Amendment to the SPX Corporation Supplemental Retirement Savings Plan
SPX Corporation has amended its Supplemental Retirement Savings Plan, effective March 10, 2014. The changes include increasing a percentage threshold from 20% to 25% in Section 9.2(a), removing a reference to a prior rights agreement, changing a shareholder approval requirement, lowering another percentage threshold from 80% to 75%, and reserving Section 9.3. These amendments update the plan's terms and conditions for participants.
Exhibit 10.1
AMENDMENT TO THE
SPX CORPORATION SUPPLEMENTAL RETIREMENT SAVINGS PLAN
SPX Corporation currently maintains the SPX Corporation Supplemental Retirement Savings Plan (the “Plan”). Pursuant to the powers of amendment reserved in Section 7.1 of the Plan, effective as of March 10, 2014, SPX Corporation hereby amends the Plan in the following manner:
1. Section 9.2(a) of the Plan is amended by replacing the phrase “twenty percent (20%)” with “twenty-five percent (25%)” wherever such phrase occurs therein.
2. Section 9.2(a)(iii)(B)(1) of the Plan is amended by deleting the phrase “(other than rights under the Company’s Rights Agreement dated June 25, 1996 with The Bank of New York, as amended)” in its entirety.
3. Section 9.2(c) of the Plan is amended by replacing the phrase “Approval by the shareholders of (or if such approval is not required, the consummation of)” with “The consummation of”.
4. Section 9.2(c) of the Plan is amended by replacing the phrase “eighty percent (80%)” with “seventy-five percent (75%)”.
5. Section 9.3 of the Plan is deleted in its entirety and replaced with the following:
“Section 9.3 RESERVED”
