I agree with Dan. There are contacts so I will assume one end of the wire to the box goes to one side and the other wire goes to the other side of the contactor. I can't determine if it is NO or NC but that board does detect some electrical level or condition and either opens or closes the contact.
It could montior low voltage and prevents power from passing until it is in range. It could monitor high voltage and cutoff power if too much comes in, spikes too? If there is capacitors then that could indicate some form of surge protection.
In any event, it is generations old and something like that is dime a dozen, once you figure out what it does. lol