not been previously disclosed to the
Company’s Chief Executive Officer.

         7D. In consideration of the items referenced in Paragraph 6, You agree
that:

	 	(a)	 	You will comply with Articles 12.4 and 12.5 of
the Company’s SERP document;
	 
	 	(b)	 	You will not at any time disclose or use (other
than for the benefit of the Company or its affiliates) any of
the confidential or proprietary information referred to in
Paragraph 7c above, either directly or indirectly;
	 
	 	(c)	 	By signing this Agreement, You confirm Your
resignation, as of October 1, 2001, as an officer of the
Company and as an officer and/or director of any subsidiary or
affiliate of the Company, or joint venture or partnership
involving the Company, and from all industry associations or
similar bodies and any committees or advisory bodies thereof,
on which You serve at the request of or on behalf of the
Company;
	 
	 	(d)	 	If You violate the provisions of Articles 12.4 or
12.5 of the SERP document or violate the provisions of clauses
b and c of this Paragraph 7D, any and all payments and
benefits listed in Paragraph 6 shall be immediately
discontinued and terminated as of the date of the violation;
	 
	 	(e)	 	If You initiate a claim covered by the General
Release of Claim in this Agreement or challenge the
enforceability of this Agreement, all of the above items
listed in Paragraph 6 shall be immediately discontinued and
terminated and the Company shall have the right to recover
from You all sums which it has previously paid on account of
the items listed in Paragraph 6 and all costs including
attorney’s fees associated with the recovery of such sums,
unless prohibited by the Older Workers’ Benefit Protection
Act; and
	 
	 	(f)	 	Except for certain documents pertaining to
“Project Clover” which You will immediately return to the
Company at its request, You will not remove from the Company
any documents, records or other materials (or copies thereof)
pertaining to the Company and any such materials (and copies
thereof) which may have been removed, will be returned
immediately to the Company.

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         8.     You agree not to disclose the existence or terms of this Agreement.
This prohibition includes, but is not limited to, disclosure to members of the
media (newspapers, television, radio, etc.), present and former employees of
the Company, and other members
of the public. It does not include any person You choose to seek advice from
or consult with regarding Your consideration of and decision to sign or cancel
this Agreement.

         9.     You will not apply in the future for any employment with the Company.
If You do, the Company will have good cause to refuse to employ You based on
this Agreement.

         10.     You pledge that You have not filed any charge, complaint, or action
before any federal, state, or local administrative agency or court against the
Company.

         11.     You agree and understand that nothing contained in this Agreement is
an admission by the Company of any wrongdoing, liability, violation of any
duty, or unlawful activity.

         12.     There can be no changes made to this Agreement except upon the signed
written consent of both parties.

         13.     This Agreement is made in the State of Connecticut. This Agreement is
to be interpreted under the laws of the State of Connecticut and the parties
agree that any future disputes between them, including any dispute regarding
this Agreement, shall be decided by state or federal courts located in the
State of Connecticut.

         14.     If any federal or state law conflicts with any provisions(s) of this
Agreement, the provision(s) involved will remain in effect only to the extent
allowed by law. The rest of this Agreement will remain in full force and
effect. Nothing in this Agreement shall interfere with Your rights under the
Older Workers Benefit Protection Act.

         15.     The Company reserves the right to withhold from any payments made
pursuant to this Agreement any amounts which it reasonably determines are
required to be withheld under applicable federal, state and local laws.

         16. You acknowledge that You would not have received certain of the
amounts and benefits (specifically, (i) the waiver of the early reduction
factors noted in Paragraph 6.(e) hereof; (ii) being considered administratively
retired with the consent of the Company as noted in Paragraphs 6.(a) and (b)
hereof; (iii) the additional lump sum noted in Paragraph 6.(j) hereof; (iv) the
difference between use of Your Company vehicle for one year and the transfer of
the vehicle to You at no cost as noted in Paragraph 6.(f) hereof; and (v) the
insurance commitment noted in Paragraph 6.(i) hereof) under this Agreement
unless You accepted this Agreement and promised to fulfill its terms. If You
violate any of Your promises in this Agreement, You agree to return to the
Company the additional consideration You have received under this Agreement
noted in items (i), (iii) and (iv) in the parenthetical of the immediately
preceding sentence and the Company is relieved of its insurance commitment in
Paragraph 6(i). This does not prevent the Company from seeking additional
damages from You for any violation of this Agreement by You.

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         17.     You understand that in executing this Agreement You are, inter alia,
giving up rights and claims under the Age Discrimination in Employment Act of
1967, as amended. You were given at least twenty-one (21) days to consider
this Agreement. During this period, You may seek advice from any person,
including a lawyer. For this Agreement to be effective, You must sign it in
the presence of a witness and return this Agreement to
George D. Zurman at the Company within twenty-one (21) days, or by January 8,
2002 equal to 21 days from receiving Agreement.

         18.     You have seven (7) days after You give the signed Agreement to the
Company to cancel the Agreement. This Agreement will not become effective and
enforceable until this seven (7) day period expires. If You choose to cancel
this Agreement, the Company must actually receive Your cancellation before the
expiration of this seven (7) day period. Upon request by the Company, You
agree to sign a statement, as a condition to receiving any of the monies under
this Agreement, that You have not cancelled or attempted to cancel this
Agreement.

         You and the Company have read and fully considered this Agreement, which
consists of eighteen (18) numbered paragraphs and seven (7) pages.

         Having decided to sign this Agreement, to carry out the promises in it,
and to receive the benefit of these promises, You and the Company now
voluntarily and knowingly sign this Agreement.

	 	 	 	 	 
	 	 	
By:	 	 
	
	 	 	 	

	Date	 	 	 	Harry B. Rowell, Jr.
	
	
	
	

	 	 	 	 	 

	 	 	 
	
	 	

	Witness	 	
Date
	
	
	
	

	 	 	 

	 	 	 	 	 
	 	 	Hubbell Incorporated

(The “Company”)
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	 
	
	 	 	 	

	Date	 	 	 	George D. Zurman

Vice President, Human Resources

	 	 	 
	 	 	 
	
	 	

	John F. Mulvihill, Witness	 	
Date

-7-EX-10.Z: INCENTIVE COMPENSATION PLAN

 

Exhibit 10.Z

 

HUBBELL INCORPORATED

 

INCENTIVE COMPENSATION PLAN

 

Adopted, Effective January 1, 2002

 

 

HUBBELL INCORPORATED

INCENTIVE COMPENSATION PLAN

ARTICLE I

PURPOSE

1.1 The purpose of this Incentive Compensation Plan (the “Plan”) is to provide
incentive compensation to executive and administrative employees of Hubbell
Incorporated (the “Company”) and its subsidiaries who have contributed
effectively to the success of the Company by their ability, industry, loyalty
or exceptional services and to encourage continuance of their services with the
Company by a form of recognition of their efforts in contributing significantly
to the success and growth of the Company in the preceding fiscal year.

1.2 The persons eligible to participate in the Plan shall be those employees
who are primarily responsible in an administrative or executive capacity for
the direction of the functions and operations of the divisions and departments
within the Company or a subsidiary of the Company.

ARTICLE II

ADMINISTRATION

2.1 The Board of Directors shall appoint in each year from among their number
at least three directors, none of whom shall be an employee of the Company, to
be known as the Compensation Committee (the “Committee”), to serve at the
pleasure of the Board. Vacancies in the Committee shall be filled by the
Board.

2.2 The Committee shall administer the Plan under such rules, regulations and
criteria as it shall prescribe. It shall designate a member thereof as
secretary to keep minutes and records of its proceedings. It shall report its
doings to the Board of Directors. Its decisions in the administration and
interpretation of the Plan shall be final as to all interested parties and
shall be and constitute acts of the Company.

2.3 The Committee shall from time to time designate the employees eligible for
participation in the Plan. The persons so designated by the Committee are
hereinafter called “participants.” In making such designations the Committee
shall give consideration to the recommendations and criticisms of the executive
officers of the Company.

2.4 The Committee shall, in writing, determine the performance goal or
performance goals applicable to each participant for the plan year based on one
or more quantitative and/or qualitative performance measures. The Committee
will also determine the payout schedule detailing the total amount which may be
available to each participant as an

 

 

annual award based upon the relative level of attainment of the performance
goal or performance goals. Annual awards shall be made from the general funds
of the Company. No special or separate fund (including the “incentive
compensation fund” described below) shall be established or other segregation
of assets made to assure payment. No participant or other person shall have
under any circumstances any interest in any particular property assets of the
Company.

ARTICLE III

METHOD OF MAKING

INCENTIVE PAYMENTS; INCENTIVE COMPENSATION FUND

3.1 Incentive payments awarded under the Plan shall be paid in cash. The
amount of any incentive payment to be made to a participant in cash shall be
paid as soon as practicable (but not later than six months) after the close of
the fiscal year for which such incentive payment is awarded.

3.2 The Company shall determine for each fiscal
year the amount which is fifteen
percent of the amount by which the consolidated net earnings of the Company and
its subsidiaries exceeds ten percent of their invested capital and long-term
debt at the beginning of each such fiscal year and shall designate such amount
as the “incentive compensation fund.”

ARTICLE IV

GENERAL PROVISIONS

4.1 Neither the establishment of the Plan nor the selection of any employee as
a participant shall give any such participant any right to be retained in the
employ of the Company or an subsidiary of the Company, or any right whatsoever
under the Plan other than to receive incentive payments awarded by the
Committee.

4.2 The place of administration of the 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.

4.3 No member of the Board of Directors or of the Committee shall be liable to
any person in respect of the Plan for any act or omission of such member or of
any other member or of any officer, agent or employee of the Company.

 

 

ARTICLE V

AMENDMENT, SUSPENSION

OR TERMINATION

5.1 The board of Directors of the Company may from time to time amend, suspend
or terminate, in whole or in part, any or all of the provisions of the Plan,
provided that no such action shall affect the rights of any participant or the
operation of the Plan with respect to any payment to which a participant may
have become entitled, deferred or otherwise, prior to the effective date of
such action.

ARTICLE VI

EFFECTIVE DATE OF THE PLAN

The Plan shall become effective on January 1, 2002.

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