The mishap occurred around 1.00 PM when the driver of the container lorry lost control of the vehicle and it rammed the toll booth, they said.
The deceased, identified Sahadevan of Nazarath in Kannur, was the manager of the toll booth, police said.
The four women employees, including the two critically injured, have been hospitalised.
Police said all five were trapped under the debris of the booth, which was severely damaged under the impact.
Traffic on the Kannur-Kozhikode National Highway, on which the toll booth is located, was disrupted for hours following the accident.
The lorry driver fled the spot and a hunt was on to nab him, police said.
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